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Bank & Quotation Section
Railwpv F-,rnincrs Section
VOL. 109.
Railway & Industrial Section
Bankers' Convention Section
SATURDAY, DECEMBER 13, 1919
ght Thronicit
Week ending December 6.
1919.
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CHICAGO OFFICE-39 South La Salle Street,Telephone Majestic 7396
LONDON OFFICE-Edwards 82 Smith, 1 Drapers' Gardens, E. C.
gglIneev
WILLIAM B. DANA COMPANY, Publishers,
Free:, Pine and Depeyster Sta., New York.
Published every Saturday morning by WILLIAM B. DANA COMPANY.
Jacob Seibert Jr., President and Treasurer; Arnold G. Dana. Vice-President and
Secretary. Addresses of both. Office of the Company.
CLEARING HOUSE RETURNS.
The following table, made up by telegraph, &c., indicates that the total bank
clearings of all the clearing houses of the United States for the week ending to day
have been $8,944,100,376, against $9,703,349,249 last week and $7,005,750,493
the corresponding week last year.
Cleari ,gs-Retw-s bIt Telegraph.
IVeek ending December 13.
1919.
1918.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Baltimore
New Orleans
$4,109,411,939
506,512,647
390,007,374
356,054,358
185,102,940
141,463,710
144,031,716
129,838,686
79,543,715
76,834,937
79,075,436
33,125,289,101
458,190,517
336,601,374
273,666,769
163,511,905
131,000,000
105,259,621
101,577,821
55,390,228
72,464,077
62,455,967
+31.5
+10.5
+15.9
+30.1
+13.2
+8.0
+36.9
+27.8
+43.6
+6.0
+26.6
Eleven cities. 5 (lays
Other cities, 5 days
$6,197,927,478
1,249,986,623
$4,885,407,380
971,884,697
+26.9
+28.6
Total all cities, 5(lays
All cities, 1 day
7,447.914,101
1,500,486,275
35,857,292,077
1,148,458,421
+27.2
+30.7
S8.948.400.376
S7.055750.498
+27.7
The full details for the week covered by the above will be given next Saturday.
We cannot furnish them to-day, clearings being made up by the clearing houses
at noon on Saturday, and hence in the above the last day of the week has to be in
all cases estimated, as we go to press Friday night.
Detailed figures for the week ending Dec. 6 show:
Week ending December 6.
Clearings al
1919.
1918.
$
$
5,509,905,865 3,986,366.994
New York
Philadelphia
503,204,889 428,085,52,*
Pittsburgh
153,044,787 131,560,500
91,247,212
Baltimore
93,891,521
27,402.876
Buffalo
44,889,511
Albany
5,547,048
5,168,002
Washington
17,000,000
20,224,870
Rochester
9,711,038
12,805,842
Scranton
4,525,672
6,080,150
Syracuse
4,996,490
4,705,888
Reading
2,639,310
3,367,833
Wilmington
4,606,132
4,272,017
Wilkes-Barre. _ _ _
2,504,745
3,234,163
Wheeling
4.624,482
6,215,412
, Trenton
3,571,937
3,824,258
York
1,384,357
1,502,833
Erie
2,261,516
2,470,613
Chester
1,433,310
1.647,747
Greensburg
1,100,000
1,000,000
Binghamton
1.252,800
810,500
Lancaster
2,300,000
2,220,495
Montclair
743,194
559,052
Altoona
1,119,195
864,742
Total Middle__ 6,433,276,953 4,735,138,373
Boston
Providence
Hartford
New Haven
springfield
Portland
Worcester
Fall River
New Bedford
Lowell
Holyoke
Bangor
Total New Eng
433,754,971
15,348,700
11,006,166
6,436,689
5,547,319
3,000,000
4,989,606
3,313,780
2,817,783
1,271,563
900,000
929.342
489.315.919
332,781,335
11,645,300
8,315,654
5,621,964
3,924,832
2,995,326
3,749,691
2,008,611
1,871,707
1,189,275
750,000
653.721
375,507,416
Inc. or
Dec.
1917.
1916.
%
$
$
+38.8 3,661,543,150 4,028,614,270
+17.5 380,598,691 300,984,336
+16.3
72,460,769
75,058,640
+2.9
46,491,318
49,186,565
+65.6
20,559,479
23,803,813
-6.8
5,047,801
5,753,742
+19.0
11,438,641
13,151,334
+31.9
7,048,677
9,081,434
+34.4
4,414,458
4,148,857
-5.8
3,802,265
4,500,000
+27.6
3,245,915
3,293,930
-7.2
2,616,891
2,628,538
+29.1
2,054,031
2,317,312
+34.4
4,161,724 t 3,613,782
+7.1
2,585,256
3,275,071
1,363,557
+8.5
1,352,772
1,552,122
+9.2
2,086,884
1.354,151
-13.0
1,373,490
819,903
+10.0
926,808
+54.5
058,700
1,004,200
1,921,745
2,265,684
+3.6
638,663
+32.9
510,600
600,000
+29.5
700,000
+35.9 4,250,281,946 4,527,028,023
+30.3
+31.8
+32.4
+14.5
+41.4
+0.2
+33.1
+65.0
+50.5
+6.9
+20.0
+42.2
+30.3
NO. 2842
Clearings at
PUBLISHED WEEKLY.
Total all eltleq for week
Electric Railway Sectiol
State and City Section
287.400,525
12,221,700
7,320,661
4,344,311
4,040,962
2,600,000
4,069,875
3,218,767
2,015,706
1,280,856
736,619
859,444
330,109,426
237,866,208
10,044,100
8,671,147
4,856,878
4,172,889
3,599,241
3,999,922
1,900,913
1,648,553
1,146,352
903,472
719,311
279,529,486
Chicago
Cincinnati
Cleveland
Detroit
Milwaukee
Indianapolis
Columbus
Toledo
Peoria
Grand Rapids__
Dayton
Evansville
Springfield, Ill _ _
Fort Wayne
Youngstown
Akron
Canton
Rockford
Lexington
Bloomington _ _ _ _
Quincy
Decatur
Springfield, 0_ _ _
South Bend
Mansfield
Danville
Lima
Lansing
Jacksonville, Ill_ _
Ann Arbor
Adrian
Owensboro
Tot.Mid,West. 1,085,519,248
St. Louis
New Orleans__ _ _
Louisville
Houston
Galveston
Richmond
Memphis
Atlanta
Fort Worth
Savannah
Nashville
Norfolk
Birmingham __ _ _
Augusta
Jacksonville
Chattanooga _ _ _ _
Charleston
Mobile
Knoxville
Little Rock
Oklahoma
Austin
Macon
Vicksburg
Jackson
Muskogee
Tulsa
Dallas
Shreveport
Inc. or
Dec.
1917.
Sc7
S
$
,0
644.433,086 548,195,756 +17.6 507,256,223
67,382,935
62,162,703
+8.4' 38,943,376
122,457,818
96,834,014 +26.5
80,806,387
106,000,000
67,740,210 +56.5
51,806,479
31,370,581
32,988,219 -4.9
29,561,016
16,333,000
14,333,000 +13.9
12,051,000
14,231,500
10,477,400
11,860,400 +20.4
16,644,188
11,239,814 +48.1
10,830,524
5,886,719
7,912,456 -25.6
3,801,408
7,231,524
5,573,012 +29.7,
5,489,657
5,000.000
4,807,577
3,451,893
+4.0
4,000,000
3,008,139
4,165,281
+5.6
2,723,794
2,134,75(1 +27.6
2,001,481
1,841,848
1,259,326 +46.21
1,504,376
4,175,273
3,214,896
3,581,853 +16.6
10,804,000
5,863,000
9,015,000 +19.8!
3,300.000
2,000,000
1,950,000 +69.21
2,500,000
2,187,975 +14 3'
1,428,957
1,500,000
1,250,000
1,200,000 +25.0
1,744,921
1,208,971
1,520,981 +14.71
1,848,553
1,300,000
1,602,742 +15.3
1,523,328
869,355
1,233,453 +23.5
1,798,874
1,084,069
1,121,036 +60.4
1,800,000
1,056,043
1,102,376 +63.3
1,634,262
• 964.783
1,083,448 +50.9
800,60.)667,429 +20.0
577,658
1,485,748
982.270
950,000 +56.4
1,900,000
1,067,702
1,011,847 +87.8
570,396
419,532
776,168 -25.3
634,086
354,328 +79.0
326,055
300,000
128,325
136,673 +119.5
1,212,816
1,069,220 +13.4
1,280,370
San Francisco_ __ 175,652,271
Los Angeles
62,143,000
Seittle
45,008,098
Spokane.
15,066,842
-•
Portland
37,553.450
Salt Lake
24,215,155
City.Tacom
4,854,974
Oakland
10,714,677
Sacramento __
8,580,800
San Diego
2,641,448
Fresno
7,699,709
Stockton
7,013,200
San Jose
2,441,408
Pasadena
2,100,785
Yakima
2,466,503
Reno
784,541
Long Beach
2,881,161
Total Pacific
411,818,022
Kansas City
Minneapolis
Omaha
St. Paul
Denver
Duluth
St. Joseph
Des Moines
Sioux City
Wichita
Topeka
Lincoln
Cedar Rapids_
Fargo
Colorado Springs
Puebla
Fremont
Waterloo
Hastings
Aberdeen
Helena
Billings
Tot. MIL West.
1918.
$
436,702,612
39,680,133
70,621,144
54,259,854
26,915,984
14,517,383
10,122,200
10,679.376
6,500,000
5,835,674
4,183,976
2,325,437
2,114,317
1,716,632
3.053,724
4,949,000
3,528,896
1,158,818
1,013,809
1,028,778
1,017,952
861,516
1,212,346
1,050,000
-935,235
675,948
801,556
1,211,322
725,582
300,000
72,051
683,388
+20.4
785,016,345
760,487,643
131,619,983 +33.5
35,358,000 +75.8
41,143,263
+9.4
10,163,920 +48.2
37,497,550
+0.2
20,148,566 +20.2
4,860,928 -0.1
8,514,737 +25.9
5,370,809 +59.8
2,194,435 +20.4
3,807,609 +102.2
2,101,635 +233.7
1,000,000 +144.1
1,173,327 +79.0
1,308,512 +88.5
794,233 -1.2
1,228,892 +134.5
308,286,399 +33.6
104,725,688
30,306,000
26,391,732
8,350,624
20,554,217
20,000.000
3,646,273
6,206,818
5,063,832
2,465,467
3,805,736
3,207,419
1,175,000
1,137,073
965,741
741,139
958,885
239,701,644
83,746,937
30,799,000
18,198,445
7,126,852
14,512,032
14,957,650
2,377,130
5,866,035
3,647,894
2,584,007
3,150,365
2,484,045
1,055,433
1,181,829
839,481
477,693
723,223
193,708,051
901,772,033
252,391,868 188,039,239
57,853,96:3
56,428,016
56,380,244
61,304,238
20,198,35:3
23,069,837
20,279,231
25,001,349
17,872,330
6,912,959
18,421,765
18,065,546
11 Awl Mt
In ann (184
9,470,551
10,691,580
7,896,462
15,518,705
2,913,656
3,112,176
4,818,752
5,986,799
2,882,017
2,317,853
3,500,000
3,480,084
1,122,163
863,362
842,995
849,401
810,369
761,364
1,919,218
1,628,748
724,961
559,936
1,758.877
1,800,000
3,055,681
2,689.456
1,778,359
1,800,000
509,406,887 429,992,951
172,220,707
83,947,003
18,569.091
34,810,580
15,000.000
84,970,566
35,523,275
87,469,797
24,044,749
12,830,421
24,774,013
15,518,697
18,288,075
6,767,182
11,986,921
7,000,000
5,500,000
2,493,683
3,399,082
13,411,432
16,428,448
2,404,330
7,977.767
578,575
1,074,922
4,136,781
12,120,937
45,658,656
5,106,497
1916.
+35.3 203,032,529 130,482,227
39,264,116
+2.5
39.902,911
46,290,817
+8.7
32,312,924
+14.2
18,979,664
16,912,937
+23.3
19,800,184
16,627,822
-61.3
8,152,216
1 0,746,314
-1.9
16,905,326
14,025,442
-4-07
0 305 7nit
7.400.31(1
+12.9
5,854,556
+96.5
9,113,886
5,849,157
+6.8
3,927,718
2,428,636
+29.6
3,427,531
3,746.303
+21.4
2,222.379
2,236,024
+0.6
2,500,000
2,700,479
+30.0
1,273,573
782,672
642,985
-0.8
703,478
+6.4
703,385
794,123
+17.9
2,350,000
2,401,178
+29.5
484,233
429,148
+2.3
1,349,676
1,236,271
-12.0
2,638,152
2,819,330
1,948,674
1,496,944
+1.2
+18.5 401.023,023 302,147,915
166,228,515
+3.6
61,891,080 +35.6
25,153,000 -26.2
13,342,714 +160.9
5,424,896 +176.5
58,902,966 +44.3
23,946,887 +48.5
62,032,420 +41.0
14,439,339 +66.5
7,050,152 +82.0
18,083,825 +37.0
10,836,864 +43.2
12,243,452 +49.4
6,000,000 +12.6
8,021,517 +49.4
5.000,000 +40.0
3721,753 +47.8
1,605,292 +55.3
3,133,018
+8.5
7,800,000 +71.9
9,151,342 +79.5
2,900,000 -17.1
2,600.000 +20(1.8
507,051 +14.1
744,740 +44.3
3,051,076 +35.6
8,330,165 +45.4
21,500,000 +112.4
3,114,505 +64.0
165,709,799
56,864,918
24,475,611
17,250,000
9,100,000
43,797,188
19,031,975
60,165,835
21,103,731
11,271,301
16,726,687
10,723,757
4,318,060
6,878,868
5,595,400
4,826,781
4,589,267
1,729,510
2,853,094
8,500,000
11,632,283
5,800,000
3,295,618
589,329
801,108
3,707,737
6,675,722
22,975,052
3,761,085
127,849,344
41,927,963
21,453,852
12,226,689
8,337,419
25,050,976
16,445,806
32,277,790
14,498,960
7,266,271
11,593,046
8,140,204
3,432,397
3,232,424
502,709
3,831,515
3,208,429
1,426,715
2,542,496
4,794,780
7,085,174
3,500,000
2,847,122
414,585
638,114
1,938,841
5,583,609
16,141,131
Total Southern 774,012.220 566,767,599 +38.6 554,752,716 388,188,361
Total all
9,703,349,249 7,317,464,821 +32.6 6,561.885,100 6,451,749,489
Outside N. Y 4,193,443,384 3,331,097,827 +25.9 2,900,341,950 2.423,535,219
2196
THE ,CHRONICLE
OUR BANKERS' CONVENTION ISSUE.
We send to our subscribers to-day our Bankers'
Convention Supplement or Section reporting the
proceedings of the Annual Convention of the American Bankers' Association held at St. Louis early in
October.
Though the issue has been delayed by the stiikes
in the printing trades, it has lost none of its interest
on that account, inasmuch as the discussions and addresses which marked the proceedings are as alive
to-day, by reason of the public interest they possess,
as at the time of their delivery. The publication is
gotten up in the same attractive style as heretofore,
and should prove a valuable acquisition.
[voL. 109.
war obligations themselves. This is obviously a step
in the right direction. We could wish that the
managers of the Reserve Bank could be induced to
proceed a step further and insist upon a drastic further cutting down of such borrowing and as the
loans are decreased would also proceed to reduce the
volume of outstanding Reserve notes. Every time a
new issue of Treasury certificates is put out war
borrowing is increased and the note issues are also
increased. When, however, the war borrowing is
reduced, the notes still remain outstanding, and thus
we have the twin evil of credit inflation and currency
inflation simultaneously at work and doing a vast
amount of mischief. Here is where the remedy must
be and should be applied.
THE FINANCIAL SITUATION.
The cotton crop estimate of the Department of
The financial community has had many disturbing Agriculture, announced on Thursday, fully confirms
incidents to contend with the past week, but there is practically all recent approximations, both official
an encouraging side to the situation nevertheless. and private, in indicating a restricted yield and,
The foreign exchanges on Great Britain, and on consequently, the fifth short crop in succession.
France and Italy, have touched a new low depth. With the area given to cotton last spring only moderThe nature of the depreciation in these exchanges ately under that of the preceding season and but
is perhaps best indicated by the fact that the pound 8% less than the acreage seeded in 1914—when the
sterling, which when at par is worth $4 865, yester- bumper crop of over 16 million bales was raised—it
day sold down to $3 6531. At the same time there was but natural to suppose that under normal climatic
has been a renewal of the tension in the call loan conditions a considerably greater yield than in 1918branch of the money market, the call loan rate 19 might be expected. But the start was not enyesterday having been quoted as high as 15%. couraging and weather in the main throughout the
Then also the Federal Reserve Bank of New York growing season militated against satisfactory dehas announced some further fractional advances in velopment. In fact, deterioration was the feature of
its discount rates. Finally, as an outgrowth of each succeeding monthly report and condition on
these different unfavorable features, another wave of Sept. 25 (the final date for which such reports are
depression has passed over the Stock Exchange, regularly issued officially) was stated as the same as
bringing further drastic liquidation and further at the identical time in 1918 which in turn was the
heavy declines in prices, the railroad shares having the lowest on record for date. The accuracy of that
last few days displayed especial weakness because report was questioned in some quarters—being conof the tardy action of Congress in enacting needed sidered too favorable—which led to the authorizalegislation to cover the great change in conditions tion by Congress of a supplemental investigation as
that will come with the return of the roads to private of October 25, and this virtually confirmed the
September pronouncement. The holding off of
ownership.
relief
is
not killing frost until a later date than usual proved to be
In some of the particulars mentioned
yet in sight. This is particularly true regarding the a comparatively negligible factor in the situation, if
depression in the foreign exchanges. Nevertheless, the Department's estimate be accepted as conclusive.
The Department's estimate foreshadows a yield for
as already stated, the outlook is not without its
encouraging features. Stock Exchange liquidation 1919-20 (actual growth as distinguished from the
with curtailment of the loans of our Clearing House commercial crop) of 5,275,096,000 pounds of lint
institutions, while a painful process, is bringing about (linters excluded) equaling 11,030,000 bales of 500
the corrective so much needed in subduing the lbs. gross weight each. To this must be added some
78 million bales to cover linters, making the aggregate
speculative mania and inflationary tendency that /
production
a little under 12 million bales, or the
were such a threatening aspect of affairs only a few
smallest
crop
since 1909-10, and about a million
weeks ago. What has been accomplished in that
bales
under
the
grOwth of 1918-19 and over 5
respect is evident not alone from the collapse in
million
bales
less
than
was secured in 1914-15. Angigantic
prices thereby wiping out paper profits of
that all of the leading
alysis
of
indicates
the
estimate
that
reduction
proportions, but also from the great
has been effected in the loans of the Clearing House producing States except Texas and Oklahoma share
institutions. Last week this loan item was reduced in the decrease, and in those two States the yield in
no less than $82,176,000. Similar though not equally 1918-49 was notably deficient. In Georgia, morelarge reductions were made in the weeks immediately over, the current year's forecast is for an outturn
preceding. The result altogether is that last Satur- below any year since 1906-07. Further progress in
day the aggregate of the loans was only $5,105,303,- cotton raising in California and Arizona is indicated
000, as against $5,433,003,000 on Oct. 11, being a the combined production of the two being placed
reduction of $328,000,000 in a period of eight weeks. at 177,000 bales (a high record) against 122,955
The action of the Federal Reserve Bank in making bales a year ago.
The latest ginning report of the Census Bureau
a further fractional advance in some of its discount
rates is also a satisfactory feature. This week's ad- issued on the 8th, and covering the season down to
vance in these discount rates is aimed mainly at but not including December 1, would seem to subborrowing on war obligations, with a view of dis- stantiate the short crop estimate. It showed that
couraging such borrowing by making the discount 8,833,712 running bales (not including linters) had
rates fractionally higher than the interest rate in the been ginned to the date mentioned or 737,702 bales
DEC. 13 1919.]
THE CHRONICLE
less than in the same period of 1918. To reach the
Department's estimate, therefore, only 2,196,288
bales remain to be ginned from Dec. 1 to the close
of the season, or about the same amount as a year
ago. But now, as then, the staple is being marketed
very slowly notwithstanding the high prices ruling,
presumably with the expectation of an even higher
level of value later on. Up to the close of November
there had come upon the market through the ports,
overland movement, Southern consumption and 41
interior towns only about 4% million bales, or some
54% of the amount ginned during the same interval,
this percentage being but little above 1918 and much
below earlier years. In fact the last few years the
policy of holding large supplies at interior towns has
been clearly in evidence although not so pronounced
this year as a year ago.
2197
compared with a year ago, but the aggregate of liabilities at $2,751,618 was below that of October, well
under November of 1918 and less than the corresponding month of any year for a very long time past.
For the eleven months of 1919 the situation depicted is decidedly satisfactory, the disasters numbering only 5,870 and showing a very considerable
diminution contracted with any eleven months'
period since 1882. In the total of indebtedness, also,
the exhibit is a most gratifying one, the 1919 aggregate at $104,990,895 comparing with $150,770,496
and $168,397,665 one and two years ago. Manufacturing disasters account for $49,624,818 of the
1919 aggregate, or 173( millions less than in 1918 and
2314 millions below 1917, and in the trading division
the liabilities were very appreciably under last year,
$32,734,784 contrasting with $53,493,184. Brokers,
agents, &c., indebtedness likewise reflect the year's
favorable auspices as at $22,631,293 it was
732 million dollars smaller than last year.
The Canadian failures statement for November
shows an increase in number of defaults as compared
with either October or the month of last year, and a
somewhat marked augmentation in the volume of
liabilities. The expansion in debts is to be found
most largely among manufacturers, and the gain
in
number in the trading division, although in the
latter
indebtedness is less than a year ago. Specifically,the
disasters this year numbered 64 and involved $2,853,
283, against 58 for $1,455,721 in 1918, and for the
eleven months 650 for $14,500,000 contrasts with 797
for $12,642,438 a year ago and 1,005 for $16,209,035
in 1917.
The commercial failures statement for the United
States for November 1919, while indicating expansion
in both number of insolvents and aggregate of liabilities as compared with October, is, nevertheless, an
essentially favorable one. It was not within the
bounds of reason to expect that the practically steady
diminution in number of disasters and concurrent
contraction in the volume of indebtedness that had
been the feature of the monthly exhibits for a considerable time could continue much longer. In fact,
on several occasions in the recent past it was believed
that the irreducible minimum has been reached, but
the very next month an even better showing was
made. Now, however, there has been a turn upward, but it is not important as contrasted with
earlier months of the current year,and compared with
other years for a long time back the status is distinctly
Conditionsin Europe as portrayed in press advices
satisfactory.
from the leading centres are not distinctly improved,
It will be recalled that the insolvencies in November broadly speaking. In some
respects, however, re1918 were the smallest of any monthly period back cuperation and reconstruction
apparently have proto 1894, when the failures results by months were gressed further than has been
indicated. Agriculfirst compiled. Since then the number has dwindled turally, commercially and financi
ally Belgium is said
materially with the low point reached-last July, and to have made surprising
progress. Even in Gerthe latest total, although heavier than in either of the many, regarding which most of
the reports have been
seven preceding months, is moderately less than a decidedly gloomy, there is
reason for believing that
year ago. The volume of liabilities, moreover, while the thrift and energy
of the people have reasserted
in excess of any month since June, was much below themselves, and that,
in spite of great obstacles,
that of last year and smaller than for November of they are going forwar
d in a way to occasion surprise,
any earlier year back to 1905. It had been expected command respect and merit
praise. This view of
that during the period of readjustment following the conditions in Germany
is borne out by a statement
end of the war in Europe stress in some lines would in a dispatch from Berlin,
credited to Herr Schmidt,
be unavoidable and find due reflection in the failures Minister of Food and
Economics. He is reported to
statements. A year has passed,however,since hostil- have stated that
"the economic situation in Germany
ities ceased,during which time activity in our mercan- has improved recently
to an astonishing extent.
tile and industrial affairs, on a high and remunerative Workers have returned to
their tasks in far greater
basis of prices, has been a feature. Consequently degree than
was foreseen last summer." He is said
it is a matter for no surprise that the solvency situa- to have presented statisti
cs "to show that production should be so favorable.
tion in the mines, shipyards and general industries
According to Messrs. R. G. Dun & Co.'s compila- has reached
a level approaching the pre-war basis."
tion, from which our conclusions are drawn, the Some exceptions
to these favorable developments,
number of mercantile casualties in November was the prevalence
of which the Minister admitted, were
only 551 against 570 in 1918 and 981 in 1917, with attributed by him
largely to lack of raw materials.
the liabilities $9,177,321 and $13,815,166 and $13,- On the other hand,
prominent bankers and business
635,605, respectively. In the month of 1914 the men who
have returned recently from more or less
total of indebtedness was not far from three times careful trips
of investigation of conditions in Europe,
that of the current year. - Disasters among manu- have been
quoted, almost without exception, 88
facturers were smaller in number than ever before having
declared that there could be nothing comprein November so far as available records go, and the hensive in the way
of recuperation and reconstruction
debts, notwithstanding the stress among machinery until the
Peace Treaty is put into effect.
concerns, at $5,833,209, were approximately 3 million
dollars less than in 190. In trading branches an
Whether the Germans would sign the protocol to
increase in the number of failures is to be noted as the Versail
les Peace Treaty, and whether or not the
Is
2198
THE CHRONICLE
Allies would use military force to compel them to do
so, were easily the foremost considerations dwelt
upon in the cablegrams from the leading European
capitals, principally, of course, Paris and London.
It was made plain in several dispatches from the
former centre a week ago this morning that the
Allied authorities were still undecided as to just what
course to pursue with respect to securing the signatures of the Germans. It was stated that the
Supreme Council did not send an ultimatum t)
Germany last week Friday, as had been expected.
There was said to have been "a lack of agreement
among the Allies on the strength of the terms to be
used." Another question was reported to have been
"as to whether all the Allied and Associated Powers
are willing to have their troops on the Rhine used for
the further advance into Germany, which would be
the outcome of the ultimatum proposed by Marshal
Foch, should Germany persist in her defiance."
According to one correspondent, "the United States
has 12,000 men on the Rhine, the British 30,000,
while France has 300,000 men under arms." He
added that "the French are very anxious to have all
the Allied and Associated Powers participate."
There was still a great amount of speculation, and
apparently little actual information in Paris as to
the character of the terms of the proposed note or
ultimatum to the Germans. In one dispatch the
suggestion was made that "it is, of course, the hope
of th3 Allies that a military threat will bring Germany
to terms." The writer said, however, that "it is
understood that the nature of the ultimatum proposed is such that the Allies must be prepared to
make it good, should Germany not come to terms."
Friday evening it was reported in Paris that the
ultimatum might be sent on Sunday. This is what
was done.
In a cablegram from Berlin to the New York
"Times" last Saturday it was indicated that the
German Cabinet was about as much divided as to
what to do with the Allied notes as their framers
were as to how to enforce them. Finance Minister
Erzberger was reported by the correspondent as
being "hard at work trying to bring about unity by
persuading those who desire to refuse the demands
to change their attitude." At that time "whether
he has been entirely successful is not yet apparent,"
it was added. The correspondent stated, however,
that he frequently heard the remark on the Wilhelmstrasse, "We shall have to give way, of course."
There was said to have been both surprise and disappointment because the division in the American
Senate "had not influenced the situation, as it was
hoped it would, in Germany's favor." The more
radical German papers were bitter in their references
to Premier Clemenceau's notes, which one of them
characterized as "develish insults," while the more
conservative organs counseled moderation, and even
admitted that "there is really nothing to do but to
yield to the French Premier." It was rumored in
Berlin and Paris that the German Cabinet would
resign, or at least that it would have to be recast
to a great extent.
In reply to the reports in recent months that
"Germany had formed a secret army, had hidden
away large stores of munitions of war and was preparing to attack the Allied Powers," General Sir
Frederick Maurice, the British Military authority,
[VoL. 109.
was quoted as follows: "Germany has not got a
secret army and is not in a position to place in the
field and maintain any body of troops which would
resist effectively the forces Foch can set in motion.
Both our own authorities and the French are perfectly well informed as to Germany's powers of
resistance. It is quite true that Germany has, on
the ground that they are necessary for the maintenance of public order, organized bodies of police
who are armed and trained as soldiers. The numbers
and distribution of this force are known. The
standing army of Germany to-day is estimated at
400,000 men, and in accordance with the terms of the
Treaty of Versailles, has to be reduced by Mar. 31,
of next year, to 100,000 men and 4,000 officers."
According to a London cablegram last Saturday
morning, there was a persistent rumor on the Stock
Exchange the day before that "the Supreme Council
had threatened Germany that unless the formal peace
terms were agreed to Allied troops would occupy
Essen and Frankfort." In some circles in the British
capital this threat was regarded as an ultimatum.
In Paris dispatches last Saturday the definite statement was made that earlier in the day the Supreme
Council had drafted a note in which "it is demanded
that Germany sign the protocol providing for the
carrying out of the peace terms, failing which the
Allies would be obliged to have recourse to military
measures." The assertion was also made in Paris
dispatches that "the note says that if Germany does
not sign the protocol the Allies will denounce the
armistice, which can be done on three days' notice."
While it was said that Berlin was asked for a reply,
it was admitted that no definite time had been set.
Because of the importance of the note the advices
stated that "Paul Dutasta, the General Secretary
of the Peace Conference, will personally hand the
note to Baron von Lersner, the head of the German
Mission." The latter was quoted as having said
that "the action of his Government would depend
upon the tone of the Allied note." Following a conference in Paris the same day between Field Marshal
Wilson and Marshal Foch, it was stated that "military and naval plans to enforce the terms of the treaty
have been completed," according to statements in
Paris cablegrams. The plans were said to be "substantially the same as those made last June, when it
was uncertain whether Germany would accept the
treaty of Versailles."
The Associated Press sent out a dispatch from
London on Monday containing a part at least of an
interview that a correspondent had with Gustav
Noske, German Minister of National Defense. He
was reported to have said: "I can't speak for the
whole Government, because it has not yet come to a
decision, but I shall recommend a refusal to sign the
Peace Treaty protocol. The limit has long been
reached. Let the Allies occupy the country if
they like. The peace now presented to us is not
peace, but a prolongation of the war. Were such a
treaty accepted the German nation would rise up and
avenge itself upon the men who signed it, and it
would be right. Great Britain and France are
deliberately planning the destruction of GermanY•
All the confidence I ever had in the pledges of the
Allies is gone forever." While it was admitted in
London, Paris and in this country that probably
Herr Noske's statements pretty accurately portrayed
THE CHRONICLE
the feelings of the German people, there was more or
less doubt as to the extent to which he bespoke the
intentions of his associates in the Government, with
respect to the signing of the protocol. The report
was in circulation in Berlin about that time that
"Baron von Lersner and his peace delegates probably
will be replaced by a new delegation comprising financiers, business men and leaders of the Hanseatic
League, in addition to diplomats." In a cablegram
from that centre to the New York "Tribune" on
Monday it was asserted that "all information obtainable to-day in official circles indicates that the
Government is firmly resolved not to sign the protocol
to the Peace Treaty Monday in Paris." The Paris
"Temps," which is supposed to voice the ideas of the
French Foreign Office, a week ago urged the "ratification by the American Senate of the Versailles Treaty
with reservations, if America must have them, and
the Allies to accept those reservations, and put an
end to the present tangled situation, due to America's failure to sanction the agreement with Germany."
The report was in circulation in Paris on Monday
and was cabled to New York that the Supreme Council had "consented to modify some of the terms of the
protocol to which Germany has made objection." It
was claimed that the modifications referred to the
indemnity stipulated for the destruction of the German fleet at Seaga Flow and to certain other features
that were particularly objectionable to the Germans.
In an Associated Press dispatch from Paris the very
next morning it was asserted emphatically that the
demands of the Germans for important changes in
the protocol had not been granted and that the concessions actually made were unimportant. While
not technically in the nature of an ultimatum, Paris
authorities were said to, regard the note "as the last
word of the Supreme Council relative to the signing
of the protocol."
Word came from Paris Wednesday afternoon that
the "Matin" had received a dispatch from Berlin
saying that the Allied notes had been considered by
the Council of Ministers of Berlin and that probably
"the German answer will be sent to Versailles during
the day." According to another Paris cablegram
Thursday afternoon, the answer had arrived. While
the contents were not known, it was rumored that
some concessions had been made with regard to
Scapa Flow. Yesterday morning's dispatchas did
not contain any more definite information. A Berlin
cablegram stated that German Government authorities still persisted that "the delivery of 400,000 tons
of port material is an unacceptable clause." According to a Berlin dispatch last evening the tenor of the
note is conciliatory. Paris advices stated that the
Supreme Council at its session a few days ago decided
that "Turkey's gold reserves now in Berlin shall be
transferred to Paris."
As early as last Friday it became known in Paris
that the American delegation to the Peace Conference
would leave for home on Tuesday of this week.
Instructions to do so were reported to have been
received from Secretary of State Lansing during the
day. In view of the urgent requests made by.the
Allied peace commissioners, and particularly because
of Premier Clemenceau's direct cable appeal to
Washington to have Assistant Secretary Polk and
the other members of the delegation postpone their
2199
going until the Versailles treaty had been put into
effect, the word from the American Secretary of
State is said to have caused not a little surprise
and deep regret in diplomatic circles. While attention was drawn to the fact that American Ambassador Wallace would "sit in sessions of the Supreme
Council," it appeared to be the prevailing opinion
in Paris that "he will have very limited powers and
will not take a determining part in the discussions,
rather devoting himself to keeping his Government
informed of developments." "This arrangement,"
it was added, "does not please the Allies." In on3
cablegram the assertion was made that "it is difficult to over-estimate the importance which the
Allies attach to the departure of the whole American
peace delegation and what they regard as America's
withdrawal from the work of arranging the peace
she helped to win." While naturally no official
statement was obtainable a correspondent of the
New York "Times" did not hesitate to assert that
"it is the general opinion in both Allied and American
circle's that the United States has definitely quit
the Peace Conference, and will remain away from
European negotiations unless the Senate ratifies
the Versailles treaty." Mr. Polk, on Monday
afternoon, bade farewell to the European and
American correspondents, before leaving for th3
United States the next day. He was quoted as
having said of Premier Clemenceau "he is a figure
prodigiously original and interesting, of whom I
shall always retain a memory. I wish I might have
a similar old age." In a farewell statement that
Mr. Polk gave to the Paris "Matin," he said that
"there is no longer any doubt that Germany is going
to submit to the just demands of the Allies." He
and the members of his staff sailed from Brest on
the transport America on Wednesday. Premier
Clemenceau's final word of parting was said to have
been "Do your best," which was interpreted by
some who heard it as referring to an administration
fight to secure the acceptance by the American
Senate of the Peace Treaty and the League of
Nations.
According to all the accounts the first session of
the newly elected French Chamber of Deputies was
a stormy one. The Socialists apparently attempted
to break up proceedings as their representatives in
the Italian Chamber did. Albert Thomas, chief
spokesman for the Socialists in the French Chamber,
endeavored to read the declaration of his party but
after having been "booed" for 15 minutes, was able
to say only a few words. Premier Clemenceau made
one of his brief and characteristic speeches, saying
among other things that "we must rebuild France;
let us hasten to begin. We must all unite and forget
party politics." The Chamber voted to placard
throughout the country his address and those of M.
Siegfried and M. Francois, "ignoring those of M.
Thomas and M. Varenne." It was recorded that
while M. Thomas was speaking Marshal Foch "rose
from his seat in the balcony and left the Chamber."
It was noted also that "General Mangin remained
throughout the session, as did Hugh C. Wallace, the
American Ambassador to France; the Earl of Derby,
the British Ambassador, and all the heads of Allied
missions in France." The representatives of Alsace
and Lorraine were present for the first time. One of
their members declared that "Alsace and Lermine
will resume their guard along the frontier GI the
2200
THE CHRONICLE
[VOL. 109.
Rhine. They will not fail in their mission as the vantage of any strife of that kind among ourselves."
advance sentinels of French thought."
During a discussion of the leading domestic issues,
the Premier declared that he hoped soon to make a
While it was announced in a general way that real contribution toward "the most baffling of all
Premier Clemenceau would go to London to confer problems, Ireland." Thursday afternoon Andrew
with Lloyd George and other British authorities Bonar Law, the Government leader, announced in
regarding "important questions," it was generally the House of Commons that the introduction of the
understood that one of the matters that would Irish Bill would have to be postponed again on acreceive most careful attention was the Adriatic count of the visit of Premier Clemenceau. He stated
situation. Italian Foreign Minister Scialoia was that Premier Lloyd George "would be unable to bring
in London for the conference also, and a high British the measure forward either on Monday or Tuesday,"
official was quoted as saying that "we expect a and added that he could not say whether it would
solution of the Adriatic tangle to grow out of this be introduced next week."
conference." Premier Clemenceau arrived at Victoria Station in London Thursday morning about
Sir George Paish, editor of the London "Statist,"
10 o'clock and was greeted by Premier Lloyd George, in an article in the "Globe" of that city, again painted
Earl Curzon, Secretary of State for Foreign Affairs, a dark picture of economic and financial conditions in
and Walter Hume Long, First Lord of the Admiralty. Great Britain, as he did a few weeks ago in an interThe London dispatches stated that the crowds out- view that was published in the New York "Sun."
side and inside of the station cheered the arrival of In the "Globe" article he said: "It is becoming
the French Premier. An hour later the two Prime clearly evident that unless the entire problem is
Ministers were in conference in Lloyd George's soon dealt with in all its aspects a complete breakofficial residence in Downing Street. The British down of credit, of exchange, of commerce and of
Premier "abandoned his usual Thursday visit to the trade must occur in the not distant future." He
House of Commons in order to place his time entirely declared also that "the people of Europe cannot supat the disposal of M. Clemenceau." Yesterday port themselves without the continued grant of
morning's dispatches from London did not contain credit for the purchase of urgently needed food and
anything definite as to what might have been accom- raw materials." While possibly this may be true of
plished at the conference. It was rumored that the weaker and smaller nations, the feeling seems to
actually the most discussed subject was the providing be growing in the minds of careful students in this
for the direction of affairs in Europe temporarily, country of conditions in Europe that those peoples,
in view of the failure of the American Senate to particularly of the stronger nations, must set about
ratify the treaty and of the departure of the American helping themselves to a greater extent than they have
delegation. The hope was expressed that it might done so far since the signing of the armistice, by
be possible to fix an early date for putting the treaty practicing economy, by taking up production as best
into effect. Arthur J. Balfour was quoted as having they can with the materials and other resources at
said at a public luncheon on Thursday that "peace, hand, by discontinuing opposition to established
although not formally concluded, may be regarded Governments, and finally by ceasing to think that the
as practically assured." Added importance was at- help, financial and otherwise, must come largely
tached to the conference by reason of the fact that from the outside. To no country in Europe can
yesterday J. Austen Chamberlaim, Chancellor of.the these suggestions apply more fully than to Great
British Exchequer, .and John W. Davis, United Britain. According to the London "Globe," the
States Ambassador at the Court of St. James, question was to be raised in the House of Commons on
were called in. Up to a late hour yesterday no Wednesday "as to why the United States has not
official announcement regarding the work or the been asked to accept in payment for Great Britain's
purpcse of the conference had been made public. A debt an equivalent amount of securities of the Allies
London cablegram stated that Premier Clemenceau which Great Britain holds." If the paper means
was received in audience by King George at Bucking- American securities it ought to know that already
the United States has taken hundreds of millions of
ham Palace last evening.
dollars worth of them which are lodged in the vaults
Premier Lloyd George made a speech before the of several large financial institutions in this city,
Manchester Reform Club last Saturday which has being held as collateral for Allied loans. It has been
attracted more than usual attention and haS been understood that for months these securities have
the subject of private and editorial ccmment, both been offered in our market, as it would take them.
in Great Britain and in this country. In reality These offerings have brought about severe declines
he made a plea for a continuation of the Coalition in market quotations, even for securities of the highest
Party, which he formed during an extremely critical standing. Selling of this kind was given as the
period of the war for his country. Among other principal reason for the break in railroad stocks only
things he said: "I am of the opinion that the time on Thursday of this week. According to the best
for party conflict has not arrived. National unity, information there are many more to be sold yet. In
vital in the war, is equally vital in the security of a London cablegrams yesterday morning representasound peace. National unity has carried us suc- tives of the British Government were quoted as
cessfully through the cataracts of war and it can saying that the Government did not intend to take
alow preserve us in the broken waters beneath the any special measures "regarding the fall in American
great flood. We are not through the rapids yet and exchange."
you have only to see what is happening to realize
The special congress of trades unions which was
something of the dangers ahead, for Germany is
ready to take advantage of the party conflict in said to represent at least 5,000,000 members, was
America, which some people wanted to see here, and opened in London on Tuesday, with 750 delegates in
it is easy to see how ready Germany is to take ad- attendance. It was gratifying to note that the
DEC. 13 1919.1
THE CHRONICLE
sentiment in favor of "direct action" which was so
noticeable at a similar gathering several months
ago, had largely disappeared. In one cablegram it
was set forth that "a few extremists to-day still
supported.the projects which smack of direct action,
but the great majority qf the 750 delegates at the
congress were inclined to regard the phrase as an
anathema." On the other hand, Robert Smillie,
leader of the miners, was reported to have asserted
that "British labor must inaugurate a general strike
next February to enforce its demands for the nationalization of the mines." The congress took a decided
stand with respect to Russia and "adopted a resolution calling upon the Government immediately to
consider the peace overtures of the Soviet Government, and raise the blockade between Russia and
the outside world, demanding the right for a careful
inquiry into political, industrial and economic
conditions in' Russia."
That the trade of Great Britain is increasing rather
rapidly was shown by the report of the Board of
Trade for November. During that month the imports into the United Kingdom increased £26,829,420,
while the exports increased £64,181,121 compared
with the corresponding month of last year. From
Jan. 1 to Nov. 30 there was an increase in the imports of £262,299,655. Exports during the same
period expanded £267,613,714. While the details of
the November statement have not come to hand, it
was claimed in London advices that the greater part
of British goods is going to the Continent "to help
rebuild industry and trade there." It was asserted,
furthermore, that these goods are being sold largely
on credit, and this is given as one of the important
reasons for the severe declines in the pound sterling.
It is pointed out, however, that if the Continent
"succeeds in getting a large long term credit the effect
on sterling exchange will be noticed immediately,
as it would turn British exports to the Continent into
liquid shape, enabling Great Britain to buy in the
United States with the proceeds of the sales to the
Continent." The cable advices stated also that "the
figures show that since the armistice British exports
in food, drinks, tobacco and raw materials have
quadrupled; that the exports of manufactured goods
have doubled and the re-expoits of imported goods
increased 1,000%." It was suggested that the "rapid
increase in foreign trade is making it extremely difficult for the advocates of an anti-dumping bill, who
are having a hard time proving that such a measure
is necessary to prevent British trade from being
killed."
Chancellor Karl Renner, of the Austrian Republic,
has arrived in Paris to present the situation prevailing
in his country to the Supreme Council. He is reported to have said to an Associated Press correspondent in the French capital that when he left
Vienna "we had only 9,000 tons of flour for six and
three-quarters millions of people—a supply for six
days only." He is reported to have declared also
that children are dying of hunger and cold in Vienna,
and 85% of those between nine months and three
years of age are suffering with rickets." He added
that "for these reasons it is of the utmost importance
that supplies go forward at once, even while we are
in Paris awaiting the result of the negotiations for
credits." It was reported that he would ask the
Council for a credit of $100,000,000. While in Paris
2201
he is expected to sign the Austrian Peace Treaty.
In a Paris dispatch last evening the assertion was
made that advices had been received from Vienna
stating that "negotiations between the Austrian
Government and a group of American bankers to
provide extensive credits for Austria in the United
States have reached a point where only consent of
the Supreme Council is necessary to complete them."
Prominent bankers here have been quoted frequently
of late as saying that they would not extend further
financial assistance to Europe until the Versailles
Peace Treaty was put into effect.
It was reported from Paris last evening that the
Hungarian treaty will be presented to representatives of that country in January. It was said that
it will consist of 132 articles and will "fix the indemnity to be paid the Allies within 75 years by Hungary
at 18,000,000,000 crowns." The future Government
of the country is to be determined "by a plebiscite,
but the return of the Hapsburgs will be prohibited."
The British Treasury report for the week ended
December 6 showed ingoes in excess of outgoes,
even though the latter included payments of £47,391,000 interest on the war debt. The week's exexpenses totaled £60,195,000 (against £25,118,000
for the week ending November 29). The total outflow, including Treasury bills and advances repaid
and other items, amounted to £106,325,000, in contrast with £107,207,000 last week. Receipts from all
sources totaled £107,126,000, which compares with
£105,958,000 the previous week. Of this amount,
revenues contributed £15,117,000, against £14,246,000 and savings certificates £1,050,000, against
£950,000. Advances brought in the large sum of
£39,700,000, as against £16,000,000. Neither the
new funding loan, Victory bonds nor Civil contingencies fund yielded anything. Last week a total
of £6,300,000 was received from these items. New
issues of Treasury bills showed a falling off, being
only £51,259,000, as contrasted with £68,332,000
the preceding week. This, however, was in excess
of repayments so that the volume of Treasury bills
outstanding has been expanded to £1,100,368,000,
in comparison with £1,089,082,000 a week ago. Net
temporary advances outstanding are reported at
£245,780,000, an expansion for the week of £36,200,000. There was a gain in the Exchequer balance
of £801,000, which brings that total up to £4,069,000.
Last week it stood at £3,268,000.
Official discount rates at leading European centres
continue to be quoted at 5% in Paris, Berlin, Vienna,
Spain and Copenhagen; 53% in Switzerland, 6%
in London, Sweden, Norway and Petrograd, and
432% in Holland. In London the private bank rate
has remained at 54% for sixty and ninety day bills,
unchanged. Call money in London is quoted at
from 4 to 432%, according to the latest advices,
which have been extremely conflicting on this point.
So far as can be learned, no reports have been received
by cable of open market discount rates at other
centres.
The Bank of England announced a small loss in
gold this week, viz., £130,721, which contrasts with
an increase of nearly £4,000,000 a week ago. Total
reserves were also reduced, £580,000, note circulation
having expanded £449,000. There were, however,
reductions in deposits, so that the proportion of
reserve to liabilities registered an improvement to
2202
THE CHRONICLE
13.60%,compared with 13.21% last week and 15.90%
a year ago. In public deposits the decline amounted
to £620,000, other deposits were contracted £8,843,000, while Government securities lost £7,096,000.
Loans (other securities) decreased £1,735,000.
Threadneedle Street's gold holdings aggregate £91,659,648. Last year the total held was £77,730,466
and in 1917 £57,511,821. Reserves amount to
£21,526,000, as against £28,672,336 in 1918 and
£32,027,291 the year before. Circulation is now
£88,583,000. This compares with £67,508,130 and
£43,934,530 one and two years ago, respectively.
Loans total £77,073,000. A year ago they stood at
£95,901,122 and £91,535,359 in 1917. Clearings
through the London banks for the week amounted
to £690,712,000 in comparison with £721,210,000
last week and £437,247,000 a year ago. We append
a tabular statement of comparisons:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1915.
1916.
1917.
1918,
1919.
Dec. 15.
Dec. 13.
Dec. 12.
Dec. 11.
Dec. 10.
.£
88,583,000 67,508,130 43,934,530 37,957,340 34,266,810
Circulation
52,136,369
57,511,685
40,416,153
27,418,215
20.174,000
Public deposits
137,694,000 152,999,462 123,152,831 106,526,295 94,169,276
Other deposits
Govt. securities_ _ _ _ 77.205,000 73,685,411 57,895,870 42,187,599 32,840,075
Other 8ecurities_ _ _ 77,073,000 95.901,122 91,535,359 104,059,713 96,865,303
Ree've notes & coin_ 21,526,000 28,672,336 32,027,291 35,598,584 34,464,372
Coin and bullion_ _ _ 91,659,648 77,730,466 57,511,821 55,105,924 50,281,182
Proportion of reserve
21.70%
19.60%
23.55%
15.90%
13.60%
to liabilities
5%
6%
5%
5%
Bank rate
The Bank of France continues to report gains in
its gold item, the increase this week being 408,000
francs. The Bank's total gold holdings are thus
brought up to 5,577,647,250 francs, comparing with
5,471,382,925 francs last year and with 5,340,182,571
francs the year previous; of these amounts 1,978,278,416 francs were held abroad in 1919 and 2,037,108,484 francs in both 1918 and 1917. During the
week advances were augmented to the extent of
38,429,457 francs; Treasury deposits rose 44,075,971
francs, and general deposits gained 70,881,970 francs.
On the other hand, silver was reduced 4,180,000
francs and bills discounted fell off 185,798,407 francs.
Note circulation took a favorable turn, a contraction
of 78,380,720 francs being registered. The total
outstanding now amounts to 37,677,944,976 francs,
as against 29,028,387,230 francs in 1918 and 22,821,152,240 francs the year before. Just prior to the outbreak of war in 1914, the amount outstanding was
only 6,683,184,785 francs. Comparisons of the
various items in this week's return with the statement of last week and corresponding dates in 1918
and 1917 are as follows:
BANK Of' FRANCE'S COMPARATIVE STATEMENT.
Status as of
Chances
Dec. 111919. Dec. 12 1918. Dec. 13 1917.
for lreek
Frarcs.
Francs.
tares.
Gold Holdings—
In France
Inc.
408,000 3.599,368.834 3,434,274,440 3,303,074,086
Abroad
1,978,278.416 2.037,108,484 2,037,108,484
No change
/I
Total
„Inc.
408,000 5.577,647,250 5,471,382.925 5,340,182,571
245,865.180
319,372,663
Silver
Dec. 4,180,000
276,307,256
800,648,846
Bills discounted- _ _ _Dec.185,79g,407 1.114,628.866
933,787,852
1,166,851,817
1,209,526,407
Advances
Inc, 38,429,457 1,398,020,227
Note circulation.._ _Dec. 78,380,720 37,677,944,976 29,028,387,230 22,821,152,240
39,058,712
227,853,100
Treasury deposits_ _Inc. 44,075.971
94,195,107
General deposits_ _Inc. 70,881,970 2,993,251,446 2,388,092,742 2,883,229,015
In its weekly statement, issued as of November
29, the Imperial Bank of Germany shows, for the
first time in a long period, a gain in total coin and
bullion, the amount being 252,000 mks.; although
gold itself was reduced 244,000 mks. Treasury
notes were expanded 214,632,000 mks., while bills
discounted registered the huge increase of 2,146,139,000 mks. There was also a large expansion in deposits, totaling 1,858,073,000 mks. Other changes,
[Vol.. 109.
which were less striking; included increases of 4,312,000 mks. in advances, 16,208,000 mks. in investments, 120,242,000 mks. in securities, 55,640,000
mks. in liabilities and a gain of 586,765,000 mks in
circulation. Notes of other banks were reduced
1,357,000 mks. The German Bank's stock of gold
aggregates 1,090,519,000 mks. This compares with
2,308,360,000 mks.a year ago and 2,404,300,000 mks.
in 1917. Note circulation, which has of late again
been expanding, now stands at 31,905,805,000 mks.,
as against 18,609,880 in 1918 and only 10,622,260,000 mks. in 1917.
Saturday's statement of New York associated
banks and trust companies, which is given in greater.
detail in a subsequent section of this issue, again
showed improvement, to the extent at least that
loans were substantially reduced, while a feature of
the statement wa.§ the decline of over $100,000,000
in demand deposits in conjunction with an increase
of $70,000,000 in Government deposits. Excess reserves were lowered, but the amount held is still well
above the weekly average for the year. In round
numbers the contraction in the loan item totaled
$82,176,000, and net demand deposits were brought
down $104,123,000 to $4,076,498,000 (Government
deposits of $151,017,000 deducted). Net time deposits declined $16,882,000 to $248,576,000. Reserves in the Reserve Bank of member banks were
reduced $31,851,000 to $572,010,000, although the
cash in own vaults (members of the Federal Reserve
Bank) gained $3,824,000 to $103,906,000 (not
counted as reserve). The reserve in own vaults of
State banks and trust companies was reduced
$97,000 to $12,016,000, and reserves in other depositories of State banks and trust companies decreased $175,000 to $11,029,000. Aggregate reserve showed a contraction of $32,123,000 to $595,055,000. The loss in surplus was much smaller—
there having been a reduction of $14,072,860 in
reserve requirements—totalling only $18,050,140,
and the total of excess reserves is now $53,283,030.
The figures here given for surplus reserves are based
on legal reserves of 13% for member banks of the
Federal Reserve system, but do not include $103,906,000 cash in vault held by these banks on Saturday last. The report of the Federal Reserve Bank
showed that member banks had borrowed approximately $86,000,000 less than the week before through
discounts of Government obligations, but had increased their borrowings through other discounts by
$47,000,000. Circulation was increased $396,00G
to $36,887,000.
At the very beginning of the week there was little
on the surface to indicate that the rates for call money
at this centre would advance sharply again as they
later did. Careful students, however, of the general
monetary and banking situations knew that there
was nothing to justify predictions of easier money
that were heard in speculative stock market circles.
The facts and figures in their possession showed that.
liquidation had not gone far enough to restore norms
monetary conditions. To be sure, there had been
considerable liquidation in stocks, but this was nottrue to the same extent in commodities and in speculative operations of many kinds throughout the country. To those who were familiar to this extent with
the actual situation the higher rates for call money
as the days passed caused no surprise. In an address
THE CHRONICLE
to 432%; on fifteen day advances secured by Liberty
bonds, Victory notes, &c., the rate is advanced from
432% to 43
4%;the rate on notes, drafts and bills of
exchange having a maturity of not exceeding 90
days, and secured by Liberty bonds or Victory notes,
&c., is likewise increased from 43/ to 43
4%. No
change in rates, so far as our knowledge goes, has
been made the past week by any of the other Federal
Reserve banks. In the following table we show the
prevailing rates for various classes of paper at the
different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
Discounts—
1
Z
a.
Within 15 days, incl. member
banks' collateral notes_ _ _ _ 44 444%
3
16 to 60 days' maturity__ 43% 8% 4%
61 to 90 days' maturity___ 434 4% 434
Agricultural and live stock
paper,91 to 180 days incl_ 5 5 .5
Secured by 4h% U.S. centficates of indebtedness—
Within 15 days, including
member banks' collateral
notes
43.4 44 434
Secured by 44% U. S. Certificates of Indebtedness,
Lib. bonds dr Vic. notes—
Within 15 days, including
member banks' collateral
notes
44bIJ4 434
16 to 90 days' maturity
454 44 412x
4
•
a
..,....
0
.n
1—..
,..
...
L>
N
t)
,:
,,
•C
i
Kansas City.
—
.i
$..
•
..'!' "i '2
Z
B
B6 .
4 4
1
CLASSES
DISCOUNTSOFAND LOANS.
New York.
delivered early in the week by a member of the
Federal Reserve Board before the Oklahoma State
Bankers' Convention, it was indicated that he and
his associates felt that much greater economy and
further liquidation were imperative if the monetary
situation in this country and the position of the
Federal Reserve banks were to be restored to a normal
and sound basis. In view of these considerations
and the evident determination of some speculative
leaders :to continue to advance stocks in the face of
unfavorable conditions, the further advances by the
New York Federal Reserve Bank in its discount rates
late Thursday afternoon were not surprising. Apparently, the bank wants to check speculation with
Liberty Loan bonds as collateral. In spite of the
unfavorable character of the money and stock
markets, the offerings of new securities by banking
houses and other financial institutions were considerably larger than they were last week. Both call
and time money at this centre is likely to be scarce
between now and the end of the year.
2203
Boston.
DEC. 13 1919.]
a
44 43% 43 434 4t 43.4 5
434 434 434 44 45.4 44 5
4% 434 44 44 43% 5 5
5% 5
5
5
5
454
5
5
5% 54 53.6 54 534 5% 5%
454 454 434 4% 434 434 434 434434
Dealing with specific rates for money, call loans
this week ranged between 6 and 15%, which compares with 53/2@7% last week. On Monday there
43-4 434 44 44 454 44 434 434 44
43.4 434 47% 434 454 434 43.6 44 Of
was an advance to 10% as the high, though the low Trade Acceptances15 days' maturity
44 434 44 434 454 434 434 434 44 5 5 434
was still at 6%; renewals were made at 8%. In- 16 to 90 days' maturity
44 434 45.4 44 44 44 454 434 434 5 5 5
creased firmness developed on Tuesday, with the
Rates for discounted bankers' acceptances, 44%.
Note 1. Acceptances purchased in open market, minimum rate
•
maximum at 12 0, the low 7% and 9% the renewal Note
2. Rates on paper secured by War Finance Corporation 4%
bonds, 1% higher
on commercial paper of corresponding maturities.
basis. Wednesday's range was 7@10%, and 7% than
Note 3. Whenever application is made by member banks for renewal of 15 day
the Federal Reserve banks may charge a rate not exceeding that for 90 day
the ruling rate. On Thursday the maximum was paper,
paper of the same class.
Rates for commodity paper have been merged with those for commercial paper
still at 10%, the minimum 7%, though 8% was the of corresponding maturities.
x % in the case of rediscounts of not more than 90 days, secured by Liberty
basis at which renewals were negotiated. Friday's Loan45.4bonds or Victory
notes.
(a) 43.4 % for member banks' collateral notes within 15 days.
rates were 15% high, 8% low, which was also the S Rate on I5-day advances secured by % Certificates of Indebtedness. 43-4%
ruling figure. These figures are for both mixed
collateral and all-industrial loans alike. For fixed
Developments in the sterling exchange market this
maturities the situation remains about the same as week, while disconcerting in the extreme,were not
heretofore. Offerings continue light and trading was wholly unexpected and it was no great surprise in
dull and featureless, with transactions limited in well informed banking circles to find the downward
voltime. Nominally, quotations continue at 6®7% movement in rates resumed with the opening on
for all periods from sixty days to six months, with Monday and continued without abatement until
all-industrial money at 7@73
/
2%, unchanged.
quotations were within measurable distance of $3 50,
Commercial paper rates have not been changed the figure predicted by certain market observers a
from 59.@6% for sixty and ninety days' endorsed week ago. As a matter of fact demand bills actually
bills receivable and six months' names of choice sold down to 3 653,or a loss of 19 cents in the pound
character, while names less well known still require for the week and 121 points below normal. This is
6%. High grade names were in good demand, the a depreciation of more than 24%. The close was at
supply is not large, so that trading was somewhat the lowest for the week.
restricted.
Very little change in the general situation was
Banks' and bankers' acceptances showed a slight noted. There has been no let-up in the volume of
increase in the volume of business transacted, but cotton and other commercial bills offering, and this,
the market could not be called active. Brokers do coupled with selling for foreign account and the abnot expect any broadening of activities until there is sence of any announcement as to a definite program
a material easing in the call loan market. Quotations concerning the signing of the long-delayed Peace
ruled firm, at the levels previous current. Loans on Treaty a comprehensive plan for the granting of
demand for bankers' acceptances continue to be needed accommodation to foreign customers,is largely
quoted at 437
0. Detailed rates follow:
responsible for the almost total lack of banking supSpot Delivery— Delivery port noted in recent weeks... Trading during the
Ninety
Sixty
Thirty within
Days. Days. Days. 30 Days. greater part of the week was feverish and uncertain
Eligible bills of member banks
4%@4% 4ife(g14% 454@43.i 434 bls1
and at times much confused by the wide disparity
Eligible bills of non-member banks
436@434 434 @434 434@454
44 bid
Ineligible bills
6 NO% 6 @534 54((1.6
6 bid in rates quoted by the various institutions, though
the volume of business transacted was again large
As indicated in another part of our paper to-day, and huge quantities of sterling bills changed
hands
the Federal Reserve Bank of New York announced this week at the sensationally low levels reached.
further increases (supplementary to those adopted A feature which added to the confusion and aided
Nov. 3) in its rates of discount. Under the change niaterially in the decline was the receipt of substanmade this week the rate on advances to member tially lower cabled quotations from London. It
banks, in the case of maturities not exceeding fifteen would not be any exaggeration to say that the latest
.days, on promissory notes secured by 4%% Treasury slump in sterling has caused little short of constercertificates of Indebtedness is increased from 43 nation, especially among speculative operators and
2204
THE CHRONICLE
[VoL. 109.
exporters who have sustained heavy losses by reason cial sight bills finished at 3 64%,sixty days at 3
583/2,
of the recent practically uninterrupted recession in ninety days at 3 563/
2, documents for payment (sixty
rates. A well-known American financier just re- days) 3 581A and seven-day grain bills 3 643.
turned from a three months' trip in England and Cotton and grain for payment closed at
%. An
3 643
France has expressed the view that nothing can be additional $10,300,000 in gold coin was withdrawn
done in the way of granting credits to Europe until early in the week for export to South America
by the
the Peace Treaty is signed. He pointed out that same group of bankers shipping
about the same
the whole world is waiting for it. According to amount last week. The bulk of this
is to go to Buenos
latest Washington advices,the President has informed Aires. Later $100,000 was withdrawn,
also for shipSenator Hitchcock that he has no intention of with- ment to South America, $100,000
for Mexico and
drawing the Treaty from the Senate, and the opinion $100,000 in gold bars to Switzerland,
making a total
appears to prevail in Congressional circles that no for the week of $10,600,000. Large
shipments of
attempts at revision will be made before Christmas.
gold from Canada to the United States are under way.
It is understood that plans are practically com- Advices from Ottawa state that a shipment of
$20,pleted for the launching of several large financing 000,000 gold is to be made to New York, and
that
corporations under the Edge Bill, as soon as that part of it is already on the way here.
measure has received the approval of the Senate and
become law through the signature of the President.
In Continental exchange the situation has closely
The bill is expected to pass without further changes in paralleled that existing in sterling, with
the depreciaa few days, after which conferences are scheduled tion in currency values in most
cases even more
between members of the Federal Reserve Board and severe. Here also recessions carried
prices far below
groups of New York bankers for,the drawing up of the minimum of previous weeks,the
losses in some inregulations to govern the formation and operation of stances exceeding 112 points.
Italian and French
such corporations. All developments in this direc- exchange were alike alarmingly weak,
the former
tion are being closely watched, since while it is not declining to 13.60 for chocks-83
points off, while
claimed by those interested in Edge Bill corporations the latter was forced down to 11.84
for sight bills, or
that these will be able to cope with the needs of 112 points below the lowest of the previous
week.
the situation, it is believed that they are likely to German marks sold at less than 2 cents, or,
to be
prove a powerful factor in providing the necessary exact, 1.87, and Austrian kronen broke to 00.58, all
machinery to take care of at least some portion of establishing new low levels. The rate
at which
European requirements.
French exchange is now selling is considerably more
Bankers everywhere are refusing to discuss the than 50% below par, while exchange on
Rome is at
probable trend of exchange, though the concensus of a discount of approximately 63%.
Belgian francs
opinion seems to be that while rates will likely go still moved in sympathy with French francs and
touched
lower, any sudden change for the better in the inter- at their lowest point, 11.27, a loss of 102
points.
national outlook would probably result in at least a Trading was not active, as, while offerings
were
temporary reaction to higher levels. No permanent overwhelming, the market most of the time
was
stabilization, however,is looked for until the deprecia- devoid of buyers, even at the phenomenal concestion in foreign currencies has been arrested and the sions offered. The market at the close was a 4hade
balance of trade throughout Europe more evenly firmer, with rates fractionally higher than the figures
readjusted.
already mentioned.
Referring to quotations in greater detail, sterling
A dispatch from Paris under date of Dec. 10 states
exchange on Saturday of last week was irregular and that Raoul Peret, former President of the Burget
without definite trend; demand ranged at 3 85@ Commission of the Chamber of Deputies, has advo3 86%, cable transfers 3 85%@3 873/
2 and sixty days cated the creation of a fund of between 5,000,000,000
3 803/@3 823. On Monday weakness again de- or 6,000,000,000 francs by new taxes as the only
veloped and prices broke to 3 84@3 853 for demand, remedy for the present strained financial situation.
3 849@3 863/b for cable transfers and 3 7932ei, He also urges the opening of commercial relations
3 813 for sixty days, all new low records. Tuesday's with Germany. Premier Clemenceau's visit to the
market was spectacularly weak and demand sterling British capital, which was at first regarded as ominous
bills sold down to 3 813@3 833., cable transfers to regarding Germany's belligerent attitude on the
3 lower signing of the peace protocol, was later interpreted
3 82@3 85 and sixty days to 3 769.@3 79%;
cabled quotations from London and heavy selling as an indication that the exchange question was about
here were mainly responsible for the break. There to be taken in hand. Consul-General Lowrie of
was another severe slump on Wednesday with addi- Lisbon states that the Government of Portugal has
tional losses reported of from 4 to 5 cents in the pound, issued a decree doubling the duties on all imported
which brought demand to 3 763@3 803, cable goods not regarded as absolute necessaries, also
transfers to 3 77@3 81 and sixty days to 3 713@ placing imports under Government control, and for3 753. Still lower levels were reached on Thursday bidding banks to sell foreign exchange without
when demand broke to 3 673 under the pressure of special authorization.
a renewed volume of offerings; the range was 3 673@
An event which may later on have an important
3 713, with cable transfers at 3 68@3 72 and sixty bearing on foreign exchange conditions was the signdays at 3 623@3 663; trading was nervous and ing by President Wilson of an order instructing
excited and market conditions completely demoral- American consuls in foreign countries to issue cerized. Friday's market, after early recovery showed tificates of depreciation on the basis of which import
renewed weakness, and quotations were further duties are henceforth to be paid. According to the
reduced to 3 653@3 66 for demand, 3 66@3 68 for Merchant's Association of this city, this is the outcable transfers and 3 603@3 613 for sixty days. wine of work done by the foreign trade bureau of that
Closing quotations were 3 603 for sixty days, 3 653 organization for the relief of American importers
for demandjandL3166 for cable transfers. Commer- from the necessity of paying largely increased duties
DEC. 13 19191
THE CHRONICLE
2205
as a result of the decline in foreign moneys. The
Far Eastern rates are as follows: Hong Kong,
permission to liquidate entries on,the basis of current 1 01@1
against 1 03@1 033/2; Shanghai, at
values of foreign money instead of on the basis of 1 60%@1 63, against 1 50@1 501
/
2; Yokohama, at
the normal or standard value is regarded as of tre- 503'@50% (unchanged); Manila, at 49@493 (unmendous importance to all importers.
changed); Singapore, at 50@,503, against 503@
The official check rate in Paris finished at 43.21, 503/
2, Bombay, at 45@451
/
1 (unchanged), and Calas compared with 40.25 last week. In New York cutta, at 45@453 (unchanged).
sight bills on the French centre closed at 11.47,
against 10.25; cable transfers at 11.45, against 10.70;
The New York Clearing House banks, in their
commercial sight at 11.50, against 10.75, and com- operations with interior banking institutions, have
mercial sixty days at 11.58, against 10.83 last week. gained $6,424,000 net in cash as a result of the
Closing quotations on Belgian francs were 11.02 for currency movements for the week ending Dec. 12.
checks and 11.00 for cable remittances, which com- Their receipts from the interior have aggregated
pares with 10.25 and 10.23 a week ago. Reichsmarks $11,899,000, while the shipments have reached
finished at 2.08 for checks and 2.10 for cable trans- $5,475,000. Adding the Sub-Treasury and Federal
fers. Last week the close was 2.12 and 2.14. Aus- Reserve operations and the gold exports, which
trian kronen closed at 00.61 for checks and 00.63 for together occasioned a loss of $124,298,000, the comcable transfers, against 00.67 and 00.69 the week bined result of the flow of money into and out of the
preceding. Exchange on Czecho-Slovakia finished New York banks for the week appears to have been
the week at 1.95, against 1.95; on Bucharest at 3.50, a loss of $117,874,000, as follows:
against 3.65; on Poland at 1.50, against 1.65, and
•
Into
M.. of
Net Change in
on Finland at 3.25, against 3.45 last week. The
Week endi;g Dec. 12.
Banks.
Banks.
Bank Holdings.
Banks' interior movement
final range for lire was 13.57 for bankers' sight bills Sub
55,475,000 Gain 56,424.000
511,899,000
-Treasury and Federal Reserve
and 13.58 for cable transfers. This compares with operations and gold exports
23,860,000 148,158,000 Loss 124,298,000
S35.759.000 8153.633,000 Loss3117.874,000
12.77 and 12.75 a week ago. Greek exchange was Total
weaker and declined to 6 55 for checks and 6 50 for
The following table indicates the amount of bullion
cable transfers,against555and 553,the previous week. in the principal European banks:
Neutral exchange, though still inactive, showed
Dec. 12 1918.
Dec. 11 1919.
considerable irregularity, especially in the Scandi- Banks o
Gold.
Total.
Gold.
Total.
Silver.
navian rates, which were again conspicuous for weakf
£
E
£
ness, and established new low levels. Guilders, after England _ _ 91,659,648
91,659,648 77,730.466
71.730.466
France a_ _
,753 11,040,000 155,014.753137.370,977 12,760.000 150,130,977
ruling firm during the • greater part of the week, Germany _ 143,974
54,520,950 1,071,450 55.592.400115,394,166 1.019,860 116.405,010
Russia
_ 129,650,000 12,375.00C 142,025.000129.650,'' I 12,375,000 142,025,000
Aug Hun.c 11,201,000 2,374,000 13,575,000 11,008.000 2,289,000 13,297,000
sagged off and declined sharply under an increase Spain
_ _ 96.781,000 25,367,000 122,148.000 89,131.000 25,855,000 114,986,000
3,200,000 41,639,000
32,200,000 3,006,000 35,206.000 38,439,
in the supply of offerings. On the other hand, Swiss Italy
Netherres 52,680,000
488,000 53.168,000 57,786,000
600,000 58,386,000
Not. l'el. h 10,656,000 1,049.000 11,705,000 15,380,000
600,000 15,980.000
francs were strong and higher and at one time cable Swil
el .nd 19,645,000 2,351,000 21,996,000 15,151,
15,151,000
Sweden
_
_
_
16.670,000 15,174
16,670,000
15.474,000
transfers sold at a premium, the report being that the Denmark. 11,787,000
190,000 11,977,000 10,335
130,000 10,465,000
8.151.000 6,734,
6,734,000
rate had touched 4.97 francs to the dollar. At the Norway -. 8,151,000
Total week 679,576,351 50,311,450 738,887.801 719.583,593 .88,819,860776.403.453
close, however, there was a recession. Pesetasruled Prey.
week 678,036,952 59,407,650 737,444.602717.624,967 56.743,410776.368.377
firm early in the week, but turned weak and closed a G II hollings of the Bank of France this year are exclusive of £79,131,137
hell abroad.
at a substantial net decline.
No figures repined since October 29 1917.
c Figures for 1918 are those given by "British Board of Trade Journal" for Dec. 7
3
Bankers' sight on Amsterdam finished at 37%,
1917.
h Figures for 1918 are Oils° of August 6 1914.
against 373; cable transfers at 373, against 38%;
commercial sight at 37 13-16, against 38 11-16, and THE SITUATION IN FOREIGN EXCHANGE.
commercial sixty days at 36 11-16, against 37 11-16.
The break in the rates of New York exchange on
Swiss francs, after advancing to 4 97, receded and the markets of the recent European belligerents has
closed at 5 50 for bankers' sight bills and 5 48 for become a matter of spectacular interest, of which the
cable remittances. Copenhagen checks, after de- movement during the present week was in many
clining to 17.60, recovered and finished at 17.70- respects a climax. This interest in the fluctuations
a loss of 145 points for the week-against 19.15 of exchange was not new; it has been necessarily
and cable transfers at 17.75, against 19.30. Checks very great throughout the war. The exchange maron Sweden closed 20.50 and cable transfers 20.60, ket superseded all other markets in financial interest
against 22 and 22.15, while checks on _Norway when the war began, and then during the summer
finished at 19.65 and cable transfers 19.85, against and autumn of 1915, when the world's markets first
21.35 and 21.50 last week. Spanish pesetas closed commenced to realize the prodigious cost of the war
at 19.00 and cable remittances at 19.15. This and the utterly unprecedented foreign purchases
compares with 19.75 and 19.85 a week ago.
which it would impose on the Entente Allies.
With regard to South American quotations, Checked first by the sales of European securities in
changes were not important and the check rate on our market and then by the advances of credit by our
Argentina continued at 43/
1
2 and cable transfers own Government to the Allies, with the consequent
at 433, unchanged. For Brazil the rate for checks artificial "stabilizing" of rates on London, Paris and
is lower and the close was 28 and cable transfers Rome, the downward movement was resumed last
28/
1
2, comparing with 33.20 and 33.50 last week. 'March, when the European governments decided to
A dispatch from Buenos Aires states that Argentine withdraw artificial support from their foreign exMinister Salaberry who is going to the United States change markets. With occasional temporary recovas a delegate to the Pan-American Financial Con- eries, the rates have fallen heavily during the subsegress, is to study while here the possibilities of nego- quent six months, touching a level very far below
tiating a loan of $300,000,000 for the purpose of liqui- the lowest of war time. Up to this month the decline
dating the national floating debt. Chilian exchange of 1919 had occurred in successive spasmodic moveis now quoted at 19%@20, against 21.213I, though ments a month or so apart, each of which would be
Peruvian remains at 5 00@5 05.
followed by a slight recovery.
2206
THE CHRONICLE
[VOL. 109
But the break in rates during the past fortnight merchandise, those purchases will be heavily reduced.
has been much more rapid and violent than any which This is the aspect of the matter which has disturbed
has previously occurred. Sight sterling bills, whose the minds of our manufacturers and export merchants,
normal parity is $4 86%, fell to $4 50 in September and to which the Secretary of the Treasury referred
of 1915. They recovered to the neighborhood of in his annual report, by declaring that, in default of
$4 75k, where the rate was "pegged" during 1916, some concerted action of the sort, "those industries
1917 and 1918. Last summer the rate got down to which have been developed to meet a demand for
2; two weeks ago it was quoted slightly above great exports, paid for out of Government war loans,
$4 123/
$4; on Friday of this week it had reached $3 66 will be forced to close plants and forego dividends."
What prospect is there, then, of a restoration of the
a figure which represented a decline of more than
24% from normal parity. Exchange rates on France war-time basis of international trade? In any case
and Italy similarly reached this week an unprece- the process must be slow; the injuries of the war have
dentedly unfavorable level. At the normal parity, already shown themselves to be too deep for quick
5.183/i French francs or Italian lire exchange for one recovery. But the first answer might well be based
American dollar. The most adverse rates of war time on the British Board of Trade returns of England's
were 6.09 francs and 9.153 lire, respectively. At foreign trade in November, cabled from London this
the time of the armistice they were quoted at 5.441/2 week. Americans are rather apt to consider only
and 6.36. This week .a dollar could purchase 11.8 England's trade with the United States; in which,
francs and 13.60 Italian lire. At the same time our thus far in 1919, the surplus of our exports over our
exchange market's price for the German mark, which imports has been considerably larger even than it was
4 cents, had fallen this in 1918, at the height of the war-time expenditure.
is intrinsically worth 237
But when the United Kingdom's trade with the
week below 2 cents, and the Austrian crown, which is
normally worth 20 1-3 cents, was down to one-half whole world is reckoned in, the fact appears that the
total export of British products, in the eleven months
cent.
of
extraordinary
movement
this
ending
with November, has exceeded by nearly
causes
The general
—which for its scope, its persistence and its violence, $1,200,000,000 the corresponding months even of
is certainly without precedent—are understood by 1918—when the outflow of merchandise was, of
every one. Not only has the exhaustion of European course, restricted by the absence of shipping facilities.
capital through the war been greater than in any Her imports increased also very heavily—mostly
similar period of history, but the European Entente because of her purchases in exceptional quantity of
belligerents bought food and munitions in such quan- foreign materials for manufacture. Nevertheless,the
tities from the United States during the war as to increase in the exports was so much greater than the
create a trade balance against them on a scale previ- increase in the imports that in the same elevem
ously unimagined: When the gold market is free, months England's excess of imports over exports, if
the movement of exchange rates in response to such imported merchandise re-exported is included, has
trade indebtedness will naturally be regulated by this year been smaller than in 1918, during the eleven
export of gold from the indebted State to cover the months, by more than $500,000,000.
Presumably the higher prices prevailing have
balance. The decline in New York exchange on
England, France or Italy would be restricted within played an important part in swelling values of both
merchandise exports and merchandise imports. On
certain well-known limits by such gold shipments.
But the European gold market has not been free the other * hand, it must be remembered that the
since the war began. There was, therefore, no re- growth in exports has happened in the year of transistrictive influence against a decline in rates, excepting tion from war to peace. It has been accomplished
the granting of credits in this country to such foreign with England's production handicapped, not only
markets. As a secondary but by no means unim- through the influences remaining from the war and not
portant influence on exchange, the immense inflation only through exhaustion of her stocks of raw material,
of the paper currencies of these European nations, but through extensive labor troubles at home, and a
and the fact that those currencies were not freely very notable increase in England's own cost of proredeemable in gold, caused virtual depreciation of the duction and manufacture, due to the great advance
foreign currencies in which a bill of exchange on in cost of labor. This has largely crippled her in
Europe would be paid. This has been the paramount the competition of trade with the outside world. But
cause in the depreciation of more than 90% from for that very reason, the fact that export of England's
parity in exchange on Germany and Austria, whose home products should under such circumstances have
markets were not heavily indebted to us on trade increased in the past eleven months to £707,550,000
in British currency, as against £460,191,000 in 1918,
account.
gives at least some idea of what her merchants may
exchange
It is plain, then, what this movement of
accomplish
during the next few years.
larger
the
rates reflects. As to what it means in
on
Results
the Continent during 1919 have been
from
judged
be
sense, or what it portends, that must
less
favorable
much
than those in England. France
mean
necessarily
does
not
It
other considerations.
inability of those nations to pay for their purchases in particular has had to make abnormally large
from the United States; for if the European con- purchases of foreign raw material, and the need of
sumers had not the resources from which to pay for the finished goods to restore her own exhausted supwhat we ship to their markets, then their importing plies for domestic use has been so urgent as to premerchants would certainly place no orders here. It clude anything like restoration of a normal export
does mean, however, that the increasing depreciation trade. Yet, even with France, the exports of the
of their exchanges proportionately raises the cost of first eight months of 1919 increased 778,600,000
what they have to buy and ship from the United francs over 1918, or nearly 24%.
It is on these lines that the problem must eventually
States, and that, at a certain point, unless they can
settled. In the meantime, the immediate task is
be
their
regaining
while
prices
buy on credit at our
former ability to pay the United States in their own to provide for the bridging over of the period during
DEC. 13 19191
THE CHRONICLE
which Europe can do the necessary work for restoring
her own shattered industrial activity. In particular
the problem is urgent of providing means for Europe
to deal with the United States on terms of sufficient
stability, in the matter of prices and payments, to
prevent the collapse or diversion of Europe's legitimate purchases of goods in the United States.'
2207
and to gain consecutive information as to the financial
operations of the Government. The powers and
duties are the President's. All decisions are to be
made by him personally. The director of the
bureau is literally to speak and act in the name of
the Chief Executive. The bill provides for no revision of the estimates since, under the theory of
the bill, they are the President's estimates in the
THE NATIONAL BUDGET.ISSUE BEFORE
first place.
CONGRESS.
The outstanding features of the Good bill are
Issue on what sort of budget system should be the creation of an investigatory body in the Executive
adopted by the Federal Government appears at last office—similar to the Taft Economy and Efficiency
to be joined. The two principal bills are now before Commission—and the provision for a possible adopCongress and the country. H. R.9,783, the "Good" tion of a business-like budget for 1922.
bill, represents the views of the House Select ComThe McCormick bill is devoted to the one subject
mittee on Budget Reform and S. 3476, the "Mc- of making the Secretary of the Treasury the finance
Cormick" bill, represents the position of the Senate minister of the United States, with a budget bureau
Committee.
to enable him to fully exercise his powers of control
The centre of interest in these bills is the establish- over finance. The organization of the budget bureau
ment of a budget bureau to control the expenditure is prescribed in detail as well as its powers and duties.
estimates of the departments at their source. NeiThe McCormick bill in its attempt to create a
ther bill makes reference to the change of the Con- definite and clear cut Executive control over the vast
gressional Committee method of making appropri- expenditures of the Federal Government restores
ations, that being a matter of rules and not of legis- to the Treasury the powers it had under Hamilton
lation, but both bills assume that the House and the and Gallatin and opens the way once more for atSenate will take action along these lines. The House tracting to this Cabinet post men of great financial
has before it now a resolution from its budget com- genius.
mittee centring all appropriations into the hands
The budget bureau is put in the Treasury Departof one committee. The Good bill provides for ment. A director and two assistant directors are
audit reform whereas Chairman McCormick has provided for and a staff to include several experts
postponed the audit problem for further investigation. who will each be a financial adviser to the budget
A brief outline of the two bills will enable a com- bureau for a given spending department or group.
parison to be made. The Good bill, which passed The head of each spending department is charged
the House by an overwhelming vote on October 22 with the duty of examining the estimates of the
last, creates in the office of the President a budget bureaus under him. In addition there is provided
bureau with a director, an assistant director, and in. the 'department a "special assistant" who shall
a personnel or staff to be appointed by the director supervise the preparation of all of the estimates
with the approval of the President. The duties of the department. In each bueau there is desigof the budget bureau are, in general, to assist the nated a "budget officer" who is charged with the
President in the preparation of the annual budget duty of preparing the estimates for his bureau.
and the "alternative budget" provided in the bill. This in brief, is the organization provided for.
The bureau appears to be chiefly an investigatory
The bill establishes' also a definite procedure.
body with power to go into any office or bureau The departmental advisers of the budget bureau are
of the Government and gather information. It required to establish and maintain contactual
is provided also that it shall make an investigation relations with the budget officers in each spending
as to the laws now governing the preparation and bureau. They would consult with them as to each
submission of the estimates with a view of reporting of their proposed estimates. They would bring
to the President recommendations for new legislation to bear on these proposals the Treasury point of
along these lines. The bill expressly retains in view. In case of a disagreement between the budget
existence the present laws relating to the estimates. officer and the budget bureau expert, the question
The Good bill provides for the submission of the may go, on the one hand, to the budget bureau
estimates of expenditures and revenues to Congress director and through him to the Secretary of the
by the President with certain supporting financial Treasury, while, on the other had, it may go to the
data. This document is called "the Budget." special assistant secretary.and through him to the
It is not a budget of revised and co-ordinated esti- Cabinet officer. Should the Treasury insist on its
mates,but is practically the present Book of Estimates position and the Cabinet, officer desires further
under a new name.
redress, he may appeal to the Cabinet or appeal
The bill provides for the submission to Congress directly to the President. Under the bill no estiby the President, for the fiscal year 1922 only, an mate can go into the budget without Treasury
"alternative budget." This is designed to be a real sanction.
scientific revised and coordinated budget. Its apThe budget is thus prepared throughout the
parent purpose is to give Congress, for that year, year and on Oct. 15 when the final revised estimates
the opportunity to accept the "alternative budget" are submitted to the Treasury there is nothing
in place of the present practice.
more for the Treasury to do but check them up with
The Good bill does not define the powers and the sanctions on file; collate and classify them;
duties of the budget bureau nor does it prescribe write the supporting and comparative financial
the method of its organization. It proceeds upon statements; and have the document printed.
the theory that the bureau will have no inherent
On or before Nov. 15 the Secretary of the Treasury
powers and duties but is simply an expert and clerical is required to transmit this budget to the President
force to enable the President to maintain contact who in turn must submit it to Congress on or before
2208
THE CHRONICLE
Jan. 1. It is the theory of the McCormick bill
thai- this document will be the budget proposal
of the President and will embody his financial
program and policy. The Secretary of the Treasury
is his finance minister and simply acts for him and
under him. The official acts of the Treasury are
those of the President. The President is at all
times the directing head and the final arbiter.
The difference between the Good and McCormick
bills is one not of principle but of method. They
agree on their diagnosis of the disease of the Federal
financial organization. They even agree on the
remedy—Presidential responsibility for financial
proposals through the budget system with a budget
bureau—but they disagree radically on the method
of application. The Good bill makes the President
his own finance minister,thusadding onerous personal
duties to the already overburdened Executive office.
Neither the organization nor the powers and duties
of the budget bureau are prescribed in the bill.
Under the theory of the bill this would be both
unnecessary and unwise since the powers and duties
are those of the President acting in his capacity
as Chief Executive. These are given him by the
Constitution and this bill simply provides him with
the personnel to assist him.
The Good bill would reduce the Treasury Department to an unimportant spending department.
If the President himself actually performed the work
of preparing the budget, the director of the budget
would be a subordinate statutory officer, but if the
President delegated these financial activities to
the director, as in the course of events he probably
would do, the director would become in effect the
finance minister of the President without having
the status of a Cabinet officer and without definition
of his powers and duties by Congress. This situation would either wreck the budget bureau or the
cabinet and it is not difficult to see which would
fall.
The Good bill does not settle the budget issue.
That is left for 1921 when a veal budget for 1922 will
be presented.
The McCormick bill provides for a bona fide
budget from the beginning and formulates in detail
exactly how it is to be prepared, by whom and with
definite limitations by law of the respective pow rs
and duties of the officials concerned.
ConSinering the creation of the budget bureau for
Executive control over expenditure estimates at
their source as a first step in the establishment of
a modern business-like budget system, the McCormick bill,it seemsto us, provides a more efficient
and practicable scheme than the Good bill.
THE COAL MINERS RETURN TO WORK—
ANOTHER "TRIBUNAL."
On Thursday morning the country was told that
the coal miners had voted to accept the President's
proposition of the previous day and that the return
to work will be so general that shipments of the
newly produced coal may begin on Monday. The
original demand for a 60% wage increase with a
six-hour day and a five-day week was afterwards
softened to a 40% increase. The operators, says
the President's memorandum of Tuesday, offered
20% on the condition and understanding that the
increase would be passed on to the consumer. The
Fuel Administrator thought 14% upon the present
[VOL. 109.
wage would square that with the present costs of
living, but expressed willingness to let operators and
men make terms for themselves, provided nothing
more should be laid on the consumer. He also
suggested a "tribunal," in which both sides should
be equally represented, "to consider further questions of wages and working conditions, as well as
profits of operators and proper prices for coal."
Mr. Wilson will "of course" (and of the "of course"
in all such cases there is no doubt as respects him)
be glad to aid (by nominating or influencing, also
of course) the formation of such a tribunal. So
he asked the men to return to work, upon the understanding he has that the operators "have generally
agreed to absorb" a 14% increase, thus protecting
the public; he hoped and urged that the men would
yield, "pending a thorough investigation by an
impartial commission which may readjust both
wages and prices." Upon resumption of work,
but only then, he will "aid in the prompt formation
of such a tribunal," which should within 60 days
"make its report which could be used as a basis for
negotiation for a wage agreement." This is the
substance of his memorandum, which attempted
also an appeal to considerations of reason and of
self-interest in the minds of the men.
Accordingly the rebels return, but mild weather
has not promised to return, the severely stern conditions of present consumption which have been
forced upon the public will not immediately relax,
the inconvenience and suffering they have caused
cannot be relieved of their effects, the enormous
loss in wages and in demoralized or halted industry
cannot be regained. It is an inevitable and a wholesome question to ask what have we accomplished;
has the public won a victory, or has anybody won
anything worth winning?
Another "tribunal," in which the comprehensive
public will no more than heretofore have an accredited
and competent spokesman, but operators and
miners are to "be equally represented." By what
number of persons for each side is not material.
Be that number small or large, if the representing
equality is as heretofore and as each side will expect
and insist for itself, what shall or can we have more
than could have been got from a committee of
operators sitting down, a fortnight agb, with a
committee of miners? What prospect of agreement
does such a line-up of obstinate adherence offer?
Observe, also, that this impartial and reconciling
"tribunal" is to be set "to consider further questions
of wages and working conditions, as well as porfits
of operators and proper prices for coal." What
prospect of agreement on so many problems as to
which division has hitherto been unyielding, especially since the men are back at work "with a clear
understanding" (still quoting Mr. Wilson) that
they are "further assured prompt investigation and
action upon questions which are not now settled
to their satisfaction." Note the last three words,
for while they have "satisfaction" they keep at work.
This is merely the old familiar"arbitration," which
starts with the same assumption upon which wage
demands have been so many times "settled" in
railway practice, the assumption that the complainants are entitled to some raise and the only
thing for discussion is how much. Short of "satisfaction" (which means a successively-rising exaction)
will the miners agree in this new tribunal, and who
or what shall make them yield from their ultimatum?
DEC. 13 1919.]
THE CHRONICLE
2209
Might we not about as well turn the subject over war yet continued wars is carrying us along towards
to Conference No. 2, now in Washington?
a peace status which shall be permanent because
The head of the miners, Mr. John J. Lewis, both reasonable and just, not a status written out
favors the country with another manifesto, in which by any "tribunal" or any number of them for rehe says the people-ought now to see that the miners arranging the world, but one by the separate yet
"are loyal to our country and believe in the perpetuity finally-concurring action of the laws of nature
of our democratic institutions." This is considerable through human nature.
to accept, but it might be imagined to bring a grim
smile over the face of the Sphynx when he adds his ABSOLUTE DOMINATION THE AIM OF THE
AMERICAN FEDERATION OF LABOR.
hope and expectation that "the public-spirited
citizens of our nation will recognize the importance
While the waste and distress by the shortage of
of the sacrifice that the miners have made and will fuel continue to increase it should help to clarify
lend their influence" to secure the miners all they. our thinking if we note once more the utter futility
want. The sacrifices the miners have made or have of all truces which leave unremoved the original
shown a willingness to make have not been evident sources of revolt. The second Industrial Conference
to any citizens except possibly themselves; the is presumably sitting and exchanging puzzled looks
-sacrifices they have caused, on the other hand, are among its members, although the news gatherers
very evident and ought not to be too speedily for- find nothing in it to report to the public, but a memgotten. It may also be noted that Mr. Lewis ber of the October meeting has given us an instrucfrankly avows that the miners everywhere "will tive testimony as to such attempts.
•
Dr. Eliot, President Emeritus of Harvard Univerawait the award of the President's Commission"
and will do so "with such patience as is possible." sity and a man who will not be suspected of a hideHere we are distinctly notified that an "award" bound conservatism, tells the Boston Economic
is expected as certain, and this award (of course Club that the lack of results by that meeting should
one to the "satisfaction" of the malcontents) is convince everybody "that nothing in the way of
what is to be awaited with all the patience possible. good industrial relations is to be expected from
The patience which endures and waits for some- organized labor as represented by the American
thing to turn up became exhausted in some States Federation of Labor and the four brotherhoods;
where the maxim was recalled that if you want a the only peace that can come out of that struggle
thing done do it. • In Kansas, for a conspicuous is the peace of an absolute domination, not only of
instance, men left their regular duties and students American industries but of the government itself."
their studies, to dig coal as volunteers, not to talk His three weeks at the meeting were very unhappy,
and to wait for others. They had no previous he said; "it was a waste of time from the beginning."
experience, although some of the workers had an
All careful observers foresaw that it must be,
experience elsewhere in "trenches," and what they because the persons selected to act for labor went
lacked otherwise they made up in energetic determi- to the meeting to accomplish a previous purpose,
nation. Questions of hours and wages did not not to agree with others; the employers went withinterest them at present; they were out after coal, out expecting to accomplish anything, but because
and they got it. • From the town of Pittsburgh they could not afford to seem to show an irreconcil(a place many of us did not know was in Kansas) able attitude by refusing; as for the other party,
Gov. Allen reported, a week ago, that after wit- the public, nobody was really represented there
nessing this work for a week, in which "men have and the public least so ot all. Yet there is no just
volunteered from every walk in life," he believes cause for criticising the Federation, or the brotherit as fine an exhibition of American patriotism as hoods, or even Mr. Gompers, for being as they are
any shown during the war: thirty needy com- and behaving as they behave; they all act as "tis
munities had already been supplied,he said, although their nature to." They are all as little bad as that
the volunteers disregarded every "rule and regu- nature permits. Dr. Eliot correctly states their
lation" of the regular miners, and though the weather object, already sufficiently exhibited and even
had been hostile and there had been some mishaps openly avowed in words, "absolute domination."
to machinery, the determination of the workers to They would dominate "not only American indusa necessary end had reached that end.
tries but • the government itself," and they have
It is not per se desirable that a State should boldly said so more than once.
either commandeer mines or undertake working any.
The fundamental defect, as the "Chronicle"
But emergency makes its law for the time, as we is more than ever convinced and has not failed to
have had to allow in so many cases which remain point out, is that federating and centralizing labor
as precedents of possible trouble, and it is some- is naturally impossible; inasmuch as labor cannot
thing gained to show that such an essential as fuel be defined and separated out of the great mass of
will not long be wanting, while it lies under the humanity and is also too vast a thing to be censoil and if miners will not dig for consumers then trally controlled, it cannot be managed as a steersman
consumers will dig for themselves.
directs a ship. This Federation, and these brotherTaking the whole situation as we face it—tangled, hoods, and this Gompers, are like any other that
involved, its places and phases obstructed and could be conceived. They all act with a bat-eyed
mutually obstructing—it offers more challenge to selfishness, for they must act so or not act at all.
persistent faith than warrant for any degree of des- Absolute domination is their aim, because it must
pair. Is it not as certain now as ever that there be. The Gompers who is at the centre for the time
really is a Divinity that shapes our ends, despite being must intend and achieve despotic power,
the„folly and roughness of our attempts to shape or become a fallen leader. The brotherhoods
them? We are surely in a deep and contrary sea want all the railway earnings, and are willing to
°Vials, and yet there is good reason for encourage- go with the Federation if they can get the promise
ment to believe that this long hard year of after- of that. The desire of the miners is similari They
2210
THE CHRONICLE
will all fail, because they are seeking an impossible
result of greediness and are seeking it through an
instrumentality which does not agree with natural
laws.
Dr. Eliot seems to recognize the impossibility
in the method, although not distinctly mentioning
it, for he sees that the solution of the industrial
problem lies in getting together, a consummation
which the "Chronicle" believes will come when
outside meddling is driven away. If cooperative
management and profit-sharing are put together,
says Dr. Eliot, success will not be sure "unless
you have another element of social regard for industrial workers;" unless you put in every possible
contrivance for promoting the health, the sense of
responsibility and agreeable residence for your
workers, you will not be sure to win a favorable
result." The number of industrial plants thus
"democratized" in the good sense of the word is
already encouragingly large, he thinks, though he
regrets that some employers who are thus succeeding
seem to fear to allow the details to become known
to their competitors; yet he declares that in all
plants within his knowledge which are working on
this better basis there is a great increase in profits,
"because the system cultivates good-will among
the workers and this increases production wherever
it exists."
There is no possible doubt of this; the reason
in the case announces that it would be so, and
experience confirms the announcement. "Democratizing" industry consists in bringing the two ends
of the producing circle together, and is as far as
conceivable from any Plumb planning; it is an industrial democracy, self-established and self controlled,already working in a number of large concerns,
and sure to come about when federationing and
brotherhooding are finally cast to the dustheap.
It is impossible to say too much or speak too
emphatically of this process of getting together,
in which lies the solution of the joint yet common
problem of industrial amity and increasing production. But there is one instance which justifies particular mention for its peculiarly advanced characterisitcs. The American Woolen Company of
Lawrence, Mass., some months ago made with an
insurance company a "group" contract applicable
to some 40,000 employees, and without cost to them;
this contract was noticeable for its great size, and
since the present industrial crisis began the same
company has announced the natural extension
of its plan to cover health and accident insurance,
including what is expressively called "motherhood"
insurance, every employee who becomes a mother
being guaranteed four weeks' benefits because
of that incident in her life. And now comes from
,Lawrence the statement that Mr. Woods, head of
this company, has decided (just as the railway
brotherhoods decided some months ago) that it
is hardly worth while to raise wages and then have
prices destroy the value of the raise by putting
themselves proportionately higher, and so he has
told the merchants of Lawrence that if they do not
reduce the cost of necessaries he will take a hand
in that himself by establishing a retail store for
his employees. He does not wish to go into such
a thing, he says, and he will regret to disturb anybody; but he observes the discontent,
and he feels bound to take care of his employees.
[VOL. 109.
Is there not a suggestiveness in this? We have
heard of "company" stores, and it has been said
(as an inevitable part of broad accusation) that
such stores maintained by coal operators,for instance,
are instruments of further oppression and not of
aid; but surely this proposed one will not be open
to that charge. Give this Lawrence case its due
weight, as partly distinctive but (still better) as
one case out of a large and increasing number:
how does this method of getting together compare
with conferences which only carry the parties farther
apart and with schemes for a national or even an
international "tribunal" for arbitrating industrial
differences? Is not a getting together by the
natural man-with-man method likely to settle such
differences by either presenting them or by disposing
of them as soon as they begin? And is it not merely
an ordinary exercise of business forecast that the
grinding troubles of this year which afflict us all
are leading to the permanent peace which will leave
outside all "federating" and will put the whole
tribe of the Gompers'and the Lewises and the rest
of them to donning working clothes themselves
or openly joining the Reds towards whom events
are steadily pushing them?
THE COMING OF THE CANDIDATES—THE
TRUE FUNCTION OF THE PRESIDENCY.
The suggestion is frequently made that the next
President of the United States should be a business
man. -Not without merit, the suggestion needs
specific direction and definition. To fill the office
of President successfully a man must be broader
than business; though, as affairs now stand, he
needs the training and qualities of a business man
if he would adequately and accurately administer
the great office. The Presidency is a civil office,
its duties are defined by the Constitution, and it
should, be held rigidly to the execution of laws.
Trusting in peace, special military qualities need
not be considered in the incumbent. The iron of
character should not however be forgotten.
The idea that looks upon the President and Cabinet as Director in Chief and Departmental heads
of a great corporation doing business for the stockholders, the people, is a dangerous one. The
possession of business qualities in the man who is
President is valuable in order to keep the Government
out of business. When a law is specific it is not
difficult to enforce. And it is over the indefinite
domain of discretion and interpretation that'the
people should at this time keep watch. Given
large discretionary power, with socialism in his
heart, the coming President may transform his
office into a dictatorship exercising control over
wages, profits and prices to the virtual enslavement
of the people.
To put a business-like system into fiscal affairs
is to create a budget, a condition much needed.
But this is far from looking upon the Government
as a business organism in a commercial and financial
sense. Our difficulty now is a legacy of war. If
Congress shall proceed to return the nation to its
former status the Executive branch of the Government will dwindle to its proper size and relative
importance. The civil will be clearly separated
from the military. The "administration" will not
make the laws but enforce them. Interpretation
will not be difficult, discretion will be limited, and
obedience to emergency will no longer lead into
DEC. 13 1919
THE CHRONICLE
2211
fields forbidden by the spirit and letter of the Con- It has hitherto professed itself non-political. What
it may eventually do, in view of conditions, further
•
stitution.
One thing imperative in the next incumbency of than to make its pressure felt in the campaign,
:the office, is the utter relinquishment of military cannot now be foretold. According to press dispower applied to civil affairs, and the emancipation patches, the "thousand delegates" at the Chicago
of the people from all war requirements. The Convention were a mixed lot, many having "radical"
laws define or should define infringements upon tendencies. However, a party is a party, and may
personal liberty, the protection of property, con- either exercise power in close sections disproporspiracies against the Government as now organized, tionate to number; or may serve as a nucleus for
and the preachment of sedition and revolution. amalgamations and modifications.
The formation of any so-called Labor Party at
These have nothing to do with "taking over" induscommerce,
definite
of
within
•
this
time has a deeper import than merely bringing
tries. Regulation
limits, has nothing to do with engaging in agriculture, it into existence. No such party can avoid a partimanufacture or transportation. The right to labor sanship based on selfish interest. It cannot have
as a capitalist with capital is as sacred as the right the breadth of great constructive policies touching
to labor as a worker with the common implements the entire citizeny. It is and must remain an attempt
to perpetuate class rule in the Republic. It does
of hands and brains.
The 'presidency should know no classes. If not, as must at once appear, represent.all of "labor."
organisms born of classes exist, their status and their All men are laborers, though only a few are "organrelations are matters for adjudication by the Supreme izing" to demand certain claimed "rights." Our
Court. The President should not be a sort of Su- government of law and order, of liberty and protecpreme Mediator in all disputes that may arise. tion, cannot be reduced to a formula or theorem in
He no more represents labor than capital, and economics or sociology. When the ground-work of
should not in reOity represent either. He is execu- present "labor" agitation is studied,it grows narrow,
tive, not adjudicative. The Cabinet is not a board selfish, and naturally opposes itself to the rights and
of directors made up of divisional chiefs of a business interests of all the people.
However its significance is worthy of comment.
corporation. Government is a political corporation
financial
one.
Whatever
need
Beyond
or
every other thought at this time, the public
not a commercial
such
disappears
welfare
interpretation
for
demands
what may be termed the patriotism
war
existed in
of peace. The splendid unity evidenced in war
in peace, or autocracy ensues.
The fitness of men by reason of business quali- should lie behind all political effort to be put forth
fications need not• be therefore discussed in the during the coming year. Parties to justify their
selection of candidates—save for that breadth of support, even their toleration, must concern themknowledge of commercial and financial affairs• selves with principles and issues applicable to the
which will enable the occupant of the chair to dis- whole people. There is now no more excuse for
criminate between the liberties of persons and proper- "rank partisanship," to use a familiar term well
ties and their annulment by virtue of extra-powers defined, than there is to seek class advantage.
exercised by government. The more the industrial A "platform" must be so broad that an entire people
agenci 3s of the people are "taken over" or arbitarily may stand on it. We shall have differing views
"controlled" by government the closer we approach on the questions that are uppermost, there will
to socialism. The • more these socialistic elements be the proverbial two sides, but it must be certain
actuate the Presidency in performing the exclusive that the Government will be safe whichever side
duties of the office the nearer we approach to a wins. No other election has faced the continuance
Dictatorship. Either is destructive of liberty under and strengthening of representative republican government as does the one about to begin. And the
law.
Foreign policies will largely engage the attention call of the patriotism of peace requires personal
of the next President. It may be more difficult sacrifice of individual opinion, abnegation of selfhere to define .the duties of the office. But there interest, and devotion to the common weal, by the
is one infallible guide, and this is to refrain from any citizens, that there may be unity, harmony, quietude.
Our elections are often fraught with frenzy.
action that assumes to represent the will or mandate
A
part is made to appear larger than the whole.
Otherthe
people have spoken.
of the people until
wise the word spoken abroad may be denied at home. Issues are even made for campaign purposes. And
Of this we have recent example. Theories are not party organisms put forth every effort to win.
facts. Humanities cannot travel abroad that have It is not so, and it will not be so, in the coming camno existence at home. Super-states if they may paign. The supreme issue is already made up,
or shall exist can gather only the spirit of the sov- regardless of existing parties. Shall this nation
ereign states that inaugurate them, if in fact this continue a Republic founded upon the consent of
spirit is a subject of indefinite extension. No servant the governed, promising protection to life, effort
of the people, by assuming mastery, can do or create and property that they be free to function under
that which must spring if at all from the will of the the care and control of the initiative and ownership
people. The Presidency is not an instrument of of.the individual, and in the doing of this exercising
that inherent power which a government of law
world-reform.
and order possesses that it perpetuates its own
THE PATRIOTISM OF PEACE—LABOR CLASS existence? Or, on the other hand shall this governRULE.
ment of consent of all the people for all the people
The formation of some sort of a Labor Party to become subtly changed, by insidious laws, the
enter next year's elections is to be expected. Whether creation of Commissions and Bureaus, by submission
the tentative effort made recently at Chicago will to class rule (without organic displacement), into
form a basis may well be doubted. The American an autocracy, masquerading under the name of
Federation of Labor was not officially represented. "labor," or "communism," or "socialism"? This
2212.
THE CHRONICLE
[VOL. 109.
is the supreme issue, however much plans, parties, sale but his subsequent success will depend very
and pronouncements, may seem, or seek, to obscure largely, upon the service rendered by his employer.
it.
Upon good service depends the dowth of a business,
If one shall see a revival of that unselfish devotion for that alone will retain old customers and withto country which sent men overseas and poured out retaining old customers no business enterprise
out wealth like water, that unity, that self-abnega- will be apt to grow.
tion, that fine enthusiasm which swept the Republic
Then the question arose, What is service? And
from sea to sea, syndicalism and socialism will be the answer was "doing for a customer something
blown away like chaff in a strong wind. High which he does not expect." The answer came from
prices, high wages, high taxes, what are any or all the investment banker who in a very great measure
of these before the high majesty of a form of govern- is able to do for his customers things that the investor
ment that succored the freedom and protection of never thought of. If an investment banker has in
a people that has r:sen in a hundred and forty years his employ an alert, thoughtful and industrious
to become and be the example of earth. All ques- statistician, such a banker may keep his customers
tions of foreign policy are swallowed up in this. thoroughly posted about their investments and if
International Leagues, be they good or bad, depend there should be indications of affairs going wrong,
upon the domestic character nations possess and he may save the _ customers from loss and worry.
maintain. If the tyranny of State ownership is There are many opportunities also of switching from
to previal, what super-tyranny International owner- one investment to another which a competent statisship must evolve. To surrender "life, liberty and tician, or a banker, may observe but which do not
the pursuit of happiness" (words that cannot be occur to the investor whose attention is devoted to
written too often) at home, would, in the event of other things.
any form of world federation, be to surrender them
The many phases of the Federal income tax law
to some far-off invisible power, in whose keeping have made the statistician doubly valuable and his
the individual man would shrivel to a manikin work indispensable. It is incumbent upon him
to keep posted about the tax laws of the various
without energy or feeling.
Yet world conventions are being held in our States and of the results of litigation arising out of
capital, even as we write, attempting to effect legislation affecting investments. Investment banka sort of super-legislation on human rights. With ers have an exceptional opportunity to render service
huge sounding claims they ride above all govern- and the reports of annual meetings of organizations
ments, trailing the nations in their wake, singing of such bankers show how keenly they are alert to
anthems to the stars, and promising a heaven of render service.
heavens for all the oppressed of earth. When the
If every manufacturer, wholesaler and jobber
seas and the shores are one, such unity may come, had at some time been a retail merchant they would
but it will be the unity of primordial chaos. Never better understand what good service means to a
can these dreams come true, until all man are "lifted buyer and the multitude of ways in which it may be
up.'.' Government that begins in the town-meeting rendered.
may progress until it results in a centralized State,
but all along the way men may hold it in check.
Carrent
and. Piscnssions
When, however,from some super-State freedom must
descend there is no check, and there is no individual • CONTINUED OFFERING OF BRITISH TREASURY
BILLS.
will can ever reach the fountain of the social will.
usual
The
offering
of
British Treasury bills
ninety-day
Sages, through all history, have dwelt upon the
was disposed of this week by J. P. Morgan & Co. on a disif
government,
but
faults and frailties ot human
count basis of 6%, the figure to which the rate was advanced
men cannot govern themselves in local ways, peace some weeks ago from 532%. The bills in this week's offerwill never come, and freedom must forever perish. ing are dated Dec. 8.
It is well to keep the Spiritual ideal of human
CONTINUED OFFERING OF FRENCH TREASURY
brotherhood bright and burning, but it will never
BILLS.
come while classes constitute themselves parties
Another block of the FrenchTreasury bills which are being
and while unions advantage themselves by strikes, offered in the market up to an amount of'$50,000,000, as
in the only government of actual and complete market conditions justify and on much the same scheme as
the British Treasury bills, was disposed of by J. P. Morgan
popular control—the American Republic. And with &
Co. this week. The offering in any one week is limited to
the perpetuation of its pristine significance and $5,000,000. These French Treasury bills were again disprotective character we are now confronted.
posed of on a discount basis of 6%, the figure to which the
Again there comes before the mind the picture of rate was advanced some time ago. The bills in the week's
the sublime devotion of a free people to their loved offering are dated Dec. 12.
and honored government engaged in a cause, whether GREAT BRITAIN TO TAKE NO SPECIAL MEASURES
• TO CHECK FALL IN STERLING EXCHANGE.
they believed in the cause or not. If that patriotism
In reply to a question in the British House of Commons
can be •applied to peace, all the fads and fancies
of the discontented will vanish like mists before on Dec.11, Andrew Bonar Law, Lord Privy Seal and former
Chancellor of the Exchequer, according to the Associated
the.sun.
Press, stated that the British Government did not
gu,ents
purpose
any special measures in connection with the fall in.
take
to
SALESMANSHIP VERSUS SERVICE.
American exchange beyond continuing its policy of withAn investment banker, a member of a firm em- holding artificial support by borrowing abroad and doing
ploying a large number of bond salesmen, and the everything possible to stimulate British export trade.
presidext of an industrial corporation having plants
PROPOSAL TO LIST ALLIED SECURITIES ON NEW
in 23 cities, recently discussed over their luncheon
YORK STOCK EXCHANGE.
the question as to which is more important, salesConcerning a proposal to list on the New York Stock
manship or service. They agreed that service is Exchange securities of the Allied Governments, the New
the greater. A good salesman may effect the first York "Times" of Dec. 11 said:
DEC. 1-8 1919.]
THE
CHRONICLE
The proposal to list tb'i internal securiti
es of foreign Governments, partite
ularly those of Great T:jritain, France,
Belgium, and Italy, is finding cflsderable favor both trt the local financi
al district and at Washingtan. The
Government aueltoritim
as represented by Etigene Meyer, Jr., Managing
Director or ree War Financ Corpora
e
tion, are keenly in favor of the suggestioe. end the Committee on Stock List of the
New York Stock Exchange
has taken it up. Recently a conference was
held between Mr. Meyer,
reernbere of the Stock Exchange committee,
and representatives of the
Jerench Fieence Ministry and the Paris Stock Exchan
ge. It is understood
that several leading bankers and dealers in foreign
'exchange also have been
in conference on the subject.
W. Heaton, Chairman of the Committee on Stock
List, said
erasteedey That he had discussed the subject with
both the American Govteerrental agents and the repreeentatives of the foreign
Governments and
itIttet tOgress had been made. He said that the
scheme presented many
difficeittiee and that It might take some little time to
bring it to completion.
'Tee most definite proposition thus far made is for
the Stock Exchange to
eidnelt to dealings French routes. If that is done and
the operation proves
attecessful, it'wee said yesterday that in all probability
further steps would
ibe taken to admit some of the European bond issues. These,
it is believed,
'will be the pre-war issues at first, with the war bonds
'coming later, as the
eneekie hete le developed and the general situation abroad
rights itself.
If theforeign sectirlites are pet on the Stock Exchange a new schedul
e of
1ltstiagregupstlons will probably have to be arranged. At present
there are
'obstacles .in the way of placing the foreign Issues on the
active list here
'which will have'to be overceme, but bankers believe
that these obstacles
ante net insurmouritable ant that a working basis can be arrived
at.
One of the thlettlifficulties in the way of listing Feench'mites the fact
is
'that•thesesecurities, which are simply evidences e,T the
interest debt owed
by the French Republic eo persons who have purchased that amount
to
perpetual annuities, are not available in a form which
makes them physi'cilly within the listing'requirements of the Stock Exchan
ge. The rentes
are lithogeaPhele and are not signed by an responsible officer
of the French
'Government. 'To overcome this, it has been enggest
ed that a certain
• amount Of retries be %trusteed in Paris with the .agent of
some American
'trustcompany,and that the'latter issue its engraved certific
ates of deposit,
'which will 1)f -signet by a responsible person. By
'having the trading
medium made an et graved certificate, the chance
s of.counterfeiting are
expected to be•minimized.
Another deawback in the way of constunimating the
plan is the determination of a rneehod Of dealing. The rentes, of course,
will be issued in terms
of francs andcentianes, but will be dealt in here indoila
rs and cents. One
suggestion for eliminating this difference is to
'have thedealings here made
on the flat raticeof five francs to one dollar, with the
fluctuations in the
foreign exchangennarket, as well as the ordinary
fluctuations in the securities themsebees,treflected in the market price. -Thus,
ifthe securities were
selling at par,ond exchange were at a discount elf'50%
,as French exchange
Is now, the quotation on a 5,000 franc bond,
converted into dollars at the
flat rate of five francs to one dollar, would be
$
- 1300.
5,000 francs'would equal $1,000, and the discoun In other words, the
t of 50% in exchange
would cut thisin half, or to $500.
Substantially the same system has been used for-som
e years in converting
sterling bontleinto trading terms in dollen; here.
The usual practice is to
count a pound-sterling at $5 flat. Then,from
that basis, the fluctuations
In sterling exchange are reflected in the moveme
nt.of the price of the bond.
This system 'has been used for some time,
and
and acceptable-1n handling such bonds as those proved notably successful
issued by Japan during and
immediately after the Russo-Japanese War.
,REOPENING1I1? PARIS BOURSE
TO FUTURE TRADING
JAN. 2.
The proposed reopening on Jan. 2 of the
Paris Bourse for
'partial dealings in futures is made known
in press cablegrams Dec. 11, which state that the
securities to be listed
inolude Brazilian 4 per cents of 1889,
Italia
and stocks of the Bank of London and Mexicno,3 per cents
the National
Bank of Mexico, the nitrate railways and Rio
-Tinto common.
ITALIAN MINISTER OF TREASURY
PROTESTS
AGAINST SURRENDER OF GOLD
BY
IMMIGRANTS LEAVING
UNITED
STATES.
A Rome (Italy) cablegram appearing
in the New. York
"Evening Sun" of last night (Dec. 12),
said:
On receipt
of reports from Italian
immigrants returning from the United
States by way of France, that they
had been compelled to
their gold for currency under
surrender all
threat of confiscation,
Minister of the Treasure
Schanzer to-day [Dec. 11]
telegra
phed
to
the
Italian
pew cpriferenee to make
financial delegates a
representations to stop this
alleged practice.
2213
"very good terms," says "La Nacion" this morning. If negotiated, the
loan would be used for consolidating the national floating debt.
PROPOSED TAX IN ARGENTINE "ON BRANCHES OF
POREIGN BANKS.
As to a bill pending in .A.rgentina which would affect the
operation by banks it the United States of branches in
Argentina, the NeV York "Sun" prints the following from
Buenos Aires, Under date of Dec. 7:
In an interview discussing the bill which he recently introduced into the
Nettonal Legislature, Sr. Martinez Zavira said that the actual object of the
bill 'was to bring to bear such pressure on the Government of the United
States through branches of the American banks in Argentina that the North
American Republic would be forced to change the banking laws which now
make it impossible for branches of Argentina banks in the United States to
accept deposits.
The measure as introduced by Sr. Zavira, does not name the United States
and provides that all branches of foreign banks in Argentina shall be subjected to a tax of 20,g on their total profits unless branches of Argentina
banks in the home countries of the foreign banks are permitted to carry
on business under as favorable conditions as those which formerly ruled felt
foreign branches in this country.
The reason for this action is undoubtedly twofold. The great
success
of the two American banks which, with a capital of only
a million pesos,
have during the short period in which they have been in existen
ce acquired
deposits of over 100,000.000 pesos has excited the envy
and fear of both the
Argentine and other foreign banks.
It is also unquestionable true that business circles
in this city feel that
the establishment of a branch of a leading Argenti
ne bank in New York
would be of great service in promoting mutual advanta
ges for both countries,
and it is hoped, by the provisions of this rather
drastic law, that the matte
can be forcibly brought to the attention of
the authorities of the Vetted
States.
PROPOSED RAILROAD LOAN BY ARGENTINA AND
CHILE.
Buenos Aires advices, dated Nov. 28, appeared
as follows
in the New York "Times" of Nov. 29:
An agreement by which the Govern
ments of Argentine and Chile jointly
would loan the Transandine railroa
ds of the two countries $5,000,000 for
the improvement of their
transcontinental line, was perfected in conferences
here last night, at which were
present representatives of the two Governments and the rail systems. The
scheme provides for the fusion of funds
and management.
The new financial arrangement
was undertaken in order to permit the
roads to meet the increasing demand
s made upon them, and to insure
service the year around.
Advances of money from govern
mental sources would enable the railroads
to purchase additional rolling
stock, and reconstruct the roadbed across
s
the mountains as a means of
avoiding the landslides and snowslides
which
frequently obstruct the railroa
d.
CHINESE-AMERICAN BANK IN CHIN
A.
We are reliably informed that Galen L. Stone
,
of
Hayden,
Stone & Co.; Albert H. Wiggin, Chairman
of the
National Bank; E. B. Bruce, President of the Pacifi Chase
c Development Co„ for which company Hayden, Stone
& Co. are
bankers, have contracted to take a 50% intere
st in an industrial and development bank which ha.s been
started in China
with a capital of $10,000,000 American
gold. The information which has come to us says:
The Chinese half of this stock will be
taken by the most prominent official
in the Chinese administration, inciudi
s
ng the President and one of the
bestknown ex-presidents, leading member
s of the Government Bank of
China
and other prominent financial interest
s there.
This bank being under Chinese charter
and with the majority of directo
Chinese, will have the right not only
rs
to issue currency, but to have
branch
offices in all interior cities outside
of the treaty ports in
which foreign
banks are entitled to have offices.
The Pacific Development Co. owns
the firm of Anderson & Meyer,
Shanghai, and during the past year has
of
been doing a large export and
business between this country and
import
China, having purchased for
Government Railways many cars
the
and locomotives, and having China
erected
several cotton mills and cocoa
mills for Chinese industrial enterpri
ses.
•P.OZT,
ARGENTINE CHAMBER OP
DEPUTIES APPROVES
CREDIT TO GREAT BRITAIN,
FRANCE AND ITALY.
It was reported yesterday (Dec. 12)
patches that the bill granting a credit in Buenos Aires disof 200,000,000 pesos
to Great Britain, France and Italy to facilit
ate the pm:chase
of Argentine products had been approved
by the Chamber
of Deputies by a vote of 37 to 36. It is
stated that the
credit will be guaranteed by the deposit
of 60,000,000 gold
pesos in the Bank of the Argentine
nation. Further reference to this credit will be found in our
issue of Oct. 11, page
1412.
RETURN OF J. P. MORGAN FROM
ABROAD.
J. P. Morgan, who went abroad late in
August, returned
home on the White Star steamer Lapla
nd, which reached
New York last Saturday night, Dec. 6.
Mr. Morgan, with
his return stated that he had "had
an enjoyable holiday,"
adding that he had visited a numbe
r of friends whom lin
had not seen since the war began
in 1914. Asked as to
whether he thought there was any
probability of the exchange
situation improving in the near
future." Mr. Morgan is
quoted as paying:
Who can tell? When is there
going to be peace? Nothing can be done
until the treaty is signed.
All Europe is waiting for it.
PLANS LOOKING TO LOAN OF
$300,000,000 FOR
•
SWEDISH FINANCIAL COND
ARGENTINA IN THE UNITED STAT
ITIONS.
ES.
The following advices on
Swedish banking conditions
In reporting a movement toward the negotiation
of a loan appeared in the "Wall Street Journ
al" of Nov. 28:
of $300,000,000 on the part of the United States
Oscar Rydbeck, President of
in behalf of
the Skandinavisha Kreditaktiebolaget of
Argentina, press dispatches from Buenos
AireA Dec. 6 said: Stockholm, Sweden, the largest bankin
g institution in that country, with
a capital and
Dolningo Salaber
ry, Argentine Minister of Finance,
who will go to the
United States as delegate to the Pan-American
Financial Congress, will
study while there the possibility of
negotiating a loan of $300,00
0,000,
which is said to have been offered to Argenti
na by North American banks
on
surplus of $50,000,000 and total
resources of $400,000,000,
who is studying economic
conditions here, says that the banks of Sweden
are in a sound position and
stated emphatically that none of the oldestablished banks have engage
d in speculation in German marks for their
own account.
2214
THE CHRONICLE
Recent dispatches from abroad reported that many banking institutions
In Sweden were in dire straits as a result of heavy speculation in marks.
Mr. Rydbeck pointed out that Swedish banking claims on Germany at
present were approximately 3125,000,000, and that they are all payable in
crowns, carrying no exchange risk whatsoever.
In commenting on the press reports Mr. Rydbeck said: "I noticed a
statement that the London banks were regarding the Swedish banks with
much caution; they having been informed that the banks in that country
have been subjected to heavy losses because of the decline in German
exchange.
"I wish to say that the speculation in marks in Sweden is of no significance.
The claims of Swedish export houses and other firms from Germany are
almost exclusively in Swedish crowns, and the country in consequence is
independent of the drop in mark exchange. I state emphatically that none
of the old-established Swedish banks have engaged in any speculation in
marks for their own account.
"The failure of the firm of Bruno Soderstrom has been mentioned, I wish
to state that this is not a new failure, but one which took place about a
month ago. This is not a banking firm, but merely a brokerage house.
The Swedish banks, as a whole, are now, as they always have been ,in a
very strong position, and although some failures of brokerage houses and
commercial houses must be expected all over the world during these times
of speculation, I venture to say that the Swedish banks will prove themselves quite up to the situation, even though the present critical period
should be long continued, or even become more serious."
Mr. Rydbeck admitted that speculation had been quite heavy on the
Swedish Stock Exchange and that the banking institutions by united effort
were endeavoring to curb this activity. He said that collateral loans carried
a rather high rate of interest and when he left the rate was 7%.
BARTER IN EUROPE REPLACING MONEY.
Under the above heading the New York "Sun" of Nov. 20
had the following to say in a special cable (copyright) dispatch from London, Nov. 19:
Money as a medium of exchange practically has passed out of existence
in international commercial dealings in Europe, and its place has been taken
by a system of barter. This has resulted not to so much from the decline
In the pound sterling as in the utter collapse in value of Continental currencies.
It may seem impossible that the primitive system of exchanging a bushel
of corn for a bucket of coal or for a supply of dishes could be established
• in these modern times, but that is exactly what has happened despite the
intricacies of highly developed international trade. I have obtained from
various sources accurate information how this is being done. It affords
the only explanation of how Europe, especially the defeated Central Empires, has managed to exist, although some of the people have been compelled to pay a premium of more than 1,000% when money was used as
the medium of exchange.
France was the first to inaugurate the barter scheme. Coal is one of the
absolute essentials for Central Europe. The French military authorities,
In view of the German coal crisis and despite the shortage in France, have
arranged that a large supply of coal from the Saar Basin shall be diverted
from France to the Rhineland, commodities such as Germany is able to
furnish being taken in payment for coal.
Belgian Coal for Rumanian Corn.
Another barter scheme has been arranged between Belgium and Rumania.
Belgium will send the latter 50,000 tons of coal and Rumania will send back
as expressed
corn, prices being arranged without regard to market values
being
In the currencies of the respective countries, the two commodities
a deal with
exchanged on the barter principle. Great Britain has made
coal
in
exchange
Czecho-Slovakia for enamel ware worth $8,000,000, and
will be sent.
for such
Americans have not been backward in making arrangements
Trust Co.
transactions. Both the National City Bank and the Guaranty
The
trade.
finance
have arranged to open branches in Berlin, mainly to
trade relations
National City also has taken steps to bring about better
at the service
between Germany and Brazil by placing its bills on Hamburg
,of the public in Rio de Janeiro.
internationalized.
The German petroleum industry practically will be
Deutsch Petroleum Co.
In order to prevent a boycott the interest of the
of the Deutsche
will be taken over by the Speana Romania Co., and those
Dutch PetrolErdol Co. by an international group controlled by the Royal
best terms in the
eum. This will make it possible to sell German oil on the
currencies of other countries, giving Germany credit in those countries
with which purchases may be made of raw material.
out
Meanwhile Germany has resorted to strong arm methods to carry
oned foodher policy, importing only the most necessary goods. Non-rati
or goods
stuffs and raw materials enter without hindrance, but no luxuries
export policy
that can be manufactured at home will be admitted. The
can be
matrials
raw
and
foodstuffs
Is just the reverse; everything except
exported without regulatory interference.
Where Bankers Extend Aid.
be carried out, a
It may be wondered how the barter system could
shipmentfor enamel
obviously the actual exchange of a cargo of coal for a
money changes
ware cannot be made on the spot in the same way that
If the
bands. This is where the native and foreign bankers are helping.
time when he
the
at
goods
his
German,for instance. is not ready to deliver
the bank
receives the Shipment of material under the barter arrangement,
pays for the imported goods and gives him credit until he is able to complete
the manufacture of the articles called for under the barter agreement.
This method has caused great expansion of credit, especially in Germany,
and
but it is a safe expansion, secured at each step by the goods involved,
agreemqnts
It cuts down inflation because the prices of articles under such
of deare figured in actual commodity exchange value instead of in terms
preciated currency.
H. A. MOEHLENPAH OF FEDERAL RESERVE BOARD
URGES WITHHOLDING OF CREDIT FOR SPECULATIVE PURPOSES.
The need of the elooest analysis of all loans and the denial
of credit for speculative purposes, was urged by H. A.
Moehlenpah, recently appointed a member of the Federal
Reserve Board, in an address at the annual convention
of the Oklahoma State Bankers' Association, at Oklahoma
City on Dec. 10. In warning against the stern situation
which confronts us, Mr. Moehlenpah referred to the twenty-
[VOL. 109.
five billions of Government debt which has been created
and which he said must be absorbed by the savings of our
people. Let us, he said, "not inflate, but deflate in orderly
fashion." Mr. Moehlenpah spoke in part as follows:
We hear much these days about inflation and "over expansion" and
"deflation" of credit. Would not "credit regulation" be the better term?
It is perfectly obvious that with twenty-five billions of credit operations,
represented by the Government bonds issued during the war, that for a
long time things will be abnormal and it may be fair to state that the credit
situation is inflated. This can only be changed by an absorption of this
debt by the savings of the people. This means economy and thrift and
saving on a no mean scale.
It is just as eqaully obvious that America never had such opportunitss
for production and when I say "credit should be regulated" I mean that
vailable funds of the banks in the Federal Reserve system and all banks
generally should be wholly directed into the channels of production for the
Increase of all commodities, the need for which is world-wide and without
precedent.
Bankers will have to become analysts, to discriminate carefully on loans
will be a daily task; they will have to stand as guardians and trustees as
never before in their business to see that no funds go for speculation, whether
it is upon the stock markets, in commodities or in land or anything else.
The full power of all credit should be conserved and be behind production.
With patience and care America will surmount all her difficulties. Time
is essential.
I do not believe it is necessary longer to try to prove to any banker
what it means to mobilize reserves. This has been a proven fact and
instead of pyramiding as we used to in the old days we find now a foundation in the mobilized reserves of the Federal Reserve system, upon which
we can build a strong superstructure of credit. If the assistance of these
reserves in the Federal Reserve system has not yet appealed to you as
being the foundation of your own business as banker, I shall not waste
time to argue further. It is obvious and self-evident if not appreciated.
The larger contribution you make to those.reserves, the stronger ypur
bank will be and the greater your ability to serve your community.
May I suggest here, gentlemen the need of the closest analysis of all
in
loans—that credit for speculative purposes, either on stock exchange,
commodities or in land, be denied. A stern situation confronts us. Twentyabsorbed
be
five billions of Government debt has been created which must
by the savings of the people. Any additional credit created other than
necessary for increased production, is but adding a hazard. This is your
first duty as American bankers. Let us not inflate, but deflate in orderly
fashion. We should all be preachers and doers in thrift and economy.
We have at present in this country in the control of the Federal Reserve
system, over $2,000,000,000 of gold. As near as can be estimated, there
Is outside some $600,000,000 of gold in the pockets of the people or in the
control of state banks. I appeal to you, gentlemen of finance, as the
custodians of the Interests of your communities, that it is self-evident and
highly important that this gold be deposited in the common reservoir for
use in the day of opportunity or stress that may be before us.
While we are concerned for the day of stress, we must provide abundant
resources to take advantage of our present job as a world power, to produce
the necessities of life immediately and in volume as we never have before,
If the world is to be saved from utter starvation and financial distress.
I know that there are alarmists in the country. The croaker, the critic,
efficiency experts, and so-called economists are always in evidence. They
were here when the Federal Reserve System was established you will remember. When the proposition was conceived of bringing into the credit
fabrics of our country the liquid assets, the wealth if you please, as represented by the notes of the farmer, merchant and manufacturer, to be
available for currency, and when it was proposed, and as it is now a fact,
to put with this wealth and credit of our people an additional 40% of gold
to underlie the Federal Reserve note issue, many of these experts met and
said that currency would become too inflated and that we would not have
enough gold to hold the structure up. Let me remind you again of the
volume of gold now in the country, and of our currency medium and of its
value as compared with any money standard in the world. But I would
further remind you, if I may, in a more forcible way, that for the first time
in the history of our country the real wealth as represented by the laborer
and the products of our whole people and property are mobilized. Yes, we
have the gold. We are a creditor nation. We have now a foundation to
build up the superstructure of credit, safe, deep and sound. We have
democratized our banking system—twelve great banks with branches—
serving all our people, commercially and geographically, and not any one
group, city or district. The Federal Reserve system is the greatest single
piece of constructive legislation ever placed upon the statutes of our country.
.
/
SIR GEORGE PAISH SEES BREAKDOWN OF CREDIT
UNLESS U. S. CO-OPERATES WITH EUROPE.
F5- In appealing for American-commercial and financial cooperation with Europe, Sir George Paish, the well-known
English authority, declares that "the claims of humanity
demand that America, . . . by banking credit, by
private loans, should support Europe with the food and
material she needs in this great emergency." His representations, according to Associated Press advices from London,
Nov. 9, are contained in an article written by him for the
LOndon "Globe," an account of which is furnished as follows
injthe advices referred to.
says, "that unless the
"It is becoming clearly evident," he [Sir George)
a complete breakdown
entire problem is soon dealt with in all its aspects
occur in the not
must
trade
of
of credit, of exchange, of commerce, and
distant future."
disaster, he asserts, is the greatest
The collective effort required to avert
make.
the world has ever been called upon to
"cannot support themselves without
i,"The people of Europe," he writes,
of urgently needed food and
purchase
the continued grant of credit for the
raw materials."
the problem of financing
Referring to Secretary Glass's statement that
primarily to American exporters, the
the restoration of Europe belongs
American
exporters to deal
the
for
writer sayethat this is much too big
of their own credits, which are
with, they,cannot go beyond the limits
already nearly reached.
primarily responsible for Europe's
He holds that the protective tariff is
points out.
inability.to pay America for American goods. Those laws, he
only by selling goods to America
and
are designed to keep out foreign goods,
can`_Europe pay for American goods.
DEC. 131919.1
THE CHRONICLE
"Although the question of the American tariff and American policy is
one for the American people alone," he continues, "the claims of humanity
demand that America, in one way or another, by banking credit, by private
loans, or Government loans, should supply Europe with the food and
material she needs in this great emergency."
"The Globe" says the question will be raised in the House of Commons
to-morrow why the United States has not been asked to accept in payment
for Great Britain's debt an equivalent amount of securities of the Allies
which Great Britain holds.
"This plan," says "The Globe," "would materailly rectify the adverse
exchange, improve British credit,and reduce the cost of living."
RELEASE OF SILVER DOLLARS BY TREASURY TO
REGULATE EXCHANGES WITH SILVER
STANDARD COUNTRIES.
The following statement by the Federal Reserve Bank
to the effect that silver dollars in the 'treasury will be
released in furtherance of the regulation of exchanges with
silver standard countries, was made public by the New York
Federal Reserve Bank on December 6.
Announcement was made to-day that under arrangements made between
the Treasury and the Federal Reserve Board, standard silver dollars that
are free in the Treasury will, until further notice, be delivered against other
forms of money to the Division of Foreign Exchange of the Federal Reserve
Board which will, through the Federal Reserve Bank of New York, cooperating with the branches of American banks in the Orient, employ such
dollars in regulating our exchanges with silver standard countries.
This arrangement does not, of course, affect the redemption of outstanding silver certificates in standard silver dollars.
From the New York "Evening Post" of Dec. 9 we take
the following with regard to the matter:
As a means of stabilizing the exchange rate on China, and of keeping
close control over it, the Government has arranged to sell, through the
Division of Foreign Exchange of the Federal Reserve Board, about 70,000,000 silver dollars now held in the general fund of the Treasury. The
banks to which the metal will be sold are the International Banking Corporation, the Park-Union Foreign Banking Corporation, and the Asia
Banking Corporation. These institutions, it was learned to-day, will
dispose of none of the silver in this country, but will melt it down and ship
it to China, probably to Shanghai.
Chinese merchants and bankers who have drafts drawn on the United
States will then be able to sell them to the three American banks, taking
silver in exchange for them. Inasmuch as the "mint ratio" of approximately sixteen parts of silver to one of gold, at which the Government
coins silver dollars, will make the price which the Government receives
for its dollars figure out at $1.2929 an ounce, it was pointed out to-day that
this will be a minimum price for the silver to be sold in China. To this
figure will be added the cost of melting, shipping and insuring. It is
expected that the rate at which exchange will be sold in China will be
about 146 or 147. Yesterday's price was 148, Saturday's 155, while last
week the price got as high as 165.
Bankers were interested in the question whether the present high price
of silver would not soon result in the melting up of United States subsidiary silver coin, despite the fact that these coins are not so valuable, in
proportion to their silver content, as the silver dollars. While the dollar
contains 412.5 grains of silver, the half-dollar contains only 192.9, the
quarter-dollar 96.45 and the dime only 38.58 grains, .900 fine. While a
silver dollar becomes more valuable as bullion than as coin as soon as the
pripe of silver goes above $1.2929 an ounce, the price has to go to $1.38
before the bullion value of the subsidiary coins exceeds their face value.
A bill was introduced in Congress yesterday, proposing to reduce the amount
of silver Di a half-dollar from 192.9 to 150 grains, and other small coins in
proportion.
Advices were received in Wall Street to-day to the effect that the Treasury
had turned over to the mint at Philadelphia 10,000,000 of the "free" silver
dollars in the general fund. These, according to a statement attributed to
the Director of the Mint, will be melted down and turned into subsidiary
coins.
In a statement issued on Dec. 4 the Guaranty Trust Co.
of New York pointed out how the preserve of silver dollars
held by the United States Government may serve to break
the price, and prevent the recurrence, in this country, of the
situation which has arisen in France, where the silver coins
have almost disappeared from circulation, their place being
taken by stamps and other evidences of value. The statement said:
The official price of silver to-day is $1.375 per ounce. Two weeks ago
it passed $1.2929, thus making the silver in a silver dollar worth more than
its face value. When it reaches a point just over $1 38, the silver in the
fractional coins in daily and constant use will be worth more than their
face value.
The question then arises whether there is any action open to the Government which will serve to prevent the hoarding and melting of fractional
coins for their bullion value. In France and in England, where the tine
has already been crossed, an export embargo has been placed upon silver,
and stringent laws have prevented the melting of coins. This action,
however, has not prevented the hoarding of silver. In France, we are told,
the smaller silver coins have almost disappeared from circulation.
The United States is still an open silver market. Balances owing to the
Far East Can be settled by silver shipments, and great quantities of this
metal, as well as gold, have been going out on the ships bound for India.
China and Japan. It is possible, therefore, that it might be advisable for
the Government to put a limit upon the amount of silver exported, or even
shut off the market completely.
There is, however, another possibility. According to the official statement of the Treasury Department as of Nov. 1 1919. the Government still
holds in the Treasury $68,415,500 in silver dollars 'equivalent to about
53,000,000 ounces. Under the terms of the Pitman Act this great mass of
metal can be melted down and turned into the market.
It is quite possible that by this addition to the visible supply, a further
rise could be prevented, and the threatened danger to the fractional coinage
eliminated.
In pointing out some of the factors which have made for
the continued soaring of the price of silver, the statement
called attention to the order of the Mexican Ministry of
Finance, effective Nov. 12 1919, retaining for the Govern-
2215
ment mint half of the Mexican production of fine bars.
This decree, though temporary is subject to renewal. Large
amounts of gold, as well as silver, have gone to India, the
statement points out, the movement being stimulated by
the recent raising of the Indian Government's acquisition
rate for the metal. In view of the disparity between the
price at which the Indian Government acquired gold by
issuing rupee notes and that at which it sells that gold in the
bazaars (the Government's profit in such transactions is
about 25%), the company considers it not unlikely that
so'me arrangement may be arrived at whereby the acquisition rate may be raised to a basis more equitable to American
shippers of gold.
Subsequently, following the action of the Treasury Department in releasing silver for the Orient, William C. Lane,
Vice-President of the Guaranty Trust Co., stated that the
release by the Government of standard silver dollars, now
in the Treasury is intended to stabilize dollar exchange in
the Orient, and make it possible for American importers,
particularly those dealing in China, to continue to buy in
that market without the necessity of paying the premium
that an unbalanced exchange brings. Mr. Lane had the
following to say:
The danger was that American buyers in China would find themselves
in the same position that European buyers in the United States have already'
reached. The demand for metal to settle existing balances has already
forced American exchange in the Orient to a heavy discount as against the
silver equivalent and the price of silver in turn has reached a point beyond
the value of the contents of the coined dollar. The release of the free dollars
now in the treasury, will bring into the marketthe silver necessary to pay our
immediate debts, and the hope is that some other method of settlement
may be found for future commitments.
The situation may be more clearly understood if it is remembered that
whereas with us silver is a commodity, in China, as in India and certain
other Oriental countries, it is a standard of value. Moreover, in China,
the natives, even those who are in sympathy with other Occidental countries,
insist, when it is a question of the settlement of debt, upon receiving actual
metal. For four thousand years Chinese debts have been settled in gold
or in silver. It is impossible to persuade them, perhaps for another four
thousand years, of the disadvantage of this method.
During the war, the Governments of Europe purchased great quantities
of supplies in the Chinese market. For a while the scarcity of tonnage
prevented the ready shipment of much of the material so purchased. Even
after the armistice had eased the official demand, the general industrial
demand for Chinese goods continued. When at last the shipping was available, as it has been for the past few months, Chinese goods came into the
markets of the world in great abundance.
The world did not have the goods to send in return. In the first place
China has not the need for many European or American goods. She uses
cotton prints of course, but she is getting to the point where she manufactures herself a large proportion of her cloth, and the bulk of the remaining
demand is met by the Japanese. Moreover, the shelves of Europe are so
denuded that her own factories, working necessarily under difficulties, and
our own, on top of them, are not able to supply the European demand.
The average American manufacturer or exporter is so taken up with filling
domestic and European orders that he has little interest in the Oriental
demand. Accordingly, the shipments which are made—and they are for
goods necessary in our industry and in our arts—must be paid for in metal.
Gold is not available, so silver must be used.
The ability of the Chinese market to absorb silver is enormous. Every
ship leaving Pacific ports has carried great quantities of bullion, and apparently the demand has grown even stronger, for we have watched the price
of silver climb with hardly a break, even when the shipments have been
heaviest. Silver received at Shanghai or Hong Kong in the form of bullion
has remained in the possession of the foreign banks but a short time, but
has been rapidly paid out to meet bills incurred by buyers in the Chinese
market, and has been absorbed into the interior, while the price of the
American dollar has steadily sagged.
The only great reverse of silver remaining in the world, outside of the
Oriental countries, is that held by the United States Government—the so
called "free" dollars, released by the redemption of silver certificates.
Under the terms of the Pittman act, this silver may be released, and it will
be remembered that 200,000,000 ounces were turned over to the British
Government a year ago to enable that Government to meet its Indian
obligations. Now that the United States Treasury has agreed to release
additional amounts of silver, this will be made available to the American
banks with branches in the Orient so that American importers can settle
their balances in the only way that settlement at present is possible.
It is, of course, impossible to say whether this step and other similar
ones which may follow will be sufficient to meet the situation. Naturally,
every one hopes that it will. If they do not there are only three courses
remaining. The first is to release more silver by reducing the value of
our fractional coins, a step which naturally is approached with some reluctance. The second is to sell more goods in the Orient. I have already
mentioned the difficulties in the way of this. A third alternative, which
seems equally impossible, is that Americans and Europeans shall stop buying in the East. The situation as a whole is a difficult and complex one.
The present favorable action of the Government is an indication that the
problem is comprehended in the quarters from which action must come,and
Is therefore to be commended.
EFFECT IN CHINA OF INCREASING SILVER PRICE.
•. The following advices from San Francisco Nov. 18, are
taken from the "Journal of Commerce" of Nov. 19.
The rising price of silver to new records is seriously contributing to the
high cost of living of American citizens in China, according to experts here
versed in Far Eastern conditions.
It has cut the purchasing value of American gold in half and this, in
addition to the rising cost of commodities, hit foreigners, while the rising
value of silver offsets to the Chinese the increased cost of commodities. •••4
The normal value of the Mexican dollar, a standard in trade in the Far
East. is 43 cents. To-day's New York quotations show its value to be
$1 005i. Likewise the Chinese silver tad shows a corresponding increase
in value.
2216
THE CHRONICLE
Employees and a majority of commercial representatives in China, are
protected in a measure by the arrangements of their pay being half in gold
and the remainder in silver at the exchange rate. Thus their pay to-day
while at the same rate as four years ago is really one-fourth less in purchasing value despite the increased prices of commodities.
' Recent statistics show the increase in prices of commodities in China
generally ranging between 75 and 100% over prices in 1870.
BILL FOR REDUCTION OF WEIGHT OF SUBSIDIARY
COINAGE.
A bill for the reduction of the weight of subsidiary silver
coinage was introduced in the House of Representatives by
Representative Platt on Dec. 8. It was referred to the
Committee on Coinage, Weights and _Measures. The bill
would amend the act of February 12 1873, so as to reduce
the weight of the silver half dollar from 12.5 grams, or
192.90 grains troy, to 150 grains troy. The following is the
text of the bill as introduced:
A BILL—For the reduction of the weight of subsidiary silver coinage.
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled. That section 3513 of the Revised Statutes
of the United States, as amended, be further amended, so far as it relates
to the weight of the half dollar, the quarter dollar, and the dime, by striping
out the words "twelve grains and one-half of a gram" and inserting in lieu
thereof the words "one hundred and fifty grains troy," so that the sentence
as amended will read: "The weight of the half dollar shall be one
hundred
and fifty grains troy."
Sec. 2. That the recoinage of all half dollars, quarter dollars, and
dimes,
to conform to the above standard of weights, is hereby authorized.
Representative Platt is credited with saying that if silver
- should go much above $1 38 an ounce, it would be imperative to take some action as it would then become profitable
to melt subsidiary coins and sell them as bullion. He 6
also quoted as follows:
As most subsidiary coins, being in constant circulation, are worn
and of
• light weight, probably there would be little danger, unless the
price of silver
went above $1 40. Just now, after having reached $1 37,the
price has
dropped back to the neighborhood of 31 30, and as that is just
about the
bullion value of silver dollars it may be held there for some time
There are outstanding 3159,000,000 of silver certificates and Treasury
notes of 1890 which call for silver dollars, and any advance in price to a
point
• where silver dollars may be profitably melted for bullion brings in
silver
• certificates, which could be thrown on the market as bullion. Besides this,
the Treasury has over 354,300,000 ofsilver dollars not covered by certificates
which could be thrown on the market or held for recoinage into halves,
• quarters and dimes. The Treasury, I presume, has opportunity
to add
to this fund, as most of it has been built up since the Pittman act was passed
in May 1918, but it seems wise to me to provide for any contingency that
may arise.
- Subsidiary silver coins do not circulate because of the value of silver
in them. Until recently the silver value of a half dollar was less than 25
cents. The weight of silver in the subsidiary coins was reduced way back
In 18.53 to prevent the very thing from happening winch had happened
many times before that is threatened again now—the disappearance of our
change.
By lowering the weight in a half dollar, and of the quarters and dimes
in proportion, to 150 grains we would reduce the refined silver weight 77.22
grains in a dollar's worth of subsidiary coin if my figures are correct, which
would give the government profit of something like $5,000,000 on the recoinage of outstanding subsidiary coins, to say nothing of the silver dollars
In the treasury.
On Dec. 10 Washington press despatches said.
'
Government officials here do not believe there is any necessity for Immediate steps to reduce the silver content of United States coins to make the
intrinsic value coincide with the face value in order to prevent silver speculators melting coins into bullion.
Raymond T. Baker, Director of the Mint, said Monday the question
which an Ottawa dispatch said was disturbing Canadian officials had been
- the subject of lengthy discussions by American officials also, but that as
• long as the present price of silver remained it was thought the margin of
profit was too small to offer any great Inducement.
Furthermore, the Treasury recently put $20,000,000 silver at the disposal of the Federal Reserve Board for the purpose of stabilizing dollar
exchange. Most of it probably will be shipped to China,India and Oriental
countries to meet the abnormal demand there for the metal. The Treasury
has available about $50,000,000 silver additional which it can use to hold
the price of bullion within a reasonable figure should it become necessary.
POSSIBILITY OF REDUCING SILVER IN CANADIAN
COINS.
Regarding the possibility of action being taken by Canada
toward reducing the silver in Canadian silver coins, press
dMpatches from Ottawa Dec. 10 said:
The high price which bar silver has been commanding in the metal markets
of the world may necessitate a reduction of the fineness of the alloy from
which Canadian silver coins are struck, it was stated here to-day. With
bullion prices at the present level, there is too great a tendency to withdraw coins from circulation and melt them for commercial uses. So great
has been the demand for silver coinage of late that the belief is strong that
a considerable quantity of it is being converted into bullion. The Canada
mint here has been kept busy to meet the demand for silver coinage, and
minting is not a profitable business with bar silver so expensive.
•
' To lessen the temptation to withdraw Canadian coins from circulation
to be melted and sold for bullion it is now proposed to reduce the percentage
of pure silver in them. Just what standard may be adopted has not been
indicated. The change cannot be made, however, before the end of the
year because the Dominion could not Issue coins of two different standards
of fineness in the same year.
• The fact that Canadian silver coins sell at a discount of five cents in
'New York is an additional factor in encouraging the melting process, and
it is believed here that a good deal of coin has been exported there. Canadian coins contain 923i% pure silver, while those of the United States
contain 90%, and some European countries go as low as 80%•
VOL. 109.
TREASURY RESUMES MELTING OF SILVER DOLLARS
FOR SMALL COINS.
The following Philadelphia despatch is taken from the
"Wall Street Journal," of Dec. 9:
The Government has resumed melting silver dollars to furnish bullion
for subsidiary silver coinage. This was confirmed by Raymond T. Baker,
Director of the Mint, when interviewed during a visit to the Mint in this
city.
The daily Treasury statement in the last few days has shown a decrease
in the number of free dollars held as assets and Director Baker was asked
whether these dollars had been sold or if they were being melted.
"The dollars are being melted," Director Baker replied. "Under the
Pittman Act about 260,000,000 silver dollars were melted and sold to Great
Britain. These meitings ended last May. There has now been allocated
to me 10,000,000 of the free silver dollars in the Treasury and these are being
melted at the Pl4adelphia Mint for subsidiary coinage purposes. So far
as price is concerned it was merely a bookkeeping matter. I took the dollars
over dollar for dollar. Later on I will have to recoin all of the silver dollars
melted out of silver which we must buy at $I an ounce."
"The $10,000,000 will meet all demands for the time being. If we need
more we can ask for additional dollars to be melted. There is an enormous
demand for coinage not only for the subsidiary silver coins but for all
minor coins. All of the Mints of the country are working 24 hours a day
and even then are unable to cope with the demand."
In reply to a question as to whether the Government had any plans to
prevent a durther increase in the price of silver beyond the parity point of
the subsidiary coinage Director Baker replied: "There is no legislation in
mind at present. You saw that the Federal Reserve Board has made
arrangements to use free silver dollars in the Treasury to stabilize American
exchange rates in silver standard countries of the Orient. This will prove
beneficial in meeting the silver situation although I am not familiar with
the full plans of the Reserve Board in this matter. The parity point of
subsidiary silver is slightly above $1 38 an ounce and because of the cost
of collecting any considerable quantity of silver coins the loss in abrasion
and the cost of melting and casting the silver in bars, the price of silver
would have to go to around $1 42, and possibly SI 44 an ounce, before subsidiary coinage is in danger of being melted. Until that point is approached
I am not worrying about the subsidiary coinage. We must wait and see
what effect the exchange plan of the Reserve Board has on the silver situation.
"The dollars which have been melted by the Mint must be replaced with
silver purchased at SI an ounce, and in view of this demand as well as the
world demand for silver and its increased mei in the arts I do not believe
the price of silver will fall below $I an ounce in the next ten years."
Director Baker said that he had no cognizance of any silver dollars melted
by private interests, although he said It was probable that some dollars
have been melted for manufacture by the jewelry trade, lie also said
that silver trinkets of various kinds were being offered to the Mint, induced
by the prevailing price of the white metal.
"Out West I have made an innovation in the purchase of silver," the
Director added. "Formerly the assay offices in the West could not purchase silver unless it contained one part in ten of gold. As a result of this
ruling much of the silver in the West was sold to the smelters. I have
changed this to allow the Western assay officers to purchase silver which
contains one part in 1,000 of gold. The Mint pays the New York official
price for this silver, which is used for subsidiary coinage. Adoption of the
New York official quotation in fixing the price paid for silver is another
innovation."
GOLD IN LONDON IS AT 103 SHILLINGS AN OUNCE.
The following special copyrighted cable dispatch to the
New York "Sun" from London Dec. 2 is taken from the
•
Dec. 3 issue of that paper:
Gold went to-day to 106 shillings an ounce, a premium of 19 shillings.
One has to go back to demoralized conditions prevailing In 1813 to find a
parallel of that premium, but it is not being overlooked by bankers that it
Is a healthy indication, showing that the world is commencing to reduce the
enormous quantity of paper money which has caused the reign of high prices
and consequent labor unrest in all countries.
There is an axiom among economists, which never has been definitely
explained, that once gold is free and allowed to seek its best Market, the
result will be that paper currency gradually will go into hiding. To-day's
price of 106 shillings is not alone a premium of more than 22% higher than
gold's par value. but it is likewise 1% higher than New York exchange,
which now stands at a premium of about 22%.
Thus, while New York exchange is In great demand, the economic policy
adopted by the British Government in determining to buy gold, no matter
what the price, gives this metal precedence over dollar credits, which
theoretically are convertible into gold. The buying of the yellow metal
has been principally for India and the Continent.
One might ask how this would reduce the amount of paper currency in
England. It is a roundabout process., but paper money actually is reduced
in England as the result of every sale of gold above the premium on the most
adverse exchange rate, which now Is that of New York. This true, because every ounce or increase in the gold reserve of any country Increases the
buying power of that country's currency, causing an equivalent reduction
in the amount of credit needed to finance any given transaction. This
reduction in credit eventually fieds its way into international transactions.
scaling down the amount of actual money changing hands.
While this is necessarily only a partial explanation, it shows
that the
phenotnenon has set in now that corrected the demoralized stale prevailing
in 1813. At that time the note reserve of the Bank of England
was susPended and about 500 banks were given issuing powers. A flood of paper
money resulted and specie payments were suspended for a time, just as
they were in the recent war.
When they were resumed the price of gold bounded upward to the highest
price on record, 110 shillings. This gradually drove paper money out of
circulation, and gold, which had worked its own corrective, fell correspondingly to its normal level of 85 shillings.
AMERICAN RAILROAD STERLING BONDS AS
EXCHANGE SPECULATION.
[The following Is taken from the "Wall Street Journal' of Dec. 7.1
A novel method of speculating in foreign exchange based upon American
securities developed at the local auction sale this week when a block of
£20,000 Pennsylvania RR. Co. Cons. Sterling 3Yis was bought on the basis
of $6t13 per £200 bond. The name of neither the seller nor the purchaser
was revealed, but it is understood that the bonds were sold for an estate.
DEC. 13 1919.]
THE CHRONICLE
The bonds are payable, principal and interest in pounds sterling in
London. They were sold on a flat basis of $663 per £200 bond
or at a rate
of $3.315 per pound sterling. On the day the auction was
held the low
price of sterling was $3 88. As the bonds are payable, principal
and interest
In sterling the amount of interest which the holder will receive
each six
months when he converts his sterling coupons into dollars
and cents will
depend upon the prevailing rate of sterling at that time. The same
will
be true when the bonds mature on July 1 1945. So far as the
principal
is concerned the buyer evidently figured that sterling would
be back to
about normal by 1945, and the difference between the
$3.315 rate he paid
for the bonds and the rate prevailing when they become
due will represent
a profit.
Should the rate of exchange return to normal the holder of
the bonds
would receive $973 for each £200 bond, a profit of $310 or
46%. With
exchange at $4 50 he would receive $900 per bond, a profit of $237 or 36%;
with exchange at $4 he would receive $800, a profit of $137
or 20%, and
with exchange at $3 50 he would still receive $700, a profit of $37
or 5 %.
As previously stated the interest payments which the holder will receive
during the 25 years the bond has still to run will fluctuate with the foreign
exchange market, increasing or decreasing as the pound appreciates or
depreciates in terms of our currency.
At 33. % the bonds bear a interest per annum. With sterling converted
Into dollars on the basis of $3 50 to the pound the interest would amount
to $24 50 a year, a return of 3.7% upon the $663 paid for the bond. With
sterling at $4 the yield would be 4.22%, and at $4 50 the yield would be
4.75%. Should sterling return to normal the return would be 5.13%.
This yield does not take into account any appreciation in the amount of
principal which Would result from an advance in sterling towards normal.
By purchasing sterling and franc bonds issued by American railroads,
Investors in this country can speculate in foreign exchange in the same way
as if they purchased internal bonds of Great Britain and France, while
the security which they hold is based.on values existing in their own country and not on foreign credits.
HOLLAND CONSERVES SILVER.
A special cable dispatch to the "Sun" from the "London
Times" Service Dec. 5 (copyright, 1919, all rights reserved),
says:
The Dutch Government has lost no time in preparing for the possible
disappearance of its present silver coinage should silver rise much above
its present figures. Silver 23, 1 and 5.i floring pieces have a silver content
•of 945 a thousand. The Government has just brought in a bill for minting
new silver coins for Holland and the Dutch Indies with a silver content of
800 a thousand. As the silver content of the existing coining is at present
still about 5% below its present face value it will be seen that the Dutch
Government is acting with much foresight in the matter.
Presumably no change will be made in subsidiary silver coinage, the
pure
silver content of which is only 640 a thousand.
One result of the passing of such a measure would be to reduce Dutch
requirements of silver for coinage. Holland is a very small factor
in the
silver market.
REPORT THAT ZURICH EXCHANGE HAD CEASED
QUOTING AUSTRIAN CROWNS CAUSES DROP
IN PRICES ON VIENNA BOURSE.
Under date of Dec. 4, Vienna advices to the daily papers
said:
A report that the Zurich exchange had ceased quoting
the Austrian cown
caused wild scenes on the stock market here to-day.
Some rail and industrial shares advanced 2,000 to 2,800 crowns a
share owing to the depredation of the value of the crown caused by the
rumor.
TRANSACTIONS IN FUTURES IN SHARE MARKET
PROHIBITED IN BOMBAY.
In making known the prohibition against futures trading
in shares in Bombay and the effect of the ruling, the London
cablegrams of Nov. 29 said:
Great excitement has been caused in financial circles in India
by the
decision of the shares market in Bombay to forbid transactions
in futures,
which have recently been on an enormous scale, according to an
undated
dispatch to the Exchange Telegraph Co. from Bombay.
The ban on futures trading, it is stated, is to go into effect at the end
of
the year. The panic to which the ruling gave rise, says the message, threatens to become, a crisis.
WALL STREET BROKERS' LOANS FALL TO
$1,350,000.000 IT IS CLAIMED.
In its issue of Dec. 4 the "Wall Street Journal" said:
2217
AN ACT to Make Gold Certificates of the United States Payable
to Bearer
on Demand Legal Tender.
Be it enacted by the Senate and House of Reyresentatircslof the United States
of America in Congress Assembled, That gold certificates of the
United
States payable to bearer on demand shall be and are hereby made legal
tender in payment of all debts and dues, public and private.
Sec 2. That all Acts or parts of Acts which are inconsistent with
this
Act are hereby repealed.
In his explanation of the purposes of the proposed legislation, Senator Smoot in introducing the:bill on:the 2d inst.,
said in part:
The business interests of the country are in such shape to-day
that they
are unable to do the business that is required of them
on account of the
lack of one and two dollar bills. Every part of this country
is calling upon
the Government for one and two dollar currency. I'want to say
in passing
that what has brought about the shortage of one anditwo'dollar
bills at
this time is the withdrawal from circulation of all silver certificates.
I say
"all." Of course, that is a sweeping statement, but practically all
silver
certificates have been withdrawn from circulation The reason for that,
of course, is apparent to all. As soon as silver advances beyond
$1 29
the silver certificate that can draw silver from our Treasury on presentation
is at a premium; or, in other words, they can take the silver dollar
to-day
and sell it as bullion for more than the dollar is worth
as a circulating
medium.
That is the situation we find the Government in to-day, and therefore
we must provide some way to meet the demands
of the business of the
country by issuing paper currency of some kind and
in smaller denominations.
Now Mr President, I want to state briefly
just what this bill is and
how it will meet the present situation.
I call attention now to the classification of
$1 and $2 bills as they exist
to-day in the Treasury of the United States and in
circulation throughout
the country:
United States notes (legal tenders)
$152.560,518
Treasury notes of 1890
525,832
Federal Reserve bank notes
220,865.800
National bank notes
505,464
Silver certificates
121,869,917
Total
$496,327,531
The Act of April 23 1918, commonly known as the
'Pittman Act,"
authorizes the Secretary of the Treasury to melt or break
up silver dollars,
and Section 5 of that Act provides "that in order to
prevent contraction
of the currency the Federal Reserve banks may be either
permitted or
required by the Federal Reserve Board, at the request of the
Secretary of
the Treasury, to issue Federal Reserve bank notes, in any
denominations—
including denominations of $1 and 32—authorized by the Federal
Reserve
Board, in an aggregate amount not exceeding the amount
of standard
silver dollars melted or broken up and sold as bullion under the
authority
of this Act, upon deposit as provided by law with the Treasurer of
the United
States as security therefor, of United States certificates of indebtednes
s,
or of United States one-year gold notes"
With the exception of about $9,000,000 of Federal Reserve bank
notes
which had been issued previously under authority of Section 4
of the
Federal Reserve Act, the Federal Reserve bank notes outstaindin
g at
present have been issued under authority of the Pittman Act, under which
Act alone is any provision made for the issue of Federal Reserve bank
notes in $1 and $2 denominations.
During the past two years there has been a heavy demand for silver,
principally from oriental countries, which resulted in an exportation of
silver from April 23 to Dec. 31 1918 amounting to $258,209,000.
From Jan. 1 to Oct. 31 1919 exports of silver from this country amounted
to $167,335,000, being total exports of $425,544,000 since the Pittman
Act became a law on April 23 1918. To this amount, of course, should
be added the figures for November, which are not yet available.
The demand for silver has resulted in a marked increase in the price
of
silver bullion, and quotations during the past week have ranged between
$1 29 and $1 374 per ounce, and the average maintained was considerably
above $1 2929, which is the coinage value. In consequence of the
enhancement in the value of silver metal, silver dollars can now be
exported
at a profit, and silver certificates, which are redeemable in silver
dollars,
have practically disappeared from circulation.
A large and immediate additional supply of these bills is absolutely
necessary for industrial and commercial purposes. The Treasury
has on hand
an adequate supply of United States notes, or legal tenders,
of the denominations of $1 and $2, but can issue them only in
exchange for unfit
notes or for notes of larger denominations. There are
outstanding United
States notes, or legal tenders, of denominations above
$2. $175,453,466.
which are held in large part by the banks because
of their legal-tender
quality.
The bill that I have just introduced provides that the
United States gold
certificates payable to bearer on demand, which are and
must always be
secured 100% by gold coin or bullion held in the Treasury or Sub
-Treasuries of the United States, be made legal tender for all dues,
public and
private. The Federal Reserve Board has given ts hearty
indorsement to
this proposition, and the Secretary of the Treasury strongly
favors action
of this kind.
The passage of the 1311 would not change in any way the
present reserve
situation, for Section 19 of the Federal Reserve Act
provides that all lawful
reserves of member banks must be carried not in
cash in their own vaults
but exclusive y in the shape of collected balances_ with
the Federal Reserve
banks The bill does not propose to give the legal-te
nder quality to $10,000
gold certificates, which are payable to order, and
of which there are $654,670,000.
The liquidation that has occurred in the stock market since
the middle
of November as a result of the increase in rediscount rates by the Federal
Reserve banks and the resultant high call money rates, has
brought about
a contraction of about $150,000,000 to $200,000,000 in Wall Street
brokers'
loans, bringing the total down to approximately $1.350.000.
000.
On Oct. 16 brokers' loans were slightly above $1,500,000,
000. The
-high point in brokers' borrowings was reached last July when
loans totaled
about $1,750,000,000. At that time the interior was a large lender
in
the New York market.
A canvass of the leading commission houses in the "Street" reveals
that
Remember, the bill only gives a legal tender
liquidation was unusually heavy, running from 30 to 85% in many cases.
to the gold certificates
Some of the smaller houses report themselves with more buying power to-day that are payable to bearer on demand, or those of denominations under
$10,000.
than at any other period in the last 12 months.
Mr.President, the gold certificates, I wish
to say here in passing, amount
••
to $1,463,972,069 to-day. There are $800,284,05
7 of them held in the
BILL TO MAKE GOLD CERTIFICATES LEGAL TENDER Treasury, and there are $239,248,28
0 held by Federal Reserve agents.
As I stated before, there are $654,670,000 that
PASSED BY SENATE.
are payable to order. The
balance of them are payable to bearer on demand.
The bill to make gold certificates of the United States,
The net amount of gold certificates in circulation
is $424,439,732, the
payable to bearer on demand, legal tender, was passed by denominations of which range from $10 to $5,000. As these certificates
are
receipts of the Government for gold deposited with
it,
and as each certhe Senate on Dec. 4 (calendar day Dec. 6), and on Dec. tificate must be
redeemed in gold on demand, there seems to be no good
.9, the House Committee on Banking and Currency decided reason why a gold certificate payable to bearer on demand and which can
to report the bill without amendment. The bill wan command the actual gold at any time should not be made a legal tender
for all public and private dues.
introduced by Senator Smoot on Dec. 2, and was referred ,o
Should the bill become a law, the banks would no longer have any object
in our issue of Saturday last, (Dec.6) page 2120. As passed in holding the United States legal-tender notes, and
would, without doubt,
immediately release them to the Treasury in exchange for $1 and $2 notes.
by the Senate it reads as follows:
The supply of gold certificates would be more than ample for the needs of
2218
THE CHRONICLE
[VOL. 109.
Your committee is informed by the Treasury Department that the demand
those desiring to make legal tenders on contracts or debts, and the gold
certificates would be found much more convenient for this purpose than for one and two dollar notes is becoming more and more urgent every dayThe one and two dollar Treasury notes can be issued only in exchange
gold coin itself.
I would like to see a prompt passage of the bill, for, as already stated, for unfit Treasury notes and Treasury notes of larger denominations. The
the need for additional currency of $1 and $2 denominations is most im- Treasury notes of denominations above $2 now outstanding total $174.
perative, and the business and industry of the country will be seriously 453,466, but these notes are largely retained by the banks because of their
legal tender quality.
hampered if this need is not supplied at once.
It is urged by the Secretary of the Treasury in a communication to your
I may say, in conclusion, that while the present price of silver makes the
circulation of silver certificates and silver dollars impossible, the advance committee, which is printed below,that these Treasury notes will be released
subsidiary
silver
by the banks if the gold certificates, payable on demand, are made legal
has not been sufficiently great as to interfere with the
coinage, for the relative silver content of a half dollar and smaller coins is tender, and, as these gold certificates can be redeemed in gold on demand
less than that of the dollar. The price of silver would have to advance there would seem to be no good reason why this should not be done.
In addition to the need for an increase in the notes of small denominato above $1 38 an ounce in order to make the melting of subsidiary coins
profitable.
tions to meet the ordinary trade requirements, it is claimed that it is difficult for persons desiring to make legal tender on contracts to get legal
In pressing consideration of the bill on Dec. 6 Senator tender notes for that purpose.
Smoot stated that Governor Harding of the Federal Reserve
We also give herewith the letter from Secretary Glass
Board desired action upon it at the very earliest ,possible regarding the bill:
Treasury Department. Washington, December 5, 1919.
date. A report by the Senate Committee on Banking and.
My Dear Senator:—Answering your inquiry as to the position of the
Currency, submitted by Chairman McLean, in which the Treasury
with reference to Senate bill, now before your committee, which
proposed step was favored, and a letter from Secretary of the proposes to make gold certificates payable on demand a legal tender for
Treasury Carter Glass, likewise endorsing the movement, all debts and dues, public and private, I would state that I am in favor
this bill and hope very much it will be enacted into law at the earliest
figured in the deliberations on the bill on the 6th. Senator of
Possible moment. The passage of this bill would not change in any way
Thomas, during the discussions on the bill, advocated the the present reserve situation, for section 19 of the Federal Reserve Act
striking out of the word "gold," and changing the bill so as to provides that all lawful reserves of national banks must be carried not
cash in their own vaults but exclusively in the shape of collected balances
make silver certificates legal tender. In his argument on in
with the Federal Reserve banks. Nor does the bill propose to give the
the 6th he said:
legal tender quality to $10,000 gold certificates, which are payable to order
The one significant feature of this measure is the time when presented
for consideration. It comes when silver is worth in the market very much
more than gold and when gold is the cheaper of the two metals. We are
about, therefore, to bestow a faculty and virtue upon the representative
of unsound money. There can be no doubt about that fact, because I
have listened to its assertion iterated and reiterated for many years in the
past, and particularly during the very exciting campaign of 1896.
In those days I ventured to question the soundness of the doctrine proclaimed with vehemence and an earnestness that frequently bordered upon
personal resentment, that only money worth 100 cents to the dollar should
pass current or receive the sanction of governmental authority. In those
days we were all assured that gold was the only thing in the world endowed
with an absolute constant unvarying, unchanging, positive value. It
was like the laws of the Medes and the Persians, exempt from human
influence, from the effect of human industry, from the laws of supply and
demand; and even the quantity in circulation in no way affected or impaired
Its actual or relative value.
We now confront the situation where the mutations of time have brought
revenge and the regnant metal of the hour is the despised white metal of
the past, to which the doors of the mint were long ago shut and to suggest
the reopening of which subjected one to the charge of idiocy or of lunacy
or of knavery or of all those undesirable qualities.
I really think the word "gold" should be stricken out of the bill and the
word silver inserted, because not otherwise can we keep faith with the
public creditor, not otherwise can we pay him in sound money, not otherwise can we preserve the national honor. The fact is so patent, so mathematically demonstrable, that it is only necessary to state it when it will
be generally accepted.
Let me, therefore, Mr. President, warn those resposible for this movement to give a legal-tender value to depreciated paper, that they are flooding
the country with more unsound money, and the poor creditor, obliged to
accept these certificates, will think twice before commending either the
wisdom or the integrity of the Senate of the United States. It is a situation which I deplore.
At the beginning of the special session of this Congress I introduced a
resolution for the appointment of a commission to consider and, if possible,
agree with other nations on some basis for regulating the rate of exchange
between gold and silver using countries. If that is done, without regard
to the ratio of exchange, it will steady those fluctuations to the mutna
benefit and prosperity of both the silver-using and the gold-using nations.
All nations are now nominally gold-using nations, but silver is just as
much the currency of India and of China and practically of all the yellow
races of the world as it ever was. Unquestionably, however, the present
time is very appropriate for meeting and, by adjustment, doing away
with that situation which has prevailed ever since silver fell below par.
My predecessor, the late Senator Wolcott, secured the enactment of a
join resolution, and its approval by President McKinley, providing for
such regulation of exchanges which would very largely afford the equivalent
of the fixity of ratios. That joint resolution received in the Senate, among
others, the support of Senator Hoar, of Massachusetts. Senator Wolcott
was made the chairman of the commission appointed by President McKinley for that purpose. In his autobiography or reminiscences Senator
Hoar gives an interesting account of the tribulations of that commission
and the difficulties which it encountered in the effort to secure recognition
of its purposes in Great Britain. Senator Wolcott upon his return deliberately charged upon the floor of the Senate that his mission had been defeated by the intrigue of the then Secretary of the Treasury, Mr. Gage,
and in his very impetuous and eloquent manner denounced the interference
not only as an act of bad faith, but which should be visited with much more
than mere denunciation. I am satisfied that if Senator Wolcott had had a
free hand, if the financial interests of the Government and of the country
had acquiesced, even passively, in his effort, he would have accomplished
his great and beneficent object.
I think the suggestion of the Senator from Utah (Mr. King) is a most
pertinent one, and It is my intention, Mr. President, as soon as the unfinished business is disposed of, to address the Senate upon the metallic
money world situation, the need of the regulation of exchange, and the
ease with which, in view of the present value of silver, it can now be accomplished.
The suggestion of Senator King to which Senator Thomas
referred was as to whether it was not a good time now to
try to secure international bimetallism. The report of
Senator McLean, of which mention was made above, follows:
The Committee on Banking and Currency, to whom was referred the
bill (S. 3458) to make gold certificates of the United States, payable to
bearer on demand, legal tender, having considered the same, report favorably thereon, with the recommendation that the bill do pass without
amendment.
The fact that silver certificates have been withdrawn from circulation.
and the silver dollars received in exchange have been broken up and sold
as bullion for a price considerably above their coinage value, has caused
a marked shortage in notes of the smaller denominations.
and of which there are outstanding $654.670,000.
I think it is wise to confine the provisions of the bill to gold certificates
payable to bearer on demand, thus avoiding any question as to the validity
of indorsements, which would arise in the case of the order certificates.
On October 311919. the net amount of gold certificates in circulation was
$424,439,732, the denominations of which range from $10 to $5,000. As
these certificates are receipts of the Treasury for gold deposited with it
and as each certificate must be redeemed in gold on demand, there seems
to be no good reason why a gold certificate payable to bearer on demand
and which can command the actual gold at any time should not be made
a legal tender for all public and private dues. United States gold certificates are issued under the provisions of section 6 of. the act of March 14
1900, as amended by the acts of March 4 1907, March 2 1911, and June 12
1916.
There is a most pressing need for notes of the smaller denominations.
On October 31 1919. there were outstanding notes of $1 and $2 denominations as follows:
$152,560,518
United States notes (legal tenders)
525,832
Treasury notes of 1890
220,865,800
Federal Reserve bank notes
505,464
National bank notes
121,869,917
Silver certificates
Total
496,327,531
During the past two years there has been a heavy demand for silver,
which has been met In part by the sale as bullion of standard silver dollars,
as authorized under the act of April 23 1918. commonly known as the
Pittman Act. This act authorizes, also, the issue of Federal Reserve bank
notes, in denominations of $1 and $2, which are secured by United States
bonds and Treasury certificates and are taxed as national bank notes
are taxed. These notes, however, can be issued only as silver dollars
are sold as bullion, and can not increase the volume of circulation.
The demand for silver has resulted in a marked increase in the price
of silver bullion, and quotations during the past 10 days have ranged
between $1 29 and $1 37j per ounce, and the average maintained was
considerably above $1 2929, which is the coinage value. In consequence
of the enhancement in the value of silver metal, silver dollars are now
worth more as bullion than as currency, and silver certificates, which are
redeemable in silver dollars, are fast disappearing from circulation. A
large and immediate additional supply of one and two dollar notes is absolutely necessary to supply industrial and commecrial needs. The Treasury has on hand an adequate supply of United States notes. or legal tenders.
of the denominations of $1 and $2, but can issue them only in exchange
for unfit notes or for notes of larger denominations. I transmit herewith
a table, from which you will see that there are outstanding notes, or legal
tenders, of denominations above $2. $175,453,466. which are held in large
part by the banks because of their legal tender quality.
Should the pending bill become a law, the banks would no longer have
any object in holding the United States legal tender notes and would,
without doubt, immediately release them to the Treasury in exchange for
$1 and $2 notes. The supply of gold certificates would be more than
ample for the needs of those desiring to make legal tenders on contracts
or debts, and the gold certificates will be found much more convenient
for such purposes than gold coin itself.
The demand for one and two dollar bills is becoming more urgent every
day, and in order to enable the Treasury to meet these demands it is important that the pending bill be enacted into law at the earliest possible
moment.
Very truly yours,
CARTER GLASS,Secretary
Hon. George P. McLean, Chairman Committee on Banking and Currency,
United States Senate.
NEW RECORD PRICES IN LONDON FOR SILVER AND
GOLD—PROPOSED BAN AGAINST GOLD AND
SILVER EXPORTS.
A new record for silver in London of 763.d. per ounce for
spot and 74%d. for forward delivery, was reported in a special cablegram from London, Dec. 11, to the New York
"Journal of Commerce." A new record price for gold, at
109s. 7d. per fine ounce, was reported at the same time.
A Central News cable in "Financial America" reported the
sale of gold yesterday (Dec. 12) at 111s. 6d. per fine ounce,
the highest price on record. Announcement that Great
Britain had prohibited the export of silver bullion specie
was made in these columns Nov. 15, page 1840. Under the
proposed bill to prevent the dumping of manufactures on
the British market to the disadvantage of Great Britain's
DEC. 13 1919.]
2219
THE CHRONICLE
trade, exports of gold and silver would be prohibited by that
country. Consul General Hollis at London, under date of
Nov. 21, sent the following advices to the Department of
Commerce at Washington:
A bill introduced in Parliament to prevent dumping proposes to prohnit
the importation into Great Britain of goods at prices below the selling prices
in the course of manufacture. This bill also provides for the prohibition
of the importation of specified classes of goods under the designation of
key industries, and authorizes the Board of Trade to prohibit the exportation of gold and silver coin, fuel, meat, wheat, sugar, opium and cocaine
for three years after the end of the war.
CHICAGO BANKING HOURS REDUCED OWING TO
FUEL RESTRICTIONS.
The banks of Chicago have, incidental to the fuel conservation orders, curtailed their banking hours; beginning
on Monday last, Dec. 8, the hours are from 9:30 a. m..
until 1:30 p. m., except Saturday, when they will be open
from 9 a. m. until 12 o'clock noon.
REDUCTION IN TRADING HOURS OF NEW YORK
STOCK EXCHANGE NOT YET CONTEMPLATED
ACCOUNT OF FUEL RESTRICTIONS.
It is reported that while the Board of Governors of the
New York Stock Exchange, at their meeting on Dec. 10,
took no immediate action toward reducing the hours of
trading because of the coal situation, the Committee of
Arrangements was empowered to adopt any measures which
might be found necessary if further restrictions on the part
of the Federal authorities were resorted to.
CANADA'S SHIPMENT OF GOLD TO THE
UNITED STATES.
In its issue of yesterday (Dec. 13) the New York "Tribune"
said:
The Canadian Government, aroused to action by the complete demoralization of the exchanges between that country and the United States, is
shipping $10,000,000 in gold to New York to help correct the abnormal
situation.
Conditions in the exchange market between here and Montreal reached a
crisis yesterday, when the American dollar went to a premium of 11® in
the Canadian city—a jump of a full 3@ from the closing rate on Wednesday.
This established a new high record. Such a premium meant that Canadian
interests having payments to make in New York, had to pay $1,110 on
every $1,000 remitted to New York.
The gold that is being forwarded to New York by express will, it is
expected, have a sentithental effect at least and will help the situation
somewhat, although it is only a drop in the bucket. The balance of trade
between this country and Canada is running heavily in our favor, and
yesterday it was reported that there were no buyers in the local market to
absorb tho large offerings of exchange on Canada. The demand for New
York exchange at Montreal is said to be ofhuge proportions, with every
little exchange available even though at the high premium quoted.
Although the balance of trade between Canada and Europe is running in
her favor, that condition does not act as an offset to her debit to the United
States, as Canada is buying more for cash and selling to Europe on credit.
The pound sterling yestreday fell to a new low record. Demand sterling
at the close of trading was quoted at $3 67, and that no check to the
decline in the near future is anticipated was reflected in the rates for sixtyday bills, quoted at $3 625, and ninety-day bills quoted at $3 61. French
and Belgian francs were a shade stronger yesterday, but lire were again on
the decline.
According to South American bankers, the United States will probably
have to ship more gold to Argentina than it is now receiving from Canada.
The large wool shipments at present have turned the balance of trade with
this country largely in favor of the Argentine, and may require the shipment
of at least $30.000,000 more of gold, it was estimated yesterday. Ten
millions were shipped last week. ,
Argentina has been on the point of extending a $200,000,000 credit to
Italy, France and Great Britain for some months, but thus far the necessary
legislation has not been passed by the Congress there. It was reported
yesterday that the reason for the delay is that certain legislature will not
vote for the credit without promises from advocates of the measure that
they will vote in favor of a similar credit to Germany.
local Federal Reserve Bank, similar action being taken
subsequetly by the Reserve banks at the other Federal
Reserve centres. Announcement of the further increase in
rates was made on Dec. 11 by Benjamin Strong, Governor
of the Federal Reserve Bank. Under the new schedules
adopted this week the rate on advances to member banks,for
periods not exceeding fifteen days, on promissory notes
secured by 4Yi% Treasury certificates of indebtesdnes is increased from 43 % to 43/%; on fifteen day advances, secured by Liberty bonds, Victory notes, &c., the rate is
advanced from 43/i to 43
4%; the rate on notes, drafts, and
bills of exchange, having a maturity of not exceeding 90 days,
and secured by Liberty bonds or Victory notes, is likewise
increased from 432 to 4%%. The other rates of the New
York Federal Reserve Bank remain unchanged. Below we
give the new rates, established Dec. 11, and a comparison
with those adopted Nov. 3 and those previously in force.
Advances.
Dec. 11
For advances not exceeding 15 days to member
banks on their promissory notes secured by—
(a) United States certificates of indebtedness,
Liberty bonds, Victory notes and customers' notes secured by any of the foregeing_x44%
(b) United States certificates of indebtedness
bearing 44% interest
434%
(e) Eligible commercial paper
44%
Rediscounts.
For notes, drafts and bills of exchange having a
maturity at time of rediscount of nor more than
90 days
44%
(Including rediscounts, for periods not exceeding 15 days, of eligible paper having a maturity
at time of rediscount of more than 15 days)_ _ _
For notes, drafts and bills of exchange having a
maturity of not in excess of 90 days secured by
Liberty bonds or Victory notes
44%
For trade acceptances and bankers' acceptances
having a maturity at time of rediscount of not
more than 90 days
434%
For agricultural paper having a maturity at time
of rediscount of more than 90 days but not more
than 6 months
5%
Nov. 3 Old Rate.
%
44%
44%
'M%
4%
4%
4%
44%
4%
434%
44%
*4434%
5%
5%
* The 4% rate was of maturity of not over 15 days.
x The rate on 15-day advances secured by
% certificates of indebtedness fixed at 434% Nov. 3, is unchanged.
The New York "Tribune", discussing yesterday the
changes in rates put into force this week, said in part:
The Federal Reserve Bank of New York yesterday afternoon announced
a further increase of rates to member banks on advances and rediscounts
secured by Government war paper. Unlike the raising of rates on November
3, which marked the first step toward reducing war inflation and preceded
the smash in security prices on the Stock Exchange, the new change does
not affect the rates on commercial paper and acceptances.
Yesterday's (Dec. 11) adjustments-tend to equalize rates and to remove
the differential in favor of war paper in Reserve Bank charges and against
acceptances and commercial paper. Paul M. Warburg and other sponsors
of acceptances have urged this move for some time on the ground that the
discounting of war paper at most favored rates was retarding the development of the acceptances market and hindering the financing of commercial
transactions.
The new shift in rates makes it more expensive in effect for the banks
to carry undigested Liberty bonds and certificates of indebtedness. However, the various banks of New York agreed to carry their customers who
borrowed to buy bonds at a specified rate only for one year after the fourth
Liberty Loan and for six months after the Victory Loan, and are at present
free to change the rates. Many banks have recently slightly increased the
rate, and may not therefore pass on the Reserve Bank's increases to their
customers.
As far as the stock market is concerned, yesterday's changes constitute a further expression of the policy announced early last month. Although they will make the cost of credit to member banks greater and perhaps discourage an expansion of loans, observers point out that the market
is in a far differ nt technical position than it was before the shakeout which
preceded the general increase in rates on November 3. The approval of
the Federal Reserve Board at Washington was received yesterday, and an
announcement of the new schedule was made after the close of trading at
•
the exchange.
While an Ottawa dispatch early yesterday (Dec. 11) to
"Financial America" denied reports of a $10,000,000 gold OFFERING OF TREASURY CERTIFICATES IN
ANTICIPATION OF TAXES.
shipment from Canada, advices later in the day from the
same source, appearing in that paper, said:
Secretary of the Treasury Glass announced on Dec. 8
Sir Henry Drayton, Canadian Minister of Finance, this afternoon an offering of Treasury certificates, Series T J-1920, in
announced that a shipment of $20,000,000 in gold would be made to New
anticipation of taxes. The certificates are dated and bear
York. Part of the consignWent is now on its way to New York.
interest from December 15 1919, and are payable June 15
SPOKANE CLEARING HOUSE TO ACCEPT CANADIAN 1920, with interest at the rate of 43'% per annum. Bearer
certificates with one interest coupon attached will be issued
CHECKS AND CURRENCY AT 15% DISCOUNT.
Advices from Spokane, Wash., appearing in last night's in denominations of $500, $1,000, $5,000, $10,000 and
$100,000. The circular of Secretary Glass says in part:
"Evening Post," said:
Certificates of this .eries will be accepted at par, with an adjustment cf
The executive committee of the Spokane Clearing House Associatio
during such time and under such rules and regulations as
voted to exact a discount of 15® on all Canadian checks and currency, accrued interest
effective to-day. The action followed a series of unprecedented advances shall be prescribed or appsoved by the Secretary of the Treasury, in payment of income and profits taxes payable at the maturity of the certificates.
in the Canadian discount rate covering the last three or four days.
The certificates of this series do not bear the circulation privilege.
The right is reserved to reject any subscription and to allot less than the
FURTHER INCREASE IN DISCOUNT RATES OF
amount of certificates applied for and to close the subscriptions at any time
without notice. Payment at par and accrued interest for certificates
FEDERAL RESERVE,BANK OF NEW YORK.
allotted must be made on or before Dcc. 15 1919 or on later allotment.
The action a month ago of the Federal .Reserve Bank of .'t'reasury Certificates of Indebtedness of any and all series now outstanding
New York in increasing its discount rates, was followed by and not overdue, maturing on or before March 15 1920(with any unmatured
coupons attached), will be accepted at par with an adjustment of accrued
a further advance in the rates this week. The higher rates interest in payment for any certificates of the Series
Ti, 1920, now offered
established last month, were put into effect on Nov.3 by the which shall be subscribed for and allotted.
•
2220
THE CHRONICLE
[VOL. 109.
A circular, issued on Dec. 10 by the Federal Reserve Bank at which Mr. Hays thus expressed himself was held under
of New York, with regard to the offering, says:
the auspices of the Republican Women's New York State
The books of the Federal Reserve Bank of Now York as Fiscal Agency of Executive Committee. His remarks
were given in the New
the United States are open and subscriptions are now being received to the
new issue of Certificates of Indebtedness acceptable at their maturity in York "Tribune" of Dec. 4 as follows:
payment of Federal income and profits taxes. Any qualified depositary will
be permitted to make payment by book credit, as usual, for certificate.
,
allotted to it and its customers. No specific amount of the new certificates
is being offered by the Treasury Department, and no individual ouotas
have been assigned to the banks. The details of the official offering were
contained in our Circular No. 231 of Dec. 8 1919.
Exchange of Unmatured Certificates for the Present Offering.
The new certificates may also be obtained by exchanging outstanding
Issues maturing on or before March 15 1920, and not overdue. The
certificates so exchangeable for Series TJ 1920 are as follows:
"Tax" Certificates.
"Loan" Certificates.
Series—
Dated.
Afaturity, Series—
Dated.
Maturity.
T 5____June 3 1919 Dec. 15 1919 A 1920_Aug. • 1 1919 Jan. 2 1920
T 7____July 1 1919 Dec. 15 1919 B 1920_Aug. 15 1019 Jan. 15 1920
T 8____July 15 1919 Mar. 15 1920 C 1920_8ept. 2 1919 Feb. 2 1920
T 9_ __ _Sept. 15 1919 Mar. 15 1920 D 1920.Dec. 1 1919 Feb. 16 1920
T M 3-1920
Dec. 1 1919 Mar. 15 1920
If any banking institution is in doubt as to the best method to pursue
In offering its present holdings of certificates in exchange for the new
(Series T.' 1920) it is suggested that, while of course the banking institution
is free to subscribe in any manner under the terms announced in the official
offering, the interests of the Treasury might best be served if the "loan"
certificates were turned in for exchange rather than the "tax" certificates.
REDEMPTION OF TREASURY CERTIFICATES OF
INDEBTEDNESS DATED AUGUST 1 1919.
The redemption, beginning Dec. 15, of the Treasury
. certificates of indebtedness issued in payment of taxes—
Series A 1920—dated Aug. 1 1919, and due Jan. 2 1920,
is authorized in the following notice issued by the Secretary
of the Treasury Dec. 10:
In the trying times ahead the Republican Party shall determine its every
step by how it can contribute most to the country's welfare. There has not
been and will not be any geography, political or physical, in the patriotism
of this country. It Is no time for little things, for petty jealousies, carping
criticisms, pullings or haulings, but fearlessly, in a spirit of patriotism,
with our eyes solely on the country's welfare, the Republican Party can and
will solve the problems.
We attribute honesty of purpose to the opposition and our message to
them is that each party make its business to see which can go the farther
in developing plans and executing purposes for the welfare of the people and
the glory of the nation. Let this be the real contest between political
parties in this country.
There are two natural inquiries from women new in politics.
First—What does the Republican Party offer the women?
Second—What does the Republican party stand for?
Women on Equality with Men.
The Republican Party offers the women everything we offer the men.
The only just rule for a political party is that the rights of participation in
the management of the party's affairs must be and remain equally sacred
and sacredly equal.
The Republican women come into the party activity not as women, but
as voters, entitled to participate, and participating just as other voters.
Their activity is not supplementary, ancillary or secondary at all—they are
units in the party membership—and where the suffrage for them is new
they come in just as men have come in when they have reached the legal
voting age. They are not to be separated or segregated, but assimilated
and amalgamated, with just that full consideration due every working
member of the party in the rights of their full citizenship. There is to be
no separate women's organization created within the party, except and only
In those cases where such an arrangement may be needed temporarily as an
efficient aid in the complete amalgamation which Ls our objective.
Self-Determination Offered.
To women and to men alike the party offers the right of a political selfThe Secretary of the Treasury has authorized the Federal Reserve banks determination, and that is the answer to the second query, "'What does
on and after Monday Dec. 15, and until further notice, to redeem in cash the party stand for?" Within the Republican Party there is and must be
before Jan.2 1920. at the holder's option, at par and accrued interest to the full political self-determination. It is Entirely up to the party membership
date of such optional redemption, Treasury Certificates of Indebtedness of to say what the party's purpose shall be, what its policies shall become.
This fundamentally is what we offer the women—the chance to express
Series A-1920, maturing Jan. 2 1920.
themselves. We have no hard and fast set of rules, no unalterable list of
dogmas.
Party programs must always be subject to amendment and change by the
UNITED STATES TO ISSUE NEW TREASURY
responsible living thought expressed within the party by men and women
SAVINGS CERTIFICATES AND SAVINGS STAMPS
alike. Through it all, however, must run the supreme motif, and in the
JANUARY 1.
Republican Party that supreme motif is and always shall be the honest,
patriotic and intelligent effort to promote and safeguard the best interests
A new issue of Treasury Savings Certificates and of of
the republic and its citizens.
Government Savings Stamps will be put on sale at banks,
trust companies and post offices throughout the United
States on January 1 1920, according to announcement made
on Dec.8 by the Government Loan Organization, New York
Federal Reserve District, 120 Broadway, New York. The
latter's announcement says:
Plea Made for Patriotism.
I plead for a patriotism in peace as well as in war. I insist that we have
not merely that patriotism born of extremities, which burns in the souls of'
men, only when their country is in danger, but the patriotism of good
citizenship, at the fireside, the plow, the mart, in low places and in high
places, in season and out of season.
There must be in this country two political parties, and both must be
strong and virile. I do not ask that all women become Republicans. To
which party you belong is of less consequence than that you belong to some
party, that you seek for the truth, find it and then act, and act continually.
I would rather a woman join with our opponents than belong to no party.
The securities, in reality discount bonds of the United States Treasury
Department, will mature for full face value in Jan. 1925. Treasury Savings
Certificates will be offered in two denominations, $1,000 and $100, costing
in January $824 and $82 40, respectively. Government savings stamps
will be issued in $5 denominations and will cost $4 12 next month.
Party Stands for Efficiency.
Thrift stamps, that were first offered for sale Dec. 1 1917 will also be
What does the Republican party stand for? Well, it is up to you as
continued, costing 25 cents each. 16 of these, plus 12 cents, will entitle
the holder to a Government savings stamp during Jan. 1920. Thrift much as any part of the party membership to determine what the party
stamps purchased prior to Jan. 1 next will be accepted as part payment for stands for; but I suggest that, above all things else, the Republican Party
stands first for the faithful, efficient and honest administration of the
the new securities.
It was also announced that the new Government savings stamps will business of the country.
Our duty is before us, and that duty we shall not shirk. Republicans
bear the head of George Washington, will be carmine in color and larger
shall bring this government back to the limitations of the Constitution in
than the 1919 War Savings Stamps.
Investors in Treasury savings certificates and Government savings times of peace; and well, indeed, may our party give its best thought to
stamps are granted the privilege of redeeming their securities. The United that matter, as it has become more apparent daily that the Republican
States Treasury Department will repay in full the amount invested, plus Party is the country's only salvation.
The labor of this country is entitled to and will receive far representation
$2 per month on $1,000. Treasury savings certificates, 20 cents per month
on $100 certificates and one cent per month for Government savings stamps. In all the councils of the nation. We will have just remedial legislation
for the betterment of this great group of our population at all times, not
only because it is their due, but because by justice allvays we can prevent
the insidious influence of the criminal element of the I. W. W.from taking
WILL H. HAYS ON PRINCIPLES FOR WHICH
in the ranks of real labor.
hold
REPUBLICAN
PARTY STANDS.
At a dinner at the Hotel Astor this city on Dec. 3, given
in his honor, Will H. Hays, Chairman of the Republican
National Committee, in indicating what the Republican
Party stands for, suggested that above all things else it
"'stands first for the faithful, efficient and honest administration of the business of the country." Republicans, he
declared, "shall bring this Government back to the limitations of the Constitution in times of peace." In further
outlining, the stand of the Republican Party Mr. Hays
averred that "the industrial difficulties in this country,
which at the moment seem to be overwhelming, can be, and
I have implicit faith, will be, solved in one way—by finding
exact justice and enforcing it." The railroad problem, lie
said, "will be solved, and solved fairly, with provision
for a just return on real investment and with reasonable
assurances for essential development and extensions."
Another of Mr.Hays's declarations was that "there must be
strong Federal regulation, but not Government owAership.
We have always endeavored," lie continued, "to find that
middle ground so well defined as between 'the anarchy of an
unregulated individualism and the deadening for mlism of
an inefficient and widespread State ownership.'" The dinner
Business Encouraged.
And that criminal element, organized or unorganized, called I. W. W •
or anything else, that goes about this country seeking whom it may destroy
—that thing is a traitor to this country, nothing else, and should be treated
as such.
Vigorous and thorough shall be our efforts to make certain for the business of the country that opportunity and encouragement which will insure
its development and growth upon which the prosperity of all depends.
In the great readjustment, business must have sympathetic help, not
antagonistic curtailment. It must be treated with an appreciation of its
fundamental importance, and not as a dentogogue's shuttlecock.
Taxes which kill initiative must not be levied. There should be a large
inheritance tax on the very great inheritances, and, of course, adequate
taxes must be provided by careful legislation and fair enforcement by
competent men to take care of the extraordinary expenses, but we do not
propose to permit the use of the war as an excuse for everything.
Square Deal Promised.
Our problems are largely economic. The industrial difficulties in this
country, which at the moment seem to be overwhelming, can be and, I
have implicit faith will be, solved in one way—by finding exact justibe
and enforcing it.
It is simply a matter of Roosevelt's "square deal"—exact justice for
labor, exact justice for capital and exact justice for the public, the third
side of the triangle which must not be lost sight of. To that end we must
develop a reasonable method for honest and efficient labor to acquire an
Interest in the business to which labor Is expected to give its best efforts.
Pending this development an equilibrium between production and wages
must be established and there must be justice for all—exact justice, the
justice of right and of reason.
DEC. 13 1919j
THE CHRONICLE
Justice for all—and do not forget that the American people still know
what exact justice is.
The Republican Party from Its inception has stood against undue federalization of industries and activities. There must be strong Federal regulation
,
but not government ownership. We have always endeavored and still
shall endeavor to find that middle ground so well defined as between
"the
anarchy of an unregulated individualism and the deadening formalism
of
an inefficient and widespread State ownership."
The railroad problem will be solved, and solved fairly, with provision
for
a just return on real investment and with reasonable assurances for essential
development and extensions.
2221
after this publication will be conducted without any view to direct or
indirect connection with the Government. The policy of carrying no advertisements, except Government advertisements, will, however, be continued.
With this change there is also a change in management. Mr. Edward S.
Rochester, who, was the original editor of the "Official Bulletin," and who
deserves great credit for his work, resigns and is succeeded by Mr. John D.
Little, of Boston, Mass. I take this occasion to thank Mr. Rochester
publicly for the service which he has rendered and especially for remaining
with the "Bulletin" until it was decided what course to pursue. Mr. C.B.
Hardegen becomes business manager and Mr. Stanley Bowmar, VicePresident, with headquarters in New York,
"Against Pedagogic Paternalism."
We are against paternalism in government and we are against
that form
of pedagogic paternalism that has developed recently in this
country.
CO-OPERATION BY CONSUMER IN ADJUSTMENT
There is in this country a religious faith which believes
in the divine
origin of the Constitution of the United States. While we
OF FLOUR SITUATION ASKED BY JULIUSR.
may not adopt
this tenet, I approve the direction of the thought and I
recommend the
BARNES.'
appreciation. The time is here when our heel must be in the ground.
Law
Julius
and order shall reign in this country. We are the freest
H.
Barnes,
United
States, Wheat Director, on
government on the
face of the earth, and our strength rests in our patriotism.
Dec. 2, addressed an open letter to the housewives of America
In all of our efforts the best brains and hearts in the country
are neces
asking their co-operation in the adjustment of the present
sary. Women are able to contribute and owe to the situation
the peculiar
flour situation and the proposed sale by the Government.
ability which is theirs. We trust the women voters of this
country to
help the Republican Party carry out its determination to require
that the within the following two weeks, of straight flour in small
highest standards of health be maintained and enforced; that there
is a packages at a nominal cost. The letter in part said:
proper compulsory school education; that we have proper limitation
in the
The Grain Corporation does not desire to replace the usual trade facilihours of work for women in employment where standing is required,
and ties in flour handling. It much prefers that
the established channels should
that there be an eight-hour day; that there is a proper prohibitio
n of child give the ultimate consumer the opportunit
y to practice thrift when so
labor, and that there shall be adopted as speedily as possible every practical
minded.
principle which can further humanize industry.
To make assured, however, that such opportunity is offered, the Grain
Carry On Against Disloyalty.
Corporation, by the middle of December, will have in most of our cities
not already provided with similar flour at similar prices suitable retail
Let all woll-wishers of good government, regardless of party affiliations
,
packages under the name "United States Grain Corporation Standard Pure
let all those who love their country and its institutions listen
now for a
Wheat Flour." This is being done because from e ery national standpoin
moment, listen with eyes aloft, listen to the voice of experience and the
t
call
it
is desirable that our individual consumers and our bakers
of inspiration from the spirit of America, which was Washington
re-adapt their
and Lincoln and Roosevelt--listen and hear from them the call: "Carry on, Ameri- consumption to use the product which is in ample supply this year and relax
the strain on that character of flour which is in light supply.
cans. Carry on. Carry on. Carry on, now, against the foes of our
own
No authority exists in the Wheat Guaranty Law
household as you fought at Valley Forge, at the Argonne and at Chateau
to control the maximum
price
of wheat, nor of flour. No authority exists for prescribing
Thierry. Carry on. Carry on."
the
character offlour to be made,and no authority for
Find disloyalty if there be disloyalty and scotch it; find dishonesty
requiring "war flours" or
if
"substitute flours," and no necessity exists for them. Besides, except
there be dishonesty and crush It; find the right and cleave unto it.
in
Keep time
of war, Government should touch the individual
your eyes raised. Americans, but keep your feet on solid ground.
preference of its
Find people
with great caution. Interference may easily
the reason for discontent, and meet it squarely; correct the cause
cause distress and
where disaster.
The experience and judgment of honest men in private business
there is a cause and mercilessly destroy the excuse where it is an excuse
Is the safest guide. But the war conscience
only. Find exact justice and demand it—demand it for all men and
may be succeeded by a rere- sponsive
social conscience and common-sense spending. Price competition
quire it from all men.
The great power which Is the spirit of America must not tolerate any and the restriction of consumption by price influence alone is ungenerous
attempt to array group against group, section against section, or sect and unfair to those of limited purchasing ability.
These are the facts of a most interesting
against sect. Guard against this as you would against a pestilence: the
wheat position which make advisable a re-adaptation of the habits of our
nation has no greater enemy than one who would thus divide
flour consumers:
the country
First.
An increase in flour and bread consumpti
against itself.
on. In five months,
United States flour production records an
increase above last year of over
10,000.000
barrels,
which
increase
has
been eaten or placed on the shelves of
REPUBLICAN NATIONAL CONVENTION TO BE HELD
our people, or partly each. This consumption
increase is desirable from
IN CHICAGO 'JUNE 8.
every point of view, replacing the strain on higherpriced foods. Our large
The Republican National Convention, at which the party's crop of wheat will care for it.
Second. A shrinkage in the crop yield of spring
-sown hard wheats by
Presidential candidate will be nominated, and the platform 150,000,000 bushels and a corresponding
increase in the yield of winter
adopted, will be held in Chicago beginning June 8 1920. wheats. This requires, for a balanced consumption,
a shifting of part of
the demand from one kind to the other. Soft red
The meeting-place was decided upon by the Republic
winters have sold in the
an past more years at high premiums than have other kinds,
but, this year, are
National Committee, in session at Washington on Dec.
10. the lowest priced.
Third. The elimination Dec. 15 of the expert and import
The decision in favor of Chicago came as a result of 44 votes
embargoes.
For two years these have been maintained to provide equal distibutio
recorded therefor, against 9 for St. Louis. The
n of
appointment our supplies to ourselves and our Allies. They are no longer vital
and their
of a committee to consider the policy and
removal
will
begin
reconstruc
the
tion
of
internatio
platform of the
nal trade connections
that must function when the Grain Corporation retires. This may admit
national convention was authorized at this week's
meeting.
wheat of the strong variety to make up the shortage of our own,
A council was also created, consisting of twelve members Canadian
but Canadian export, controlled by a Canadian Wheat Board
committed
of the National Committee who are to serve on a special to a policy of operating for profit, can not be counted
on to respond fluently
committee to consider party policies and twelve members to the usual play of demand. At all events, is it not in the national interest
to cor.sume the product of part of our own farms and at a reasonable
cost
not of the National Committee, including four women.
A than to maintain the high premium market for the benefit of Canada,in
feature of the Washington meeting was the issuance
growers?
of a
This situation requires the consideration of all our
statement by Senator James E. Watson, of Indiana
people.
(who
The grocer should not continue blindly the stocking
of accustomed
had been endorsed the previous day for President by the brands regardless
of their advancing prices, but should encourage the sale
Indiana Congressional delegation) in which he declined
of the lower-priced wheat flours. Not to carry them
puts a discount on
to national
thrift.
become a Presidential candidate. 'Senator Watson
said:
Bakers can increase the mixture content of these flours
This statement is made for the purpose of defining
and by care and
my position with skill maintain the quality of bread, with benefit
to his raw material cost.
reference to the Republican nomination for the Presidency
. Not at any time
The Bureau of Labor Retail Price Reports indicate
have I been a candidate for this place. having ropet%Cd
that
for twenty
y declined to permit months the average price of one-sixteenth
barrel (12
the use of my name. But many of my friends,in Indiana
pounds) in this
and in other States, country has been Si cents to 89 cents. This
having insisted on my becoming a candidate, I feel, in
opportunity offers the retail
justice to them and price of flour at about 75 cents.
to the aspirants for that position, that I should definitely say
Let us prove it is not true that our people are recidess
that I ant not
seeking the Presidency: that I shall not become a
in etpenditure and
candidate, either actively exercise no thrift, either few themselves or in
protection of those unable to
or passively, and that my solo political ambition is to
succeed
enter
myself
into
price
competitio
as
n.
Senator from Indiana.
If retailers represent this flour as unsuitable, our people should, by
test,
•
be their own judges. On and after Dec. 20 the offices of the United
States
Grain Corporation at New York will answer inquiries as to what
RO6'ER IV. BABSON ON FUTURE OF "OFFICIAL
retailers
handle this flour.
BULLETIN."
Roger W. Babson. President and publisher of the United COAL MINERS' OFFICIALS
ACCEPT PRESIDENT
States "Bulletin," makei the following announcement in
'WILSON'S PLAN FOR SETTLEMENT OF WAGE
it:,
Dec. 1 issue, concerning the future policy of the "Bulletin:"
DISPUTE.
On April 11919, when the Administration—for lack of an
appropriation—
Representatives of the United Mine Workers of America,
was obliged to discontinue publication of the "Official
Bulletin." I endeavored to carry on the work, under the title, "United
in conference at Indianapolis, voted Dec. 10 to accept
States Bulletin."
I believed that Congress would see the need of a publication of
this kind, President Wilson's proposal for settlement of the wage,
carrying no advertisements or editorials, but confining
itself to a concise dispute between the
bituminous coal miners and operators
report of the things being done in Washington and who
is doing them.
of the Central Competitive Field.
Every other civilized country has such a bulletin and I
knew that the
United States should have one also.
The President's plan provides that the 42:5,000 bituminous
After eight months of negotiations, I am convinced that Congress
is in no
Mood to rtrume its publication. I, therefore, am faced with the al- miners (a majority of whom have been on strike, since
ternative of either suspending publication or of making ifdefinitely
Nov. 1, notwithstanding -issuance several weeks ago of
a private
-a
venture. At the urgent request of many interests I have decided
upon the Federal Court mandate to cancel the strike order)
wily
latter course.
return
to
work
at once under the conditions which prevailed
Personally, I believe that subscribers will from now on find the "United
States Bulletin" of far greater value than in the past, but, in justice to the when they walked out on Oct. 31,
except that there shall be
president and other Govermnent officials, I must publicly state that here- an increase
of 14% over the wage scale then prevailing; that
2222
THE CHRONICLE
[VOL. 109.
An immediate telegram will be sent out to all of our 4,000 local unions
as soon as the miners return the President will appoint a
our membership of this action and instructing them immediately
commission of three, including representatives of the oper- advising
to resume work in the mines. This telegram will be later followed by an
ators and miners, who shall investigate and determine, if official order fully explanatory and carrying the signatures of the interthe organization.
possible within sixty days, a basis for a new wage agreement. national officials and the presidents of all the districts in be
given this order;
We have confidence that immediate compliance will
This commission will take up the readjustment of both that our men will forthwith return to work and supply an adequate supply
wages and coal prices, the readjustment to include differen- of fuel.
After the mines all resume normal production, the international conventials and internal conditions within and between the districts. tion
will be reconvened in Indianapolis, when a supplemental explanation
The commission's report, under the agreement, will be will be given the delegates from all local unions which will enable them to
accepted as the basis:of a new wage agreement, the date of see the justification for this action.
The action taken to-day should demonstrate to the people of our country
whose effectiveness and its duration are also to be decided that
the United Mine Workers of America are loyal to our country and
by the commission.
believe in the perpetuity of our democratic institutions. No greater demonThere was one dissenting vote on the question of accepting stration of such fact could be given than our action in accepting the proposal
the President of the United States.
the President's plan. Attending the conference were inter- of We
hope and shall expect that the public spirited citizens of our nation
national executives, district presidents, and members of the will recognize the importance of the sacrifices that the miners have made and
will
their influence to the end that justice and consideration in wages
lend
The
Field.
Scale Committee of the Central Competitive
working conditions shall be given to the miners who produce the coal
conference was in session two days—Dec. 9 and 10. The and
upon which is predicated our entire social structure.
short session of the first day was spent in debating the
The miners everywhere will await with such patience as is possible the
of the President's commission.
award
question whether it was necessary to have the Cleveland
Earlier the same day the miners' leaders issued the followconvention, at which the miners' demands were formulated,
and the strike authorized (in September), reconvened to ing joint statement, announcing their acceptance of President
act on the President's proposal. The radical elements in Wilson's proposal:
The United Mine Workers' representatives agreed to accept the Presithe union favored reconvening the Cleveland convention,
proposal as a basis of settlement of the coal strike. They did so
It was stated, which would have involved considerable delay. dent's
because it provides a definite, concrete and practical method by which
Attorney-General Palmer, who remained at Indianapolis adequate consideration and a proper adjustment of their claim for an Induring the conference, and who had submitted the Presi- crease in wages and improved conditions of employment may be broguht
about. The United Mine Workers have full confidence in the President of
dent's plan to the heads of the miners' organization on the
United States and a profound regard for his will and judgment.
Dec. 6 at Washington, issued on Dec. 10 the following:
The President's proposal differs from any proposal heretofore proposed
In that it leaves nothing in doubt so far as a plan of adjustment and the
details thereof is concerned. The scheme proposed by Dr. Garfield left no
hope for the mine workers other than the acceptance of an increase in
mining prices of 14%. The President's proposal provides that this amount
of advance is preliminary, and that the tribunal which he will set up will
have full authority to consider further questions of wages and working
conditions, as well as profits of operators and proper prices for coal, readjusting both wages and profits if it shall so decide. It further provides
that the Commission will have authority to settle internal questions peculiar
to each district, all of which are of very great importance to the mine
workers.
The Commission will make its report within sixty days, unless some insurmountable difficulties arise which prevent it from doing so, and the
Commission will have authority to fix the date when any award it makes
will become effective.
The President's plan further provides that upon a general resumption of
the status quo will be maintained; that is, that all mine workers
operations
this
issued
Palmer
additional
Mr.
day
Later on the same
will return to work with an increase in wages amounting to 14%, upon the
statement:
same basis which obtained on Oct. 31 1919. Neither operators nor miners
The miners at their meeting this afternoon accepted the President's will be allowed to change the basis, and no discrimination by the coal
proposal exactly as written, and I understand the operators' coxnmittee operators will be permitted.
have announced their acceptance of it. It provides for the immediate
It was these specific features of the President's proposal which made it
general resumption of operations in all districts upon the basis which ob- acceptable to the International officers of the United Mine Workers when
tained on October 311919, except as to wages, which are to be 14% higher submitted to them through Attorney-General Palmer and Secretary Tumulty
than at that date.
In Washington on Saturday, Dec. 6.
This means that the men shall be taken back to work in all mines in
We are accepting the President at his word, feeling confident that he will
then
employment
of
contracts
the positions and upon the terms of their
appoint a tribunal composed of fair-mined men who will give full and comaccede
owners
Will
mine
the
that
expected
confidently
and
it is
plete recognition to the justice of the mine workers' claims. Besides it is
existing,
to the Government's earnest request that the status quo of October 3 fair to assume that the public will not only insist that full justice be accorded
be promptly reestablished in order that peaceful relations between employer the mine workers but also will accept the finding of the tribunal appointed
and employee in all parts of the mining fields may be immediately resumed. by the President of the United States as a fair and equitable determination
I am asking the Governors of all coal mining States to co-operate in the of all the tastier; involved.
effort to bring this about.
The National Bituminous Coal Operators Association
The coal strike is settled as the Government wanted it settled. When
Messrs. Lewis and Green came to see me Saturday (Dec. 6),I restated what
the Government's position had been from the beginning and insisted on their
acquiesence. They finally agreed to it.
They have now persuaded the officers of their organization that the
situation calls for compliance with the court's order and the Government's
wishes, and I am certain that all the miners in the country will cheerfully acquiesce in the decision of their leaders. I desire to publicly commend
the wise and patriotic action of Mr. Lewis, Mr. Green and their associates.
I am of course gratified at the outcome, which is one the entire country
will approve. Mining will be fully resumed at once, the danger of distress
and suffering during the winter is passed, the authority of the Government
recognized and upheld, the supremacy of the law has been established and a
precedent of incalculable value has been set for the peaceful, orderly and
lawful adjustment of industrial disputes.
The conference of the miners' officials after voting to issued a statement at Washington, Dec. 10, in which they
accept the President's plan instructed the International said:
We are pleased that the miners have voted to return to work and that
Executive Board to call a convention of the International
public can be promptly supplied. Realizing the Imperative need of coal
Union in Indianapolis, as soon as possible after normal the
in large quantities, the operators stand ready now, as in the past, to bend
production has been resumed at the mines, at which the all their energeles toward a maximum production, beginning at once.
The text of President Wilson's proposal, submitted to the
action of the conference would be explained to the delegates
conference at Indianpolis, Dec. 9, was as follows:
from the local unions.
I have watched with deep concern the developments in the bituminous
After the adjournment of the conference the following
strike, and am convinced there is much confusion in the minds of the
telegram was sent to all local unions, advising them of the coal
people generally, and possibly of both parties to this unfortunate controacceptance of President Wilson's proposal for ending the versy, as to the attitude and purposes of the Government in its handling
strike and instructing the miners to return to work im- of the situation.
The mine owners offered a wage increase of 20%, conditioned, however,
mediately:
upon the price of coal being raised to an amount sufficient to cover this
Conference of all district representatives United Mine Workers of America
decided to-day to accept proposition submitted by President Wilson providing for immediate increase of 14% on mining prices, day work and dead
work, and appointment of commission to decide upon our demands for
further increase in wages and settlement of other questions in dispute. In
view of this decision all United Mine Workers are instructed and directed
to resume work immediately. Circular containing full explanation and
further instructions follow.
(Signed) JOHN L. LEWIS,
Acting President.
WILLIAM GREEN,
Secretary-Treasurer.
John L. Lewis, Acting President of the miners organization, and one of the men largely responsible for the
acceptance of the proposal of President Wilson (although he
had stood firmly for a 31% wage advance as a minimum),
issued this statement after the ending of the conference:
The conference of members of the International Executive Board, the
Beale Committee of the central competitive field, the presidents and asssodate representatives of all districts in the United States agreed with only
one dissenting vote to accept the President's proposition of settlement as
as recommended by Secretary Green and myself.
We have taken this action conscious of our responsibilities to our nation
during this acute industrial crisis and firm in the conviction that the word
of the President of the United States will secure for the mine workers just
Consideration of their merited claims.
proposed increase of wages, which would have added at least $150,000,000
to the annual coal bill of the people. The Fuel Administrator, in the light
of present information, has taken the position, and I think with entire
justification, that the public is now paying as high prices for coal as it
ought to be required to pay, and that any wage increase at this time ought
to come out of the profits of the coal operators.
In reaching this conclusion the Fuel Administrator expressed the personal
opinion that the 14% Increase in all mine wages is reasonable because it
would equalize the miners' wages on the average with the cost of living;
but he made it perfectly clear that the operators and miners are at liberty
to agree upon a larger increaase, provided the operators will pay it out of
their profits, so that the price of coal would demain the same.
The Secretary of Labor, in an effort at conciliation.between the parties,
expressed his personal opinion in favor of a larger increase. his effort at
conciliation failed, however, because the coal operators were unwilling to
pay the scale he.proposed unless the Government would advance the price
of coal to the public, and this the Government was unwilling to do.
The Fuel Administrator had also suggested that a tribunal be created,
in which the miners and operators would be equally represented, tOconsider
further questions of wages and working conditions as well as profits of
operators and proper prices for coal. I shall, of course, be glad to aid in
the formation of such a tribunal.
I understand the operators have generally agreed to absorb an increase
of 14% in wages, so that the public would pay not to exceed the present
price fixed by the Fuel Administrator, and thus a way is opened to secure
the coal, of which the people stand In need if the miners will resume work
on these terms pending a thorough Investigation by an impartial commission which may readjust both wages and prices.
DEC. 13 1919.1
THE CHRONICLE
By the acceptance of such a plan the miners are assured immediate
steady employment at a substantial increase in wages, and are further
assured prompt investigation and action upon questions which are not now
settled to their satisfaction. I must believe that with a clear understanding
of these points they will promptly return to work.
If, nevertheless, they persist in remaining on strike, they will put themselves in an attitude of striking in order to force the government to increase
the price of coal to the public, so as to give a still further increase in wages
at this time rather than allow the question of a further increase in wages
to be dealt with in an orderly manner by a fairly constituted tribunal
representing all parties interested.
No group of our people can justify such,a position, and the miners owe
it to themselves, their families, their fellow-workmen in other industries
and to their country to return to work.
Immediately upon a general resumption of mining I shall be glad to aid in
the prompt formation of such a tribunal as I have indicated to make further
inquiries into this whole matter, and to review not only the reasonableness
of the wages at which the miners start to work, but also the reasonableness
of the Government prices for coal. Such a tribunal should within sixty
days make its report, which could be used as a basis for negotiation for a
wage agreement. I must make it clear, however, that the Government
cannot give its aid to any such further investigation until there is a general
resumption of work.
I ask every individual miner to give his personal thought to what I say.
1 hope he understands fully that he will be hurting his own interest and the
interest of his family and will be throwing countless other laboring men out
of employment if he shall continue the present strike: and further, that he
will create an unnecessary and unfortunate prejudice against organized labor
which will be injurious to the best interests of workingmen everywhere.
WOODROW WILSON.
Preceding the opening of the United Mine Workers' conference Dec. 9, Attorney-General Palmer issued at.Indianapolis a statement outlining the steps which led to the
proposal by President Wilson for the ending of the strike.
The statement follows:
The President, Saturday, was about to issue a statement to the country
reciting the facts in relation to the strike situation and making an appeal
to the miners to go back to work.
Mr. Lewis and Mr. Green called on me that day and I showed them the
President's statement. Th y finally agreed to its terms as far as they were
concerned and called a meeting of their official boards to consider it, at
which time they agreed to urge its acceptance.
A memorandum was prepared, its form being agreed to by Mr. Lewis and
myself, embodying in brief the President's proposal and the action which
should be taken by the miners. The President's statement will be presented
to the miners this afternoon and I am assured that the action indicated
will be taken.
2223
The original demands of the bituminous miners, formulated at the International Convention held in Cleveland,
September last, included a 60% general wage increase, a
six-hour day, and five day week.
PRESIDENT WILSON COMMENDS ACTION OF
MINERS' OFFICIALS IN VOTING TO END
STRIKE.
President Wilson, on Dec. 11, sent a message to John L.
Lewis, Acting President of the United Mine Workers of
America, congratulating the officials of that organization
upon the action taken in accepting the Government's proposal for ending the bituminous coal miners' strike which
was in progress about six weeks. The message read:
May I not express to you, and through you, to the other officers of your
organization, my appreciation of the patriotic action which you took at
Indianapolis yesterday. Now we must all work together to see to it that a
settlement just and fair to every one is reached without delay.
(Signed) WOODROW WILSON.
On the same day the President received from Mr. Lewis
this reply:
Indianapolis, Dec. 11 1919.
The President—I am honored in the receipt of your message wherein you
commend as patriotic the action of the mine workers' conference of yesterday. Your recognition of this fact I am sure will be echoed by the American people. The mine workers are profoundly impressed with the assurances of fair dealing which you have extended. The sincere co-operation
of myself and associates will be given to the end that the final settlement
will comprehend every element of justice and right.
JOIN L. LEWIS, President United Mine Workers of America.
BITUMINOUS MINERS OF ILLINOIS REPUDIATE
DECISION OF THEIR LEADERS TO ACCEPT
PRESIDENT'S SETTLEMENT PLAN.
Following acceptance by the representatives of the United
Mine Workers of President Wilson's plan for settlement of
the wage demands of the miners, Peoria (Ill.) press dispatches of Dec. 11 announced that miners of Peoria, subdistrict 2, had repudiated the Indianpolis agreement for
The memorandum, embodying the President's proposal, settling the nation-wide strike of miners at a meeting held
Dec. 11. Authority for this announcement was a statereferred to by Mr. Palmer in the above, read as follows:
E. Sherwood, member of the Illinois
In accordance with the request of the President, as contained in his ment made by W.
statement of Dec. 6, the miners will immediately return to work with State Board of United Mine Workers of America. Eight
the 14% increase in wages which is already in effect.
thousand men are said to be affected.
of operations, which shall be in
Immediately upon a general resumption
all districts, except as to wages, upon the basis which obtained on Oct. 31
1919, the President will appoi t a commission of three persons, one of whom
shall be a eractieal miner and one of whom shall be a mineowner or operator
in active business, which commission will consider further questions of
wages and workirg conditions as well as profits of operators and proper
prices for coal, readjusting both wages and prices if it shall so decide, including differentials and Internal conditions within and between districts.
Its report will be made within sixty days if possible and will be accepted
as the basis of a new wage agreement, the effective date and duration of
which shall also be determined by the commission.
On Dec. 9 the miners' representatives received a telegram
from William B. Wilson, Secretary of Labor, from Washington, saying:
I cannot too strongly urge you to accept the basis of settlement proposed
by the President. 1 have been associated with him for more than six years,
and I know that every fibre of his strong nature has been devoted toward
securing fair play for everybody, and particularly the under dog in a fight.
Every blow he has had to bear, and he has had to bear many of them,
has been brought about by his intense earnestness in that direction. You
•
can rely thoroughly upon every promise he makes.
But aside from that, as a result of the stoppage of work in the mines,
difficult
industrial situation that ever confronted the
we are facing the most
country. It threatens the very starvation of our social life. In this
emergency the President has pointed a way out with honor to the Government and honor to yourselves.
If my judgment and experience are of any value to you, let me use them
in advising you for the welfare of yourselves and the country as a whole to
accept the way out that is proposed by the President.
The first intimation that the President had made a new
proposal to the miners' heads was contained in the following,
issued by Mr. Palmer, Dec. 6:
"A GREAT PRINCIPLE HAS BEEN GAINED IN THE
SETTLEMENT OF THE COAL STRIKE," SAYS
W. G. MC ADOO.
Commenting on the settlement of the bituminous coal
miners' strike W. G. McAdoo, ex-Secretary of the Treasury,
was quoted on Dec. 11 as follows:
A great principle has been gained in the settlement of the coal strike.
The increased wages of labor have not been shouldered on to the public,
which has been the result in every other conspicuous case of which I have
knowledge.
Then, a commission has been appointed to investigate not alone the
wages and working conditions of the men, but also the earnings of the
operators. Such a commission can render invaluable service to the country
by a thorough investigation of all sides of the question, so that when a
decision is made it will be in the interest of all parties to the controversy,
including the public.
The President is to be congratulated on the result and the people have
every reason to rejoice in the settlement.
It has been Mr. McAdoo's contention that the coal operators have in the past made excessive profits and therefore
could afford to pay to the miners increased wages without
getting higher prices for coal.
DR. GARFIELD TENDERS RESIGNATION AS
FEDERAL FUEL ADMINISTRATOR.
It was announced Dec. 11 in Washington advices of the
Associated Press that Dr. Harry A. Garfield had tendered
his resignation to President Wilson as Federal Fuel Adminis.
trator. On Dec. 12 the resignation was accepted and
Walker D. Hines appointed. Dr. Garfield resigned, it
was said, because he disagreed in principle with the coal
strike settlement proposal arranged by the Government
and the mine workers' union, which the latter voted
to accept Dec. 10. Dr. Garfield, on Nov. 26 offered
a plan of settlement to the Washington conference
of representatives of the miners and operators which the
miners rejected. This included, as did the President's plan,
a 14% wage advance, but it virtually precluded a further
Two days later, on Dec. 8, this statement was authorized wage advance—which the miners' officials now evidently
believe it will be possible to secure, since they have accepted
at the White House:
It is hoped that there will be a settlement on Tuesday afternoon of the 14% as a preliminary or tentative award. In announcing
controversy between the miners, the operators and the Government through the fact that the Fuel Administrator had submitted hiE
the acceptance by the miners of a plan for a definite settlement proposed
resignation, the Associated Press gave the following explanaby the President, which proposal was submitted to the miners through
tion therefor:
President Lewis by Attorney-General Palmer Saturday night.
A conference was held at the Department of Justice in Washington on
Saturday, at which were present the Attorney-General, Mr. Tumulty,
Secretary to the President; John L. Lewis, acting President, and William
Green, Secretary-Treasurer of the United Mine Workers of America, with
a view to reaching an understanding between the Government and the miners
which would result in a settlement of the coal strike situation.
At this conference there was submitted a definite concrete proposition
f
rom the President looking to a speedy termination of the strikesituation
and an adjustment of the entire controversy. The officers of the United
Aline Workers, in response to the suggestion of the President, agreed to call
and have called a meeting of the general scale committee, the representatives of all the district organizations and the international executive board
of the United Mine Workers, to be held in Indianapolis on Tuesday. Dec. 9,
at 2 o'clock p. m., at which time the President's proposal will be considered •
and its acceptance by the miners urged by Mr. Lewis and Mr. Green. The
Attorney-General will be in Indianapolis on Tuesday.
222-1
THE CHRONICLE
Men close to Dr. Garfield understand that he believes the work of the
commission authorized under the settlement, to be made up of one coal
mine operator, a coal miner and a third person named to represent the public,
will result in an increase in the price of coal to the consuming public.
Dr. Garfield has been opposed to this form ef a settlement. Ile took
no part in the negotiations with the mine union chiefs during the last week,
and,although he was informed and consulted after their initiation, the terms
laid out as finally accepted contravene his conception of the main principle
involved.
It was recalled in connection with the resignation that in suggesting a
14% wage increase as fair for the miners and possible to be paid from profits
of mine owners, Dr. Garfield suggested a commission representative of
the industry to review the findings, but expressed the conviction that such
a body should not have power to fix prices. His belief is said to be that
with this power granted a combination of the employer and employee in
the industry to mulct the public by price raises is certain to result.
Whether the President will accept the resignation is not known. Members of the cabinet are known to be supporting the settlement program,
but through Attorney General Palmer.
ROBERT S. LOVETT ON THE ESCH AND CUMMINS
BILLS.
Robert S. Lovett, Chairman of the Union Pacific System,
on Dec. 10 forwarded to Members of Congress, a memorandum of comment upon the Esch and Cummins bills.
It seems useful, he says, to take stock at this time of the progress made by the present Congress during its first session
toward the enactment of legislation necessary to meet the
railroad emergency. In his view, the only necessity for
additional railroad legislation is to re-establish railroad
credit, which, he observes, failed even before the war under
the system of regulation in force, mid to save from bankruptcy and ruin many, and perhaps most, of the railroads
of the country because of the extraordinary increases in
wages and in prices of fuel and other materials during Federal
control. Unless railroad credit is re-established, he well
says, it will be impossible for the railroads to reasonably
keep pace with the growth of the country or to finance any
substantial part of their requirements for extensions and
betterments, generally estimated at one billion dollars
annually. He,therefore, proceeds to examine what Congress
has proposed to date, and to ascertain how far it meets this
fundamental necessity, and what the country faces if these
proposals are really as far as Congress means to go in solving
the railroad problem.
Mr. Lovett points out that both the Senate Committee on
Inter-State Commerce, of which Senator Cummins is Chairman, and the House Committee, of which Mr: Esch is
Chairman, have presented bills designed to embrace all the
legislation they deem necessary upon the subject. The
Esch Bill, after many amendments in open session of the
House, was passed by that body and has gone to the Senate.
The Senate did not consider either bill during the first
session but has taken up the subject in the session which
has just convened. If the usual course is followed, Mr.
Lovett says, the Senate will substitute its own bill for the
House bill, and after extended debate and probably amendments, it will pass its bill, and the differences between the
two measures will be worked out in conference.
The Esch Bill as amended and passed by the House,
Mr. Lovett finds, contains the following discouraging features:
1. The first and fundamental objection is that it bases its whole scheme
of relief upon the Inter-State Commerce Commission. But aside from that
the bill imposes upon the already overburdened Commission the performance of many new duties and the administration of many new regulations.
It creates no new agencies to assist the Commission in rate matters, such
as Regional Commissions; and it leaves the Commission still burdened with
the administration of the Car Service Act, the Act Relating to the Construction and Operation of Switch and Sidetrack Connections, the Act of
Aug. 24 1912, the Safety Appliance Acts of Mar. 2 1893, the Act of May 5
1910, relating to Railroad Accidents, the Safety Act of Feb. 23 1905, the
Hours of Service Act of Mar. 4 1907, the Safety Act of May 30 1903, the
Act Relating to the Transportation of Explosives, approved Mar. 4 1909,
the Boller Inspection Act of Feb. 17 1911, the Act Relating to Block Signal
ystems and Appliances, approved June 30 1906, and many other duties
of an administrative character having nothing to do with rates, which could
be better performed by a smaller Board—leaving the Commission free to
devote its time and talents to the making of rates and to the hearing and
determining of rate cases and other important controversies. The bill
adds two new members to the Commission, it is true, making the membership eleven instead of nine, as at present. But it is still a single Commission,
And although its membership be increased and it divide itself into sections,
It remains a single body, governed by the same semi-judicial rules of procedure and methods, and with the same diffused and all-embracing duties,
many of which are in no wise related and require wholly different experience
and talents and methods for their correct solution. It is obvious that the
Commission must employ subordinates, not merely to assist, but actually
to decide and dispose of many of its important duties; and the bill authorizes
it to do this and the Commission has been doing it heretofore of necessity,
even with its present duties. This is one of its defects. It is not right
to put the practical decision of questions of such vast public importance
upon subordinates of the Commission who are unknown, who get no credit
or recognition for what they do, who hold their places at the pleasure of the
Commission, and who receive salaries insufficient without any certainty
uf tenure of office, to command the ability and experience that ought to
be brought to bear in the decision of such questions. No reflection upon
the subordinates of the Commission is intended, for I believe them to be
individually and as a class, quite equal in ability and character to any
[Vol.. 109.
other men in similar lines of work. But my point is that the system is not,
calculated to produce the wisest decisions, and that decisions by even
the best of men in such subordinate, precarious, underpaid and unrecognized positions would be unsatisfactory as a rule.
All experience suggests that Regional Commissions and administrative
boards for administrative duties, composed of members appointed by the
President and confirmed by the Senate, for definite terms, anti receiving
fixed salaries, would be better suited to decide and dispose, subject to
review by the main Commission in rate cases, all these important questions
and be more in keeping with our traditions and ideals. The Inter-State
Commerce Commission must either leave wholly and entirely to subordinates the final decision and disposition of a great multitude of important
matters, or it must devote to the review and revision of the conclusions
of its subordinates an amount of time that will be seriously needed for rate
questions and controversies, and its more important work. Delay in rate
making and revision and in the decision of rate questions is deadly to railroad and commercial interests alike. It has been a great evil in the performances of the Inter-State Commerce Commission in the past, and
with the additional duties imposed by the Each bill it will, in my judgment,
become intolerable.
2. The Esch bill, as introduced and as amended and passed by the
House, recognizes that the revenues from existing rates remaining after
the payment of wages and other operating expenses will be insufficient, duo
to conditions arising during Federal control and still existing, to save many
of the railroads from bankruptcy and to conserve the credit of the others.
It therefore provides a guaranty for a period of six months after Federal
control. But this "guaranty" is illusory if not worthless. It does not
provide, as one would suppose, that one-half of the "standard return" for
twelve months now paid shall be guaranteed the companies for the period
of six months, but provides instead that the guaranty to each company
shall be the average of the corresponding periods of six months during the
test period. That is to say, assuming that Federal control terminate
Dec. 31, as now believed, the bill provides that the average net earnings
during the test period for the six months from January to June inclusive,
rather than one-half of the earnings for the whole year, shall be taken.
Now we know that the first six months of the calendar year are the worst
for the railroads. The crops have been moved and the traffic is light,
and during the three winter months of January, February and March the
snows are heaviest, the Geather generally is the worst, and the operating
difficulties are the greatest of the year, while in the spring months of April.
May and June the maintenance work is actively resumed to repair the
ravages of winter and to prepare for the heavy traffic of tho late summer
and autumn. As a result many railroads have deficits for the first six
months of the year. Hence I say the "guaranty" tendered by the Esch
bib as passed by the House,fails to meet the emergency which it recognizes
and assumes to provide for.
3. The provision of the Esch bill as amended by the House with respect
to the funding of amounts charged by the Government to the railroad companies for additions and betterments made during Federal control is a serious
menace to the credit of companies without great financial resources and
strength. It requires that the amount due from the Government to any
company, even for rental, shall be set off against amounts incurred for
additions and betterments made during Federal control and chargeable
to capital account, to the extent permitted under the standard contract
between such company and the United States relative to deductions from
compensation. Any balance due by the company with respect to additions
and betterments may be funded into not exceeding ton equal amounts,
one of such amounts to be payable annually beginning at the expiration
of five years from the termination of Federal control, with interest at the
rate of 6% per annum from date, subject to the right of the carrier to pay
before maturity. Any other indebtedness existing at final settlement shall
be evidenced by notes payable on demand with interest at the rate of 6%
per annum and secured by such collateral as the Government may require.
No progressive railroad company in a growing country such as ours can pay
for its additions and betterments out of earnings, as this Act requires. Such
expenditures are for capital account, and as such must, to a great extent
if not entirely, be provided for by the issue of capital securities. Furthermore, the bill provides that even the balance which the Government cannot
collect by setting off the rental because of the restrictions in the standard
contract shall be funded for only five years and shall be thereafter payable
in annual installments, provided the company is able to give good security,
which many of them cannot do. Funding for five years, it is true, allows
a breathing spell, but the requirements that the amounts shall be paid in
ten annual installments thereafter is a method which only financially strong
comilanies can avail of, and probably will have to be taken care of out of
current income, as,in the case of equipment trust obligations.
When it Is considered that the additions and betterments were ordered
by the Government, and many of them to meet the emergencies of the
war, and especially when there is considered the very liberal treatment
accorded by the Government to war industries and to the telegraph and
telephone companies with respect to improvements, it would seem not
unreasonable to allow the railroads which need the indulgence a long term
in which to pay the capital expenditures charged against them by the
Government while under Federal control. The provision leaves the railroad companies without a dollar of working capital, with a large indebtedness to the Government for equipment and for additions and betterments
ordered and made by the Government during Federal control, with an
increased pay-roll of over a billion dollars a year added during Federal
control, confronting a scale of prices for fuel and other materials comparable with the increased:cost of living for individuals, and with a rate
increase insufficient to save the Government itself from a huge deficit in
Its own operation of the railroads. Such a refunding provision certainly
does not tend to the enhancement and re-establishment of railroad credit.
4. But the most amazing provision of the Esch Bill as amended by the
House is that with respect to labor. It effectually perpetuates every wage
increase and every working rule or regulation made by the Railroad Administration under the stress of the World War and the abnormal conditions
resulting therefrom, no matter how radically conditions may change nor
how soon normal conditions of living may be restored. As reported by the
Committee, the Bill contained an elaborate provision for a "railway labor
adjustment board" and a "railway board of labor appeals" for hearing labor
disputes, bueno means were provided for enforcing such decisions. Where
a contract ex.sted, it was provided that the railroad company and the unions
respectively and members advising should be liable in damages and civil
.violation of such contract. But this would simply discourage
actions for
or prevent the making of wage contracts. Strikes and lockouts were not
made unlawful, and no penalties were prescribed therefor. But even this
"milk and water" provision called forth the usual denunciation from the
agitators, and when the Bill came up in the House, a strictly union labor
amendment was adopted by a vote of 161 for to 108 against. The Bill as
thus amended and passed recognizes the various railroad brotherhoods
and unions by name and provides for boards of adjustment composed equally
of representatives of such unions and of the railroad companies, but makes
no provision for onforcement_of the decisions of such boards or for the
DCC. 13 1919.]
THE CHRONICLE
decision of cases, of which there must be many, where the equally divided
board cannot agree; and it does not prohibit or in any wise discourage
strikes. But the most remarkable provision is that the Act as thus amended
makes every decision of the United States Railroad Administration or of
the Commission of Eight permanent, for it says all such decisions
"affecting questions of wages, hours of service or conditions of employment are hereby confirmed and shall apply to all carrier lines subject to
this Act. Decisions which have been rendered by the
States Railroad Administration and which apply to the individualUnited
carriers subject to
the provisions of this Act shall remain in effect until
by mutual
agreement between the carrier and the employees or superseded
by decision."
of one of the adjustment boards created by the Act. Of course this provision means that no change can ever be made except in the way of further
wage increases, since the requisite "mutual consent" to a reduction or
modification will not be given by the unions, and will not be "superseded"
by the adjustment boards, since under the Act the unions have one-half
the membership of each board. The same provision exists with respect to
the Adamson ,,light-Hour Law. I am not advocating a reduction of wages
at this time or any change in working rules and regulations, although some
of them are absurdly unjust to the railroads and to the people who pay
the freight bills.
But it is unbelievable that the House realized that by adopting this
amendment it would saddle upon the country by law the railroad wage
scales and working rules established under the stress of war and at a time
when the cast of living and the profits of labor both were above anything
known for generations, and enforce the same by the penalties prescribed
in the Act, while prescribing no penalties for strikes. Legislation of this
sort is not likely to attract investors to railroad securities or to inspire
much confidence in the future provision of the transportation facilities
which the country will need.
The Esch pin as passed by the House contains other provisions that will
not be helpful though less objectionable; some that seem merely formal and
of no particular consequence; and some that undoubtedly are wise, as, for
example, giving the Federal Government exclusive regulation of the issue
of railroad securities. But I comment only on those which In my judgment
tend to defeat what I conceive to be the main object and reason for any
legislation by Congress at this time, namely, the re-establishment of railroad credit to the extent necessary to enable the railroads to obtain the
means required to provide the transportation facilities which the country
must have.
2225
Except these fractions, all earnings'andNavings of the company in excess
of6% on the value of its property as fixed by the Commission are to be paid
over by the company to the Government within four months after the end
of each year, to be used by the Govenment
"in furtherance of the public interest in railway transportation by carriers
subject to the Act to Regulate Commerce, and avoiding congestions,
interruptions or hindrances to railway service . . . or in furthering the
public service rendered by them, either by way of purchase, lease or rental
of transportation equipment and facilities . . . or by way
of loans to
such carriers," &c.,
whatever such clause may mean.
Whether the "value" referred to in such limitation of
return is the "book value," says Mr. Lovett, or the value
which the Commission is already engaged in making is not
clear. In one paragraph the provision is that no carrier
shall retain more than a reasonable return upon its "property
inves(ment," which undoubtedly means the investment,
whether good or bad, wise or foolish, and regardless of real,
intrinsic or earning value. In another paragraph the provision is that the "Commission shall from time to time determine the value of the property in each district and ratemaking group." A literal construction of these two paragraphs means, in Mr. Lovett's view, that for rate-making
purpo es by groups, the Commission should determine the
value, but that for limitation of earnings of individual roads,
the "book value" should be the guide. But the most extraordinary provision, says Mr. Lovett, is that commanding that
the Inter-State Commerce Commission "shall, so far as
practicable, adjust rates, fares, charges and classifications
that the net operating income of the several carriers shall
bear the same relation to the value of their respective properties." His comment on this feature is as follows:
That is to say, that the Commission shall disregard earnings, efficiency,
ability of management, economy, wise expenditures in development,
location of line, volume of business, and every other consideration
entering
into and ordinarily controlling relative values of
properties in the every
day, common sense transactions of men, and shall instead
observe a rule
which is never observed by anybody. To the extent of
"property
ment" or to the extent of "value" as determined by the Commission invest(which
according to the tentative valuations thus far filed by the Commission,
now with duties that interfere with its more important work of making and means "junk" value—as so many second hand ties, rails, bridges, strucrevising rates and deciding rate controversies. The Bill, therefore, relieves tures, engines, cars, &c.—and not a going railroad) it shall be the lawful
the Commission of various administrative duties with respect to other duty of the Commission under this provision to manipulate "rates, fares,
matters which can be as well or better performed by some other board, and charges and classifications" so that the value of the Union Pacific with
confers upon it additional duties of a much more important character and its low grade, highly efficient, first located line, and the Denver & Rio
provides it with the assistance necessary for the proper performance thereof. Grande, located well up toward the top of the Rocky Mountains, shall
The Bill also recognizes for the first time in our Congressional legislation be equalized; and that the value of the New York Central, the Pennthe responsibility of the Federal Government to creaste some agency sylvania and other modern and highly efficient railroads shall be equalized
charged with the duty of promoting the establishment of adequate railroad with the most inefficient and unprofitable railroad in the same territory.
facilities requiring it to keep an eye on transportation service and find out Obviously this equalization can be accomplished only in one of two ways
what is necessary to provide that which is needed, and co-operate with the —either by raising the value of the inefficient or reducing the value of
railroads and the Commission in bringing it about. The Bill creates a the efficient lines. The value of the inefficient can be raised only by raising
Transportation Board composed of five members to he appointed by the the rates to a point where sufficient net is realized or by giving them in
President with the consent of the Senate, and charges it with the duties some form a share of the savings of the efficient lines. In any case, the
just mentioned, and transfers to it the various administrative dudes with inevitable effect of such provision, if it be possible for the Courts to regard
which the Inter-State Commerce Commission is now burdened with respect it seriously, will be to ruin the credit of the railroads by which the great
to the Car Service Act, the Safety Appliance Acts, the Railroad Accidents bulk of the business of the country is and must be transported.
But that is not all. The same Section provides that in 1925 and in
Act, the House of Service Act, the Act Relating to the Transportation of
Explosives, the Boiler Inspection Act, the Automatic Signal Act, and other every fifth year thereafter, the Commission shall determine what, under
conditions
then existing, constitutes a fair return, and that it may "increase
Acts referred to above. The Bill also recognizes the danger to the whole
People in the power of four men, whoever they may be and however wise, or decrease the five and one-half per centum basis herein prescribed or the
who lead the trainmen's brotherhoods, armed with a strike vote given a basis for the determination of excess income." So that the Commission a
merely to support them in negotiations, to tie up the railroad transportation such peric,ds hereafter is at liberty under the bill to determine that 6% upon
of the country and to throttle the life of the nation. The Bill, therefore, the value is too high a rate, and that 5% or 4%, or a lower rate is enough
provides means for promoting the just settlement of all railroad labor dis- for a railroad investor, and that all net earnings in excess of such lower
putes through tribunals created by the Bill; and, this done, it prohibits rate should be forfeited to the Government.
strikes under severe penalties by provisions that are undoubtedly consistent
Is It conceivable that the money necessary to provide the railroad facilwith the Constitution. The Association of Railway Executives has taken ities which this growing country needs—generally estimated at not less
no position upon this question, because it relates to disputes between the than one billion dollars per annum—will be obtainable from investors under
companies and their employees', and it is for the public to determine what legislation of this sort? The whole world is borrowing—governments,
measures it will take, and how far it should go, in protecting itself against municipalities, railroads, steamships, industries, mines and enterprises of
every kind. The rest of the world realizes as never before that credit—
the results of such disputes, in the form of strikes or otherwise.
The Cummins bill also contains rather elaborate provisions with reference fidelity to financial obligations—is something that every people must
to the merger or consolidation of the railroads of the country into from sacredly guard at all times in order to obtain means in emergencies. Opportwenty to thirty-five competing systems—voluntarily for seven years and tunities for safe and profitable investments are almost unlimited
and are
thereafter compulsorily. I do not believe the plan is workable, but as its bound to continue so for many years. Profits on industrial,
commercial
operation is not immediate and as experience and time will demonstrate financial, mining and other enterprises in our own country are unrestricted
its defects before the plan becomes obligatory, it need not be discussed here. and most attractive to our investors. It is with such competition as this
that railroad executives must contend for the money necessary to maintain
The Cu mins Bill contains many other provisions of a and
increase our transportation facilities. The best
under the
wise and far-seeing nature, Mr. Lovett'points, out, and in legislation proposed, could offer a return of only 6% onrailroads,
the value of their
property,
even
and
that
return
only
judgment
in
it would go a long way in solving the railroad
case it is earned, for, mind you, the
his
does not propose that the Government shall guarantee the return. Thue
problem, but for one feature, which he believes would be abillmeasure
designed to reassure investors and attract new capital to
railfatal:
road enterprises defeats itself by discriminating against
investments in
The bill proposes that for the first time in the history of this country the railroad bu)iness by confiscating all the rewards of wisdom in investing
Congress shall declare that railroad owners shall not be entitled to the and efficiency in operations.
As part of the plan the same Section 6 of the bill provides
earnings they may be able to save out of rates which the Government itself
that
prescribes. Hitherto it was supposed that the duty and power of the Gov"The Commission shall initiate, modify, or adjust rates, fares,
charges,
and
clas.sifications, as nearly as may be, so that the railway carriers
ernment were to determine the rates which the carrier should be entitled
as a
whole allocated to each district and subject to this Act
to charge and the shipper required to pay. With the rates once fixed by gate annual
shall earn an aggrenet railway operating income equal, as nearly
as may be, to
the Government it was supposed that all carriers in the district could seek 5 per centum upon the aggregate value,
as determined in accordance with
the business and each would be entitled to all that it could make and save the provisions hereof, of the railway property of such carriers
in the district
through ability, enterprise, efficiency, economy and otherwise. But the held for and used in the service of transportation."
Cummins bill makes a novel and radical departure by providing that no
Of course this includes the railroad that operates at a loss
as well as the
railroad company shall retain out of the earnings it may save under rates railroad that earns a surplus, the
road that should never have been built
which the Government itself authorizes or approves in the manner preyidexl as well as the most useful line, the badly
managed as well as the best manin the Act, more than "a reasonable return on its property investment." It aged railroad, for all in the district or group must
be included and rates
then proceeds to declare in effect that 51A% on the value" of the property made sufficient to yield the specified
return on the "aggregate value" in
as determined by the Commission is a "reasonable" return, and confiscates the rate group. I have already pointed out
that
the
"property nvestall in excess of 6% upon such value. But it allows the company to retain meat" in one sentence of the bill is taken as the basis
for limiting the return
one-half of its savings between 6 and 7% and ono
-fourth of its savings in and that in another sentence in the same
section the Commission is emexcess of 7%, to be put in a "reserve fund" until the reserve fund amounts powered—'without any guide—to determine
the "value" of the railroad
to 5% of the value of the property—the reserve fund to be drawn upon for property. As indicated by the tentative valuation reports thus far filed
dividends or interest in years when the savings amount to less than 6%. by the Commission, that body takes the
estimated reproduction cost of the
After such reserve fund amounts to 5% of the value of the property, the elements entering into the railroad, such as rails,
ties, bridges, buildings
carrier is allowed one-third of its earnings in excess of 6%.
and other structures, cuts, fills. &c., less depreciation—or what I have
The bill introduced by Senator Cummins and reported
by the Senate Corn littee has the merit at least, Mr. Lovett
contends, of recognizing the facts of the railroad situation
and the courage of grappling with them in an honest attempt
to solve the problem. On this point Mr. Lovett says:
It recognizes that the Inter-State Commerce Commission is overburdened
2226
THE CHRONICLE
called a "junk- value, rather than the value as a going railroad—as its
guide of value: and according to that method an unwisely built and improperly located railroad operating at a perpetual loss might be valued
even higher than a wisely built and profitably operated line. But if "property investment" is to be taken as the guide, the more overcapitalized
a railroad has been the greater would be its value, for, until the bookkeeping
rule was changed by the Commission in very recent years, all securities
Issued were carried in the property investment account by most companies
at par,regardless of the price received for them. It certainly will be a number of years before the Commission can complete the valuation work upon
which it is already engaged, and advocates of this scheme outside of Congress urge property investment as the basis of such value.
The promoters of this scheme, before it was incorporated in the Senate
bill, recognized that it would involve a very substantial increase in rates.
and in order to lull the people into submission they devised the plan of
confiscating, in the manner and to the extent above described, the net
earnings of the wisely built and developed and well managed railroads In
excess of 6%. They assumed apparently that the controlling objection on
the part of the people to an increase in rates was that some roads would be
able to save more from such rates than others and more than a moderate
profit. But what will it profit the shippers for the Government to confiscate the earnings in excess of 6%,as proposed by this bill? The amount
Is not returned to the shippers. It in no wise reduces the rates they pay.
It goes Into a fund for the very vague railroad purposes indicated by the
provision hereinbefore quoted from the bill. The leading advocate vehemently denies that the amount is for the benefit of the weak lines. The
shippers are to go on paying the high freight rates in order that the so-called
"weak" lines, however inefficiently managed or improperly built, may get
Increased revenue in that way,,but are expectedl,to be lulled into acquiescence
by the delightful reflection that the inherently valuable and efficient railroads shall not be allowed to retain the benefit they get from the increased
charges.
This assumption involves two fundamental mistakes: The first is that the
people are willing to pay more than a reasonable rate in order to reward
improvidence or mistakes or misfortune in locating and building railroads,
or possible inefficiency in management and operation (for all the risk of
these is put upon the public by the Bill in dealing with net earnings): and
the second is that the people of this country are unwilling to reward wisdom
In construction and development, and efficiency in management and operation of railroads—the property in the success of which the public at large
Is more interested than in any other class of property existing.
Mr. Lovett denies that the American people are in favor
of confiscating the net earnings of a railroad company saved
by it out of reasonable rates established or approved by the
Government itself. The people are interested in the rates
they pay—not in what the carrier by economy, efficiency,
wise foresight or otherwise, is able to save out of such rates.
Proceeding Mr. Lovett goes on to say:
The cloud of ignorance and prejudice which has befogged the railroad
question must and will disappear. Our people view with complacency,
and indeed approval, large earnings by well-managed banks, manufacturing
Industries, commercial institutions and enterprises of various kinds, out of
prices and rates fixed by themselves—free from regulation by the Government. How preposterous then that the people should object because some
railroad companies by wise foresight and good management in competition
with others should be able to make out of rates made—not by themselves
but prescribed by the Government itself—a profit much less than that
commonly made in other lines of business. That, too, when the people
are enormously interested in the maintenance and development and increased efficiency of railroad transportation, which is a necessity for all—
whereas the success or failure of the other enterprises are not matters of
such vital public concern. The cloud of fiction and prejudice which has
so long befogged this aspect of the railroad question is vanishing and the
people are learning that, if private capital is to supply railroad facilities,it
must receive as fair treatment as that employed in other and much less
necessary enterprises.
This Section 6 of the Bill makes the so-called "weak" railroads the
special object of the Government's fostering care, and sacrifices rights of
the "strong- roads in order to remove some of the difficulty in effecting
Increases in rates for the benefit of the weak roads. Aside from any question of right or wrong in this, is it wise? Why are the weak roads weak?
Is it not true that with very few exceptions the weak railroads are weak
from lack of business? Wouldn't they run more passenger trains if they
had the passengers? Wouldn't they run more freight trains if they had the
freight? Are not their facilities ample for the volume of business they
have? Are not they suffering more for business than for facilities? What
would they do with the additional money from increased rates? Would
they spend it for more tracks and more terminals, or more equipment,
when most, if not all, of them now have more of these than their business
requires? Is the money to .ncrease transportation facilitfes? Or to increase the price of "undigested" securities now drooping on the market?
It is not the weak roads that transport the country's commerce. It is
not the weak roads on which the traffic becomes congested. Many of the
"weak" roads are weak because they serve territories which, for various
reasons, afford little traffic. But they are giving the service which the
traffic justifies and requires. Some are weak because they are in competitive territory, and their rivals, through more fortunate location, or
accessibility to industries, or for other good reasons, are more convenient
and satisfactory to shippers and therefore able to get the business. Others
are weak as a result of mistakes in policy, unsound financing or bad management; and others are weak because building in the first instance never was
Justified by the traffic obtainable, and was merely a speculative effort.
It has seemed almost impossible to attract sufficient attention in this
connection to the supremely important fact that the country's transportation service is performed by the "strong" lines and not by the "weak".
The industries are located on the strong lines and such lines, by location
and otherwise, are best adapted to the business. Their growth and development have been more in conformity with the needs of the traffic.
They serve better the convenience and requirements of the people. It is
the strong lines to which traffic inevitably flows, and upon which congestions occur. The congestion of traffic in 1917-1918 did not occur on the
weak roads, but on. the strong. Very few of the weak lines were taxed
except with the overflow of traffic in excess of what the strong lines could
handle. This was because the bulk of the traffic is normally on the strong
lines; and this tends to make them strong. The most prominent exceptions
to this are certain of the New England lines and certain large bituminous
coal carriers.
[VOL. 109.
road companies which regularly pay dividends. Their credit
depends upon the "Continuance of such dividends. Their
stocks are held by hundreds of thousands of individuals—
many representing the savings of almost a lifetime.
Unless such dividends are continued—and indeed practically assured—
It will be impossible for these companies so situated as to be called upon to
handle the great bulk of the commerce of the country to obtain the money
for improvements and development required to meet the needs of our growing commerce. It was the Commission's policy of stationary and inflexible rates in the face of increasing wages and other operating costs,
and the conflicting regulations of the various States, that made investors
anxious about the stability and continuance of dividends, and deterred
many of the strong railroads from making the improvements, additions
and extensions which all now know to be necessary. The fact undoubtedly
Is that it is the strong roads upon which- the bulk of the business naturally
falls that need the additional facilities, and it is the strong roads whose
credit must be conserved if such facilities are to be provided.
Hence, I protest against the confiscatory provisions of Section 6 of the
Senate Bill, as not only failing to provide for the transportation emergency
confronting the country, but as making it infinitely worse by attacking
for the first time in the history of this Government—not the transportation
rates to be charged the shipper (which the Government may and ought to
prescribe) but the net saved out of such rates, which is as much the private
property of the stockholders as the money and assets in the treasury, and
by seeking to bring the valuable and the worthless, the important and the
unimportant, and the efficient and the inefficient railroads to a dead level.
To base rates upon "property investment," as advocated by representatives of some of the "weak" lines, or upon the separate appraisement of
the different elements entering into the construction and making up the
physical structure, as seems to be the method thus far adopted by the
Commission in its valuation work, undoubtedly will require radical changes
in the rate structure and the rate relations now existing. which represent
growth and commercial needs for generations, and to which commerce is
adjusted. And it is a false and wholly arbitrary basis.
Further increases of freight rates undoubtedly are necessary, as the
Government's own experience with the railroads shows. No well informed
person expects railroad wages to be materially reduced under existing conditions; and the prospect of material reductions in the prices of fuel and
other supplies for many months is certainly not encouraging. Added to
this must be the expense of traffic organizations and soliciting agencies
incident to a restoration of competitive conditions, which were not necessary during federal control. Hence large deficits from operations—like
those suffered by the Government—confront nearly all the railroad companies unless freight rates are further increased very substantially.
The practical and only effective method of making such increases is to
take the rates as they exist and base upon thorn such increases and adjustments as may be necessary to meet the increased wages of lab-r, the increased cost of material and other operating expenses and taxes, and provide a return on the new capital that has been put into the properties in
such enormous amounts and which must be provided for the future. The
Commission s'Iould be left free to consider new rates from time to time, so
as to adjust the revenue to the changing expense of operation, the rise and
fall of wages and prices, and the expenditure fo new capital. So far as
it becomes necessary to consider the value of the railroads: the average
earnings during a series of years, taking into account the conditions. In
existing, plea a fair return on the new capital expended for betterments,
additions, equipment and extensions, is economically and in sound common
sense the rule that ought to be followed.
A railroad i? legitimately worth nothing to its owners except what it can
earn and pay in the way of interest and dividends. True, earnings depend
in large measure upon the rates a carrier is allowed to charge, and these
rates in turn may be fixed by the Government so long as they are not confiscatory. But our railroad rates nave been under Congressional regulation
since the creation of the Inter-State Commerce Commission in 1887. Since
1906 at least, the Commission has had power and has effectually exercised
it, to reduce rates when found too high, and railroad earnings have been
open to the Commission and the public. No one can justly claim that our
railroad rates as a whole, or in any substantial territory, or on any important
line, have been too high. The fact Is that they have been too low. Under
this system, railroad values have worked themselves out. Railroads that
could earn net returns have demonstrated their ability, and those that had
little earning capacity have been disclosed—all under rates for which the
Government is responsible. The securities of all these roads have been
bought and sold at prices based upon their demonstrated earning capacity,
and are to-day held by those who bought at such prices. The prices of
these securities are the evidence of popular judgment of the relative value
of these railroads—as one compared with another;—and these values were
based upon net earnings made under rates that the roads were allowed
by law to charge. The Government should not, and consistently with
fair dealing cannot, question the value of the railroads as demonstrated
through many years by rates established by or under the regulation of
its own agencies. New money has been put into the properties by investors
for additions, betterments and equipment, thus increasing the transportation facilities--which it would be the duty of the Government itself to
provide, if not furnished by private capital; and much of this capital has
been too recently invested to be yet reflected in increased earnings. It
Is upon such considerations as these, with the values establihsed under
earnings from rates prescribed or sanctioned by law for years, that rates
should be based, and not upon "property investment" or upon the value
of so many second hand ties, so many second hand rails, brdiges, structures,
etc., etc.
S. DAVIES WARFIELD ON THE RATE SECTION IN
THE CUMMINS RAILROAD BILL.
S. Davies Warfield, President of the National Association
of Owners of Railroad Securities, has addressed an open
letter to Congressman Schuyler Merritt, in which emphasis
is again laid on the fact that in order to permanently protect
the incentive of the individual railroads there first must
be an assurance of a living rate. The letter was called forth
by the circumstance that at the 39th annual meeting of
the Academy of Political Science of the City of New York,
Mr. Merritt delivered an address on the Esch Bill for the
regulation of the railroads, in which he defended the position
Without speaking definitely from statistics, Mr. Lovett taken by the framers of the bill in the omission therefrom
says he feels safe in asserting that not less than 80% of the of a definite rule of rate-making by mandate of Congress,
fixing a statutory return upon the value of the property
railroad traffic of the United States is transported ,by
iir-
DEC. 13 1919.]
THE CHRONICLE
2227
early transportation days as the Pacific roads. These roads, through
Governmental aid, received their start and built themselves up to the point
where their earning power and surpluses do not justify rates which are essential to the life of the great majority of the roads. The Pacific roads, you
will recall, received loans of bonds from the Government amounting to
some $65,000,000 in the early days, and interest on these bonds to the extent
of $116,000,000 was advanced by the Government until their maturity.
In addition to this they were given large land grants, to the extent of many
millions of acres, and there are other circumstances in connection with this
situation which I might add but it is not necessary at this time. A large
part of the opposition to correcting the effect of the limitations now imposed upon the majority roads has been led by officials of some of the Pacific
and of a few other railroads constituting the minority. If the Government
furnished to SOIlle of these railroads their start in life, proper and necessary
to be done at the time, it can scarcely be termed "confiscation," as some few
have termed it, for Congress to now ask that they co-operate to relieve
conditions which they know exist, the correction of which is known to be
necessary to preserve the transportation system as a whoie and continue
it under private ownership, at the same time preserving to themselves
substantial earnings and surpluses.
Present Regulatory Laws Failed to Reach Heart of the Difficulties.
Upon their return the railroads face a crisis never before faced. If there
NATIONAL ASSOCIATION OF OWNERS OF RAILROAD
was ever a time when the inherent conditions mentioned herein should be
SECURITIES.
met, certainly it is now. Not only do the roads face the conditions men
Baltimore, Dec. 3 1919.
tioned in respect to rates, but they also face the same procedure and subHon. Schuyler Merritt, House of Representatives,. Washington, D. C.
stantially the same regulatory laws under which the Interstate Commerce
My Dear Sir:—Recently I had the pleasure of hearing your address be- Commission has operated and which have failed to reach the heart of the
fore the Academy of Political Science in New York on the House (Esch) difficulties of the past.
Bill for the regulation of the railroads. There are provisions of the House
The Esch Bill, as framed by your Committee of the House, VMS amended
Bill in which the committees of the Association I represent concur.
by the House and although not naming a specific rule for rate making, the
In your address you briefly touched upon the regulation of excess earn- section which was specially intended to deal with the regulation of rates was
ings, and mentioned that nothing should be done which would impair stricken therefrom.
incentive. On these two points I am taking the liberty of writing you.
The failure of a rate-making formula to pass the House substantiates our
The rates that the railroads are permitted to charge for transporting contention that the Act should definitely interpret what a "reasonable"
passengers and freight have been completely under Federal and partly rate means by naming the minimum and provide for a maximum return
under State regulation for thirty years, but, in the regulation of rates under from such rates, as the omy practical legislative solution of the railroad
the regulatory laws as at present constituted, the result has been a limita- problem. Definite directions in the Act in respect to these essentials are
tion on the earnings of the majority of the railroads of the country, whereas as necessary to satisfy the demands of the public, the apprehensions of the
other roads, constituting the minority, have not been subject to any such shippers and the caution of Congress as it is to be certain that the railroads
limitation.
will be enabled to give adequate service, as a whole, and finance themselves.
This has resulted because legislation heretofore enacted by Congress To state that rates shah be made that will "produce reasonable return"
where
the
serve
of
territory
railroads
majority
the
that
failed to recognize
adds nothing to the bill or to the present law that has not been considered
light traffic predominates, while the roads of the minority mostly serve by the Commission in the past in making rates as pointed out by Commisterritory of heavy traffic; under these circumstances rates made to sustain sioner Clark at a bearing before the House Committee.
the majority roads will produce too great earnings to the more favorably
Section 6, Cummins Bill, Only Method Now Before Congress.
situated roads constituting the minority. These conditions are basic and
There is only one method now before Congress under which the conditions
are not affected by efficiency in operation. Both classes of roads are essenSection
tial to the development of the sections of the country they respectively herein named can possibly be met, and that method is outlined in
6 of the Cummins Bill, now before the Senate. This Section recognizes
serve.
deby
when
the
years
Government
ago
served
territories
that
of
sight
the
the
in
lost
conditions
inherent
inequality between traffic
The fact is often
cided to take from the railroads the making of the price at whicn they must the respective railroads. It provides that the limitation on the earnings
sell their product--transportation—the Government at that moment now applying only to the majority railroads be removed, by extending it
also took the right to regulate their earnings, but Congress in such regula- so those roads which are now advantageously situated in territories of dense
tion did not furnish to the Interstate Commerce Commission the means or traffic. Section 6 removes this limitation by directing the Commission,
the power to provide for the disparity in earning power arising entirely after 6% has been earned on the individual investment in any railroad.
from the inequalities in traffic conditions of railroad territories to which through rates adjusted as I shall hereafter indicate, that half of such earnings
I have referred. When the price at which the railroads are compelled to —which are termed excess earnings—shall remain with the railroad earning
sell their product is fixed for them. it must be recognized that their earnings them; the other half up to 7% to go into a national transportation fund to
have perforce become limited. The extent to which earnings or profits be utilized in the interest of the shipper and the public as provided in the
have thus far been limited could now be provided for if the railroads were Bill. Above 7%, the ratio of division becomes one-third to the railroad
afforded equal opportunity for the exercise of their own ingenuity and effi- and two-thirds to the National fund. The "national transportation"
ciency in securing traffic. But such is not the case, for when some rail- fund will be administered by Governmental authority in the interest of
roads serve sections of the country where traffic is light and others serve transportation as a whole, for joint terminals and other joint facilities,
sections where traffic is heavy, the rate or charge for transportation neces- or for cars and equipment to be leased to roads to relieve congestion, but
sary to enable the former to live would produce more earnings to the latter not to be capitalized in future rate-making. Thus there is a division of
than the public will permit. This is from no fault of the former; the highest excess earnings beyond the given reasonable initial return on "fair value,"
degree of efficiency, or whether such roads are over or under capitalized, between those who use the railroads and those who own them. The one
would not affect their earnings under these light traffic conditions, whereas half retained by the road earning it is to be used under necessary restrictions.
Some few people call this "confiscation"; some "taking from the 'prosthe roads operating in heavy traffic territory might be operated with less
perous or strong roads' to give to the 'weak'," and a number of perhaps popuefficiency and this result still follow.
do
to
power
of
in
default
and
conditions,
lar but misleading phrases have been used to hold on to profits that do not
The Commission, under these
otherwise, has necessarily been compelled to adjust rates so that the roads properly belong to those who use the arguments. The terms "prosperous"
operating in dense traffic or populous sections could not make too great and "weak" should be applied to "heavy" and "light" traffic territories
earnings, and these rates have not allowed sufficient revenue to the majority rather than to the railroads operating therein. There ate no earnings taken
roads to enable them to live and properly perform service. On the other from any railroad to give to any other railroad.
hand, if the Commission made rates to give an adequate return to the majThere are 109 railroads or systems, out of 162 railroads or systems (Class
ority, the shippers and public have complained that the minority or more 1, operating 89% of the total railroad mileage), which, during the three-year
hands
favorably situated roads were making too much money. Thus the
"test period" did not earn up to 6% on their individual property investof the Commission have been tied, for the want of legislation to enable these ment: so there is no hardship in permitting the Commission, in order to
inequalities in traffic territory to be corrected through some disposition of adjust rates so that the great majority may receive a living return, to stop
the excessive profits of comparitively a few railroads among the minority the minority railroads from retaining excessive earnings which they could
which profits they would not otherwise receive but for the very necessities not get otherwise than through the necessities of the majority.
of the majority. And so the railroad system of the country was seriously
The effect of Section 6 of the Cummins Bill is to provide that pending
Impaired and unequipped when called upon to meet the strain put upon it actual physical valuation of all railroad properties, the Interstate Comby the requirements of war.
merce Commission, taking into consideration all the elements that should
Government Ownership Forced Upon Country Unless Congress Meets Conditions. properly be considered, shall determine but only for rate making. the "fair
the railroads, in the aggregate, in
Now, what is to bo done under those circumstances and conditions. Will value" of the property and equipment of
determining and adjusting rates the
Congress feel that it has performed its duty if legislation is not enacted each rate group. For the purpose of
have done in the past for a similar
which will meet these conditions and solve this problem. If the problem Commission shall group the roads (as they
groups as they may decide. Upon *the aggregate
Is not solved, and these conditions are not met, does it not mean that the purpose) into as many
"fair value" of all the railroads of each
railroads will necessarily eventually break down when returned to their amount of the investment in or
established that will yield "as nearly as may
owners, with the result that Government ownership will be forced upon group a level of rates shall be
of 1%, at the discretion of the
be" 5 % on this aggregate value, plus
an unwilling country.
improvements, which in the case of those roads
The Interstate Commerce Commission cannot adjust rates to such condi- Commission for unproductive
determined as stated—not on securities—shall
tions without authority. Congress alone can give this authority. The earning over 6% on value
railroads were taken by the Government for the purposes of war. Under not be capitalized for future rate making.
Bill, the aggregate value of the roads of
Cummins
the
of
6
Section
the Federal Control Act each road is required to be returned to its owners " Under
value, without
"in substantially as good repair and in substantially as complete equipment the respective groups is taken. Rates are based on such
been issued by any
as it was in at the beginning of Federal control." Apart from the question respect to the amount of securities which may have
a reasonable return
of their return in as good physical condition as when taken, all the railroads railroad. Since the public and shipper would pay only
by public authority
as of June 1st earned on the average only 40% of the standard rental allowed on the value of each group of railroads as determined
as a whole
them by the Government during Federal control. This rental was fixed and get back part of what they pay to maintain transportation
transportation fund
to equal what each road earned on the average for the three years 1915-16-17 in the use of the facilities purchased from the general
that have been made
(Juno 30th), called the "test period." The Railroad Administration, and. created from excess earnings, the misrepresentations
returns on false investment
I am not questioning its policy in so doing, has declined to increase rates and the clamor of the past that the public pays
becomes the law, the idle
proportionately as wages have been increased and as the cost of materials would end. If this Section of the Cummins Bill
on "watered securities"
and supplies has increased. So, while the Government may keep faith talk about paying or earning "dividends" or a return
ownership and operation will
and return the roads in as good physical condition as when taken, will its and "shadow dollars" will cease and private
contract be fulfilled unless at the same time Congress extends the authority be permanently established.
Incentive Stimulated by Requirements of Efficiency Entirely.
of the Commission so that it may provide sufficient revenue from rates to
sustain transportation as a whole and not, as formerly, in the interest of any
In respect to incentive. Many railroads will not earn as much as the 55
railroads.
of
go to make
group
or
particular railroad
or 6% on their individual property and equipment which would
In this connection you may be reminded that the principal beneficiaries up part of the aggregate of the railroad property in their respective groups.
of the old method of procedure are among those railroads known in the
dedicated to railroad use. Mr. Merritt contended that the
preservation of individual incentive was best accomplished
by leaving out of the bill any mandate as to the rate of return
upon the value of railroad property as well as the omission
of the corollary of a definite rate of return, viz., the regulation of excess earnings.
That the advocates of such a policy fail to deal with the
heart of the railroad problem by such important omissions
from regulatory legislation has long been the position of the
National Association of Owners of Railroad Securities. The
work of this Association culminated in the Warfield Plan
and the fundamentals of this plan are now incorporated iii
Section 6 of the Cummins Bill which was reported favorably
to the Senate by a vote of 14 to 1 by the members of the
Senate Committee on Interstate Commerce. Mr. Warfield's letter is in part as follows:
2228
THE CIIRONICLE
Rates made on the aggregate value of all the property of a group, results in
each railroad earning on its own value only as much as it can secure through
efficiency in operation and management. So a railroad that is overcapitalized in securities suffers in the percentage return it would receive on such
securities because the return is based on the "fair value" of its property and
equipment. No greater incentive could he given to each railroad than to
require that its earnings from rates made on the aggregate value of all,
shall depend entirely upon its own efficiency, and not ypon a guaranteed
amount to each or a GON ernment guaranteed security. In the adjustment
of rates for all of the railroads the average net return to these 109, taken as
a whole, would not be as much as 6%, but would be 4.61% on the total
Investment in them for handling the same volume of traffic as the average
of the test period. Some railroads among the 162 systems would earn
only 2% on their individual investment, others more, aucl so on up until 6%
Is reached, when the division takes place. Incentive is thus preserved,
because roads earning less than 6% will strive to earn up to 6%. and those
that earn over 6% on the value of their property have the incentive to
make the earnings in excess thereof as great as possible, because they retain
one-half of such excess between 6 and 7% and ono
-third after 7%. So
there is no guarantee of any description, directly or indirectly, given. Rates
are made that would yield the stated return on the value of the transportation system as a whole and no two roads will necessarily receive the same
percentage return, because each earns on its own value what it can from rates
made for all, the leveling is accomplished through the regulation of earnings in excess of the intitial percentage return.
You will recall that Interstate Commerce Commissioner Clark at a hearing
before your Committee, when questioned by a member of the Committee
concerning the provision relating to rates then in the Esch Bill (before
amendment), whether such provision would change the past methods cf
the Commission in making rates, stated "it would not change it in subtance, because all of those things are now considered." When questioned
upon the advisability of providing in the bill a fixed percentage return on
value ascertained by public authority, which carries with it regulation of
excess earnings, Commissioner Clark stated: "it would avoid endless controversies (and) it would put and end to intermediate discussion and argument."
Conclusive Evidence of Necessity of Section 6, Cummins Bill.
Director-General Hines, before the Senate Committee and in public
utterances, has repeatedly called attention to the fact that "if one or many
railroad companies happen to be exceptionally prosperous, the entire exceptional profits remain with the railroad company. This condition,'
continued Mr. Hines, "will make the public always fear or suspect that it is
being exploited through the transportation service for the benefit of private
capital and will lead to continual insistence upon the railroads being operated
exclusively for the public benefit through Government ownership and operaion."
I shall not burden you herein with the question of whether consolidation
of the railroads Into a few large companies should be enforced or whether
consolidations should be made permissive, under the supervision of the
Interstate Commerce Commission; we believe in making consolidations
permissive and along carefully ascertained lines of the movement of traffic
and to sufficiently preserve competitive service. Neither will I burden
you with the question of whether there should be a Board of Transportation
newly appointed, to divide responsibilities with the Interstate Commerce
Commission; we have believed the Commission, enlarged and with the power
to separate its members into regionally located bodies, preferable. For,
as former Senator Elihu Root said, in calling attention to the supremo
necessity for securing the fundamental requirements now incorporated
In Section 6 of the Cummins Bill, "all the rest . . becomes mere machinery."
Very truly yours,
(Signed) S. DAVIES WARFIELD.
PUBLIC CORPORATIONS WITH GUARANTEED
EARNINGS TO SOLVE THE RAILWAY
PROBLEM.
A new plan for solving the railway problem intended to
relieve present railway investors from risk of loss and provide
for the necessary supply of new railway capital is being
published in the current issue of "Engineering NewsRecord" and has been brought before the Congressional
Committees on Commerce.
The plan involves the reorganization of the present railway
corporations as "public corporations," which are to be conducted to render public service at minimum cost, and all
profits above a fixed return on capital are to revert to the
public. The author of the plan, Charles Whiting Baker,
Consulting Engineer of New York City, who is also Consulting Editor of "Engineering News-Record," agrees
with Victor Morawetz,former Chairman of the Atch.Top.&
Santa Fe RR., that the fairest basis for fixing a return oa
railway capital already invested is the average net earnings
of past years. The present Government standard return
is based on the average of the three years 1915, 1916 and
1917. As the earnings in those three years, however, it is
claimed, were 40% higher than in any preceding three-year
period, Mr. Baker proposes the average of the 7-year period
prior to 1918, with interest added for the investment ia
capital account by the company above the mean for the
period.
Each company reorganizing under the proposed plan as a
Federal Corporation for public service would receive from a
Federal Guarantee corporation conducted by a Federal
Transportation Board, similar to that provided in the
pending Cummins Bill, a guarantee of net earnings equal to
its standard return as above defined, and any net earnings
made in excess of the guarantee would be turned over to the
Guarantee corporation. Rates would be so adjusted as to
yield revenue sufficient to pay operating expenses plus
this standard return and a surplus over, which would be
[VOL. 109.
available for new railway capital or to amortize maturing
issues.
These reorganized corporations would be under control of
boards of directors on which the public, the railway officers
and employees and the stockholders would all be represented.
Nominations for directors would be made by groups in each
of these classes and final selection would be made by the
Federal 'Transportation Board.
When these reorganized companies required additional
capital, they would issue securities and sell them in the
market just as municipal bonds are now sold and the interest
on these securities would be added to the standard guaranteed
return.
Mr. Baker declares that rail way credit has collapsed
because investors fear the effects of Federal and State regulation, they fear the demands of railway labor and they fear
the manipulations of the financiers who secure control of
railway corporations for their own profit. His plan is
i tended to eliminate all these elements of risk to the investor and thus solve the problem of railway credit. He
further contends that the railways would be more efficiently
operated under the plan proposed than they have ever bee-n
because the directors would be selected for ability and
experience and would not be merely the representatives of
the financial group in control. He says in conclusion:
-This much at least is certain—we cannot go back to the conditions of a
quarter century ago. Unregulated exploitation of the public by the railways will never again be tolerated. It has become impossible, however,
to finance privately owned railway corporations when under public regulation to the extent now necessary. The only alternative, therefore, to
outright Government ownership and operation, with all Its inevitable
inefficiency and waste, is the establishment of public corporations on the
general plan hero proposed."
PRESIDENT TVILSON INFORMS SENATOR FALL HE
IS OPPOSED TO RESOLUTION RECOMMENDING
SEVERANCE OF RELATIONS WITH MEXICO.
President Wilson sent a letter on Dec. 8 to Senator Fall of
Now Mexico, indicating his opposition to the resolution of
which the Senator is the author, requesting that the Executive break off diplomatic relations with the Carranza
Governmnt of Mexico.
The President took the position that the adoption of
Mr. Fall's resolution would "constitute a reversal of our
constitutional practice which might lead to very grave
confusion in regard to the guidance of our foreign affairs,"
and declared that every competent constitutional authority
supported this position.
This is the President's letter:
Thank you very much for your kind promptness in complying with my
request that you send me a copy of the memorandum report of the SubCommittee on Mexican Affairs of the Committee on Foreign Affairs. I
shall examine it with the greatest Interest and care. What you told me of
the investigation on Friday last, prepares me to find In It matter of the greatest importance.
You ask an indication of my desire with regard to the pending resolution
to which you and Senator Hitchcock called my attention on Friday (Dec. 5),
and I am glad to reply with the utmost frankness that I should be gravely
concerned to see any such resolution pass the Congress. It would constitute a reversal of our constitutional practice, which might lead to very
grave confusion in regard to the guidance of our foreign affairs.
I am confident that I am supported by every competent constitutional
authority in the statement that the initiative in directing the relations of
our Government with foreign governments is assigned by the Constitution
to the Executive and to the Executive only.
Only one of tho two houses of Congress Is associated with'the President
by the Constitution in an advisory capacity, and the advice of the Senate
13 provided for only when sought by the Executive in regard to explicit
agreements with foreign governments and the appointment of the diplomatic representatives who are to speak for this Government at foreign
capitals.
The only safe course, I am confident, Is to adhere to the prescribed
method of the Constitution. We might go very far afield if we departed
from it.
I am very much obliged to you for having given mo the opportunity
to express this opinion.
Yours very truly,
(Signed) WOODROW WILSON.
Hon. Albert B. Fall, U. S. Senate.
Senator Lodge, Republican leader, and Chairman of the
Foreign Relations Committee, following publication of the
President's letter to Mr. Fall, said:
We offered to stand by the President In any'course the Administration
might take in the Mexican situation. The President has declined to accept
our offer. The entire matter now lies on his doorstep, not on ours. We
can't and shall take no further action in the matter. The situation Is
entirely up to the President, and our responsibilitylat an end.
Senator Fall, in a statement, on Dec. 8, took is sue with
the President that the Senate could not advise on mattors
affecting relations with foreign governments until requested
to do so by the President, and said there were precedents
to support him. He also said he would again request the
Foreign Relations Committee to postpone action on h:s
resolution "or upon any phase of the Mexican matter" until
the President had had time to give the subject his consideration.
DEC. 13 19191
THE CHRONICLE
His statement read as follows:
The President's letter deals exclusively with the propriety of passing
the resolution recommending the withdrawal of the recognition of the
Carranza government, and his comments relate directly and only
to that
proposition. It is surprising that at this time it should be stated
that the
suggestion of the Senate that such recognition should be withdrawn should
constitute a reversal of our constitutional practice.
From the beginning of the government, the Senate has felt free and has
exercised its privilege over and over again to make any suggestions in respect to all phases of foreign relations. There is nothing in the Constitution
that requires that the initiative with respect to foreign relations shall
be
limited to the Executive. Of course he may, and properly, because of
his
extraordinary relation to foreign affairs, in ordinary cases be the source
of negotiation.
The President's general statement that only one branch of Congress—
namely, the Senate-- has any relation to foreign affairs, and the Senate
only when its advice is sought by the Executive, is contradicted
by a hundred precedents. Indeed the precedents have gone so far that in a number
of cases the advice has been the advice of negotiation, and even as solemn
engagements as treaties have been made not only upon the suggestion of
the Senate, bur in the exact terms that the Senate has suggested.
A discussion by Senator Lodge, published in "Scribner's" some years
ago, and more recently by the late Senator Bacon, of Georgia, has been
supposed generally to have put at rest the question that the Senate may only
advise when its advice is sought.
By this resolution the Senate did not attempt to withdraw recognition
or break off relations, but the concurrent resolution contained a suggestion
or request to the President that he do so. Such suggestion is entirely in
harmony with precedent.
The President states in the first paragraph of his letter that he shall
"examine it(my written memorandum furnished him Friday night) with the
greatest interest and care. What you told me of the investigation on Friday
last prepares me to find in it matter of the greatest importance."
It would appear that the President has not yet examined this written
memorandum,and, of course, under the circumstances, I shall again request
the committee to postpone action upon the resolution, or upon any phase
.of the Mexican matter, untii he has had time to give the subject his consideration.
The resolution was introduced by myself after consultation with numbers
of my colleagues and others, because of the fact that we considered it of
the greatest importance that the matter should be presented immediately
to the attention of the President and because we were reliably informed that
the matters referred to in the statement made by myself to the President,
and to some extent reincorporated in the written memorandum, had not
been called to his attention at all, or by any one.
2229
of Mexico should be approved; and further, that the President of the United
S ates be and is hereby requested to withdraw from Venustiano
Carranza
the recognition heretofore accorded him by the United States as
President
of the Republic of Mexico and to sever all diplomatic relations now existing
between this Government and the pretended Government of Carranza.
Senators Fall and Hitchcock conferred with the Presideat
in his sick room at the White House on Dec.5 for 45 minutes.
The President, it was stated after the meeting, would indicate his position on the Fall resolution and the Mexican
situation in general when he had considered the memorandum
on the subject submitted to him by Senator Fall. In reply
to a question put to him after the conference, regarding the
President's condition, Senator Fall was quoted as having
said: "The President is perfectly able to handle the situatioa."
On Dec. 3 another resolution was introduced in the Senate
directing the Secretary of War to use the nation's armed
forces to protect Americans in the border States from raids
by Mexican bandits. Senator Ashurst, Democrat, of Arizona, was the author of the latter, which was referred to the
Senate Committee on Military Affairs and the text of which
was as follows:
Resolved, That the Secretary of War be and is hereby authorized
and
directed to employ the military forces of the United States
in protecting
the lives of American citizens in the United
States, but whose safety,
nevertheless, is imperilled by the threats and obviously
hostile attitude
toward citizens of the United States on the
part of the armed Mexican
bandits, murderous outlaws and the various belligerant
factions now as
sembling in Mexico adjacent to the international boundary
line separating
the United States and the Republic of Mexico.
Senator Shields declared the Ashurst resolution
be supplanted with one declaring war against Mexico.should
The
Senate Military Affairs Committee subsequently declined
to
take action on the Ashurst resolution;reporting it back to
the
Senate Dec. 12. with the recommendation that it be
referred
to the Foreign Relations Committee.
Senator Fall introduced his resolution, it was learned,
At this point Senator Fall disclosed in part, the conafter a conference with Henry P. Fletcher, American Amtents of the memorandum he had given to tile President.
bassador to Mexico, who for some time has been handling
The Senator's statement continued:
Mexican
affairs at the State Department.
The attention of the President was also called specifically to certain acts
In support of this resolution Mr. Fall said in the Senate
of the Mexican government of very recent date in connection with the
stoppage of operations by American oil companies in Mexico upon their on Dec. 3:
own lands, and that such action by the Mexican government was Indirect
contravention of the distinct warnings of this government repeatedly that
such action should not be taken by Mexico.
It may be well to add to the foregoing the further statement that the
committee has identified at least two of the men mentioned in the Carranza
letters of June 14 and August 19.
The committee has indentified one of the agents who was to come from
New York to Laredo to support revolutionary doctrine, &c. This particular
man is in the Secret Service of Mexico under Aguirre Berlanga.
The committee also has the evidence as to what took place at Bisbee,
Ariz., when the Mexican I. W. W.,co-operating with other radical I. W. W.
threatened the peace of that town and were deported.
It was stated in the hearing before NV. B. Wilson and the President's other
mediators that these Mexicans were largely Villa followers, and had arms
In the Ajo Mountains, which they purposed to use in the revolution at Bisbee. The committee has Information leading it to believe that at least one
of the men deported was in Mexico City on October 15, and at the secret
meeting of Lodge 23 on that date.
The committee knows who Lino Caballo and Juan M. Garcia are, and is
fairly familiar with their activities. We desire to say most emphatically
that we are not attempting to give publicity to any portion of a great
mass of evidence of outrages upon Americans, destruction of American
property, incompetence and inability of the so-called Mexican government,
nor touching upon any matters of this character, in this merely preliminary
report and statement calling attention to matters of particular interest and
moment at this particular time.
The President, having declared his conception of his &Ay, and having
stated that he would further familiarize himself with the facts, the responsibility, of course, now rests upon him. Meantime, the committee will
continue its very interesting and, we hope, profitable investigations.
The memorandum which Senator Fall sent to the President
was in the form of a partial report by the sub-committee on
Mexico of the Foreign Relations Committee, appointed some
time ago, with Mr. Fall as Chairman, to make a thorough
survey of the whole situation.
Taking up the investigation of appeals to American labor
to oppose intervention in Mexico, the memorandum said that
the investigation has disclosed that the Carranza Government was conducting such propaganda. The committee
soon became convinced, the memorandum also said, that
Mexican Consuls generally in this country were aiding in
propaganda. The report is quoted further below.
The Fall resolution was introduced in the Senate on Dec.3
and was referred to the Foreign Relations Committee, which
after prolonged conference the following day (Dec. 4),
decided to appoint a sub-committee of two to confer with
President Wilson on the Mexican crisis and ascertain his
views upon any action the Senate might take in regard to
a break in relations with the Mexican Government.. The
vote on this matter in the Senate Committee was 6 to 5,
the Republicans voting "yes" and the Democrats voting
no• The text of the Fall resolution was as follows:
Resolved, That the action taken by the Department of State in reference
to the pending controversy between this Government and the Government
This resolution is offered after the most mature
consideration, on evidence
which in my judgment will astound the people of
the United States when it is
produced.
I have listened to the discussion in reference
to revolutionary
doctrines being preached in this country, and
I say to you that it is because
of the fact that the condition is more serious than you
realize it is in our own
country and because it is being fostered by the Mexican
Government directly
that this resolution is now offered.
I charge that the Mexican Embassy in Washington, that
the Mexican
Consul-Generalship in New York, the Mexican Consul-G
eneralship in San
Francisco and the Consuls along the border and other portions
of the United
States are deliberately stirring revolutionary troubles, are engaged
in Bolshevik propaganda, and their action is indorsed by Venustiano
Carranza
himself, and that the evidence cannot be controverted, although my statement doubtless will be denied by those who are attempting to uphold Carranza.
Senator Hitchcock offered in the course of the hearings of
the Foreign Relations Committee on Dec. 4 as a substitute
for the Fall resolution the following, upon which, however,
no action was taken:
Resolved By the Senate of the United States (the House
of Representatives concurring), That the action taken by the Department
of State in
reference to the pending controversy between this Government
and the
Government of Mexico should be approved, and further,
that the President of the United States be, and he is hereby, assured
of support, if in his
judgment it becomes desirable to sever all diplomatic
relations existing
now between this Government and the Government
of Carranza.
Commenting on the action of the Foreign Relations Committee in appointing a sub-committee to confer with the
President, and the testimony of Secretary of State Lansing
and others before the committee on Dec. 4, advices of that
date to the Philadelphia "Public Ledger" said:
This afternoon the committee heard Secretary Lansing and
Republican
members, who listened to his testimony asserted that, broadly
speaking, the
cabinet officer approves the course of action contemplated in
the Fall resolution. They said he suggested the advisability of dividing
the Fall resolution into two parts and presenting each idea as a
separate resolution.
In other words, withdrawal of recognition of Venustiano
Carranza by the
United States would be one resolution, while the
recommendation of immediate severance of diplomatic relations would be
another. Republican
members of the committee said Mr. Lansing made the
flat statement to
them that he has not discussed Mexico with the
President since the chief
executive was taken ill in September.
The sharp notes which have been sent to the Mexican
Government in
connection with the kidnaping and imprisonment
of William 0. Jenkins,
American consular agent of Puebla, according
to the members of the committee, have been taken without the President's knowledge.
The President's cabinet, of course, has been advised by Mr.
Lansing of the progress of events and the moves contemplated
by that officer.
Before Mr. Lansing was asked by the committee
this afternoon whether
he had consulted the President on Mexico Mr.
Hitchcock had already told
the committee it was his understanding that the chief
executive was thoroughly advised of existing conditions. Later he
explained he had based
his judgment on the fact that two cabinet officers other
than Mr. Lansing
had seen President Wilson lately, and he assumed they
presented the Mexican situation to him.
That there has been close co-operation between the Senate special investigating committee headed by Mr. Fall and the State Department on the
Mexican situation was developed to-day during the testimony of the cabinet
2230
THE CHRONICLE
officer. Much of the documentary evidence of Mexican duplicity which
Mr. Fall said he laid before the committee to-day is understood'by the members of the foreign relations committee to have been obtained from the State
Department.
Furthermore, a military intelligence officer was turned over to the committee by the administration,and it is understood that Ambassador Fletcher
was detailed to render the committee every assistance possible.
"This is an important decision," said Senator Lodge, in discussing the
proposed break with Mexico, "and.we want the opinion of the President
before we act. We indorse the attitude the administration has assumed
with reference to the Jenkins case, but the Jenkins case is only one of many
wrongs."
Asked whether the release of Mr. Jenkins would stop pressure for the
resolutions now pending before the committee, Senator Lodge said:
"Oh, no. no. This does not hinge on the Jenkins case. That is only
one of many."
It is understood that the possibility of cementing the various Mexican
factions to resist American troops in case military intervention should be
necessary following a break in diplomatic relations was discussed at length by
the foreign relations committee to-day. Reports were received that the
Villa troops will offer no resistance.
Other events having a bearing on the Mexican problem
were summarized in the same advices as follows:
Outstanding developments at the Capitol in addition to the appearance
of Ambassador Fletcher and Secretary Lansing before the Foreign Relations
Committee were:
Beneaict Crowell, Assistant Secretary of War, told the House Military
Affairs Committee that the Mexican Government is negotiating for a
strong air force, and asserted that if Mexico has twenty-four pursuit airplanes now, as claimed by F. H. LaGuardia of New York, formerly a
major in the American air service, that country has a superiority over the
United States in the air.
Senator King of Utah, introduced a joint resolution authorizing the
President "to employ the naval and military forces of the United States
and take such measures as may be necessary to accomplish the payment
of claims" of American citizens against Mexico for property destroyed and
seized. Before resorting to the use of arms Senator King proposes that a
joint commission composed of Mexicans and Americans be suggested to
Mexico as a means of adjusting claims.
Senator Thomas of Colorado took issue with Senator Smoot of Utah,
when the latter asserted that Congress will never appropriate $5,000,000,000
to meet the expenses of the Government during the next fiscal year. "Unless Mexico assumes a different tone," said Mr. Thomas, "we will be
lucky indeed if the appropriations do not go beyond the estimate of $5,000,000,000."
Senator Fall. as Chairman of the Senate Special Mexican Investigation
Committee, presented what he called documentary proof that the Carranzista Government has conducted a propaganda campaign "comparable
with the German propaganda in this country before we entered the world
war." It was characterized as similar in extent and viciousness.
General denial of charges by Senator Fall that he had
attempted to spread Bolshevist propaganda in this country
was made in a statement issued by Mexican Ambassador
Bonillas, who declared that he had not at any time "done
anything to foster, encourage. or aid, actively or passively,
directly or indirectly, any of the disturbing elements referred to either in the United States or in Mexico.
The Ambassador's statement, issued at Washington, on
Dec. 4, was as follows:
I have been informed, through the press, of the accusation made by
Senator Fall before the United States Senate, to the effect that this Embassy
and some consulates, with the knowledge and approval of the President
of Mexico, have endeavored to stir seditious acts in this country and have
been engaged in anarchistic or Bolshevist or I. W. W. propaganda.
Senator Fall's charges greatly surprise me. for the hurtfulness of them
must be obvious to all. Fortunately, I have great reliance in the sound
judgment and high sense of honor of the American Senate and of the
American people, and therefore I cannot believe that these false and injurious accusations will be seriously considered for one moment.
I have been the Ambassador of Mexico and residing in Washington as
such for two years and eight months, and I have not during that time or at
any other time, done anything to foster, encourage or aid, actively or.
passively, directly or indirectly, any of the disturbing elements referred to
either in the United States or in Mexico. By disturbing elements, I refer
to the Bolsheviki, anarchists, and the I. W. W., and I have no knowledge
of this being done by any of our consular or other agents of the Mexican
Government.
The Mexican Government not only does not wish to foment disorders
in the United States, nor to spread anarchistic doctrines here, but on the
contrary, as the American press has stated on different occasions, my
Government has taken energetic measures to prevent the spreading in
Mexico of such doctrines and any other like doctrines that might weaken
social institutions.
the
This Embassy under my directions has made every possible effort to
peoples of
end that a better understanding may be established between the
has been
Mexico and the United States,in spite of the bitter campaign which
carried on against this policy by powerful elements in this country.
The memorandum report of the Foreign Relations subcommittee which Senator Fall submitted to President Wilson
on Dec.5 and which the Senator made public in part on Dec.
8 was quoted in Washington advices of that date to the N.Y.
"Times" as follows:
The committee had its attention drawn to a letter from Consul General
R. P. De Nigri to a member of the Mexican Senate of Mexico City, dated
New York, Oct. 23 1919, and published in Spanish in a Mexico City daily
paper of Nov. 6 1919, in which the Consul General calls attention to the
fact that he is in touch with radicals and others In the United States favoring
the nationalization of all property, and congratulates the Mexican Senator
upon the ground that Mexico has set an example in such nationalization, and
that he, De Nigri, in 1918, had made up his mind to engage in propaganda
favorable to us (Mexico) by having "our constitution" printed in English, &c.
There was obtained from a Mexican Consulate in Texas a pamphlet
entitled, "The Conspiracy Ag ainst Mexico," by one Arthur Thomson. In
this pamphlet, among other things, comparison is made between the Mexican constitution and the Soviet Government in Russia, and the charge is
made that the American Government has placed every obstacle in the way
through protest. &c., of the Mexican Carranza Government carrying out
1 VOL. 109.
the provisions of the Mexican constitution and nationalizing all forms of
property.
Strong criticism is directed at President Wilson and his action in this regard, and attention is called to certain speeches made by the President as
being contradictory in their terms with reference to Mexico, and the general
tenor of the document is to hold President Wilson responsible for interference
with the Carranza Government in Mexican affairs. Even stronger criticism is directed at Secretary Lane,the charge being that he, while a member
of the American-Mexican joint commission, was "attempting to browbeat
the Mexicans into yielding the guarantees demanded by the Rockefellers,
the Gugenheims, the Dodges and the Dohenys.
By causing a letter upon private stationary to be written to the Mexican
Embassy stating that the writer understood that this pamphlet was being
distributed by the Embassy and expressing a desire that a copy might be
mailed to a private address in the city of Washington an immediate response was had by the receipt in a plain envelope of a copy of such document.
The committee caused a letter to be written to the author of the pamphlet,
directed from a Southwestern town, in which the writer, under a German
name, requested copies of the pamphlet and suggested that through certain
influence which he might wield the Mexican Government might be persuaded to purchase and circulate the Thomson pamphlet. An immediate
reply was received from the author, stating, among other things, that
the Consul General of Mexico at San Francisco had already purchased, for
distribution, 5,000 copies of such pamphlet, and that they were being distributed in the United States and other countries, and also stating that
should the Consul General be able to obtain from his Government further
funds for such purposes an increased number of such pamphlets would be so
distributed.
The committee obtained possession of a copy in Spanish of what Mr. Carranza calls his "Blue Book," embracing some four hundred printed pages, in
which at various places attention is called to the oppressive policy of the
United States Government toward Mexico.
Attention of the Committee was called to conditions along the border in
Arizona and in Southern Texas, and in the opinion of the Committee such
conditions were rapidly taking on the same character which had been assumed in our relations with Mexico prior and subsequent to Oct. 1915.
As will be recalled, early in the year of 1915, there was issued at Monterey,
Mexico, and a little place known as San Diego, Texas, by certain Mexicans,
what was known as the "Plan of San Diego." It was declared that on the
20th of February 1915 there should arise a revolution against the Government and the country of the United States of North America; that the independence of Texas, New Mexico, Arizona, Colorado and Upper California
should be proclaimed, as the Republic of Mexico had been robbed of such
States; that the States above, after being declared an independent republic,
should later request annexation to Mexico without reference to what form
of government the latter country might have at the time; that the independence should be obtained for the negroes, and that they,.the negroes,
should be aided in obtaining six States of the American Union.
From the 20th of February, or shortly thereafter, in the year 1915, up
to and following the recognition of Carranza by this Government as de facto
President, in Oct. 1915, various attacks were made upon citizens, upon
railroads and other property, and upon the regular United States soldiers,
stationed along the border, and within the State of Texas. Various conflicts occurred and a large number of Americans were killed, as well as a
large number of Mexicans from old Mexico.
In June 1916, Secretary of State Lansing in a message to Mr. Carranza,
who had been recognized by this Government prior to that time, called
attention to the fact that Carranza soldiers and officers had been engaged
in these attacks in Texas, and had even gone to the border upon Carranza
trains for the purpose of such attacks.
Several indictments were found against various Mexicans in the State,
and even in the Federal courts of Texas, for murder, in what is known
as the "Arco case," the defendants being convicted of murder in the first
degree, and sentenced to death after an appeal to the highest court of
criminal jurisdiction, i.e., the Court of Criminal Appeals of Texas. The
Court unanimously decided that although the defendant and his companions
had killed Oberlies, a Corporal in the United States Regular Army, in a
night attack upon the soldiers sleeping in their tents at San Ygnacio, they
could not be held for murder because under the evidence in the case they
were soldiers in the Carranza Army, acting under order of their superior
officers, who were commissioned in the Carranza Army; that they were sent
from Monterey and other places in Mexico to carry on war against the
United States; that the state of war actually existed, and that these men
were doing their duty as soldiers and officers in obedience of orders: that
under such circumstances the state of war existing between Carranza and
the United States, these parties, although guilty of killing our soldiers at
night, could not be held for murder.
Were it not for the fact that conditions similar to those existing in 1915
appeared to be gathering along the border the committee, although after
hearing additional evidence and reading and considering the opinion of the
court referred to they were convinced that Carranza had actually carried
on a war against the United States while his representatives were seeking
recognition at the hands of President Wilson, would have passed the matter
by as not bearing directly upon the situation at this crisis.
However, at the yea' moment of closing this investigation of the acts of
Carranza in favoring and attempting to carry out the "Plan of San Diego"
evidence was brought to the committee not only of the propaganda efforts
of the Carranza Government referred to, and to the agitation being carried
on by the Carranza officials and diplomatic agents in this country with the
radical revolutionary element in the United States, but further evidence
was presented showing that Carranza himself directly was now engaged in
assisting in the formulation, or at least with knowledge that plans were
being formed, similar to those in the "Plan of San Diego" in some respects
and that he was lending Government assistance to the carrying out of such
plans, which were again directed to revolutionary effort in the United
States, formerly named in the "Plan of San Diego."
The committee has in its possession photostatic copies of two letters sent
by V. Carranza and directed to Aguirre Berlanga, Minister of Governacion
of Mexico, in one of which he directed pecuniary assistance, &c., be rendered to two men coming from Texas, who are in Mexico with one Mr.
Juan M. Garcia, and in the other letter, dated June 14 1919, Mr. Carranza
states to Mr. Berlanga that there are three men, two from Texas.
This letter reads as follows:
"Mexico, June 14 1919.
"Senor Dio Manuel Aguirre Berlanga,
"Esteemed Friend:—Senor Lino Cabello, bearer of this letter, is the person
who,in company with two friends, will bring to you the manifestos and the
plan which they clothe to put into practice in the State of Texas.
"This plan being very favorable for Mexico, please aid them in every way
and give the necessary instructions in the frontier States.
'I_ remain your affectionate friend."
'V. CARRANZA."
The remaining part of the memorandum was summarized
in the "Times" advices as follows:
DEC. 13 1919.]
THE CHRONICLE
The memorandu then tells of a meeting of Lodge 23, 1. W. W., in
Mexico City, Oct. 15 1915, at which two Americans and one Mexican who
had just arrived from the United States appeared and announced that the
"society' would be able to cause a general strike of miners and metal workers in the United States in November 1919; that with 3,000,000 adjerents
in the United States, including many American soldiers, they would be
able to seize one Pacific and two Atlantic ports, and that with the co-operation of Mexicans border States acquired by the United States in 1848 could
be returned to Mexico.
The committee called attention to the fact that the Plan of San Diego
closely followed the plan of the Zimmermann note of June 19 1917, to von
Eckhardt, German Minister to Mexico, which proposed a Mexican-Japanese
alliance, and the restoration of American border States to Mexico in return
for aid to the German cause.
The committee has a document, the report says, proving that a high
Mexican official would communicate to another high official "that the treaty
with Japan is coming along."
As evidence of Carranza's attitude, the committee included in its report
a copy of the following letter:
"Private Correspondence of the President of the United Mexican States.
"Mexico, D. F., June 29 1919.
"Miss Hermila Galindo, Ignacio Ramirez St., No, 6, City.
"Esteemed Young Lady:—It is necessary that your book 'The Carranza
Doctrine,' be finished in a short time, since I desire that you immediately
proceed to write a second part of it for which purpose I shall shortly send
you a 'Blue Book,' which we are about to publish and which will serve
to justify the attitude of my Government in its systematic hostility toward foreign speculators, especially Americans and English.
"Do not forget my injunction to describe in lively colors the tortuosity
of the American policy with relation to our country, causing the figure of
Wilson to stand well out as the director of that policy. I also enjoin
you to be very careful about the corrections which I have made in the original
(manuscript) which you brought me.
V. CARRANZA."
"I salute you affectionately,
The report closed by stating that the committee had in its possession much
more evidence, covering outrages on Americans, destruction of their property and attacks on their lives. These were said to convince the committee
of Carranza's purpose to drive all foreigners from the country, particularly
British and Americans.
CASE OF AMERICAN CONSULAR AGENT TRANSFERRED TO MEXICAN SUPREME COURT—
WILLIAM 0. JENKINS RELEASED
ON BAIL.
Following the release of William 0. Jenkins, American
Consular Agent ac Puebla, from the Puebla penitentiary,
Dec. 4, his case was transferred from the Puebla Circuit,
Court to the Federal Supreme Court of Mexico. The
Consular Agent had been arrested on the charge of giving
false evidence in connection with his kidnapping by Mexican
bandits. His case was transferred to the Federal Supreme
Court on the motion of his personal counsel. The State
Department was advised of this fact Dec. 9. Washington
press dispatches of that date briefly reviewed the events
leading up to this development in the case as follows:
2231
It was a source of infinite pleasure to me to hear that the news of the release of Jenkins cheered our President, and I ardently hope that his complete recovery is near.
The State Department on Dec.6 made this announcement:
American Consular Agent Jenkins at Puebla has reported that he was
released from the penitentiary at midnight Dec. 4, but that he was not
advised regarding the reason for his release. It is evident that he had no
knowledge of bail being furnished. The department is investigating the
facts regarding the furnishing of the bail and at whose instance it was furnished.
Regarding the attitude of the State Department toward
the Jenkins case, Washington advices of Dec. 6 to the N. Y.
"Tribune" had the following to say:
A thorough investigation of the question of Jenkins' bail is to be made by
American embassy officials now in Puebla and by Jenkins himself, it was
said at the State Department.
This Government likewise•has Instituted an investigation of the identity
of J. Salter Hansen,the American, who is reported to have furnished a check
for $500 on the Guaranty Trust Company of New York, as well as the
motive which prompted him to furnish bail for the American official without a request from Jenkins or the Government.
It has been learned that Hansen went from New York to Mexico City
about a year and a half ago and is alleged to have told President Carranza
and Luis Cabrera, the then Minister of Finance, that he had influence with
the leading bankers of the United States and that he could negotiate a loan
to the Mexican Government, which it then sorely needed.
The Government's information is that Rafael Nieto, formerly assistant
Minister of Finance, accompanied by Hansen, went to New York and after
gaining an audience with bankers was informed that no American bankers
would consider a loan to Mexico until some pretense of paying off the interest
of the national debt of the country was made by Carranza. No move having
been made to pay off such obligations, the loan automatically fell through.
It is further stated that on the occasion of this visit Hansen called upon
officials of several American-controlled oil and mining companies and told
them that he could settle their differences with Carranza. It is alleged
that he was rebuffed by the coal men and returned to Mexico City,
On Dec. 8 Hilario Medina, Under-Secretary for Foreign
Affairs in the Carranza Government sent to the Editor of
the N. Y."Sun" the following telegram:
Mexico City, Dec. 8 1919.
William 0. Jenkins, the American Consular Agent, having received his
liberty from the Puebla prison on the deposit by J. Salter Hansen, an estimable American citizen, there have disappeared all causes affecting the
good relations between Mexico and the United States.
The Jenkins case, which in my opinion does not possess sufficient importance to affect the friendship between the two countries, will be correctly
judged by the Mexican courts, according to the law, and my Government
will fully demonstrate that it has been acting with full justification.
HILARIO MEDINA,
Under Secretary for Foreign Affairs.
A portion of the State Department's announcement. of
Dec. 5 with reference to the release of William 0. Jenkins
was quoted in the "Chronicle" of Dec. 6, page 2139; below
we give the remainder:
In refusing the original request of the United States that Jenkins be reJenkins was abducted Oct. 19, and the American Embassy was immedileased, the Mexican Government said the Consular Agent's case was in the ately instructed to take all possible measures to effect his release from the
hands of the State courts of Puebla, which had charged him with giving bandits who had robbed and kidnapped him. Jenkins was released, on
false evidence in connection with his kidnapping by bandits in October and ransom, returning to Puebla Oct. 26, was taken to a hospital on that date,
his subsequent release on payment of $150,000 ransom, and that the Execu- and was arrested Nov. 15 by the Mexican authorities and taken into custive Department was powerless to act.
tody.
The release of Consular Agent Jenkins was brought abont by urgent
In its reply the United States took the position that under the New Mexican consitution the Federal Supreme Court alone had jurisdiction over diplomatic representations made by this Government and the resulting
made by General Pablo Gonzalez, who was sent to Puebla by
consular
investigation
and
cases of foreign diplomatic
representatives in Mexico. This
also was the position of Jenkins' counsel in arguing the motion that his the Mexican Government to investigate the facts in the case. The investicase be transferred to the Supreme Court. Jenkins was released from the gation by General Gonzalez who was at Puebla on Dec. 3, had then practiPuebla Penitentiary last Thursday on 1,000 pesos bond furnished by J. cally substantiated the position taken by this Government on behalf of
Salter Hansen, and the State Department was informed to day that he Jenkins.
Two peons from Santa Lucia admitted to General Gonzalez that they
had arrived in Mexico City from Pueblo to confer with Charge Summerlin
had made declaration against Jenkins under threat of execution. Other witrelative to his case.
nesses testified they had been compelled to make false statements against
It was announced in press dispatches of Dec. 11 from Mex- Jenkins
under duress. One witness was threatened with a pistol, another
ico City that the Supreme Court had received the compldte suspended by a rope, and still another beaten until he made his declaration
records in the case of the American Consular Agent, and against Jenkins.
These facts are shown in the court record of the case.
would shortly render a decision as to whether the Puebla
Circuit Court or District Court shall continue an investigation into the charges againsz Mr. Jenkins with a view to his
eventual trial.
Notwithstanding the announcement of the State Department on Dec. 5 that tlie release of Consula: Agent Jenkins
had been brought about by urgent diplomatic representations and an investigation by the Mexican authorities,
advices of Dec. 6 from Mexico City said that Mr. Jenkins
was released on payment,of $500 bail, the bond having been
furnished by J. Salter Hansen, an American. The latter
stated his act was entirely voluntary. The evidence added:
"He conferred with Secretary of the Treasury Cabrera, it
is understood, relative to the Mexican loan. Later he. went
Puebla and negotiated Consul Jenkins' bail."
The following day (Dec. 7) Mr. Hansen issued at Mexico
City an explanatory statement which read:
I wish to say the following: On Tuesday morning last (Dec. 2), on
account of certain facts that came to my attention, which I am in no position
to disclose, I suddenly realized that war between the United States and
Mexico was inevitable unless one of the two Governments was ready to
sacrifice its honor, prestige, and dignity by receding from the dangerous
position into which it was forced.
I therefore took all the steps necessary to effect the immediate release on
bail of W. 0. Jenkins and relieve the tension. I did so spontaneously and
of My own initiative, and I am ready and willing to take upon myself the
full responsibility or credit, according to the point of view.
Regarding the murder of James Wallace, an American
employee of an oil company in Mexico, which was referred
to in the "Chronicle" Dec. 6, page 2141, the State Department on Dec. 6 issued the following:
The Department of State has received information indicating that the
Mexican federal soldier who shot and killed James Wallace, an American
employee of an oil company near Tampico, has been arrested. Wallace
was riding a mule past a federal camp when the mule shied at a machine
gun, whereupon the sentry immediately shot and killed him.
Secretary Lansing on Dee 11 received the reply of the
Mexican Government to a note sent last week as a result
of the murder. The State Department on the same day
issued this formal statement:
The Mexican Government's reply in the caFe of James Wallace, American
citizen assinated by a Mexican Federal soldier near Tampico, a fortnight
ago, is a charge that Wallace, while intoxicated and mounted, failed to
stop when ordered by the soldier and that the soldier, stationed at what the
Mexican version characterized as a dangerous spot, fired at Wallace lathe
belief he was an enemy.
This reply, referred to briefly in a dispatch received to-day from the
American Embassy at Mexico City, states that the incident, which occurred
just south of the Mexican Federal camp at Potrero del Llano, and in which
Wallace was wounded in the head with immediate fatal effect, was made a
matter of official record'and that the arrest of the soldier and an investigation of the incident were ordered by the Mexican authorities at once.
Wallace was an employee of the Aguila Oil Company, near Tampico, and
the department's information is that the mule which he was ridindshied
at the machine gun and overturned the gun.
2232
THE CHRONICLE
[VOL. 109.
be presented
-WAIVING OF PROTECTION OF MEXICAN GOVERN
the Treasury Department if the claimant chooses the
- administrativetoinstead
of the diplomatic method.
MENT WILL NOT INTERFERE WITH U. S.
Comment
ing
on the above the dispatches said:
PROTECTING ITS CITIZENS IN MEXICO.
The most important amendment, it is considered, is that
relative to the
In connection with a regulation governing the interests of President's power to arrange conventions for mixed
commissions with
foreigners into the Tampico region, put in force by the foreign Powers.
The announcement of the Mexican Embassy, issued on
Mexican Government the early part of September, the
State Department at Washington on Sept. 19 announced Sept. 1, referred to above, follows:
Important concessions were made by President Carranza
that while "it is an accepted maxim of international law
in amending
the decree
to claims for damages sustained during thr revolution,
that every Government has power to prevent the entrance Issued fromrelative
his general headquarters at Monclova, Coahuila, on May 10
of foreigners into its territory or permit them to enter 1913, as First Chief of the Constitutionalist Army.
The decree of May 10 1913 granted to nationals and foreigners
upon any conditions," the fact that Americans going
the
into right to file claims for damages suffered during the revolution upalike
to the
that region must "waive the responsibility of
of constitutional order, caused by revolutionary forces or armed
the Mex- restoration
bands.
ican Government for any physical injury which
might
This decree Is extremely liberal and embodies a spirit of
result . . . will not operate to interfere in the
justice
slight- bespeaks the good-will and probity of the Constitutionalist revolutionwhich
.
est with the obligation of the United States to
On Nov. 24 1917 President Carranza issued a decree creating
protect lating
and reguthe work of the commission that was to consider the payment
its citizens under international law." A message
of
to this damages as authorized by the decree of May 10 1913 already
mentioned.
effect, the State Department said, had been wired
Article 13 of the decree of Nov. 24 1917 provides that foreign claimants
on
Sept. 19 to the American consulate in Tampico. The cause who should not be satisfied' with the decision of the Advisory Committee,
may present their arguments either personally or through diplomatic chanof the State Department's action and its announc
ement nels; said arguments to be submitted
to the consideratino of the board of
were explained by the following, taken from press dispatch
es three umpires or arbiters, of which one will be appointed by the diplomatic
of Sept. 6 from Laredo, Tex.:
representative of the claimant's country; another by the Mexican GovernMany citizens of the United States were refused permits
to enter the
Tampico section of Mexico to-day when they declined
to waive responsibility of the Mexican Government for any bodily
harm that might befall
them.
The Mexican Consul here just received instructio
ns from Mexico City
regarding the waiver proviso, which is to be attached
to all applications
for permits to enter the Tampico section, where a
number of Americans
and other foreigners recently have been attacked by
bandits. Several oil
men were among those refused permits to-day.
ment, and the third by mutual agreement of the two appointed. (Article 14
of same decree.)
Since the restoration of constitutional order (May 1 1918), diverse damages have been caused, the payment of which could not be claimed under
the provisions of the above-mentioned decrees, but the Mexican Government in its efforts to overcome any difficulties is willing to enter into
negotiations with the Government of the United States with a view of seeking a mutual understanding in so far
as concerns the payment of damages
caused during the present constitutional period, as well as those caused
prior to its establishment in all cases not provided by the law now in force.
The State Department announcement of Sept. 19, indiThe State Department at Washington made known on
cating its own action in the premises, was as follows:
Sept. 4 that an expression of regret over the firing on an
Advised that the Mexican Government has instructed
its Consuls to American army airplane by Mexican soldiers on Sept. 2 had
refuse to vise passports of American citizens going to
certain districts of been
received from the Mexican Government. The plane
Mexico unless these Americans waive the responsibility
of the Mexican
Government for any physical injury which might result,
the Department was not over Mexican territory when shot at. It was forced
of State to-day telegraphed to the American consulate at
Tampico that any to land on the American
side of the borderand the pilot was
such waivers will not operate to interfere in the slightest
with the obligation
slightly injured. The men in the plane were Lieutenant
of the United States to protect its citizens under internatio
nal law. The
Department also has answered private American citizens to the
same effect. Johnson, observer, and Captain McNabb, pilot. The exThe information received by the Department shows
that the Mexican pression of regret was
made by the Acting Minister of Foreign
authorities require American citizens holding passports
for Mexico to sign
Affairs after the American Embassy at Mexico City had
the following affidavit of waiver before they are permitted
to enter the
Tampico district;
formally called attention to the report of the incident by the
"The undersigned under oath deposes and says that he has
been warned American Consul
at Nuevo Laredo. Assurances were given,
that the Tampico oil region is a dangerous district on account
of the activities of bandits operating in said region. The deponent,
by reason of his the State Department said, that "there would be an immedibusiness as employee, is on his way to that region and
travels at his own ate thorough investigation with a view to a satisfactory
risk. That in case some accident might happen to him he
formally re- adjustment of
the incident."
nounces the right that he or his heirs might have to present
a claim to the
Mexican Government, either directly or through any other
Orders for the withdrawal of the American punitive exchannels."
The attitude of the Department of State is set forth in a
message in which pedition which entered
Mexico on Aug. 19 were issued on
Acting Secretary of State Phillips instructs the consulate
at Tampico that
Aug. 24. The American troops crossed the border in
compliance with the waiver requirement does not interfere
with the relation
existing between the United States and its citizens, and that
Americans so accordance with official orders, in pursuit of Mexican bandits
complying will in no way lose the protection of this Governme
nt as to rights who had held for
ransom of $15,000 two American Army
to which they are entitled by the generally accepted principles
and rules
of international law. Americans will determine for themselves
aviators. The decision to withdraw the troops it was said
, in view
of this position on the part of the United States Government, whether
they resulted from failure to pick up "hot trails" because of rainwill comply ,with the waiver requirement.
There is no treaty between this country and Mexico upon this question, storms in the mountains where the bandits had been sought.
and the Department's message points out that it is an accepted
maxim of Major James P. Yancey, commander of the American
international law that every Government has power to prevent the
entrance punitive expedition, was reported to have stated on Aug. 25
offoreigners into its territory or to permit them to enter upon any conditions
that Jesus Renteria, head of the bandit gang, had been shot
or in any cases that it may determine.
and killed by Lieut. R. H. Cooper from airplane, on Aug.
AMENDMENT OF MEXICAN LAW FOR PAYMENT OF 19; likewise it was previously reported that the American
troops had killed 4 of the bandits on Aug. 20.
DAMAGE CLAIMS.
It became known on August 21 that the State Department
On Sept. 1 the Mexican Embassy at Washington announced that the Carranza, Government was "willing to had received an official protest from Ygna,cio Bonillas,
enter into negotiations with the United States with a view Mexican Ambassador to this country, against the dispatch of
of seeking a mutual understanding so far as concerns the American troops into Mexican territory on August 19. The
payment of damages caused during the present constitu- troops as noted above had been sent after bandits who
tional period, as well as those caused prior to its establish- had held for $15,000 ransom two American army aviament in all cases not provided by the law now in force." tors they had captured on or about Aug. 10 near CanTwo days prior to this announcement President Carranza delaria, Texas. The aviators were Lieuts. Paul II. Davis
had issued at Mexico City a decree amending the law on and Harold G. Peterson, of the United States Air Serclaims. The changes in the law effected by the decree were vice. They had been threatened with death on failure
summarized in press dispatches from that city under date to furnish the ransom. The note presented by Ambassador Bonillas on August 21 to the State Department was
of Aug, 30 as follows:
said to have requested the withdrawal of the American
Claims for damages may be presented not only for losses during
the recent
two revolutions ending with the installation
of the present Government on troops from Mexican soil and registered a formal protest
May 1 1917, but for those sustained since then in
various regions where against the action. The first intimation reaching Washrevolts are still smoldering.
ington officially regarding the matter came in advices that
Damages by rebels or outlaws to person or property subject
to claims
when such damage is found to be the result of negligence
on the part of the Mexican Foreign Office on Aug. 20 had given out the
constituted authority.
following statement at Mexico City:
A commission on indemnification will admit
any means of proof "humanly
reasonable." The Claims Commission can consider all cases, but the
President has the right to arrange conventions with any foreign l'ower for
a mixed commission to handle claims of citizens of that l'ower. Claims
by railroad companies and other public utilities taken over by
the Government may be arranged either by the Federal Claims Commissio
n or by agreement between the companies and the Secretary of the Treasury.
The
claims resulting from death or injury will be paid immediate
ly upon approval
by the l'resident.
The Federal Claims Commission will cease receiving
claims when at the
end of three months no claim has been presented, being
dissolved when it
inishes consideration of cases already filed. Claims not
acted upon may
Two aviators of the army of the United States, through error,
so they
state, flew over our territory, landing approximately 112 kilometers to the
south of the frontier, where they were captured by a band of twenty bandits.
They have now been liberated.
Some troops of the Eighth Cavalry of the United States crossed the frontier in pursuit of the outlaws. The Department of Foreign Relations
gave instructions at once to our embassy in Washington to make appropriate
representations, protesting and requesting immediate withdrawal
of the
Invading troops.
On Aug. 18, Secretary Lansing announced that instructions
had b3en telegraphed to the American Embassy at Mexico
DEC. 13 1919.]
THE CHRONICLE
2233
City to immediately call upon the Mexican Government
for quick action to release the American army aviators;
the Secretary also said similar instructions had been sent
to the American Consul at Juarez. The American men
were rescued on Aug. 19, following communication from
Secretary of War Baker to Major-General Dickman, commander of the border troops, authorizing the payment of
the ransom. It was reported in border dispatches of Aug.
19 that H. M. Fennell, a banker of Marfa, Texas, who had
taken the ransom money to Candelaria, had stated after
his return from that place that only $7,500 of the $15,000
asked had been paid for the release of the officers, Capt.
L. Matlack, of the U. S. Army, 8th Cavalry troops, having
brought back with the released men the other $7,500. A
telegram received by the War Department at Washington
from Major-General Dickman on Aug. 20 containing a report of the crossing of the border by the 8th American
Cavalry, said that the Mexican Consul at Presidio and the
Mexican General Pruneda at Ojinage had been notified of
the plans of the American General and had agreed to cooperate with the American troops in rounding up the bandits.
Following the adoption by the U. S. Senate on Aug. 8
of a resolution authorizing a sweeping investigation of the
Mexican situation for which purpose a sub-committee of
the Foreign Relations Committee was appointed later on the
same day, the State Department on Aug. 14 made public
an exchange of notes between the Governments of the U. S.
and Mexico dealing with the subject of protection to American citizens in Mexican territory. The two notes consisted
of a protest by the Government of this country against the
murder of Peter Catron, an American citizen, in Mexican
territory on or about July 7 with a demand that the Mexican
Government take steps to prevent the recurrence of such
outrages and a reply thereto from the Mexican Government
which stated that "it desires to secure every class of guarantees within the national territory." On that day the
two notes were made public a communication from the
Association of Producers of Petroleum in Mexico to the State
Department was also given to the press, relative to charges
made by the American producing companies of robberies
On Aug. 15, the day after the publication of the two
of paymasters in the Tampico oil fields. The text of the notes exchanged between
the U. S. Government and that
correspondence between the two Governments as given out of Mexico,it became
known at Washington that the Carranza
by Secretary Lansing was as follows:
Government would not be permitted to import from the
In view of the series of murders and outrages on American citizens in
Mexico, culminating in the murder of Peter Catron in San Luis Potosi last U. S. any further supplies of arms.
ordinarily made in cities in the case of ordinary crimes because the circum
stances are different in a populous community. In the latter it is relatively
easy to identify the guilty party, while in uninhabited places the band which
committed the offense is located and pursued, is overtaken and as many
as possible are killed without generally being able to identify the really
guilty party, because within the band of offenders itself it is often impossible to determine, as might be supposef which projectile of a volley
caused a murder. The recent Correll case proves that the Mexican Government,following this procedure, which is the only possible one, is displaying
the greatest activity, because immediately after this murder was reported.
forces left in pursuit of the band and killed oftu• of the villains.
The Mexican Government has been constantly preoccupied with the
pacification of the republic and as a first step has destroyed the principal
rebel groups and has conquered the most notorious leaders, as is demonstrated by the conclusion of the recent Villa movement,the death of Zapata.
of Blanquet and Inez Avila, without mentioning the operations against
groups of minor importance. A consequence of this progress in the labor
of pacification is the existence of some bands, the weak remains of the
large group.
The Mexican Government has been, and continues, animated by the best
of intentions to eliminate all those difficulties which disturb its good relations with the Government of the United States, and wishes its citizens
to enjoy greater protection. The Mexican Government, anxiously desiring as ever a good understanding between both Governments, suggests the
desirability that citizens of the United States concentrate in the populous
places, where complete guarantees may be offered them, and that these
citizens, when they find it necessary to visit the dangerous zones, request
sufficient forces for their protection, which will be furnished by the Mexican
authorities.
In the Tampico region the paymasters of the petroleum companies have
been offered escorts to accompany them for the safe transportation of funds,
and-the companies have refused on the ground that the presence of the escort
precipitates the attack of the rebels or that the individuals of the escort
do not conduct themselves properly. These are unfounded assertions.
Moreover, the relation which has existed between those same petroleum
companies and the rebels is notorious, it being also suspected that there
may have been cases in which the paymasters were in accord with the
supposed assailants.
The Mexican Government, in order to demonstrate once more its willingness to furnish complete protection, has already formally promised to reimburse the sums which might be taken from the paymasters, notwithstanding the presence of the escort, and if this last offer is not accepted the
consequences will be the exclusive fault of those same interested parties.
I believe I have made clear the true situation and possibility of the Mexcan Government giving daily increasing means of protection to life and
property, as it evidently has done, and undeniably desires to secure every
class of guarantees within the national territory. In view of these facts
the menace embraced in your note has surprised the Mexican Government,
all the more so since it seems strange that it should
be exacted that even
In depopulated regions human life should be protected in a more perfect
manner than in the most populous cities of the most cultured countries,
where bloody crimes often occur without the respective Governments
thereby becoming the object of sever observations.
month and the perpetration of other acts in disregard of American lives
and property, the American Embassy at Mexico City, on July 22, by direc
tion of the Secretary of State, made the following representations to the
Mexican Government;
Mexico City, July 22 1919.
Sir:—With reference to the Embassy's note, dated July 16 1919. relative
to the murder of Peter Catron, near Calks, San Luis Potosi, on or about
July 7 last, I have the honor to inform you that I am now under telegraphic
instructions from my Government to urge upon the Mexico Government
the punishment of those responsible for this murder and the adoption of
adequate measures to prevent a recurrence of the murder of American
citizens.
I am also instructed to state that, should the lives of American citizens
continue to remain unsafe and these murders continue by means of the
unwillingness or inability of the Mexican Government to afford adequatprotection, my Government may be forced to adopt a radical change in
its policy with regard to Mexico.
Accept, Sir, the renewed assurances of my highest consideration.
(Signed)
GEORGE T. SUMMERLIN,
Charge d'Affaires.
The Mexican reply, dated'July 28, signed by Salvado Diego Fernandez,
Department
charge
the
of
of
Foreign Relations, and dated July 28,follows,
in
Mr. Charge d'Affaires:—The note which your Honor was pleased to send
me on the 22d inst., advised me of the instruction which you had received
to notify this department that if the lives of the citizens of the United
States in Mexico continued in a state of insecurity, and if murders should
continue because of the unwillingness or inability of the Mexican Govern_
meet to give adequate protection, the Government of the United
States
would be compelled to adopt a radical change in its policy with regard to
Mexico.
In reply, I have the honor to state that the fact that offenses against the
lives of citizens of the United States have occurred in the territory of the
republic cannot be, notoriously, attributed to unwillingness of protection.
The willingness to furnish this protection has been expressed repeately nad
the material difficulties in the way of fulfilling a promise, supposing that
it is not fulfilled, should not be confused with unwillingness to do so, ospeci_
ally as this willingness had been demonstrated by acts.
Moreover, if we consider the protection of human life in absolute terms—
that is to say, if in every case and wherever a citizen of the United States
may be within Mexican territory he should enjoy special and effective
protection to a degree such that his life may never be placed in danger—
it is not possible for the Government of Mexico to do this because so perfect
a condition of security exists nowhere; with all the more reason is this true,
considering the great territorial extent of the republic, its scanty population,
and the difficulties which prevail after a long civil war.
The Government of Mexico has always endeavored as far as possible to
give full security to the lives of foreigners as well as of its nationals, but the
fact is that foreigners, through ignorance, the lack of prudence, or rash
eagerness for profit, venture to remain, or to travel, in dangerous regions,
thereby incurring the risk of becoming the victims of offenses and even
trusting to escape offenses because of their being foreigners.
It should be remembered, moreover, that always when the Government o'
Mexico has had knowledge of an offense it has pursued the presumably
guilty parties. The pursuit in such a case surely is not the same as that
PROPOSAL FOR SLIDING SCALE OF PRICES IN CASE
OF BITUMINOUS COAL.
Application of a sliding scale system of prices whereby
bituminous coal will be reduced in,price in the spring and
will gradually increase to the maximum by early fall was
suggested last week by E. W.Parker, Director of the Anthracite Bureau of Information, at the meeting of the Coal
Mining Institute of America in Philadelphia. Mr. Parker
offered his suggestion as a method whereby bituminous
demand would be spread out over the whole year, instead
of being concentrated in the winter months, and pointed
out that steadier working time for the miners would result.
Broken time, particularly in the spring and summer, constitutes one of the chief complaints of the bituminous miners.
The idea as set forth is modelled upon the spring reduction
system put into effect in the anthracite business in 1900,
whereby coal decreases 50 cents April '1, and increases
10 cents a month until this redution is restored. One
great effect of this, Mr. Parker pointed out, was to increase
the working days of the anthracite miners 50% as compared
with the decade prior to the adoption of this policy. In
his address Mr. Parker said:
One of the most important results that has developed from the
strike
In the bituminous coal mines of the United States, which began
on Nov. 1
and•which is still in effect, is the abolute necessity for a
reform in the
methods of purchase and distribution. In making their
demands for a
six-hour day and a five-day week, the leaders have complained,
not without reason, that the rate of wages, and the advances that
have been made
since the breaking out of the world war, do not indicate
the actual earning
capacity or the actual earnings of the mine workers
at the present time,
or since the termination of hostilities, because of the
broken time that has
fallen to their lot. The story of the small number of
days, in many cases
not more than three and sometimes four days a week,
that the bituminous
mine workers have been able to make, and the
causes therefor (lack of
market in the earlier months of the year and shortage
of cars in the later
months when the demand developed) has been so
frequently and convincingly told that it need not be repeated here. Whatever
lack of merit
there may have been in the "impossible demands" (as
designated by Secretary Wilson) of the Union leaders for a 30-hour week and
an increase of
60% in wages, some consideration should be given to the justifiable complaints, and a remedy applied.
In one of a series of articles, published in some of the leading daily newspapers, Mr. Amedee J. Casey, editor of the "American
Coal Journal,"
calls upon the public to change its habits of buying its winter supplies of
fuel and to distribute its orders over the year in order that the mints may
2234
THE CHRONICLE
be kept in steady operation during the year, summer as well as winter,
for the miner has to live all the year round, and his cost of living in the
summer months is little, if any, less than it is in winter. The condition
about which the bituminous coal miner most complains is that he ca get
only a few days work a week during the spring and summer and is then
called upon to put in 7 days a week, and sometimes extra hours a day, to
make up the deficiency, because the public, heedless of anything more
than its immediate needs, fails to provide for its future. And the unfortunate feature of it is that the public fails to profit by one experience such
as that of this year and will be caught the same way next year, or certainly
the year after, if any similar or dissimilar contingency occurs to interrupt
the normal supply of coal. The public learned one lesson in 1917, when,
because of officious, as well as official, intermeddling with the Lane-Peabody agreement, it was led to believe that prices were going to be materially
reduced, and so delayed its ordering of coal that it was not provided for
the extreme winter weather that followed, and suffered accordingly. The
lesson thus learned was promptly forgotten, however, when, on account
of the mild weather of last winter surplus stocks were carried over into the
spring of this year, and again anticipating lower prices because, this time,
of the removal of restrictions by the Fuel Administration and the determined
policy of the Railroad Administration to accomplish that result (a reduction in the price of bituminous coal), the public again procrastinated, and
it must accordingly assume its share of the responsibility for the inconvenience it has suffered and is suffering. It is true that in the spring and early
summer it was not anticipated that a strike cutting off two-thirds of the
normal supply of bituminous coal would be called on the very threshold of
winter, but the unexpected sometimes, if not always, happens; the expected,
or hoped for, reduction in prices did not take place; the miners were unable
to earn their proper wage, and industry and homes are suffering for fuel.
Mr. Eugene McAuliffe, manager of the fuel conservation section of the
Railroad Administration, has contributed an interesting article on the subject in a recent issue of the "Black Diamond"(Chicago), his idea being to
secure a more uniform all-the-year-round production and distribution
of bituminous coal through an adjustment of freight rates. Mr. McAuliffe
holds that "the problem presents physical, economic, and social aspects
companies, of an enlargement of the means****long employed by the
anthracite coal producers to adjust demand to correspond more nearly to
the production." And he suggests that the publication of seasonal freight
rates, with a reduction from those established during the months from
March to August, inclusive, would assist materially in remedying the
existing conditions. Mr. McAuliffe thinks that the amount of the summer
reduction should be added to the established or existing basis for the remaining sot months of the year, so that the railroads would be recouped
at least in part for the loss in revenue resulting from the reduced summer
rates, and he believes that this adjustment would result in (1) more regular
employment for mine labor, (2) a reduction m the cost of producing the
total coal requirements of the country with a corresponding reduction in
cost to the consumer, (3) the avoidance of periods of coal famine and interference with industrial production, and (4) the removal of S material
portion of the heavy transportation tax made on the railroads during the
fall and winter season, when operating costs are at the highest point and
when the movement of other commodities such as cotton, grain, etc., is
at its heavelest.
[VOL. 109.
over of the Bank of Long Island, and this merger when per-.
fected will add about $24,000,000 to the deposits of the Bank
of the Manhattan Company, so that all told it will, when the
pending plans are carried through, have deposits of about
$125,000,000. The Bank of the Manhattan Company has
recently signified its intention to increase its capital to
$3,000,000. Stephen Baker, President of the Bank of the
Manhattan Company; will be President of the enlarged bank.
Raymond E. Jones, President of the Merchants National,
will be First Vice-President of the merged banks.
At the special meeting of the board of trustees of The
Equitable Trust Co. of New York,- on Dec.9, it was unanimously voted to recommend to the stockholders of that
company at their special meeting to be held on Dec. 24 1919,
the authorization of an increase of the capital stock of the
Equitable Trust Company of New York from $6,000,000 to
$12,000,000. The new stock to consist of 60,000 shares, par.
value $100. Stockholders are to have the right to subscribe
to the new stock at $100 per share.
•
At the annual election of directors of the Equitable Life
Assurance Society of.the United States, of this city, Herbert
P. Howell, First Vice-President of the National Bank of
Commerce in New York, and Alfonso de Navarro, VicePresident of the Atlas-Portland Cement Company, were
elected to fill two vacancies in the board.
An announcement is made by R. E. Saunders, of the New
York office of the National Bank of South Africa, Ltd., of
the opening of three new branches of that bank, one at Port
Louis, in the Island of Mauritius, off the east coast of
Africa; another at Orangeville, in the Orange River Colony,
and at Bolo in the Cape Province.
Joseph Kaufman, President of the American Safety Razor
Co., Inc., has been appointed a member of the Local Board
of Sherman Office, of Irving Trust Company.
Announcement of the election of Clifford P. Hunt as
Vice-President
of the Chemical National Bank of this City,
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
made
on Dec. 5, by Herbert K. Twitchell,
as
was
follows,
20
this
week
aggregate
stocks
public
bank
The
sales of
bank:
the
of
President
shares, of which amount 10 shares were sold at the Stock
At a regular meeting of the Board of Directors of this Bank, held on
Exchange and 10 shares at auction. No trust company stock December 3rd, the resignation of Mr. John Clausen was accepted, and Mr.
Seaof
shares
five
of
P. Hunt, formerly Vice-President of the Bank of New York and
auction
Clifford
were sold. A sale made at
twenty years associated with that institution was appointed a Viceboard National Bank stock at 657 was the first public for
President. Mr. Hunt will have general charge of the Bank's foreign
transaction in the stock since March 1911, when the price business.
were
Bank
stock
was 418. Five shares of National City
The National City Bank of this City announces the opinsold at 427, an advance of 27 points over the price paid
ing of a branch in Brussels, Belgium on December 3. A
at the last previous sale in August 1918.
branch will be opened in Antwerp in a short time. Paul
Shares. BANKS—New York. Low. High. Close. Last precious sale.
Aug. 1918— 400
427
427
427
5 City Bank, National
formerly manager of the National City Bank's
Grosjean,
May 1919— 240
250
250
*10 Commerce, Nat. Bank of.. 250
branch at Genoa, Italy, has been made manager of the new
Mar. 1911— 418
657
657
5 Seaboard National Bank_ _ _ 657
branch at Brussels. The National City Bank and the
* Sold at the Stock Exchange.
International Banking Corporation, together have 75
branches.
Two New York Stock Exchange memberships were rebeing
consideration
the
this
for
week,
transfer
posted
ported
P. F. W. Ahrens has been made manager of the foreign
stated as $98,000 and $101,000, respectively. The last department of the Bank of United States, of this city.
preceding transaction was at $98,000.
On December 5 the directors of the Commercial Exchange
A merger involving two of the important banking institu— Bank of this City declared a semi-annual dividend of 10%
tions of this city (both century-old banks) has been agreed and an extra dividend of 5% on the capital stock of the bank,
upon by the directors and will shortly be acted upon by the payable Jan. 2 1920 to stockholders of record at the close of
respective stockholders. The banks concerned are the Bank business Dec. 26 1919.
of the Manhattan Company at 40 Wall Street and the Merchants National Bank at 42 Wall Street. The Bank of the
Two new members were added to the board of directors
Manhattan Company was organized in 1799 and the Merch- of the Rhode Island Hospital Trust Company of Providence,
ants National Bank in 1803. In 1882 the two banks united Rhode Island, at the annual meeting of the stockholders on
in erecting for their common habitation one building on the December 2. The new members are Henry F. Lippitt, a
two lots on Wall Street, which they purchased prior to 1801. former Senator; and Charles D. Owen, Jr., of the Beacon
It is interesting to note that the charter for the Bank of the Manufacturing Company.
Manhattan Company was drawn up by Aaron Burr, while
Alexander Hamilton drew up the charter for the Merchants
The National Shawmut Bank of Boston has published a
National.
booklet for distribution entitled "The Significance of ShawThe Bank of the Manhattan Company has a capital of mut Service," composed of representative advertisements
,000,000, and de- used by them in their national publicity campaign. These
$2,500,000, surplus and profits over
posits of $68,000,000. Through this merger the resultant advertisements all emphasize the "Shawmut Service"---the
institution will increase its deposits to something like $100, comprehensive facilities of the Shawmut institution designed
000,000, the Merchants contributing more than $26,000,000 to meet every modern banking need at home and abroad.
to this total. The Merchants National has a capital of
The resignation of William Post as President of the
$3,000,000 and surplus and profits of about three and a
half million dollars. The merger, it is expected, will be Central National Bank of Philadelphia and the election of
effected under the name of the Bank of the Manhattan Charles J. Rhoades as his successor is announced. Mr,
Company, which recently announced plans for the taking Rhoades was for many years Vice-President of the Girard
DEC. 13 1919.1
THE CHRONICLE
Trust Co. and was the first Governor of the Federal Reserve
Bank of Philadelphia.
2235
Co.,Canton, Ohio; C.E.Stuart, Sec.& Treas., Central Steel Co., Massillon,
Ohio; I. M. Taggart, President, Merchants National Bank, Massillon.
Ohio, director Industrial Discount Co.; James H. Whitelaw, Vice-Pres.,
Northern National Bank.
The question of increasing the capital of the Rittenhouse
Trust Co. of Philadelphia, from $250,000 to $500;000 will
be acted upon by the stockholders at a special meeting to be
held on Jan. 19. It is also proposed to change the par
value of the stock from $50 per share to $100.
*—
At their annual meeting on Jan. 13 the stockholders of the
Northern National Bank of Philadelphia are to vote on the
proposal to increase the capital from 8200,000 to $400,000.
It is planned to issue the 2,000 shares (par $100) at $150 per
share, and to apply the premium toward the surplus account.
The resignation of Thomas Hopkins as Vice-President of
the First National Bank of Birmingham, Ala., is announced.
Mr. Hopkin.s's action results from the ill health of his wife,
which necessitates his removal to Orlando, Fla. Mr. Hopkins became affiliated with the First National Bank in
January 1908 as Cashier; two years ago he became a VicePresident. He began his career at Augusta, Ga., but went
to Birmingham from the Orlando Bank & Trust Co. With
regard to the resignation Oscar Wells, President of the First
National, is quoted as saying:
Clarence F. Hand, heretofore Assistant Cashier of the
Quaker City National Bank of Philadelphia, has been
elected Cashier of the bank,succeeding William D.Brelsford,
who died Nov. 26.
Mr. Hopkins's removal to Florida for the healthfulness of Mrs. Hopkins
is according to a program made sometime ago,and they go with the heartiest
good wishes of our whole official family and our board of directors. It is
now so near the end of the banking year that it is quite probable that
nothing will be done toward filling the vacancy until the time for the election
of officers in January.
An addition of $100,000 to the capital of the First National
Richard E. Hanson was elected an additional Vice-Presi- Bank of Oakland. Calif., is announced by the Comptroller
dent of the Fidelity Trust Co. of Baltimore on Dec. 4 1919. of the Currency, the amount having been increased from
Mr. Hanson will be in charge of the New Business Depart- $500,000 to $600,000.
ment for the company, and it is expected will assume his
The financial statement of the Merchants Bank of Canada
duties on or about Jan. 1.
(head office Montreal) covering the six months' period from
The Broad Street Bank of Philadelphia, heretofore a April 30 to Oct. 311919, printed by us last Saturday, was
State institution, has received authority from Washington highly satisfactory, showing as it did substantial gains over
to become a National institution, and will do business under the corresponding period of 1918. Total assets on Oct. 31
the name of the Broad Street National Bank of Philadelphia. 1919 are given at $198,506,572, against $165,924,436 at the
The change in name became effective Dec. 8.
corresponding date last year. Of this total the readily
available assets amount to $84,014,965, an increase of $11,The Chelten Trust Co. of Philadelphia.plans to increase 566,688, showing that the liquid position of the bank has
its capital from $200,000 to $400,000. The stockholders been well maintined. Important features of the statement
are to vote on the proposal on Jan. 26.
are an increase for the twelve months' period of $4,682,244
in securities held of the Dominion and Provincial GovernThe stockholders of the Huntington National Bank of ments and a gain of $19,435,478 for the same period in curHuntington, W.Va., will hold a special meeting on Dec. 15, rent loans and discounts in Canada, evidencing that the bank
for the purpose of acting on the absorption of the Day has continued to do its full share both to the Government
& Night Bank of that city. The name of the continuing and the commercial community. Note circulation at $15,institution will be Huntington National Bank. The capital 827,373 is $647,130 higher than a year ago, with the issue in
will be $700,060 and the surplus $225,000.
excess of paid-up capital more than covered by a deposit
in the Central Gold Reserve of
,000,000. Deposits are
An offering of common stock of the Union Finance Co- given at $166,006,015 against $135,882,213 on Oct. 31 1918,
incorporated under the laws of Ohio with a capital of $1.. being an increase for the period of $30,117,802.
000,000, is being made by the Gundling-Jones Co. of CleveE. W. Kneeland has been elected a director of the Merland, Ohio. The stock (par $100), is tax exempt in Ohio chants Bank of Canada. Mr. Kneeland is general manager
and is also exempt from the normal Federal income tax. of the British-American Elevator Co., Vice-President of the
The Cleveland Trust Co. is registrar and transfer agent of Port Arthur Elevator Co. and Vice-President of the Sasthe stock. It is the purpose of the Union Finance Co. to katchewan Elevator and Liberty Grain companies.
buy open commercial accounts receivable and customers'
notes from responsible manufacturers and jobbers, advancing
THE ENGLISH GoLp AND SILVER MARKETS.
80% of the face value thereof, the 20% being held until the
reprint the following from the weekly circala: of
We
value
face
payment
the
of
of
the
final
accounts has been
paid. With regard to collateral trust notes which it will Samuel Montagu & Co. of London, written under date of
issue, William P. Day, President of the Union • Finance Nov. 20 1919:
GOLD.
Co., says:
The Bank of England gold reserve against its note issue is £86,306,975.
a small increase of £34,545 as compared with last week's return. It has
been announced that $500,000 in gold has been engaged for shipment from
the United States to San Salvador. The competition for gold has been
keener than ever and the substantial arrival this week found an eager
market. The principal buyers were the Continent and the East, and business was done at advancing prices. The Chancellor of the Exchequer
stated on the 17th inst. that no gold has been coined in this country since
October 1917, and that the gold coin estimated to be held by banks has
slightly decreased. The West African gold output for September 1919
amounted to £100,401 as compared with £115,152 in September 1918 and
£103,112 for August 1919. The Transvaal gold output for October 1919
amounted to £3,074,174 as compared with £2,887,455 in October 1918 and
£2,967,287 for September 1919. The above figures relating to the gold
outputs do not indicate the actual position of affairs, for they are based
upon the old basis of 77s. 9d. per ounce standard. The prosperity of the
countries concerned, and of the mining industry in particular, is shown
more clearly when values are reckoned on the basis which gold now occupies
—namely as a commodity—and are calculated in terms of British currency
as other articles of commerce. Thus calculated, the figures for the West
African September output are about £121,600, and for the Transvaal
October output £3,725,000.
SILVER.
The market has shown remarkable firmness since we last
you,
and fresh record quotations have been made for cash and foraddressed
forward delivery. Prices advanced each day with the exception of a temporary
setback
on the 15th inst. The strength is derived from China, whence,
at present,
the remarkably prolonged demand shows little sign of abatement,-but
the
scarcity of spot supplies continues to be an important factor
and the decision
of the Mexican Government to limit silver exports from that
country
to
half its output naturally affects the general outlook. The imports of silver
into India between April 1 and Aug. 31 1919
to 98.302.459
ounces, as compared with 79,452,911 ounces and amounted
48,146,898 ounces in the
corresponding periods of 1918 and 1917, respectively.
INDIAN CURRENCY RETURNS.
President Day's associates in the management of the Union
In Lacs of Rupees—
Oct. 22.
Oct. 31.
Nov. 7.
Finance Co. are C. E. Stuart, Vice-President; Harold H. Notes
in circulation
17421
17529
17647
Silver coin and bullion in India
Burton, Secretary, and James H. Whitelaw, Treasurer; the Silver
5069
5092
4994
coin and bullion out of India
Gold coin and bullion in India
directors of the company are:
1910
1925
2126
Gold coin and bullion out df India
489
574
559
• S. J. Brister, Cashier, State Savings Bank, Dover, Ohio, director In- Securities (Indian
Government)
1703
1703
1703
dustrial Discount Co.; James Christy, Chairman Board The Portage Tire Securities (British Government)
8250
8250
8250
The coinage for the week ending 7th inst. amounted to 13 lacs of rupees.
k Rubber Co.; Hon. Wm. L. Day, Day, Day & Wilkin; Wm. P. Day,
The stock in Shanghai on the 8th inst. consisted of about
19,185,000 ounces
PITA. & Gee. Mgr., International Steel Tie Co.; E. E. Mack, Cashier the
in sycee, $11.000,000, and 2,300 bars. No fresh news has
come to hand
Harter Bank, Canton, Ohio, director Northern National Bank; The Shanghai exchange
Geo.
is. quoted at 7s. the tael
Gen.
Vice-Pres.
&
Mgr.
Oliver W. Renkert,
Metropolitan Paving Brick
Quotations for bar silver per ounce standard:
Our collateral trust notes are our direct obligation, secured by accounts
of original debtors (quick assets) owing to, and guaranteed by concerns
selling us said accounts. We transfer such accounts to a trustee for the
pro rata protection of our note holders. The trustee registers all notes,
and requires a minimum margin of 25% of such guaranteed accounts, or
cash, in excess of the total amount of our notes outstanding. Furthermore,
each receivable, besides its own native strength, carries the guarantee of
the assignor and of the Union Finance Co., in addition to the obligation
upon the debtor; a triple guarantee against loss. Bankers and investors
everywhere as they become more familiar with our method will invest in
our notes for short periods. Our collateral trust notes will be offered weekly
at current market rates in multiples of $500 in maturities ranging from
60 days to 6 months.
Under most foreign discount systems trade bills are readily negotiable.
The lack of such a system here causes the American manufacturer to face
a serious situation. He is forced by trade usage to grant his customers long
datings on all his sales. Instead of receiving a negotiable draft accepted
by his customer for the amount of his purchase, our manufacturer must
content himself with carrying his sales as long negotiable book accounts.
He is thus compelled to carry not only his own stock, plant and equipment,
but he is actually loaning thousands of dollars to his customers. Liberal
discounts offered to induce anticipation have seldom realized their intended
effect, and to-day the purchaser has taken an unfair advantage by claiming
both dating and discount, yet in active book accounts lies all the fundamental strength of the bill of exchange, for both represent an exchange of
merchandise at an agreed price between buyer and seller.
•
2236
THE CHRONICLE
[VOL. 109.
Cash.
Two Mos.
Cash.
Tun Mos.
Nov. 14
68d
65%d. /Nov. 20
71d.
693d.
Nov. 15
(i73d. 6534d.Average
69.416d. 67.25d.
Nov. 17
69d.
Bank rate
67d.
6%
Nov. 18
685d. I Bar gold, per ounce stand70d.
Nov. 19
704d. 6830
I fine about
103s.
The prices to-day for cash and forward delivery are respectively 2%d.
and 30.above those fixed a week ago.
orders on the books of the subsidiary corporations as of
Nov. 30 1919, to the amount of 7,128,330 tons, an increase
of 655,662 tons over the total on hand Oct. 31 last. Compared 'with the unfilled tonnage on hand a year ago at this
time the latest returns show a shrinkage of 996.333 tons.
In the following we give comparisons with previous months:
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:
Tons.
Tons
Nov. 70 1919_ 7,128,330 Sept. 30 1916_ 9,522.584 July 31 1913_ 5.399.356
Oct. 31 1919_ 6,472,668 Aug. 31 1916_ 9,660,357sJune 30 1913_ 5,807.317
Sept. 30 1919_ 6,234,638 July 31 1916- 9.593,5921May 31 1913_ 6,324,322
Aug. 31 1919_ 6,109.103 June 30 1916._ 9.640,458IApril 30 1913_ 6,978,762
July 31 1919„- 5,578,661 May 31 1916- 9,937.798 Mar. 31 1913-- 7,468,956
June 30 1919._ 4,892,855 April 30 1916_ 9,829,551 Feb. 28 1913_ 7,658,714
May 31 1919._ 4,232,310 Mar. 31 1916_ 9.331,001 Jan. 31 1913- 7.827,368
Apr. 30 1919._ 4,800,685 Feb. 29 1916_ 8,568,966 Dec. 31 1912_ 7,932,16t
Mar. 31 1919_ 5,430,572 Jan. 31 1916._ 7,922,767 Nov. 30 1912_ 7,852,883
Feb. 28 1919_ 6.010.787 Dec. 31 1915- 7,306,220 Oct. 31 1912_ 7.594,381
Jan. 31 1919_ 6,684,268 Nov. 30 1915_ 7.139,489,Sept. 30 1912_ 6,551,507
Dec. 31 1918_ 7,379,152 Oct. 31 1915_ 6,165,452 Aug. 31 1912_ 6,163,375
Nov. 30 19180_ 8,124,663 Sept. 30 1915_ 5,317,618 July 31 1912_ 5,957.073
Oct. 31 1918_ 8,353.298 Aug. 31 1915- 4,908,4554une 30 1912_ 5.807,319
Sept. 30 1918._ 3,297,905 July 31 1915_ 4,928,540 May 31 1912_ 5,750,986
Aug. 31 1918.- 8,759,042 June 30 1915.- 4,678,196 April 30 1912_ 5,664,885
July 31 1918._ 8,883,801 May 31 1915.- 4,264.598 Mar. 31 1912_ 5.304.841
June 30 1918._ 8,918,866 April 30 1915._ 4.162,244 Feb. 29 1912_ 5,454.201
May 31 1918.- 8.337.623 Mar. 31 1915_ 4,255.749 Jan. 31 1912_ 5,379,721
April 30 1918.- 8.741.882 Feb. 28 1915_ 4,345,371 Dec. 31 1941_ 6,084,765
Mar. 31 1918_ 9,056.404 Jan. 31 1915._ 4.248,571 Nov. 30 1911_ 4,141,958
Feb. 28 1918_ 9,288,453 Dec. 31 1914- 3.336,643 Oct. 31 1911.. 3.694,327
Jan. 31 1918._ 9.477,853 Nov. 30 1914- 3,324,592 Sept. 30 1911- 3,611.315
Dec. 31 1917._ 9.381.718 Oct. 31 1914_ 3,461,097 Aug. 31 1911._ 3.695.945
Nov. 30 1917_ 1.897.106 Sept. 30 1914_ 3.787,667 July 31 1911_ 3,584,088
Oct. 31 1917_ 9.009.675 Aug. 31 1914_ 4.213.331 June 30 1911_ 3,361,037
Sept. 30 1917._ 9,833.477 July 31 1914_ 4,158.589 May 31 1911_ 3.113,154
Aug. 31 1917_10,407,049 June 30 1914_ 4,032,857 April 30 1911_ 3,218,700
July 31 1917_10,844,164 May 31 1914.... 3,998,160 /afar. 31 1911._ 3,447,301
June 30 1917_11,383,287 April 30 1914_ 4,277.068 Feb. 28 1911_ 3,400,543
Slay 31 1917..11,886,591 Mar. 31 1914_ 4,653,825 Jan. 31 1911- 3.110.919
April 30 1917_12,183,053 Feb. 28 1914_ 5,026.440 Dec. 31 1919- 2,674,750
Mar. 31 1917_11,711,644 Jan. 31 1914- 4,613,680 Nov. 30 1910- 2,760,413
Feb. 23 1917..11,576,697 Dec. 31 1913-- 4,282,108 Oct. 31 1910- 2.871,949
Jan. 31 1917_11,474.054 Nov. 30 1913... 4,396,347 Sept. 30 1910.. 3,148,106
Dec. 31 1916_11,547,236 Oct. 31 1913... 4,513,767 Aug. 31 1919.. 3,537.128
Nov. 30 1916_11,058.542 Sept. 30 1913.- 5,003,785 July 31 1910-- 3.970,931
Oct. 31 1916_10,015,260 Aug 31 1913._ 5,223,108
Lordon,
Dec. 6.
Week ending Dec. 12Sat.
Silver, per oz
d 74
Consols, 234 per cents
Holiday
British 5 per cents
Holiday
British 4% per rents
Holiday
French Rentes (In Paris)_fr_ 60.30
French WarLoan(InParis)_fr.
Dec. 8
Mon
7534
5054
903A
8454
60.25
88
Dec. 9.
Tues.
75
5034
90%
8431
60
Dec. 10.
Ired.
7554
5054
90'%
8434
60.35
8S
Dec. 11.
Thurs.
7634
5034
9034
8434
60.25
Dec. 12
Fri.
7814
5054
9054
8454
60.50
88.5
The price of silver in Now York on the same days has been:
Silver in N. Y., per oz__cts..132
13254
131
13034
13034
13134
GOVERNMENT REVENUE AND 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 1919
and 1918 and for the five months of the fiscal years 1919-20
and 1918-19.
Receipts.
OrdinaryCustoms
Internal revenue:
Income & praflts tax_
/sliseellane-ais
Miscellaneous revenue
Total
Panama CanalTolls, &e
Total ordinary and Panama Canal
Nov. 1919.
27,389,469
45,556,651
113,895,464
53,874,662
240,716,246
669.516
241,385,762
Nor. 1918. .5 Mos. 1919. 5 Mos. 1918.
12,583,861
117,942,067
66,769,675
28,820,185 1,098,016,239 623.557,014
99,743,395 617,842.048 471,760,774
169,112.493 3)1,477.128 243,548.324
310,259,844 2,135,277,482 1,495,635,787
734,419
2,094,014
2,953,059
310,994,263 2,137,371,496 1,408,588,846
Public DebtFirst Liberty bonds
2,664,306
Second Lioerty bonds
205
40
334
525
Third Liberty bonds
110,038
26,862
300,498 933,322,506
Fourth Liberty bonds
10,025 3,142,442,014
5.047,666 5,439,191,218
Victory notes
79,361,449
1,025,453,609
Certifs. of Indebtedness
59,380.000 973,510,500 5,925,143,513 5,999,665,000
War Say. & Thrift Stamps_ 8,0-0, 37
73.689,846
32,826,878 600,850,663
Postal Savings bonds
103,140
198,180
Deposits for retirement of
national bank notes and
Fed'I Reserve bank notes
(Acts of July 14 1890 and
Dec. 23 1913)
914.000
1,138.999
7,816,206
12.832,247
Total
147,991,153 4,190,613,212 6,996,691,84412,988,774,700
Grand total receipts
389,376,915 4,501.607,525 9,134,063,34014,397,363,545
Disbursements.
OrdinaryCheeks and warrants paid
(less bals. repaid, &-..)__281,559,660 1,580,831,833 2,709,717,1'32 6,731,412,403
Int. on public debt paid__ 75.960.607
326,384,754
157.451 239
74.219,171
Total
357,520,267 1,655,051,004 3,036,101,886 6,888,863,633
SpecialPanama Canal: Chults paid
(less bals. repaid, &c.)..1,312,026
5.833,074
1,243,607
4,285.685
Purchase of ibligations of
foreign Governments_
10,000,000 278,919,698 314.186,873 1,672,931,693
Purchase of Federal Farm
Loan bonds:
3,510,000
Primipal
Accrued int exst
37.329
Total ordinary & spccial _368.832.293 1.9:3,0,249.309 :3,354,474,444 8,571.171.733
Public DebtBonds, int.-bearing notes &
certinzates retired
240,189,329 2,995,103,172 6,334,376,490 5,977,437,375
One-year Treasury not(s radeemed (Sec. 18, Federal
Reserve Act, aelwoved
Dec. 23 1913)
9,819,000
National bank nous and
Federal Reserve bank
notes Wired (Acts of
9.195.522
July 14 '90 & Dec. 23'13) 2,280,142
19,769.562
.2,273.270
Total
242,469,471 2,997,331,442 6,365,1-16,052 15,996.431,Sp7
Grand total disbureements_611,301,764 4,932,630,751 9,710,620,49614,567,653,630
• Receipts and disbursemt Ms far June row:I-Ling the Treasury in July are Included.
Commtrcial autV7PliscellaneonsRem
New York City Banks and Trust Companies
All prices now dollars
ma
Ask
Banks
Bid
625 035 It Irving (trust
305 :320
certificates) 398
200
65
Liberty,
215 220 Lincoln
285
425
._ Manhattan •_ '240
145
155 i Mech & Met. 465
105
125 Merchants..,,,,!• 235
150
160 :Mutual*
425
145
155 New Neth._ 200
33
___ New York Co 140
175
190 New York
4(15
530 550 Pacific •
135
325 315 Park
765
130
140 Prod Exch•_ 350
583 593 Public
1111
255 215 Seaboard
640
425
4:15 Second
400
250
229
State'
350
--__ 23d Ward' _ 125
7.oltun9ia•___ 210
. Union
145
lommeree
213 2573 United States* 201
7ortun'l Es'. 395 410 . Wash IFts•
35
'wanton
Westch Ave*. 170
wealth'.,. 211) 220 Yerkville•..... 341)
;ontinental•_ 120
:ore Exch•__ 470
Brooklyn
.
1 71- 1
7oernop'tan•_ 95
100 Coney Islands 140
-;ulati (Ilk of). 178
183 First
•,00
Cast River__ _ 150
_ _ Greenpoint.....' 150
urope
110
lit)
tiftb A ven tio 900
Homesteati• ! 30
Ifth
185
155
Mechanles'....'87
Irst
9110 1020 Montauk • , 35
larfleld
220 210 Nassau
iotharn
190 200 National City 115
ireenwichs_. 380
_ North Sides__ 195
fanover
15 People's _
375
145
iarrIman
370 32)
Traci
600 9.?0
• Banks marked with a (•1 are state itanks
t Includes one-half share
ghties this week
;".
&Inks
Y
America •___
tmer Etch__ _
atlantic
iattery Park_
lowery•
iroadway Cen
Iron' Bort)._
Sroni Nat_
3ryant Park
Stitch & Drov
lent Mere_
nese
That & Phen.
lhelsea Exeh•
;hemical
3Itizens
lity
Oaal& Iron__
I
per share.
Ask.
Bid
Trust Co's
New York
Bankers Trait 380 390
Central Union 458 465
Columbia ___ 375 385
160
Commercial.,, 150
Empire_
295 :305
Equitable Tr_ 480 490
450
Farm L & Tr_ 445
210 Fidelity
225
149 Fulton .
7
255
430 Guaranty Tr_ 422 427
Hudson
145
135
7-Fin"! Trying Trust_ (See Irving
400 I
(Nat Bank
Law Tit & Tr 145
105
Lincoln Trust 175
-- •
425 Mercantile Tr 235
210 Metropolitan., 340 3310
135 M , dual(West190 Ncheste
y Lre
ir).__Is
125
ii_ 105
Ask
450
-3
130
. _I
I
403
480
290
250
475
245
& Trust
N Y Trust_
Title Ou & Tr
S Meg & Tr
Urdted States
Westchemter
720
615
415
425
900
130
155
215
165
Brooklyn
120k
k illynn Tr _ 505
255
95
262
95 !!!!!;;i;','
215 Nianufacturers 205
130
; 305
200
1
160
750
625
425
435
925
140
520
265
272
700
210
315
1
t 43Ie at auction or at Si." ,k EiIrving Trust Co
t New stock.
New York City Realty and Surety Companies
All prices now dollars uer share.
TRADE AND TRAFFIC MOVEMENTS.
Bid
.4sk
Bid ' All
Bid
Ask
Alliance It'Ity 80
____!!Lawyers Mtge 121
ANTHRACITE COAL SHIPMENTS.-The shipments Amer
123 Realty Assoc
Surety.. ‘.0
120
(Brooklyn). 115
83 !AIN° Bond_ 92
97
of anthracite coal for the month of November 1919, as re- Bend Ac M 0_ 215 245 Nat Surety__ 225 235 U S Casualty_ 185 200
Investing 37
42
Y Title &
U S Title Guar 40
ported to the Anthracite Bureau of Information at Phila- City
Preferred__ 82
86
145 West & Bronx
Mortgage__ 139
'rune & m 11)0 1'70
delphia, Pa., amounted to 5,971,671 tons. Compared with
5,276,659 tons for the same mo_ith last year, the latest figBANK NOTES-CHANGES IN TOTALS OF, AND IN
ures show a gain of 695,012 tons. The shipments for the
DEPOSITED BONDS, &c.-We give below tables which
coal year (beginning April 1) to date total 46,971,921 tons,
show all the monthly changes in national bank notes and in
as against 52,186,416 tons for the corresponding period last
bonds and legal tenders on deposit therefor:
year. Below we give the shipments by the various carriers
for the month of November 1919 and 1918 and for the reCirculation Afloat
Bonds on:! Legal Tenders
Under-on Deposit forspective coal years to Nov. 1:
19 r-11).
--Norentler
8 Mos.-Coal Yr.-Dec.1
Road1913.
1918.
1919.
1919.
Philadelphia & Reading
9,294,431 10,213,530
tons_1,353,643 1,137,170
Lehigh Valley
1.079,266 973,865
8,631,160 9,334,413
Central Railroad of New Jersey
4,291,891 4.626,235
505,737 450,360
Delaware Lackawanna & Western.. _ _ _ 860,356 776,5013
7.202,043 7,831,046
Delaware & Hudson
5,394,347 0,133,479
603,782 624,335
Pennsylvania
3,333,221 3,021,034
406,606 364,1(13
Erie
5,121,336 5,873,373
620,703 554,026
New York Ontario & Western
124,700
1,364,363 1,334,931
161,385
Lehigh & New England
314,193 271,504
2,334,534 2.624.316
Total
5,971,671 5,276,659
46,971,921 52,189,416
UNFILLED ORDERS OF STEEL CORPORATION.-The United States Steel Corporation on Wednesday, Dec. 10
1919, issued its reiular monthly statement showing unfilled
Bonds.
Legal
Tender:.
8
33,116,580
34,727,572
34,024,987
35,323,665
34,629,207
:16,19.0333
37,152,677
38,973,647
40,194,752
42,030,347
41,903,027
39,367,332
40.421.622
Bo n ds
Legal
Tenders. '
Total.
722,1.12,160
722,391,325
721.485,210
724,563,670
720,907,752
719,276,933
722,764,920
725,131,122
724,487,192
721,379,472
721,928,493
723,529,210
71(5,853.155
$263,022,800 Federal Reserve bank notes outstanding Nov.29, all sect red by bonds.
Nov. 29 1919._
Oct. 31 1019._
Sept. 00 1919_
Aug. :30 1919_
July 31 1919_
June 7019)()__
May 31 1919_
Apr. 70 1919_
Mar. 31 1919._
Feb. 28 1919_
Jan. 31 1919_
Dec. 31 19133„
Nov.:10 1913_
698,195,300
695,822,0:10
(199,288,110
694,621,710
693,343,210
602,252,950
691,052,300
639,878,300
688,143,250
633,3 1 2,450
683,001,450
684,643,950
681,468,950
688,995,530
687,6(1(1,751
647,460,223
639,235,005
686,278,555
683,086 600
685,612,2-11
683,157,-175
681,202,440
679,799,125
680,025,471
683,771,878
6711.4:11,513
33,116,530
3-1,727,572
31,024,937
35,324,605
34,929,207
36 150 333
37,152,677
33,973,6.17
40,101,752
42,030,3,17
41,00.1,027
39,3117,312
40.121.622
DEC. 13 1919.]
THE CHRONICLE
2237
The following show the amount of each class of U. S. • By Messrs.
Wise, Hobbs & Arnold, Boston:
bonds held against national bank circulation and to secure Shames Stocks
Stocks
$ Per sh Shales
$ pet sh
16 Continentai Mills
133
3 CentMiss Val El Prop ,com
public moneys held in national bank depositaries on Nov.29:
I
3 U S Worsted
U. S. Bonds Held Nov. 29 to SecureBonds on Deposit
Nor. 29 1919.
On Deposi to On Deposit to
Secure Federal
Secure
Reserve Bank National Bank
Notes.
Notes.
2s, U. S. Consols of 1930
14,129,000
45, U. S. Loan of 1925
2,593,000
2s, U. S. Panama of 1936
404,500
2s, U. S. Panama of 1938
285,300
2s, U. S. 1-Ye5r Certifs. of Indebtedness 258,275,000
Totals
.
5
566,567,800
58,975,200
47,628,140
25,125,160
I 275,686,300 I 698,196,300
Total
Held.
580,596,800
61,568,200
48,032,640
25,410,460
258,275,000
973,883,100
The following shows the amount of national bank notes
afloat and the amount of legal-tender deposits Nov. 1 and
Dec. 1 and their increase or decrease during the month of
November:
National Ba,1 Notes-Total AfloatAmount afloat Nov. 1 1919
Net amount retired during November
Amount of bank notes afloat Dec. 1 1919
Legal-Tender NotesAmount on deposit to redeem national bank notes Nov. 1 1919
Net amount of bank notes retired in November
S722,394,325
252,165
$722,142,160
$34,727,572
1,580,992
Amount on deposit to redeem national bank notes Dec. 1 1919_ _ _ _ $33,146,580
Auction Sales.-Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Stocks
Per Cent Shares
Shares
Stocks
Per Cent
36-46
40 Sixth Ave RR
100 Redden Motor Truck Co.
657
5 Seaboard Nat Bank
No par
$55 lot
427
15,500 Tash Orn Mines, Ltd.,
5 National City Bank
145 Morristown, N J ,Tr Co_ _200
$1 each
$45
lot
75 A. C. l'enn, Inc , pref_ _ _25-31
1,000 Weringer Mines Co.,$1 ea $30 lot
$25 lot
50 Ingleside Farms Co
2 H. B. Claflin Co., 1st pref.
Goshen
$500
Co
Inn
158
lot
6 H.B. Claflin Co.,2d pref
10 Christopher & 10th St RR_ 10%
41 H. B. Claflin Co., com
3545 lot
100 Colorado Power
13 A
11 Missouri Pac.Ry.(old stk.)
25 Helena Lt & Ry , pref
21
1 St. Albans Gold Corpopf_ J
50 Federal Utilities Co • pref
100 Ft. Amsterdam Realty Co. 515 lot
353.5
50 Republic Ry & Lt , pref _ _ _ 45% 1,000 Kootenay Gold Explor4,000 Repetti,
corn_ _ _ _$6 per sh
ation Co., $1 each
$5 lot
100 InterboroInc'
Rapid Transit,
5 Lobo Macaroni Co., pref _ _1519 lot
corn , old stock; $27 A per sh
5 Lobo Macaroni Co., com
20 United Gas & Elect Corp.
5,400 Astra Oil & Gas Corp_
$50 lot
1st prof
124 1,654 Guayaquil & Quito Ry.
943 Watt Bros. Corp, $10 ea_5125 lot
Co., preferred
$3,500 lot
1,500 Blograph Co
$3.50 per sh.
200 United Gas & El Corp 1st pf. 11
50 Amer. Typewriter
$16 lot
127 United Gas & Elec. Corp.
500 Murray-Nlogridge
Mining
Common
$255 lot
Ltd., $1 each
$20 lot
200 United Gas-& Elec. Corp.
11 8-10 Laguna Co., pref. v. t. c-1$30 lot
2d preferred
5.500 lot
1 18-100 Laguna Co., ommon'
700 Amer. Cities Co., prof_ _$1,000 lot
300 U.S. Vending do. of N.J_ _S23 lot 42,177 Socorro Mining
& Milling
250 Vitaphone Co., common.j$21 lot
Co., $5 each
$1,085 lot
1,000 Vitaphone Co., pref- - - - I
497 Pocahontas Crown Lumber
574 Haiti Syndicate pref_ _ _ _1$100 lot
Co., common,510 each_$120 lot
865 Haiti Syndicate, com___J
70 Bound Brook Chem. Corp. $80 lot
4,600 Washington Utilities Co.
150 Frank Hemingway, Inc_ _$72 lot
common
a140 lot 1,400 Crawford Copp. Co.,
$I ea. $25 lot
55035 Nor.Ohio Elec coml$6,000 lot
500 Detroit Battery,$10 each. $21 lot
1,000 Nor. Ohio Elec., pref.
1,200 Consolid. Nevada Utah
100 Midway Gas Co__ _ _$26 per sh.
Corp., $3 each
$60 lot
1.035 Chic. Utilities Co., pref_1$510 lot
973 Coast & Lake Contracting
$10,800 Chle.Util.Co.Ist M.bds.1
Corp., common
$110 lot
1,100 So. Branch Develop. Co.5300 lot
Participation Certf. of
50 Atlantic Vehicle Co., com.
600,000 Marks in Char50 Atlantic Vehic,e Co., pref.
bounages en Lorraine_ _$500 lot
1,000 Internat. . Endless Chain
500 Kensington Gold Mines1
Saw, common, $1 each.
Co., $10 each
arec.17
38 Electric Steel, common_ _ _
40 Fairmont Chemical Co.,I Adj.
500 Carlton Invest., 1st pref.
Preferred, $100 each_ - - I
$5 each
$51 lot
370 Interboro. Brewg. Co., Pf• $50 lot
500 Carlton Investing 2d Pref•
60 Interboro.13rewg.Co.,com. $20 lot
$5 each
1;400 Ohio Copper Co
$50 lot
10 Southern Car, pref
1,500 Triangle Film Co_ __$1,550 lot
235 Southern Car, common
150 Redden Motor Truck-Co.,
20 leinemacolor Car, pref_ _ -1511 lot
Inc
S50 lot
80 Kinernacolor Car, com_ _ _I
27 Bilur Motor Appliance Co
250 The Permutit Co.,com_ _ _ _5170
2(1 preferred
$150 lot
500 Tremiev Point Corp
530 lot
189 Gen Gas & Flee Co corn $760 lot
127 89-100 Acme Harvesting
101 Andiffren Refrigerating
Machine Co., common_ 3565 lot
Machine Co , common_ $55 lot
25 Acme Harvesting Machine I
500 Augusta Aiken Railway &
Co., preferred
Electric Corp ,common $325 lot
10 Chicago Oneida Truck Co.$25 lot
400 Detroit Toledo & Ironton
25 Alachua Plantg. Co.. com.S100 lot
RR , preferred
3525 let
11 716-1000 Commonwealth
120 Planographic Equip, corn $150 let
Realty of St. Louis
$15 lot Bonds
Per
Ce•
Niagara
Smelting Corp_ _ _ 40
3433.5
$1,000 Utica Gas & lice Co Os
100 Standard Separator Co., pf. 10
Ref & Ext . 1957
78
50 Empire Security Co., pref.1510 lot $3,950 Goshen
Inn Co
5s,
50 Empire Security Co., com.f
deben
$1.000 lot
8,400 Buck Creek OIL ___51 25 per sh. $12,000 Des Moines
& Ft Dodge
1,000 United Mines of Arizona
RR 1st 4s, 1935, guar
40
Co., $1 each
' $75 lot $20,000 Second Me RR 1st 53,
707 Hance Asbestos Mining
191S, trust receipts
2 Co., $25 each
S50 lot $5,000 Evansville & Ind
RR
100 Longo° Oil 4-, Gas. pref_
1st 6s, 1924, Ctf of Deo
25
50 Longo() Oil & Gas Corn.,3521 lot 10,000 Rubles
Imp
Russian
Common
Govt
53-4% Notes, 1926
4,000 Molybdenum Products
Feb 1917, coupons on
$700 lot
Ctrp., Ser."A," 51 each) $5 lot 52,000 Commonwealth
Power
1,000 Molybdenum Products
1st Gs, Ser A. 1914
$100
Corp., Ser."13," Si each1
$3,000Intermountain Ry.St.&Pow. lot
50 South. Oil & Chemical Co. $33 lot
1st Os 1912
$550 lot
50 Ford Tractor Co_ _ _51 per sh. $10.000 Second Ave
RR 1st
90 Stenotype Co. corn. v.t.c. $1 lot
Cons Is, 1948, CU of Deposit
50 Stenotype Co.
Special pref.
'
Aug 1908 coupon on
$60 lot
v. t. C
$7 lot $10,000 Sunday Creek Coal 5s,
15,000 Bradshaw Reduction Co.,
1941, Cft o deposit
$900 lot
$1 each
$21 lot $2.009 Mo Nan & Tex Ry
100 Security Bank (10% paid
5% Notes, due 1915 Stamped
in liqui(1.)
$I per share
-Nov 1915 coupon on_ __$1,010 lot
400 Dayton Coal, Iron & Ry.
30,000 Rubles Imp
Russian
$65 lot
Co., prof. $I each
Govt 53.s
$1,600 lot
5,000 Western States Oil & Land
*700 Consol Nevada Utah Os,
Co., $1. each
$135 per sh.
JuP, 1917 coupons on
$55 lot
200 Maxim Corp., common_ _$100 lot $1.000 Sunningdale
Country
Club Income 5s,.1957
$200 lot
I
I
I
I
3
I
I
Co , 2d prtf
SW,
10 Fall River Electric Light Co_112
10 Lawrence Mfg Co
1723-4 1,200 Boston & Maine Trust_ _ _ _$100 lot
10 U S Worsted Co , 1st pret
100 Mankin Lumber & Pole Co ,
933-5
20 Great Falls Mfg Co
215
preferred
$100 lot
20 Wamsutta Mills, ex-div_ _ _ _1604
200 Antimony Corporation, pref_ 1
4,500 Boston & Worcester Electric
3,000 United Oatman Gold Mines_$50 lot
Cos , common
$850 lot
35 Robert Morris Trust ($55
15 American Mfg Co ,common 18355
paid in liquidation)
$200 lot
35 Essex Co , 550 each
200
10,205 Boston & Worcester Elec
30 Saco-Lowell Shops, pref
Cos , common
_10055
$600 lot •
50 Steel Works & Arsenal Syndi1,003 Pugh Stores, $10 each
$25 lot
cate. Inc , 80% pref
100 U S Light & Heating Co_ _$10 lot
$5 let
80 Ala. & New Orleans Tran,I
Aileen Coal Co.
$25 lot
Co , cemmon, $20 each__{$1 lot
5 Goswold Mills, common_ _ _ _135
30 Ala & N 0 Transp Co , Pit
Bonds
Per cent
41 Hood Rubber Co , pref
102
$17.000 Rockland & Rockport Lime
30 Mass Bonding & Ins Co
87
Co deb 5s, 1920
40
15 Osborne Realty Co , Ltd_ _ _ _ 1
410,030 rubles Imperial Russian
20 Petrolia Land &Inv Cc ,Ltd 73-5
Govt 5555. 1926
28% 32
5 Merrimack Chemical,$50 ea_ 93
$8.000 Ogdensburg & Lake Cham3 Boston Wharf Co
86
plain Ry. 4s, 1948
55
By Messrs. R. L. Day & Co., Boston:
S ares
Stocks
$ per eh
2 Nat Shawmut Bank
27355
21 U S Worsted Co ,2d pref
8655
30 Merrimack Mfg Co ,corn.. _148 A
6 Lancaster Mills
1403-4
12 Great Falls Mhz Co
215
15 Naumkeag Steam Cotton Co_208
7 Bigelow-Hartf Carpet, com_108
6 Hargraves Mills
125
50 Pepperell Manufacturing Co_212
258 Central Vermont Ry
3.4
15 New Eng Equitable Ins Co_.$1 lot
10 Essex Co , $50 each
200
80 Wilson System of Construction, Inc
$100 lot
50 Mass Bonding & Insur Co_ 86%
34 Missouri Zinc Fields, pref.__ Sc
34 Missouri Zinc Fields,com __
le
100 Quigley Furnace & Foundryl
Co , pref
355 lot
20 Quigley F & F Co , com
100 Colonial Lumber Co ,pref_ _155 lot
50 Colonial Lumber Co ,corn I
215-5 Holland Realty Co
$10 lot
3 Lawrence Gas Co
1033-5
50 Am Oriental Co , pref , with
12 shares corn as bonus.. _ _$5 lot
4,000 Chihuahua Mines, $5 each_5200 lot
500 Yoquioo Devel Co $5 ea-$250 lot
Shares
Storks
5 per sh
50 Am Oriental Co , pref , with
13 shares com as bonus. _$21 lot
186,333 Alaska-Natazhat Consol
Mines Co $1 each
$500 lot
150 Colonial Lumber Co com_ _18.5 lot
50 Colonial Lumber Co , pref_ _I
7,000 Dora Gold Mining Co
15100
2,000 Dora Consolidated Co
I
lot
100 Texas Gas & Elec Co ,pref__ 1
Bonds
Per cent
$8,000 Imperial Russian Govt 655s,
1919
26
$15,000 Old Colony St Ry 1st 48,
1954, ctf of den
40
$11,000 Boston & Northern St Ry
1st 5s, July 1954, elf of dep
404
$15,000 Old Colony RR 4s, 1935
87
$35,000 Old Colony RR 355s, 1932- 743.4
$9,000 Current Riv RR 1st Is,1927 75
$5,500 Wyoming Construction
Devel Co 1st coll tr 6s, 19231
(coupon Apr 1922 & subs on). 35100
$5,500 Wye Co 2d coil tr 6s,'381
lot
(coup Oct 1923 &.ubs on)_ _ _ - I
$1.000 Florida Soft Phosphate &
Lime Co 6s, 1929
10
$10,000 Federal Power & Light Cq
68, 1920
so
&I
By Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
Per cent. Shares. Stocks.
Per cent.
68 Sato Manufacturing, pref_ _ _$6 lot
6 Commonwealth T., I. & T_ _234 A
136 Santo Mfg.. common
$6 lot
10 Germantown Trust
220-220%,
100 Carwen Steel Tool
$180 lot
25 Nat. Gas Products pf. tr. etf_51 lot
1,050 Smith Motor Truck,common,
25 Nat. Gas Prod., corn. tr. ctf _$1 lot
par $10
$25 lot
100 Nat. Gas Products, pref_ _ _$35 lot
25 Amer. Pipe & Constr., par $50 455
100 Nat. Gas Products, com__ _$35 lot
180 Northwestern Metals
$11 lot
10 Bergner & Engel Brew., pref. 21
Bonds.
Per cent.
10 Bergen & Engel Brew. Corn_ 43.5 $5,000 Twin Falls & Salmon River
160 Page Woven Wire Fence,2d pf. 4
Land & Water 1st6s,1917,ctf.dep. 7
200 Page Steel Wire, 2d pref__ _ _ 2
56,000 United Rys coll. 4s, 1949__ 50
1,750 Tunky Mining, par $1
$45 lot $50,000 Rich Patch Iron Ore 1st 55,
10 Springfield Body, pref
1918
Si lot
555
100 Ft. Wayne & Wab. Val. Trac. 50c. $5,000 Porto Rico Gas 1st S. f. 65,
100 The Fort Wayne Van Wert &
1953, ctf. of dep
535
Lima True., pref
$145 lot $136,000 Corpus Christi Ry. & Lt.
2 Georgia Ry. & Power, 1st pf_ 713.5
1st 6s, 1934
40
3 John B. Stetson, common__340%
34055 533.777 Corpus Christi Ry. & Lt.
100 The H. B. Claflin, 1st pref_1512 lot
6% "notes"
25
1 Pennsylv. Acad. of Fine Arts 30
$10,000 Tuscaloosa Ry. & Utilities
18 Giarard Ave. Farmers' Mar6% 1st M., 1940.
ket, par $50
3435 $3,000 Indiana Union Trac. 1st 5s,
36 Chelten Trust
1933
40
140-14055
10 United Firemen's Ins., par $10 11
$20,000 Atlantic City dr. Shore RR.
28 Victory Insurance, par $50_ _11855
1st coll. In. 55,1945,ctf. of dep_9 3.4-10
9 12th & 15th Sts. Pass. Ry_--183
$14.000 Lehigh Power Securities6%
33 Germantown Pass. Ry--- -88-8835
"notes," 1927
68
1,000 Portland Ry., L. & P., corn- 44 $5,000 Tennessee Power 1st 5s, 1962 503.5
10 Interborough Rapid Transit_ 27
$25,000 Lewiston Aug. & Watery.
• 1 Fourth Street Nat. Bank__ __319
St. Ry
1st & ref. 55, 1937,
8 Philadelphia Nat. Bank
ctf. of dep
478
27
2 Girard National Bank_ _ _406-408
$3,000 Cleveland & Erie Ry. 1st 55,
2 Bank et North America
290
1929
24
2 Fidelity Trust
500
$5,000 United Traction of Plash.
10 People's Trust, par $50
45
Gen. 5s, 1997, ctf. of dep
1655
4 Continental-Equitable Title
$1.500 Cleveland & Erie Ry income
Ar Trust, par $50
_ 954
5s, 1929
1
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS FOR CHARTER.
For organization of national banks:
Capita:.
The First National Bank of Rice, Texas
$25,000
Correspondent: W. A. Stockard, Rice,
The Aberdeen National Bank, Aberdeen, Washington
100,000
Correspondent: Chas. Albertson, Aberdeen,
The Reagan National I3ank of St. Paul, Minnesota
200,000
Correspondent: P. M. Reagan, St. Paul.
The First National Bank of Blytheville, Arkansas
100,000
Correspondent: Arthur L. Adams, Blytheville.
The First National Bank in Terra!, Oklahoma
25,000
Correspondent: R. M. Hunt, Terra],
The Payday National Bank of Minneapolis. Minnesota
200,000
Correspondent: J. E. Hanzlik, Minneapolis,
The Scarsdale National Bank, Scarsdale, New York
50,000
Correspondent: Hugh McDonald, Scarsdale.
The Hartwick National Bank, Hartwick, New York
25,000
To succeed Kinne, Burch & Co., bankers, Hartwick.
Correspondent: Ora W. Murdock, Hartwick.
For conversion of State banks:
The First National Bank of Ferndale. Washington
25,000
Conversion of the Ferndale State Bank,
Correspondent: Percy 1-bond, Ferndale.
The First National Bank of Barnum, Minnesota
25,000
Conversion of the State Bank of Barnum.
Correspondent: State Bank of Barnum.
The First National Bank of Buhl, Minnesota
25.000
Conversion of the First State Bank of Buhl.
Correspondent: T. G. Flynn, Buhl.
Liberty National Bank of Washington, D C
2-0,000
Conversion of the Liberty Savings Bank, Washington.
Correspondent: G. 0. Walson, 1410 New York Ave., Washington,
Total
S1,060.000
Amount.
INCREASES OF CAPITAL.
The We!ls National Bank, Wells, Minnesota. Capital increased
from $50,000 to $75,000
25,000
CHANGES OF TITLE.
The Citizens National Bank of Greenwood, Arkansas, to "First National
Bank in Greenwood."
The National- Bank of Palouse, Washington, to "The Farmers - National
Bank of Palouse."
The First National Bank of Hansford. Texas, to "The Fast National Bank
of Spearman," the location of the bank being also changed to Spearman.
CHARTERS ISSUED.
Original organizations:
The First National Bank of Elton, Louisiana
President, G. A. Courtney; Cashier, H. V. Kennedy.
The Planters National Bank of Hughes, Arkansas
President, B. C. Pouncey; Cashier. Wm. A. Spivey.
The Bogota National Bank, Bogota, New Jersey
President, Wm. N. Smith: Cashier, J. E. Greer.
The Linden National Bank, Linden, New Jersey
President, H. B. Hardenburg; Cashier, Isaac Alpern.
The Citizens National Bank of Somerset, Kentucky
Succeeds the Citizens Bank of Somerset.
President, W. R. Johnston; Cashier, G. W. Hill.
Conversion of State banks:
The Broad Street National Bank of Philadelphia, Pa
Conversion of The Broad Street Bank, Philadelphia.
President, W. Perry E. Hitner; Cashier, L. A. Lewis.
The Stock Yards National Bank of Denver, Colorado
Conversion of The Denver Stock Yards Bank, Denver.
President, F. M. Butcher; Cashier, Paul Hardy.
$50,000
30,000
25,000
25,000
100,000
250,000
250,000
$730,000
Total
Canadian Bank Clearings.-The clearings for the week
ending Dec. 4 at Canadian cities, in comparison with the
same week in 1918, shows an increase in the aggregate of
14.4%.
Week ending December 4.
Clearings at1919.
1918.
Inc. or
Dec.
1917.
1916.
s
s
%
s
$
•
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
London
St. John
Victoria
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine ITat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
167,028,108
104,723,893
65,920,492
15,887,184
13,452,338
9,174.149
5,955,363
7,886,156
8,682,344
4.678,175
3,396,235
3,096,434
5,500,000
5,241,216
1,074,018
961,789
2,643,460
2,567,987
1,019,222
1,060,356
573,578
743,536
868,818
965,433
1,203,725
2,332,791
570.000
134,154,650. +24.5
81,756,732 +28.1
79,870,137 -17.7
16,403,873 -3.1
10,37510; +29.7
7,858,529 +16.7
4,591,204 +29.7
6,515,759 +21.0
8,800,804 -1.6
3,462,352 +35.1
2,439,847 +47.4
2,265,332 +35.4
4,047,813 +34.5
5,603,039 -6.5
914,596 +17.5
+2.1
941,618
2,396,946 +10.3
2,698,325 -4.9
1,059,680 -3.8
1,285,016 -17.5
575,280 -0.3
563,983 +31.9
685,915 +26.7
849,153 +13.7
620,368 +91.0
1,169,105 +99.5
300,000 +90.0
AZ7 /...A 12, 329 9cRlAQ
S2,531,811 90,396,773
66,511,312 60,336,754
77,445,540 66,008,603
9,281,004 7,456,252
7,479,260 6,942,569
6,373,650 5,361,467
3,000,000 2.848,724
6,080,101 4,908,538
10,805,953 7,904,791
2,765,207 2,506,403
2,178,897 2,500,355
1,925,031
2,202,804
4,131,680 3,772,384
5,156,727 4,035,854
1,058,127
800,167
1,265,595 1,142,782
2,409,012 2,473,714
2,010,035
1,691,361
1,120,817
786,606
787,275
1,034,785
286,199
450,579
788,762
718,528
563,422
717,584
804,558
639,146
671,360
634,764
.J-1A A 902 9neqnq 977 5A9 5201
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in italics.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Alabama Great Southern (ordinary)--- - 51.75 Dec. 29 Holders of rec. Dec. I
$1.75 Ieb. 90 Holders of rec. Jan. 22
Preferred
41.4 Jan. 1 Holders of rec. Dec. 15a
Albany de Susquehanna
2% Feb. 2 Holders or rec. Dec. 31a
Atchison Topeka & Santa Fe. preferred _
3% Jan. 10 Holders of rec. Dec. 19a
Atlantic Coast Line RR., common
% Jan. 2 Holders of rec. Dec. 15a
Beech Creek (guar.)
21.4 Dec. 31 Holders of rec. Nov 29a
Boston & Albany (quar.)
134 Dec. 30 Dec. 16 to Jan. I
Buffalo & Susquehanna, corn. (guar.)._
Dec. 30 Dec. 16 to Jan. 1
2
Preferred
.1% Feb. 2 *Holders of rec. Dec. 31a
Canada Southern
2% Dec. 31 Holders of rec. Dec. 1
Canadian Pacific. common (quar.)
Dec. 31 Holders of rec. Dec. $5a
2
tChesspeake & Ohio
Dee. 26 Holders of rec. Dec. 19a
2
Chicago Burlington & Quincy (guar.)_ _ _ _
Dee. 31 Holders of rec. Dec. 22
2
Chic. India•apolis & Louisrille, preferred
Jan. 2 Holders of rec. Dec. $9a
tChicago & North Western, corn. (quar.)
Jan. 2 Holdesr of rec. Dec. $9a
*2
Preferred (quar.)
Dec. 31 'ILIters 01 rec. Dec. 17
Chic. Roct Isla .d & Pacific,6% preferred _ *3
1 lers of rec. Dec. 17
,
*3% Dec. 31 *11
Sorest per ce I preferred
Dec. 23 Holders of rec. Dec. 2a
3
Cin. N.0. & Texas Pacific, corn. (guar.) _
of rec. Dec. 2a
Holders
23
Dec.
394
Common (extra)
1,4 Dec. 1 Holders of rec. Nov. 25a
Preferred (guar.)
Cin. Chic. & St. Louis, pref. (guar.) 't). Jan. 20 *Holders of rec. Dec. 30a
Dec. 15 Holders of rec. Dec. 4a
2
Colorado & Southern, first preferred _ _ _ _
Dec. 15 Hollers of rec. Dec. 40
4
Second preferred
Feb.
2 Hollers of rec. Dec. 31a
3
Cuba Railroad, pref, rred
214 Dec. 20 Holders of rec Nov.2264
Welaware & Hudson Co.((Mar.)
Jan. 5 Holders of rec. Dec. 20a
2
Detroit IIiZ1.sdair & S. W
2% Jan. 2 Holders of rec. Dec. 13a
Detroit & Mackinac. corn. and pref.__ _
*3
Jan. 15 'holders of rec. Jan. 8a
Detroit Ricer Twin.'
1% Dec. 15 Holders of rec. Dec. 5a
(quar.).
Fonda Johnstown & Glov., pref.
Dec. 31 Holders of rec. Dec. 12a
2
Hocking VI.Iley Ry
Jan. 2 Dec. 12 to Jan. 4
2
Illinois Central, leased lines
*1!.4 Dec. 31 *Holders of rec. Dec. 21a
Kanawha & Michigan (guar.)
Jan. 2 Holders of rec. I)ec. (la
1
Lackawanna RR. of New Jersey (guard _
87%c Jan. 3 Helders of rec. Dec413a
tLehigh Valley. cGmmon (guar.)
51.25 Jan. 3 Holders of rec. Dee :13s
Preferred (quar.)
Feb. 2 *Holders of rec. Jan. 8a
*85
Mahoning Coal RR., common
*S1.25 Jan. 2 *Holders of rec. Dec. 22n
Preferred
Jan. 29 *Holders of rec. Dec. 31a
*2
Michigan(-Antral
Jan. 1
1 Dec. 2 to
Jan
2
Mobile AT Tarn Ingham, preferred
2 Holders of rec. Dec. 9a
52.12% Jan
Morris & Essex
Jan.
23
to
Jan.
3
Feb.
2
1.4
(guar.)
New York Cfntral PR.
$2.50 Jan. 2 Holders of rec. Dec. 15a
corn. and Pre(
New Yo-k &
Jan. 2 Holders of rec. Dee. 13a
1
N. Y. Lackawanna & Western (quar.).. _
1% Dec. 19 Holders of rec. Nov. 211a
Norfolk & Western. common (quar.)Jan. 10 Dec. 27 ro Jan. 11
4
Narthern Securities
Jan. 2 Holders of rec. Dec. 10a
14
3
(guar.)
corn.
Chic.,
Pittsburgh Ft. Wayne &
514 Jan. 2 Holders of rec. Dec 10a
Common (extra)
6 Holders of rec. Dec. 10a
1X Jan
Preferred (guar.)
514 Jan. 6 Holders of rec. Dec. 10a
Preferred (extra)
$1.50 Jan. 2 Holders of rec. Dec. 15a
Plush. McKeesp. & Yough. (guar.)
11.4 tan. 2 Holders of rec. Nov. 211a
Southern Pacific (guar.)
Sotuler: Ry., preferred
2!.4 Dec 31 Holders of rec. Dec. 23
'11.8 Jan. 2 *Holders of rec. Dec. 26a
Toronto Hamilton & Buffalo (guar.)
2 Holders of rec. Dec. In
Union Pacific. common (quar.)
24 Jan
Valley Railroad (N. Y.)
254 Jan. 2 Holders of rec. Dec. 18a
Street and Electric Railways.
American Railways. common
87 Jic
134
Arkansas Val. Ry.. Gas & El.. pf. (qtt.)
Asheville Power & Light, preferred (guar.) 1
144
Brazilian Trac.. Lt.. & P., pref. (guar.).Carolina Power & Light, preferred (guar.) 1%
VoL. 109.
THE CHRONICLE
2238
Dee.
Dec.
Jan.
Jan.
Jan.
15
15
2
1
2
Holders of rec. Dec. 10a
Holders of rec. Nov. 29a
Holders of rec. Dee. 15
Holders of rec. Dec. 15
Holders of rec. Dec. 15
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Street and Electric Rye. (Concluded).
Cities Service, corn. & pref. (monthly)__
94 Jan. I Holders of rec. Dec. 15a
Jan. I Holders of rec. Dec. 15a
Common (payable in common stock). /1
44 Feb. I Holders of rec. Jun. 15a
Common and preferred (monthly)_ _
Sc.f134 Feb. 1 Holders of rec. Jan. 15a
Common (payable in common stock)_ _
Jan, 1 Holders of rec. Dec. 15a
;ities Service. nref. B (No. D (monthly)
Cities Service, Bankers'shares(monthly) 46.1c. Jan. 2 Holders of rec. Doc. 15a
Jan, 2 Holders of rec. Dec. 15a
Columbus (Ga.) Electric Co., preferred
3
Continental Passenger Ry., Philadelphia *$3
Dec. 30 *Holders of rec. Nov. 29a
Jan. 2 Holders of rec. Dec. 15a
Duluth-Superior Trac., pref. (guar.)
4
Jan. 2 Holders of rec. Dec. 15a
Eastern Texas Ekc. Co., common
3
Jan. 2 Holders of rec. Dec. 15a
Preferred
El Paso Electric Co., common (quar.)
23,4 Dec. lb Holders of rec. Dec. 4a
Frankford & Southwark Pass. Ry.(qu.)_ $4.50 Jan. 1 Holders of rec. Dec. la
1% Jan. 2 Holders of rec. Dec. 15
Illinois Traction, preferred (guar.)
Iona Ry. & Light, preferred (guar.)
134 Dec. 31 Hollers of rec. Dee. 20
1% Dee. 31 Holders of rec. Dee. '22
Ma ila Electric RR. & Lightio (guar.)
Jan. 1 Holders of rec. Dec. 15
Ottawa Traction (guar.)
Jan. I Holders of rec. Dec. 15
Bonus
San Joaquin Light & Pow., pref.(guar.) 1;4 Dec. 15 Holders of rec. Nov.30
Jan. 1 Holders of roc. Dec. la
Second & Third Sts. Pass. Ry.(quar.),, $3
1% Jan. 2 Holders of rec. Dec. 15a
Springfield (Mo.) Ry. & L., pref. (qu.)..
5
Dec. 20 Holders of rec. Nov. 30a
Tr -City Ry. & Light, common (quar.)
144 Jan. 2 Holders of rec. Dee. 200
Preferred
81.50 Jan. I Holders of rec. Dec. 10a
Union Traction, Philadelphia
Jan. 2
*152
Jan. 2 *Dec. 21 to
West End St. Ry., Boston, preferred_
194 Jan. 2 Dec. 21 to Jan. 1
West India Elec. Co. (guar.)
West Pena Rys., pref. (quar.)
144 Dec 15 Holders of roe. Dec. la
141 Jan. 2 Holders of rec. Dec. 15
Yadkin River Power, pref. (guar.)
*6214c Jan. 31 *Holders of rec. Jan. 21a
York Railways, preferred
Banks.
Chase National (guar.)
Chatham & Phe .ix National (guar.)
Columbia
Extra
Commerce, National Bank of (quar.)_ _ _
Extra
Commercial Exchange
Extra
Cuba, Bank of, in New York
First National (guar.)
First Security (guar.)
Extra
Irving National (guar.)
Mechanics' Bank (Brooklyn) (quar.)_ _ Extra
Yorkville (guar.)
Extra
4
4
4
2
2%
2
10
5
6
5
5
10
3
$1
$1
5
10
Jan. 2
Jr..n. 2
Dec. 31
Dec. 31
Jan. 2
Tan. 2
Jan. 2
Jan. 2
Jan. 1
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Dec. 31
Dec. 31
Holders of rec. Dec. 26a
Jan. 1
Dec. 20 to
Jan. 1
Dec. 31 to
Jan. 1
Dee. 21 to
Hollers of rec. Dec. 19a
Holders of rec. Dec. 190
Dec. 27 to Jan. 1
Jan. 1
Dec. 27 to
Holders of rec. Dee. 21
Holders of rec. Dee. 31a
Holders of rec. Dec. 31a
Holders of rec. Dec. 31a
Holders of rec. Dec. 19
Holders of rec. Dec. 20a
Holders of rec. Dec.'20a
Jan. 1
Dec. 21 to
Jan. 1
Dec. 21 to
Trust Companies.
Guaranty (quar.)
Hudson (guar.)
Extra
Irving (guar.)
Lawyers Title & Trust (guar.)
Extra
Wanufacturers. Brooklyn (guar.)
N. Y, Life Insurance de Trust
United States
5
2
2
2
145
I
3
25
25
Dec 31
Dec. 31
Dec. 31
Jan. 2
Jan. 2
Jan. 2
Jae. 2
Dec. 10
Ian
2
Holders of rec. Dec. 19
Holders of rec. Dec. 20a
Holders of rec. Dec. 20a
Holders of rec. Dec. 19
Jan. 2
Dec. 14 to
Jan. 2
Dec. 14 to
Holders of rec. Dec. 20
Holders of rec. Dec. 2a
Holders of rec. Dec. 19a
Miscellaneous.
Advance-Rumely Co., preferred (guar.)Aeolian, Weber Piano & Pianola, pf. (qu.)
Air Reduaio (guar.)
Ajax Oil. Class A (monthly)
'.Jaz Rubber, Inc. (Guar.)
Allis-Chalmers, preferred (guar.)
Pref. (account accumulated dividends)
Alter Petroleum (ma thly)
Amer. Agricultural Chemical, corn. (guar.)
Preferred (guar.)
trnerican Bank Note, preferred ((Mar.)
American Beet Sugar, preferred (quar.)_
merican Bosch Magneto (guar.)
Amer. Brake Shoe & Fely., corn. (quar.)_ _
Preferred (guar.)
‘rnerican Can. pref. (quar.)
Amer. Car & Fdry., common (quar.) _
Preferred (quar.)
merles!' Chicle, preferred (quar.)
American Cigar, preferred (guar.)
American Coal '
tmerican Druggist Syndicate
mertean Express (quar.)
American Fork & Hoe, corn. (guar.)
s•nerteni, Ode & Elec., common (quar.)_
Coalmon (payable in common stock).
Pr- termed (quar.)
'.me loan Hide & Leather, prof. (guar.)
'.
.Internat. Corp.,corn. & pref.(qu.)
American Linseed, corn. (guar.) (No. I)
Preferred (guar.)
tut rican Locomotive, common (guar.).
Preferred (guar.)
American Manufacturing, corn. (quar.)_
Preferred (guar.)
American Public Service, pref. (quar.)_ _
American Radiator, common (quar-)
American Sewer Pipe (quar.)
kmer. Smelt. & Refg.. corn. (quar.)_
Amer. Smelters Securities, pref. A (qu.)_
Preferred B (quar.)
American Snuff. common (quar.)
Preferred (guar.)
Amer. Steel Foundries, common (guar.)Preferred (quar.)
American Stores, let & 2d pref. (quar.)
American Sugar, common (quar.)
Common (extra)
Preferred (guar.)
merle/in Telep. dr Teieg (guar.)
American Thread, preferred
American Tobacco, preferred (quar.)__ American Type Founders, corn. (quar.)_ _ _
Preferred (guar.)
American Wholesale Corp., pref. (guar.) _
Amer. Window Glass Machine, corn
Preferred (guar.)
American Woolen. corn. & pref. (guar.).
.ipsiey Rubber, preferred
'risotto Silver Mines.
Armour & Co., preferred (quar.)
Associated Oil (guar.)
Atlantic Gulf & W. I. SS. Lines, corn...
Preferred (guar.)
%gentle Refining (guar.).
Atlantic Sugar Refineries, pref. (quar.) _
Preferred (account accum. dividends)tatosales Corporation (guar.)
Extra _ ..
Atery Compa 11, preferred (guar.)
Babcock & Wilcox Co. (guar.)
Baldwin Locomotive Works, corn. dr prof
Baltimore Tube, Inc., preferred (guar.) _
Banks Oil Co. of Louisiana (monthly)..,
Barnhart Bros. & SpindlerFirst and second preferred (guar.)
Barrett Co., COMM°3 (mo-thly)
Preferred (Ow.)
Belding Paul CortIcelli. pref.Ltd.(guar.)
144 Jan. 2 Holders of rec. Dec. 15a
1% Dec. 31 Holders of rec. Dec.. 24a
Jan. 15 Holders of rec. Dee. 31
$I
10c. Dec. 15 Holders of roe. Dec. 56
$1.50 Dec. 15 Holders of rec. Nov. 29a
1% Jan 15 Holders of rec. Dee. 31a
71144 Jan lb Holders of rec. Dec. 31a
Dec. 15 Dec. 13 to
2
Dec. 15
2
Jan. 15 Holders of rec. Dee. 22
144 Jan. 15 Holders of rec. Dec. 22
144 Jan
2 Holders of rec. Dec. 15a
144 Dec. 31 Holders of rec. Dec 13a
$2
Jan
I Holders of rec. Dee. 15a
13.4 Dee. 31 Holders of rec. Dec. 19a
Dec. 31 Holders of rec. Dec. 19a
3
1% Jan. '2 Holders of rec. Dec. 16a
Jan. 1 Holders of rec. 1)ec. 15a
3
141 Jan. 1 Holders of rec. Dec. 15a
144 Jan. 2 Holders of roe. Dee. 204
144 Jan. 2 Holders of rec. Dee. 15a
Dec. 22 Holders of rec. Dec. 20a
$2
4
Mar. 15 Holders of rec. Jan. 31a
144 Jan. 2 Holders of rec. Nov. 29a
1% Dec. 15 Holders of rec. Dec. 5a
$1.25 Jan. 2 Holders of rec. Dec. 15
Jan. 2 Holders of red. Dec. 15
144 Feb. 2 Holders of rec. Jan.,16
1% Jan. 2 Holders of rec. Dec. 13a
144 Dec. 31 Holders of rec. Dec. 16a
u% Dec. 15 Holders of rec. Dec. In
Si% Jan. 2 Holders of rec. Dec. 15
144 Dec. 31 Holders of rec. Dec. 13a
Dec. 31 Holders of rec. Dec. 13a
144 Dec. 31 Dec. 16 to Jan. 1
1% Dec. 31 Dec. 16 to Jan. 1
1% Jan. 2 Holders of rec. Dec. 15
to Dec. 31
3
Dee. 31 Dec. 23
54 Dec. 20 Holders of rec. Dee. 10a
Dec. 7
Dec. 15 Nov. 29 to
144 Jan. 2 Dec. 13 to Doe. 21
Dec. 21
1% Jan. 2 Dec. 13 to
2
Jan.• 2 Holders of rec. Dee. 13a
144 Jan. 2 Holders of rec. Dec. 13a
75c. Jan. 15 Holders of rec. Jan. 2a
141 Dec. 31 Holders of rec. Dee. 15a
*1% Jan. 1 *Holders of rec. Dec. 20
1% Jan. 2 Holders of rec. Deo. in
44 Jan. 2 Holders of rec. Dec. in
134 Jun. 2 Holders of rec. Dec. in
Jan. 15 Holders of roe. Dee. 200
2
Nov. 30
1244c Jan. 1 Nov. 15 to
144 Jan. 2 Holders of rec. Dec. 130
Jan. 13 *Holders of rec. Jan. 10a
*1
•144 Jan. 15 'Holders of rec. Jan. 10a
1% Jan. 1 Holders of rec. Dec. 15
Jan. 2 Holders of rec. Dec. 13
5
134, Jan. 2 Holders of rec. Dec. 13
to I)ec. 29
13-4 Jan 15 Dec. 17
394 Jan. 1 IIolders of rec. Dec. 31
he. Dec 15 Holders of res. pse, 1
Jan. 1
134 Jan. 2 Dec. 16 to
134 .Inn. 15 Holders of rec. Dec. 280
Feb. 2 Holders of rec. Dec. 80a
1 g Jan. 1 Holders of rec. Dee. 10a
1‘ters of rec. Nov. 24a
1)er. 15 11,
5
1% Jan. 2 Holdera of ree. Dec. 12
Jan. 2 Holders of rec. Dec. 12
hl
194 Dec. 31 Holders of rec. Dec. lba
34 Dee. 31 Holders of rec. Dec. lba
194 P.m. 1 Dee. 23 to Jan. 1
Jan. 1 liolders of rec. Dec. 200
344 Jan. 1 Holders of rec. Deo. 84
134 Jan. 2 Holders of rec. Dee. zoot
Dec. 15 Holders of rec.,Nov.29
4.1u Feb. 1 *Holders of
Jan. 2 *Holders 01
*2
*1% Jan, 15 *Holders of
344 Dee. 15 Holders of
rec. Jan. 284
tee. Dec. 18
rec. Dee. 30
roc Dec. 14
Name of Company.
l'er
When
Cc l. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (('o;,tinued)
Beaver Board Companies, corn.(No. 1)_ $1
Dec.del Holders of rec. Dec. 10
First preferred (quar.) (No. 1)
1% Dec. 31 Holders of rec. Dec. 15
2
Jan. 15 Holders of rec. Dec. 31a
Bell Telephone of Canada (guar.)
1% Jan. 2 Holders of rec. Dec. 15o
Bethlehem Steel, common (quar.)
1% Jun. 2 Holders of rec. Dec. 15a
Common B (quar.)
Preferred (quar.)
111 Jan. 2 holders of rec. Dec. 15a
2
Jan. 2 Holders of rec Dec. 15.
Eight per cent preferred (quar.)
Booth Fisheries, preferred (quar.)
2 Holders of rue Dec. 13a
14 Jan
1% Dee. 15 Holders of rec. Dee. In
Borden Company, pref. (quar.)___
Jan. 2 Holders of rec Dec. la
Brandram Ilentierson, Ltd., pref. (qu.) 13
Brunswick-Batke-Collcnder, pref.(guar.) _- *lei Jan. 1 *Holders of rec. Dec. 207
$2
Dee. 15 Holders of rec. Nov.'22
Buckeye Pipe Line (quar.)
1% Jan. 2 Holders of rec. Dec. 20
Bucyrus Company, preferred (guar.)
2
Dec. 31 Holders of rec. Dec. 20.
Buffalo General Electric (quar.)
Dec. 15 Holders of rec. Nov. 29a
California Packing, common (quar.)___ _ $1
14 Jan
2 Holders of rec. Dec. 15a
Preferred (quar.)
California Petroleum Corp., pref. (guar.) _ *1 % Jan. 1 *Holders of rec. Dec. 20a
50c. Dec. 22 Holders of rec. Dec. 5a
Calumet & Arizona Mining (guar.)
$5
Dec. 31 Holders of rec. Dec. 6
Calumet & Hecia Mining (quar.)
The. Dec. 15 Holders of me Nov. 29
Cambria Steel (quar.)
25c. Dec. 15 Holders of rec. Nov. 29
Extra
1
Dec. 15 Holders or rec. Dec. la
Canada Steamship Lines, corn. (quar.)
134 Jan. 2 Holders of rec. Dec. 16a
Preferred (guar.)
2
Dec. 15 Holders of rec. Dec. 5
Canada Tea,.Ltd., preferred (guar.)
154 Dec. 31 Dec. 21
to Dec. 31
Can. Crocker-Wheeler, corn. & pf. (qtr.) _
2
Jan. 1 Holders of rec. Dec. 11
Canadian General Electric (a uar.)
8$4c Dec. 31 Holders of rec. Dec. 204
Carbo-Hydrogen. preferred (quar.)
1% Jan. 2 Holders oi rec. Dee. 26
Cardenas-American Sugar, pref. (quar.)_ _
Case (J. I.) Threshing Mach., pref. (qu.) 1% Jan. 1 Holders of rec. Dec. 15a
2
Dec. 31 Holders of rec. Dec. 16a
Celluloid Company (quar.)
2
Dec. 31 Holders of rec. Dec. 16a
Extra
*2% Jan. 2 *Holders of rec. Dec. 20
Central Aguirre Sugar Cos. (guar.)
*734 Jan. 2 *Holders of rec. Dec. 20
Extra
1% Jan. 2 Holders of rec. Dec. 10a
Central Leather, pref. (quar.)
Central States Electric Corp., pref. (qu.) 1% Dec. 31 Holders of rec. Dec. 10
2
Jan. 1 Holders of rec. Dec. 15
Central Teresa Sugar, preferred (quar.)_ _ _
Certain-teed Products Corp.
1% Jan. 1 Holders of rec. Dec. 19a
First and second preferred (guard__ __
Jan. 2 Holders of rec. Dec. 15a
$2
Chandler Motor Car (quar.)
*52
Dec. 31 *Holders of rec. Dec. 30a
Chicago Telephone (quar.)
The. Dee. 31 Holders of rec. Dec. 12a
Chino Copper (quar.)
1% Jan. 2 Dec. 15 to Dec. 21
Cincinnati Gas & Electric (guar.)
3
Dee. 15 Holders of rec. Dec. 9
Cleveland & Buffalo Transit
2
Dee. 24 Holders ot rec. Dee. 15a
Cleveland Worsted Mills (quar.)
1;14 Jan. 1 Holders of rec. Dec. 20a
Cluett, Peabody & Co., Inc., pref. (qu.) _
A Dec. 15 Holders of rec. Nov. 29
Colorado Power, common (quar.)
I% Jan. 15 Holders of rec. Dec. 31
Preferred (quar.)
Colt's Patent _Fire Arms Mfg. (quar.)_ _ _ _ $1.25 Dec. 31 Holders of rec. Dec. 13a
Columbia Graphophone, common (quar.) 25e Jan. 2 Holders of rec. Dec. 10a
Jan. 2 Holders of rec. Dec. 10a
Extra (payable in common stock)__
I% Jan. 2 Holders ot rec Dec. 10a
Preferred (quar.)
Jan. 10 Holders of rec. Dec. 240
Computing-Tabulating-Recording (qu.) 1
1% Dee. 15 Holders of rec. Nov. 120
Consolidated Gas (quar.)
Jan. 2 Holders of rec. Dec. 15a
Consol. Gas, Elec. L.& P., Bait. (quar.) 2
*2% Jan. 1 *Holders of rec. Dec. 15
Consumers Gas, Toronto (quar.)
1% Jan. 2 Holders of rec. Dec dl2a
Consumers Power (Mich.), pref., (qu.)_
1% Jan. 1 Holders of rec. Dec 20a
Continental Can. common (quar.)
14 Jan. 1 Holders of rec. Dec. 20a
Preferred (quar.)
50e. Dec. 15 Holders of rec. Nov. 20
Copper Range Co. (guar.)
75e. Dec. 15 Nov. 23 to
Dec lb
Crescent Pipe Line (quar.)
3
1)ec. 15 Holders of rec. Nov. 28o
Crex Carpet
1% Dec. 22 Hdlders of rec. Dec. So
Crucible Steel, preferred (quar.)
1% Jan. 2 Holders of rec. Dec. 15
Cuba Cane Sugar Corp., pref. (quar.)_ _
3% Feb. 2 Holders of rec. Dec 310
Cuba Company, preferred
Cuban American Sugar, common (quar.) 2% Jan. 2 Holders of rec. Dec. r50
I% Jan. 2 Holders of rec. Dec. 15o
Preferred (quar.)
14 Jan. r Holders of rec. Dec. 24
.ridahy Packing, common (quar.)
12
Dec. 15 Holders of rec. Dec 1
Cumberland Pipe Line
50c. Dec. 20 Holders of rec. Nov. 20
Davis-Daly Copper Co
Dayton Power & Light, preferred (quar.)_ _ *1% Jan. 2 *Holders of rec. Dec. 20
6
Dec. 15 Nov. 30 to Dec. 15
Detroit & Cleveland Navigation'
2
Jan. 15 Holders of rec. dDee.31a
Detroit Edison (quar.)
2
Dec. 15 Holders of rec. Nov. 29e
Diamond Match (quar.)
I% Jan. 1 Holders of rec. Dec. 27
Dodge Manufacturing, common (quar.)__
1
Jan. 1 Holders of rec. Dec. 27
Common (special)
1% Jan. 1 Dec. 20 to
Jan. 20
Preferred (guar.)
25c Jan. 15 Holders of rec. Dec. 31
Dome Mines
1
Dominion Glass, common (quar.)
Jan. 1 Holders of rec. Dec. 15
Preferred (quar.)
I% Jan. 1 Holders of rec. Dec. 15
1% Jan. 1 Holders of rec. Dec. la
Dominion Iron & Steel, pref. (guard__ _
1
Jan. 1 Holders of rec. Dec. 15
Dominion Oil (monthly)
Dec. lb
Dec. 15 Dec. 1 to
Dominion Power & Transne, corn. (qu.) 1
1% Jan. 1 Holders of rec. Dec. 5
' Dominion Steel Corp., common (guard_
2
Jan. 2 Holders of rec. Dec. 15
Dominion Textile, common quar.
3
Jan. 1 Holders of rec. Dec. 6
Draper Corporation (quar.)
du Pont (E. I.) de Nom.& Co., com.(qu) 4% Dec. 15 Holders of rec. Nov. 296
1% Jan. 26 Holders of rec. Jan. 10.
Debenture stock (quar.)
du Pont (E.I.)deNem. Powd., cora.(qu.) 1% Feb. 2 Holders of rec. Jan. 2(a
1% Feb. 2 Holders of rec. Jan. 2( a
Preferred (quar.)
East Coast Fisheries, corn. (qu.)(No. 1) 10c. Jan. 1 Holders of rec. Dec. 27
1% Jan. 1 Holders of rec. Dec. 27
Preferred (quar.)
42% Jan. 15 Holders of rec. Jan. 2
Eastern Steel, common (quar.)
1% Dee. 15 Holders of rec. Dee. 1
First and second preferred (quar.)_ _ _ _
2% Jan. 2 Holders of rec. Nov. 290
Eastman Kodak, common (quar.)
Common (extra)
7% Jan. 2 Holders of rec. Nov. 290
Preferred (extra)
1% Jan. 2 Holders 01 rec. Nov. 290
Edmunds & Jones Corp., corn. (quar.).... 50c. Jan. 1 Dec. 21
to Dec. 31
Preferred (guar.)
154 Jan. 1 Dec. 21
to Dec. 31
Eisenlohr (Otto) & Bros., Inc. Pf. (qu.) 154 Jan
1 Holders of rec. Dec. 20
2% Jan, 2 Holders of rec. Dec. lb
Elec. Storage Battery, corn. & pf.
$3,1
1.25 .1
Empire Steel & Iron, preferred
1 Holders of rec. Dec. 20
Endicott Johnson Corp., corn. (quar.)__
Holders of rec. Dec. Pa
Common (extra)
$2
Jan. 1 Holders of rec. Dee. 11.0
Preferred (quar.)
14 Jan. 1 Holders of rec. Dec. 1.! a
6
Equitable Ilium. Gas Light, Phila., com_ _
Dec. 15 Holders of rec. Dec. 6a
Equitable Ilium. Gas Light(Phila.), prof. 3
Dec. lb Holders of rec. Dec. (a
2
Fairbanks Company, pref. (quar.)
Jan. 1 Holders of rec. Dec. 20a
$2
Famous Players-Lasky Corp. (quar.)
Jan. 2 Holders of rec. Dec. 18a
Farrell (Wm.) & Sons, preferred (quar.)
134 Jan. 2 Holders of rec. Dec. 20
A Dec. 15 Holders of rec. Nov. 25o
Federal Min. & Smelting, pref. (quar.)_
(guard_
_
Dec. 20 Holders of rec. Dec. 10a
Firestone Tire & Rubber, corn.
$6
1% Jan. 15 Holders of rec. Jan. la
Six per cent preferred (quar.)
Seven per cent preferred (quar.)
134 Fob. 15 Holders of rec. Feb. 5o
134 Dec. 15 Holders of rec. Nov. 29a
Fisk Rubber Co., 2d preferred (guar.)
Dec. 31 Holders of rec. Nov. 29a
Galena Signal 011, old & new, pref. (qu.) 2
11% Jan.Jan. 2
1 Holders of rec. Dee. 13
General Baking, preferred (quar.)
General Chemical, preferred (quar.)_
154 Jan. 2 Holders of rec. Dec. 19a
_
Holders of rec. Dec. 24a
General Cfgar, deben. pref. (quar.).._
2
Jan. 15 Holders of roe. Dec. So
General Electric (quar.)
e2
Jan. 15 Holders of rec. Dec. 6o
Extra (payable in stock)
3
Feb. 2 Holders of me Dec. 31a
General Motors, common (quar.)
Preferred (quar.)
1% Feb. 2 Holders of rec. Dec. 310
Debenture stock (quar.)
1% Feb. 2 Holders of rec. Dec. 31a
I% Jan. 2 Holders of rec. Dec. 20
General Railway Signal, corn. (quar.)__
I% Jan
Preferred (quar.)
2 Holders of rec Dec. 20
3% Jan
2 Dec. 16 to Jan. 2
Giant Portland Cement, preferred
Globe Rubber Tiro Mfg., corn. (quar.).. 1% Dec. 15 Holders of rec. Nov. 290
Globe Soap Co., common, lat. 2d and
1% Dec 15 Nov. 30 to
Doe. lb
special pref. stocks (quar.)
2
Dec. 10 Holders of rec. Nov. 30
Globe-Wernicke, common (guar.)
1
Feb. 16 Holders of rec. Feb. So
Goodrich (B. F.) Co., corn. (quar.)____
134 Jan. I Holders of rec. Dec. 21a
Preferred (quar.)
1% Jan. 2 Holders of rec. Dec. 20
Goulds Manufacturing, common (guar.)_ _
134 Jan. 2 Holders of rec. Dec. 20
Preferred (guar.)
Grasselli Chemical, common (quar.)- -- 13,4 Dec. 31 Holders of rec. Dec. 15s
34 Dec. 31 Holders of rec. Dec. 150
Common (extra)
134 Dec. 31 Holders of rec. Dec. 150
Preferred (quar.)
Great Western Sugar, common (quar.) _ •154 Jan. 1 *Holders of rec. Dec. 15
.10
Jan. 1 *Holders of rec. Dec. 15
Common (extra)
•134 Jan. 1 *Holders of rec. Dec. 15
Preferred (quar.)
2239
THE CHRONICLE
Dcc. 131919.1
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued)
Great Lakes Towing, common (guard_ _
154 Dec. 31 Des IS to Jan. I
1 Dec. 16 to Jan. 1
Preferred (guard
154 Jan
51.25 Jan. 2 Holders of rec. Dee. 17a
Guantanamo Sugar (guar.)
134 Jan. 2 Holders of rec. Dec. 15o
Gulf States Steel, first pref. (quar.)___Ifarbison-Walker Refract.. pref. (qu.)_ _ 1 % Jan. 20 Holders of rec. Jan. 104
1 % Dec 31 Holders of rec. Dec. Ise
Hart, Schaffner & Marx, Inc., pf. (qu.) _
Jan. 2 Holders of rec. Dec 15o
Haskell & Barker Car (quar.)
$1
Ilecla Mining (quar.)
15C. Dec. 28 Holders of rec. Luc. lo
2 Holders of rec. Dec 1*,,a
Helme (Geo. W.) Co., common (guard _
2% Jams
Common (extra)
Jan. 2 Holders of rec. Dec lisa
4
2 Holders of rec. Dee La
Preferred (quar.)
154 Jan
Hendee Mahufacturing, preferred (quar.) _
13<4 Jan. 2 Hollers of rec. Dec. 20
Hercules Petroleum, Class A (monthly) _
be. Dec. 15 Holders of rec. Dec La
Dec. 24 Dec. 16 to Dee. 24
Hercules Powder, common (quar.)
2
Dec. 24 Dec. 16 to Dec. 24
Common (extra)
2
Dec. 31 Holders of rec. Dec. 20
Hydraulic Pressed Steel, common (quar.) _
2
Preferred (guar.)
I% Dee. 31 Holders of rec. Dec. 20
8
Dee. 31 Nov. 30 to Dee. 21
Illinois Pipe Line
Independent Brewing, Pittsb.. corn.(qu.)
50e. Dec. 15 Holders of rec. Nov 28a
*5
Jan. 2 *Holders of rec. Dec. 20
Independent Pneumatic Tool (guar.)
*5
Jan. 2 *Holders of rec. Dec. 20
Extra
3
Dee. 15 Holders of rec. Dec. 8a
Indian Refining, common (quar.)
Preferred (guard
154 Dec. 15 Holders of rec. Dec. 8n
Jan. 2 Holders of rec. Dec. 13a
Ingersoll-Rand, preferred
3
Intercolonial Coal Mini,g, common
Jan. 1 Hollers of rec. Dec. 20
3
Preferred
3% Jan. 1 Holders of rec. Dec. 20
Jan. 2 Holders of rec. Dec. 15
Internat. Button-Hole Sew. Mach. (guar.)
1
International Harvester, common (guar.). 1% fan. 15 Hollers of rec. Dec. 24
International Salt (guard
134 Jan. 1 Holders of rec. Dec. 15a
134 Jan. 1 Dec. 16 to Jan. 1
International Silver, preferred (quar.)_ _
Jordan Motor Car, common
Dec. 31 Holders of rec. Dec. 13
82
Preferred
134 Dec. 31 Holders of rec. Dec. 13
Kaufmann Dept. Stores, common (No. 1) 'Si
Feb. 2
Preferred (guar.)
1% Jan. 2 Hollers of rec. Dec. 20
Kayser (Julius) & Co., common (quar.)_
Jan. 2 Holders of rec. Dec. lea
2
First and second preferred (quar.)__ _ _
154 Feb. 2 Holders of rec. Jan. 2( a
Kelly-Springfield Tire, preferred (quar.)
134 Jan. 2 Holders of rec. Dee. 15a
Kennecott Copper Corp. (quar.)
25c. Dec. 31 Holders of rec. Dec. Is
Capital distribution
25c. Dec. 31 Holders of rec. Dec. 5o
Keystone Tire & Rubber, corn. (quar.)
30e. Jan. 2 Holders of rec. Doc. 154
Kolb Bakery, preferred (guar.)
134 Jan. I Hol :ers of rec. Dec. 13
Kresge (S. S.
2% Dec. 31 Holders of rec. Dec. 20a
common (guar.)
Common (extra)
Dec. 31 Holders of rec. Dec. 20a
I
Co.,
Preferied (guar.)
134 Dye. 31 Holders of rec. Dec. 20a
Kress (S. H.) Co. pref. (guar.)
.1% Jan. 1 *Holders of rec. Dec. 20
Lackawanna. Steel, common (quar.)-- -134 Dec. 31 Holders of rec. Dec. 10a
Laclede Gas Light, preferred
234 Dec. 11 Holders of rec. Dec. lo
Lehigh Valley Coal Sales (quar.)
2 Holders of rec. Dec. 18
Jan
$2
Libby, McNeill & Libby
5 Dee. 13 to Jan. 8
50e. Jan
Library Bureau, common (qua;.)
*1% Jan
1 *Hollers of rec. Dec. 20
Pie/erred (guar.)
Jan. 1 *Hollers of rec. Dec. 20
*2
Liggett & Myers Tobacco, pref. (quar.)_
15.4 Jae
1 Holders of rec. Dec. 15a
Livingston Oil Corp. (guar.)
3
Jan. 1 Holders of rec. Dee. 22
Extra (payable in stock)
e5
Jan. 1 Hollers of rec. Dec. 22
Livingstop Refi .cries Corp., pref. (quar.)_
Jan. 1 Hollers of rec. Dec. 22
2
Loose-Wiles Biscuit, let pref. (quar.)_
134 Jan. 1 Holders of rec. Dee It a
Lorillard (P.) Co., common (quer.)
Jan. 2 Holders of rec. Dec. 15a
3
Preferred (quar.)
134 Jan. 2 Holders of rec. Dee. 15a
Mackay Companies. common (quar.)..
13.4 Jan. 2 Holders of rec. Dec es
1
Jan. 2 Holders of rec. Dec. de
Preferred(quar.)
Manati Sugar, preferred (guard
1% Jan. 2 Holders of rec. Dee. 15
Manhattan Elec. Supply, corn. (quar.) _ _ $1
Jan. 2 Holders of rec. Dee. 20a
First and second preferred (quar.)___ _
I% Jan. 2 Holders of rec. Dec. 200
anhattan Shirt, pref. (guar.)
134 Jan. 2 Hollers of rec. Dec. 19
May Depart. Stores, pref. (quar.)___ _
134 Jan. 2 Holders of rec. Dec 15a
Mc:.7rory Stores Corp., pref. (guar.)
134 Jan. 2 Hollers of rec. Dec. 20
Merck (£. Co., preferred (guar.)
Jan. 2 Holders of rec. Dec. 17
2
Mergenthaler Linotype (quar.)
234 Dec 31 Holders of rec. Dec. 30
Mexican Petroleum, common (quar.)_ _ _
23.4 Jan. 10 Holders of rec. Doc 13o
Preferred (quar.)
2
Jan. 2 Holders of rec. Dee. 13a
Michigan Light, pref. (guar.)
134 fan. 2 Holders of rec. I3ec. 15a
10e Jan. 1 Holders of rec. Dee 20o
Middle States Oil Corp. (monthly)
Midland Securities (guard
2% Dec. 31 Holders of rev. Dec. La
Mill Factors Corp., Class A (quar.)_
2
Jan. 2 Holders of rec. Dec 20
54 Jan. 2 Holders of rec. Dec. 13a
Montana Power, common (quar.)
Preferred (quar.)
134 Jan. 2 Holders of rec. Dee. 130
134 Dee. 15 Holders of rec. Nov. 29
Montreal Cottons, Ltd., corn. (quar.)_t
134 Dec. 15 Holders of rec. Nov. 29
Preferred (quar.)
Mt. Vernon-Woodberry Mills. preferred_ *334 Jan. 15 *Holders of rec. Dec. 31
154 Dec. 15 Holders of rec. Nov. 29a
Muskogee Gas & Electric, pref. (guard _
$1
Jan. 2 Hollers of rec. Dec. 13a
Narragaqsett Elec. Lighting (guar.)
National Aniline & Chem., pref. (quar.) 134 Jan. 1 Holders of rec. Dec. 150
134 Jan. 15 Holders of roc. Dec. 30a
,Iational Biscuit. corn. (quar.)
234 Jan. 2 Holders of rec. Dec. 15
National Breweries (Canada) (guard
1% Jan. 15 Holders of rec. Jan. 50
National Cloak & Suit, com. (qua).)_ _ _
National Enamel & Stamping, pref. (qu.) 154 Dec. 31 Holders of rec. Dec. 11
2
Dec. 31 Dec. 20 to Jan. 1
National Grocer, common (quar.)
3
Dec. 31 Dec. 20 to Jan. 1
Preferred
National Lead, common (quer.)
154 Dec. 31 Holders of rec. Dee. 12a
Preferred (quar.)__
13t( Dec. 15 Holders of rec. Nov. 210
134 Dec. 31 Holders of rec. Dec. 24
National Licorice, pref. (quar.)
Nat. Paper & Type, rom., & pref. (guar.) *2
Jan. 15 *Holders of rec. Dee.I31
134 Jan. 1 Holders of rec. Dee. 80
National Sugar (quar.)
3
National Surety (quar.)
Jan. 2 Holders of rec. Dec. 190
50c. Dec. 15 Holders of rec. Nov. 290
National Transit (quar.)
$1.50 Dec. 15 Holders of rec. Nov. 29a
Extra
Nevada Consolidated Copper (guard _ _ _ 373.4c Dec. 31 Holders of rec. Dec. 12a
3% Jan. 2 Holders of rec. Nov. 24
New Niauero Sugar. common
*13.4 Jan. 2 *Hollers of rev. Dee. 20
New River Co., preferred
New York Air Brake (quar.)
23,4 Dec. 19 Holders of rec. Dec. 2a
23.4 Jan, 15 Holders of rec. Jan. 5
New York Dock, preferred
4
New York Transit (quar.)
Jan. 15 Holders of rec. Dec. 20
4
Extra
Jan. 15 Holders of rec. Dec. 20
1
Niagara Falls Power, coma. (quar.)
Dec. 15 Holders of rec. Dec. 10
13.4 Jan. 15 Holders of rec. Dec. 31
l'referred (guar.)
2
Niles-Bement-Pond, corn. (quar.)
Dee. 20 Holders of rec. Dec. la
154 Jan. 2 Holders of rec. Dec. 15a
North American Co. (quar.)
Northern Pipe Line
5
Jan. 2 Holders of rec. Dec. 13
*3
Dec. 15 *Holders of rec. Dee. 12
Northwestern Yeast (guar.)
*3
Dec. 15 'Holders of rec. Dec. 12
Extra
3
Jan. 2 Holders of rec. Dec. 22
Ogilvie Flour Mills (guar.)
134 Jan. 1 Holders of rec. Dec. 15a
Ohio Cities Gas, preferted (guard
$1.25 Dec. 31 Nov. 30 to Dec. 23
Ohio 011 ((Mar.)
$4.75 Dec. 31 Nov. 30 to Dec. 23
Extra
Oklahoma Qas & Electric, pref. (quar.).
1% Dec. 15 Holders of rec. Nov. 29a
Oklahoma Producing & Refining (quar.) 1234 Jan. 6 Holders of rec. Dec. 260
Otis Elevator, common (quar.)
13.4 Jan. 15 Holders of rec. Dec. 31a.
Preferred (quar.)
134 Jan. 15 Holders of rec. Dee. 31a
Otis Steel, pref. (guar.)
I% Jan. I
Dec. 16
Ottawa Car Mfg. (guar.)
1
Jan. 1 Holders of rec. Dec. 15
Bonus
2
Jan. 1 Holders of rec. Dec. 15
Owens Bottle Co., common (quar.)__ _ _
75c Jan. 1 Holders of rec. Dec. 220
Preferred (quar.)
13.4 Jan. 1 Holders of rec. Dec. 22a
Pabst Brewing, preferred (quar.)
1% Dec. 16 Dec. 7 to
Dec. 16
Pacific Mall Steamship
50c Dec. 15 Holders of rec. Dec. la
Extra
$1
Dec. 15 Holders of rec. Dec. Is
Packard Motor Car, preferred (quar.)
134 Dec. 15 Holders of rec. Nov. 290
Pan-Amer. Petrol. & Transp., corn.(qu.) 51.50 Jan. 10 Holders of rec. I)ec. 13a
Preferred (quar.)
134 Jan. 2 Holders of rec. Dec. 130
l'arke, Davis & Co.(quar.)
Jan. 1
Jan. 2 Dec. d24 to
52
Peerless Truck & Motor Corp.(No.
13,4 Jan. 2 Holders of rec. Dec. la
Extra
1
Jan. 2 Holders of rec. Dec. la
Pennsylvania Rubber, common (quar.)_
134 Dec. 30 Holders of rec. Dec. 15
Preferred (guar.)
134 Dec. 30 Holders of rec. Dec. 15
Pennsylvania Water & Power (guard _ _ _
134 Jan. 2 Holders of rec. Dec. 190
Pettibone-Mulliken Co.. 1st & 2d pf.(qu) 134 Jan. 2 Holders of rec. Dec. '200
Phelps, Dodge & Co. (guar.)
*234 Jan. 2 *Holders of rec. Dee. 22
Philadelphia Electric (guar.)
43.75 Dec. 15 Holders of rec. Nov. 200
Pierce-Arrow Motor Car, pref. (quar.)_ _
2
Jan. 1 Holders of rec. Dec. 150
Pierce Oil Corp., pref. (guar.)(No. 2)____
2
Jan. 1 Holders of rec. Dec. 20a
2240
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
[VoL. 109.
Per
When
Book.? Closed
Name of Company. •
Cent. Payable.
Days Inclusive.
Miscellaneous (Continued)
Miscellaneous (Concluded)
Pittsburgh Brea log, common (quar.)___
50c. Dec. 15 Holders of rec. Dec. la
l'uton-Alaska Trust (guar.)
Pittsburgh Plate Claw, common (quar.) 2
$1
Doe. 31 Dee. 6 to
Dec. 7
Dec. 31 Holders of rec. Dec. 15a
Common (extra)
5
* From unofficial sources. I Declared subject to
Mar. 1 Holders of rec. Feb. 12a
the approval ofDirector-Generat
Preferred (annual)
12
Railroads.
Mar. 1 Holders of rec. Feb. 12a
The New York Stock Exchange has ruled that stock will not bet
Price Brothers (quar.)
2
quoted ex-dividend on this date and not until further
Jan. 2 Dec. 16
notice.
Procter & Gamble 6% pref.(qu.)(No. 1) 136 Dec. 15 Holders of to Jan. 1
a 'Transfer books not closed for this dividend. b Less
rec. Nov. 25
British income tax. it Coy'
Producers & Refit ers, corn. (gu.)(
1236c. Feb. 1 Holders cf rec. Dec. 31
rection. e Payable in stock. f Payable in common
stock. g Payable in scrip.
Provincial Paper Mills, Ltd., corn. (guar.) 136 Jan. 2 Holders
S On account of accumulated dividends. i Payable
of
rec.
Dec.
15
in
Preferred (guar.)
13% Jan. 2 Holders of rec. Dec. 15
Cross dividend. m Payable in U. S. Liberty LoanLiberty Loan bonds. 1 Rae.
Punta Alegre Sugar (guar.)
x Payable
$1.25 Jan. 15 Holders of rec. Jan. 2
March 1 1920. 1 Leas 10c. on account of war income 434% bonds.
taxes. 14 Declared 3% or,
Quaker Oats, nunmon (guar.)
3
Jan. 15 Holders of rec. Dec. 31a common stock, payable 4
3 % each on Dec. 15 1919, March 15 1920, June 15 1920
Preferred (q•far.)
136 Feb. 28 Holders of rec. Feb. 2a and Sept. 15 1920, to holders of rec. Dec.
1 1919, March 1 1920, June 1 1920 and
Quincy Mining (quar.)
$1
Dec. 22 Holders of rec. Nov.29a Sept. 1 1920, respectively. v Declared 7% on preferred stock,
payable 134% each
Railway Steel Spring, common (guar.)
2
Dec. 31 Holders of rec. Dec. 17a on Jan. 2 1920, April 11920, July 1 1920 and Oct. 1
1920 to holders of rec. Dec 18
Preferred (quar.)
14 Dec. 20 Holders of rec. Dec. 6a
1919, March 15 1920, June 15 1920 and Sept 15
1920, respectively.
Ray Consolidated Copper (quar.)
50c. Dec. 31 Holders of rec. Dec. 12a
w One- twentieth of a share of common stock.
Realty Associates
3
Jan. 15 Holde•s of rec. Jan. 5
z At rate of 8% per annum from date of issue, Oct. 6 1919.
Extra
2
Jan. 15 Holders of rec. Jan. 5
Reece Button Hole Machine (guar.)
3
Jan. 2 Holders of rec. Dec. 15
Reece Folding Machine (guar.)
Statement of New York City Clearing House Banks.
1
Jan. 2 Holders of rec. Dec. 15
Remington Typewriter, 1st pref. (gnat.)
1
Jan. .2 Helders of rec. Dec. 16
and Trust Companies.-The following detailed statement.
Second preferred (guar.)
2
Jan. 2 Holders of rec. Dcc. 16
shows the condition of the New York City Clearing [IOUS&
Reo Motor Car (quar.)
"25c. Jan. 1 *Holders of rec. Dec. 15
Republic Iron & Steel, common (quar.)_
136 Feb. 2 Holders of rec. Jan. 15
members for the week ending Dec. 6. The figures for the
Preferred (quar.)
13% Jan. 2 Holders of rec. Dec. 15a separate
banks are the averages of the daily results. 'In the
Reynolds(R. J.) Tobacco, corn. (quar.)_
3
Jan. 1 Holders of rec. Dec. 20
Common, Class B (guar.)
case of totals, actual figures at end of the week are also given:
3
Jan. 1 Holders of rec. Dec. 20
Preferred (quar.)
14 Jan. 1 Holders of rec. Dec. 20
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
R.tordoa Pulp & Paper, pref. (quar.)
13% Dec. 31 Holders of rec. Dec. 24a
(Stated in thousands of dollars-that is. three ciphers 1,0001 omitted
dRoot & Vandervoort Corp.(qu.) (No.1)'St
Jan. 1 'Holders of rec. Dec. 15
Royal Bald ,g Powder, common (guar.)_ _ _ *2
Dec. 31 'Holders of rec. Dec. 15
CLEARING
Comma 1. (extra)
Net 1 Loans.
*2
Dec. 31 *Holders of rec. Dec. 15
Reserve
Na ,
HOUSE
Prefened (guar.)
Capital. Profits.,Discount, vas n
*13% Dec. 31 'Holders of rec Dee. 15
Net
with
Time Bask
MEMBERS
t. Jo3cmh Lead (quar.)_
25e. Dec. 20 Dec. 10 to Dec. 21
' InvestLegal Demand
In
De- Cises.
St. Louis Rocky Mt. ,t Fac. Co., pref.(gu.) 13% Dec. 31 Holders of
(,000
omitted.)
Nat'l,
Nov
17
manta,
DeposiVoult.
Deposits. posits. toil'
rec. Dec. 20a
Week endingState, Nov. 12
Savage Arms Corporation, corn. (quar.)_
13% Dec. 15 Holders of rec. Nov. 30
&c.
I oriea.
Dec. 6 1919. Tr.Cos,Nov .12
Common (extra)
5
Jan. 15 Holders of rec. Nov. 30
First preferred (guar.)
1
Dec. 15 Holders oi rec. Nov. 30
-Second preferred (quar.)
Members of
13% Dec. 15 Holders of rec. Nov.30
Average. Average Average Average. Average An,
Fed.
Sears, Roebuck & Co., preserved (quar.) 13% Jan. 1 Holders of
$
$
$
rec. Dec. 15a 13k Res. Bank
$
$
$
3
S
Shawinigan Water & Power (guar.)
of NY, N13A 2,000 6,206
1% Jan. 10 Hollers of rec. Dec. 26
56,777
31,503 3,6,84
477 5,921
72::
Sherwin-Williams Co. of Canada,pf.(qu.) 13% Dec. 30 Holders of
Manhattan Co_ 2,500 8,260
68,811 1,921 13,832
rec. Dec. 15
72,611
97
Shredded Wheat, common (guar.)
Merchants' Nat 3,000 3,454
*2
Jan. 1 "Holders of rec. Dec. 20
37,335
648 3,299
26.615 1,302 1,741
•1 . 6 Jan. 1 "Holders
Preferred (guar.)
Mech
&
Metals_
6,000 12,672 152,325 10,346 30,220
of rec. I)ec. 20
164,933 3,788 1,00(
Bank of America 1,500 7,304
Sloss Sheffield Steel & Iron. pref. (quar.) 13% Jan. 2 Holders of rec. Dec.
35,830 1,088
20a
27,493 _
Smith (Howard) Paper Mills, Ltd., com _
National City__ 25,000 54,576 551,694 14,498 3,959
5
Jan. 15 Holders of rec. Dec. 31
80,837
"598,511
34,311 1,411
Preferred (quay.)
Chemical Nat__ 3,000 9,947
1% Jan. 15 Holders of rec. Dec. 31
96,328 1,812 9,223
68,282
2,648
421
Solar Refining
Atlantic Nat_ _ _ 1,000 1,056
5
Dec. 20 Nov. 30 to Dec. 21
21,026
467 2,198
16.395
518
141
Extra
Nat
Butch
&
Dr
300
15
Dec. 20 Nov.30 to Dec. 21
138
5,188
142
764
4,577
29(
South Penn 011 (quar.)
Amer Exch Nat 5,000 6,325 116,854 2,108
5
Dec. 31 Dec. 13 to Jan. 1
13,574
99,832 5,267 4,5'79
South Porto Rico Sugar,common (quar.) 5
Dec. 31 Holders of rec. Dec. 10a NatBkof Comm 25,000 28,677 367,793 3,138 36,079
279,597 5,316 ___-.
Preferred (quar.)
2
500 1,153
Dec. 31 Holders of rec. Dec. 10a Pacific Bank_ _ _
23,070 1,891
23,678
50
- -.
South West Pennsylv. Pipe Lines (quar.) 3
Chath & Phenix 7,000 6,925 124,694 5,563 3,519
Dec. 31 Hollers of rec. Dec. 15
13,883
102,599 11,066 -4,427
Spencer Petroleum Corp.(monthly)
20e. 1)ec. 2C Holders of rec. Dec. 15a Hanover Nat __ 3,000 19,122 142,256 5,894 20,106
140,184
101
Standard Gas & Electric, pref. (quar.)_.. 2
Dec. 15 Holders of rec. Nov.(129 Citizens' Nat __ 2,550 3,556
43,426 1,240 5.570
36,853
971
473
Standard 011 (Calif.) (quar.)
Metropolitan .._ 2,000 2,683
236 Dec. 15 Holders of rec. Nqv. 15
31,045 2,162 5,630
39,078 . 57
Corn
Extra
Exchange_ 4,200 8,925 141,011 6,695 24,014
1
Dec. 15 Holders of rec. Nov. 15
147,207 5,537
Imp & Trad Nat 1,500 8,552
Standard Oil (Ind.) (guar.)
3
Dec. 15 Nov. 18 to Dec. 15
43,166
717 3,276
24,568 1,194
51
National Park__ 5,000 21,227 206,086
3
Extra
Dec. 15 Nov. 18 to Dec. 15
1,620 21,076
159,632
3,833 4,867
Standard 011 (Kansas) (guar.)
3
1,000
Dec. 15 Holders of rec. Nov. 29a East River Nat_
689
10,819
409 1,423
10,618
524
5C
Extra
3
Dec. 15 Holders or rec. Nov. 29a Second National 1,000 4,280
22,818
975 2,789
18,612
621
Standard Oil (Kentucky) (quar.)
First National__ 10,000 33,815 322,207
3
Jan. 2 Dec. 16 to Jan. 2
185,471 6,032 8,024
Standard Oil (Nebraska)
Irving Nat Bk.. 6,000. 8,077 132,327 1,072 24,412
10
Dec. 20 Nov. 21 to
Dec. 20
4,108 16,101
116,377 3,542 2,269
NY CountyNat 1,000
Standard 011 of New Jersey, corn.(guar.) 5
1)ec. 15 Holders of rec. Nov. 20a
432
13,474
943 1,816
13,355
487
196
Preferred (quar.) (No. 1)
1% Dec .15 Holders of rec. Nov.20a Continental_ _ _ _
1,000
740
8,511
151 1,250
7,246
Standard Oil of N. Y.(quar.)
4
Dec. 15 Holders of rec. Nov.21a Chase Nat Bank 10,000 21,432 392,189 6,770 39,024
289,756 26,510 1,100
Standard Oil (Ohio) (quar.)
Fifth
Avenue
__
3
500
Jan. 1 Nov.29 to Dec. 17
2,401
21,390 1,244 2,790
19.509
Extra
Commercial Ex_
1
200
Jan. 1 Nov.29 to Dec. 17
968
8,359
426 1,136
8,507
Standard Screw, common (guar.)
Commonwealth
"6
400
Jan. 1 'Holders of rec. Dec. 13
740
9,210
469 1,230
9,094
Preferred A
Lincoln
___
Nat
1,000
*3
Jan. 1 'Holders of rec. Dec. 13
2,079
17,767 1,250 2,695
17,509
210
7
Steel Co. of Canada, ordinary (guar.) _ _ _ _
Garfield Nat _ _ _
1,000 1,469
14 Feb. 2 Holders of rec. Jan. 10
14,929
426
2,638
14,134
395
58
Ordinary (spe,
Fifth National_
ial)
1,000
Feb. 2 Holders of rec. Jan. 10
503
11,995
391
1,494
10,868
420
245
Preferred (guar.)
Seaboard Nat__
ln Feb. 2 Holders of rec. Jan. 10
1.000 4,313
53,447 1,071 8,293
51,864
500
65
Stromberg Carburetor (quar.)
$1
Jan. 2 Holders of rec. Dec. 1(3a Liberty Nat__ _ 5,000 7,080
99.881
768 10,127
74,855 4,855 1,917
Stutz Motor Car (quar.)
$1.25 Jan. 2 Holders of rec. Dec. 17a Coal & Iron Nat 1,500 1,556
25,973
904
1,009
14,712
547
410
Swift & Co. (quar.)
Union Exch.... 1,000 1,494
2
Jan. 1 Dec. 11
to Jan. 8
19.452
625
2,464
18,992
41e
396
Symington (T. II.) Co., corn.(No. 1)_
Brooklyn Tru.
1,500 2,656 • 42,160
23% Jan. 1 Holders of rec. Dec. 15
849 4,111
27,358 6,439
Bankers Trust_ 15,000 18,510 274,464
Preferred (guar.)
2 / Feb. 14 Holders of rec. Feb. 5
896 32,610
244,87:3 13,126
Texas Company (quar.)
23% Dec. 31 Holders of rec. Nov. 29a U S Mtge & Tr_ 2,000 4,867
61,821 1,103 6,739
50,659
Tide Water 011 (guar.)
2
Dec. 31 Holders ofr cc. Dec. 19a Guaranty Trust 25,000 29,965 579,553 2,550 51,545 "455,961 9,517
47,596
1,000 1,365
Extra
2
Dec. 31 Holders of rec. Dec. 19a Fidelity Trust_
14,132
322 1,483
10,552
357
Columbia Trust 5.000 7,267
Tobacco Products Corp., pref. (guar.) _ _ _ _
13% Jan. 2 Holders of rec. Dec. 19
88,037 1,3.58 10,533
77,110
6,409
Trust__
Peoples
1,200
Tobacco Products Export Corp
1,635
e5
Jan. 2 Holders of rec. Dec. 21
32,877 1,270 3,135
31,011 1,849
Todd Shipyards Corporation (quar.)_ $1.75 Dec. 20 Holders of rec. Dec. 6a New York Trust 3,000 11,206
88,503
637 8,025
56,663 1,767
1,000 1,326
Franklin Trust_
Tonopah Belmont Development (quar.) _
5c. Jan. 1 Dec. 16
30,685
649 2,749
Dec. 21
to
19.797 1.916
1,000
Lincoln Trust__
Tooke Bros., Ltd., preferred (quar.)._,_
831
22,917
4ec.13 Holders of rec. Nov. 29
13
555 3,329
22,012 1,252
Metropolitan Tr 2.000 4,487
Torrington C's., common (quar.)
"75c. ?an. 1 *Holders of rec. Dec. 19
50,740
646 4,279
34,509 1,229
1,000
Nassau
N,13klyn
Common (extra)
1,280
"25c. Jan. 1 *Holders of rec. Dec. 19
17,491
538 1,223
11,945
939
50
Underwood Typewriter, common (quar.) 2
Irving Trust Co. 3,000 1,680
58,044 2,488 3,747
Jan. 1 Holders of rec. Dec. 6a
64,387 1,224
Common (extra)
5
Jan. 1 Holders of rec. Dee. 6a Farm Loan & Tr 5,000 11,711 125,727 4,268 15,048 '142,651 8,075
Preferred (guar.)
896
14 Jan. 1 Holders of rec. Dec. 6a Columbia Bank. 1,000
20,695
631 2.558
19,718
166
Union Bag & Paper (quar.)
2
Dec. 15 Holders of rec. Dec. 5a
210.350102,5274,963,349 103,099 574,512 c4.003,137-------Union Carbide & Carbon (quar.)
Average
"51.25 Jan. 1 *Holders of rec. Dec. 12
224,900 36,690
Union Tank Car (quar.)
13% Dec. 24 Holders of rec. Dec. 1
United Cigar Stores, common
6
Jan. 2 Holders of rec. Dec. 15a Totals, actual co ndition Dec. 64,923,028 103,906 572,010 c3,946,364 222,087
Preferred (quar.)
1% Dec. 15 Holders of rec. Nov. 28a Totals, actual condition Nov.2915,006,778 100,082603,861 4,049,268 239.476 36,887
36,491
United Drug, common (quar.)
1% Jan. 2 Holders of rec. Dec. 15a Totals. actual co'ndition Nov.2215,014,637 101,353 571,102 4,054,418
245,386 36,189
United Dyewood, common (quar.)
Jan. 2 Holders of rec. Dec. 13a Totals, actual coIndition Nov.15 5,079.502 98,230 583,194 4,071,394 248,850 36,381
Preferred ((War.)
1% Jan. 2 Holders of rec. Dec. 13a
United Fruit (guar.)
State Banks. Not Membersof Federal Reserve Ba nk
2% Jan. 15 Holders of rec. Dec. 20
United Gas Dupl. (guar.)
500 1,737
Greenwich Bank
18,217 2,514 1,203
$1
Jan. 15 Holders of rec. Dec. 31
18,947
250
United Paperboard, preferred (quar.)_ _ _
Bowery Bank__
839
134 Jan. 16 Holders of rec. Jan. 1
6,033
678
327
5,143
United Retail Stores Corp.(No. 1)
NY Prod Exch. 1,000 1,351
*53
24,228 3,212 1,884
Feb. 1 'Holders of rec. Jan. 15
26,570
69
United Shoe Mach., corn. (quar.)
State Bank__ 2,000 1,415
50c. Jan. 5 Holders of rec. Dec. 16
63,285 3,740 2,693
33,891 24,910
Preferred (guar.)
37%0 Jan. 5 Holders of rec. Dec. 16
3,750 5,314 111,763 10,144 6,112
U. S. Bobbin & Shuttle, common (guar.)_ _
Average
134 Dec. 31 Holders of rec. Dec. 10a
84,851 24,970
Preferred (gnat.)
14 Dec. 31 Holders of rec. Dec. 10a
Totals, actual co ndition Dec. 6 112,872 9,889 6,268
U. S. Cast Iron Pipe & Fdy., pref. (qu.) 13% Dec. 13 Holders of rec. Dec. 1
85,398
25,213
Totals, actual co ndltion Nov.29 110,734 10,096 6,046
U. S. Gypsum, common (special)
1
Dec. 31 Dec. 16 to Dec. 26
85,092 24,680 __ _ Preferred (guar.)
Totals, actual co nditIon Nov.22 111,036 9,336 6,513
13% Dec. 31 Dec. 16 to
Dec. 26
85,410
24,276
U. S. Industrial Alcohol, corn. (quar.)
Totals, actual co ndition Nov.15 111,418 8,969 7,061
2
Dec. 15 Holders of rec. Dec. la
86,311 23,731
II. S. Playing Card (guar.)
3
Jan. 1 Holders en roe. Dec.d20a
--------------Extra
Trust Companies. Not Mem bers ofFed eral Reserve Rant
5
Jan. 1 Holders of rec. Dec.d200
U. S. Steel Corporatioa, corn. (quar.)
Title Guar & Tr. 5,000 13,020
13% Dee. 30
44,025 1,176 3,009
Dec. 2
27,513 1,076
United States Title Guaranty
Lawyers T & Tr 4,000 5,711
3
Dec. 15 Holders of rec. Nov. 29
25,190
892 2,100
17,380
221
Utah Copper Co. (quar.)
$1.50 Dec. 31 Holders of rec. Dec. 12a
Utilities Securities Corp., pref. (quar.)
Average
9,000 18,731
13% Dec. 27 Holders of rec. Dec. 17
69,215 2,068 5,109
41,923 1,297
V. Vlvadou, Inc.. (guar.)(No. 1)
50c. Jan. 2 Holders of rec. Dec. 15
Valvoline Oil, common Tquar.)
Totals, actual co ndition Dec. 6
2% Dem.15 Holders of rec. Dec. 10a
69,403 2,127 4,761
41,136 1,276
, Victor Talking Machine, common (guar.)_ '5
Totals,actual condition Nov.29
Ian. 15 *Milers of rec. Dec. 31
69,967 2,017 5,158
46,261 1,302
Preferred (guar.)
Totals, actual condition Nov.22
'14 Jan. 15 *Holders of rec. Dee. 31
69,999
2,055
4,949
45,852
1,299 .._
Wabasso Cotton (quar.)
rows, actual condition Nov.15
2
Jan
2 Holders of rec. Dec. 15
09,377 1,887 5,082
45,315 1,471
Western Canada Flour Mills (guar.)
2
Dec. 13 Dec. 6 to
Dec. 15
---=Western Grocer, common
-,rd aggr, avge 223,100 426,603 5,144,327 115,311 585,733 d4,132,911
4
Dec. 31 Dec. 20 to Jan. 1
251,17036,690
Preferred __ _
'iomparison, pre v. week
3
Dec. 31 Dec. 20 to Jan. 1
-36,015 +3,14.5 -611 -24.1911-15,611 +155
Western Union Telegraph (guar.)
"13% Jan. 15 'Holders of rec. Dec. 20
Weyman-Bruton Co., common (quar.)_
23% Jan. 1 Holders of rec. Dec. 150 ;;ra aggr, act'l cond'n Dec. 6.5.105.303 115,922583,039 s1,076,498 218,570:36,8
87
Preferred (guar.)
omparison, pre V. week
13% Jan. 1 Holders of rec. Dec. 15a
-82,176 +3,727-32,0211 -101,123 -16,882 +396
1Vheeling Steel de Iron (guar.)
2
Ian. 2 Dec. 21 to
Jan. 1
- -----White Motor Co. (quar.)
act'l
cond'n
Dr'd
aggr,
$1
Nov.29 5,187,479 112,195615,065 4,180,621 265,458 36,401
Dec. 31 Holders of rec. Dec. 15a
Willys Overland, preferred (quar.)
3rd aggr, act'l cond'n Nov.225,195,672 112,744582,564 4,185,680270,981
13% Jan. 1 Holders of rec. Dec. 220
36,189
Wilson & Co., C9771. (guar.)
131 Feb. 2 Holders of rec. Jan. 21
Dr'd aggr. act'l cond'n Nov.155,280.297 109,086 595,337 4, 03,0 0 7 ,85236,381
Preferred (guar.)
13% Jan. 2 Holders of rec. Dec. 23
:led aggr. acticond'n Nov. 815 326,144 111.767645.370 4.213.5671274.319 36,322
Wolverine Copper Mining (guar.)
50c. Jan. 2 Holders of rec. Dec. 6
* Includes deposits in foreign branches not included in total footings, as follows:
Woman's Hotel Co'
3
Dec. 16 Holders of rec. Dec. 1
National City Bank,5120,427.000; Guaranty Trust Co., $67,250,000; Farmers' Loan
Woodburn Oil (No. 1)
10e. Jan. 2 Holders of rec. Dec. 22
& Trust Co., $30,169,000. Balances carried In banks in foreign countries as reserve
Woolworth (F. W.), preferred (guar.)._
14 Jan. 2 Holders of rec. Dee. be for such deposits were: National City
Worthington Pump & Mach., prof A(qu.)
Bank, $29,273,000; Guaranty Trust Co.,
13% Jan. 1 Holders of rec. Dec. 20a $9,674,000; Farmers' Loan & Trust Co., $4,761,000.
Deposits in foreign branches •
Preferred B (quar.)
13% Jan. 1 Holders of rec. Dec. 2Ca not included. d U. S. deposits deducted, 5139,918.00 c
Yale d,c Towne Mfg. (guar.)
0. •U. S. deposits deducted,
J00.
2
Holders of rec. Dec. 15
23%
$151,017,000. 13111s payable, rediscounts, acceptances and other liabilities,
$976.726,000.
Name of Company.
DEC. 13 1919
THE CHRONICLE
elTATEMENTS OF RE3ERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
2241
STATE BANKS AND TRUST COMPANIES IN NEW
State Banks.
I
Differences from'
Dec. 6
1919. . previous week.
Week ended Dec. 6.
Averages.
Cash
Reserve
a
Reserve
In
Total
Reserve
Surplus
in Vault. Depositaries
Reserve
Required.
Reserve
----------Members Federal
s
Reserve Banks_
574,512,003 574,512,000 527,154,310 47,357,193
10,144,003
State banks.
6,112,000 16,253,033 15,273,180
982,820
2,038,011
Trust companies._
5,109,000 7,177,0301 6,738,453
433,550
I
Dec. (1____ 1
Nov. 29__•
Nov. 22_ _ _ _
Nov 15. _
Total
Total
Total
Total
1
I
;
Members Feleral
Reserve Banks_ _i
State banks.
1
Trust companies._
Total
Total
Total
Total
Dec.
Nov. 29__ _
Nov. 22____1
Nov. 15_ _ _ 1
12,212,033
11,666.003
11,310,000
11.439.000
535,733,003 597,945,0)3 549,166,440
536,377,000 598,043,033 552,580,583
583,192,000 591,511.000.553,081,110
591.563.090 602,993.01E1 550.937.451
43,778.560
45,162,420
36.429,890
42,005.350
Actual Figures.
Cash
Reserve
TO(S)
Reserve
Reserve
11 Vault. Depositaries; Reser ct
Required.
--$
$
572,010,000,572,013,003 519,689,933
9,889,003 6,263,0031 16,157,000 15,371,540
2,127,003 4,761,0001 6,888,0)0 6,713,40)
12,016,000 543,039,030 565,055,033 541,771,970
12.113,0101 615,065.000 627,178,000 555,844,833
11,391,000 582.164,000 593.955.000 556,687.520
10,356,000 595.337,000 616.193.000 559,073,950
Surplus
kesercc.
$
52,323,070
785,3'60
177,600
53.233.0'1)
71,333,170
37,267,430
47.119.050
* Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve banks ineludes also amount of reserve required on net time deposits, which was as follows:
Dec. 6, S6,747,000; NOV. 29, S7,228,710; Nov. 22, S7,105,860; N..w. 15, 87,455:121.
b This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank ineludes also amount of reserve required on net time deposits, which was as follows:
Dec:(3, 86,662.000: Nov. 29, 87.184,280; Nov. 22. 87,361,580: Nov. 15.87,459,500.
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
figures showing the condition of State banks and trust
companies in Ncw York City not in the Clearing House, as
follows:
SUMMARY OF STATE RANKS AND TRUST COMPANIES IN GREATER
NEW YORK, Nor INCLUDED IN CLEARING HOUSE STATEMENT.
Figures Furnished by State Banking Departmen
t.
.
Differences from
precious week.
Inc. $7,614,500
Dec.
599,900
Inc.
696,700
Inc. 1,203,900
Inc. 11,949,600
Dec. 6.
$792,520,900
Loans and investments
Specie
8,281,900
19,150,200
Currency and bank notes
Deposits with Federal Reserve Bank of New York
73,935,000
Total deposits
861,458,600
Deposits, eliminating amounts due from reserve depositaries. and from other banks and trust companies in N. Y. City, exchanges and U.S. deposits 797,788,100 Dec. 2,250,500
Reserve on deposits
146,841,000 Inc. 6,980,300
Percentage of reserve, 21.2%•
RESERVE.
Slate Banks
- -Trust CompaniesCash in vaults
R25,394,000 14.89%
$75,973,100 14.58%
Deposits in banks and trust cos__ 12,378,900
7.26%
33,035,000
6.35%
Total
$37,772,900
22.15%
$101,033,100
20.93%
Capital as of June 30_
Surplus as of June 30_
Loans & investments_
Specie
Currency & bk. notes
Deposits with the F.
R. Bank of N. Y_ _
Deposits
Reserve on deposits_ _
P.C. reserve to dep
YORK CITY.
Trust Companies.
Dec. 6
1919.
,Diff,,nrcs from
1 previous week.
$
$
$
I
25,100,000
105,550.0001
45,703,300
175,548,4001
675,631,300 Dec. 2,101,700 2,103,126,900.Inc. 91,789.200
6,983,900 Inc.
1,300
11,377,100 Dec.
499,800
32,328,500 Inc. 1,582,000i
22,860,600 Inc.
640.900
1
1
74,210,700 Inc. 8,645,500 219,531,200 1 Dec
471,500
812,727,900 Inc. 24,843,400 2,201,052,300 Inc. 2,570,100
132,355,500 Inc. 9,993,100; 303,553,5001Inc. 6.599,600
21.7% Inc.
1.5e;,'
17.7%1Ine.
0.3%
Non-Member Banks and Trust Companies.-Following is the report made to the Clearing House by clearing
non-member institutions which are not in3luded in the
"Clearing House Return" on th3 following page:
RETURN OF NOM-MEMBER INSTITUTION'S OF NEW YORK CLEARING
HOUSE.
(St-sled in th9asanis of 1)1lars-that is, three ciphers ;000 omitted.)
Net !Loans,
CLEARING
leapital Profits. DieReserve
Net
Net
Nat'l
NON-MEMBERS
counts, Cash
with Demand Time
Bank
1Nat.bks.Nav.17,/nvest- In
Legal
DeDeCircuWeek ending 'Statebks.Nov12, meets, Vault. Deposi- posits. posits.
hUton.
Dec. 6 1919.
Tr.cos.N.)v. 12 dcc.
tories.
Members of
Fed'I Res. Bank.
Battery Park Nat_
Mutual Bank
New Netherland__
W R Grace & Co's
Yorkville Bank _ _ _
First Nat, Jers C'y
Total
State Banks
Not Members of the
Federal Reserve Bank
Bank of Wash Ins.
Colonial Bank __ _ _
International Bank
North Side, Bklyn.
Total
Trust Companies
Not Members of the
FederatReserreBank
Hamilton Tr, Mtn
tlech Tr, Bayonne
I.4verage Average Average Average Average Ateraoe
$
1,500
200
600
500
200
400
1,684 16,603
630 12,369
663 9,548
1,038 6,651
723 12,331
1,367 9,393
1571
259
218
20
302
652
1,801
1,636
1,164
900
1,173
950
11,984
11,367
8,205
4,292
7,063
7,305
151
422
244
1,236
5,653
1
400
3,400
6,108 66,895
1,608
1
,1
7,624
50,216
7,706
589
100
600
500
200
440 3,049
1,217 13,354
289 7,378
267 6,339
395
1,561
878
543
185
1,215
543
363
3,092
14,539
7,376
5,891
387
320
1,400
2,214 30,120
3,377
2,306
30,898
707
523 ' 337
283
377
6,750
4,189
1,012
4,476i
10,939
5,488
189
•
500
200
1,018
465
700
1,513 16,915
Grand aggregate_ _ 5,500
Comparison previo us week
9,836 113,930
+219
5,791 10,644 a92,053 13,901
+340 -166
+708 -441
589
Gr'd aggr, Nov. 29
Gr'd aggr, Nov. 22
Gr'd aggr, Nov. 15
Gr'd aggr, Nov. 8
9,717 113,711
9,717 113,719
9.717 115,745
9.717 114,581
5,451
5,473
5,660
5,234
588
559
580
575
Total
5,500
5,500
5,500
5,500
8,680
8,235
806
714
10,810
11,004
10,629
10,685
91,345
90,255
91,395
89.549
14,342
14,276
14,212
13,699
+1
U. S. deposits deducted, $1,455,000.
Bills payable, re Ils3ounts, acceptances and other
liabilities, $9,035,000.
Excess reserve, $72,350 decrease.
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
Boston Clearing House Banks.-We give below a sumand trust companies in Greater New York City outside of mary showing the totals for
all the items in the Boston
the Clearing House, are as follows:
Clearing House week14 statement for a series of weeks:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES
IN
BOSTON CLEARING HOUSE MEMBERS.
GREATER NEW YORK.
Watt [EndedJune 14
June 21
June 28
July 6
July 12
July 19
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 2:1
Aug. 30
Sept. 6
Sept. 13
Sept. 20.
Sept. 27
4
Oct
Oct. 11
Oct. 18
Oa. 25
Nov. 1
Nov. 8
Nov. 15
Nov. 22
Nov..29
Dec. 6
Loans and
Investments.
Demand
Deposits.
•Total Cash
in Vault.
Reserve in
Depostaries.
$
5,929.099,200
5.817,958,200
5,732,766,300
5,804,258,400
5,820,469,000
5.804.693,200
5.698,7Am00
5,690,625,100
5.785,809,200
5,741,263.800
5,819,688,000
5,754.793,300
5,864,168,300
5.902,292,900
6,021,666.000
6,119,282,2(10
6,148,637.600
6.222,640,800
6,225,364,700
6,157.850.600
6,152,354,000
6,106,334,100
6,106,291,800
6,033.287.000
5,9115,254,400
5,93-,251.400
$
4,880,382,900
4,846,699,100
4.759,196,300
4,860.090,300
4.804.154,700
4,872.061,700
4,310,097,600
4,819,601,900
4.842,504,500
4,827.551.800
4,829,754,500
4,783,893.900
4,848.125,200
4,938.470,000
5.088.541.400
4,935,788,100
4.959,036,000
4,953.388.9(10
4,995,626,900
5,011,330,800
5,997,701,600
5,056,029.200
5,032,629,900
4,998,912.400
4,957,903,600
4,957,903,609
3
137.691,300
134.955.500
134,566.800
131,395,300
144,478,700
142.504.200
145,451,400
133.989.100
132.963.800
1:1:1,444,000
131,568,00(1
132.595.200
131,288,390
134,273,500
131,534,900
132,190,500
1:13,183,600
136,302,200
1:15,260,200
130,751,700
130,421,700
134,385,200
141,456.700
139,286,409
139,471,300
142,016,30)
$
671,663,300
679,991.600
665,490.300
684,431,000
649,207,500
688.989.500
658,572,500
674.88(1.200
696,304.800
685.210.500
658,155.000
649.535.200
678,190.000
685.555.900
744,316.600
667.665.200
670,761.900
689,598,40()
699,093.800
698.812,600
687,726,600
719,908,100
708,102,100
696,738,090
698,932,400
698,288,400
• This Item Includes gold, silver, legal tenders, national wank notes and
Federal
notes.
Reserve
Dec. 6.
1919.
Changes from
previous week.
Nov. 22.
1919.
$
Circulation
3,774,000 Dec.
27,000
Loans. disc'ts & investments_ 573,770,000 Inc. 10,954.000 3,801,000 3,779,000
562,816,000 566,670,000
Individual deposits, incl. U.S. 152,594,000 Inc.
17,187,000
435.407,000 446.401,000
Due to banks.
114,973,000 Inc. 2,697,000 112,276,000
118,115,000
Time deposits
15,644,000 Inc. 1,302,000 14,342,000
13,376,000
United States deposits.
18,087,000 Inc.
Exchanges for Clear. House_ _ 23,402,000 Inc. 8,800.000 9,287,000 11,254,000
1,829,000 21,573,000
Due from other banks
62,421,000 Dec. 1,440,000 63.861,000 24,854,000
66,528,000
Cash in bank & in F. R. Bank 76,637,000 Inc.
7,191,000 69,446,000 73,480,000
Reserve excess in bank and
Federal Reserve Bank _
29,993,000 Inc. •13,202,000 22,791,000
25,765,000
• Formerly included under the head of "Individual
Deposits."
Philadelphia Banks.-The Philadelphia Clearing
House
statement for the week ending .Dec. 6 with comparati
ve
figures-for the two weeks preceding, is as follows.
requirements for members of the Federal Reserve Reserve
system.
are 10% on demand deposits and 3% on time deposits,
to be kept with the Federal Reserve Bank. "Cash all
in
vaults" is not a part of legal reserve. For trust companies
not members of the Federal Reserve system the
required is 15% on demand deposits and includes reerve
"Reserve
with legal depositaries" and "Cash in vaults."
Week ending Dec.6 1919.
New York City State Banks and Trust Companies.In addition to the returns of "State banks and trust com- Two ciphers (00) omitted. Membersof Trust
F.R.System
Cos.
Total.
panies in New York City not in the Clearing House," furnished
Capital
$30,675,0 $3000,0 533,675,0
by the State Banking Department, the Department also Surplus
and profits
84,786,0
8,145,0 92,931,0
presents a statement covering all the institutions of this Loans, discIs & inve(4m',s 740,723,0
30,692,0 771,415,0
Exchanges for Clear. House 26,783,0
class in the City of New York.
631,0 27,414,0
Due from banks "
124,686,0
16,0 124,702.0
For definitions and rules under which the various items Bank deposits
143,026,0
326,0 143,352,0
Indi.'dual deposi:s
are made up, see "Chronicle," V. 98, p. 1661.
520,762,0 20,551,0 541,313,0
deposits
6,021,0
The provisions of the law governing the reserve require- Time
6,021.0
Total deposits
ments of State banking institutions as amended May 22 U S.deposits(not1 ncluded) 669,809,0 20,877,0 690,686,0
18.484,0
Itcs've with Fed. Res. Bank
the"Chrom
wore
published
ele"
56,737,0
May
in
1917
19 1917 (V. 104, Reerve with legal deposits.
56,737,0
2,680,0
2,680,0
Cash in vault•
P. 1975). The regulations relating.to calculating the amount Total
14,064,0
996,0
15,060,0
reserve
&
cash
held_
deposits
_
deductions
are
and
what
70,801,0
permitted in the com- Reserve requirect.,
of
3,676,0 74,477.0
3,034.0 54,445,0
putation of the reserves were given in the "Chronicle" Excess res. & cash in vault. 51.411,0
19,390,0
642,0 20.032,(1
April 4 1914 (V. 98, p. 1045).
• Cash in vault is not
Nov. 29
1919.
Nov. 29
1919.
333,675,0
92,931,0
769,083,0
28,647,0
125,897,0
143,753,0
545,088,0
6,071,0
694,912,0
9,042.0
51,050,0
2,675,0
14,925.0
68,650,0
54,596,0
14,054,0
Nov. 22
1919.
333,275,0
92,761,0
767.975,0
27,153,0
127,9(14,0
147,217.0
543,202,0
6,022,0
696.441,0
12,402,0
55,123,0
2.313,0
15,011,0
72,447,0
54,706,0
17.741,0
counted as reserve for Federal Reserve bank members.
(VOL. 109.
THE CHRONICLE
2242
Member Banks of the Federal Reserve System.-Following is the weekly statement issued by the Federal Reserve
Board giving the principal items of the resources and liabilities of the Member Banks. Definitions of the differen items
In the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" Dec. 29 1917, page 2523.
4TATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILI TY ITEMS OF MEMBER BANKS LOCATED IN CENTRAL RESERVE AND OTHER
SELECTED CITIES AS AT CLOSE OF BUSINESS NOV. 28 1919
Aggregate holdings of war securities and war paper show a reduction for
Liquidation of 43.4 millions of Government war securities and war paper,
partly offset by increases in other loans and investments; also considerable the week from 2.803.3 to 2,759.9 millions, and constitute 17.9%. as comwithdrawals of Government deposits and increased borrowings from pared with 18.1% the week before, of the reporting banks' total loans and
Federal Reserve banks are indicated by the Federal Reserve Board's weekly Investments. For the New York City banks the percentage shows a destatement of condition on Nov. 28 1919, of 791 member banks in leading cline for the week from 22.7 to 21.9%. Net withdrawals of 48.6 millions
of Government deposits and reduction of 6.2 millions in other demand
cities.
Holdings of United States Government securities show declines for the deposits (net) are shown, while time deposits remained practically unweek as follows: United States bonds, 6.2 millions; Victory notes, 9.5 changed. Reserve balances with Federal Reserve banks increased 5.7
millions, and Treasury certificates, 4.5 millions. War paper on hand was millions for all reporting banks and 30.7 millions for Now York City banks,
while cash in vault was 1.5 millions less than the preceding week. Accom23.2 millions loss than the week before, while loans secured by stocks and
bonds show but a nominal increase of 0.7 million for the week. All other modation by the Federal Reserve banks, as measured by the total of the
loans and investments went up 32.2 millions, the increase for the New York reporting banks' collateral notes and rediscounted customer? paper, inCity banks alone being 25.7 millions, while total loans and investment.3 creased /8.8 millions for the week, an increaso of 61.2 millions bAng shown
for the New York City banks alone.
show a decrease of 10.4 millions.
1.
l'h re- .:iphers (000) ornUted.
Data for all reporting banks in each district.
New York Philades. Cleveland
Boston
Atlanta
Hicion'ti
Three ciphers (000) omitted.
Chicago.
St.Louis Ilinneap Kaa. City
61
$34,605
57,732
12,763
55,951
rotas
794
3269,097
628,21
215,955
81(1,54
82
$26,071
37,194
13.215
20,863
47
$14,015
28,680
9,537
29,137
35
817,154
14,375
5,717
11,140
35
$7,120
9,785
3,738
22.121
80
$14,467
21,965
8,151
20,989
4:3
819,573
20,127
4,593
16,330
S72,572 S815,641
40,745 528,188
894,018 $195,997
126,930
93,589
$97,343
37,687
$81,369 $241,216 '$48,412
21,749
96,193
30,20i
842,96,
15,776
563,572
19,758
SC0,623 $161,051 31,979,80
23,857 1,049,196
6,512
202,583 1,430,583
645,266 3,:103,524
73,601 720,101
21,575 129,830
779,391 5,121,787
126,501 4)9,076
87,281
13,212
33,573 553,923
91.091 235.424
208,635
490,233
60,354
18,333
666,231
22,440
11,366
78,321
87.853
343,951 113,591
781,S0' 310,274
40,440
90,391
32,329
13,539
821,437 374,8'0
323,239
96,79,
14,516
6,850
103,407
42,489
40.526 • 19.999
50,196 458,838 151.09t
332,958 1344,969 299,877
32,911 181,235
43,377
14,707
70,576
12.380
239,997 1,380,974 338,631
118,743 543,195 109,459
2.587
22,056
3,516
45,756 103,853
28,426
33.443
7816.69.1 (t7.1
70.737
255,93c
25,78e
9,174
255,212
59,214
5,215
21,310
,/,r lot
73,458
467,414
49,995
15,438
467,03:1
83,362
6,215
35,612
30,374 127,597 3,221,644
209,301 736,955 9,210,613
24,532
72,007 1,414,77
384,479
12,096
26,445
236,932 601,377 11,336,865
33,338 347,603 2,287,962
183,054
6,031
4,178
42,828 1,197,933
13.434
701 (17
97 019
A mr,
46
$13,536
14,498
7,858
36,680
rotaiii. S. securities.
Loans iecured by U S. bonds. Ste_ .
Loans lecured by stocks and bonds
othe • than U. S. securities
tll 0th er loans and Investments...
Lteserv a balances with F. R bank_
Calh I I vault
Net de mand deposits
Time .leposlts
Glover ,went .leposits
Bills p ,Yable with F. R. bank
gills rediscounted with F. R. bank
112
443.751'
275,007
110,860
381,015
56
S11.097
29,411
14,030
39,450
107
$20,859
51,244
4:3,414
117,729
2. Data for Banks in Federal Reserve Bank and Branch Cities and 411 Other
New York.
Three ciphers (000) omitted.
Dallas. saa Pra,..
90
$41,811
62,198
27,023
61,935
Num() T of reporting banks _ _ ___ ...
U.S onds to secure circulation..
Other J. S. bowls.
U.S. Tictory notes
II 8 ,ertificates of indebtedness__
Chicago.
I R. Branch Cities.
A11 F.R.Bank Cities. ,
RR 11,41
*ter) ,rting
II inks.
All ither
Reporting BankS.
Total.
Nov. 23. Nor. 21. Nor. 28. Nor. 21. Nov. 2S. Nov. 21. Nov. 23. Nov. 21. Nov. 28. Nov. 21. Nov. 28.
Nov. 21.
May 29.
772
794
794
178
341
341
$46,199 $100,985 $100,987 $269,097 $269,073 $268,378
852,944
628,216
634,368
131,029 127,981 128,235
265,955
275,522
55,203
56,251
54,306
821,016 1,739,582
816,540
161,670 110,926 103,823
---$738,235 $761,585 $102,855 $102,499 $1170292 $1191582 $415,315 $415,149 8391,201 $393,218 81,979,808 $1,999,979 $2,860,904
Total U. S. securities
69.337
70,251 818,627 843,522 120,770 122,101 109,799 106,774 1,019,196 1,072,397 1,194,722
Loans secured by U.S. bonds, Ac. 498,729 523,662
Loans secured by stocks and bonds
1,289,057 1,286,057 373,497 373,091 2,403,171 2,419,367 414,633 403,613 403,840 401,957 :1,221,644 3,220,937
other than L.T. S securities
All other loans and investments_ 2,941,637 2,915.897 766,470 763,031 5,833,842 5,795,578 1,666,746 1,667,446 1,710,025 1,715,392 9,210,613 9,178,416 10,561,604
682,727 652,031 126,836 130,271 1,039,341 1,054,030 171,238 182,165 174,200 172,888 1,414,779 1,409,113 1,285,891
Reserve balances with F. R. bank
41,011
42,312 221.195 226,261
384,475
344,662
. 115,907 116,646
91,402
386,046
68,293
67,279
93,001
Cash In vault
4,685,335 1,673,083 944,695 953,691 8,022,012 8,020,612 1,572,803 1,572,385 1,742,017 1,750,08',. 11,336,862 11,343,085 10,442,662
Net demand deposits
336,312 344,855 249,201 246,819 1,141,996 1,143,678 1:01,898 600,039 544,070 544,469 2,287,964 2,288,186 1,729,689
Time deposits
16,961
18,24? 143,799 186,644
183,053
231,701
85,157 115,807
541,247
23,959
16,921
Government deposits
21,098
22,333
50,691 747,318 695,017 225.217 225,718 135,400 133,767 1,107,935 1,054,532 1,250,202
54,119
497,401 451,119
Bills payable with F. It. bank _ _
54,671 546,859 523,357
704,974
62,957
679,546
218,202 203,256
235,772
66,024
90,330
93,165
67,785
Bills rediscounted with F R. bank
Ratio of U.8. war securs. and war
18.1
25.11
13.0
18.9
16 4
13.1
18.0
15.2
22.7
18.5
17.9
21.9
18.0
paper, total loans A invest.t. %
Number of reporting banks
IL S. bends to secure circulation_
Other U. S. bonds.
S VI.,tory notes
U. 8 certificates of indebtedness
71
839,052
215,014
97,782
353,427
71
839,010
253,264
104,751
364,530
50
S1,439
18,966
23,103
59,3-17
275
275
50
$1,438 8101,910 $101,887
17,415 367,694 375,101
24,326 155,750 161,038
59,320 514,938 550,523
178
$66,199
132,541
55,899
160,676
• Including Linen, bonds
The Federal Reserve Banks.-Following is the weekly statement issued by the Federal Reserve Board on Dec. 5:
five other banks Include 124.3 millions of bills, as against 136.9 millions
Net reduction by 132.7 millions of war paper, apparently in connection
with substantial liquidation of Treasury certificates by member banks, is
indicated in the Federal Reservd Board's weekly bank statement issued as
at close of business on Dec. 5 1919. This considerable decline in war paper
holdings is partly offset by increases of 26.6 millions of other discounted
bills And 18.6 millions of acceptances on hand. Net deposits show a corresponding decline. As a result, the bank's reser AI ratio, notwithstanding
a reduction of 5.6 millions in cash reserves and an expansion during the
week by 29.1 millions in Federal Reserve note circulation, shows a rise
from 45.5 to 46.4%.
War paper holdings of the Chicago and St. Louis banks are inclusive of
other Reserve banks, as against
24.4 millions of paper discounted for
23.5 millions the week befgre, while acceptance holdings of these two and
the week before, taken over from the Boston and New York banks. Treasury certificates on hand show a decrease of 4.2 millions, while the circulation
of Federal Reserve bank notes, which are largely secured by such certificates, shows a slight increase.
All classes of deposits show declines for the week. Government deposits
-by 58.4 millions, members' reserve deposits-by 14.4 millions, and all
other deposits, including foreign government credits-by 4.7 millions. The
"float" carried by the banks increased 50.5 millions. As a result, not
deposits work out at 127.9 millions less than the week before.
Gold withdrawals for export, also further sales of gold account for a net
reduction of 6.4 millions in gold reserves, 2.8 millions of which represent
the decrease in the amount held with foreign agencies.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS DEC 5 1919.
Dec. 5 1919. Nov. 23 1919. Nov. 21 1919. Nov. 14 1919. Nov. 7 1919. Oct. 31 1919. Oct. 24 1919. Oct. 17 1919. Dec. 6 1918.
RESOURCES.
Gold coin and certificates
Gold settlement fund, F. R. Board
Gold with foreign agencies
S
234,622,000
428,812,000
132,935,000
$
235,348,000
440,286,000
135,690,000
$
248,012,000
444,547,000
142,195,000
$
214,836,000
429,429,000
127,165,000
$
248,601,000
440,078,000
146,176,000
3
254.027,000
444,126,000
129,923,0011
$
248,375,000
465.535,000
132.983,000
$
251,951,000
461,193,000
106,917,000
$
353,208,000
422,491,000
5,829,000
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund
706,369,000 811,330,000 834,754,000 834.855,000 801.430,000 828,076.000 846.893,000 820,064,000 781,528,000
1,172,191,000 1,148,724,000 1,160,086,000 1,194,319.000 1,207,275,000 1.205,576,000 1,197,933,000 1,201,302,000 1,207,377,000
78,496,000
118,704,000 133,587,000 118,475.000 104,086,000 110,860.000 104.348.000 101,799,000 107,077.000
Total gold reserves
Lezal tender notes, silver,(Sze
2,087,264.000 2,093,641,000 2,119,315,000 2,133,260,000 2,119.565,000 2.138.000,000 2,146,605,000 2,128,443.000 2,067,401,000
53,966,000
70,742,000
66,846,000
67,592,000
07,956.000
66,020,000
67.657,000
67.804.000
66,831,000
-2,121,367,000
2,200,106.0110
2.199,185,000
2.205,592.000
2,187.369,000
2.214,561,000
2,154,095,000 2,150,606,000 2,186,972,000
Total reserves
Bills discounted:
Secured by Govt. war obligations
All other
Bills bought in open market
Total bills on hand
U. S. Government bonds
U. S. Victory Notes
0. S. certificates of Indebtedness
411 other earning assets
1,603,313,000 1,736,033,000 1,673,890,000 1,700,618,000 1,771,028,000 1,681,082,000 1,666,055,000 1,608,885,000 1,467,322,000
504,795,000 478,170,000 450,747,000 439,000,000 418,461,000 417,465,000 416,084.000 422,842,000 396,462,000
514,219,000 495,595,000 480,043,000 455,653,000 433,586,000 394,355,000 368,846,000 342,938,000 371,406,000
2,622,327,000 2,709,804,000 2,604.680,000 2,595,271,000 2,623.075.000 2,522,902,000 2,450,985,0011 2,464,605,000 2,235,190,000
29,196,000
27,097,01)0
26,846.000
26,847,000
26,846,000
27,095,000
26,848.000
26,841,000
26,818,000
87,000
79,000
86,000
57,000
57.000
84,004)
84.000
54,000
.105,606,000
983.853,000 288,032,000 285,341,000 278.538.000 273,199.000 274.325,000 273,585,0011 269,414,000
27,000
---9,933,082,000 3,024,741,000 2,916.925,000 2,900,734.000 2,923,204,000 2,824,156,000 2,751.751,000 2,701,263,000 2,370,019,000
13,330,000
13,358.000
12,266,000
12,878,000
12,278,000
12.222,000
13,357,000
12,896,000
Total earning assets_
Bank premises
Gold In transit or in custody In foreign
countries
Uncollected Items and other deductions
920,299,000 1,013.426,000 1,000,288,000 1,023,574,000
from gross deposits
13,038,000
13,009,000
12,671,000
5% redemp fund agst. F. R. bank notes - 12,696,000
8,040.000
10,071,000
6,659,000
8,328,000
.11 other resources
Total resources
19,242,000
19,242,000
917,936,000
13,408.000
8,225.000
855,795,000
13,333.000
7.869,000
19,242,000
46,355,000
918,008,000 1,115,812,000
12,331,000
12.571,000
13,530.000
9.139,000
650,019,000
4,844,000
22,440,000
6,041,396,000 6,230,041,000 0,137,541,000 0,159,760,000 6,081,606,000 5,939,344.000 5,938,630.000 6,161,812.000 5,168,709,000
80,304,000
85.540,000
85,863,000
80,88.5,000
87,001,000
86,769.000
86,267,000
86,013,000
86,973,000
1,134,000
81.087,000
81,087,000
81,087,000
81,087,000
81,087,000
81,087,000
81,087.000
81.087.000
83,984,000 133,639,000 185,355,000
98,157,000 102,805,000
77,912,000
39,798,000
63,687,000 100,405.000
1,547,838,000
1,813.503,000
1,841,101,000
1,830,037,000 1,844,434,000 1,837,540,000 1,863,379,000 1,906.867,000 1,833,481,000
717.852,000 861,436,000 811,204,000 842,047,000 7:39.334,000 693.766,000 733,227.000 882,156,1310 514,512,000
98,878,000 101,430,000 106,685,000
95,539,000
98,494,000
98,798,000
07.843,000
94,133,000
97,750,000
Total gross deposits
2,681,820,000 2,002,825,000 2,847,088,000 2,881.832.000 2,807,688,000 2,25,555,000 2,729,652,000 2,958,326,000 2,354,390,000
F. R. notes in actual circulation
2,881,359,000 2,852,277,000 2,817,173,000 2,808.456.000 2.806,759,000 2,752,876.000 2,753.457,1)00 2,752,569,000 2,584,523,000
92,799,000
F. R. bank notes In circulation-net nab
257,480,000 256,793,000 257,680.009 257.281.000 257,572,000 254,933,00(1 251,590,000 249,675,000
55,559,000
36,981.000
34,615,000
44,335,000
Ill other liabilities
47,628,000
42,233,000
38,880,000
52,677,000
50.058.000
Capital paid In
Surplus
Government deposits
Due to members, reserve account
Deferred availability items
Other deposits, Incl. for. Govt. credits
11041
Total liabilities
• Includes One-Year Treasury Notes
'inc
none 930 (141
(1111111 1'i7 KAI NIA A 16(1
7110 non
a
nal
sum nnti K n/n .11.4 nnni x 0.142 A'111 1111(1111 101 1219 Ann 4 1,12 7110 000
DEC. 13 1919.]
THE CHRONICLE
2243
Dec. 5 1919. Nov.28 1919. Nov. 21 1919. Nov. 14 1919. Nov. 7 1919. Oct. 31 1919. Oct. 24 1919. Oct. 17 1919. Dec. 6 1918.
Ratio of gold reserves to net, deposit and
F. R. note liabilities combined
44.2%
45.0%
51.8%
45.4%
46.3%
45.7%
47.0%
46.1%
45.3%
Ratio of total reserves to net deposit and
F. R. note liabilities combined
46.4%
49.5%
45.5%
47.1%
48.3%
46.9%
46.8%
47.9%
48.7%
Ratio of total reserves to F. R. notes in
.
circulation after setting aside 35%
against net deposit liabilities
53.7%
52.5%
59.0%
54.7%
55.2%
57.6%
57.1%
56.6%
54.6%
—
=
Distribution by Maturities-$
$
3
$
$
$
$
$
$
1-15 days bills bought in open market.82,562,000
95,063.000 11 432969 000
89.003,000
94,230,000 102,431,000
88.601,000
76,671,000
83,577,000
1-15 days bills discounted
1,476,085,000 1,582,690,000 1,518,169,000 1,588,739,000 1,723,833,000 1,770,521,000 1,721,280,000 1,777,863,000 J
1-15 days U.S.certif. of indebtedness
11,473,000
29,075,000
32,290,000
30.235,000
27,614.000
21,760,000
21,066,000
31,814,000
20,067,000
1-15 days municipal warrants
5,000
16-30 days bills bought in open market_ 116,662,000
85,690,000
87,971,000
91,471,000
59,443,000 170,319,000
90,740,000
99,432,000
79,954,000
16-30 days bills discounted
125,065,000 135,642,000 122,628,000 149,456,000 119,955,000 103,418,000 115,589,000 109,132,000 J
16-30 days U.S.certif. of indebtedness
13,242.000
10,275,000
13,012,000
15.681,000
12,499,000
4,999,000
10.998,000
6,499,000
3.000.000
16-30 days municipal warrants
3,000
31-60 days bills bought in open markec
185,802.009 201.297,000 186,021,000 180,666,000 176,945,000 159,536,000 124.124,000 131,462.0001 444,719,000
31-60 days bills discounted
298,600,000 293,789,000 273,145,000 184,578,000 144,585,000 143,943,000 143,163,000 162,437,000 J
31-60 days U.S.certif. of indebtedness
8,454,000
14,158,000
18,299,000
22.343,000
22,507,000
23,497,000
25,762,000
18,227,000
12.584.000
31-60 days municipal warrants
16,000
129,193.000 117,339,000 111,821,000
61-90 days bills bought in open market
56,248,000 164,334,000
60,502,000
76,167,000
81.085,000
80.461,000
189,634,000 183.448,000 192,744,000 220,029,000 186.561,000
61-90 days bills discounted
91,868,000
63,495,000 J
99,017,000
6,289,000
17,324,000
61-90 days_U. S.certif. of indebtedness..
351,000
9,054,000
14,875,000
19,769.000
12,655,000
6,715,000
5,517,000
61-90 days.municipal warrants
Over 90 days bills bought in open market
2,226,000
722,000
22,849,000
77,000
18,724,000
18.640,000
Over 90 days Dills discounted
8,800,000 J
17,951.000
16,816,000
10,239,000
11,648.000
14,555,000
Over 90 days certif. of indebtedness
226,793.000 213,303,000 214,693,000 215,221,000 213,111,000 211,607,000 198,134,000 194,129,000
70.323,000
3,000
Over 90 days municipal warrants
Federal Reserve Notes—
3,108,377.000 3,059,6.52,000 3,031.492,000 3.036,690.000 3.000.867,000 2.958,700,000 2,980,610,000 2,970,132,000 2,741.852,000
Outstanding
227,018,000 207,375,000 214,319,000 228,234,000 194,108,000 205,824,000 227,153,000 217,563,000 157,329,000
Held by banks
—
2,881,359,000 2,852.277,000 2.817,173,000 2,808,456,000 2,806,759,000 2,752,876,000 2,753,457,000 2,752,569,000 2,584,523,000
In actual circulation
Fed. Res. Notes (Agents Accounts)—
5,869,780,000 5,810,500,000 5,774,280,000 5,746,280.000 5,665,380,000 5,620,180,000 5,577,160,000 5,511,620,000 3,731,861,000
Received from the Comptroller
2,404,841,000 2.379,08.5,000 2,350,935,000 2,314,968,000 2,281,864,000 2,241,892,000 2,187,243,000 2.154.160,000 677,229,000
Returned to the Comptrclier
1
1
1
Amount chargeable to Fed. Res. agent 3,464,939,000 3,431,415,000 3,423,345,000 3,431.312.000 3.383,516.000 3,378.288,000 3,389,917,000 3,357,460,000 3,054,632,000
356,562,000 371,763,000 391,853,000 394,622,000 382,649,000 419,588,000 409,307,000 387,328,000 312,780,000
In hands of Federal Reserve Agent
3,108,377,000 3,059,6,52,000 3,031,492,000 3,036,890,000 3,000,867,000 2,958,700:000 2,980,610,000 2,970,132.000 2,741,852,000
Issued to Federal Reserve banks
How Secured—
By gold coin and certificates
'
By lawful money
By eligible paper
Gold redemption fund
With Federal Reserve Board
249,648.000
Total
......o......... r1.111raradi tr. V
1)
236,248.000
236,248,000
238,248,000
238,248,000
242,249,000
242,248,000
242,248.000
231,627,000
1,936,186,000 1,910,928,000 1,865,406,000 1,842,371.000 1,793,592,000 1,753,124,000 1.782,677,000 1,768,830,000 1,534,475,000
98,158,000
99,461,000
98,821,000 105,267,000
90,999,000
91,949,000
93,368,000
83,668,000
75.679.000
824,385,000 813,015,000 831,017,000 850,804,000 875,659,000 242,249,000 864,686,000 867.105,000 900,071,000
—
3,108,377,000 3,059.652.000 3,031,492,000 3,036,690,000 3,000,867,000 2,958,700,000 2,980,610,000 2,970,132,000 2,741,852,000
A &ant
2 52(1 OfiR.000
2.618.530.000 2.M9.660.000 2.509_36n OM 2 Ann 7R1 nnn 2 427 12A non 2 :166_882.000 2.371.047.000 2.161.189.00C
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS DEC.5 1919
Two ciphers (00) omitted.
Boston. New York. Phila. Cleveland. Richmond Atlanta.
-$
• $
3
3
S
151,201,0 1,234,0 8.077,0 2,314,0 8,206,0
74,561,0 28,792,0 43,191,0 31,662,0 23.249,0
48,787,0 10,635,0 10,?01,0 6,514,0 4,786,0
Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran.
Total.
$
RESOURCES.
8,722,0
)old coin and certificates
3016 Settlement Fund, F. R. B'd 54,243,0
9,704,0
3old with Foreign Agencies
6
3
24,129,0 3,148,0
57,009,0 18,456,0
15,819,0 6,248,0
72,669,0
Total gold held by banks
3old with Federal Reserve agents 71,692,0
19,248,0
;old redemption fund
274,549,0 40,661.0 62,169,0 40,490,0 36,241,0 96,957,0 27,852,0 21,214,0 43,836,0 34,361,0 45,415,0 796,369,0
291,356,0 77,485,0 115,420,0 45,391,0 55,097,0 243,826,0 61,207,0 35,733,0 40,126,0 26,651,0 105,217,0 1,172,191,0
25,000,0 12,864,0
983,0 7,750,0 6,071,0 23,678,0 6,147,0
941,0 3,983,0 2,776,0 9,263.0 118,704,0
163,609,0
4,535,0
590,905,0 131,010,0 181,572,0 93,621,0 97,409,0 364,461,0 95,206,0 57,888,0 87,945,0 63,743,0 159,895,0 2,087,264.0
50,107,0
477,0
913,0
209,0 1,220,0 2,715,0 4,744,0
277,0 1,314,0
61,0
66,831,0
259,0
Total reserves
168,144.0
Mils discounted: Secured by Gov- '
ernment war obligations (a)_ 105,868,0
39,870,0
All other
Bills bought In open market (b). 36,266,0
641,012,0 131,487,0 182,485,0 93,830,0 98,629,0 367,176,0 99,950,0 57,949,0 88,222,0 65,057,0 160,154,0 2,154,095,0
Total bills on hand __ _ ___ ..
182,004,0
U. S. Government bonds
539,0
U. S. Government Victory bonds
U. S. certificates of indebtedness 22,081,0
918,719,0 203,084,0 210,035,0 111,806,0 112.554,0356,676,0 105,996,0 78,751,0 100,204,0 54,213,0 188,285,0 2,622,327.0
1,257,0 1,385,0
844,0 1,235,0
376,0 4,477,0 1,153,0
116,0 8,868,0 3,966,0 2,632,0
26,848,0
50,0
4,0
54,0
75,407.0 31,760,0 25,146,0 12,260,0 15,665,0 39,903,0 17,300,0 8,380,0 15,811,0 8,645,0 11,495.0 283,853.0
Total earning assets
204,624,0
Bank premises
1,091,0
3old in transit or in custody in
Foreign Countries
Uncollected items and other deductions from gross deposits
66,250,0
1% redemption fund against
Federal Reserve oank notes
1,072,0
kll other resources
284,0
995,433,0 236,229,0 236,025,0 125,301,0 128,599,0 401,056,0 124,449,0 87,247,0 124,883,0 66,824,0 202,412,0 2,933,082.0
691,0
3,994,0
503,0 2,936,0
399,0
491,0
402,0
600,0
500,0
400,0
889,0
12,896,0
Total gold reserves
Legal tender notes, silver, &c
$
158,0 6,565,0 12,611,0
8,257,0
9,368,0 37,297,0 24,295,0 26,689,0
3,589,0 6,381,0 3,456,0 6,115,0
234,622,0
428,812,0
132,935,0
667,512.0 184,407,0 116,672,0 84,478.0 65,497,0 173.759,0 43,519,0 26,167,0 43,330,0 27,630,0 64,474,0 1,603,313,0
119,342,0 15,028,0 35,463,0 15,324,0 35,208,0 87,854,0 31,328,0 33,544,0 46,669,0 13,920,0 31,245,0 504,795.0
131,865,0 3,649,0 57,900.0 12,004,0 11,849,0 95,063,0 31,149,0 19,040,0 10,205,0 12,663,0 92,566,0 514,219.0
225,597,0 75,934,0 65,025,0 78,423,0 36,836,0 106,157,0 65,712,0 24,024,0 76,894,0 49,952,0 49,595,0
2,884,0
1,363,0
1,450,0
350,0
1,262.0
753,0
575,0
2,181,0
804,0
200,0
1,876,0
1,092,0
497,0
245,0
134,0
.173,0
957,0
514,0
530,0
390,0
655,0
783,0
920,299,0
12,696.0
8,328,0
Tom( resources
441,465,0 1,870,283,0 445.950,0 486.439,0 300,801,0 265,571,0 880,293,0 291,544,0 170,127,0 291,872,0 183,152,0 413,899,0 6.041,396.0
LIABILITIES.
japital paid in
22,373,0 7,873,0 9,469,0 4,388,0 3,413,0 12,309,0 4,060,0 3.073,0 3,998,0 3,439,0 5,473,0
7,105,0
86,973,0
'
3uiplus
32,922,0 5,311,0 5,860,0 3,800,0 2,805,0 9,710,0 2,589,0 2,320,0 3,957,0 2,029,0 4,578.0
5,206,0
81,087,0
3overnment deposits
3,662,0 1,119,0 6,467,0
11,455,0 3,157,0 2,928,0 2,102,0 2,269,0 1,676,0 2,658,0
2,305,0
39,798,0
Due to members, reserve account 115,786,0 746,535,0 100.122.0 128,145,0 62.091,0 50,278,0 234,715,0 67,368,0 50,874,0 86,640,0 60,700,0 117,783,0 1,830.037,0
Deferred availability items
58,407,0 162,920,0 67,778,0 58,161,0 68,655,0 36,590,0 76,730,0 51,027,0 17,106,0 66,257,0 31,335,0 22,886,0 717.852,0
All other deposits
43,117,0 6,624,0 6,073,0 3.571,0 2,715,0 9,542,0 4,002,0 2,124,0 3,575,0 2,050,0 4,992,0
5,748,0
94,133,0
Total gross deposits
182,246,0
F. R. notes in actual circulation- 223,073,0
F.R. bank notes in circulation
—net liability
20,044,0
All other liabilities
3,791,0
964,027,0 177,681,0 195,307,0 136,419,0 91,852,0 331,663,0 125,055,0 70,104,0 160,134,0 95,204,0 152,128.0 2,681,820,0
774,971,0 222.612.0 250,384,0 142,296,0 150,749,0 480,334,0 142.049,0 85,014,0 102,342,0 71,006,0 236,529,0 2,881,3.59,0
56,163,0 28,454,0 21,720,0 11,748,0 14,654,0 40,264,0 15,916,0
19,827,0 4,019,0 3,699,0 2,150,0 2,098,0 6,013,0 1,875,0
8,014,0 18,954,0 10,094,0 11.455,0
1,602,0 2,487,0 1,380,0 3,736,0
257.480,0
52,677.0
Total liaollilies
441,465,0 1,870,283,0 445,950,0 486,439.0 300,801,0 265,571,0 880,293,0 291,544,0 170,127,0 291,872,0 183,152,0 413,899,0 6,041,396,0
tlemoranda—ConUngent liaollity as endors er on:
Discounted paper rediscounted
with moor F. R. banks
24,350,0
24,350.0
Bankers acceptances sold to
other F. R. banks
40,473,0
40,473,0
:a) Includes bills discounted for
other F. R. banks, viz
20,850,0 3,500,0
24.350,0
b) Includes bankers' acceptances bought fr om other F. R. banks:
With their endorsement
15,210,0 15,118,0
5,080,0
5,065,0
40,473,0
Without their endorsement
10,551.0
27,732,0
10,005,0 5,012,0 10,185,0
20,367.0
83.852.0
• Includes Government overdraft of $70,000.
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS DEC. 5 1919.
Two ciphers (00) omitted.
Boston. New York.
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. SanFran.
Total.
Federal Reserve notes:
$
$
s
$
$
$
$
$
s
$
$
$
$
Received from Comptroller.— 461,800,0 1,904,660,0 498,780,0 461,500,0 293,440,0 290,500,0 804,760,0 286,760,0 146,480,0 197,160,0 135,500,0 388,440,0 5,869,780,0
184,721,0 923,356.0 233,007.0 166,913.0 124.386,0 88,383,0 273,399.0 106,799,0 53,441,0 83,198,0 46,659,0 120,579,0 2,404,841,0
Returnbd to Comptroller
Chargeable to F. R. Agent.... 277,079,0
44,300,0
In hands of F. R. Agent
Issued to F. R. bank, less amt.
returned to F. R. Agent for
232,779,0
redemption:
Dollat'l security for outst'g notes:
Gold coin and ctfs. on hand13,692,0
Gold redemption fund
Gold Set'm't Fund, F. R. B'd_ 58,000.0
Eligible paper, min'm required 161,087,0
981,304,0 265,773,0 294.587,0 169,054,0 202,117,0 531,361,0 179,961,0 93,039,0 113,962,0 88,841,0 267,861.0 3,464,939,0
113,000,0 31,340,0 28,840,0 21,117,0 47,700,0 23,840,0 18,040,0 6,710,0 5,460,0 15,065,0 1,150,0 356,562,0
868,304,0 234,433,0 265,747,0 147,937,0 154,417,0 507,521,0 161,921,0 86,329,0 108,502,0 73,776,0 266,711,0 3,108.377,0
183,740,0
2,500.0
37,525,0
4,000,0 13,052,0
249,648.0
8,831,0
12,616,0 13,096,0 15,895,0 1,381,0 4,097,0 8,682,0 4,277,0 2,881,0 3,766,0 4,336,0 13,439,0
98,158,0
95,000,0 64,389,0 65,000,0 44,000.0 48,500,0 235,144,0 52,930,0 19,800,0 36,360,0 13,484.0 91,778,0 824,385,0
576,948,0 156,948,0 147,327,0 102,556,0 99,3200 263,695.0 100,714,0 50,596,0 68,376,0 47.125.0 161,494,0 1,936,186,0
232,779,0
Total
Amount of eligible paper deity
182,004,0
ered to F. R. Agent
232,779,0
F. R. notes outstanding
9,706,0
F. R. notes held by bank
917,238,0 161,014,0 208,542,0 106,593,0 104,330,0 356,193,0 105,973,0 68,495,0 100,204,0 54,213,0 171,269,0 2,536;068,0
868,304,0 234,433,0 265,747,0 147,937,0 154,417,0 507,521,0 161,921,0 86,329,0 108,502,0 73,776,0 266,711.0 3,108,377,0
93,333,0 11,821,0 15,363,0 5,641,0 3.668,0 27,187,0 19,872,0 1,315,0 6,160,0 2,770,0 30,182,0 227,018,0
— ... ---- .- —...... _.--,........
'775 071 Is 09)
, 019 0 9cn 204
0.1.4 0.72
n
868,304,0 234,433,0 285,747,0 147,937,0 154,417,0 507,521.0 161,921,0 86,329,0 108,502,0 73,776,0 266,711,0 3,108,377,0
n 149 908 n lAn isa n 4)10 224 n 142 nig n as ni4 n 102_942.0 71.o06.n 236.529.0 2.881.359.0
2244
THE CHRONICLE
Vanting and
BANK OF MONTREAL
•
ANNUAL GENERAL MEETING, HELD
1ST DECEMBER, 1919.
The 102nd Annual General Meeting of the shareholders of the Bank of
Montreal was held in the Board Room at the Bank's headquarters.
Amongst those present were:—
D.Forbes Angus,R.B.Angus, S. M.Baylis, E.W.Beatty,K.C.;H.W.
Beauclerk, D. R.Clarke, Colonel Henry Cockshutt, Huntly Drummond,
Edward Fiske, J. Jeffrey Fiske, C. J. Fleet, K.C.; Hon. Geo. G.Foster,
K.C.; G. B. Fraser, Dr. Wm. Gardner, Sir Charles Gordon, G.B.E.;
J. Maxtone Graham, C.A.; Lt.-Col. G. R. Hooper, C. R. Hosmer,
L. Julien, Harold Kennedy, T. Marion, Chas. Meredith, Sir Vincent
Meredith, Bart.; W. R. Miller, Lt.-Col. Herbert Molson, M.C.; S. Geo.
McElvtraine, Wm. McMaster, Campbell Nelles, Hugh Paton, John
Patterson, Alfred Piddington, Henry E. Rawlings, James Rodgers, A. G.
Ross, Bt.; Hon. Lord Shaughnessy, K.C.V.0.; E. P. Winslow.
On motion of Mr. R. B. Angus, Sir Vincent Meredith was requested to
take the chair.
Mr. C. J. Fleet, K.C., moved,seconded by Mr. H. W.Beauclerk, that
Lieut.-Col. George R. Hooper and Mr. W.R. Miller be appointed to act
as Scrutineers, and that Mr. C. H. Cronyn be the Secretary of the meeting.
This was carried unanimously.
The Chairman then called upon the teneral Manager, Sir Frederick
Williams-Taylor, to read the Annual Report of the Directors to the
Shareholders at their 102nd Annual General Meeting, held Monday,
December 1st, 1919:
THE ANNUAL REPORT.
The Directors have pleasure in presenting the report showing the
result of the Bank's business for the year ended 31st October, 1919:
Balance of Profit and Loss Account, 31st October, 1918_ _ _ $1,901,613 22
Profits for the year ended 31st October, 1919, after deducting charges of management,and making full provision for
3,314,227 38
all bad and doubtful debts
3,500,000 00
Premiums on New Stock
Quarterly Dividend 3% paid 1st March, 1919_$
Quarterly Dividend 3% paid 1st June, 1919 __
Quarterly Dividend 3% paid 1st Sept., 1919__
Quarterly Dividend 3% payable 1st Dec. 1919
$8,715,840 60
572,250 00
600,000 00
600,000 00
600,000 00
$2,372,250 00
4,000,000 00
Amount credited to Rest Account
War Tax on Bank Note Circulation to 31st
190,986 17
October, 1919
39,750 00
Subscriptions to Patriotic Funds
300,000 00
Reservation for Bank Premises
6,902,986 17
$1,812,854 43
Balance of Profit and Loss carried forward
Since the last Annual Meeting, Branches were opened at forty-three
points throughout the Provinces of the Dominion, and five in Newfoundland, as well as an office in Paris, France.
Four temporary offices were closed,including that at Trafalgar Square,
London, England, which was opened for the convenience of the troops.
Following the absorption of the Bank of British North America, the
business of the two institutions has been merged at twenty-two points.
We have taken out a California State charter in the name of the
British America Bank, in which we own a controlling stock interest,
and this, in conjunction with our license for operating a branch of the
Bank of Montreal, provides us with complete facilities for conducting
our increasing business in San Francisco.
All the Officers of the Bank, including the Head Office, have been
inspected during the year.
(Sgd.) VINCENT MEREDITH,
President.
Bank of Montreal,
1st December, 1919.
THE GENERAL STATEMENT.
The General Statement of the position of the Bank on 31st Cctober,
1919, was read, as follows:—
LIABILITIES.
Capital Stock
$20,000,000 00
Rest
$20,000,000 00
Balance of Profits carried forward
1,812,854 43
$21,812,854 43
Unclaimed Dividends
8,621 49
Quarterly Dividends, payable 1st Dec.'19
600,000 00
22,421,475 92
$42,421,475 92
Notes of the Bank in circulation
$43,922,844 00
Deposits not bearing interest
129,946,641 02
Deposits bearing interest, including interest accrued to date of statement__ _312,655,964 44
Deposits made by and Balances due to
other Banks in Canada
2,110,833 25
Balances due to Banks and Banking Correspondents elsewhere than in Canada
4,122,490 91
Bills Payable
4,334,342 79
497,093,116 41
4,895,505 49
894,711 67
Acceptances under Letters of Credit
Liabilities not included in the foregoing •
$545,304,809 49
ASSETS.
Gold and Silver coin current
$24,742,654 64
Dominion notes
49,865,151 50
Deposit in the Central Gold Reserves_ _ _ 25,200,000 00
Balances due by Banks and
Banking Correspondents
elsewhere than in Canada$13,856,808 36
Call and Short (not exceeding thirty days) Loans in
Canada, on Bonds, Debentures and Stocks
2,583,910 00
Call and Short (not exceeding thirty days) Loans in
Great Britain and United
States
78,255,625 37
94,696,343 73
I VOL. 109.
Brought forward
$194,504,149 87
Dominion and Provincial Government
Securities not exceeding market value_ 63,984,255 10
Railway and other Bonds, Debentures and
Stocks not exceeding market value___ 8,517,835 56
Canadian Municipal Securities, and
British, Foreign and Colonial Public
Securities other than Canadian
47,041,359 70
Notes of other Banks
2,744,153 99
Cheques on other Banks
21,189,104 58
$337,980,858 80
Current Loans and Discounts in Canada
(less rebate of interest)
164,182,581 03
Loans to Cities, Towns, Municipalities
and School Districts
15,092,718 13
Current Loans and Discounts elsewhere
than in Canada (less rebate of interest)_ 15,903,424 98
Overdue debts estimated loss provided for
549,133 12
195,727,857 26
Bank Premises at not more than cost (less
amounts written off)
5,500,000 00
Liabilities of Customers under Letters of Credit (as per
Contra)
4,895,505 49
Deposit with the Minister for the purposes of the Circulation Fund
1,038,166 60
Other Assets not included in the foregoing
1641,421 34
$545,304,809 49
VINCENT MEREDITH, FREDERICK WILLIAMS-TAYLOR,
General Manager.
President.
To the Shareholders of the Bank of Montreal:
We have checked the Cash and verified the Securities of the Bank
at the Chief Office on the 31st October, 1919, and also at another time
as required by the Bank Act, and we have found them to be in accord
with the books of the Bank. We have also checked the Cash and
verified the Securities at several of the Principal Branches of the Bank at
various times during the year. We have obtained all information and
explanations required, and all transactions that have come under our
notice have been, in our opinion, within the powers of the Bank. We
have compared the above Balance Sheet with the books and Accounts at
the Chief Office of the Bank and with the certified Returns received
from its Branches, and we certify that, in our opinion, it exhibits a
true and correct view of the state of the Bank's affairs according to the
best of our information, the explanation given to us and as shown by
the books of the Bank.
J. MAXTONE GRAHAM,
JAMES HUTCHISON,
Auditors:
GEORGE CREAK,
Chartered ccountants.
Montreal, 18th November, 1919.
THE PRESIDENT'S ADDRESS.
Sir Vincent Meredith, in moving the adoption of the Report of the
Directors to the Shareholders, said:
General trade in practically all branches has been active and profitable
during the year and the Bank has participated in the general prosperity.
The balance,sheet shows profits in moderate proportion to the resources
employed and yet, I trust, not unsatisfactory to the Shareholders.
That reaction from the feverish activities and high prices produced by
the vast conflict which so many apprehended has not occurred, nor can
it be said to be impending. The feeling as to the future is less optimistic
than it has been, but the great pressure on our agricultural and manufactured resources caused by home and foreign demand shows no sign
of abatement.
Though marked by a high degree of prosperity, the year has also been
one of world-wide labour unrest, with demands for increased wages and
shorter working hours, culminating in strikes and disorder, with resultant
decreased efficiency, lessened production and greater cost of output.
This unrest may in a measure be attributable to unsatisfactory pre-war
conditions, but probably in a greater degree is the r(sult of unsettlement
due to the abnorma nervous strain of the great war.
FOREIGN TRADE WELL MAINTAINED.
The foreign trade of the Dominion has been well maintained, and the
outlook gives no cause for apprehension of an early recession. The
latest available figures, those of the seven months ending October 31st,
show imports to have been $543,670,000 and exports $688,890,000.
As compared with the corresponding period last year, there was a decline
of $16,400,000 in imports and of $31,200,000 in exports, a relatively
insignificant decrease, while the favorable balance of trade has this year
been $145,200. The price index of commodities not having materially
varied during the periods under review, the deduction may be made
that the volume of our foreign commerce has not greatly changed,
although the figures of particular products have fluctuated considerably.
Thus, the export of foodstuffs was larger in value by $114,200,000 this
year than last, in the seven months, and the export of wood and wood
products, ncluding paper, $25,800,000 larger. On the other hand
miscellaneous exports, which include munitions, show a decrease of
$l41,6)0,000.
W th the exception of the United States, the gold holdings of all the
belligerent countries have been depleted during the war to meet adverse
trade balances and their economic condition has been greatly weakened,
the value of the pound sterling, in terms of the American dollar, being
reduced to $4, the mark to 2%c., the franc to 10c. and our own currency
by 4% to 5%.
CIRCULATION.
The relation of gold reserve to note circulation is a question on which
divergent views are held, one schoo of economists demanding the restoration and maintenance of an effective gold standard and the other contending that goods and services, combined with gold, form an adequate
and more elastic reserve.
I am not sure that it is not the part of wisdom to depart from old
notions of the rigidity of the gold reserve and recognize that we are
justified in enlarging our note-issuing powers to respond to all legitimate
business demands in periods of great trade activity or emergency, provided such expansion is based on self-liquidating securities. If used to
cover discrepancies in revenue it is then a form of inflation wholly unjustifiable, bringing with it, as it does, the well-known evil effect of a depreciated currency at home, besides greatly damaging our credit in the
eyes of the financial world.
IMMIGRATION AND PRODUCTION.
There are three indispensable factors to the upbuilding pt Canada—
immigration, production and exports. Immigration during the last five
years has been negligible, owing to the war. In the first seven months
of the current fiscal year, new arrivals numbered 82,893, of Whom
42,377 came from Great Britain and 35,949 from the United States.
While these figures do not represent a large movement as compared with
several pre-war periods, they show a gain of 51,734 immigrants, or about
166 per cent over the corresponding months last year. After-the-war
emigration of foreign-born has taken place in fairly large volume, the
exact figures of which are not obtainable.
There is reason to believe that the policy of the energetic Minister of
Immigration will be broad-based, a:nd that its fruits will be manifested in
an increasing influx of settlers upon the land, of domestic servants and
of artisans and laborers. Indications are already given of a large
movement in the spring from the United States into our Western Provinces, attracted by the superior productivity of our soil and its comparative
cheapness, and I think we may reasonably hope for a considerable immigration from the countries of our late allies and from the Scandinavian
kingdoms.
DEC. 13 1019.1
THE CHRONICLE
2245
POSITION OF NATIONAL FINANCES.
The Bank's premises account has been reduced by $500,000 through
The state of the national finances deserves a wider and more profound the sale of certain banking properties not required.
consideration than the subject appears to receive. The net debt,
Among our assets, the item Dominion and Provincial Government
which before the war was $331,000,000, had on October 31st last reached securities, including loans to the former, now stands at $64,000,000.
the vast sum,having regard to population, of $1,785,000,000, an increase A year ago the total was $46,800,000. The total holdings of all the banks,
of more than five-fold in as many years. That debt Is still mounting, as indicated by the Government return of October 31st, was $361,200,000.
and by the close of the current fiscal year, that is to say on March 31st
PROBLEMS OF EXCHANGE.
next, will not be less than two thousand million dollars and probably
more. The situation is a serious one, though mitigated by the fact that
The premium on New York funds, the increase in our national debt
our debt is largely internal. We cannot go on borrowing indefinitely,
and in our Canadian currency circulation, are matters of deep interest
and it is a certainty that we shall have to bear a much heavier burden of and should be studied by all.
taxation than formerly for many years to come. To repeat the formula
The purchasing power of the Canadian dollar in the United States
that has been heard so frequently, but to which, unfortunately, sufficient has decreased, as reflected in the premium
New York funds. A year
attention has not been paid, relief is to be found in immigration, harder ago it cost two dollars to send one hundredon
dollars to the United States
work, greater efficiency, increased production and thrift. To these of America; to-day the cost is four dollars and seventy-five
cents.
agencies must be conjoined rigid economy in all private and public exIt is true the balance of trade was in favor of Canada to the extent of
penditure.
$340,000,000 for the year ended 31st October last, but whereas we paid
There arises in this connection the question of methods of taxation, for all our purchases abroad, we have, in the same period, shipped
goods
which may require readjustment to meet post-war conditions. Trade is on credit to England and Continental countries
to the extent of many
being hampered by a somewhat penalizing excess business profit tax, millions not easy to estimate, besides sending out
of Canada annually
and unless this impost is speedily reduced or abandoned altogether, we about $200,000,000 interest on our recorded indebtedness
abroad, mainly
cannot meet unencumbered competition on equal terms. Furthermore, to Great Britain and the United States. These facts alone
enterprise and expansion are stifled and foreign establishments deterred create an adverse exchange to the extent that exists, but, inwould not
addition,
from entering the Canadian industrial field. Taxation should be so there are the invisible earnings in the Dominion of foreign business
distributed that it will not have the effect of making this country too porations, chiefly American, seeking return to proprietors abroad. corThe
dear to live in and thereby divert intending residents to other countries.
disadvantage Canada is under in respect to the premium on New York
Doing away with many exemptions and imposing taxation on all classes funds will last until the ebb and flow of such funds are equal.
Repayof the community who have the ability to pay, and placing a high tariff' ment to Canada of the moneys, aggregating $420,000,000, owed us by
upon imported luxuries would, I believe, cause little hardship and con- Great Britain and the Allies, would quickly cause the premium
in quessiderably ease a.strained financial situation, besides giving all persons tion to disappear. We naturally shall be repaid in the fullness of time,
in Canada a more immediate interest in the economical administration but it is well to bear in mind that an alleviation of the penalty can as
of our public affairs.
surely be found by diminution of imported luxuties
it is certain that
' Canada can and will meet all her obligations, and of her ability to do the penalty, in part, is caused by such importations. asAlso,
the situation
so no more conclusive ev dence need be given than the immense subscrip- could be relieved by borrowing in the United States, but this
course is
tion to the recent Victory Loan.
to be deprecated and would not be a cure, but merely postponement of
. Our Government has been farsighted in giving assistance in this payments. As indicated by your President, the true remedy lies in indirection and, no doubt, is prepared to extend further aid, provided ex- creased production and the economy that would be reflected in resumpporters, who reap the benefit, will assume a proportion of the risk.
tion of those personal sacrifices of pleasure made during the war. It is
Self-interest alone would seem to dictate that credit facilities be ex- here in place to remark that in the
exes of Europeans the people of North
tended to those countries who can demonstrate their ability to pay if America are extravagant and wasteTul.
given reasonable time, and we would thus avoid the possibility of abrupt
Since the outbreak of war, Canada has created fresh domestic credit
changes in industrial conditions and bring about a gradual return of instruments in the form of bonds of $2,100,000,000. The increase of
international trade equilibrium.
circulation and of bank deposits followed as a natural sequence.
I cannot close without voicing what, I am sure,-is the feeling of every
Our Bank and Government
circulation is now $532,000,000, as
Canadian—that the recent visit to Canada of His Royal Highness the compared with $236,000,000 innote
1913, an increase of $296,000,000. In
Prince of Wales not only gave abiding pleasure to every class of our the same period the total gold held
in Canada has increased $60,000,000.
population, but rendered a great and memorable service to the Empire
in strengthening the Throne in the affection and confidence of the
GOVERNMENT FINANCING.
people, and by drawing still closer the ties whici, bind the commonwealth
Canadian provincial government, municipal and industrial public loan
of nations over which he is destined to reign.
flotations, during the twelve months under review, were $117,500,000, of
which, in round figures, $90,000,000 was placed in the United
THE GENERAL MANAGER'S ADDRESS.
The discount on the Canadian dollar attracted material American States.
buying
Sir Frederick Williams-Taylor, General Manager of the Bank, then of such securities,
especially of those donliciled in New York.
made his annual address, as follows:
In Great Britain, the dollar exchange situation is the cause of much
Mr. Chairman and Gentlemen:—The balance sheet to the 30th Octo- anxious thought. Meanwhile,
the present low value of the pound sterling
ber last, which I now submit for your approval, covers a round period in America encourages
special operations such as the purchase in London
of twelve months following the armistice.
of Canadian
American securities. These operations help to correct
The economic and financial difficulties that confronted the country the abnormaland
and, granted a reasonable attitude on the part
during the war have since changed in nature, but have not disappeared of labor, thereconditions
ground to justify confidence regarding future financial
by any means. There is an aftermath of problems which Canada must and industrial is
conditions.
face and in which bankers are vitally concerned. At present there is
Considering the time, money continues plentiful in England at modergreat trade activity; yet our national debt grows apace, with attendant ate rates, and there
is no thought on the part of London of surrendering
ills. Therefore, even with a full measure of faith in our country, I find an historic position
as the financial centre of the world.
the near future difficult to visualize. We derive a measure of consolaAs in the previous years of war, our London office has been cut oft
tion in comparing our lot with that of countries worse off than our from the important
business of issuing loans for Canadian borrowers,
own, but contiguity and ambition direct our eyes towards that country
but, on the other hand, it has increased greatly in importance, and
to the south which has benefited so vastly by the war.
utility as an administrative centre for our foreign business, and is steadily
Turning to the special features in our balance sheet and the points of growing in great
value to our branches on this side of the water.
Interest arising therefrom, I might say, first, that the absorption of the
The Dominion
in July of this year, borrowed $75,000,000
Bank of British North America has been so smooth and complete that in New York forGovernment,
refunding purposes. The terms paid by the Governno ripple appears upon the surface of our affairs. We believe its friends ment were onerous
yet unavoidable. Evidence that the price of issue
and officers alike feel at home in the Bank of Montreal. •
was in keeping
American market conditions lies in the fact that there
Since presenting the last balance sheet there has been an increase in has since been with
no rise in the quoted price. Incidentally' it may be menour capital stock of $4,000,000, with a corresponding increase
tioned that Canada secured as good terms as in the case of the recent
in
Rest
Account. Both items now stand at $20,000,000. The increases are British loan of $250,000,000 in the
same market.
primarily In connection with the acquisition of the Bank of British
A sign of the times is the buying power for first-class securities created
North America.
throughout the Dominion. This is a healthy and desirable condition
Shareholders of that Bank were accorded the option of taking cash or induced by Government
war loans and war savings certificates. It is
exchanging their holdings into Bank of Montreal shares on a determined vital that Canadians should
recognize the virtue of saving. As bebasis. After the allotments had been made under this arrangement, tween production and thrift, though
they should go hand in hand, the
our own shareholders accepted the oppertunity of subscribing for the latter is fundamental and leads naturally
to the former.
limited remainder of capital shares to bring the whole up to $20,000,000.
We have opened 49 branches during the year. We will open more as
Our authorized capital is $28,075,000.
and when circumstances justify.
Many of our banking transactions during the post-bellum year under
Our Paris office is well established in attractive premises, and has
review were unusual in character and of special interest: They need not already proved its value
locally
as a link between our extensive Eurobe described in a report of this nature. It will suffice to say that they pean connections and London,and
New York, Chicago, San Francisco and
have added to the strength and prestige of the Bank.
Canada.
Our profits for the year have been satisfactory, enabling us to provide
Our branch in Trafalgar Square, London. which was opened to provide
the usual return of 12% on capital and make adequate provision for extra facilities for Canadian
soldiers, has been closed and the business
doubtful debts.
merged in our Waterloo Place office. It is our hope that our many
NO PROFITEERING BY BANKS.
friends who were familiar visitors in uniform at the latter will continue
It seems to me of sufficient importance to bear repeating that there to make full use of our facilities when they revisit London, whether in
has been no profiteering whatever by the banks of Canada, for the price a military or civilian capacity.
It will interest you to know that on my recent trip to the Pacific
of money has not been raised. Alone of all commodities, the cost to the
borrower of loanable funds of the banking institutions of this country Coast, when I travelled nine thousand miles in visiting various branches
the Bank, I met some 110 of our Managers, and returned more than
of
remains unchanged. Not only is' this the case, but, speaking for
our- ever
satisfied with the personnel, the intelligent loyalty and devotion
selves, it seems only proper for the shareholders to know that in handling'
business entrusted to us by the several Governments during the war and of our ever-increasing staff of officers.
Such meetings are advantageous to the Bank and an inducement also
since, our policy has been to charge only'the narrowest of commissions
and minimum interest rates. In many instances, where the services to close relations between the Bank and its friends at distant points.
were of a war character, we have acted free of charge.
POTENTIAL WEALTH OF WEST.
The Bank's earnings have been maintained through fuller employment of our reserves, the ratio of our liquid assets to liabilities being
It is impressive and satisfying to view the Dominion's greatest quick
67%, as compared with 71% a year ago. There has been no restriction asset, the rich wheat areas of our three Western Provinces,
at harvest
of credit to our commercial borrowers. All legitimate applications of time. While this year the yield was not up to the mark, the Western
this nature have been granted. Also we have loaned freely to sub- farmers had much to be thankful for.
scribers against the security of the various war loans, and to Municipal,
In British Columbia, one is struck by the confidence of the people in
Provincial and Federal Governments as required.
the future of their rich and beautiful Province, with its wonderful climate.
is a healthy sign that men of affairs in the West hold such sane views
It
UNUSUAL FREEDOM FROM LOSSES.
concerning the outlook locally and for the Dominion at large.
It is pertinent to mention that, in the ordinary trade of the country,
I hope that time may presently permit me to visit other divisions, as
money has been made so easily and with so little risk since 1914 as com- I did British Columbia and the
North West.
pared with ordinary times, that our Banks, in turn, have operated with
In concluding, I have no hesitation in expressing the belief that the
unusual freedom from losses. As a measure of prudence, however, we affairs
of
Bank
the
have
never
been
in a healthier state. Our domestic
provide for contingencies, a policy with which, we feel sure, you will be business is expanding
satisfactorily, our foreign branches and connecin accord.
tions
have
been
adequately
extended
to meet the development of the
The practical evidence of Canada's fortunate trade conditions lies in the country's trade, and,
what is most important, we are well equipped in
fact that commercial failures for the twelve months ended 31st October
staff. Altogether, I feel that we are well prepared to meet any
point
of
were 766, as compared with 904 for the previous corresponding period and conditions and contingencies
that may arise.
with 1,669 in our bank year 1912-1913.
ballot for the appointment of Auditors and the election of Directors
Our savings deposits continue to grow satisfactorily both in volume forThe
the ensuing
was then proceeded with. The Scrutineers appointed
and in number. The fact that we are custodians of deposits of a special for the purposeyear
reported that Messrs. James Hutchison, C.A.; J. Maxnature inevitably causes our total figures to fluctuate heavily. Our
Graham, C.A., and George Creak, C.A., were duly appointed
total deposits are $442,000,000, being $27,000,000 less than a year ago. tone
Auditors,
and
the
following gentlemen duly elected Directors: D.Forbes
Our deposits ten years ago were $173,000,000.
Angus, R. B. Angus, J. H. Ashdown, E. W. Beatty, K.C., H,. W.
The total deposits of all Canadian Banks are now $2,360,000,000, as Beauclerk,
Colonel
compared with $2,085,000,000 a year ago and $332,000,000 ten years ago. Sir Charles Gordon,Henry Cockshutt, H. R. Drummond, G. B. Fraser,
G.B.E., C. R. Hosmer, Harold Kennedy, William
Our current loans in Canada also vary largely in volume. The total is McMaster, Sir
Vincent Meredith, Bart.; Lieut.-Col. Herbert Molson,
now $164,000,000, as compared with $146,000,000 at the corresponding M.C.; Rt. Hon. Lord Shaughnessy,
K.C.V.O.
The meeting then
date last year.
terminated.
Our provincial and municipal borrowers continue to exercise caution .At a subsequent meeting
of the Directors, Sir Vincent Meredith, Bart.
n the matter of capital expenditure. Loans in this class aggregate was re-elected President,
and Sir Charles Gordon, G.B.E., was re$15,000,000.
elected Vice-President.
[Vol,. 109.
THE CHRONICLE
2246
Vaulters' Tiazette.
Sales a/
New York Stock
Exchange.
TVall Street, Friday Night, Dec. 12 1919.
Railroad and Miscellaneous Stocks.-Prices have
given way in Wall Street this week under the weight of a
close, firm money market, restriction and uncertainty in
the matter of coal supply throughout the country, and a
practically demoralized foreign exchange market. To these
very patent reasons for caution and prudence in Stock Exchange operations there may, perhaps, be added the confused
and more or less obscure state of affairs at the National
Capital.
Sterling exchange has declined heavily all week, touching
$3 6534 to-day; a good deal of curiosity, not to say anxiety,
is felt as to how much lower it will go and what will be the
effect upon international commerce. The advance of its
discount rate by the Federal Reserve Bank upon certain
classes of loans has also attracted attention. If, however,
the result should be to check the broadening of credits and
thereby prevent a further depletion of the Bank's reserve,
the wisdom of the action will have been fully demonstrated.
Except for a slight advance in a few issues early on Monday, the stock market has been continuously weak since that
day, with the result that the list of railway stocks traded in is
down from 3 to 7 points or more.
Canadian Pacific was hit the hardest, having dropped 14
points, but Southern Pacific lost nearly 8 points of its recent
advance, and Atchison, Union Pac., Texas & Pac., No.Pac.,
Great Northern and St. Paul have declined from 4 to 5 points.
An extreme illustration of what has happened to the industrial list is seen in General Motors drop of 27 points, Mexican
Petroleums 20, Cruc. Steels 183/2, and Atl. Gulf & W.Is, 15.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending Dec. 12.
Range since Jan. 1.
Range for Week.
Sales
for
IWeek.
Lowest.
Highest.
Lowest.
Highest.
Par. Shares $ per share. $ per share. $ per share.$ per share.
May
800 89 Dec 12 95 Dec 9 7634 Sept 103
American Express_ _ _ 100
Jan
Dec 99
50C 803j Dec 8 81 Dec 11 80
100
pret
Snuff,
Am
Oct 21
Nov
200 17 Dec f 17 Dec 8 15
100
Ann Arbor. pref
Jan 11174 June
200 102 Dec 9 102 Dec 9 102
Baldwin Locom. pref_100
Dec
Dec 101
200 95 Dec 8 98 Dec 11 95
_no par
Barnet Leather_ ..no
34 Dec 1
Dec
4,1300
34 Dec 12 1 Dec 10
Beth Motors rights
Dec 7254 Feb
29 52 Dec 9 55 Dec 8 52
Buffalo Roch & Pitts_100
Mar 12054 Oct
200 120 Dec 12 120 Dec 12 109
Calif Packing, pref _ _100
100 86 Dec 10 86 Dec 10 8434 June 9034 July
Cert-Teed Prod 1st pf 100
11
Dec
May
1034
11
11
1734 July
Dec
11
100
..100
pref_
Alton,
Chic Az
Dec 1334 July
300 5 Dec 9 634 Dec 10 5
Chic & E Ills tr recta_ _ _ _
1,640 4% Dec 8 6 Dec 10 434 Dec 1734 July
Preferred trust recta
July
Dec 107
100 95 Dec 5 95 Dec 8 95
C StPM & Om pret_100
% Dec 134 Dec
% Dec 10 1% Dec 9
Consol Textile rights_ _ _ _ 2,700
%
073
Dec
Feb
11
Dec
1075
11
1015%
Dec
%
200
pref_100
Sug,
10754
Cuban-Am
May
Feb 105
100 100 Dec 9 100 Dec 9 80
Detroit United Ay_ _ _100
Duluth S S Atlan _ _100 1,000 254 Dec 12 334 Dec 9 254 Dec 634 July
Feb 11034 Oct
100 105 Dad 10 105 Dec 10 91
Fisher Body. pref_ _100
Nov
200 18534 Dee 10 188 Dec 9 13634 Feb 203
General Chemical_ _ _100
Feb
108
101
Nov
11
Dec
101
11
Dec
101
400
100
Preferred
Aug
101
Dec
90
300 90 Dec 10 90 Dec 10
Gen Cigar deb pref..100
May
Dec 106
100 97 Dec 12 97 Dec 12 97
100
Preferred
Dec 533% Nov
Gray & Davis, Inc_ _ 25 2,400 465% Dec 9 4934 Dec 6 4634 Dec 85
Dec
91 85 Dec 10 85 Dec 10 85
Havana Elec Ry & Lt 100
Dec
Feb 70
53
12
Dec
65
12
Dec
65
100
_100
International Salt_
Oct
10034
Jan
89
10
3C0 97 Dec 12 99 Dec
Kelsey Wheel, pref_ ..100
100 454 Dec 11 454 Dec 11 234 Jan 734 July
Keokuk dr Des M_ _100
July
170
Jan
11
Dec
10634
140
11
Dec
100140
100
Kresge (58) Co
300 9954 Dec 12 100 Dec 8 9434 Jan 10634 June
Loose Wiles, 1st pref _100
Nov
Maxwell Motors ctf dep_ 1,300 35% Dec 12 3854 Dec 8 353% Dec 43
Dec 69% Nov
200 67 Dec 10 6831 Dec 12 64
1st pref ctfs dep
Dec 10934 May
100 90 Dec 10 90 Dec 10 90
M St P S S M,pref 100
Dec
Dec 99
Mullins Body, pref _100 200 99 Dec 9 99 Dec 9 99
Oct
100 1234 Dec 10 1254 Dec 10 1234 Dec 19
NatRys of Mex Ist pf 100
July
Nov 76
300 675% Dec 12 68 Dec 11 87
Norfolk dr West. pref.100
Oct
Dec
334
6
34
Dec
%
34 Dec 12
Pan-Am Pet & T rights 39,400
Dec
Dec 103
no par 6,400z93 Dec 12 103 Dec 11 z93
Class B
Nov
Nov
4234
4754
9
Dec
44%
800 43 Dec 12
Parish Ar Bingham_no par
9034 Jan 9934 May
200 92 Dec 6 92 Dec
Pittsb Steel, pref_ _ _ _100
Dec
9634 June 103
200 10254 Dec 10 103 Dec
Remington, 1st pref_100
Nov
100 100 Dec 9 100 Dec 9 953.4 Aug 101
100
2nd preferred
Dec 53% Dec
Replogle Steel_ _ _ _no par 2,200 50 Dec 12 5334 Dec 11 50
May
Sears, Roebuck, pref_100
10011654 Dec 1011654 Dec 10 11534 Nov 120
Dec
Dec 80
Shell Trans') T_ _no par 12,200 74 Dec 12 80 Dec 11 74
Oct
Jan 257
700205 Dec 6235 Dec 9 132
So Porto Rico Sugar_100
Nov
Dec
%
434
6,
75,500
% Dec 12 2% Dec
Studebaker rights
Nov
3,600 5854 Dec 12 65 Dec 8 5834 Dec 70
Texas Co rights
May
Jan 470
25300 Dec 93C0 Dec 9 180
Tex Pac Land Trust_100
Dec
62
Vanadium Corp_ _no par 21,200 5434 Dec 12 62 Dec 11 5434 Dec
Oct
95
Jan
40
9
Dec
Dee!
91
6
90
200
100
pf
Vulcan Detinning,
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Shares.
Saturday
Monday
Tuesday
Wednesday •
Thursday
Friday
Total
Railroad,
ctc..
Bonds.
Stocks.
Week ending
Dec. 12 1919.
Par Value.
500,194 $44,505,900
1,030,710 93,022,500
983,137 89,163,700
688,391 61,070,100
980,464 86,657,400
1,450,100 132,477,000
$2,049,000
5,179,000
4;487,000
4,300,000
4,340,000
4,928.000
State, Man.
& Foreign
Bonds.
$730,000
1,920,000
1,122,000
948,000
2,077,000
1,261,000
United
States
Bonds.
$9,822,000
19,004,000
23,097,000
18,139,000
20,794,000
24,680,350
5.632.996 3506.896.600 825.283.0001 38.058.000 $115536350
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week ending
Dec)12 1919.
Philadelphia.
Baltimore.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
16,714
36,332
29,341
29,072
46,734
29,306
$60,500
133,200
104,340
81,100
58,250
29,000
5,091
12,674
17,635
17,263
13,983
24,680
885,900
100,000
33,000
151,200
66,600
114,000
3,874
5,896
7,449
5,283
6,565
4,524
$11,100
109,000
111,100
115,000
111,000
31,000
Total
187,499
8466.390
91,326
$550.700
33.591
$488,200
Week ending Dec. 12.
1919.
1918.
I
I
Jan. 1 to Dec. 12.
1918.
1919.
302,455,493 ' 138,112,084
Stocks-No. shares: _ _
2,475,8881
5,632,996
Par value
$506,896,690 $233,262.800E27,512.340.930 $12,788,035,715
$22,400
$48,200
$2,500
Bank shares, par
$1,000
Bo,ds.
Government bonds__ _ $115,536,350 $39,402,000 $2,589,124,400 $1,211,281,000
262,338.000
266,500,500
State, mun.,dm.,bonds
5,794,000
8,058,000
329,737,000
547,598,000
RR.and misc. bonds
9,312,000
25,283,000
Total bonds
$148.877,350 $54.508,000 33.403,222.900 31.803,356.000
State and Railroad Bonds.-No sales of State bonds
have been reported at the Board this week.
The market for railway and industrial bonds has been
decidedly more active than of late and in many cases prices
have advanced. Of a list of 20 prominently active issues
9 have moved to a higher level. The latter include Am. Tel.
& Tel., U. S. Rubber, Balt. & Ohio, Ches. & Ohio, Burlington and Rock Islands.
On the other hand, the local tractions have again been
conspicuous for weakness and some of the Atchisons, St.
Pauls, So. Pacifies and Readings have declined.
United States Bonds.-Sales of Government bonds at
the Board are limited to $5,000 Panama 3s coup. at 90 and
continued very heavy transactions in the various Liberty •
Loan issues. To-day's prices are given below. For weelky
and yearly range see fourth page following.
Daily Record of Liberty Loan Prices. Dec. 6.Dec. 8 Dec. 9.Dec. 10. Dec.11. Dec. 12.
First Liberty Loan
(High 99.72 99.76
334e.16-30 year, 1932-47 (Low_ 99.60 99.60
(Cl.. 99.68 99.70
429
Total sales In $1,000 units
127
Second Liberty Loan
I High 92.26 92.16
4s, 10-25 year cony, 1942 I Low_ 92.00 91.90
(Close 92.04 92.02
461
Total sales in $1,000 units
170
Second Liberty Loan
I High 94.10 94.04
48, convertible, 1932-47 (Low. 94.02 94.00
(Cl'94.02 94.00
Total sales in $1,000 units
86
56
Third Liberty Loan
f 111g. 94.46 94.44
434s of 1928
(Low_ 94.28 94.28
(Close 94.42 94.42
Total sales in $1,000 units_ -.- 2,453 3,877
Third Liberty Loan
94.50 94.40
(High
45% e of 1st L L conv,'32-'47( Low_ 94.30 94.22
(Close 94.50 94.22
Total sales in $1,000 units
175
29
Third Liberty Loan
(High 92.46 92.32
4;is of 2d L L conv,'27-'421Low_ 92.20 1.2.04
(CI
92.32 92.14
Total sales in $1,000 units
1,616 2,035
Fourth Liberty Loan
;High 92.50 92.42
4x8 of 1933-38
(Low_ 92.30 92.16
(CI
92.46 92.24
Total sales in $1,000 units
3,149 5,518
Fourth Liberty Loan
434clst LL 2d conv,*32-47( Low_
101.00
(Cl'..___ loico
Total sales in $1,000 units
3
Victory Liberty Loan
(H14 99.18 99.22
4ms cony gold notes,.22-23( Low_ 99.10 99.10
(Cl.99.16 99.20
Total sales in $1,000 units
2,109 3,015
Victory Liberty Loan
f Rig. 99.16 99.26
lyis,conv gold notes,'22-23 (Low_ 99.10 99.08
(Close 99.14 99.12
Total sales in $1,000 units
671 2,059
99.78
99.50
99.50
689
92.00
91.80
92.00
304
94.00
93.90
93.98
51
94.38
94.00
94.10
3,716
94.30
94.08
94.08
83
92.18
91.98
92.16
6,259
92.30
92.16
92.28
6,802
99.70
99.40
99.50
908
91.90
91.70
91.72
327
93.96
93.86
93.86
97
94.10
93.96
94.10
3,121
94.18
93.90
93.90
234
92.16
92.00
92.14
2,980
92.22
92.08
92.14
6,181
99.40
99.22
99.34
439
91.88
91.68
91.76
198
94.10
93.72
93.72
104
94.08
93.96
94.04
4,726
94.14
93.86
93.86
82
92.16
92.00
92.10
4,487
92.10
91.96
92.04
6,725
99.50
99.30
99.40
1.056
91.78
91.60
91.62
246
93.72
93.68
03.60
• 20
93.80
93.98
93.90
4,205
94.04
93.78
93.78
99
92.08
91.96
91.92
3,993
91.84
92.00
91.94
5,370
- -99:14
99.06
99.04
967
99.14
99.04
99.08
3.103
9-9:12
99.00
99.02
3,071
99.06
99.02
99.06
618
_
9-9.64
98.98
99.02
2,066
99.02
98.86
98.98
2.052
(4):08
98.90
98.90
1,582
99.00
98.92
98.92
6.156
Foreign Exchange.-The market for sterling has again
shown sensational weakness, with rates at the lowest point
ever recorded.
To-day's (Friday's) actual rates for sterling exhcange were 3 603403 653%
for sixty days. 3 653%03 705% for cheques and 3 6603 7134 for cables.
Commercial on banks sight 3 64% @3 703%, sixty days 3 583503 64,
ninety days 3 5634(43 64 and documents for payment (sixty days) 3 58350,
3 64. Cotton for payment 3 64%03 703% and grain for payment 3 64340
3703%.
Exchange at Paris on London, 43.21 francs; week's range, 41.57 francs
high and 44.30 francs low.
The range for foreign exchange for the week follows:
Sterling, Actual- Sixty Days.
Cables.
Cheques.
3 8735
High for the week __3 823%
3 8634
•
Low for the week _-2 6034
3 66
3 6534
Paris Bankers' FrancsHigh for the week _ _10.83
10.70
10.72
11.82
Low for the week _ _11.95
11.84
Germany Banker' Marks__ _ _ _ _
2.14
High for the week.....
2.12
1.89
Low for the week __ _ _ _ _
1.87
Amsterdam Bankers' GuildersHigh for the week -- 37 13-16
3854
3834
Low for the week __ 36 11-16
3734
3734
Domestic Exchange.--Chicago, par. St. Louis, 15025c. per $1,000
discount. Boston. par. San Francisco, par. Montreal,$96.25 per $1,000
premium. Cincinnati, par.
Outside Market.-There was a reduced volume of business on the "curb" this week and the trend of prices, which
was uncertain at first, later turned downward, and sharp
reaction took place. General Asphalt coin. continues to
move -widely,losing over 16 points to 105%. A.T.Securities
was active and after an upward movement from 63% to 68,
moved down irregularly to 61%. Amer. Safety Razor was
off from 18% to 173/s. General Motors "w. 'from 35
reached 38 early in the week but later fell to 33 and closed
to-day at 3332. Indian Packing improved from 173/2 to
18%, then reacted to 163. Loew's Inc. lost almost 7
points to 29. Loft, Inc., advanced from 243/2 to 253 and
reacted to 2234, the close to-day being at 22%. Tobacco
Products Exports rose five points to 35, then reacted to 29.
Prominent among the oil shares was Gilliland Oil, the corn.
advancing from 42 to 48 and closing to-day at 463'2. Simms
Petroleum was also active and ran up from 553/2 to 653/2, the
final figure to-day being 603/2. Carib Syndicate improved
over six points to 5734, then broke to 49, the close to-day
being at the low figure. Guffey-Gilles. Oil sold up from 343i,
to 3834 and back to 3432, the final transaction to-day being
at 35. Houston Oil corn. declined from 178 to 160. International Petroleum lost 73/2 points to 533/2 and recovered
to 55. Bonds were easier.
New York Stock Exchange--Stock Record, Daily, Weekly and Yearly
2217
OCCUPYING THREE PAGES
For record of sales during the week of stocks usually Inactive, see preceding page
UGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
STOCKS
Sales
for
NEW YORK STOCK
ScE
XCH
ANG
turday
Monday
Tuesday
It'ednesday
Thursday
E
Friday
the
W.6
Dec. 8
Dec. 10
Dec. 9
Dec. 11
Week
Dec. 12
------Railroads
$ P61 share 8 per share $ per share $ per share $ per share 8 per share Shares
Par
8534 8518 86
SIi
85
86
8434 8514 83
8518 8012 8234 27,00.) Atch Topeka & Santa Fe__100
7 14 7814 7778 79
78
7738 78
79
78
Do pref
79
100
7712 7734 5,200
*1
*84 9
9
812 878
878 87s.
812 878
858 833 3,300 Atlanta Birm & Atlantic_100
01.38 9112 8918 891s 92
9212 9212 9212 9212 9334 9178 9314 3,600 Atlantic Coast Line RR 100
3312 3258 3338 3178 3278 3114 32
31I
31
32
3018 3112 35,000 Baltimore & Ohio
100
441
4412 4378 4438 4312 44
43,
8 4378 43
437g 4038 4234 10,000
Do pref
100
14[14 1538 1518 1614
15
153s
15
1414 1518
14
1412 8,300 Brooklyn Rapid Transit-100
1514
1 112 1078
11
1014 1034
1114 1138
Flag
1013 1012
9
10
4,000
Certificates of deposit
13(58 140 13818 13938 13734 138,4 13518 13712 12618 13514 12714 13014 30,300 Canadian Pacific
100
5(114 5612 5612 57
561:. 5612 5434 5638 15134 53
5012 57
4,700 Chesapeake & Ohio
100
* 112 912
812 ' 813
858 858
*812 9
813
8
738 8
1,800 Chicago Great Western....100
i 21114 2314 2312 2378 2358 2358 2312 2334 2212 2312 21
22
3,100
Do pref
100
3
'
/
1
4 3818 3712 3314 37
3734 3618 37
35,8 3512 3418 3514 27,600 Chicago Maw & St Paul 100
5 1.4 5434 5412 56
5414 5034 5311
5414 5514 53
487g 5078 25,000
Do pref
100
81114 8934 8914 90
8912 8978 8812 8934 8758 8914 8614 8734 11,648 Chicago & Northwestern 100
11 r 117
117 11712'116 120 *115 120
117 11712 *117 120
1,300
Do pref
100
215
2414 2514 2312 2414 9,300 Chic Rock Isl & Pac
25
2512 2478 25
25
2534 25
100
*7 112 7512 7412 7514
7414
73
73 • 731 1
731g
74
7212 7212 2,800
7% preferred
100
*
1
64
6218 6
613•
s 6112 5912 (1014 60
6218 6112 611
6012 3,000
0% preferred
_100
§6 )12 6012 60
61
6014 61 - --------61
6038 6012
60
410 Chic St P Minn & Omaha_ 100
*4 3
44
44
41
*43
45
*42
*43
45
44
*43
100 Clev Cin Chic & St Louts 100
45
*65
*6 5
67
65
70
65
6314 6314
*6512 67
67
300
67
Do pref
100
2014 2012
200 Colorado & Southern
-100
4834 4834 ----------------4812 4812
200
Do 1st pref
100
Do 26 pref
100
-64- 9912 96
9812 9453 97 _ -4;100 Delaware dv Hudson
4 98 100
97- 97 - -551.8 -99. i100
17 i 178 *179 182 .179 190 *179 188
187 18712 *185 18512
300 Delaware Lack & Western__50
*712 9
734 8
*7
300 Denver & Rio Grande .10Q
*8
812 *7
812 *6
9
7
1358 14
1234 1314
1314 14
I 334 1412 14
1334 14
7,800
1412
Do pref
100
1318
133
8
13
1312 1273 1318 28,400 Erie
1312 14
1 334 14
1418
14
100
1934 2012 19
1912 8,800
2338 2058 21
2138 2034 2118 2014 2034
Do let pref
100
15
*1 5
1514
1434 15
1,500
16
1512 16
1512 1512 *1514 16
Do 2.1 pref
100
7734 7918 7518 7738 37,400 Great Northern pref
7934 7834 7914
7)8* 7978 7958 8018 79
100
8 3812 3834 36
3938 3878 38,
38
10,900
3314 3938 3938 3978 39
Iron Ore properties _No par
*3
*8
2
812
812 *8
200
8
8
8
,
8
812 .3
8
Gulf Mob & Nor tr etfs
100
*33
34
*30
*30
34
*30
35
33
3512 *34
3512 *30
Preferred
100
8978 9018 8938 90
8812 8958 5,200 Illinois Central
90
8358 8978 897s 9014 90
100
418 414
414
4
438
414
7,300 lnterboro Cons Corp__No Par
314 4
438
438
412 478
1312 1212 13
13
1 412 1412 1478 1478
1214 1273 3,900
133.1 14
Do pref
100
ow
a Central
100
-i.i12 -1-558 -1512 is 15,2 1578 .15.12 -1-g1-2 -151.2 1534 -II 151-2 -4,400 IKansas
City Southern__ 1(10
*
4314
4378 4518 4518 43
43
48
*44
4
1
44 4
44
43
400
0
0
pref
Do
*3
11
912
*8
*8
*8
*9
11
11
11
*758 734
Lake Erie & Western
100
17
17
*1612 19
.16
15
1614 *11
1614 17
20
19
800
Preferred
100
4238 4218 4212 42
4234 43
4218 413.1 4218 20,200 Lehigh Valley
4238 4318 42
50
110
110
111 111
110 111
10•838 109
10934 112
10333 109
1,500 Louisville ei Nashville____100
510
51
53
54
4812 4934 6,800 Manhattan Ry guar
51
50
49
5138 51
55
100
*1312 1412 *1312 14
14
1 334 1334
12313 1314
14
1414
14
1,400 Minneap & St L (netr)-_
_ _100
7734 7734
77
7514 7818 77
7434 7434 73
77
73
73
1,500 Minn St P & S S NI.
100
97
978
9l8 958
812 914 7,500 Missouri Kansas & Texas _100
978 10
978 10
10
1018
.1.1 4
1418
1412
1418
14
16
14
1412 1412 *14
12
1,150
12
Do prof
100
2514 24
2512 25
2514 2512 2512 26
25
2338 24
25
16,000 Missouri Pacific trust ctfs_100
4114 3914 4014
3914 40
40
3812 3958 14,600
4034 4078 4114 40
100
Do pref trust ctfs
412 434
413 413 2,700 Nat Rys of Mex 26 pref
512 512 *5
534
518
5
413 5
100
*42
__
42
43
§42
42
__ *42
42
45
*4112 42
162 New Onl Tex & Mel v t c 100
6934
69
66.E8 -7012
693
7078
6778
4
6912 6634 68
7014 70
31,000 New York Central
100
*26
28
2714 2714 *27
*26
28
29
2714 2714 *254 29
200 N Y Chicago & St Louts_ 100
*62
70
*62
70
70
.62
70
*62
*62
70
*62
70
100
First preferred
*43
.43
44
43
*42
46
46
40
*43
46
*43
46
275
Second preferred _____ _100
2914 2938 2834 2934 2812 2938 2838 2834 2678 2312 2518 27
29,300 N Y N H & Hartford__ _100
17
1718
.
1618 17
17
17
1714
17
17
17
17
1718
1,350 N Y Ontario & Western_ 100
-Norfolk 8 nithern
. _100
- al, 1()
1(
0) 2 21-:., -66- 9918 9734 981. N1142 Z4 43(0) Norfolk
9'7FI8 -6.8-78
100
& Western
l
82
7958 8034 77
8118 8238 8012 8134 801 1 81
100
7831 31,800 Northern Pacific
4118 4138 4118 4112 41
4138 4078 41(14 40
41
40
50
4038 69,631 Pennsylvania
2318 2312 2334 24
2312 2412 24
2458 2412 2634 2514 2612 41,500 Pere Marquette v t e
100
__
- - _1 ____
66
66
64
66
64
6612 6512 6512
700
100
Do prior prof v t c
--------48
47
47
47
47
48
47
474
800
-100
Do pref v t c
63
64
63
'60
*63
55
*60
(13
63
65
*53
60
300 Pitts On Chic & St Louis_ _100
'2612 27
2718 2614 27
2714 2712 2718 2712 27
2478 2614
4,900 Pittsburgh & %Vest Va
100
76
*75
*75
78
80
*75
78
78
*73
*7418 7518
73
100
100
Do pre
7612 7714
7612 771
75
714 7778 7714 781.1
7714 7378 7533 23,800 Etea
1. vprer7f
50
ooling2
D'
* 3
36
36 - ---- ____
*33
36
*33
33
33
33
33
700
50
*6
38
3512 3512 *35
5
351 2 --------35
35
300
34
31
2d pref
1514 1553
1614
1612 1514 16
16
16
1518 1578
1434 1558 8,400 St Louis-San Fran tr ctfs__100
_
2278 2278
2
223
213 213g
Preferred A trust ctts_100
600
---- -- ---14
12
ii212 -1-4-1-2 -ii- 1,f- *ii fir
103_
St Louis Southwestern__ __100
,5i8 2518 *22
2534 2534 2514 251s
25 15
25
SOO
100
2412 -241-2
Do pref_
778 814
712 712 3,300 Seaboard Air Line
758 3
712 712
738 712
734 8
100
1234 1314
1312 1334
13
414 1414
1334 1411
1314
3,100
1278 13
pref
100
1 16 10734 10518 10634 10234 10518 10212 10334 10058 10378 9738 10058 198,300 Southern Pacific Co
100
2214 21
:3
23
2234 2314 2218 2234 22
2278 2014 21
30,600 Southern Railway
100
1812 5834
5812 5914 5834 5912 5712 5814 55
5734 52,
8,700'
pref
Do
8
55
100
o
A A,
A01.
A 40AI
Aql.
.I.1 I. 40
Am. .451.. 5111. .11. 109Texas
700
4
'
& Pacific
100
1
13
1412 1438 *1413 1434
14
1434 1434
1418
1313 1312 2,100 Third Avenue
100
11
1012 1058 *10
1012 1012
1012 1011
*10
11
800 Tol St L & W trust receipts__
*10
11
204 2018 *19
25
*19
25
*19
25
.18
100
22
Preferred certificates dap__
*19
22
*3$
4078
4014 40
40
*35
40
40
*35
800 Twin City Rapid Transit 100
40
35
35
124 125
12338 12414 12212 124.4 12014 12312 41,475 Union Pacific
12414 12558 12434 126
100
6758 6612 67
67
6714 674 67
67
63
Do pref
67
100
64
6533 4,846
838
814
8,2 878
958
9
978 1078
1012 1178
934 11
8,600 United Railways Invest
100
18
1812 19
1958
18
19
1934 2134 22
2378 7,200
2114 22
Do pref
100
818 818
818 814
8
778 8,8
778 8
100
838
778, 6,600 Wabash
734
2414 2411 2418 2458 24
2438 2312 24
22
12,100
2338 21
22
1)0 pref A
100
1512 1578
1534 1534
1512 16
1512 1512
Do pref B
1453 1433 2,100
100
1138 11 1 2 1138 1178
1112 12
1133 1112
11
111, 6,300 Western Maryland (ratc)_100
1114 11 14
.
21
18
18
19
1814 1914
18
191:, 1,100
20
*18
18
*18
Do 26 pref
100
*21
22
22
2212 22
22
1,300 Western Pacific
22
2138 2133 2014 21
2234
100
54
56
54
54
551 1 5512 56
5612 5714
2,000
Do pref
5712 58
100
57
1311
13
13
131 1
12,2 13,8
8,900 Wheeling & Lake Erie Ry_100
1113 12
1212 13
1214 13
1913 1912
19
18
19
19
*1712 18
2,500
Do pref
1714 1814
100
1734 18
34
*28
34
*28
34
*28
*28
34
34
*28
*27
Wisconsin Central
31
100
Industrial & Miscellaneous
36
*33
33
36
*31
33
33
3113 3118 30
33
3012
900 Adams Express
100
44,2 4538 4334 4134 4312 4354 43
4313 4331
4133 4218 4,800 Advance Rurnely
44
100
74
74
74
74
7318
73
700
7:112 7312
*7113. 74
Do pref
100
87
86
8712 *84
8938 85
85
87
50
2,900 Ajax Rubber Inc
8312 86
83
83
2
214
2
218
218
2
213
218
218
2
218 218
6,300 Alaska Gold Mines__
10
238 233
23g
238
214 10,600 Alaska Juneau Gold Min'g.10
2,4
214
2
218
214
214
21i
4738 46
4338 4312 4114 45
44
4413 46
42,000 Allis-Chalmers Mfg
4838 4514 48
100
95
90
*94
95
94
95
96
95
94
700
91
Do pref
*92
96
100
9112 921 1
9214 9278 92
9278 92
9218 914 9214 9012 91
3,000 Amer Agricultural Chem_100
9678 9678
97
97
9612 9612 *9613 9712 *9634 97
300
*9634 97
Do prof
100
.4512 4712 *4512 4712 *46
*46
600 American But Note
47
47,2
46
46
50
.48
*48
4912 *48
50
4912 *48
4912
Preferred
_
50
9613
9458 97
9533 9258 9512 91- -9213 ,
9612 9778 95
94
5,
12
American BeetSugar
100
94
.90
94
.90
*9014 9412 *90
94
*90
94
18834 8334
100
124 125
1233s 12313 12212 12213 121 122
124 12478 124 125
1 ii Amer Bosch Magneto . _No par
55
5314 55
5212 5234 53
5234 5138 4934 5212 37,400 American Can
5412 53
100
100 101
10014 10014 102 10218 101 101
1,500
9934 10014 9813 90
Do pref
100
136 13658 138 14134 13734 14011 13713 139
00
0 Am
10
136 13913 133 13531 18,6
peoricaporeC
t ar & Foundry_100
116 116
100
4913 4912 48
3,200 American Cotton Oil
50
4818 47
5012 - ifli.4 /138 50
50
47
100
_
88 - --------300
88
300
1)0
Do prof
1133 1112 -11- 114
-lii2 113-8 -ilig -11- - His -1-1-3-4 -111;*2 -1118
Amer Druggiats Syndicatel
.r0
9,300
2712 2918 2912 30
2814 2878 2834 2834 2738 29
26
American 11160 & Leather_100
2758
11918 121
Do prof
12013 12112 118 11912 11812 11912 11812 11914 111534 11712 15,300
100
4412 4412 4434 4612 4812 4212 45
2,000 American Ice
*43 . 44
44
45
41
100
6738
67
6712 6734 69
1,800
6734 67
6612 07
.65
Do pref
6712 67
100
1091s 110
10913 11212 10814 11038 10613 10834 10558 10813 10314 10534 04,600 Amer International Corp100
7058 6378 70 .66
8,2
69
50
00 American
69
69
p ricapnLinseed
6914 7138 6914 7158 69
f
100
95
*92
95
*92
*92
94
9114 93
.91
93
*90
prof
95
100
20,90
9412 93
9418 9414 9614 93,4 954 91
700 Ame
poricapnLromotive
94
92
9112 90
re
10534 10612 *105 107
10514 106 .105 107 *105 107 .103 10(1
800 Amer Malt & Grain___No 1p12
.46
43
4814 *47
4714 4714 4712 477s 43
46
48
48
par
2978 31
3034 3112 29
2878 2938 28,8 30
307/1
2634 28
67.500 Am Ship dr Comm Corp_no par
400 Am Smelt Recur pref ger A _100
•82
•R2
R1
821, 021. 821, ‘01. R213 3213 .R012 8212
R4
• Bid and Wed prime: no des on this dal.
Ex-rlonts.
1 Less tnan 100 snares.
a Ex-div. and lulu&
PER SHARE
Range Since Jan. 1
On basis of 100-share lots
PER SHARE
Range or Previous
Year 1918
Highest
Lowest
Highest
$ per share
8013 Dec12
7738 Dec 9
6 Mar31
8918 Dec 8
3018 Nov29
4058 Dec12
1312 Dec 5
9 Dec12
12518 Dec11
x5134 Dec12
74 Jan21
21 Dec12
3418 Dec12
437s Dec12
85 Nov28
116 Dec 5
224 Jan21
6814 Aug 3
5514 Aug21
60 Nov22
32 Feb17
63 Septll
1912 Dec 2
48 Dec 4
45 Feb 4
9112 Dec I
17212 Mar18
334 Jan 8
618 Feb 3
123r Nov29
19 Dec12
14 Dec 1
7518 Dec12
3134 Jan 2
7 Sept20
314 Jan16
8814 1)ec 7
318 Mdr24
1118 Mar29
212 Feb13
13 Nov28
43 Dec12
7 Feb2(3
13 Decl I
41 Nov29
10478 Aug19
3914 Dec 2
918 Jan21
73 Dec12
Os Feb10
812 Jan13
221s Nov29
3812 Dec12
4,2 Dec10
2834 AprIO
6034 Dec12
2334 Sevq,24
Oct 1
62
40 Nov12
2518 Dec12
1612 Nov23
10 Dec 8
95 Dec 1
77 Dec12
40 Dec I 1
1218 Jan21
56 Mar27
39 Apr 7
44 Apr29
247 Dec12
77 Nov24
737 Dec12
33 Dec12
31 Dec12
1034 Jan21
20 Dec 1
13 Dec 1
2112 Dec12
733 Feb13
12.4 Dec10
9178 Nov29
2014 Dec12
5278 Dec12
2713 Jan21
1212 Dec 1
5 May 1
10 Mar 4
35 Nov23
1191s Aug 8
03 Decl 1
714 Jan 9
Jan13
15
734 Jan20
21 Decl 1
1458 Decl 1
Ps Apr2I
18 Dec 8
17 Feb 3
524 Feb20
734 Mar 5
17
Jan30
30 Sept18
$ per share
104 May27
89 Jan 4
1512 July24
107 May29
5514 May27
5912 May27
3318 July23
2814 July23
170 July10
6812 May17
12 July17
3078 May19
5234 July17
76 July17
105 alay26
133 Jan 17
3214 July17
84 June 6
73 July17
Jan 7
82
547 June 6
74 July12
3134 May 5
5812 July24
5112 May29
116 May29
217 May 7
1512 July14
24 July14
2014 May19
33 July16
2334 July17
10058 May27
5234 July10
1278 July25
4012 July18
104 May16
918 June 2
314 June12
934 July21
2514 May19
57 May21
14 July21
25 May19
6038June 2
12234 May17
Jan25
88
2413 July17
9814 May29
1653 July22
2518 July18
38 July 9
5834 June 7
14 Mar10
50 Sept24
8334June 6
3314 July10
70 Apr 2
5312 July 7
4078 July17
2414 July18
20 May29
1121 May19
997: M
4812 May19
7
2634 Decl 1
6734 July15
50 Nov17
72 Sept15
4434 June 9
8412 June 7
935sJune 6
3812 Feb 4
3912 May16
2734 July17
37 May 2
2338June 9
3778June10
12 July23
2334 July17
115 June 2
33 May19
7212 May27
7012 July 2
2538 July23
1313 July29
2512 July25'
60 June 3!
13312 May29
7434 Mar 51
1578 July 1
3434 July 11
1333 July23 1
38 May191
2513 July 9
1478
3012 July17!
July 9
26 July14!
6112 Jan 9,
1814 Sept241
2334 Sept231
4173 May161
1
64 May23;
5878 July 3!
76 June 91
113 July141
414 Jan 151
31,
5153 July14!
0C, 81
97 SeptIGI
11334May I
108 Mar15
55 July15
49
Oct18
10134 Oct21
95 May29
1437g Nov 8
6858 Sept30
10738Junel6
14833 Nov 5
119 Julyll
6714 July14
9
14
314 Apr 3
7
Jan
42 Dec, 80
2624 Nov
Jan
11
257s Jan 6273 Nov
49
Jan
7214 Dec
114 Apr
532 Nov
112 Apr
312 June
37 May
1734 Jan
861k May
7214 Jan
Jan 106
78
Oct
Aug
89,s Jan 101
3112 Mar 3512 May
4134 June 4213 Aug
Feb
48 Nov
84
z82 Set 91,2 May
_
----------------3458 Jan
5034 May
99 Dec
8914 Jan
6814 Jan 93 Deo
Jan 115
106
Dee
44% Oct
25
Jan
88 Dec
78 May
N
j%
n19
7
Jan 4
Jan 2
Aug21
Jan20
Feb 8
Mar I
Mar 1
Jan21
4
D
Jaen
c12
434 July31
14238 Oet22
7612June 6
7614June 8
13214 Oct31
89 Nov 7
9338 Apr 15
11712 Oct 7
334 JAuug
16
ly 2
09
3
-1173
- - - -Jan
--- 22's Sept
9472 Aug
Jan
50
Oct
1112 Jan 49
Oct
3834 Jan 61
Oct
6012
5112 Sept
4712 Dee
27
Jan
6914 Jan 92 Dec
7124 May
5312 Jan
Jan 10233 Dec
x95
2513 Dec 2
80
Oct31
4713 Oet.22
9412Junel2
2958 Apr26
21
Jan21
564 Jan20
86
Jan13
2 Dec 1
134 Jan 2
30
Jan21
817 Jan23
87 Sept 2
Oct 4
94
33 Jan25
42
Jan 2
62
Jan 3
8434 Jan13
841j May 7
4278 Febll
981. Dec12
8414 Feb10
JanI8
113
3958 Jan 2
8
10
814
1318
714
3712
5434
523s
444
85
58
14
06
0
z Ex-dividend.
s Full paid.
Lowest
,
$ per share' $ per share
81 Mar, 9934 Nov
9212 Nov
Jan
80
5 Dec 1012 June
8933 Apr 109 Nov
4812 Dec 62 Nov
Apr 6412 Nov
53
8 Jant
74
2533 Dec .
4
77
fig- Mar 1747s
--i- -Nov
4934 Jan 6238
11 Nov
Apr
6
1312 Apr 32 Nov
3714 Apr 5414 Sept
6614 Apr 8638 Nov
8912 Mar 107 Nov
125 July 137
Jan
Apr 3212 Nov
18
56114 Jan 88 Nov
Nov
75
Jan
46
69 Sept 82 Dec
ia
eb
3
2(3
y 40 Nov
8iNF
705 Nov
5
18
Apr 121971324 NovNv
Nov
47
Apr
40
Apr
10012 Apr
NovjP°c1
7 8
85
160
Apr 148
214 Jan
3216333858 NovNJan
ov1.1 a
5
Apr
14
Apr
234 Jan
1812 Jan
271124 Nov
86
Jan 10612 Nov
254 Jan
8 Mar
27 Mar 35
Dec
o
aovyv
N
;2 N1
3104
Jan 10
92
912 Jan
434 Dec
1714 Dec 4712 Jan
512 Nov
218 Jan
1518 Apr 2414 Nov
5912 Nov
45
Jan
1178 Nov
714 Oct
Oct
Apr 25
18
Nov
6518
5358 Dec
110
Jan 12434 Nov
80 Dec 10018
c
1578 NovN
712 Apr
9712 Nov
8018 Jan
634 Nov
438 Jan
1312 Nov
612 Jan
3158 Nov
Jan
20
Jan 62 Nov
41
1038 Nov
453 May
17
Apr 3612 Dec
6712 Jan 8458 Nov
1338 Oct 34 Nov
55 July 65 Nov
40
Oct 48 Nov
27
Apr 458 May
2438 Nov
184 Jan
2114 Dec
14 Nov
102
Jan 1124 Nov
NovNo
105105108%8 Nov
Ja
Jan
1 1483 r,4
4
893
June
5212 Apr 64 Nov
Apr 50 Nov
30
2578 June 5812 Nov
4038 Nov
2258 Jan
Jan 82 Nov
61
7018 Jan 964 Oct
Jan
35
39 MaY
35 Mar 40 July
1714 Dec
938 Apr
21
Apr 3312 Nov
19
Oct 25 Nov
Oct 4012 Jan
28
12 Nov
Apr
7
2514 Nov
151s Apr
8012 Jan 110 Nov
2033 Apr 3478 Nov
7514 Nov
57
Jan
712 Dec
y
ce 29
M
Diulaneec
3
1442 J
1214
t
j
J
oa
uuc
ai
11
:
2
3
16
7;
3 42 A
812 Mar 18
10934
69
434
1012
7
307
1913
10
20
13
46
8
174
2972
89
Jan
Jan
Jan
Apr
Apr',
Dec
Dec
Dec
Jan
Jan
Jan
Apr
Apr
Dec
7634 Nov
12 June
20 May
1134 July
4412 Jan
2612 June
1734 Feb
32 June
2434 Nov
66 June
1234 Nov
26 Nov
3934 Oct
May -eV iic;f.ii,i;
.
2248
New York Stock Record-Continued-Page 2
For record of sales during the week of stocks usually inactive, see second page preceding.
111011 AND LOW SALE PRICES-PER SHARE NOT PER CENT.
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1
On basis of 103-share lots
PER SHARE
Range for Previous
Year 1018
Satui day
Monday
Tuesday
Wediesday
Thursday
Friday
Dec. 6
Dec. 9
Dec. 8
Dec. 10
Dec. 11
"Dec. 12
Lowest
Highest
Highest
Lowest
---$ pe share $ per share $ per shale $ per share S per share $ per share Shares Indus. & Miscell. (Con) Par $ per share
$ per share
per
per share
$
share
$
65
6538 C5
6614 6512 66
6.514 66
6414 6534 6418 6514 4.2,500 Amer Smelting & Refining_100 6112 Dec 1
8934 July16
73 May 9434 Oct
.9612 98
*9612 9812 *97 98C
9718 9718 97
96
9718 OO
9678
Do pref
-100 95 Dec 2 10958 July17 103 Sept 11014 Nov
10512 106
103 108
107 107 *105 110 *106 110 2'10338 10312
600 American Snuff
100 210358 Dec12 140 Sept18
Oct 107 Dec
85
42
4234 4212 .4314 4158 4258 41% 4212 41% 4214
4114 42
11,200 Am Steel Found tern ctfs_3313 3314 May10 47 July 7
93
92
93
93
92
92
2,900 Prof temp ctfs
No par 91% Dec 4 9612 Aug14
140 - 140 14134 1375s 14038 13
13819
.6
.136 139
132% 135
15,700 American Sugar Refining__100 11114 Jan21 1483 Oct29
y
98
Nitii
Jan Iii6- I;
11718 11718 11612 11612 117 117 .11612 11712 117% 117% *11612 118
500 Do pref
100 11318 Jan 6 119 May21 10814 Mar 11412 Dec
9012 9112 92
9314 9318 9612 9412 9734 94% 9712 9134 95
26,300 Amer Sumatra Tobacco__100
_
Aug21
12012
73
June12
4
603
May
Jan
45
*91
.91
*91
92
93
9378 938 *92
91
94
*92
*93
95
190 Do preferred
100 92 Dec 1 100 May12
81
Jan 103 June
9914 9938 9918 9938 9918 9938 98% 9938 9918 99% 99
99% 18,300 Amer Telephone & Teleg 100 963 Aug14 10358 Mar10
9058 Aug 10914 Feb
255 265
270 27412 *250 275 ..55 270 *240 270 *240 267
900 American Tobacco
100
31412
19178
4
Oct,24
Feb
14012
Jan
19834 Dec
*98
9912 9858 987 *9812 99
93% 9378 93
9814 *96
99
950 Do pref (new)
100 9658 May14 105
Jan 6
9218 Sept 10012 Dec
12614 12712 126 12858 123 1261. 123 125
12212 12518 120 123
15,700 Amer Woolen of Mass
100 4514 Jan16 14978 Oct20
Jan
448
608 May
*101 10219 103 103
103 103
103 103
103 10318 103 103
1,403 Do pref
100 9158 Feb 3 11014 June 5
92
Jan 9634 Dec
*53
55
55
60
5514 60
5514 5714 55
5318 53
55
6,900 Amer Writing Paper pref 100 2758 Jan 2 69
Oct 2
2014 Apr 3958 Aug
16
16
16-4 1612
16
1714 18
17
16
1612 18%
1612 6,600 Amer Zinc Lead & Sruelt25 11
Jan31
29 July14
11
Dec 2138 July
55
*52
*52
56
*52 553
55
52
*52
55
55
55 00
Do pref
25 40
Jan21 65 July24
3834 Dec 5314 July
578 5812 5358 5938 5758 59,4 5712 581, 56
5814 51% 5612 51,100 Anaconda Copper Mining.. 50 5158 Nov29 777 July16
59 Dec 27414 Oct
618 618
638
734
612 7
6
7
8 5,60,, Assets Realization
5% 5,
10
1
Jan 2
958 Nov17
12 Dec
212 Nov
5512 56
57
61
6012 63
-a- -63 - 62 6512 6014
(14
20,400 Associated Dry Goods__100 1714 Jan 6 6512 Dec 11
12 May
1858 Dec
*69
72
*69
72
7214 7412 731:: 743
7312 7312 72
72
1,500 Do 1st preferred
100 61 mae19 82 Aug14
51
May
Dec
63
*68 7374 74
7434 74% 7431 7434 *73
75
30,. Do 2d preferred
100 5318 Feb 8 8014 May13
3618 Jan 3618 Jan
li.
5-11-g - 117 117
119 119
11814 11814 115 115
800 Associated 011
100 68
Jan 2 142 Nov 7
54
Apr 71
Oct
17'518 17538 17512 17712 17158 17414 17112 172% 167 17318
161% 166
11,500 Atl Gulf & W I SS Line
100 92 Feb 8 19253 0.0,31
9734 Jan 12014 Feb
*72
73
73
74
*74
73
273
75
*7212 75
*72
71
7.200 Do pref
100 61
58
Jan 67% Nov
Jan29 7612 May 8
1912 20
20
2034
1914 20
*1914 20
19%
19
18
19
Autosales Corporation
50 1412 Nov19 2034 Dec 8
34
34
35
35
*33
*33
34
3512 *33
35
*33
35
500 6% prof temp certifs
50 20
Oct25 3512 Dec 3
10612 10318 10712 10934 10112 10712 105 10678 10312 107% 10012 10358 135,500 Baldwin Locomotive
Wks 100 648 Jan29 15614 Oct22
5618 Jan 10134 May
12312 12358 124 12414 12034 12418 12012 12094 120 12011 11818 11912 3,600 Barrett
Co (The)
100 103
85
Jan 110 Dec
Jan 2 145 July 7
*111 114 *110 114 *110 114 *111 114 *111 114 *111 113
Do preferred
100 110 Feb10 119 May29
9912June 10718 Dec
*158
158 *158
17
158
1%
17
1% *138
158
138
13s
-665 Batopilas 'Alining
20
218 May13
114 Jan20
3212 3112 3312 31
3112 30% 3112 3138 321. I2912 31
32
12,300 Bethlehem Motors____No par 26 Sept22 45
0;.06
8914 90
921. 9212 89,4 9014 89
8918 88
89
1333s 8334
1,700 Bethlehem Steel Corp..
5512 Jan20 10734 July15
60 Dec -96 - M• ay
9318 9458 9414 9512 92
9134 9218 93% 9118 94
8834 91
80,700 Do Class B common_100 5558 Jan21 112
94 May
Oct23
5934 Nov
9712 971.
Do
preferred
100
July21
103
Jan30
9012
Dec 94 Sept
11234 113
11!z-34 111- 11234 113 113 183 11314 11312 11212 11212 2-,W) Do cum cony 8% pref100 10158 Jan22 116 Sept30 84
9612 Jan 10678 Apr
1334 137
1334 14
137 1418
1412 1358 13
1212 134 6,500 Booth Fisheries
1312
No par
2812 Sept
11
Jan
Dec 1 25 July24
21
94
_
*92
94
06
87
87
200 Brooklyn Edison, Inc
100 87 Dec12 102 Aug 1
'5;
;1
-5-4 - 52
5312 513 52
-5214 5213 5213 -S2-1; 5114 5112 1,800 Brooklyn Union Gas
100 4934 Nov23 92 May29 -78 - Aug -fiili Nov
103 103
105 105
200 Brown Shoe, Inc
100 71
Feb 5 11212 July16
62 June 74 Nov
Do preferred
100 97 Aug18 101 May14
Apr
Jan 98
714
714
*714
734 734
734
-74 734
714
714
-ion Brunswick Term & Ry Scc_100 612 Dec 1 17 Oct 6 95
1618 June
618 Jan
12014 12412 12412 12412 *120 130 *120 130 *120 130
120
71' 1-;oi';
400 Burns Bros
100 117 Nov13 166
Apr23 103 Feb 6112 Oct
9
914
9
914
878 9
9
9
834 9
834 9
7,200 Butte Copper & Zinc v t c__5
518 Feb20 17
Oct 6
518 Dec
127 July
*25
27
2412 26
2312 2358 231. 2312 23
*2312 27
235
1,000 Butterick
100 16
1812 Nov
Jan27 3914 July30
712 May
2318 2334 2358 2434 2412 2612 2412 27
261s 2778 241i 26
22,100 Butte & Superior !Alining__ 10 167 Febt 1
3712 July11
6112 Jan
3312 May
2214 2212 2238 23
2214 2234 2134 2214
2134 22
1934 217
5,809 Caddo Central 011 & Ref 100 1134 Dec12 5114 May27
7712 78
78
7834 78
7812 77
778 77
7712 751., 76% 5,700 California PackIng____No par 4814 Jan 2 8414 Oct31
3612 Jan 50 Nov
46
46
4634 44
46
45
4318 4414 42
41
44
4312 8,200 California Petroleum
100 2058 Jan 2 5678 Oct20
Jan
12
2478 Nov
80
*78
80
*77
80
8012 78
78
7314 75,8 76
78
100
700
pref
865
6418
Do
8
2
Sept17
Jan
Jan
36
7012 Dec
63
3312 63
63
63
63
62
62
6112 6112 .60
61
700 Calumet & Arizona MinIng..10 5634 lAlar15 8634 July24
Dec 71 May
61
*9912 9912
9912 9912
150 Case (J I) Thresh M pf ctf_100 9112 Jan14 101 Aug19
73
9212 Dec
Jan
9512 97
9418 96
9438
9312 9518 93
9012 9218 29,000 Central Leather
100 5612 Feb 8 11612 July24
5134 Dec 7358 Feb
§10814 10314 10312 10812 10912 10912 *10714 10912 10812 10812 10734 108
100 10112 Jan 7 114 July16 10112 Dec 108 Nov
740 Do pref
5512 56
55-4 5614 55
56,8 5158 5512 51,2 551
521s 5114
Jan22 6712 July1 1
7,900 Cerro de Pasco Cop__ _No par 31
2914 Mar 39 Nov
55
55
55
55
55
55
54
51
300 Certain-Teed Products_No par
3014 Apr12 6512 Nov 7 _3_0
._ Oct 4012 Nov
*117 11912 11812 120
116 11758 117- 117
--- - 117 120
iiii2 iii - 7,400 Chandler Motor Car__ _No par 90 Nov12 14114 Nov 5
10712 103
108 108
108 103
10712 108 407 107
1,000 Chicago Pneumatic Tool 100 63 Apr16 11312 Nov 3
68
June 7078 June
1812 1878
1812 19
1814 1958
18
1812 1734 1858
25 1614 Dec I
1712 1778 17,400 Chile Copper
2914 July14
1412 Apr 2434 Oct
3558 3638 3612 3714 361i 3758 3512 3658 3.112 3612
5 3212 Feb 6 507 July16
3234 3414 13,200 Chino Copper
313 Dec 47 May
90
90
91
92
92
*85
*85
91
90
90
8912 8912
800 Cluett, Peabody & Co_100 6058 Feb27 9512 July 2
45
Jan 6514 Nov
3914 3914 39
3914 38
3918 3818 39% 3814 337
38
No par 3712 Nov28 4358 Nov 7
3518 5,200 Coca Cola
3914 40
3934 4078 397 4014
3912 40
391 1 4018 31358 :1912 7,300 Colorado Fuel & Iron__ _100 3134 Feb10 56 July14 -343-4 -Jan -54 - M• ay
6314 6458 6318 65
6
623 6338 60
100 3914 Feb 1
69
Octl I
8,300 Columbia Gas & Elec
63
2834 Mar 44,2 Dec
6912 7012 6914 7114 68
6934 26411
638
4 6I12 64
67
5912 6334 63,9o0 Columbia Graphophone No par 5014 0A18 7514 0..0,27
_ x9312 9314
93
93
100 93 Nov18 9512 Oct23
300 Do pref
.-1‘53- -5-5 - *53
57
55
55 ; -1- 57
53
400 Computing-Tab-Recording 100 3734 Jan 4 6334 July14
52
_3_0_ _ ...1
.
!
a
. -6612 l• ui;
,
*6212 63
631: 6334 64
64
64
64
.63
500 Consolidated Cigar__ ....No par 51 Aug18 75 June27
6412 63
63
82
*8o
82
82
*80
*80
*80
82
82
*80
80
100 z78 Aug15 863 Julyll
200 Do preferred
80
8812 88
88
89
8712 8812 871 _ 88
8719 88
8612 8614 6,600 Consolidated Gas (N Y) 100 83 Nov23 1063 July15
8234 July 10558 Nov
1878 19
1834 19
1878 1912 1818 1958
1834 20
1778 1812 17,000 Cons Inter-State Call Mg-10
.7_1!!!!! 13 June
578 Apr23 23 0204:
_
33
335g 3214 3234 32
3234 313, 32
3011 3114
2,900 Consolidated Textile.._ _No par
3034 Dec12 3712 Nov14
9138 -61-32 *90
9138 *8734 9112 *88
8912 *89
9112 *90
9112
Continental
100
100
Can, Inc
6512 Feb10 10334 Juno 7
6512 Oct 95 Feb
.
100 10012 0.018 110 June17
Do preferred
99 July 107 Dec
1318 1312 1318 1312
1234 13
1234 13
-.
1234 13
1212 13 5,600 ContinentalCandyCorPNoPar
1034 Sept20
1558 Oct20
*80
85
*80
*80
85
95
85
*80
*80
90
*82
Continental Insurance
25 58
90
Jan 3 8412 Nov 7
44
Feb -66- -n-e;
83
8558 8534 873e 85% 89
8618 8734 8434 88
8158 8434 103,800 Corn Products Refining....100 46
Oct22
Jan21 99
2978 Jan 5018 Nov
*10534 10712 8103 10712 10758 10758 1074 10712 10712 10712 106 106
60,) Do preferred
100 102
Jan23 10978 July25 29012 Jan 104 Dec
210 212
21112 217
202 212
192 202
206 21112 206 210
51,500 Crucible Steel of America_100 5218 Feb 7 261
Oct23
52
Jan
747 May
100 100
x99
9934 100
99
100 10012 99
99 136,0
8
100
0 Do preferred
100 91
Jan 2 105 July 3
86
Jan 9134 June
4734 53
53
52
55
5412 5112 53
5034 5314 4818 5078
No par 2018 Jan27 55 Dec 8
Cuba Cane Sugar
2712 Apr 34 Nov
8434 8534 857 8612 86
877
87
8712 86% 87
84
86% 11,700 Do preferred
100 6912 Mar 1 878 Dec 9
7714 Dec 83
Feb
398 39312 40012 405
39912 39912 *375 415 .370 400
390 390
800 Cuban-American Sugar......100 150
Jan
Jan 8 410
Oct31 136 Aug 152
*9934 10012 100 100
9978 997 *9934 10012 99% 99%
1,300 Deere & Co. preferred ..100 9334 Feb17 103 July28
Feb
90 June 96
1318 1318 1312 1312 1312 1312 1312 1312
131.1 1314
1234 1318
1,400 Dome Mines, Ltd
10 1058 Jan31
1614 May12
6 June
15 Nov
29
29
2912 3038 29
29
2914 2914
2378 2912 26
2,000 Elk Horn Coal Corp
28
50 2358 Dec 2 43 July16
22
Jan 3114 Nov
39
39
*38
45
*35
45
*3812 45
100 Do preferred
3318 45
*3818 45
50 39 Dec 6 49 July23
37 Mar 4312 Nov
3014 3012 30
30
30
31
30
31
30
1,400 Emerson-Brantingham _ ___100 2818 Aug 8 43 June27
2914
30,8 29
*9112 95
917 9178 *90
94
*90
93
200 Do preferred
*90
9113 9118
93
100 9118 Dec12 101 June26
13934
142 143-2 13812 14112 13813 140
13478 13712 13114 13512 8,000 Endicott-Johnson
50 80 June30 150 Dec 2
10514 10514
10512 10512 10512 106
600 Do preferred
100 10178 Aug21 10718 Dee 2
-86
*81 14014-- - 8383*80200 Fairbanks Co (The)
-8012 8012
-_-_-_-_
95 73 SeptIll 91
Oct10
90
91
91
9112 88 -90 - *7912--89
8912 8712 90
871: 70,300 Famous Players Lasky No par 83 Dec12 123 July17
83
*9
1
11
*9
11
9 2 912
300 Federal Mining & Smelting 100
9
10
9
*912 14
10
Oct
9 Dec10 2312 July15 :
:
9: Dec -15
- - - -*21
30
*28
30
2633 2638 26
27
300 Do preferred
2578 2578
*26
28
100 2512 Dec 1
4412 Oct
27
4814 July14
Jan
•125 135 *125 135 *125 145 *125 135 *125 135
125 125
100 Fisher Body Corp
June
No par 3314 Jan 8 173
Oct
8
43
26
Jan
4114 42
4214 4338 4114 4258 4118 4178 4118 42
4018 411,, 22,00C Fisk Rubber
25 3918 Nov13 55
Oct 9
36
3634 3734 39
393
3312 41
39
3714 40
36% 38
12,400 Freeport Texas Co
No par 3312 Nov29 6438 July14
1934 2018
1.834 1934
1738 1312 1658 18
1958 20
1612 1734 17,200 Gaston W & W,Inc__ _No par
15 Dec 1
3834 Julyll
-253-4 Oct -36- Feb
7178 7258 72
7314 6912 73
693 71
7018 7211
70
69
15,600 General Cigar, Inc
100 47
Jan 3 958 July23
Jan 58 June
34
167 168
166 168
16618 16634 166 166
167 167
166 1661s
3,700 General Electric
100 11112 Feb 2 176 0-020 1
Jan 15812
339 34212 337 34412 327 337
32512 334
31012 326
32514 336
67,800 General Motors Corp
..ti
ectic:
100 11812 Jan21 40612 Nov 5 1E83344
152 iCs
.9012 9212 *9012 93
92
92
91
300 Do preferred
*9012 92
91
9012 9012
100 82
Jan 6 95 June I
884 89
8818 8878 8714 8314 87,4 8734 8612 87
85
7,300 Do Debentire stock _ 100 8212 Feb17 9434 AprI4.,
S6
:
8134 8234 827 8414 81
8114 8112 801 1 8112 73% 80
83
21,200 Goodrich Co (B F)
100 5612 Jan10 9318 Oct29 -38 - -Jan -597-s -,-;"
104 101
104 104
104 104
101 101
800
Do preferred
'100 102 Aug 7 10912 Apr16
9558 Dec 104 Dec
*52
51
*52
5212 5212 *51
53
53
5034 52
400 Granby Cons M S & P
16Oct
100 4912 Dec12 80
Jan 3
3418 3434 3434 3434 3434 35
3,100 Greene Cananea Copper 100 3212 Dec 2 4712 July14
34
31
3112 35
3434 33
P112 ja1
Jan
n )0v
gR 4
70
6312 651.1
704 69
4,000 Gulf States Steel tr ctts_100 4912 Feb 8 8918 Oct20
67
70
Apr
6634 6912 66
11112
5834
Dec
;55- -61-- *89 91 *90 91
200 Harttnan Corporation
90
90
90
90
93
*90
100 5414 Jan 8 9634 July16
37 Mar 55 Dec
56
57
56
5312 5718 575
57
57
57
57% 5514 5612 4,600 Haskel & Barker Car......No par 40 Feb 6 7138 July14
34
Jan 4914 July
5038 50.14 51
5114 4312 50
52
5012 5178 5034 51
19,500 Inspiration Cons Copper___20 4212 Feb 6 6878 July16
50
41 1 w Dec 5812 Oct
197 197
20
2078 *1973 2012 20
1,000 Internat Agricul Corp
1973 20
22
*20
20
100 1012 Jan 2 3734 July14
19 June
10
Jan
8212 83
8112 82
*8212 84
*80
600 Do preferred
8018 :31
83
8212 .81
100 48
July14
Jan
38
9158
4
Jan 65 June
12812 130
130 132
130 13134 130 13112 12914 130
71,000 Inter Harvester (new)
126./ 123
100 11018 Jan21 14958 July 7 104
Oct 121 Nov
114 114
11512 11512
1,400 Do Preferred. new
1153, 11534 114 11414
100 113
Oct 11458 Dee
Oct30 120 June23 107
5034 52-34 51
523.1 49
5114 4314 4912 4758 50% 45
Oct
4838 69,109 Int Mercantile Marinc
100 2114 Jan31 6734 Julyll
33
21
Jan
10658 10712 107 10338 10514 107
105 105
10411 10514 101 105% 23,900 Do preferred
100 9234 Feb1() 12812 l'Alay23
8358 Jan 12512 Nov
2258 2318
2273 2314
2258 2314
2212 23
2212 35,100 International Nickel (The).25 22 Nov29 337 June26
22
2238 23
Jan
70
71
7114 76
71
7412 4134 73
7118 7412 71
73,2 70,700 International Paper
100 3014 Jan 3 82 Nov 5
N12
:
R12 May
77
77
78
7818 *7814 79
500 1)o stamped pref
7712 771.
100 62
Jan13 80 July22
58
Jan 6512 Jan
*77
79
3814 3812 3714 3834 38 - 3934 37
373 *77
3512 3,200 Iron Produnts Corp......No par 31 Dec12 65 Nov 7
12 31
3612 78
36
20
20
1934 1934
17
5,900 Jewel Tea, Inc
19%
17
17
18
18
100
Dec
17
17 Dec 9 43 Mar15
1314
60
60
60
6012 59
61
3,300 Do preferred
4518 5012 45,8 45,8 421, 45
100 4212 Dec12 91 Mar 6 -g .9
47
611d -14
.1°aa
v*27
29
*27
29
*27
8.9
30
1110 Tones Bros Tea, Inc
*27
30
26
2618 2812 26
100 26 lace 2 44 July16
137% 1397 141 146
or, 68
142 14334 135 13713 1343 1377 13013 134
Kelly-Springfield Tire
Jan21 1(14 Nov 3 -41 - -Ain. -72 - Dee
*101 104
104 104 *102 104 *102 105 *102 101
300 Temporary 8% preferred 100 10112 1)eel2 11014 Oct21
10112 10112
81
81
80
81
8034 81
1,400 Kelsey Wheel, Inc
75
8034 803, 75
75
75
Jan21 11434 Oct28 -2458 J-ulY, -35 - Oct
100 39
2858 29
2834 291, 29
293s 2858 29
29 Mar 4114 Nov
2838 2918 2818 2878 49,725 Kennecott Copper......_No par
2758 Nov29 43 July15
465 47% 441 461
4334 465
4412 455
4418 4614 4258 4334 35,800 Keystone Tire & Rubber___10 4258 Dec12 12612 July14
8478 8512 86
87
85
8612 28312 85
831, 85
100 7212 Jan21651-2 Dec -5f58114 831.1 15,500 Lackawanna Steel
81-Vi1-5-Y
*40
45
*40
45
*40
211
45
82 July 90 MaY
*40
*40
50
*40
45
45
___ Laclede Gas (St Louls) 100 40 Dec 2 1083734 NovNJan21
3414 36
351 36
3512 37
3512 3634 355 36
Oct21
12
16,700 Lee Rubber & Tire___ _No par 21
35
Apr 24 Dec
35
Jan22 40
*200 210
20512 20512 20112 205 *201 205 *201 205
195 200
800 Liggett & Myers Tobacco_100 195 Dec 1 25014 Aug 8 16414 Aug 210 Deo
•103 114 .110 114 .108 114 *111 114
11311 11314 111 111
400 Do preferred
100 107
Jan27 115 July16 10012June 110 Nov
*68
74
*65
77
71
71
1712 Jan 4558 Dee
*71
68
75
74
68
100 Loose-Wiles Biscuit Er etts_100 4018 Feb17 81 July14
.70
•107 110
*106 110
106 106 *100 110 *106 112 *100 112
53 Feb 96 Dec
100 94
100 Do 2d preferred
Feb 5 120 June20
_
• Bid and asked prices; no sale- s on this day. I Less than 103 shares. 5 Ex-riguts a Et dly aud rights. 6 8010 PAM
o Full paid. n Old stook. x Ex-dIvIdeci-d11 For fluctuations in rights see second page preceding.
New York Stock Record-Concluded--Page 3
2249
For record of sales during the week of stocks usually inactive, see third page preceding.
HIGH AND LOW SALE PRICES-PER SI'ARE, NOT PER CENT.
Saturday
Dec. 6
Monday
Dec. 8
7'uesday
Dec. 9
Wecincsday
Dec. 10
Thursday
Dec. 11
Soles
or
the
Week
STOCKS
NEW YOGK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1
On basis of 100-share lots
PER SHARE
Range for Previous
Year 1918
Friday
Dec. 12
Lowest
Hiohest
Lowest
$ per share $ per share 5 per shale .3 per shwe $ per share $ per share Shares Industrial&Misc.(Con.)
Par $ per share
$ per share
$ per share $ per than
18414 193
195 107
190 190 *185 193
185 185
180 180
1,800 Lorillard (P)
100 14734 Apr15 245 July23 14112 Aug 200 Ma,
*110 114 *110 114 *110 114 *111 113
111 111 *110 111
Do preferred
200
Jan28 115 July29
100 107
98
Jan 110 Nos
*6812 74
*6812 74
*6412 74
*6812 73
6812 6312 *69
__
100 Mackay Companies
100 6812 Decll
70 Dec
7812 Fet
798 May27
*63
6414 64
61
61
64
64
64
64
64
*64
Do pref
1,700
100
z63
June
66
Julyll
6
57
Jan
65 May
3014 31' *30
3112 3112 321. *3112 3212 3113 3112 1,000 Manhattan Shirt
25 28 Aug 5 3812 July17
2612 27
2512 2634 *2413 27
st5
25
23
2412 4,600 Martin Parry Corp____no par 23 Dec12 317 Nov 7
_
_
3812 3812 381s 3812 38
38
3712 378 3512 3712 4,100 Maxwell Motor, Inc
3758 38
100 2644 Jan22 61 July28
2213 Jan
424 No;
68
68
*66
6912 6614 6614 6714 671s 67
67
67
000
Do 181 pref
6812
100 5033 Jan22 8412 July28
Nos
50
Dec
t.97
8
33
33% *32
*31
33'2 *33
35
35
*30
34
30
30
600
Do 2d pref
100 194 Jan 2 4612 June 3
19 May
3232 Nos
*121 125
123% 124 *118 125 *118 125
118 120
115 116
1,300 May Department Stores. 100 60
Jan 4 13134 02t31
19 May 3238 Nos
*104 107
10634 107 *107 103 *10513 104 *10112 110
108 103
400
Do preferred
100 101
Jan 2 110 May 2
47
Jan 6312 Dec
201 207
20114 2011. 19534 20212 19514 19934 19014 199 7183 180
100 16334 Jan23 204
12 51,400 Mexican Petroleum
Oct22
79
Oct
Jan 194
*103 105
104 104 *100 106
Do pref
50
100 101 Decll 11834 Sept30
87
Jan 107 Dec
2314 2358 2318 2312 2278 2314
2278 2273 2218 2278 22
14 6,100 Miami Copper
22
21
Nov29
5
July17
3234
2214
331g
Jan
Dec
63
645,
3 6214 6512 61
6334 6112 6234 61
6318 5812 6158 45,100 Middle States 011 Corp
10 32 Oct 9 714 NovIS
-50
5038 50
5034 498 5014 4912 4978 437 50
48
40
42,200 Midvale S,eel & Ordnance. 50 404 Feb 7 6214 July14
41
Dec 61 May
5612 *57
54
54
561s 5618 5618 5618 56
60
75612 5512
1,300 Montana Power
100
51 Nov23 83 July29
64 June 811.No;
47
4778 4614 49
47
4658 4178 4612 48
40
4618 47
16,900 Mullins Body
par
40
Nov13
no
53
Oct20
3712 3734 375 38
3714 3734 3714 3734 3718 3712 3612 3718 3,400 National Acme
50 2912 Jan 2 4312 July12
2634 Jan -55- Ma
67
6812 67
6712 6434 6612 64
65
6118 6612 6318 641
8,800 Nat Aniline & Chem vtc.no par 45 Sept24 75 Nov 7
8912 893
89% 893
8958 8958 8914 8934 8934 8914 8912 8978
1,000
Do preferred v t c
100 87 Nov13 9112 Oct 7
11714 11714- -------- 11614 11614
116 11614 115 115
800 National Biscuit
100 107 Aug20 139
Oct 7 -56- lAug 11012 Dec
*112 114
11312 11312
1131* 1131 2
300
Do preferred
100 1124 Nov20 7121 Mar14 10614 Sept 114 Ma!
*79
*77
80
81
8112 *7812 81
8014 1014 *80
7718 7718
200 National Cloak & Suit
Jan22 92 July26
100 70
55 Sept 6712 Dec
1103 103 1104 101 *10314 106
103 103
103 103 *101 104
305
Do preferred
100 103 Dec 1 10814 May26 100
Jan 104 Da
10
1014
1014 1134
1014
1018 1012 10
10
1014
10
1013 • 6,100 Nat Conduit & Cable_No par
13 Nov
98 Dec 2 2434 July15
21% July
*77
79
80
8318 8214 8434 8414 87
83
8734 8234 84
16,900 Nat Enam's & Statrip'g_ _100 45% Feb 8 8838June 7
5412 May
3714
Jan
*101
*101 102 *101 102 *101 102
102
*98 101
*98 101
Do pref
9912 Feb
100 93
Jan15 104 May27
88 Nov
811,, 8112 779
8114 8114
8112 8134 82
81
8034 83
7914 2,700 National Lead
9412 00123
100 64
Janll
4314 Jan
6934 Dec
*107 10712 *10712 110
10734 10734 *10713 110 *10734 110 *108 110
100
Do - pref
100
102
Sept
8
10512
May
112
July18
9914
Mar
1518 1514
1512
1514 1512 15
1518 1512
151s 1512 71458 1434 3.200 Nevada Consol Copper
1314 Nov23 2178 July17
1612 Dec 2178 May
100 11014 110 11134 107 100
10912 110
111 112
109 111
3,600 New York Air Brake...100 911 Feb 3 14.534 Oct22
May
984
139
Dec
*42
*42
47
47
*4334 48
47
4534 4534 *42
4118 42
500 New York Dock
100 1912 Feb 7 7034 July30
1812 Jan
27 May
*58
55
57
61
*58
61
5934 60
53
58
5712 5712 1,600
Do preferred
100 4414 Mar13 75 July29
42
4512 Dee
Jan
51
56
*54
55
56
56
56
56
5312 51
5112 5112 1,000 North American Co
100
47
Janll
67
5712 Nov
July28
3712
Aug
7112 73
74
74
7212 73
72
75
7212 6934 7134 2,300 Nova Scotia Steel & Coal_ _100
75
40
Jan30 97 June 2
5218 Dec 70 Aug
51
4914 50,1
49
507 5114 505 5112 50
50
4638 4314 24,600 Ohio Cities Gas (The)
25 03534 Feb14 617g July10
Oct
3512 Mar 48
5212 51
51
*50
•5058 5212 *508 53
*5012 5212
5212 *50
100 Ohio Fuel Supply
25 43
Jan18 55 July25
40
Oct 4612 June
978 10
978 10
98 978
934 10
98 94
914 912 32,800 Oklahoma Prod & Refining_5
Feb 3 1312 May10
8
912 912
*912 10
*953 934
934 10
98 978 *912 10
700 Ontario Silver Mining....A00
512 mar18 1114 Nov 5
s
-U
414 Jan
13 .71u
13912 140 *133 13412 *13212 140 *13213 140 *132 137 *13214 137
400 Otis Elevator
no par 128 Nov12 149 Nov 3
3612 3612 37
3714 3614 3612 36
3612 3534 36
35
3534 5,300 Otis Steel
no par 34% Nov19 3914 Nov14
_
5912 5912 60
5612 5712 59
5912 60
60
60
565* 59
2,400 Owens Bottle
25 46 Mar 3 74
Oct17
44 Dec 7014 Aus
7312 7312 7314 7314
7034 70%
560 Pacific Development__ _
7034 Decli
_
80 Oct IS
6212 6212 ;ail; 63
63
63
14 63
62
6212 61
6112
900 Pacific Gas & Electric
100 50'2 Nov20 7514 July24
3453 345*
*34
36
5
36
36
3458 34
300 Pacific Mail SS
5 2912 Feb 8 425* Julyll
231)-3;;
40 Dec
Pacific Teleph de felerc____100 22
Jan21 4012 Aug15
Oct
1814 Dec 27
111
1()512 10912 10534 109
lOS 112
1Ô
10058 10712 79813 1013-4 99,450 Pan-Am Pet & Trans ¶..50 67
14014 Oct22
Jan21
Oct
6314
7214
Oct
3514 34
3312
35
35
3414
338 34
3318 3412 3178 33
4.500 Penn-Seaboard St'l v t c No par
2712 Apr30 58 J1111'18
37
3412 35
35
3S
3714 39
3814 36
37% 34
13,000 People's G L & C (Chic) __100 3212 Dec 2 57 May26
36
395* Jan
61 Nov
3214
32
• 32
31
3212 32% 3212 3412, 34
3534 3312 345* 10,400 Philadelphia Co (Pittsb)___50 30
Jan 3 43 Apr 28
3514 Oct
21
Apr
8012 8212 7712 8214 75% 7814 7534 7914
76'8 7934 72
77 257,700 Pierce-Arrow M Car._No par
384 Jan22 99
0c1.20
34
5134 Nov
Jan
103% 108%
10712 10712
300
Do pref
100 10114 Jan 3 111
Oct20
8934 Jan 104 Dec
20 161-4 20
1912 2012 1912 20
192 1913 1838 1014 22,200 Pierce Oil Corporation
21158
16
25
Jan 2 3114 Apr 17
1918 Oct
15 Sept
10212 10212 10212 103 1102 102 *102 10312 *10212 10312 10212 10212
450
pref
Do
100 101
Dec 2 10512 Oct21
6112 62
6212 66
6412 6514
6412 6412 6238 6414 605* 6213 9,000 Pittsburgh Coal of Pa
100 45 Feb 3 7458 July29
42
Jan
583
4 Feb
688
92
91
91
*88
93
*90
94
*88
04
*87
100
94
Do pref
100 854 Mar17 98 Nlay28
8578 Dec
7984 Jan
23
2438 24
2512 24
2638 26
2618 235* 26
2214 2418 11,800 Pond Creek Coal
10 1258 Feb 5 3112 Oct18
15 Nov
20 June
09
100 10112 9814 10012 981* 99
99
97
99
95
8,409 Pressed Steel Car
96
Febll 109
100 z59
Oct20
5512 Nov
73 Aug
101 101
101 101
_
200
Do pref
-- -100 100 Mar 3 106 July16
93
Apr 100 Aug
65
65
-678 -667;,
200 Public Serv Corp of N J 100 70 Nov 5 9134 Jan 7
85
Oct 10912 Mar
11514 f1-6
11458 115
11534 11614 11553 11614 114 11514 iiii2 114
7,193 Pullman Company
100 110 Nov28 13212 July17 1004 Jan 1324 Nov
9212 9534 9534 98,4 92
9178 9334 92
95
95
88
9212 53,000 Punta Alegre Sugar
50 51
Apr 4 9.41 s Dee
9612 9712 9618 9714
98
*96
9734 9834 *9613 9834 .
1,500 Railway Steel Spring
95
100 6312 Feb10 10712 Nov 5
05
4512 Jan
7812 Dec
*10412 107 *10414 107 *10414 107 *10113 107 *10412 107 *10413 107
Do pref
104
100
Feb
4 112 June 3
95
Jan 1051. Dec
2078 2118 2012 21
2012 2014 2058 2118 x1958 20
2012 21
12,200 Ray Consolidated Copper..10
19 Mar 4 2712 July17
1914 Dec
2614 May
8112 8478 8814 9314 8518 92
8758 9112 861* 91
85
9,700 Remington Typewriter v to 100 68 Aug18 10512 Oct24
96
10638 10312 10614 10912 10312 107
10334 10618 10334 10612 10158 10378 123,000 Republic Iron de Steel
1041 7112 Jan18 145 Nov 1 ;fisi Jan 96 May
*150 10612 10534 10534 105 106
106 10618
600
Do pref
100 100
Jan13 10612 July28
9258 Jan 10212 Sept
55
55
5514 5234 5134 52
52
5212 503 5212 7,300 Republic Motor Truck_No par
4412 Sept 8 7412 Nov 1
10134 10234 10134 10212 100 10134 0012 101
9818 1(10
9638 9828 51,600 Royal Dutch Co (N Y shares)_
84 Aug27 121 July17 1334 *1318 1334 71234 1278 *1234 1314
*13
1278 13
1212 1234
1,900 St Joseph Lead
10 1212 Dec12 17 July14
76
*7412 7612 7512 76
7578 77
7614
7512 7512 76
7618
1,400 Savage Arms Corp
100 5318 Jan24 9412 oct17
6118 Dec
1278 13% 1334 1634
1312 1334
1512 1634
1438 17
1418 1518 35,600 Saxon Motor Car Corps._100
614 Mar21 29 Aug 6
18 Nov
34 Aug
22012 222
218 218
222 22312 *221 224
22412 226
225 22514
2,000 Sears. Roebuck & Co
16812 Feb13 226 Deci 1 13314 June
100
7613 Dec
1118 1118
1138 12
1134 12
1158 115*
1118 1112 111
1112 1,805 Shattuck Ariz Copper
10 10 Feb19 1914 July25 z13 Dec
1814 Feb
46% 4734 4578 4714 4534 4614 4412 4634 4118
4612 47
4118 Dec12 6414 Nov 3
4458 224,200 Sinclair Cons Oil .3orp No par
71
72
73
71
71
70
7112 6114 7118 6S18 691
73
7,000 Sloss-Sheffield Steel & Iron 100 4613 Feb10 89 Nov 3
7114 Ma
39
Jan
•9414 9712 *9414 97
*9414 9712 *94
07
*95
97
*95
971
85
Do preferred
Marll 9712 July 8
100
81
Feb
9314 July
*115 118 *115 118 *115 117 711512 11512 *113 117
113 113
.100 Bo Porto Rico Sugar pref..J00 107
Jan27 117 Sept 6 102
Jan 110 Nov
*130 140 *130 140 *130 140 *130 140 *130 140 *130 140
Standard Milling
Jan14 160
100 124
Oct18
84
Jan 120 Dec
*86
90
*87
*86
90
90
*87
90
*86
90
*86
90
Do preferred
100 8512 Jan 2 9118 June12
80 June 89
Jan
Stewart Warner Speedom_ _100 8658 Janll 181 Nov 7
7512 77
7513 7534 7313 7412 71
76
- 712 75
74
-7
.
:318 8,700 Stromberg Carburet .No par
3634 Jan10 10912 OctIO
10858 10953 10838 1005* 107 10134 10618 1071 10334 10814 10138 104
91,600 Studebaker Corp (The)¶ _100 4514 Jan22 151
"iii Nov
Oct28
33t A
101 101
101 101
101 101
Do pref
Jan22 10412 Nov 6
100 92
8012 July 100 Nov
112 112
1134 1133j 114 11412 112 113
11014 112
107 10hz 1,900 StutzMotor Car of Am_ No par
4214 Feb14 14478 Oct14
37
Oct
55 Dec
4414 44
4412 4412 4414 4414 44
44
4312 43,
8 1,300 Superior Steel Coriru
Jan21 544 June 3
100 32
3414 Mar 4558 Mai'
1014 1058
1014 1012
1014 10% 10
1014
1014
10
978 1018 8,800 Tenn Copp & C tr ctfs_No par
934 Dec 1
1714 May 5
1234 Dec
21 July
293 29512 29412 29712 291 291
285 290
28212 290
275 280
16,100 Texas Company (The)1_ 100 184
Jan 2 345
Oct30 13612 Jan 203
Oct
*245 275 *245 275 *245 275 *AO 260 *240 260 *245 270
Tidewater Oil
Jan 3 275 Nov 1 178
100 207
Jan 20014 Dec
9134 8918 9134 89
8734 /812 89
9114 89
91% 8338 8812 39,005 Tobacco Products Corp_ _100 7253 Jan29 115 June30
4811 Mar 8238 Dec
*9812 102
101 101
102 102 *101 104 *102 101
102 102
400
Do pref
100 9712 Dec 2 120 June30 z8714 Mar 10472 Dec
4238 4234 4234 4434 42
4314 4214 4358 41% 43% 4034 42 102,000 Transcontinental Oil__ No por
4014 Dec 2 6258 Nov10
6134 63
62
62
62
62
61,8 61 18 61
900 Transue 3r Williams St_No par
61
3714 Jatal
744 Oct20
36
Oct 42
_
Underwood Typewriter_ 100 115
Jan 8 19712 Dec 4 100
Apr 112 Dec
04
95
'90 -9512
300 Union Bag & Paper Corp_100
75
Jan 3 100 July10
65
Jan
80 May
3734 387
3778 39
5858 39
3612
38
375* 38
-54-IrT8 37 22,100 Union 0:1_
35 Dec 1
no par
4518 Oct 14
5012 5078 5012 51
504 5034 5018 5034 5018 5014 49
4,100 United Alloy Steel
50
No par 3738 Janll 5838 July28
3078 Oct 441 May
138 130
135 138
137 137
138 139
140 140
140 140
1,600 United Drug
100 904 Jan 6 1754 July29
69 June 9078 Dec
5212 5214 5214 52
*52
52
*5112 5212 *5112 5212 5158 5158
400
Do 1st preferred
50 50 July18 584 May 9
46
Jan
54312 Nov
Do 2d preferred
100 91
Jan28 165 July29
77 June 854 Dec
201 2023-4 202 i64:- .
19614 201 .16714 2-62-- 194 656- i6i- 196
7,400 United Fruit
100 157 Feb10 215
Oct30
1164
Jan
16612
Dec
9214
9412
8812
931,
$81s 9412
9014 93
8934 9314 86% 90 133,100 United Retail Stores --Na Par
8018 Aug21 11914 Octll
2114 2212 2114 22
21
2012 21
2158 20% 21
2018 2012 3,300 U £3 Cast. I Pipe & Fdy
100 14
Jan15 2.8.4 Aug 7
1118 Apr
19 May
57
57
57
57
300
Do pref
100 4212 Jan16 7484 July 7
41 Mar 4714 Feb
Wiii2 11;- *2313 25
*2313 25
*2313 2412
-2-1i- '22
25
U S Express
100 1634 Feb 5 3234 May24
144 Apr
164 May
81
79
78
787' SO4 7752 8014
7758 7912 77
77
7834 40,;66 U S Food Products Corp 100 (16
Apr 8 9132 Oct 1
10412 10512 10514 109
10312 10578 101 10538 10212 10112 10078 103% 30,100 U S Industrial Alcohol _ ._100 X07'8 1)cc
1 167 May27 ;id - D& j37 May
104 101 *100 105 *100 105 *100 105 •100 105
*100 105
200
Do prof
964
Jan
100
2
111 May23
94
Oct 99 Mar
.38
40
40
40
3912 41
*3912 40
39,2 39,2 *37
600 IT 8Realty & Improvement 100
39
1714 Jan 3 5078 June 6
Oct
8 Mar 26
123 12414 124 12738 12318 12678 12314 12478 122 12514 11158 12214 116,255 United States Itubbet _ ._100 73
Jan21 13914 Nov 6
51
8012 Dec
Jan
_
do sub receipts full paid_ ._ 118
Oct 3 136 Nov16
o iii- 115 *114 1-1-5 1147 1-1-478- 11418 114-1-8 114 114 ill 1-14:- -'766 Do 1st pref
100 109
Jan20 1194 July10 ;95- Jat lid - De
7358 7412 7353 74
73
73
7358 73
72
73
7012 7178 4,200 U S Smelting Ref ec M
50 4314 Jan21
7814 Nov25
3212 Apr
5014 Oct
*4612 4812 4753 4758 *4812 48% 4312 4812 47
4712 47
700
47
Do pref
45
50
Jan18
50 Mar 2
4238 Apr
10412
471A Dec
10453
10418
10512 103 10414 103 101
102 10438 10058 102 315,100 United States Steel Corp... 100 8814
Feb10 11512 July14
8612 Mar 11612 Aug
114 114
1134 114
113 11334 11114 11212 6,400
113,2 11312 11278 114
Do pref
100 11114 Dec12 1174 July17 108 Mar 1135* Dec
7212 7234 7234 74
7312 7438 73
7312 72
73
x70
707g 20,100 Utah Copper
10 6518 Feb 7 9712 July16
4,1014 1078
Oct
7114 Dec 93
10% 10,
1012 11
97 10
1014 1012 105* 10%
8
3,600 Utah Securities v t c
100
9% Dec12 2188 Junel 1
11 Sept
1614 Nov
68,
8 69
6714 68% 6614 67
6512 68
5,801 Virginia-Carolina Chem...100 51
338
Feb10
4
Jan
9212
604
Nov
July14
114
11312 11312 11378 11378 *113 114
11234
16
12
578 16
.
13
713 *16
10
314 16
14
5'8
800
Do pref
100 110
Jan 7 11578 Oct 7
98
Jan 1135* Dec
67
72
73
78
78
73
74
74
500 Virginia Iron C & C
100 54 Mar31 82
Oct2i
50
7312 July
Jan
547 -Ws 53
5514
-564 5634 5538 5538 55% 55% 55
1,100 Wells. Fargo Express
5434
100
Nov12
79 May23
514
6384 Sept 834 Jan
8872 8878
8138 8838 88
8812 8734 8812 17
1,900 Western Union Telegraph_100 82 Sept22 9212 May26
8734
774 Aug 955* API
11418 11418
115 115 '114 116 *114 116
*113 116
200 Westinghouse Air Brake__ ._50 944 Jan15 126 July 7
95 Dec 95 Dec
5312 5314 5438 52
5314 5312 5338 54
5278 5353 53
5318 11,600 Westinghouse Elec & Mfg _ _50 4012 Jan21 5978 June
9
3812 Jan
4712 May
6378 6534 63
611.5 6412 6618 6412 66
6618 6634 66
65
8,700 White Motor
_50 45
Jan) 86
Oct20
3634 Jan
49 Nor
2938 3012 2312 2934 25,601 Willys-Overland (The)
3012 3031 3034 2978 3012 2934 3014
30
2314
25
Jan22
Nov
4014
June
2
1512
Jan
30
91
*8912 9212 9012 9134 9112 9112 9112 9112 91
8934 90
1,100
Do pref (new)
75
100 8784 Jan 7 9814 May 9
Jan 894 Nov
SO
79
77
7714 SO
78
78
78
7718 78
7512 7634 3,200 Wilson&Co,Inc, v t c_ _No par 6558 Jan20 1047a
Dec
July
2
4514
7714
Jan
*9712
4
993 *97,2 9934 9714 9712 9712 9712
• _- 99% *9712 9934
300
Do preferred
10
9514 Nov11 1044 June16
9012 Sept 994 Dec
123 12312 123 123 *122 125
12134 12134 12078 12112
1'32 122
900 Woolworth (F W)
100 120
Feb 7 136% May19 110 Mar 10812 Oct
*110 112 •11214 11512 *11314 11614 *11412 115
*114
*114
Do pref
100 114%June26 11712 July25 111
Oct 115 Sept
85% 84
87
86
84
5534 84
86
86
8118 83
7-,66 Worthington P&Myt.o 100
50
Feb13 117
Oct 7
34
Jan 69 Aug
*95 100
.91
'
96
91
*91 100
96
*03
96
Do pref A
100 88
9812 OctI5
Jan
9
Feb
91
Apr
855*
.
70
76
77
.70
76
75
- - _ _ *74
*70
.
96
Do pref 13
100 66
Jan 3 81
Oct 8
59
Jan
704 July
• Eld SDC1 asked 'prices no sales ou this day.
t Lees than 100 shares.
*Er-rights. a Ex-div. and rig
sEz-dis4 1 For fluctuations in rights see p. 2246.
2250
New York Stock Excnange-Bond Reoord Friday. Weekly and iearly
Jan. 1909 the Exchange method of QUOIVIO bonds was changed and prices are now-"and interest"-except for interest and defaulted bonds.
BONDS
N. Y. STOCK EXCHANGE
Week ending Dec. 12
44;
Price
Friday
Dec. 12
Week's
Range or
Last Sale
az ;
Range
Since
Jan. 1
High No.' Low High
Ask Low
Bid
U. S. Government.
First Liberty Loan
314s 1st 15-30 year__ 1932-47 J D 99.40 Sale 99.22 9).78 3648 98 20 101.00
Second Liberty Loan
47 3D 93.60 Sale 93.60 91.10 413 92.50 96.00
,
1st L L cony_ _1932
4s
1927-'42 MN 91.62 Sale 91.60 82.26 1703 91.00 95.10
2nd L L
45
Third Liberty Loan
47 3D 93.78 Sale 93.73 91.50 702 93.70 96.60
,
1932
43is 1st L L conv
43-is 2nd L L conv 1927-'42 MN 91.92 Sale 91.92 92.46 1370 91.40 95.36
MS 93.90 Sale 93.80 91.46 2093 93.38 96.60
1928
L
L
3rd
-is
43
Fourth Liberty Loan
101.03 101.00
3 95.42 102.06
101.03 _
47 J
,
43is 1st L L 2nd cony 1932
91.91 Sale 91.84 92.50 33745 91.33 95.72
1933-38 A
43.s 4th LL
1
Victory Liberty Loan
93.93 Sale 98.90 99.22 12310 93.81 100.08
1922-'23
43-is cony g notes
43 cony g notes. .1922-23
33
93.92 Sale 94.36 99.21 14659 93.81 100.48
9934 Sept'19
97% 99%
21930
3s eonsol registered
93 10014
100.4 Aug '19
di930
3s ()oast)l coupon
10513 106 106 02t '19
10138 10614
1925
4s registered
103 10638
105,0 l0634 1057 Nov•19
1925
4s coupon
9814 9314
98-4 Mar'19
11936
Pan Canal 10-30 yr 26
99 July'18
Pan Canal 10-30-yr 26 rez_1938
5 871, 91
_ 90
93
8818
1961
Panama Canal 38 g
88)4 91
8814 Oct '19
8818
1951
Re-Ustered
100 Feb •15
1914-34
Philippine Island 45
Foreign Government.
9512
Anglo-French 5-yr 53 Eater loan A
7312
Argentine Internal be of 1909_ _ _ SI
92:18
Bordeaux (City of) 15-yr 66_1931
Chinese (Hukuang Ry)56 of 1911
9078
Cuba--External debt be of 1904_
821,
A
Exter dt 503 of 1914 ser A..,1941)
7518
A
1949
External loan 4345
9714
1921
Dominion of Canada g 5s
-1926 A 0 9112
do
do
9278
1931 A
do
do
7812
A
Japanese Govt--£ loan 43.461925
573
1925
Second series 43s
du do -German stamr_
5-66-1931
Sterling loan 45
s
923
_1934
6s___
Lyons (City of) 15-y:
9248
Marseilles (City of) 15 yr 681934
533
Mexic,)--Exter loan .£ bs of 1899
1954
Gold debt 4e of 1904
Paris (City of) b-year Bs__ 1921 A 0 92%
57
Tokyo City be loan of 1912____
U K of CR Brit et Ireland9514
N
5-year 534% notee ___ _1921
8758
20-year gold bond 53.48_1937 FA
1929 FO 96
10-year cony 544s
___91922 FA 9712
3-year cony 5;4s
$Thess are prices cm the basis of $5lot
Sale 93-2
9614 2348'
3
74
Sale 74
Sale 923s
9212 37
17
4912
51
9038
9112 13
92
8378
83% 13
87
T612 Dec '19
78
3
9338
9838 9734
92% 19
9278 9258
9312 55
Sale 9278
78% 18
7812
79
6
78%
7838 7878
23
79
7712
2
68
3712 66
9212 45
Sale 9238
9212 89
Sale 9236
475s 43 Nov'_19
40% 45 Nov`19
9412 i8
Sale 9278
7
59%
Sale 57
9312 97%
74
93
9218 9212
49,2 721g
9018 100
83% 9334
7612 85
9634 9918
9212 9858
92
9812
7812 9252
7878 93
7712 89
64
8012
9238 92,2
9238 9212
7912
43
45
61
92% 10014
57
83
9714 611
369
89
9614 175)
98 2853
951 1 9934
8714 10134
96
9612
9738 9315
Sale
Sale
Sale
Sale
95,4
873s
96
97as
State and City Securities.
8 9512 98
9512 964 95,2
9514
N Y City-43(a Corp stock_1960
2 96
9512 9613 9114
98
9614
1964
43,is t..:orporate stock
9512
96
9914
9614
Nov'19
97
A
1966
43is Corporate stock
6 911l2 10:813
9912 Sale 9912
100
4)68 Corporate stock July 1967
6 100 102%
100 10014 100
100
1965
43.3s Corporate stock
8 10(1 102%
100 10014 100
100
4345 Corporate stock1963 SI
5 9034 9334
91
91
9112 91
1959
4% Corporate stock
4 9012 9312
91
91
91
9118
stock
1958
Corporate
4%
5 9012 9338
91
9034 9112 91
1957 Id
4% Corporate stock
9051 9338
9014 921s Nov'19
4%Corporate stock reg 1956
100
9.11.102%
100 10014 9912
1957
New 43-4s
4 100 102%
100
100 10014 100
43-4% Corporate stock.._1957
8112 8314
•---- 8318 8234 Nov•19
334% Corporate stock_ 1954
9812 _
9812
9312 Aug '19
98
1961
N Y State-Os
9612 100
100 Nov'19
9912
1961
Canal Improvement 4s
984 9912
9812
9812
'19
Aug
1962
4s
Canal Improvement
99 Sept'19
9634 09
9312
Canal Improvement 48_1960
10634 10914
103 109 10908 Nov'19
Canal Improvement 4349_1954
'18
10212
____
Dec
10112
Canal Improvement 43(84965
10608 108'C
108 10914 108 Sept'19
Highway Improv't 43.48_1963
100% Jun-a•18
Highway Improv t 41is_ _1965
_787s Dec '18
Virginia funded debt 2-3s_1991
59 7434
59 Nov'19
48
59
Os deferred Brown Bros cite...
Railroad.
3 501 1 38
51 12
5014 5118 5014
k1995
Ann Arbor let g 48
Atchison Topeka dc Santa Fe373
7512 8512
7834
7612
1995 AO 7612 Sale
Gen g 4e
7712 77 Sept'19 -- 7618 82
1995 A0 77
Registered
8034
69
69
4
6912
74
4
Nov
693
51995
AC aetment gold 48.
731z June'18 -- _
51995 Nov
Registered
6934 45 691-i 7912
6914
69° 71
51995 MN
Stamped
7 6618 7612
6612
67
1955 JD
Cony gold 4s.
Sale
8958 19, 0838 10214
Cony 4s Issue of 1910_____1960 3D
8
88
89978
9218
3
9
9
8
8
7
Nov'14
S
•
48-1925
let
Div
g
East Okla
6912 12 6912 76
_ 80 I 6912
Rocky Mtn Div let 4s_ __1965 ii
3 7378 81
737s
7358 751s 73%
Trans Con Short L let 494958
8214 Nov'19 ---- 8214 25
Cal-Aria let & ref 449-A-1962 MS 7618 89
95
95
95 June'19
1st g 58_ __1942 MS ---- 95
8 Fe Pres &
7712 102 7518 8512
761 4
MS
Sale
77
4s___111952
gold
lit
Atl Coast L
7612 88
1964 JD 7618 777 7612 Nov'19
Gen unified 44s
9812 June'19,---- 96i2 9812
Ale Mid 1st gu gold 5s _1928 MN 9218 93
80
80 Oct '19 -- 80
---- 85
Bruns & W let so gold 45_1938 J
___ 116 1297s Aug '15 ---Charles et Say let gold 7134936 J
145 6312 7002
70
o1952 M N 687-3 Sale 6378
L & N coil gold 48
105 10714
105 Aug '19
Bay F & W let gold 56._ _1934 AO
105 JulY'15
1934 AO *931
1st gold 58
if - 891
le
83
J
81
3;le
.
0
82
1925
Bolt & 01310 prior 33.4e..
87
37
_ 87 Feb '19
51925 Q J
Registered.
62
8212
51948 AO 6238 Sale 62
1st 511-year gold 41
_
274
2
117
e1
61% 9234 Ma6
_51948 Q J
Registered_
80
675 56
53
5714 Sale 5614
10-yr oonv 434s._ _ __4933
5931
8212
5618
53
Jo
5618
Sale
53
ttefund & gen Sc Series A4995
J 8734 Sale 8712
8912 931 8712 9'312
1929 J
Temporary 10-yr es
112 Jan '12
1922 I .1
Pitts Juno let gold Os
871s
82
Sept'19
M
N
8411
75
P Juno & M Div let g 334s 1923
115 5212 lh
55
P LE& W Va Sys ref es _ _1941 MN 5212 Sale 5212
8614
33 70
75
1 70
Sale 70
Southw Div let gold 3 kis 1925 J
1 873s 89'4
8738
Cant Ohlo ft lst c g 4 Sie _1930 M 5 873,4 891.4 8748
9512 95%
CI Lor & W con let g 5.3_1933 A 0 91 __95% July'19
I 9514
9511
1 9512 94
Ohio River RR let g 58..1936 3D 9078 95s:
9113
88 Aug '19 -.- 88
80
General gold be _____ _ _ _1937 AO 79
Pitts Clay & Tol let g 6s._1922 AO 9614 .... 9918 Mar'18
68
547 Nov'19 -- 33
Tol Cin dlv let ref 4s A _1959 J
---- 50
99
1 93
93
93
95
1937 MS 93
Buffalo R & P gen g 5s
8312 8814
N
79
1957
8314 83,2 Dec '19
Consol 442
8458 8438
All & West let g 48 gu_ _1998 A0 7314 ____ 8438 July'19
J 89_ 103ls Feb 16 ___
Cesar & Matt 1st RU g 58_1943 J
5 kid idi
100
It 4113 & Pitts let gold fls_ _1921 FA 100 15112 wo
10014 102
10014 10014 Aug '19
.1922 J 0
Coneol let g 66
5 s112 957s
8512
AO
8512
Sale
8512
Canada Sou cons gu A be_ _ _1962
32
75
75
75 Nov'19
Car Clinch & Ohio let 30-yr 58 •3s J o 70
_- 9734 10012
91 -__ 9734 Aug '19
Central of Ga let gold Ss_ _ 91945 P A
1 8412 9471
86
3112 Sale 8412
C)onool gold be
_1945 MN
9914
12 92
9112
S 4Ie 93
93
13-yr temp secur be June 1929
Ws 7514
Chatt Div our money g 4s 1951 T -13 731s 7512 7412 Marti/
90 Mrty'18
Mac et Nor Div let g 5s _ 1940 J
J 8912
8 !oriel;
97,
Mid Oa & Atl Div 56____ 1947• J .83
i1-5-4
Mobile Div 1st g 5s
9312 9134 Jan '19
_ _1946 1 J
90
86
ClentRR & B of Go coil g 5e4937
97 Sept'19
4 87
803N
100 105
ion
Centof NJ gen gold 544
Sale 100
100
1987 J
Registered_
9:434 10018 1001s Nov'19.- 10018 102
k1987 Q
9312 Dec '19 --__ 98 100
•m Dock & Imp gu be _1921 J
9312 100
Leh & Bud Riv gen gu 54_1920 J
9614 ____ 100 Apr '18
1041 ‘.4
Tonna F.U. 0
‘” v lor
,
Tf Y
f."
8011 -.-.
_ _
• No price Friday: latest thlo;week. a
__
Me Jan. d Doe Awn. I Li..
BONDS
N. Y. STOCK EXCHANGE
Week ending Dec. 12
Price
Friday
Dec. 12
Week's
Range or
Last Sale
High
Ask Low
50 Dec '19
65
50
1 793s 93
7938
-76172 8
50
112 793s
'8
9i78
91%
91 18 93
1 91% 9912
9314 92 10112 Jan '17
83's
7178 Sac 7134
7234 106 71
_
____ 78
8634 Mar'17
71 12 Sale 7012 . 7234 394 70
8514
7734 Sale 7634
803s 462 7634 9158
6578 7514 75 Oct '19
7812
75
7418 8234 8234 May'19
8234 8234
_ 9634 Feb '16 _
81
6418 6911 69 June'19
-69- -5530
71
20 71
63
7712 71
_- 6178 7078 Oct '19 ---- 7078 707
io -- 881, Sept'16
.
7614 --- 113 Feb '15
475s
4,
4712 43
3
55'46-1s 53'2
3912 15 2934 40
2934 Sale 2934
Bid
Jaut Vermont let gu g 4s e1920 Q F
Jtielea et 0 fund & impt 56..1929 .1
let consol gold 58.
3 MN
1199399
MN
Registered
1992 M
General gold 4145
M
Registered
20-year convertible 4448 199
2 FA
930
30-year cony secured Se..l,46 A0
Big Sandy 1st 4s
1944 J 1)
Coal River ity 1st gu 48.._1945 3D
J
Craig Valley 1st g 58
1940 J
.1
Potts Creek Br 1st 40_1946 J
J
R & A Div let tong 48_ 1989 J
J
2d consul gold 4e
1989 .1
Greenbrier Ity 1st gu g 48.1919 NI N
Warm Springs V 1st g
_191 M
Chic & Alton Itii ref g 3s
1919 A0
.1
Railway let lien 3 4s1950 .1
Chicago Burlington & QuincyP A
Denver Div 43
J
Illinois Div 33413
.1
Illinois Div 48
190 J
1949912
Joint bonds. See Great North
Nebraska Extension 49_ .1927• N
Registered
1927 MN
General 48..
195s MS
J
Chic & E III ref & Imp 4s g _ _1955 ▪
11 Mtg & Tr Co ctfs of dep.. _
193. A0
let()onset gold Os__
General COLISOI let 58 _ .193- MN
U S Mtg & Tr Co ctfs of deo
Guar Tr Co ctfs of deco_
Porch money tat coal 5s_ _1942 P A
Chic & Ind C ay 1st 5s. 1936 ▪ 2
Chicago Great West let 4s 1959 M
Chic Ind & Loulsv-Ref 66_1947 J
J
Refunding gold 5e
1947 J
J
Refunding 4s Series C__ _1947 J
J
Ind & Loulsv let gu 4e...1956 J
J
Chic Ind & Sou 50-yr 48_1956 J
D
Chic I, it et East let
_ _1969
J
Ch NI & StP gen g 48 ser A_ eeli939
9J
1.4 J
Registered
.1
Gen'l gold 330 Ser 13
e1989 .1
.1
General 4;is Series C.. .e1989 J
Oen et ref Ser A 444s
a2014 A0
Gen ref cony Ser B 5s...a2014 FA
D
Convertible 4346
1932
Permanent 4s
1925 3D
J
25-year debenture 413
1934 J
Chic & L Sup illy g 5s
1921 J
Chic & Mo ltiv Div 56...1926 J
J
Chic & P W 1st g 5s.
1921 J
J
,P
ieuget 53 let gu 48_1949 J
J
Cilirbu,4
Div let e f 68
1920 J
J
Fargo & Sou assum g 66_1924 ▪
Mllw & Nor let text 4 30 1934 3D
Cons extended 43-is__ 1931 3D
J
Wis & Minn Div g 5s__1921 J
J
Wis Valley Div let 613_1920 .1
Chic & N'west x 4
_1886-26 P A
Registered - - -----1886-1926 P A
General gold 310
1937 M
Registered
91987• F
General 4s.
1987 MN
Stamped 4s
1947 MN
General 58 stamped
1987 MN
Sinking fund de
1879-1929 A0
Registered
1879-1929 A0
Sinking fund 58
1879-1929 A0
Registered
1879-1929 A0
Debenture 56
1921 A0
Registered
1921 A0
Sinking fund deb be
1933• N
Registered
1933 MN
Des Plaines Val let gu 4348 '47 MS
From Elk & \to V 1st 6s 1933 A0
Man GB& NW let 3148.1941 J J
J
Milw AS L 1st gu 314s_ 1941 J
Mil L S & West let g 68_ _1921 MS
Ext & Imp a f gold 5s
1929 P A
Ashland 1)1v let g 68
1925 MrS
MIch Div let gold 61_1921 3
Mil Spar et N W let gu 4e 1947 M
St L Peo & N W Ist gu 56 19414
Chicago Rock lel & Pao1988 3
itaBway general gold 4e
1931' 3
Registered
1931 A 0
Refunding gold 4e
193. 3
20-year debenture be_
R( Ark & Louis let 4448.1934 SI
Burl C R ec N ist g bs____1934 A 0
CR IF&N %V 1st gu 56_1924 A 0
Cho Okla & G gen g ba 21911+ 2
195.2 M
Comol gold be
Kook & Des Moines let 56 192% A 0
St Paul & K C St, L 1st 4448'41 F A
Chic St P M &0 cons 6S____193C
Cons (3e reduced to 3 qs__193c, 3
.1930 M 8
Debenture 56
North Wisconsin let 6s___1930
Superior Short L 1st Se Q_C1930 M
Chlo T Ft & So East let 56 _1960
Chic & West Ind gen g 68.-21932 Q
Consol 50-year Os__ _195•2 J
Cin EI & D 2d gold 430_ _ .193:
C Find hc Ft W let gu 4. g 192:- tvl
Day & Mich let cons 4144 193, J
Cloy Clo Ch & St L gen 44_1993 J I)
20-year deb 414q..,1931 3
General 5s Series B._ _199 3
Cairo Div let gold 4s
193,
Cin W & NI Div 1st g 41_1991 J
St L Div let coil tr g 4s .1,190 NI
1910 N4
Spr &Col Div let g Is
J
W W Val Div 1st g 4s _ _1910
•N
01St LA consol
let gold 46
51934 Q F
Registered
119316 Q F
Cln S & Cl cons 1st g 5s . _1928 1 .1
C C & 1 gee cons g fls _1934 J
Ind B & W let pref Is _1940 A
0 Ind & W let prof 56- 21933 Q J
0
Peoria .'c East let cons le 19411
_ _ . _ _1999 Apr
Income 48._
Cleve Short L let gu 4 tie _1961 AU
Colorado & Sou tst g 6a._,4929 P A
Refund & Ext 4 Sid -----1935 MN
Ft W & Den C let g tie _1921 J
Conn & Pas Rive let g 48 _1943 * 0
Cuba RR let 50-year Sc g _1952 J
Del Lack & WesternMorris & FAS let ou 34s .2000 J
W 1st 6s___._1921 J
J
NY Lack
Construction 5e
..1923 FA
Term & Improvt 4a,. _1923
1923 ▪ N
Warren lit ref cue 3-4..;400() P A
Range
Sines
.4
Jan, 1
Low High
N0.1
,.l
_
9314 _-_- 9514 Sept'19
7334
73
7212
74
83
Sale 8012
82
9514 9912
12 7138 7612
37! 8012 85%
9111
11 9018 9354
91
911 1 9114
907g Or.'19_ -1 9078 8078
103 78
78
83,2
.7% Sale 7678
2•419
3,2 Nov
25
20
2538
22
33 31
:
98 July'19 ___9
25 106
98
- 2
7112 Nov'19 ..... 7112 80
_- _- 63
80
70 Nov'19 ____ 70
_ ___ 69
78 Aug '19 •- 75
78
07
9734 Feb '1:1
32
r217 _2
Ma5
- _50_8 _ 63,4
_53
Sale 511s
9'312 10312
9614 9712 987 Nov'19
80
8512 8534 Nov'19
8534 8534
412 A
6618 ____ 6
83
7
,
1
mpary:1
-g5-81 63
-81
704 77 Nov'19 ---- 75
8214 9714 86 Oct '19
8312 86
130 61
7612
65
64
4_12
.
2
925s Feb '16
57126.5
5738 Nov'19
7238 1361 7114 8408
164 5512 7414
67
5612 Sale 5512
67
Sale 6612
6814 241! 6412 8178
6234 Sale 6234
6612 482 6234 8178
15 73i8 85
75
7412 Sale 7318
7878
657 67 Dec '19 ---- 69
77
95
6
4 Nov'19
18
_6_5_7_8
938
113
_1 9
8:2
9-0
3 __ 7
,4 14
_ 100 93 Oct '19 ----1 93 93
7 9612 0914
• 9634
961, 9631 9312
Sale
99
9914 9912
6
9912
9334 10014 102 Sept'19 ___f 9912 102
89 May'191 ----3 83,4 89
8034 81
791, 7912 7912 1)ec '19 ____! /912 82
9714 Nov'19 ----1 9634 981s
9512 97
9914 Oct8'19 _ 2
899
-1 9
-2
8
_ 109
99
3%
84.18 90
94
92 Oct '19 - I 92
.88
92
6612 6814 6613
6918
79 637 71
46314 _
7012 Apr '19
258
794
8
5
79
49 6
78
78
76
gale
76
18 76
7812
•78
49 9512 101
955s Sole 9512
97
109 106 Oct '19
10158 106
10912 Apr '16
1_
_
_9_6_1_8 _ 9_7_38
90,612
9 -104
.18
Nov
9712 98
712 m
98
0
avr:119
No
96
7,8 98
.,
---- -91 1)ec '19,____ 90
90,4 91
9612
97 Nov'IS __
72i, sale 7114
r10
99
N
J
(
112:
5
nv:1
o
'
)
:.
:
818
0
1(
7111:
9
16
s
:
9
:
0
1-
ee:
___ 1----1
_ _ _ _ 10012 Nov•19, _
,;38
109
6 E3
)0
Nel)
vt:19
)
91.
9
94
96 10
1100
10178 Aug '19 ....--' 10178 104
731s
75
161 731s 7814
9334 Oct '19 ___! 9113 98
1
7158
Sale 70
71
7158 100 70
761s May191:..1 7638 7638
6378 Sale 6178
6612 jol. 6114 7612
701, Mar'191___ 7012 701 2
le
72
63 I 21 61
90
96
go
93
90 Sept'19
11
2
:
. .81;066:_605,17
_ :7
.
:
114 Fe '19
9714 9714
97
- _
80 -g6
89 Oct '19::.:' 89
89
6918 Nov'19, _I 65
79'1
66
1,6 I
1 95
71
10118Dee ,19 __ 104 104
8312 Nov'19 ___- 8234 85
- i78712
8 8;
10 8712 97
8712
118 Nov'In' _
95 May'181----6712
58
6712 June'19
102 10238 Dec '19 ____ 10214 10114
1 E2 Sale 5612
-41 1 51-1-'711--5312 125 5612 85
90 May'17
88 Marl I
8712 80 Sept'19
-Toi 6278 63% 65
11 6034 7212
65
701
7638 7012 Dee '19
8412
76
87
82 IsTav'19
82
7614 82
6918
6912 70
6918
2 691s 8134
661. 70
661s Oct '19
6678
3 6678 7614
67
7414 Jan '19
74.. 7412
84 Nov'16
101 Oct '19
-56;4 101
84 Oct '19
8214 84
8214 Sept'19
8214 8214
9312 Mny'19,- 93
937
10214 001. '1411___ 10214 107
75
0
9g757-2
:1164:
:17;
:3
2;
5
8
18
007.
7
;
113--1.11::
a5
5
0
:
2
75 --_ - 7634 Nov'191.--- 7634 7634
76 __
7
-56- 60.
-Er
31
Halei 2134
2412' 39 12
.4
2
8
89
83
8:1 Dec '19'
8914
8212
8212 83
83 I 12 82
721 4
7318, 29 7214 8112
97
9778 9834 Oct '19.... 9624 9934
100 _ _ _ _
100 _ _
_7318
Ws 92
13485E'19
-Ai- "iii4
73
6912 7212 7153 Nov'19 ._ 70
19014
1 10014 100711
100 -- 1001 1
9318 96
9118 Nov'19 -_ 9418 101
9634 9712 935s Aug'191_ 9212 92
1021a Feb '081-
Duo June. h DuelJaly. k Due Aug. • Due OM. f DIM Nov. DUO Dee, a 0111Ian Sale
BONDS
N. Y. STOCK EXCHANGE
Week ending Dec. 12
to
Price
Friday
Dec 12
Week's
Range or
Last Sale
C353
Range
Since
Jan. 1
Bid
Ask Low
High No. Low High
Delaware & HudsonO5,;.i
1 90
97
let lien eeuip it 4 48_ _ _ __1921: J 1 9634 9712 9634
8012 Sae 79
8012 51 7818 8514
1943 M N
1.,,t & ref 45
_ 8312 8412
8412
4 84
1931 A 0
9514
20-year cony Is
Alb 3c Suse cony 348_ _ _1946 A 0 7012 7134 7018 Dec '19 ---- 7018 7812
10238
N
10234
Apr
'19
m
10138
---78..1921
10234 102,
Reuss & Saratoga 1st
4
Denver & Rio Grande65
45 62
1936 i ; 6338 Sale 6212
1st eons g 4s
7514
.1
60
6813
65
65
1 65
7612
Consol gold 4,
4s_ _ __ 1936 J
1 70
7212 70
70
80
Improve trent gold be___ 1028 I I) 70
49
4978 Dec '19 ---- 45
6012.
1st & refunding be _ _. _195f- F A
0
_-8734 Nov'16 ---- ---- _
Rio Or June 1st go g 5e__ .1039 J
2 6114 Apr '11
Rio Or Sou let gold 4s___ 1940 3 J _--- -;39-1____ --- - 34 July'17 ---J _.....__ _ _
Guaranteed _ _ ___ _ _ 1940.1
8 6278
64
Rio Or Vt est let gold 4e...1039 .1 J 63 -671-- 50
47
47
1(11; 12
778 6
70
31'
Mtge & coil trust 45 A. 1949 A 0
557s 82 Dee '16 -Del .4 Mack-let Hen g 48_ _1995 = D 53
--7512 July'16 ____ Gold 45
1995 3 D
ig - -ga
.1e 73
7434
14 '73 -8414
Det Riv Tun 'I er Tun 45s_ _1961 53 N -Dul MIssabe & Nor gen 5e_1941 3 j 95 --- 0634 June'18 -8944 Nov'19 ...._ -17634
- -5 1937 A 0 8812 91
Dul & Iron Runge 1st 5s
10512 Mar'08 ---.1
1037 ,-_' 0
Registered
75 -g- 83 June
-ii.- -841.-..,
Dul Sou Shore & AU g 58_1937 .1
'19---____ 8918 96
8913 Sept'19
Elgin Joliet A, East 1st g 5e 1941 /11 N
99
9834 Dec '19 ---- _9_8:It 12_0_7
!
Erie 1st coneol gold 7s_ _ _ _ _1920 M s 98
7818 Oct '18 ---1947 fa N ---- 80
N Y & Frie let ext o 4c
--__ 9618 June 18 --2d ext gold 55
9158
Oct
-17,13-8
---'19
---- -9
-1-53 -9
-2
-IT ;
.4
3rd ext gold 4%s
Sale 9712
9712
2 9'71, 9710
4th ext gold Is
9434 Nov'15 ---- ____ ____
s1
.IN'
th ext 1, od 4s
5
"gii1;
100
98l Aug'19 --- 9312 9812
9812
N 1' L E & W 1st g fd 7s_1920 IVI s
5338 Sale 53
551, 44 52
7012
Erie let cons g 4s prior__ 1996 i .1
_
84 Dec '16
----.
Registered
e 40
-l4418 -ii; -i6- -Ef1-2
3 40 ISa
199
996 j
J j
1st C01:11.01 gen lien g 4e_1
55
73 June'16 -- -J
1996 J
Registered_
Sale 80
80
-H58 -27iPenn coil trust gold 4e__11/51 F A
3678 37
37
52
50-year cony 48 Ser A._1953 A C
40
49 3512 52
A 0 -5E1-2 Sale 3512
do SeriesB3
40
95 38
55
Gen cony 4s Series D. ..1.23 A 0 3834 Sale 384
82
8412 85 Nov'19 ---- 84
95,8
Chic .4 Fete 1st gold Is. __1982 PA N
1067s Jan '17 ---(lei' & Mahon Vail g be_1938 J 3 87
-gii 9412 Oct '19 ---- -ii1-2 i6CErie & Jersey let 8 f Cs.... 3955 3 .1
95
- 95
95
4 94 i
101
3 -fT 34
Genesee River 1st 51 Cs....1957 J
108 110812 Sept'19 --- 107 109
long Dock cense' g 6s_ _-1935 A o
Coal & RR let cur gu t3e_1922 NI N -6 - _ _ _ _ .103 Jan '18 ---- -__ ___ _
Dock & Impt let ext be___1943 3 .1 9014 ---- 10212 July'17 --Soli ____ 85 Jan '18 -_-_-_-_,
'
N & Green L gu g 5s_ __1946 M N
-iii14- -ig.14
6433 6412 (15 Nov'19
N Y Suse & W lst ref Es__1937 J .1
55 10014 Dec '06 ---- ____ --__
1937 F A
2d gold 44e
50
60 June'18 __
1940 F_ it';
General gold be_
97 Dee '18 ---- ________
Terminal 1st gold 55...1943 !VP
72
Mid of N J let ext 5s____ 1940 A o -72 ---- 72 Nov'19 ---- 72
5518
5518
5 55
'72
Wilk & Fast 1st gu R Es_ 1942 1 13 --_- 55
2312 Jan '17 ---V& Ind 1st eons gu g Cs..1926 J -1
-(3612
95.4 Aug'19 -.-- -9-i- -ig evanev & T H 1st cons 68..1921 3 J
66
68 Dec '19 ---- 68
7014
1942 A ()
1st general gold be_ _
Mt Vemon let gold (Set _ 1923 A 0 --_ ---- 108 Nov'll ---- -- -.. 95 June'12 ---- -- - Bull Co Branch 1st g be. 1930 A 0 ---_
7812 8318 77 Nov'19 ---85
Florida F Coast 1st 414e...1959 .1 D
92 Aug '10 ---J
Fort St U D Co 1st g 7.,s_ 1941 J
E(i661;
56 -___ 56 Dec '19 _ _ _ i -'76J
Ft Worth & Rio Or 1st g 48_1928 .1
81
6
76
7
76
7833
Galt/ Hous & Hen 1st Is..... 1933 A 0 76
Sale 9353
9514 613 9312 977s
1 94
Great Nor C 11 et 0 coil 4s_ 1021 J
94
9512
9412
Nov'19
---94
967
8
J
51021
0
vtegletered
12 82
83
89
1961 1 J .8214 Sale 8214
1st & ref 4}2s Series A
--_- 90 June'16
1961 -I 3
Registered
41-4 _ _ _ _ 8614 Oct '19 ------ -g6-14 -gg.J -i-3.
12
.1933 3
St Paul M & Man 4s
J 106 ____ 10558 Nov'19 ---- 104 10812
1st eensol g Cs__ _ _. _.. 1933 J
118 Apr '17
J
1933 .)
Registered
9112 ---1 -55
1 -911-2 -Sale 9112
1 78 -E1-3
Reduced to gold 448 1933 J
99 10212 May'16 ---1933 .t .1
Registered_ _
---8158
Nov'19
-iii12
___
81-ggi
1
D
48.._
1937
Mont ext 1st gold
80 Sept'19 .- -- 80
80
1937 i D
Registered ___ _
86
77 Nov'19 ---- 77
Si
J
Feely('ext guar 48 1..... 1940 J
7414 Oct '19 --_- 7414 7114
E Minn Nor Div lst g 48__1943 A 0 -ii- 80
99
99
Aug'19 ---- ir.99
1
Minn U, Ion let g 68....... 1922 J
Mont C 1st au g (is.... _ 193' 3 .1 i(56.- --__ 10134 Nov'19 ---- 103 10838
_ 13614 May'06 ---Registered_.___ _ _.1937 3 1
1st quer gold Is.. _ _ 1937 .1 i __ _ _ 9514 9534 Oct '19 ---- 9358 9112
9814 9558 Nov'19 ---- 9558 9553
Will A S F 1st gold Is. 1935 J D
66
5212
1 51
5212
- 57
Green Bat & W deb cite "A"... _ _ Feb -5212
8.8, 27
633 1578
Feb
778 8
8
Debentureetfs "B"
_
73
73 Oct '191-- 73
8212
Gulf & .:'. I 1st ref & t g 58__61952 J 1
69141 10 6812 83
- Sale 69
Hocking Val 1st cons g 4341' 1999.3 •11 -69
_ 7312 June'ln ---apo.i ered
1999 3 J
Col tic H V let ext g 4s___ _1948 A 0 71 .:-_- 73'300t '18---- -------7614 Apr '19---- 7614 7614
70
Col & Tot 1st ext 48 . _.1955 F A
gj- 82 Nov'19,---- 80
82
J
Houston Belt A Term 1st 58_1937 J
88
Illinois central let gold 4s 1951 J .1 -83- ____ 83 Nov'19.-..- 83
--- 92 Elept'17
Regisiered_
J
_1051 .1
2 72
72
Sale 72
72
70
J
1951 J
1st gold 34e
84 Nov'15 - - ____ __„_
Registered
_ 1951 1 I
7314 Novlil ---- 7314 73,4
Extended 1st god 33.4s_ _ 1951 A C
Registered.
1951 A C -- -- 1951 M F ---- 73 -go" Juii:0-9 __ _ _
1st gold Is 9terlIrg
Registered
1951 M S
Sale 72
7258 21 7_112 79
Collateral trust gold 4s_ _ 1952 A 0 72
9538 Sept'12 --- _
___ _
_ 1952 A 0 --7Regtetered
,7 -Sale
or;le
- 7518
77
49 7518 8114
7514
1st refendirg 4e_ _ _ . __ 1955 M N
1 6534 6834 69 Dec '19 ---- 6738 75
Purchased lines 314s. __1952 J
70
Sale 6814
70
13 5714 7758
1953M N
L N 0 A 're‘aa gold 4s
7114
Registered _ _
, '1953 M N ____ ---- 66 Aug 19 ---- 66
91
Sale 91
92
23 8912 07
-.'4
_ 1934 .1 J
15-year secured 512s
Cairo Bridge gold 45
1950.3 0 7812 ---- 7812 Nov'19 ..--, 7812 79
69 ____ 60
60
61
5 60
Litchfield Div 1st gold 38 1951 J .1
70 ____ 65
65
3' 65
7312
I OUIRV 1111 4 Term it 34s 1953 3 J
1 ____ ---- 83 Aug '12 ---.1953 J
Registered
9518 ....-- 102 June'16 ---- --Middle Div reg Is
_ _ 1921 F A
5814 Bept'18 ---- -.
_
Omaha Dtv let gold 38 ..1951 F A --__ 65
.1
6138 62 Oct '1,i ---81 Louis Div & Term it 3s 1951 J
.1 -ai; 6878 6738 Dec '19 ---- 573s 68
1951 .1
Gold 34s
80 June'16 --- _-__ -__
J -......
1951 1
Registered
‘378 8058 Nov'16 ---3
Springf Div 1st s 34p. 1951 .1
71 14 77
7912 May'19 ---- -fili -i61-2
1951 F A
Western Lines 1st g 4t'
92 Nov'10
1951 F A
Registered_
90 ilio" 11712 MW10 -----_-.. _
1923 3 V
Bellev & Car 1st fie
73 Mar'111 _--- 73
73
Carb A Shaw 1st gold 48_1932 51 9 70 -_
9514 91 Nov'19 _--- 91
9934
CM° St T 4 N 0 gold 5e_ _1951 3 1) 93
9518 Felt '19 --- 9512 9518
1951 .1 D
Regleterod
1951 .1 D
6512 July'18 -Gold 34e
1951 J I/ ____
Registered
8112 85
81 Dec '19 -_--_-_ 81
95
Joint 1.t ref As e‘orles A 1963 J D
HMI .1 0 6714 737g 71 Nov'19 --- - 71.
77
Metnph Div let g 4e
.1951 3 0 ---- --__ 65
--_ _ __ _
Registered
79
7712 Nov'17---Aug'19 ---- 7712 7934
et Lotus Sou let gu g 48..1931 1M S 7t
1
7514 Sale 7514
751 1
1 7514 82
Ind 111 .4 Iowa 1st g 4s _ ..1950J
93 ____ 93 Nov'19 ---- 93
96
let & Great Nor let g As . 1919 M N
James Frank A Clear 1st 41 1959 .1 0 •7614 ____ 8014 Aug'19 ---- 8014 82
56
S.tle 56
57
27 5013 6433
Kansas City Poo 1st gold 3e 1950 A J
Ap_ A950 A 0 -,- ---_ 78 Oct '09
Registered
Sale 7134
j j 72
7338 ---4471E12
88
r 1950 Jl
Ref & lmpt 5R_ _
707g Sale 7078
7212 99 7078 81
Kansas City Term 1st 45...1960
80
8273 831s Norli)
8315 90
Lake Erie & West let g 56_1937 1 J
_
1
65
__1941J
805s Feb '17
2,1 gold es
4 65
(15 Aug '19
-(7i- -8538
North Ohio 1st gusts 5s__1945 A 0 -60185
88 Nov'19
80
92
Leh ' .1 N V let ffU ff 44e-1040 J
i 81
1 - - 8614 78 Sept'19
78
78
Registered
__ _1940 J
693
4
N
51
Sale 6934
Lehigh Val (Pa) eons g 0_2003
7014
S 69
8012
78
2003 1.4 V
Sale 777g
78
20 777s 90
General ecne 44s
--
8858
g,i18 216°
____ ____
BONDS
N. Y. STOCK EXCHANGE
Week ending Dec. 12
y
4.
Price
Friday
Dec. 13
Week's
Range or
Last Sale
,
-I
Range
Since
Jan. 1
High No, Low Rich
Bid
Ask Low
9714 Dec '19 ____ ; 9714 10214
Leh V Term Ry 1st suit 58-1941 A 0 9734 99
10
13
0 Itla
wr'0117
4
1 A 0
Registered
28
94
28 i56 i1527s
e
IOU- -g;:iLeh Val RR 10-yr coil 6s__n1
1
1 . 9714 101
101
Leh Val Coal Co 1st gu g 5s.1933 i- -5 95 ____ 101
1933
J -___ ____ 105 Oct '13
Registered
1st lot reduced to 4s____ _ 1933 .1 J
Leh & N Y 1st guar g 4s___ . 1945 M S 6814 Si,4 -io . Juiii;
__
_ ___
Registered
-Z.
'i9
.1 -g612 1561-8 -.512 Sep
Long lsid let cons gold bs_81
19
93
41
50
M S
88
612
Aug'19 .......I 9
52013 9
7938 --__ 86
51931 Q .1
let consul gold 4e
7238 ____ 75 Nov'19 _-__ 7212 80
General gold 48
1928 i D
192:1 Ai 9 ____ 9312 92 Oct '19 ----: 8618 92
Ferry gold 44e
9914 Oct '06
85
1932 J 0 65
Gold 4s
6914 Nov'19 ----, -66 fE14
1949 50 9 ____ 68
Unified gold 4s
84
____ 74
81 June'19 ___. 76
Debenture gold 5s
72
Sale 72
4 72
7712
N
7214
'
3.7
4 SI D
193
26-year p m deb 5A___.
6518
1 6518 77
Guar refunding gold 48_1949 51 S 651 681 6518
____
.1949 RI S ---- ---- 95 Jan '11 __- __
Registered
94
N Y B & M B let con g 58_1935 A - --------02 'Aug'19 . _ , 92
1 8614 92
8614
N Y & R B let gold 5a_ _1927 M 5 86 --„- 8614
9018 Juno 19 ____• 9018 91
Nor Sh B lst con g gu 5s_o1932 Q 3 8218 92
8112 Oct '19 ...„ 8.534 8812
Louisiana dr Ark let g 5s___1927 M S -___ 80
Louisville & Nasbv gen e,s__ 1930 .1 D -------- 9934 Nov'19 ____Ii 9912 108
_1937 FA N
9758 ___- 99 Dec '19 ____ 1 97 10012
Gold be
Sale 8914
8112 129 , 8014 881,
1
_1940 J
Unified gold 48.
1
8112 Sept'19 ____ ' 8112 8112
Registered__ ____ ___. 1940 J
151 92 100
92
8014---921-4 93
92
Collateral trust gold Se..
M N --92 Nov'19 ._-- , 92
S9",._
9414 •
L Cln & Lex gold 4 4e._.1931 M N
1930 J .1 103 101 103 D7C '19 -_-- 103 10512
N 0 & M 1st gold es
9418 100 100 Jan '19 ____ ,100 100
2d gold Os
-1930 3 .1
78
8914 7912 Jan '19 ____ i 7912 7912
Paducah & Hem Div 48_1946 F A
9910
191 99 1014
St Louts Div 1st gold es_ _1921 IA 8 9912 Sale 99
57
2d gold 38_
/980 WI 5 5114 527s 5114 Dec '19 __-- 51
7058 7312 7114
7114
1 I 7114 79
Ad l Knox & Cin Div 4s
1955 111 N
Atl Knox .4 Nor let g 58_1946 J D
9558 93
9512 Nov'19,____ t 9512 9512
Render Bdge lets f g 68_ _1931 IA S 10058 ---- 10112 Oct '19 -2,10112 10112
807a
75 Oct '19 ___ I 73
Kentucky Central gold 4s.1987 J 1 7312 77
Lox & East 1st 50-yr bs gu 1965 A 0 8614 Sale 8614
8712 11 , 8614 9514
L & N & M & M let it 44s 1945 M S 63
1 ! 83
8712
Sale 83
83 I
65 I 65 : 6018 73
L& N-South M joint 0_1952 J
J 6034 Sale 6018
Registered . -._ ___51952 Q -I _-__ ---- 95 Feb '0.5
9412 Sept'19 ____ : 9i1-2 -igN Fla & S let gu e be
1937 7 A ____ 65
1 8018 85
977g May'16 ----''____ --II & C Bdge gen gu g 4 1,46_1945 J
99 100 10158 July'19 --. 10114 1015e
Pensac & Atl 1st gu g 68 1921 F A
87314 8
917
3
Nov'19 „...
--....
.. 8
95
ei14 100
93
A 0 _._
8
9651% Nov'19N'
5.4 N Ala cons gu it 5s_ 1936 FA
Gen cons gu 50-year 58_1963
6753 70 Oct '191 ____. 70
70
L& Jeff Bdge Co gu g 4e
1945 51 5 50
Manila RR-Sou linen 4e
1936 M N
Mex Internet 1st cons it 48..1977 M S --------77 Mar'10'--_
Stamped guaranteed75 Nov'10 -- ---- -70_
- ---_ _ - 9112 Junt
Midland Term-lets 1 g U..1
S --17 ..-__ --- - -M O
,
75
7J
10
92
Minn St Louis let 7s
(574 - ig
1927 .1 D --------301 July'19 --- 17
1.
5i
Pacific Ext 1st gold 6s
9718 9712 Apr '19 _-_- 9712 9914.
1921 A 0 94
0
15
let cousol gold be__ __
7478 Sale 7412
1934 M N
75
let & refunding gold 45
49
49 37
3S
1949 NI 8 37 rale 37
Ref & ext 50-yr Is Ser A HOW 0 F -_-_ 427s 45 Seo
4
45
9
...._ 45
N pv9
t:119 ...__
Des M & Ft D 1st gu 40_1935 1 .) ____ 43
Iowa Central let gold 50_1938 .1 D
72
7212 727s Nov'19 -__ 7218 80
ItefundIng gold 4s..... 1951 111 8 36
Salo 36
M St P & SSM eon g 4s int gu . 1938 I J
805 Sale 8038
1st MOO 5a_
1938 ---------959634 July'19 ---.1 9634 9734
1st Chic Term s f 4s
1941 M N
88 - --__ 88 Nov'19 ---- 88
88
M S F4 NI A A 1st g 4s lot gu.'2e1 J
1 ---- 933s 9258 Nov'19 ---1 02
9112
-48_98_1:
Mississippi Central 1st 5e
_I
80 ____ 95 Dec
11)49 .1
-83:6- Missouri Kansas & Texas--3-18-11
83'2816
581 4 ,'iSale 5314
let gold 4s
1990 J D
69
60 I 27 58
31
01990 F A
2
1s
e,
l g,oxltd
5,
3312 31
3114
13' 29
38
2014 32
gold
1944 54 N
2012
2012! 10 2014 30
1st & refunding 4e
2004 M
814
40
1 34,2 46
7121 10
4
30
37,,
..9
.. -__-_-_ -_ 17712
Trust Co ecrtfs of deo _ _ _.
Gen sinking fund 4 &ie._ 1036 3- J -2712 2878 2912 Dec '19'- - - - 29
34
St Louis Div let ref it 48..2001 A 0 ____ 30
2'7 July'19.... 25
2'7
39
b% secured notes "ext" '16 _ . 29
Dail & Waco let go g be_1940 M -11 ---------6913
- Apr '17 ------ ---- ---Kan City 3 Pee 1st R 4e_1990 F A ____ 5214 53
Oct'19 --:: -Ei- .--3
.38
40
40 Nov'19 --- 40
M o K& F. 1st gu it Sc.. 1942 A C
50
711,
69 Oct '19 ____ 69
M K & Okla let guar 5s..._194'1 RI N ____ 69
5518 Aug'19, -- 5058 53
M K & T of T let gu g Set 1942 M S ____ 55
___,
51 Dee .161Sher Sh & So let go g 55..1942 J 0 ____ 74
3334
3834
Texas & Okla let gu g 581943 M S ____ 39
5, -i
.
3-3-4 -EOMIsteouri Paelfic (reorg Co)I
7614 78
76
76
3
let A refunding As Per A _1965 F A
5 7578 8773
90 Sale 90
9473
90
90
1st & refunding Is Set Ba 192) F A
8612 87,4 86
8714
2 8478 92
lst & refunding Is See C 1026 F A
6315
5.113 Sale 5412
600 54
General 48
1975 111 S
56
9714 9814 9714 Dec '19 ---- 9714 100
Missouri Pao 1st cone g 68_1920 M N
08
0 Oct
40-year gold loan 4s
Feb :1
18
3 --__ ____ ____
1945 1111 S ____ 8578 15
3d 7s extend ed at 4%_ __ _193s M N 60 ---- 82 Apr '17 ---__
___ ____
__ -Boonv St I. & S let 5e Ku- 1951 l's
Cent Br U P 1st g 4e _1948 3 D ____ 8414 68 June'19 ----, 68
68
80
Pae R of Mo 1st ext g 4s_193s- F A
8073 80
81
2, 80
82
2.(1 extended gold be
193c 3 1! 89
9718 89 May'19 ...„-; 89
89
1311. Ir NI &S gen con R 5E' 1931 A 01 8978 923s 8912
897s
161 89
9712
Oen Con stamp gag 53-1931 4
102 July'14 ---- ---- ---J ---I
731?
, ---7378 73
Unified & re,gold 4e _1929 .1 01
74
38 '73
8212
71
Registered
---8
60
63
73
_2
_ 66
4 Oct '17 -3
77,2
j -agis
51 N
29
3 '1
TM & CI Div let g 48_ 193
Verdi V I & W let g 58. _1926 51 S
new
D
Ohio
gold
_1927
J
1
(31
.
:12:
10
90
Mob &
65_ _
214 1.3
1ueler
'1
19 -_-_-_-_, 1902
0
-1-4 10
9-5
2-14
1st ext gold 6s
„ 9653 Nov'19
96
9812
M S
j 6
90
618 -6
7Q
-47-8 6012 Nov'19 -__„! 0
General gold 4e
51
193
28
66
01142 10
0
68
Montgomery Thy lets ha_1947 F A
7612 83
78
78
91
3 78
St 1.0,115 Div Is
.1927 3 0 -___ 8212 82
Apr'19
J
74
75
St LA Cairo guar g 4e.. 1931 J
7512 Nov'19
112
8
76
338
78 87
Nashv Chatt A St L let 5s 1928 A 0 9612 9712 9614 Nov'19
Jasper Branch 1st g es
1923 i J 101 10414 11014 vlar'17 ---- ____ ____
J ___
Nat Rye of Mex pr lien 448 1957 J
25
25 Dec '19 --__' 25
59
Guaranteed general 4e._ .1977, 0 237g 50
35 Aug '16 -......' ____ _ _ _ _
Nat of Hex pr1or lien 44e 1926 J
J
967 Feb 418
3:
.._ .._.
. .
... _ _ __ __ _ _ =
-------21 Aug
let eonsol 4e__ ____ . _ __IASI A 0
New Orleans Term let 45. _1953 3 J -(T6- -(TE- 63
63
Fe
3
6
96
95
N 0 Tex A Mexico 1st fts....1923 J D 95
9534 22 94
9712
5078 22, 50
5012 5053
Non-ruin income 58 A _ _ _ _1935 A 0 50
6912
New York Central RRCony deb (let
1935 51 N
9014 Sale 90
9113 246 90 10012
Conant 4e Series A. __......199. F A
70
Sale 69
27 6818 7814
72
Ref & imp 4 4s "A"
2013 A 0 7812 Sale 7518
7912 35 74
86
New York Cent & Flud TtivJ
Mortgage 3 4s
1997 .1
6818 Sale 6710
71
_6__
0 66
512 73
Registered
J •____ 6814 71 - Oct '19
1997 3
8
Debenture gold 4e
1934 51 N
80
Sale .734
24 ,734 86
80
Registered
1934 IN N --__ --_- 6
70914 Nov
6
'
1138
4 _Lake Shore coil g 34s__ _ _ 199S F A
6114 Sale
4ii28 -E1Registered_ ... _ _
1998 F A •_ _ 70-38 60 Nov'19 ---- 59
67
Mteh Cent colt gold 348..1998 F A
65
70
Sale 6
70
5 mar
6017
60
Registered
1998 F A
--__ --Battle Cr Ar Stur let gu 3s 1989 .1 D
46
_--1 8018 84
Beeeh Creek let gu a 4a_ .1936 .1
82
Aug'19 _--- :i_i_: :g_i_ Regtswed
1936 J
i ____ ____ 95:14 Nov'16 ---2d guar gold bet
1936 J
J
881g --__ 104 Marlel -__
Registered
Beech Cr Ext 1st ff 348_81
3 -gi58
19
95
36
1j
A 0
-------- ---- -------- ------:
Cart & Ad let go g 4s_ _ _ _1951 J
-ii- Nov'16 --- -_-_-_-_ -------(Irmo & Oewe let KU g 5s 1942 3 072
D
91I3 _7
_7
Moh & Mal 1st go g 4s....1991 M S 751g ---- -86- May'19May'19
-i6- -86N .1 June R guar 1st 4s_ 1936 F A
IS --__ 8912 Feb '16
1
N Y & Harlem g 3lis___ _2000 141 N
__ 80 May'17
N V & Northern 1st g 5e _1923 A 0 ---- ----9612 Nov'19
96
ii 98'g
• No price Friday. latest hid and Asked this week. a Due Jan. b Due Feb. g Due June.
2251
New York Bond Record-Continued-Page 2
DEC. 13 1919.1
.2.2
Due July.
n Due Sept. 0 Due Oct. a Option sale.
2252
BONDS
N. Y. STOCK EXCHANGE
Week ending Dec. 12.
New York Bond Record-Continued-Page 3
Price
Priday
Dec. 12
Week's
Releige or
Last Sale
'ell
ti 53
Range
Since
Jan, 1
BONDS
N. Y. STOCK EXCHANGE
Week ending Dec. 12
t
Price
Friday
Dec. 12
[vol.. 109.
Week's
Range or
Last Sale
co
Range
Since
Jan. 1
Ask Low
High No. Low High
NY Cent & TSR RR (ConrBid
P. C. C. A St. L (Con.)Bid
High No, Low High
Ask Low
N Y & Pu let cone gu g 43.1993 A O 7212 ____ 7814Apr '19
78
80
Series IP guar 48 geld-1953
91 Septle
1932 J D 10314 ____ 113 May'15
Pine Creek reg guar ge
--_- -Seriee
4m guar
_ 1957
92
8812 91
9038 Aug '19
99,8 July'19
R
&0eon let ext 5e__51922 A O 9613 93
99
9918
Settee I cone gu 4 4s___1963
A
'1) ._ 91
91
91
73 ____ 77 Oct '19
Rutland 1st con g 443-A941 J .1
778
87
C St LA P let cons g 5e__1932 A 0
99 1091
101 102
10034
1t9
56
56711 60 Aug '19
og & LCham let gli 1s g _1948
6158
60
Peoria A Pekln Lin 1st he g_ A921
90
98 100 June'17
87 Feb '19
Rut-Canada let go g 48_1949 J
67
67
20 gold 44s_
b1921
5214 85 101 Nov'16
it Lawr A Adtr let g 5e___1999 3
Pere Marquette let Ser A 58_1956
8314 69 8238 90
8244 Sale 873
824 M16
103 Nov'19
2d gold (3s
1996 A 0
let Series B 49
60
6612 6534
66
8 6534 7212
J
9418 93
(him A Blk We' gu 4e_ _1922 J
9118
911e 96
9118
Philippine Ely 1st 30-yr s f 4819
43
50
45 Nov'19
96
31
7
54
1 45
Lake Snore gold 3 qs
6914 6:112 Dec '19
63
1997 2 D 69
71
Pitts Sh A 1. E lit g 5g._ _1940 A 0 9718 ---_ 99 Jaa '18
631; 71
Registered
7013 Nov'19
1997 .1 D
7013 7378
let consol gold 5e
9518_ 971 1 Dec '17
eeebentere gold 4e.___ .1929 M S 81 Sale 81
8:514
84
90
Reading Co gen gold 43
Sale
251
7834
80
79
19
9 74
78j 7673
471 82
25-year gold 49
1931 M N 8214 Silo 821.2
83
89
Registered_
--__ 78 Aug '19
1997
Registered
8111 8114
6412 Nov'19
87
1931 44 N 82
Jersey Central coil g Is. _1951 A 0 75
7314 78
7814
Ka A A 0 R. let go c 59._ _193S J J
85
Atlantic City guar 15 g.__1951
.1
9318 ____ 10112 Deo '15
Mahon C'l RR let 5e
1934 J J
St Joe A Grand lel 1st g Is _ _1947 .1
„I -Ed- -66- -61-" De-c-i;
Pitts & L Erie 2d g 59.....a1929 A 0
103 l'iday'17
_-_St Louis A San Fran (reorg 0:13)
950
Pitts McK & Y let gu 8s. _1932 J J 10238 ____ 13073 Jan '09
____
59 19::12
Prior lien Ser A 10
6:7 5
573
J
5134 Sale 5113
58813 6
9888
.51112
2d guaranteed Os
1934 3 J 101 ____ 12314 Mar'12
6,513 111 6614 79
Prior lien Ser B Se_____ . _1953 J
6712 Sale 6934
9418
Michigan Central de
9312 Aug '17
1931 311 S
_-_Corn adlust Ser A fls____111955 AO 57 Sale 55
7138
5712 195 55
9234 ____ 9312 NovIS
Registered
_1931 Q aS
_-_- -Income Series A 8e
4112 146 , 3038 56
4912 Sale 3912
/1199e Oct
82 Nov'19
79
81
76
4s
81
1919 3
Nov'19
St Louis A San Fran gen Sa_ 1931
i12,8 1N12
J 10158 ____ 101
87 Fen '14
Registered
1910 J
---General gold 5e ._____ 1931 .1
9214
9214 93
9214
1
7018 ____ 90 June'Oe
J L & 1st gold 343_ .1951 M S
ill LASF R.R cons g 43_199:3
---- -_ 74 May 16
.1
7114 7414 Aug8•31,:8
72
9
let gold 3
7018 7114
. _1952 NI N
6
90
118 May'?....'________
6213 63
Southw Div let it 53_ __1917
14 7:112 85
30-year debenture 4e_1929 A 0 7412 77
73,2
77
K C Ft S A M. cous g 65_1924
aid- 16612 101 Dec '19 ----': 9912 10314
2 7813 S4
80
81
N Y Cht A St L let g 43 __1937 A 0 80
K C Ft SI & Silty ref g 4:3_1936
6134 23 8078 7512
0
85 Nov'17
Registered
1937 A 0
K C A !VI It A 18 let gu 54_1929
8818 9012
9013 Oct '19
0 8734 89
65
6578 75 Nov 19
Debenture 4s
1931 FA N
71
7618
71
OILS IViet g 41 bond ette._19e9
6114 61 I 60
61 Sale 6012
1.5 70
7318 Sal3 71
West Shore let Is guar. 2381 J
7318
8112
2d g Is Income bond ate_ pl9s9
____ 6273 63 Sept'19 - 5714 83
5 6912 7834
1 6313 7018 6912
Registered
2361 J
6912
5178
5512 14 5178 6512
Coneol gold 49
55
0
__193e
9718 ____ 9913 Feb '19
N
C Lines eq tr 5s_ _1919-22 M Ii
9913 9912
let terminal A unifying 59_1952
53
5812 17 58
-5E- 53
642
1
9314 102
Equip treat 4 48_ _1919-1925
9838 July'17
J
Gray's Pt Ter let go g 55_1947
NY connect let gu 4 tes A. .1933 VA --_- 78
80 Dec '19
73
85-i
S 1 A ei Pafle 1st gu g 4e_ _ _1943
5
99
812 jan6
'
014 241-56- "58NY NH et Hartford16 631s 72
60
6012
Seaboard Alr Llee I; 4s_ _ _1950
63
0 58
elfon-cony deben 48
1947 111
---- 5912 50 Nov'19
5) 5112
Gold Is stamped-- --.;1
61
6014 Dec '19 ---- 6014 74
19
95
441
51
49 Nov'19
Non-eony deben 3 eis__ _1947 M
49
51
Adjustment
A
Non-cony deben 34s
1954 A O --__ 4778 50 Aug '19
52
50
Refunding 4s __
182 33
0
41
Silo
60
_ _1959
Non-cons' deben 49
J 45
4978 49,2 Dec '19
1955 J
4912 5678
e 33
797
114 Oct3
'
9
19,Atl Film 30-yr let g 4s_e1933
13
1 !: 3
77
1 14 8
ii _43077!
50
314
5912
__6_
4
Non-cony deben 43
5
50032 50 Oct5.
91,
12
1958 FA
9 49
Caro Cent let (!i)1l g Ii. __MO
76
'19 ---- 76
Ji
7014 76 A
ony debenture 349
1958J
4914 52
Fla Cent A Pen lot ext 5s_1923
102
9978 Nov'19
9978 10034
6912 71 67
67 Sale 67
0onv debenture 6s.
1948 J
83
let land grant ext g 50..1930
104 101 Dee '15
____ 50 Oct '17
._!ons Ry non-eonv 41_ _1930 F A
Congo] gold 5s_
83
8514 8712 Oct '19 ____ I 8713 9213
1943
91.12Jan '12
Non-cony deben 4e
I954 J
Oa A Alm fly let eon 59....019-15
93 July'19 -- 9114 93
60
July'18
Non-cony deben 4s
1955 2
(le Car A No let go g Se_ _1929
83 ____ 9113 Apr '19
94
94
Non-cony deben 4e__ _1955 A 0
Seaboard A Roan let 58_102e
9518 _-__ 9514 May
: 6
95
77
19
4
18
4 9678
6•9,
7914
49 Oct '13
Non-cony deben 4s
49
5018
1959
Southern Pacific CuN
_
----63
Nov'19
Harlem R-Pt Chet( let 413_1954 M
---68
70
Gold 49 (Cent Pee coil; __11949
69 Sale 69
3& N Y Air Line lit 48_1955 F A
7- 214 79,3 Dec '17
Registered_ ______ _t1949
90 Feb '111-- _----3 ____ 5778 59 Oct '09
Cent New Eng let gu 49_1961 J
6218
58
7914 243 7712 8778
20 year cony Is.
9 Sale 7814
3
Hartford St Ry let 4:3
1930 M
---- ---30 year cony lie
10011 Sale 10034
10.973 539 9334 115
1O6 May'15
Housatenie R cone g 5s_1937 M NS 80
Cent Pact 1st ref gut g 40 0119 49
A
7912 15: '7214 83
7558 Sale 75,4
49
July'11
____
87
65
flaugetuek RP. let 4s
1951 (15
8713 Sept'16.---A
Registered.
1949
1912 A O 8012 _ _ 83 Aug '13
Y Pros' & Boeton 4s
81
0 82 Sale 8114
82 i
More guar gold 3tee_t1929
8534
33:2 54
3518 Sale 3573
J
NYW•ches&B let ear I 4413'46 J
54
9
7012(N
),,,o3v:I18
4 9
70
212 100
_7_0_1_3 80
0 _6_7_1
.
Through St L let gu 4s_1951
13o3ton Terminal let 4e
1930 A 0
OH ASA NI A P let 541931
New England cone 58
1915
9914 Jan '18
99
2d exten 55 guar ______ 1931
id s.,p
-t7.17
Conaol 4e
1915 J
9213 192
_
35 Nov '18
Glla V (IA N 1st gu g 5s....1924
Providence Secur deb 4s 1957 rA
3478 38 Nov'19
30
8514
33
40
9238 Juir19
9214 9238
Hoes
EA
WT
1933
let
g
5s
9978 Dec 13
80 ___
Prey A 3oringfleld let 5e_1922 J
851_4 _9
_378 19
00
118 Oct '16
lit guar Sc red__
1933
673
8
8818
Feb 14
Providence Term let 4e
1956 II El
94 Oct '19 ____ 91
9134 92
Ft & c let e 5s lot gu.,.1937
9834
5314
1913
W & Con East let 44s
0
Den gold 49 Int guar__ ..1921
--__ di
Dec 15
NYO& W ref let g 4s____01992
60
70
55 __ __I 94 Mar'19
94
94
IV div let gs '30
Waco
&
N
92:2 June'12
Registered 43,094) only _t71992 M
8734' 8734 Dec '19 ---' S7-14 8773
A & N W let ge g 5e ---- ---.511
____ 6014 6014 Nov'19
General 40
1955 /
-6514 -6-i93 10014 Oct '171.- ........
Louisiana Weer let fts
1921
5938
Norfolk Sou let A ref A 5s_1981 F A ____ 57
5338
5938 6913
9.34 99:2 99,18 Aug '191-__ 5618 -gMorgan's lat A T 1st 60_1920
99e8
80
86
North Sou let gold 5e
1911 NI
81 Nov'19
81
89
031;41 _ 2
.1 0
95
2,8
93
514
18 950:
2 Nov
0 9
il
53
4%
78 97
1
of Cal gear g 53
No
2 10178 10912
18I A 106_ 10513
10518
Nod & West gen ROM
93(8Ore A Cal let guar g Ss
92
38
7
19
Improvement & ext ges 1934 F A 10318 __-__ 122 Nov It
9134
__ 9738 July.19,----, 9738 9773
So Pee of Cal-011g 5e
1937
_ 10312 Aug '19
New River let gold 6e__ .A932 A 0
lQOlj 10813
9012 9278 9212 June'19.---: 9212 93
So Pee ()meet 1st go is II-1937
7713 75 7618 8612
N A W Ry let cons I 4e 1999 A 0 -7712 S- afe 7618
8:
713 __13
7 8
_4 85
72 july2
704
13
San Fran Terra! let Is.. _1950
,
72
80'
85
,
4
79 Oct '19
Registered
1996 A 0
8:3
79
81
Tex & N 0 eon gold Se_ ._1943
76. 7734 7e12 Dec '19
1
Dly'l let lien & gen g 48_1941 J
7573 Sale 7514
7414 82
7612 185 7438 8312
1953
So Pae RR let ref 48
4
71
10-25-year cony ele
857g 232 8434 9678
---- 802 71
1932 J
81:14 Sale 8134
8112
71
Southern -let eons g Si,,. .1994
11714 May'19
10-20-year cone 4e
81
1932 M
8134' 8514 Sept'19 ---- 8514 8514
Registered
1991
9314
10-25-year cony 44e_ 1938 M
0 5973 Sale 5978
9014- 91'1
9114 154,2
61 1 2ae 5912 89
Develop A gen is Set A_ ._1958
10-year cony 63_ _
1037s Sale 10312
5914 0212 53
10112 133 103 119,4
1929
60 I
Mob A Ohio coil In 44 43...193(4
6 55
6834
7918 7978 7914
15 7318 86
7914
Posesh C & C joint 4e.__1911 J
8314 89
901s July
74
1124
7
'
019i
Mao Div list g 4 10-51._ _1996
),I88 9
0
1113
97'4 9738 97 Aug '19
00 & T let guar gold 50_1922 J
97
66
70
97
70
St Louie div let g 4s
1951
7478 7.114 Dec '19
0 80
74
Solo VANE let go g 4e_1989 11
81
86
71
9278 July'19
Ale (It Soil let cons A 5s_ _1943
--1 9278 93
Northern Pacific prior lien rail
8113 8234 8478 Nov'19
Ati A Churl A L let 14-01914
8478 881s
7714 2661 7512 86
76 Sale 76
way A land grant g 11
88 Sale I 38
1997 ti J
let 30-year Sc Ser B._ 1944
71373 Nov'19
7612 82
191 --,
Reglatered
1997 Q J
69
70 Oct8'19
2 8
All & U'snv let g4i,
70
6'8 7
94
74
1948
ia 53
6178
55
.338 Sale 5373
General lien gold 3e.___ _a2047 Q F -3
8113 Ma''16
21 is
_
55 Nov'19
0
Regletered
55
5712
a^017
___I 68 Oct '19 ----' 68
All & Vat..
let g guar 4s..1
F
68
194
t9
8113 79 Dec '19 ---- 79
Ref A Imp 4 tis ser A
90
o017 3 2 78
6191,
13 95
Vs A Ge Div g
95 Sept'19 ---- 95
E
97
_1930
lit Paul-Duluth Div g 4e 1998 J D 70 75 78 May'19...- 76 78
aS 8914 92
91 Nov'19 ---- 8978 97
Cons let gold 5s......_ 1956
St PANP gen gold Sc. _1923 F A 10073 10 10018 1043
10078 10073
E Tenn root
____ 91
92 July'19 --- 92
,
/ lien g
9514
9912 Sale 9912
Registered certifleates 1923 Q A
9912 10 9912 10038
Ga Midland let le.._
_ 1916
52 Jan 19 ---- 52
4714 51
52
9412
F --__ -- 97 Feb le
dt Paul & Duluth let 5e 1931
97
Oa Pao Fly let g
100 101 10013 Aug'19 ---. 10012 101
._1922
let e00301 gold 4a_
7618 7611
1964 1 D 6918 _ _ _ _ 78,8 Oct '19
Knouts,A Ohio let g •te_ ._1925
9734 --_- 100 Oct '18 -3712
Deo
'16
60
___
Waite Cent let gold 4s_
1944 Q 541
Mob & B1r prior lien g 5,1 1945
8513 97
9112 Oct '14 -__
-10912 Nov'19
Nor Pan Term Co let g 8s 1933 J .1 10718 _
Mortgage gold Is _._ _1915
54
(10
85 Aug '19 ---- -6
-5
-- -6
--5
Oregon-Wash let A ref 4s
6312 21
1961 I J 6914 -6.58 6912
7971
Rich A Dan deb Sc etmeld_ 027
0 9238 102
9233 Nov'19
923
8
9534
8412 Sept'19
75
Pacific Coast Co let g 58-1946 11 D
81
8413 88
Klub A 'leek let g U.__ 1948
61 ---- 69 June'19 ---- 69
71
Paducah & Ills let of
___- 93 1004 Fee '17
So Car A Out 1st g 5s
1919
99,2 Apr 19 ---- 99 100
957 'j53
95, Apr '19
Pennsylvania RR lit g 43_1923
N
virgInhe Mid Ser 11 4-51_1921
9512 ____ 10213 .111no•11,---- -------9978 Apr •19 -- 9978 9978
Consol gold 53
Settee E 54
9113 100
1926
91
Nov'19 --__ 5153-- - %
9914 Fee 19Registered.
1°l9 Q
1919
9914 9914
M M
S
Series F
012 _-__ 10412 Dec '18
9
_ -- 8718 S8
Consol gold 4s.
4 -33.3
1913 111 N E19218 93
; 871s June'19
General.S.
93 July'19 ---90
_1936
------97
8314 12 82
8212 Sale 82's
Clonsol gold 4e.
8913
1948 IM N
So'w'n tet go 5e. _2003
821g 92
8158 Elep,•18
79
90
92
90
Consol 4,4s _
Salo
90
9814
1960 F A
()
let cone .50-year Sc ._1954
6812 137l2 Oct '19 --- -51-13 ---71
401 7913 897s
82
80 Sale 7912
General 4 48.
1965 2
IV 0'c W let ay gu
A
8518 95
9378 Mar'171-..
89
1934 1 D 89
9714
5012 330, 39
General 5s
81
Spokane Internet let g 59_1955
7813 7512 Apr '19 ---- 75I 7573
8712
Aug
el
•19
_illeg Val gen guar g 1s_1942 FA
8678 8712
Term Assn of St L let g 444.1939
0 811; 85
8612 Nov'19,1--- 75
9113
R RR A B'ge let go 4sg 1939 F A
8534 _-__ 8413 Sept'16
let eone gold 53___15191-1944
4 8718 90
93 Oct '191- - 93
9812
8712 8713
N 82
_ 8712 Jan '19
Phil^ Balt & W let g 413._1943
Gen refund e g 4e _ _ ._11153
____ 72
70
70
8
89
77
102 Jan '93
&Owe Bay A Sou let g 53_1924 J
--_3t fe 54 Ridge Ter go it Se 1930
0 ____ 92
92 June'19 --_, 02
92
. Sunbury & Lewis let g 11_1936 J
_
--_- --_Fetes A Vac let gold 51 __VFW)
8118 87
81 Nov'19 ----I 84
93
-172
Dee
'17
N J RR & Can gen 1,1_1944 Al re 8112 ----_2nd gold Income 5s__
Mar
5213 ___ 41 tiept.'18 -Panasylvanta CoLa Div it L let g 58_ . _1931 J
J
6014 -_- 86 May'18,.-----2 97
9812
9718
Guar let gold Cie
.1 9714 9312 971s
1921 J
IV Null W ANW let eel 5e193(l FA
---- -10612 Noy'04
953e 98
Regletered
97 ___ _ 9538 Oct '19
J
1921
Ohio Cent let gu .55,3935
.1
82
8912 92 Apr '11'---- -9
--292
--Guar 3 tie coil trust reg A.1937 M S 7312
87 Feb '17
Western Div let g
A0 8013 87
8434 Nov'19,---- 83
87
Guar 341 coil trust aer B.1911 F A
-5- -59
778712 len 419
7313 77
General 44)3(1Se._ __ .-..1935 1 1) 70
80
70 Oct '19;---- 70
73
Guar 34e truet cutfe C_._1912 J 0 7318 7612
Oct
7712 7712
Kan A NI let gu g 4s._
)A 0 9134 73
73 Oct '191- - 70,2 76,2
199,
Guar 34-is trust etre 1)_._1944 J
77
77
77 Nov'19
75
2(1 20-year Se_-__
8712'
8712 9312 8712
_ 1927 J
2 8712 92
Guar 15-25-year gold 4e_1931 A 0 8173 83!2 8214 Nov'19
8214 8634
Tol P A W let gold 4e
38 Feb '191-.1 36
1917 J
36
40-year guar 1e cUe Ser E.1952 M N 8078
807s 87
8078 Nov'19
Tol Ott, A W pr lien g 3348.1925 J
741s Dec 'l9-..- 7418 7612
74
8113
Cin Leb A Nor gu 41 g
51
8238
N 81
1942
8112 Oct '19
50-year gold 49____ ..._1950 *0 41
59
2 45
4534
453-4 4531
CIA Mar 1st gu g 4 48_ _1935 111 N
85 Dec '19
8312
85
Coll trust Is g Ser A _ _ _1017 FA
35
18%
8 AMue
gr:1:
1
al A P gen go 4 tis ser A 19421 J
9634 May'18
9112
---Trust co atm of dewy:It.
19
_
Series B
104 Dee '15
____
..1942 A 0 91,2
Tor Haul A Buff let g 19_ 111944 J63
7114 80 Apr '17
lot reduced to 3 48_1912 A 0
9614 Fee, '12
_
Meter & Del let cone g 5e._1924
1)
tNov'19
8033 85
,
11
Serlem C 3lis
1944 M N
____
7314
901s Oct '12
let refunding g 4e_ ____1952 A0
Series D 3-4e
8814 Feb '17
1950 F A
7314
Onion PacIfie lit
8
a8
55
l'
el6
2 8
77
68:8
5:
3:1.
.3
t
D"8
-7787-6737-5s:1-E Sale1378
77.
6
7
11:38748 11218)
... _1947 J
8
7( .
71:1;
2108
g:
630
:
7
1a
flrie & Pitts gu g 34s B .19103
.1
7918 Oct '19
84
Registered._ ________1917 J
_
_ _
_
8512 Oct 'le
8212 85
Series C
____ 7914 May'19
19403
7534 7934
20-year cony 4s--------1927 J
J
5138 (li S-249
.13
83311 Sale 8:1
Or HA I ex let gu g 4101.1941 J
87 June'19
87
1018
87
let
refitrellng 4s_ _
__;2004 M
Ohio Connect let gu 413_ _1943 M $ 8558
_ 8534 Nov'19
8312 8534
10-year perm secured 65_1924 J
10212 20 10114 108
J 102 10212 10112
Pitts Y & Ash 1st eons 5s_1927 SI N
93 May11.0
973s
Ore RR A Nay eon g Is _194.1 JO
To! W V & 0 gu 44e A _1931 J
J 8414 87
9134 kor '17
Ore Short Line let g 41s....192? F A
Series B 4 tie
37l 87l
J 8114 9111 871s Nov'19
19332
let consul g 5e
__1_2
. 93
_ _1946 J
2
99
87s
Serie.; C
___
._I912 M S 8012 --__ 881s Sept'17
Gear refund to.
9
1
7 1: c:8
1 9,
1
0
1929 J
8
0
993
0
2
119
21718
9 s 819
8
032
2
4 51 7751183
C & St L gu 4 48 A._1940 A 0 8812 91
9Llg 9412
9118 Nov'19
ritah & Nor gold 5es____192f1 J
J
•
B guar.
1942 A 0
91
91 Nov'19
91
9234
let extended Is
Feb
1933 .1
Series C guar
1942 M N
8834 - 93 June'17
Vandella corm g Is Sler se
b8038
4
a6
le 808934
234 S8
1955 PA 80
-8
-0,-4
Series D 4e guar
.19455! NI 8112 8914 9013 Oct '19
-id
9073
Coneole Is Series
8134 8018 June'18
1957 MN
Series F. 34e guar gold_1949 F A' 80 ____ 90 Oct 19
90
90
Vera Cruz le P let ite 48_1934
35 May'19 ____I 35 -55
_
• No price ["rid iv: 1.11011 eel end asked, a Due Jen a Due Pen • Due June a Due July 1 Due ,kest 0 One Oct
Doe Dec. s Opt, m silt',
p Due Nov.
-E3;
63.2 iai5;
.
DEC. 13 1919.1
New York Bond Record—Concluded—Page 4
BONDS
N Y STOCK EXCHANGE
Week ending Dec. 12
Price
Friday
Dec. 12
--
Week's
Range or
tart Stle
cq
Range
Since
Jan. 1
.1Qk Low
Bid
High No. Low High
virgInlan 1st 5s series A_ __1932161 N 8312 Sale 8214
81
33 8214 9112
Wabash 1st gold 55
1939 ji NI 93
Sale 8934
931
. 33 8712 93
2d gold 5s
1939 F AI 7614 81
7913
7918
5 79
89
Debenture series B
19391j j
1st lien equips fd g 5s
90
713 July'19
19211m s 9778
A18 -_ __ 9712 9712
let lion 50-yr g term 4s
1954 j j _-_- -,,7034 7014 N w'll
7014 7034
Det & Ch Ext 1st g 5s
1941 j j 90 - - - _ 8314 Feb'19
Des Moines Div let g 4s.._1939 j j - - -_ 7518 80 Aug'12 ---- 8314 8814
Om Div 1st g 310
1941 A o
65
67
Feb'19
67
67
4s
Tol & Ch Div g
1911 m s 7
2
7412 Oct'19
72
7412
Wash Terml 1st gu 310
7218 July'19 ____ 723 751
-13
45
48
F
A
let 40-yr guar 45
74
1:; ...
;
75 _ 32
Aug'18 -----------West Maryland let g 4s
1952 A 0 4914 a-le 4912
5158 35 4912 63
West N Y & Pa 1st g 53- —1937
J j --a- -ji- 93 Nov'19 ---- 92 100
Gen gold 4s
70 Dec'18
1913 A 0
-- ---Income 53
p19l3 Nov
36
Oct'17
_
Western Pac let ser A 5s _1946 NI
8117 7112 8312
s -7J13 Sale 7912
Wheeling & L E 1st g 5s1926 q 0 9912 9212 92
92
10 93
96
Wheel Div 1st gold 5s____19.28 j j ____ 95 100 Feb'17
Exten & Impt gold 5s____1930 F
903s Mar'17
A
Refunding 410 series A__1966 M S 5014 53
5S Sept'19
5612 61
RR let consol 45
1949 NI S 5214 55
523s
53
13 52
6512
Winston-Salem S B 1st 43_1960 j J 6714 747s Gras 11,3,
1'11
67e 711
Wis Cent 59-yr 1st gen 4s
6538 30 64
1919 j J 651 1 Sale 65
80
Sup & Dul div & term 1st 4s'36 NI N
6714 70
721s Nov'19
721s 77
BONDS
N Y STOCK EXCHANGE
Week ending Dec. 13
Price
Friday
Dec. 12
2253
1Veek's
Range or
Last Sale
Range
Since
Jan. 1
Bid
A,k Low
High, .Vo. Low High
Miscellaneous
Adams Ex coil tr g 4s
1913 M
5312 5712
57
62
2 55
5712
Alaska Goll Ni deb 6s A
1925 M S
1312 Sale 1612
15,3
1
1 162 35
Cony deb Gs series B
1926 M S
15
162, 15
35
71
15
Am 8$ of W Va 1st 5s
1920 51 N
9734
Armour & Co 1st real est 410'39 J D
8214
11818
--55 -817-s 3334
Booth Fisheries deb s f 63
1926 A 0
____________
Iti11 90
Braden Cop NI coll tr s f 6s_1931 F A 92
9312
97
15 92
Bush Terminal let 4s
1952 A 0 79
s
8
.
0181 79
5 N.37
83
719
,
7'
77
Consol 5s
1955 J
J , 75
4 76
8558
Buildings 5s guar tax ex_ _1950 A 0 79
Sale_ 5
79
3
71)
3 7558 83
Chic C & Conn Rye s f 5s1927 A
401z
Mar'18
Chic UnStat'n let gu 410 A 1933 J
7912 82
51 7312 89
7$12
30
Chile Copper 10-yr cony 7s_1923 M
10412 107 10512
38 oft; 128
103
Rects (part paid cony 63 ser A;A 0,
__ 8212 95
8934 Oct'19
Coll tr & cony 65 ser A
19321A 0 8314 Sale 8014
94
8112 167 75
Computing-Tab-Rec s f 63_19411J
87
83
82 Dec '19
82
8912
Granby Cons NIS&P con 63 A '281,M
96
9712 9(3
93
95
9334
Stamped
1923'hIN
913
9712 95
93
98
20 95
Great Falls Pow lets f 531940 NIN
9118 9712 9414
9414
10 9314 96
Int Merean Marine s f 6s1911 A
9312 Sale 93
92,
s 327 93 10534
Montana Power 1st 5s A
1913 J
85
Sale 85
81
55 35
9573
Morris & Co 1st s f 410__1939 J
83
83
S3
7 83
8812
Mtge Bonds(N Y 4s S3r 2_1955 A 0
Apr'14
83
.10-20-year 551 cries 3
1932 J
91 June'16
N Y Doc_ 59-yr let g 4s1951 F A _
_ 68
6734 Act'19
6712 72
Street Railway
Niagara Falls Power 1st 53 1932 J
92
9614 93 1 N iv'19 ____ 9314 97
Brooklyn Rapid Tran g 5s__1915 A 0 3312 35
32
35
57 30
Ref & gen 6s
79
a1932 AO
101,2 10113 Oct'19
10013
1017a
1st refund cony gold 4s___2002 J
30
2634
25
21
29
Niag Loc_ & 0 Pow let 54_1951 SI N
J
25
53
83
9314 Nov'19
9112 91
3-yr 7% secured notes__h1921 J
Sale 45
45
5212 143 3')
J
Nor States Power 25-yr 5s A 1911 %0 3418 9012
86
8118
5 81
Sale 83
90
Certificates of deposit
44
Sale 4012
51
75 37
Ontario
79
Power N F 1st 53_1913 FA ____ 87
8412 9112
87 Dec '19
Certificates of deposit strup'd _
Sale 42
42
51 33
49
7812 Ontario Transmission 5s____1915
N
_ 7,212 79 INT w'19
8212
79
Bk City 1st cons 5s__1916-1911 .1
77
70
Oct'19
70
Pan-AmPet&Trist cony 63'19-'27 J
70
J lid
_ 15513 May'19 _
11214 15512
13k Q Co & S con gu g 53_1911 M N
70
30 May'18
Pub Sony Corp N J gen 5s_1959 A0 (3)
Sale 57
178 5 t5a 80
63
BklYn Q Co & S 1st 5s____1941 J
101 May'13
-- - -- - _ Tennessee Cop let
91
941s 9112 N -w'19
6s-- 1925 SI N
96
91
Bklyn Un El 1st g 4-5s_ __1950 F A 6011 Sale 6318
23 6)18 7914 Wash Water Powercony
62
1st 53_1939 J
8)12 95
Stamped guar 4-55
6134 63 Dec '19
63
1956 F A 60
7918 Wilson & Co let 25-yr at 63_1911 A 0 9712 fiq _ 9078 July'19 ____ 90
19 9435 10135
Kings County E 1st g 4s 1949 F A
9712
93
60
60 Sept'19
10-yr cony s 1 Gs
57
63
83
J
o 95
1928
9473 10414
Sale 95
Stamped guar 4s
96114
53
62
Jan'19
1949 F A
62
62
Nassau Elec guar gold 4s_1951 J
40
22
2 23
21
Manufacturing & Industrial
J
55
Chicago Rye 1st 53
61,2
1927 F A 6414 70
Am Agric Chern 1st c 5s___ _1923
61
10 6378 81
9g12 9334 9313
9134
15 9634 101
Conn Ry & L 1st &ref g 4101951 .1 J 65
7712 7012 Sept'19
Cony deben 5s
7013 88
1921
9312 10)
9)
99
5 98 11212
Stamped guar 410
_6577
_ ._ 031
.2 77 July'19
1951 J
Am Cot Oil debenture .5e_ _1931
77
77
81
83
Det United 1st cons g 410 1932
85,
s 8912
S535 Dec '19
Am
13 63
j 6;12 Sale 6312
70
Hide
&
L
8112
1st s f g 6s
____ 9934 10013
1919
_
Aug'19
Ir
ti2
s6
Ft Smith Lt & Tr 1st g 5s
1936 M S
Am Srn & H let 30-yr 5s ser A '47
36
Jan'14
81
Sale
43 8118 93
Hod & Manhat 5s ser A
1957 F A 5138 Sale 5/12
Am Tobacco 40-year g 9s
5134 167 02
65
119
1944
_
11912 Aug'19
119 11912
Adjust income 5s
Sale llas
13
1957
132 1158 1914
Gold 49
13
75
A
_ _ 37 Sept'19
1951
7212 80
N Y &Jersey 1st 5s
90
1932
70
90 May'19
90
9012 Am Writ Paper s f 7-13s_ _1939
8378 Sale 3378
47 84,8 9012
84
Interboro-Metrop coil 4116 A (
Sale 15,2
15
lets f 5s cas of deposit
2134 1353 1314 4334 ,
86
9014
9018 July'19 _
Certificates of Deposit___________
15
Sale 1514
Baldw
253
21
41141
Loco Wor_s 1st 53_1910
13
100 10034
Interboro Rap Tran 1st 5s 1966 J
10934
loo 10112
51
Sale 5:1
J
(391.2 2956 4318 7512 Cent Foundry 1st s f 63
A --_- 8/
1931
817s Dee '19
Manhat Ry(N Y cons g 49..1990 A 0 5314 Stle 57
73
8712
31 5112 72141 Cent Leather 20-year g 5s 1925
5')
91
9112 9178
4 9512 9313
Stamped tax-exempt
9714
Sale 53
534 26 55
1990 A 0 53
7413 Consol Tobacco g 43
A
1951
75
8012 7312 Dec'18
Manila Elec Ry & Lt s f 5s 1953 M S ____ 69
Corn Prod Refg s f g 5s1931
75
Oct'19
75
77
10012 101 10012 Nov'19
9912 102
Metropolitan Street Ry—
1st 25-year s f 55
10012 1021. 10012 Nov'19
1934
9912 10012
Sway & 7th Av 1st c g 5s-1943 2
45
69
4518
Distill Sec Con cony 1st g 5s_1927
7 4518 72
49
35,3 Sale 8512
15 8513 9218
Col & 9th Av let gu g 53_1993 M S
86
497s 53 Sept'19
E
I
du
Pont
53
63
Powder 1 /0_ _1936
91 100
9334 Sept'19
Lex Av & P F 1st gu g 5s 1993
9212 91
4878 5712 Sept'19
S
General Baking let 25-yr Gs_1930
5712 74
8
99
:3,2
3
03
112 July'19
Met W S El (Chic 1st g 4s_1938 F
ss
8812
- - - - 51
Gen Electric deb g 3 As
Dec'19
A
A
1912
7113 7113 7114
1123
9
75
Milw Elec Ry & Lt cons g 5s 1926 F A
70
77
913 - - - - 93 Nov'19
Debentur
e 5s
96
93
1952
Sale
19 9335 101
Refunding & exten 430 1931 J
7512 8118 8112 Dec'18
J
Ingersoll-Rand 1st 5s
1935
97
8
Nov'18
Montreal Tram 1st & ref 5s_1941 J J
7o
Int Agric Corp 1st 20-yr 5s 1932
78
2 73
74
79
81
Sale
New Orl Ity & Lt gen 410 1935 J
4 7612 8514
61
68
61 July'19
lot Paper cony s f g 5s
61
(i1
1935
NY Munlelp Ry let s f 5s A_1966 J .1
___ 98
98
52
57 July'19
1st & ref s f cony ser A
55
63
1917
9814
_ 8514 90
_ --2
9-- 8
987 SASept'199134
N Y Rys 1st R E & ref 43
Sale 32
1942 J J
Liggett & Myers Tabu 73 1911
:111 2 177 30's 49
-el 10) Sale los
2 103 1337s
Certificates of deposit
10934
3134 Sale 3134
5.3
3212 23 2)12 45
A
811
1951
SF!
30-year ad)Inc 5s
5 83
33
37
95
738 Sale 634
a1912 A
Vs 201 6
1613 Lorillard Co (P 7s
1911
108 1017s 1037s
21 10173 11312
Certificates of deposit
10914
67a Sale 6
230 6
5s
1613
A
1951
85
83
N Y State Rye let cons 410_1962
8512
6 8112 91
86
5934 Sale 5934
Nat Enam & Starner; lot 5s_1929
2
Si
62
97
Portland Ry 1st & ref 5s____1930 M
98
---- 95
- - - - 721s 75 Dec '19
75
7514 Nat Stench 20-year deb 531930
9
'
6
314
2 -97_1_2 94 N
Auw
Portld Ry Lt & P 1st ref .53_1912 F
g:18
-- -- -- - - - 65
55 Dec '19
55
655s National Tube let 53
1912
93
65
9334 9913
9334 Dec9'19
Portland Gen Elec 1st 53_11)35 J
9012 Feb'17
- - - - 94
N Y Air Bra_e let cony 65_1933
99
Sale 99
St Jos Ry L II & P 1st g 5s__1937 M
13 9612 103
95 July'17
- - - - 78
Pierce Oil 5-year cony 6s /1920
_ -- 111 10012 Nov'19 ---- 100 145
St Paul City Cab cons g
- - - - 8178 10213 Mar'12
10-year cony deb 6s____111924
5s--1937
10- 112 10434 101 Dec '10
8614 11214
Third Ave 1st ref 4s
1960 J
4812 4378 4734
Sinclair
89
417
Oil
&
s
45
5934
Refining—
Ad)income 5s
al960 A
2734 Sale 2734
let s f 7s 1920 warrants attach
2978 244 25
4212
A
---_
--__
12312
Third Ave Ry 1st g 5s
Aug'19
9318 15212
____
I
1937 J
8412 86 Nov'19
do without warrants attach
9312
85
A
Tr -City Ry & Lt 1st s f 5s_ _1923 A
95 100
9935 July'19 ___
92
9314 92
1, 917s 97
Standard Milling 1st 5s
92
92
9212
1930
92
Undergr of London 410
92
TI
91
95
1933 J
05
9618 73 May'19
The Texas Co cony deb 6s1931
' 73 73
.1 103
Sale 103
Income 6s
103
7 10012 10112
1948 _
55
63
69
Union Bag & Paper let 5s_1930
6)
60
73
85
81.13 8914
83
United Rye Inv 5s Pitts iss 1926 M
8612 N3V.19
7-1
7512
Stamped
Nov'19
70
78
8712 Dec'18 ....-- - - - 1930
United Rye St L 1st g 43
1934 J
-- - Union 011 Co of Cal 1st 5s 1931
5378 5114 NJy'19
4312 55
9434 9512 95
St Louis Transit go 5s
Oct'19 ____ 9378 9512
1924 A
55
US Realty & I cony deb g 5s 1921
50 June'17
7(3
767
8
7714
United Rite San Fr s f 4s
7738
33 60
7812
1927 A
2912 23
26
1 22
23
357a U S Rubber 5-year sec 7e___1922
10112 10212 10212
Union Tr(N Y etfs dep
103
1047
,
s
10 10312
2612 Sale 23
let & ref 5s series A
53 22
27
3612
87
1917
Sale 86
Equit Tr(N Y inter
87
1
172
83
893
4
26.2 Sale 23
U
S
98
Smelt Ref & St cony 63_1926
22
2613
3634
A 10134 Sale 10134
Va Hy & Pow let & ref 5s_ _1934 3105 1 22 8734 107.3
7112 Sale 7112
Va-Caro Chem 1st 15-yr 5s_1923
6, 7112 79
7112
9312 91
9418
95 . 23 9118 9812
Cony
deb
65
e1921
_...._ 10212 10118 Nov'19 ____ 9512 104
Gas and Electric Light
West Electric let 5s Dec____1922
Atlanta G L Co 1st g 5s_ ___1917 J 1)
97
Sale 9613
97 1
38 9612 991,
9514
- 103 Sept'15
- ---Bklyn Un Gas let cons g 53_1915 M
____ 90
85
Oct'19
Coal,
85
Iron & Steel
95
Clncin Gas & Elec Ist&ref 5s 1956 A
9113 93 Joiy•19 ___- 43
I
Beth Steel 1st ext s f 5s_ _1926
93
93
Columbia 0 & E 1st 5s
J
9512 9614
__
8513 85 Nov'19 ---9612.
1927 J
3 9513 98
1st & ref 5s guar A
82
9213
8612 Sale 8512
Columbus Gas let gold 5s 1932 J
83 ! 23 89,2 92
____ 85
87 June'll) ---, 87
20-Yr pm & imps f 5s_ 19
87
85
93
1
6
2
J
Consol Gas cony deb 6s
M
8912
Sale'
81
9912 Sale 9938
31 go
8514
1920 Q
Buff
&
Susq
993
221
4
93
1053
,2
Iron
4
s
f
5s
1932
J
Cons Gas EL&P of Balt 5-yr 53'21 M
8712 - - 9312 July'19 ____ 9312 9012
_ 100
9814 Sept'19
Debenture Sc
9618 99
---9212
Detroit City Gas gold 5s
-9135
Nw'19
1923 J
90
9178
9614
9114
1 9615 9634 Cahaba C NI Co let gu 6s a11922
9J
M
Detroit Edison 1st coll tr 53_1933 J
- - - - - - - -1101
Dec'14
957s 95
1 94
95
9612 Colo F & I Co gen s f 5s
1913 F A ____ 8613 8312
met & ref 5s ser A
67 1
331. 9141910 M
8534 8878 89
8912
Col Indus 1st & coil 55 gu_1934 P A
6 8812 94
7412
Eq CI L N Y 1st cons g 5s1932 M
75
I
74
731i
81
94
75 1
5
94
Feb'18
- - - Cons Coal of Md lst&ref 5s_1950 J
& Elec Berg Co c g 5s__1949
Gas,
8178 8358 Nov'19 ---- 8212 90
100
Feb'13
---- - Elk Horn Coal cony 65
1925
Havana Bloc consol g 5s____1952 F A 81
95
9314
93
Feb'19
89
84 Dec '19
Illinois Steel deb 410
81
37
1910
Hudson Co Gas let g 5s____1919 M
84
A
Sale
8334
81 1 SI 8218 8612
91 Sept'19 ---- 90
Indiana Steel
91
91
Kan City(Mo Gas 1st g 53_1922 A
95 I 9312
9212 9414 9212 Dec '19 ---- 9212 9212 Jeff & Clear C 1st 5s
94
11
9314
9812
& I 2d 5s_1
192
956
22
96
1"
Kings Co El L& P g 53
,
1937 A
83 --_ _ 85 Nov'19 ---- 85
Lackawanna Steel let g 53-1923 A
94
Purchase money es
9478' 94
._ _ 103
94
1997 A
2 91
98
9912 N w'19 -let cons 53 series A
95 105
1950 M
95
Convertible deb (is
Sale 95
1925 M
____ 101
9514
26 86 10112
98
Apr'19 ---- 90
Midvale Steel &0cony s f 531936 M
93
82
Sale 82
Ed El Ill Bkn 1st con g 4s_1939
91
____ 743s 75 Dec '19
8334 105 82
Pleasant
75
Val
84
Coal
1st
s
f
5s_1923
J
Lac Gas L of St L Ref & ext 58'34 A
89
83
83 Dec '19
Pocah Con Collier 1st s f 5s_1957 2
81
97
82l 841 8413
Milwaukee Gas L let 4s
-i„i58 8812
87
1927 M
3712 87 Dec '19
Repub I & S 10-30-yr Sea 1_1940 A 0 92
37
89
Newark Con Gas g 5s
Sale 92
9212 --10 92
__-_ 86 10412 Apr'17
1918 J
9614
St
L
Roe_
_
Mt
_
&
P55
stmpd_1955 J
70
NYGELII&Pg 59
77
70
70
81
2
Sale 81
1913 J
70
8034
8312 51 .078 91
Tenn Coal I & RR gen 53_1951
9)34 91
Purchase money g 4s
90 Nov'19
A
6058 54
1949
87
(10
93
61
15
U
597
Steel
S
s
7414
Corp—f
coup.,
973s Sale 9718
9312 154 9718 10112
Ed Elec III 1st cons g
J
F
9212 Nov'19 ---- 9212 105
f
10-60year 5slreg_ _ _ .4196-_d19133
3Ms
M
Ny&Q El L&P 1st con g 5s_1930 F A
97 Dec '19
97 10012
81
8335 9612 Aug'17
--- _ Utah Fuel 1st s f 53
Pacific G & El Co—Cal0 & E—
3634 8534 N w'19
8634 8634
Victor Fuel let s f 5s
50 __
Corp unifying (lc ref 5s
70 Mar'19
8712 3834 8314
1937 M
70
4 8314 9615 Va Iron Coal & Coe 1st g 59 1119
70
835s
9953
19
31 jNI
M Si 82
Pacific 13 & E gen & ref 5s 1912 J
81
823s Sale 8212
82
82
875s
2 gi
15 8212 88
33
1
Pao Pow & Lt let & ref 20-yr
Telegrap
h
& Telephone
5s International Series_ 1930
A _— 84
82
Apr'19
82
Am Telep & Tel coil tr 13_ _ _1929 J
98
7812 Sale 7312
Pat & Passaic 0 & El 5s
1919
_ 100 July'17
9
:
2112i
8
980
3 :
1
1_:
3 791, 86
Convertible 4s
Peop Gas & C let cons g 03_1913 A
77
74
62
9212 97
80
80 May'19
Aug'19
20-yr
i5i
convertible 410_ _ _ 219
IYI
M
9
3
3
9
Refunding gold 59
82
Sale 82
____ 6214 (32
1947
6138 6 62 771+
82
91
30-yr temp coil tr Sc
1916
2
8034 Sale 7912
Ch G-L & Coke 1st go g 5e 1937
7913 94
71
89
432
1
Si
81 N w'19
7878 88
7-year
convertible (Is
A 935s Sale 98
Con G Co of Ch 1st gu g 5s 1936
67% 1043s
-_
100
Apr'17
--- Cent Dist Tel let 30-yr 5s 2
96
J
Q
2
45
1
7
13
3F
39
9812
93
Ind Nat Gas & 01130-yr 53193(1
93 I 9614 Oct'19
89 Mar'17,
Commercial Cable 1st g 4s 2397 Q
Mu Fuel Gas let gu g 5s 1947
_
Nov'17
73
80
75 May'19
73
Registered
75
Philadelphia Co cony g 5s....1922
82
(381s
Jan'18
871s 8712 Dec '19 ____ 8712 91
Comb T & T 1st & gen 5s
1937 J
Stand Gas & El cony s f (is. _1926
86
87
017s 9234 Sept'19
83
8634 Dec '19 --_ g353 94
3914, 9612 Keystone Telephone let 59_1935 J
Syracuse Lighting let g 5s 1951
88
811 1 --__ 9712 May'17:_ --Apr'16
93
Mieh State Teleph let 5o..1934 F A - Syracuse Light & Power 5,3_ _1951
86
73 __ _ _ 7412 Sept'19
90
81
11 8118 921s
85
Y&NJ
N
Telephon
e 5s g_ _1920 M
Trenton G & El let g 5s__1949
9818
9313 9812
100
931s
Dec
'19
9338 Oct.'17, _-__
_ _ _ _ N Y Telep 1st & gen s f 410_1939 NI
Union Elec Lt & P 1st g 5s 1932
81
_ _ _ _ 90
Sale 8114
211 1 81
83
8914 Oct'19
9113
8814 92
39-yr
deben
s
f
(I3_
__Feb
47
1919 -, 9573 10112
Refunding & extension 5s_1933
91
_ _ 82
Sale 957s
97 I
82 July'19 __ 32
Pacific Tel & Tel let 53
82
38 891, 9535
1937 J
United Fuel Gas 1st s I 63_1936 J
8358 Sale 8512
__
96
8714
9734 Nov'19
91
98
South Bell Tel & T let s f 53_1911
Power
& Lt let 53_ _1944 F A
Utah
85
87 1 851s
81
Sale 11234
3.314
21 85
8112
9313
5 811 90
West Union coil tr cur 59_1934 J
_ 8573 91
Utica Eiec L & P let g 5s_ 1950 J
_-__ 8512 8612 Dec '19
9514 ---- 101 June'17 -----------Fund & real est g 410_ _1950 al
6 90
Utica Gas & Flee ref 59
1957,J
817s R)
83
92
87
3112
87 Nov'19 ____ 87
95
Mut
Un
Tel
gu
ext
5s
1911
M
Westchester T.td gold 5s_ _ _ _1959 J
10112 Sept'17
____ 8)3
83
Oct'19
85
92
Northwest, Tel ge 410 g 1911 .4
94 Noy'16
nsio price Friday: latest bid and asked. a Due Jan. b Due April. s Due May. g Due June.
13 Due July. k Due Aug. o Due Oct. p Due Nov.
g Due Dec. s Option sale.
5n
2254
BOSTON STOCK EXCHANGE-Stock Record See BNOerS
p age
SHARE PRICES-NOT PER CENTUM PRICES.
Saturday 1 Mogday
Tuesday
Weel,:esday
Dec. 6
Dec. S
Dec. 9 ' Dec. 10
----
Thursday 1
Dec. 11 1
Friday
Dec. 12
Salesfor,
. the 1
I Week. I
!Shares.;
STOCKS
BOSTON STOCK
EXCHANGE
1
I
Railroads
123 123 1 12212 123
12134 122 I 121 122 • 121 121 I 119 119 1
370 Boston & AlbanY
1001
64
6512 65
6612 6534 6778 67
67 I 68
6712. 66
1,399 Boston Elevated
671 4
100
87
87
.87
8834 8814 8814 -_ _-_- *86
8712 8612 8634
80, Do pre
100
, _ _ _ _ _3_4_ _ _3.5 _ _3_i _ _ air. _3_4_ _ ; _iii.2 _3_1_ _ i !
32
,
.
1zst .g'it2
e 8030 Dec'19
'Boston & Lowell
100
34
1,322 Boston & Maine
100
*40
45 *____ 41 *____ 42 I 40
40 1 *40 - 41 1 *40
prof
41
Do
30
100
*140 143 *140 145
140 110 1 ____ ____ *130 140 ! 130 135
136 Roston & Providence
109
*_ ;:i_
.50
.45 .45
.45 .45
.45 .45 •-- - 701 Boston .9ubarban Elec_no par
.50 *_
.59
5
4
4
4
4 1
*31,
4
4
412 41
____no
675 De prof
par
-------------412
----157 Bost & Wore Elec pre no par
4
4 -- ----*132
*132
*132
__4_1_ I*15:
1
Last Sale 32 - 33'19
Mlle June Ity & U 8 Y__ _ _100
*35
*85
*85
Last Sz/&85 Dec'19
*35
Do oref
100
Last Salc,67 Nov'19
Concord & Mont class 4__ 100
Last Site 102 De7'19
Connecticut River
100
L,st Sole 4912 Dec'19
Fitchburg pref
100
Last S Iles 10334 Oct'19,
Georgia Ry & Elee stampd.100
Last Sale 721. Nov'19
Do pref
100
68 -13.3- 63
64
67 Ii- ---- - --- *65
67 I *6-5
150 Maine Central
67
100
*29
2914 2334 30
27
2412 2514 2634 1,805 N l" N H & Hartford__ _100
'3T2 -2-„,7
Q- 8
2834 29,4 -`..
*80
91
*79
90
L 1st Sole 9912 Aug'19
Northern New liampshire_100
___
*82
84
*30
'
-84
0- -33.- *____ 83 1 75
*SO -8-3 - ;3
75
40 Old Colony
100
*1512 1712 *1512 1712 *1512 17
Last Site 16 Nov'19
*1512 17
Rutland pref •
100
*85
86
85
85
8612 861.----- --85
85
30 Vermont & Massachusetts 100
40
41
40
4012 40
4014 40
4078 39
4014 -55- -3-9-1-2 2,114 West End Street
50
51
51
51
5114 5138 *51
51
51
51
_
Do pref
235
5114 5114
50
Miscellaneous
1,005 Am 011 Engineering
10
53 Amer Pneumatic Service__ 25
Do pref.
50
5,833 Amer Telep & Teleg
100
95 Amoskeag Manufacturing__ _
492
Do pref
204 Anglo-Am Comml Corp_no par
Art Metal Construe Inc__ 10
4,301 Bigheart Prod dr Ref.. - 10
1,575 Boston Mex Pet Trustees__ __
1,025 Century Steel of Amer Inc_ 10
245 Cuban Portland Cement- 10
29,) East Boston Land
10
2,335 Eastern SS Lines Inc
25
201 Do pref
100
2,115 Edison Electric Ilium
100
4,559 Eller Corporation .__no par
25
95 Fairbanks Company
50
25 Gorton-Pew Fisheries
25
2,920 Gray & Davis lac
3,205 Internat Portland Cement_ 10
50
1,409 Do prof
no par
1,220 Internat Products
672 Island Oil & Trans Corp__ 10
686 Libby, McNeill & Libby ...10
10
191 Loew's Theatres
92 McElwain (W II) 1st pref_100
3,693 Massachusetts Gas Cos.._ _100
100
930
Do prof
209 Mergenthaler Linotype-100
645 Mexican Investment Inn_ 10
530 Mullins Body Corp___no par
6535 New England Telephone-100
33 Pacific Mills
393 Parish h Bingnam Corp.no par
11 Plant (Thos 0) pref
100
65 Reece Button-Hole
10
1,103 Root & Van Dervoort Class A
935 Simms Magneto
5
1,615 Stewart Nifg Corporation__
l00
2,873 Swlit & Co
92 Torrington
25
8,895 United Shoe Mach Corp.__ 25
615 Do prat
25
4,978 Ventura Consol 011 Fields_ 5
1,065 Waldorf System Inc
10
1,375 Waltham Watch
100
4,265 WaIworth Manufacturing_ 20
103 Warren Bros
100
Do 1st prof
100
2d prof
Do
100
•
d and
•r4,u,
S el.-stock dividend
Range Since Jan. 1.
[VOL. los.
Range for Previous
Year 1918.
Lowest.
Highest.
Lowest.
Highest.
119 D3c12
62 Dec 2
86
Oct24
78
Oct15
28
Jan30
40
OctIO
130 Sept22
35c Nov21
312 Nov21
218 Nov21
132
Oct 1
84 Feb13
61
Apr30
100 Sept 6
47 Nov 7
9938 Mar15
70 Mar15
Oct 3
63
2514 1)ec12
88 May10
75 1)ec12
16 Nov20
Oct31
82
3412 Sept24
47 Sent24
145 Apr 3
8014 Apr 5
97
Jan28
Jan 3
95
3412 July29
Jan27
50
Jan 6
164
70c Nov 5
Jan14
11
30 Feb 7
Jan 4
135
90 Junel0
Jan 6
77
115 Apr 9
53 Jan 2
110 June24
7312 July29
83 Jan 6
4034 July29
9912 Aug 6
Jan 3
105
23 May27
Jan18
100
50 Am' 3
58 Juno13
12212 Apr
37 Jan
9113 Dec
80 Jan
Jan
19
27 Feb
150 Apr
50 Dec
1014 Mar
25 July
133 July
8212 Apr
73 Nov
104 Feb
53 Jan
106 Sept
70
Oct
7713 June
27 Feb
Oct
84
x8812June
20 Jan
SO Aug
37 Feb
Jan
47
146 Nov
80 Nov
98 Nov
104 Nov
40 Sept
60 Nov
170 Aug
3 June
15 June
3014 Nov
147 Apr
8512 Dee
80 Feb
125 Nov
65
Jan
1164 Jan
81
Feb
88 Nov
46 May
95 Nov
1124 Dee
25
Jan
90
Oct
50 July
62
Apr
51, Dec12
55c Jan 2
213 Apr 8
97 Aug14
79 Feb15
7812 Jan 9
1813 Septll
1713 Jan21
7 Dec 5
3 Nov23
6 Dec 3
10 Mar26
412 Jan 4
Jan22
6
39 Apr 1 1
Oct24
438
8
2'4l Oct 9
5212 .lan21
29 Aprll
537 Septll
312 Nov22
18
Jan 4
19 Mar20
Jan 2
243g Nov13
858 Feb10
90 Jan17
6714 Nov19
6014 Dec12
130 Feb10
4712 Nov29
3218 Sept30
83 Sept26
145 Feb24
34 Aug21
113
Jan 6
Jan 3
14
35 July 1
16 Dec12
3218 Jan23
Jan30
115
5212 Jan13
Jan13
44
2518 Oct28
734 Jan21
16 May19
23 Aug26
17 Mar24
15 Feb14
37 Jan 2
Jan23
38
714 Nov 8
2 Aug14
914 Aug14
10,412 May27
152 Nov21
8412 Dec 1
2112 Nov 5
25 Dec
1313 May19,
478 Nov10,
1513 MarI71
1834 May 6
67sJUne191
23 Dee
Oct:30
77
172 Jan 2
3414 Nov 71
9312 Nov 61
38 May171
5 112 Novli)
914 May 6
30 07t21,
5812 Oct22
938 Feb20;
35 Oct 20,
11
Jan15,
99 Mar26;
86
Jan 9
Jan13.
71
149 June18,
72 July17.
51
Oct20
95 Marla
199 Nov 1'
5514 Oct24
09 Mar29
16 May15
5913 Oct20
2714 Nov10
594 0(021
150 May 5
7412 Nov 7
55 May 6
Jan25
31
20511 Nov 3
2112 Jitly10
43
Oct.23
25 July24
83 July14
7212May 2
80 July16
Mining
123 Adventure (lonsolidated- 25 .50 Apr22
212 July25
233 Ahmeek
25 6212 Mar22 91 July29
20.) Algomah Mining
25 10c Apr30
14 July30
175 Allotiez
25 33 Nov29 52 July28
110 Arizona Commercial
5 1034 Feb28 18 July30
10
755 Bingham Mines
6 Nov21 1012 May12
10 20c Jan30 90c May14
20) Butte-lialaklava Copper
2.5 350 Mar14 480 July17
25.Caliamet & Ilecia
1
11,680:Carson Hill Gold
1214 May 5 32 Dec12
25
45 Centennial
12 Mar21 20 July28
25 39 Mar 5 62 July28
3,343,Copper Range Co
2 Marl I
11)aly-West
3,
4 May14
10
434 Feb13 1412 Oet20
3,015 Davis-Daly Copper
10
650 East Butte Copper Min
8 Feb24 21
Aug 9
1411Franklin
25
138May 9
634 July28
335 Hancock Consolidated_- 25
4 May 1
912 July24
25 20e Feb20
488IHeivetia
734 May21
25 500 Mar 8
10 Indiana Mining
2 July26
3,510 Island Creek Coal
1 42 Apr16 5534 July28
I Do pref_
78 Apr12 8412 July30
376 Isle Royale Copper
25 24
Jan 2 41 July29
2,510 Kerr Lake
5
313 Oct16
)1' May 9
50 Keweenaw Copper
25 99c Mar 4
238 July31
o5
995 Lake Copper Co
3 Jan25
738 July28
140 La Salle Copper
25
2 AprIfl
512 July28
170 Mason Valley Mine
5
218 Apr23
458 Oct31
1.335 Mass Comic)!
25
4 Feb 7
10 July29
23,290 Mayflower-Old Colony
25
2 Jan13
1314June 2
900 Michigan
25
213 Feb24
10 July26
515 Mohawk_
25 4912 Feb 7 83 July28
80 New Aradian Copper
25
1 Mar 8
612 July28
2,210 New Cornelia Copper
5 1434 Mar 5 2914 July31
5
300 New Idris Quicksilver
612 May 2 1212 July31
409,New River Company
100
28
Oct 4
878 Febll
211 Do pref
100 5734 Mar 1
87 Nov10
1,650 Niptssing Mines
5
1312 May12
814 Jant5
2,000 North Butte
15
9 Feb20 203* July23
25 North Lake
25 25c Apr22
134 July30
250 011bwaY MIning
25 75c Mar15
414 July29
1,145 Old Dominion Co
25 3012 Mar 5 5212 July28
30i) Osceola
25 45 Mari7 73 July28
135 Quincy
25 52 Mar22 83 July28
173 St Mary's Mineral Land- 25 40 Mar 4 75 July29
1,375 Seneca Copper Corp___no par
Jan22 2612 July29
13
1,031,Shannon
10
44 July30
112 Mar15
:South Lake
25 40c Jan13
312June 6
80) South Utah M & 5
5
Rc Janll 50o Aug14
70 Superior
25
1114 June 5
4 Mar 8
1,293 Superior h Boston Copper 10
1 Mar28 5%, Nov21
514 June 2
1,477 TrinitY
25
1 12 Sept 9
3.15) Tu gumne Copper
5 74c Apr 1 2% Sept17
519 Utah-Apex Mining
338 Juno 2
5
134 May 9
319 Utah Consolidated
1
712 JanI8 1234 July29
3,355 Utah Metal & Tunnel
5 July30
1
114 Jan28
565 Victoria
25,
434 July28
114 Mar13
975 Winona
25 50c Jan 9'
3 July28
25 15 Mar 5 31 July31
75 Wolverine
Wyandotte
25 40c Mari3 1% May27
Ex-dividend and rights. • ts4essment uald
Pi PA -right
,
. a Ez-dIvIgead. r Ralf-paid.
-N1-a;
-4-0- Jul)
4 Sept, 1558 Mar
90341Aug' 10918 Oct
6012 Jan' 92 Nov
Jan 82 June
76
11
Feo :19
Dec
-1451-4 May
147 Des
1712May
1112 Nov
534 May
Jan
4
13 Mar
6 Nov
39
Oct 58 Mar
134 June 186 Nov
2712 June
27 Aug
----412 Oct
12 Apr
64's
35
-712
23
Nov
Aug
-Oct
Nov
658 Dec
318 Aug1
1
734 June 10 May
88 Sept! 93 Nov
:7714 Jan! 9114 Nov
62 Juno 1 71 Nov
107 J1111(4 147 Nov
_
8212 July 10012 dot
130 Feb, 160 Nov
-di Aug 166 - Feb
11
Jan,
1378 Mar
27
Oct 41l Nov
102 Aug 14614 Aug
45
Jan 56 Dec
3812 July, 4813 May
2134 Aug
261! May
9 Nov
5 Jan'
17
9
35
Nov
Feb
1)eo
1212 Feb
Apr
12
12 Juno
134 Jan
69 Dee 86 Nov
15o July
45e May
4012 Dec 54 Feb
11
Jan
164 Aug
9 Nov
1034 May
20e Oct 44e Nov
425 Deo 470 Deo
-n;
40 Dell 511:Nov
112 Apr, 3 Sept
_ 1634-
434 Deo,
812 Mar;
3 June
434 Dec.
15c Nlar 1
40 Julyi
447s Dec:
7912 Oct
1912 Jan.
5 Jan,'
80c Sept'
314 Dee'
2 Jan
234 Dec
314 Sept
65c Mar
40c June
5012 Dec
14 Aug
678 Mar
12 Nov
6 Feb
1018 Jan
30e Sept
Jan
1
70 May
Feb
84
29 July
612 Oct
134 May
84 May
34 Mar
6 Feb
Jfill
7
412 Nov
414 Oct
6(1!! May
212 July
934 Dee
12 !Aug
6312 Dec
814 Jan
1013 Dec
25c Feb
12.1une
32 Dee
4612 June
59 Dec
34 Dec
7
Jan
234 Dec
12 Sept
10c Dec
4
Feb
111 Aug
212 Sept
73e Dec
114 May
7 Doc
1
Dec
158 Dee
'NOV
18 Dec
400 May
-171-4 M11;
Jan
20
80 Jan
978 Apr
1738MaY
9,5e Mar
158 Deo
4512 Jan
65
Jan
78 May
Jan
57
1534 Deo
534 Jan
Jan
2
20c Jan
478 Nov
434 Sept
413 Feb
1,3'. Aug
418 Nov
12
Jan
314 Ape
Jan
3
2 J80
36
Jan
I'-4'. mar
Outside Stock Exchanges
Stocks-
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange Dec. 6 to Dec. 12, both inclusive:
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Price. Low. High.
Bonds-
99.14 99.0 $28,100
U S Lib Loan 3146_1932 47
93.64 93.84 5,100
1st Lib Loan 4s_ _1932-47
91.54 92.04 35,900
2d Lib Loan 4s_ _1927-42
93.84 94.30 17,600
1st I.lb L'n 4 X8-1932-47
91.84 92.24 45,100
2d Lib L'n 4%s_1927 42
93.74 94.48 70,250
3d Lib Loan 4%s_ _ _1928
91.90 92.58 84,300
4th Lib L'n 4%s_1933-38
98.84 99.18 38,250
Victory 4%s_ _ _ _1922-23
6,000
Am Tel & Tel cony 68_1925
983.4 9914
8034 8034 6,000
Collateral trust 5s_ _1946 807%
21,000
82% 83
AUG&WISSL5s.._1959
10234 1107% 41,900
Carson Hill Gold 7s....1923 110
2,000
84
84
Chic. June & U S Y 5s_1940
74 9334
3.000
93/
Gt Nor-C B & Q 4s_ _ _1921
1,000
70
70
K C Mem & B inc 58_1934
843.4 10,000
84
1931 84
Maas Gas 4%s
3,000
77
77
Miss River Power 5s_ _1951
7,000
82
82
N E Telephone 5s_ _ _1932 82
6,000
79
79
1934
New River 5s
707% 7034 15,000
N Y N H & Hart cony Gs
95
6,500
94
Pond Creek Coal Gs_ _ _1923
7 94
12,000
1944 93% 93%
Swift & Co 1st 5s
5,000
105 105
U S Smeltg R & M CODY Gs_ 10.5
2.000
Woof n7,1 '7'n1 .6 •T'n1 c.
84
84
Range since Jan. I.
Low.
High.
80.01 Feb
91.64 Jan
90.84 Dec
93.24 Jan
91.34 Nov
93.54 Nov
91.34 Nov
98.74 Dec
987% Dec
80% Dec
79
Feb
997% Nov
84
Dec
9334 Dec
70
Sept
83
Apr
73
Oct
82
Dec
77
May
707% Dec
92
Jan
927% Oct
99
Feb
84
Dec
100.64 Oct
95.90 Mar
94.80June
96.50 Jan
95.90 Jan
96.58 Sept
96.50 Jan
100.04June
1033,4 Mar
May
92
94
May
110% Dec
9414 Jan
7 July
95%
July
75
87% Mar
80
May
9314 Feb
June
82
707% Dec
983-4 May
987% June
1077% Ocl
Mar
91
Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Stock Exchange Dec. 6 to Dec. 12, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.
Amer Rolling Mill, com_25
Amer Vitrified Products_
Am Wind Glass Mach_.A00
100
Preferred
Amer Wind Glass, pref _100
Arkansas Nat Gas,com_100
100
Preferred
Barnsdall Corporation_ _25
Carbo-Hydrogen Co, corn.5
5
Preferred
Carnegie Lead & Zinc_ _ _ _5
1
Gold Bar Mines
Guffey-Gilles Oil_(no par)
Indep Brewing, corn__ _ _50
50
Preferred
La Bello Iron Wks, pf _ _100
1(10
Lone Star Gas
50
Mfrs Light & heat
5
Marland Petroleum
Nat Fireproofing, com_ _50
50
Preferred
1
Ohio Fuel Oil
25
Ohio Fuel Supply
Oklahoma Nat Gas
25
Oklahoma Prod AL Ref _ _ _5
Pitts') Brewing, com_ _ _51)
Preferred
50
Pittsburgh Coal, pref_ _100
Pittsb-Jerome Copp Co_ _1
Pittsb ar Mt Shasta Cop_ _1
Pittsb Oil & Gas
100
Pittsb Plate Glass, com.100
Riverside East 011, corn_ 5
1
San Toy Mining
Union Natural Gas_ ___100
100
U S Glass
U S Steel Corp, pref _ _100
West'house Air Brake_ _ _5()
West'house Elec & Mfg_50
West Penn Rye, pref _ _ _100
BondsPittsb Brewing 6s____1949
..-,•••,....-....., Ant. rtn
1071
Range since Jan. 1.
High.
Low.
450 4434 Apr
60
58
305
17%
17
165.4 Dec
695 79
Jan
125 136
125
94
75 7714 Jan
94
Mar
25 98
103% 104
104
July
1,419 53
404 480
440
May
3,475 75
127 146
146
June
1,835 32
453.4 4794
469-4
1,855
214 Aug
334 4
37%
414 5
14,180
314 Aug
5
Sept
8% 9
6
200
Sc
1,000
Sc
5c
Jan
Sc
345% 3774 27,560 3034 Dec
35
530
3% 47%
1% Jan
4
10
70
10
514 Jan
10
100 9494 Feb
124 124
124
Dec
77 155
155 '155 157
670 4814 Jan
597-4 6114
6
Nov
4,103
614 6%
674
Jan
5
370
9
87-4 9
16
Jan
20 10
16
Jan
690 16
3134 32
32
1,470 427% Feb
52
51
517%
7,260 287% Jan
45
4434 47
8% Mar
130
934
914 107%
Jan
2
152
614
634
79-4
Jan
7
15
805
14% 15
91
91
91
10 853-'4 Feb
16c
16c 20c
Jan
8,000
8c
54c 60e
56c
Jan
13,000 21c
Jan
715
8
1494 159.4
824 116
Jan
15254 160
4% 4%
% Feb
850
Sc
9c
4,700
6c
Feb
122
245 114% Dec
1143.4 122
55
55
55
10 30
Feb
1127% 1127% 1127%
100 112% I)ec
114% 114% 115
317 93
Jan
527%
527% 5334
385 407% Jan
77
77
65 755% July
(17
72
97
72
97
85,000
500
52
Jan
OA 3: Ifin
64%
20
157
1037%
105
480
146
503-4
434
5
1334
9c
377-4
7
16
124
300
66
814
1 17%
24
35
547%
505%
137%
10%
20
98
67c
70c
1814
160
634
13c
135
63
116
124%
68
807%
July
Nov
July
Oct
Aug
Dec
Dec
Oct
Oct
Dec
Oct
Sept
Dec
May
May
Dec
May
Nov
Oct
May
May
Nov
July
Nov
May
July
June
May
Aug
Sept
June
De(
Oct
Mai
Ma)
Oct
Jun(
Jun(
Oct
Jul)
7534 Jul)
QR
NM
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange Dec.. 6 to Dec. 12, both inclusive,
compiled from official sales lists:
Stocks-
Friday
Sales
Last Ireek's Range for
ofPrices.
lte.k.
Sale.
Par. Price. Low, High. Shares.
American Radiator_ _ _ _100 325
100 114%
Preferred
American Shipbuilding 100
Armour & Co pr, ferred__ _ _ 108
Booth Fisheries pr( f_ _100
10 12%
Bunto common
Butler Bros
63
Briscoe common
68
Preferred
(*) 2014
Case (J I)
97
Preferred
/
54
Chic C&C Ry pt sh corn(5)
7
Preferred
common_
Ry
hey
Chicago
Preferred
(*)
Chicago Pneumatic TooL _ 100
4
Chic Rys part ctf "2" _ _ _
Chic Rys part ctf "3"
"4"
part
ctf
Rya
Chic
Commonwealth-Edison.100 108
Cont Motors common_ _ _10 13%
Cudahy Pack Co com_ _100 104
Cohn (A & I))
(*) 45
Docker A & Co
(5)
Preferred
Deere & Co prof
100
Dlamond Match
100 120
82
Great Lakes D & D
Hartman Corporation._100 90
Hart,Schaff&Marx corn 100 89
10 14%
Hupp Motor
Illinois Brick
100
Kansas City Ry corn ctfs_ _ -----Preferred ctfs
Kansas City Lt & Power_ _
10 --2934
Libby (IV I)
6
10
Lindsay Light
Preferred
10
Mitchell Motor Co
(5) 41%
National Carbon pref.A00
National Leather
20 1734
Peoples Gas Lt & Coke 100 3435
Pettibone
2255
THE CHRONICLE
DEC. 13 1919.]
Range since Jan. 1.
Low.
High.
325 325
20 275
Apr 345
114% 11434
10 8534 Apr 125
116 116
20 100
Feb 138
105 109% 13,520 98% Aug 109%
77
77
10 76
Nov 83%
1234 1214
150
9% June 15
274 278
180 250
Oct 278%
63
66
515 55
Oct 68%
10 68
68
68
Dec 90
20% 20%
1,830 20
Oct 27%
97
97
395 97
Oct 98%
31
930
%
34 Jan
2
634 9%
Dec 18%
1,773
5
1
1
25
1
Nov
3
3
4
1,550
17%
3
Dec
104% 104%
109 60% Feb 115
4
5
590
4
Dec
1034
170
3
14 Dec
%
%
4
4
100
4
% Aug
107 108%
3,208 107
Aug 118
12% 13% 13,140
8% Apr
14
104 106
1,680 10034 Feb 123
44% 45
276 3835 Oct 48%
45
45
350 38% Oct 48%
97
97%
5 97
Dec 98%
100 100%
280 78
Apr 105
120 123%
85 101
June 124
86
82
185 82
Oct 96
88% 91
480 82
Oct 96
89
90
150 68
Feb 10014
13% 17% 8,895 10% Sept
1734
78%
120 78
78
Nov 103
434 5%
833
4% Dec
5%
12%
12
340 11
Dec
15
32
32
350 32
Dec 38
28% 31% 8,700 19% Jan 36%
6
614
17
550
6
Dec
100
934 9%
734 Nov
1014
4134 4414
250 33
Apr 55%
126 126
10 118
Apr 126
17% 1834
9,885 16% Sept 25
34% 38%
2,465 33
Dec 5514
41
41
100 41
Dec 41
Nov
Nov
Oct
Dec
June
July
Dec
Nov
Nov
Oct
Nov
Aug
Aug
Aug
Aug
Nov
Aug
July
Dec
July
Oct
May
Oct
Oct
Nov
July
Nov
Oct
Oct
Nov
Dec
Sept
Dec
Dec
Dec
Oct
Aug
Apr
July
Dec
Aug
July
Dec
Friday
Sales
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.
Pub Sery of No Ill corn 100
100
Preferred
Quaker Oats Co prof- --100
Root & Van Dervoort_ (*)
10
Re) Motor
Republic Truck
(5)
Sears-Roebuck common 100
Shaw W W common_ _ _(*)
Standard Gas & Elec_ _ _ _50
50
Preferre I
Stewart Mfg
(5)
Stewart-Warner Sp w I. _ _ _
Swift & Co
100
15
Swift International
Temtor Prod C & F "A"(5)
Thompson common
25
Union Carbide & Carbon Co
(5)
United Paper Ild com_100
100
Preferred
Wahl Co
(5)
Ward, Montg & Co pref
do
when issued
Wilson & Co pref
100
Wrigley Jr common
_25
BondsArmour & Co 434s
1939
1921
Debenture 6s
1922
Debenture 6s
1924
Debenture Gs
Chicago City Ry 55_ _1927
Chic City & Con Rys 5s'27
Chicago Rys 5s
1927
Chic Rys 48 series "B"....
Metr W Side El 1st 4s_1938
Chic Gas L Sr C 1st 5s_1937
Swift & Co 1st g 5s_ _ _1944
80
88
95
2814
61
226
265
2734
41%
3994
132
56%
49
433i
Range since Jan. 1.
Low.
High.
Nov 95% May
80 80
80
80
Nov 105
88
May
S5
393 83
Dec 105
May
440 94
94
95
Nov
Dec 58
150
52
52
52
2,425 2714 Dec 35% Oct
2714 29%
Nov
Sept 74
51
61
775 44
Nov
220 227%
940 16834 Feb 232
Dec
188 112% May 270
260 270
1,166 2614 Dec 31% Nov
27
281.1
Nov
Dec 43
435 41
41
42%
Oct
Apr 59
4914 50
200 45
Nov
38% 4014 10,670 35% Nov 43
6,744 11514 Jan 149% May
13014 137
5(1
6014 24,785 4114 Jan 65% Oct
47% 49
1,000 4714 Dec 5014 Oct
42% 4514
Aug 45% Dec
1,950 31
78
9,160 56
22
3,135 17%
110 64
65%
3,850 1914
49%
722 105
115
45% 22,850 4414
65 95
99
245 74%
83
Jan 85%
Jan 2914
July 70
Sept 5514
July 115
Dec 4534
Feb 104
Sept 89
July
July
July
Nov
Dec
Dec
July
Oct
82
$100 82
82
1,000 102
106 106
1.700 10214
106 10714
1,000 100%
106 106
106
67% 6814 22,000 65
22,000 40
40
40
40
65
6814 11,000 65
37,009 34%
3414 35
34%
5,000 47
47
47
75
75
5,000 75
94
94
1,000 9234
Dec 88
Dec 105
Oct 107%
Mar 106
Nov 84
Dec 55
Nov 81
Dec 60
Dec 56%
Dec 86
Sept 98.%
Feb
Dec
Dec
Dec
Feb
Aug
Jan
Jan
Jan
Oct
Jan
74
22
65
4314
46%
112%
44%
45%
99
82
74
22
106
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange, Dec. 6 to Dec. 12, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.
83
Alabama Co
83
100 83
74% 743.1
Second preferred_
100
39
Arundel Corporation_ _ _100
39
10
Atlantic Petroleum
23.4 3%
2%
Baltimore Brick
4
23-4
234
20
Preferred
20
Canton Co
100
16014 16014
3.80
Celestine Oily t
3.80 4.00
Cent Teresa Sugar pref ___ _
1034
914 11
Commercial Credit
47
25
47
102 105
Consol Ga.s E L & Pow_100
Consolidation Coal_ _ _ _100 8134
81
83%
95%
Cosden & Co
9
9
5
Preferred
5
414
434
474
31% 3334
Davison Chemical __no par
Elkhorn Coal Corp
50
293-4 30
100
G B S Brewing
34
34
90
Houston Oil pref tr ctfs_100 90
92
1014 1134
Indiahoma Refg
10
Monon Vail True
10
25
Preferred
25
1634 1634
5414 80
Mt V-Woodb Mills v t r 100 75
96
9614
Preferred v t r
100
6934 6934
Northern Central
50
7834 7934
Pennsyl Wat & Power_ _100 7854
50 1014
United Ry & Elec
1034 1134
Wash B & Annap
20
50 20
20
5
4%
434
Wayland Oil & Gas
43-4
Bonds-Alabama Cons C & I 581933
Arundel Sand & G 6s_1923
Arundel Shipbuilding 6s_
AtICoast Lconv deb 4ssmall
Baltimore Brick 1st 5s_1943
Halt Spar P & C 414E3_1953
Central Ry exten 55_ A932
_1927
Chicago Ry 1st 5s
Clty & Suburb 1st 5s_ _1922
Congo' Gas gen 414s_1954
ConsolGasEL&P43431935
5% notes
7% notes
Consol Coal cony 6s_ A923
Cosden ,Sr Co Ser B 6s_1932
Elkhorn Coal Corp 65_1925
Fair & Clarks Trac 5s_1938
Fla Cent & Perlin extd 613
Ga Sou & Florida 5s.1945
0-B-S Brewing inc 5s_1951
1934
Funding Os
Houst Oil div ctfs 1923-25
Monon Val Trac 713
Norfolk Ry & Lt 5s_ _1949
United Ry & El 4E3
_1949
1949
Income 4s
1936
Funding 5s
6% notes
Wash Halt & Annan 5s 1941
89
99
100
66
85
8234
953-4
64%
959.4
83% 8334
7936
953.1
100%
97
97
9634
89
99%
89
2
31
110
963,4
85
6434 64
445%
45
62
85
7694
89
99
100
66
85
8234
9534
66
95%
84
80%
96
100%
97
97
963,4
89
9994
89
2
31
110
96%
85
64%
46%
62
85
769.4
Range since Jan. 1.
Low.
High.
10 69
Feb 96
20 60
Feb
76
35 3814 Nov 40
875
2
Jan
414
1,323
214 Dec
4
50
8% Sept 20
Apr 170
80 160
4,315
11.00 Mar 4.90
3,870
1234
934 Nov
50 40
July 50
377 101
Nov 11114
1,190 7834 Apr 92
5,777
634 Feb
123,4
1,670
5
4
Jan
1,510 28
Nov 4094
75 2414 Dec 43
1,304
19.1
14 June
310 7294 Jan 101
235
1234
594 June
552
1034
934 July
30
544
16
July
2,274
16
Jan 80
Feb 100
548 71
10 69
Sept 80
640 7714 Jan 8834
4,225 1034 Dec 2054
Oct 2934
1,340 20
5
110
3% Feb
Feb
$4,C00 81
Dec
1,000 99
Dec
1.000 100
400 66
Dec
1,500 71
June
2.000 32
Dec
2,000 957% Dec
25,000 645-4 Dec
1,000 9514 Nov
7,000 8214 Oct
14,000 7914 Dec
23,000 95
Nov
4,000 100
Nov
1,000 97
Dec
39,000 ss% Jan
4,000 967% Dec
1,000 88
Nov
1,000 9914 Nov
1,000 88
Sept
17,000
114 Mas
1.100 20
May
3,000 9834 Jan
1.000 9634 Dec
Oct
2,000 84
Dec
53,000 64
182,000 4434 Dec
2,000 62
Dec
Dec
13,000 85
2.000 7634 Dec
Aug
June
Dec
July
Dec
Dec
Nov
July
Oct
Nov
May
June
May
May
Nov
July
May
May
Oct
June
Apr
Dec
Aug
Feb
MaY
Jan
June
Nov
9014 Sept
Dec
99
Dec
100
7214 June
Dec
85
Feb
90
10034 Feb
7914 Jan
Jan
100
Jan
89
8514 Jan
9934 June
10134 July
100% July
10514 Sept
9934 Jun(
9554 Jar
Fel
101
Jas
96
334 Mai
Del
31
117
Mat
9834 Jaz
9234 Fel
76% Jas
5514 Ma]
Mai
76
Jar
96
8354 Jar
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, Dec. 6 to Dec. 12, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale.
of Prices.
lreck.
Par. Price. Low. High. Shares.
Alliance Insurance
10
American Gas
100 45
American Stilling
10
American Rys pref _ _ _ _100
American Stores_ _ no par 40
First preferred
Baldwin Locom pref __ -100
Buff & Susq Corp ply t c 100
Cambria Iron
50
Consol Trac of N J.... _ _100
Elec Storage Battery_ _ _100 135
General Asphalt
100 102
Preferred
100 161
Hunt & Broad Top
Preferred
9
Insurance Cool N A_ _10
J G Brill Co
100 -50
Kentucky Secur Corp pf 100
Keystone Telephone_ _ _ _50 13
Preferred
so
Lake Superior Corp_ _ _ _100 21%
Lehigh Navigation
50 59
243-4
45
8
64%
40
92
10114
49
39
43%
13414
102
161
5
9
35
50
51
12
45
1931
56%
Range since Jan. 1.
Low.
High.
2414
160
24% Dec
19
Jan
46%
June
520 44
Nov 74
8
100
8
Dec 12% Apr
64%
1,008 6214 May 6914 Jan
41
1,921
20% Apr 43% Nov
92
July
25 83
Aug 96
Nov
102
10 10014 Jan 110
Jan
49
Dec 53
44 49
3914
112 3814 Oct 41% Feb
Feb
43%
250 4314 Dec 59
Oct
139
4,218 5131 Jan 153
Oct
121
Jan 161
1,188 39
Oct
180
Jan 241
343 76
Nov
5
1,400
103,4 Aug
5
Feb
19
714 Oct
9
789
Nov
36
36
263 25% Jan
1914 Feb 8431 July
51
290
Dec
51
Dec 51
900 51
18N July
14
Mar
1,380
8
July
59
Nov
10 43
45
22
Jan
25% Jul)'
11,138 17
Jan
62
6,452 5614 Dec 73
2256
Stocks-(Cona.)
THE CHRONICLE
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Weelc.
Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
High.
Lehigh Valley
50 42
41% 43%
4,159 40% Nov 60% June
Little Schuylkill
50
42
42
60 40% June 45
Mar
Midvale Steel & Ord__ _ _50 48% 48% 49%
526 41
Jan 613% July
Mlnehill & S H
50
50
50
61 50
Jan 57% Sept
Northern Central
50
69% 69%
30 69% Sept 75
Jan
North Pennsylvania_ _50
81
81
10 79
Apr 82
Nov
Pennsyl Salt Mfg
50 73
70
76
867 70
Dec 8454 Feb
Pennsylvania
50 40
40
41% 16,916 40
Dec 48% May
Philadelphia Co (Pitts).50
35% 3555
50 30
Jan 42% July
Pref (cumulative 6%)_50 3235
32
3255
537 31% Jan 3734 Apr
Phila. Electric of Pa
25 24%
24%
24
2,978 24
Dec 2654 May
Phila. Rap Trans v t r_ _ _50 26
25% 26%
878 23
Apr 29% June
Philadelphia Traction_ .50
60
61%
919 60
Dec 71
Jan
Philadelphia & Western_50
100
5% May
6% 6%
8
May
Preferred
50
29
29
75 27
Mar 30
May
Reading
50 7454
74% 77
135 74
Dec 93% June
First preferred
50
33% 33%
20 33% Dec 38% Nov
Second preferred
50 35
35
35
45 35
Dec 3955 May
Tono-Belmont Develop_ A
2
1,301
2% 3
2% Jan 3 15-16MaY
Tonopah Mining
1
235
2% 2% 4,195
2% Sept
May
4
Union Traction
50 34
34
38
3,333 34
Dec 41
May
United Cos of N J
100
193 193
6 185
Feb 197% Oct
United Gas Impt
50 5154
5154 53% 12,421 51% Dec 745,5 Jan
U S Steel Corporation_ _100 101
101
105
860 88% Feb 115% July
West Jersey & Sea Sh_ _50
39
39
7 39
Dec 46
Jan
Westmoreland Coal
50 74
74
74
70 7255 Apr 75
Jan
York Railways
50
8
855
200
7
Mar
9% June
Preferred
50 3054
3055 31
50 30
May 32% May
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Stocks (Concluded) Par. Price, Low. High. Shares.
[VOL. 109.
Range since Jan. 1.
Low.
filch
Hocking Valley Prod _ r_100 13%
1354 13%
100
9
Apr
Sept
Hupp Motor Car Corp_10
14%
14
15% 15,500
456 Jan
Dec
15%
4
Imper Tob of G B & I__ _£1
12
12
12
400 12
Dec 25
Aug
Indian Packing Corp _ r _(t) 16%
16% 18% 30,200 16% Dec
5056 July
Kay County Gas_r
1
2
255 10,900
Dec
3% Oct
Knickerbocker Mot _ r_ _10
4
4%
1,200
4
Dec
10% July
Lake Torp Boat com_r_ _10
1%
154
1%
200
134 Jan
Oct
Libby,McNe111.41Libby_r 10
30
30%
700
19
Jar! 3634 Oct
Lima Locom com_ r_ _100 82
82
82
200 27% Feb
Sept
8
Locomobile Co now w 1_ _ _ _
26
25
26
1,00(1 25
Dec 26
Octec
D
Loew's liacorp____(no par) 29
2854 35% 12,100 28% Dec 3,94
Loft Incorporated r(no par) 22%
22% 2554 12,600 17
Oct
Madison Tire & It, com.(t)
58
63
400 45
Aug
Oct0et
343480
Maibohm Motors.r
_10
13% 13%
1,200
1255 Nov
16
Oct
MarconlWirel.Tel.of A mer5
5% 6% 18,100
4
Jan
5%
7%
Oct
Maxw Chalm_r_new stock
40
1,200 40
50
Dec 68% Oct
Mercer Motors_ r _ _(no par) 36
34
36
5,600 32
Nov
43
Oct
Mitchell Motors r_(no par)
41
41%
2,000 41
Dec 41% Dec
Montg Ward & Co coin_(t) 45
44
4855 50,500 44
Dec 4855 Dec
Nunnally Co corn_ r_ __-(t) 23
25
11,700 23
23
Dec 25
Dec
Nat Ice & Coal_r
100
50
200 47
55
Jan 8155 June
N Y Shipbuilding_ .(no par)
200 25
50
50
Jan
78
July
Nor Am Pulp & Paper-(t)
3,300
3% 4
Jan
7% Apr
Ohio Body & 13lower_r_(t) 33
32
34
6,200 2955 Nov
37
Nov
Overland Tire
10 28%
1,200
28% 29
1454 Aug
Oct
32
Packard Mot Car, pf _ r _10(1
96
300 9454 Dec 999-4 Oct
96%
Patchogue-Plym Mills (t)
Nov
41
200 35
4155
47
Oct
Perfection T & R new_r 10
11,200
655
7
654 Dec
Nov
Phillips-JonesCorp,pf_r 100
95
200 94
95
Sept 97Atig
8
BondsPyretic Mfg
10
10() 12
Aug
15
15
20
June
U S 1st Lib L 3555_1932-47
99.70 99.70 1,000 98.20 Apr 100.26 Nov Reo Motor Carr
10
800 2834 Dec 6
2855 30
322 54 Nov
2d Lib Ln 41%8_1927-42
92.50 92.50 50,00() 92.50 Dec 95.30 Jan 1 Replogle Steel r_(no par)
Nov
50
1,400
50
Oct
52
3d Lib Loan 4%s_ _ _1928
94.02 94.32 7,500 94.02 Dec 96.38 Jan Republic Rubber r (no par)
43.4
4% 5%
4% Dec
7,400
11
July
4th Lib L'n 4%8_1933-38
92.02 92.50 19,000 91.50 Nov
95.7O May Rockaway Roll Mills_ r-(t)
Nov
1,000
Sept
955
12
Victory 43%s _ _ _1922-32
99.00 99.14 3,900 99.00 Dec 100.04 Juno Root & Van Dervoort r
100 523.4
Aug
1,100 37
60
52
Oct
5254
Amer Gas& El 58 small 2007
100 82
Nov 88% Jan Savold Tire Corp_ r
25
7
8,600
Dec 77% Aug
7
15
Baldwin Locom 1st 5s_1940
100 100%
6,000 00
Apr 101
July Snow's Fount Hold Corp 10 12
9
5,300
12
Oct
Dec
15%
15%
Consol Trac N J 1st 58 1932
70%, 70% 21,000 70% Dec 89
Jan Solar Light Corp_r____(t) 11 1-16 111-16 12% 11.700
12% Dec
954 Nov
Easton & Amboy 5s_ _ _1920
99
99%
1,000 9954 Dec 99% Dec Spicer Mfg,com_r
100
93
300 5655 July 105
95
Oct
Elec & Peop tr ctfs 4.8_1945 60
60
63
39,000 60
Dec 71
Jan Stand Gas & El com_r_ _50 27%
24
1,200
27
Aug
4455
May
2755
Erie prior lien 4s
53% 53% 20,000 53% Dec 53% Dec Stanwood Rubber.
corn (t) 18%
16
5,600
1935
1655 Nov
1
,
97%55
2
Inter State Rys coil 48.1943 30
30
30
6,000 30
Dec 40% Feb Submarine Boat v t c.-(3)
10
9,600
15
Feb
15%
16%
July
Keystone Tel 1st 5s_ _1935
84
85
8,000 84
Dec 92
July Swift International r_ _15
57
900 4055 Jan
Mar
5955
Lake Superior Corp 58_1924
61
61
2.000 5S
Dec 74
Aug Temtor Corn & Fr pf A -(t)
Oct
49
500 49
49
Lehigh C& Nav cons4%s'54 93
90
90
12,000 90
Dec 95
Aug Tobacco Products Exp_(t) 29
7,300
29
25
June
35
lci
'
i
5
,
;
"
65
5
4
8
j
0
6
1
Lehigh Val gen cons 4s 2003
70
70% 27,000 69% Dec 80% Jan Un Carbide & Carbon
(t)
1,000 6055 Feb
77
78
July
1928 100
Coll trust 68
100 100% 11,000 100
Dec 102% Jan UntdPictureProdCorp_r(t) 15
9
6,500
JulyAucet
Oct
9
Dec
1554
8
Gen consol 4558_ _ _ _2003 77
77
7855 12,000 77
Dec 93
Feb
United Profit Sharing.. _25c
2%
255 2% 18,700
7-16 Jail
394
Market St Elev 1st 4s_1955
80
1,000 80
80
Mar 80
Mar Un Retail St's Candy_ r.(t) 14%
14% 16% 14,100
Nov
14
Midvale Steel & Ord 5s 1936
83% 83%
5,000 83% Dec 8654 Oct U S Distributing corn _50
50
100
49
Nov
Oct
50
59
Nat'l Properties 4-6s_ _1946 31
31
32
8,000 30
Apr 40
May U S High SpeedSteel&Toolt 27%
3,740
Nov
2755 28
27
28% Dec
1946
Small
35
35
500 32
Mar 35
Dec U S Lt & In Corp, com.r 10
2%
8,375
3%
155 Jan
4% Oct
3%
Pennsylv RR gen 45031965 80
80
80% 34,000 79% Dec 89% Jan
Preferred _r
10
555 Oct
500
3% 3%
255 Feb
1968 8934 89% 90
General 58
27,000 89% Dec 98
Jan U S Steamship
10
Mar
8% Oct
3% 4% 43,500
2
1960 91
Consol 4555
91
91
3,000 91
Nov 96% Feb Uzold Tire.r
5
18,500
Sept
Dec
4%
4%
4%
2%
494
1943
Consul 4s
84
84
5,000 84
Dec 84
Dec 1Vanadium Steel of Am_r(t)
9,000 37% Aug 6655 Oct
6155
58
1948
Consol 48
84
84
20,000 84
Dec 84
Dec V Vivadou, Inc_ r_ _(no par) 2255
6,800 21
33
Nov
Sept
22
23
97% 97%
P W & B ctfs 48_ _ _ _1921
2,000 95
Feb
97% Nov
Warren Bros_ r
100 75
JulyOct
300 4256 May
70
75
960
Phila Electric 1st 5s__1966 93
89
9335 132,000 89% Dec 96
July
Wayne Coal
5
454
35,5 May
2,100
4% 5
1966
Small
93
93%
700 93
Dec 9734 Jan
Willys Corp 1st pref_r_100 100
100 100 •
200 98% Sept 101
Oct
Phila & Read Term 58_1941 99%
99% 99%
3,000 99% Dec 103
Mar
Second pref _ r
100 93
93
100 92
Dec 9654 Oct
93
Pub Serv Corp of NJ 58_'59 5855 58% 59
3,000 54% Dec 73
Sept
Rights1997 7955 79% 80
Reading gen 4s
49,000 7955 Dec 86% Nov Kay County Gas
2,000
54 Dec
56 Doc
3.1
94
Spanish Am Iron 6s_ _ _ 1927
100 100
5,000 99% Nov 100
Aug
Former Standard Oil
United Cos NJ 4s reg _ 1023
3.000 9354 Dec 9355 Dec
9355 9355
Subsidiaries
Anglo-American 011_r_ _£1 29
8,500 16% Jan
29
3254
36% Nov
New York "Curb" Market.-Below we give a record of Ohio
Oil.r
25 358
100 315
358 370
Apr
Jun 404
the transactions in the outside security market from Dec. 6 Prairie Pipe Line_ r_ _ _ ..100
10 264
275 275
Mar 317
May
South Penn 011_ r
100
325 335
30 292
Apr 350
May
to Dec. 12, both inclusive. It covers the week ending Friday Standard
011 (Calif) _r_100
30 258
292 296
Jan 319
July
afternoon. On the "Curb" there are no restrictions what- Standard 011 of N J _ r_ _10()
140 668
732 743
Apr 798
July
Oil of N Y_r_100 426
410 310
425 449
Jan 449
Dec
ever. Any security may be dealt in and any one can meet Standard
Vacuum 011_r
100 430
45 395
430 435
Jan 490
May
there and make prices and have them included in the lists
Other 011 Stocks
Alliance
011
&
Ref
.r
5
4,000
455 Apr
16
1655
Dec
17
of those who make it a business to furnish daily records of Allied Oil_ r
54 15 16 145,500
154 Sept
July
the transactions. The possibility that fictitious transac- Alto Gasoline & (311_r_ _ _ _51 13-16
8,10(1
455
4
4
556
Dec
755 Sept
Amalgamated
Royalty_r
_1
5,000
1
1%
1
Aug
tions may creep in, or even that dealings in spurious securi- Anna Bell
2% Apr
67c
69c 3,100 60e
Oct 70e Nov
ties may be included, should, hence, always be kept in mind, Aritex Oil _ r
1
2% Sept
34
56 Oct
% 6,400
Arkansas
Gas
new
I.
w
__10
43
5,400 43
43
particularly as regards mining shares. In the circumstances, Associated Oil of Texas.
Dec 47
47
Doc
_1
5,900
2
2%
235 Nov
134 Nov
St is out of the question for anyone to vouch for the absolute Barnett 011 & Gas_r
1
2,000
55
36 Aug 5-16 Jan
54
Petroleum_r
Bell
5,000
trustworthiness of this record of "Curb" transactions, and Boone
155 Nov
1% 2%
255 Oct
011_ r
5
7;5
7% 8% 22,300
Mar
3
1655 May
we give it for what it may be worth.
Boston-Mex Petrol
1
2%
4,300
2% 355
255 Dec
44 Aug
Boston-Wyoming .011-r- -1
1
Friday
zates
97c 1 1 32 81,300 180
Jan
I% Nov
Brazos Oil Corp_r_(no par) 19%
Week ending Dec. 12.
8,400 20
Last Week's Range for
Range since Jan. 1.
19% 2554
Nov
32% July
Burknett Van Cleav Oil_ _5
254
Sale.
Week.
ofPrices
2% 3%, 67,650
Sept
1
254 Deo
Carib Syndicate r new w I. 4955
StocksPar. Price. Low. High. Shares.
49
57% 25,200 28
Low.
High.
Oct 57% Dec
Circle 011_r
5
300
4
4
4
Dec
5% Oct
Commonwealth Petrol _ r(t) 4235
1
Acme Coal r
2,700 37
4255 46
2% 2%
1% Oct
2,900
3% July
Mar 63
Juno
Aetna Explosives_r(no par)
9
955
9
9% 15,300
6,900
8% 9%
655 Jan
Jan
12% Sept
123% July Cosden & Co, com _r _ _5
Cushing
Petr
Corp
com_r_5
Air Reduction_ r__(no par)
355 3% 10,700
354
51
355 Dec
June 65
2,000 51
May
5% Oct
5434
10
Allied Packers_r_ _(no par) 27
3354 3555 25,800 3254 Nov
Dec 673% July Dominion Oil.r
27
2,000 27
31
Oct
38
5
Amalg Leather com_r_ _100
755 8
1,350
Dec Elk Basin Petrol _ r
85 100
Dec 110
6
500 85
Jan
113.4 May
134
Preferred _r
100
155
1% 12,000
98
Dec Engineers Petrol Co_ r _ _ _1
99
Dec 99
1.000 98
Nov
1% Nov
5
Ertel 011.r
Amalg Tire Stores_r__-(t) 1455
3,600
2% 3%
255 Dec
14
Nov
3,900 14
15
July
11
173% Nov
Amer Candy Co, com_r(t)
%
4 4,300
75,5 8
8% Dec Esmeralda Oil& Gas_ r_ _1
Nov
1,000
7
sAs Dec 1 1-16 Aug
Amer Safety Razor_ r__ _25 17%
4% 5% 98,000
2
Jan
173% 183% 37,800 1655 Oct 203% Sept Federal Oil Corp_r
555 Dec
5
A T Securities Corp_ r _.(t) 613.4
5
654
2000,
Oct Fensland 011_r____(no par)
80
38,000 5.53% Nov
5
Nov
Dec
613.4 68
7
4655 42
Armour & Co pref_r
100
48
33,0(10 40
107 110
Dec Gilliland Oil com_r
Dec 110
2,700 107
Dec 48
Dec
Preferred _ r
97%
Austin Nichols & Co,Inc(t) 27
9754
100
2,900
Dec
27
26
1,100
38
Aug
Dec
9731 Dec 100
273%
Glenrock
011
Corp_
r....
3%
_
_10
Benford Auto Products_r _5
355
3% 13,200
455 Sept
200
155
156 Dec
1%
854 Apr
3% Nov
Busco Motor Corp com-r(t)
3455 38% 23,200 18
Nov Guffey-GillesPle Oil_r_.(t) 35
Oct 68
65
300 53
65
4054 Nov
AIM
7%
Brit-Am Chem Corp_ _10
755 9%
8.600
800
755 8
7% Sept
113% July Home Oil & Refs_ r_ _ _ _10
755 Dec 40% May
Brit-Amer Tob ordinary_1£ 22%
33c
2755 May Home Petrol of Denver.10 350
1,200 203% Aug
35c 16,900 300 Aug 42c
Oct
223% 25%
Houston 011 com_r_ _ ..100 160
Ordinary bearer
160 172
223% 243%
July
£1
28
2,000 75
223%
3,000 20
MaY
Dec
Jan 176
Hudson
011_
r
1
Bucyrus Co r
1
100
Oct
33
500 123% Mar 35
34
Apr
74
1)ec
1% 27,000
3.4
53.4
10%
Carbo-Hydrogen Co. com.5
1055 11%
4% Oct Hughes Petroleum_r
354 4
1,000
6,200 1055 Dec 11% Dec
294 Sept
43% Oct Indlahoma Ref Co_ r
33% Sept
5
43%
Preferred
5
11
300
454
11
1,000
12% Oct
June
Carib Trading_ r
£1 55
Dec Internat Petrol _r
100 340
5355 61
Dec 360
1( 54 Jan 61
285 360
10,000
200 200
Dec
Car Lig & Power_ r
50 36
25
Feb
5% July Invincible 011_ r
1,200
13,100 3056 Aug 4954 Oct
35
2
39
3% 33%
Island
Oil
Cent Teresa Sug com r 10
&
Transp_r
10
12% Oct
8,500
9% Mar
854 Nov
6% 7
3,000
654 Dec
9% 1034
Cities Service pref
100 73
2%
4% July
Dec 8055 Feb Livingston Oil Corp_r___1
73
3,000 73
1% June
75
2
2% 29,3()0
Cities Serv, prof 11w I_ _ _10
7%
7% Oct Magna Oil& Refining_ _ _ _5
955 Dec
7% Oct
8% Nov
7% 755
854
1,600
954 19,100
Cities Serv Bankers abs (3) 4234
Dec
33c
42
2
500 32c
May
43
Feb 503% Sept Manhattan Petroleum_r _1
20,100 35
34c
32c
Clinton-Wright Wire_r_(t)
855
954 Oct
35
Oct Margay 011Corp_r_(no par)
8% Nov
35
Aug 42
84 9% 18,900
100 30
Colonial Tire & Rubber_(t)
Maracaibo 011 Explor_ r_(t) 24%
Nov
955
30
9
July
12
45
24% 2655 10,70(1 24% I)ec
Nov
2,400
9
Columbian Emer Synd new
10 20
Mly
18
7,600 19% Dec 35
2334 15,1(10
2034
2354 Dec Merritt 011 Corp_ r
1555 Nov
19% 21%
Conley Foll_r_w I
31
30
6,300
Dec Metropolitan Petroleum_25
3
32
1% Sept 4 5-16 Mar
11,600 30
Dec 32
2%
355
Mexican-Panue
Curtiss Aerop & NI v t c..(t)
o Oil_ _ ...10
11
11%
600 10% May 29
Oct
14
200 11
May
14
Dec 20
15
Dafoe-Eustice Co Inc__(t)
Jan 190
3,500 124
11
13
May
14% Oct Midwest Refining_ r_ _ _ _50 157
13,200 1055 Dec
156 165
Davies (William) Co., Inc_
4955
Dec Midwest-Texas 011_ r _ _ _ _1
1% May
3-4
493.4 50
600 493% Dec 50
34 Nov
3.4
% 4,000
Farrell (Wm)& Son,Inc(t)
1
10,000
Mar
51
3%
51
554 Apr
355
200 49
4
Dec
663% Oct Morton Pet of Me_r
Firestone Tire & R,pf.r100 195
10
195 195.
254 Aug
7% Deo
Dec National 011_ r
74 7% 2,000
100 195
Dec 195
Preferred ,r
North American 011_ r_ _ _5
6,700
100
9855 100
534
Dec
5
Nov
94 Aug
Nov 100
9,900 98
5
556
General Asphalt com_r.100 10555 10634 12194 30,900 39
1
Oct Ohio-Ranger_r
234 May
5.5 Sept
7.4
Jan 162
%
3.4 11,300
Gen Motors w L __(no par) 3355
3,000
Scut 15
33
954 1055
38
Oct
34,200 30
Nov
9%
413% Nov Omar 011 & Gas new
Godchaux Sugar com_r_(t) 54
1,000
1
10% Oct
7
755
Dec Orient Oil & Gas_r
1% Apr
Sept 55
200 25
54
55
Goldwyn Picture.,(no par) 31
255 May
Nov Osage Nation Oil Svnd_ r 1
30
3.6 Nov
32% 26,700 28
Dec 35
34
% 10.500
Goodyear Tire & Rubb corn 420
Amer
Pet
Pan
& Tr B stk.
1,500 101
Dec 1(12
420 420
101
Dee
102
Dec 1
Dee 420
25 420
First preferred
10 1055
100
10055 10055
9% Des 17% Apr
954 1136 10,300
Nov Pennok Oil _ r
Nov 101
100 100
Grape Oha common
1
Aug 81
1%
13.4
9,700
55 Oct
Dec Phillips Petrol, corn-r (t) 70%
Oct
13.4
7055 75% 4,800 58
Preferred
Producers & Ref_r
10 10
1
7
154
1%
1154 20,700
MIR
1255 Nov
10
Oct
2% Nov
1
13% 16,600
Hanes(P II) Knit'g com_10
Ranger 011.r
1
263% 27
255 May
Nov 27
Dec
400 24
%
% 7,200 3-16 Oct
HavanaTobaccocom_r_100
Rock
Red
Oil
Gas_r_
&
4,400 55c Sept
354
354
700
6% July
134
13.4 1)oc
1%
13.4 Jan
Preferred.r
Rickard Texas Co_r
100
2,400
4%
Nov
4
4
300
254 Feb
5
24% June
133.4 14
29
July
Hendee Mfg com _r_ _ _ _100 45
1
44
5%
2,800 42
234 Apr
50
554 11,600
755 MAY
Nov
Oct Ryan Petroleum _ r
62
53.4
treyueri Chemlen1 r(ni oar)
ft
6
_25
654
3.700
Mar
6
AW, July
May
45
4855 8 800 38
104 Ails Salt Creek Prod_r.
154
DEC. 13 1919.]
Friday
Sates
Last Week's Range for
Other Oil
Sale.
1Week.
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
THE CHRONICLE
Range since Jan. 1.
Low.
2257
New York City Banks and Trust Companies.
Iliob.
See page 2236.
Savoy Oil
5
7
1,300
8%
Apr
6% Jan
14
Bequoyah 011 & Ref
1
7-16 % 8,100 7-16 Aug
% May
Shell Transp & Trad_r _ _ £2
81% 13,400 66
75
Aug 84
Oct
Simms Petroleum r(no par) 6084
65% 56.000 28% Aua 65% Dec
56
It) 11
Skelly Oil Co_r
11
12% 17,500 11% Nov
14% Oct
Southern Oil & Trans t 10
6% 7
200
Oct
2% Apr
9
See page 2236.
South States Cons Corp r 1
1% 1%
1% Oct 1% Nov
1,700
Spencer Petrol Corp ___ _10 12%
12% 19% 14,700
Oct
12% Dec
21
1
1
Stanton 011_r
1%
1
8,800
% Mar .2% May
10 13%
13% 13%
Star-Tex Pet_ r
950 13% Nov
14% Sept
Texans 011 & Ref _r_
I
61c
65c
1,500
lle
Jan
t•X. June
Texas Chief Oil _r
35
10 34%
34
18.000 34
Dec 35
Dec
All bond prices ars -and Interest" except where marked -1.”
Texas Company new. _ _25 58%
62
3,200 55
58
Nov 68
Oct
Tex Pac Coal & 011 w LAO
160 165
400 160
Dec 195
Oct
Texas-Ranger l'rod & It _1
1%
3,500
1%
34 Oct
June
6
RR. Equipments-PerCI Basis.
Standard Oil Stocks Par Sbar
Tex-Ken Oil Corp_r_ _ _5
334 Dec 6% Aug
2,200
3%
3% 3%
Ask. Baltimore & Ohio ,Sie
Par Bid
6.15 5.95
Texon Oil & Land_r
1
1 1-16 1% 45,700
2% Nov
34 June
Anglo-American 011 new..
Buff Roch & Pittsburgh 43.4
29 30
5.95 5.70
Thradnan Oil r
1
2
2
2% 6,500
Dec
2% Nov
1650
1600
Atlantic
Equipment
4e
100
5.70
Refining
5.95
Trinity 011 Corp_ r _ _
14,150
A
1
1)ec
%
1% Aug
1
11112 11219
Equipment 6s
Pref. new
5.95 5.70
United Tex Petrol_r___ _1
15-16 1 3-16 43,800 50c June
I% Nov
460 480 Canadian Pacific 434s
Borne-Scrymser
6.20
100
Co
5.70
Victoria Oil_r
1%
7,200
1%
10
1%
184
Nov
6
Apr Buckeye
Pipe Line
6.50 6.00
50 .94 97 Caro ClInchfield & Ohio 55
Vulcan 011_ r
1% Nov
8% 8% 6.000
8%
6
5
Apr Chesebrough
6.50 5.87
Central of Georgia 43.48
Mfg new__ _100 250 270
Wayland 011 & Gas. com_5
4% 4%
1,600
3% Jan
July
5
4
*2
Chesapeake
Rights
6.25
&
Ohio
5.80
1%
1%
West States Oil & Land _r_l
500
10% May
1% Dec
6.23 5.30
Preterred new
Equipment 5s
106 110
Whelan 011_ r
2,400
1
1% Oct
% Nov
7.25 6.25
100 565 585 Chicago & Alton 434s
• 23%
3,000 20% Aug 29% Nov Continental 011
White Eagle 011&Ref r _(t) 23% 23%
34
7.25 6.25
Equipment 5s
41% 43% 71,000 35
White 011 Corp _ r .(no par) 41%
43% Dec Crescent Pipe Line Co.... 50 .32
Nov
Chicago & Eastern Ill 53411.-- 7.00 6.00
9%
8% Oct
3,500
10% Aug Cumberland Pipe Line__ _100 150 170
Woodburn 011 Corp.r.wi(t)
6.75 6.00
40c
Wyoming Cons Oil _ r _ _ _ A
40c 34,900 35c Sept
35c
40e Sept Eureka Pipe Line Co.....100 148 153 Chic Ind & Louisv 4%s
6.00 5.75
Galena-Signal 011 corn_..100 79 81
Chic St Louis & N 0 be
Mining Stocks- Par.
5.80 5.30
Preferred old
100 108 113 Chicago & N W 43-4e
1 17-16 111,600
31e May
June
2
Alaska Brit Col Metals 1 1 1-16
104
Preferred
109
6.50 600
new
Chicago
RI
&
Pac
4/411
7,500
15-16
2
1
11-16
1
May
2
Dec
Amer Bond Min Corp_r A 1
Illinois Pipe Line
6.50 6.00
100 167 173
Equipment 5s
1 11-16 6,700
1 1 1-16
America Mines_ r
% May 1% Dec
50 *38 92 Colorado & Southern 54...- - 6.50 6.00
% July
1
1% Nov Indiana Pipe Line Co__
% 14,300
N
Arizona Silver
84
6.75 6.05
Erie 5s
3c
2c
13,500
20 Nov 6%e Mar International Petroleum_ Ll *54 56
Atlanta Mines.1 2%c
National Transit Co_..12.50 *34
30
6.75 6.05
Equipment 43.4s
32c
27,200
27c Dec
25c
840 July
Belcher-Divide_r
10c 28c
185
New
York
183
Transit
6.50
Co__
Hocking
_100
5.80
Valley
4115
78,500
48c
Aug
•
40c
220
45c
10c
Oct
Extension_
52o
r
Belcher
Northern Pipe Line Co_ 1002104 108
6.50 5.80
Equipment 5s
% 9-16 30,000
% Mar 15-16 Jan
Big Ledge Copper Co....._5
%
25.330 365
5 85 5.45
Illinole Central be
6c 67,700
Sc
Sc
4c Dec 36c
1
Apr Ohio Oil Co
Booth r
25 *65 , 70
5.85 5.45
Equipment 4340
77c 46,200
Feb 930 July Penn-M ex Fuel Co
6c
73c
Boston & Montana Dev 5 75c
100 680 1690
Kanawha & Michigan 4341.. 6.50 6.00
34 May
200
1
Butte & N Y Copper
34 Oct Prairie 011 & Gas
%
N
100 270 )275 Louisville & Nashville 5s... 5.75 5.30
14,000 27c
38c
Jan
34c
34c
45c Sept Prairie Pipe Line
Caledonia Mining
1
100 365 390
6.00 5.80
Michigan Central 5s
1
1
1%
7,500
Canada Copper Co, Ltd_ _5 11-16
2% Feb Solar Refining
Dec
6.00 5.80
Equipment 6s
1-16
Jan 2 3-16 June Southern Pipe Line Co..100 160 165
% 20,777 520
1
Candelaria Silver _ r
84
5.90 5.40
Minn St P&SSM4%s
100 325 330
6c
18,400
7c
5c
Feb 15%c Mar South Penn Oil
6Mc
.. 1
Cash lioy_
Missouri Kansas & Texas Su. 7.00 6.00
2% Oct
7% 9% 4,035
Consol Virginia Silver r_ 5
9% Dec Southwest Pa Pipe Lines _100 x97 100
7.00 6.00
MissouriPacific Sc
2%
2
1% Sept
24 8,400
Cresson Con Gold M & 51.1
534 Jan Standard 011 (California).100 290 295
6.50 5.80
Mobile & Ohio be
% 1 3-16 90,800
1 13-16
% Dec
Divide Extenelon_r
334 July Standard 011 (Indiana)- -100 745 765
6.50 5.80
Equipment 43-4s
3% 4% 8,000
3%
1% Mar
El Salvador Silver Min_ I
5% May Standard 011 (Kansas) 100 590 610
1% 1 11-162% 17,000
Aug
1
2% May Standard Oil (Kentucky)1002460 480 New York Central Lines 5s__ 6.00 5.75
Eureka Croesus Min r _ _1
6.00 5.75
Equipment 4948
78
80
3,700 50
75
Nov
Oct Standard 011 (Nebraska).100 52.3 535
95
Eureka Holly _r
6.12 5.80
2%
1
2% 2% 17,900
1
June
Porty-nine hilning-r
2% Oct Standard Oil of New Jer_100 725 733 N Y Central RR 4125
114
Preferred
115
100
6.50
NY
Ontario
6.00
&
West
4
1%
3,700
I%
1
Explor'n_r
1%
Dec
_5
Gate
4%
May
Golden
5.75 5.30
Norfolk & Western 4348._
Ilc
14c
16,900 11c July
Oct Standard 011 of New Y'k.100 427 432
250
10 13c
Goldfield Consol'd
5.75 5 30
100 530 550 Pennsylvania RR 434*
14c
18c
be Dec
51,50(
24c
Jan Standard 011 (Ohio)
Goldfield lievel_r__ _10c 14%c
5.75 5.30
100 100 115
Equipment 4s
410
38c
15,250 35c Mar 75c Mar Swan & Finch
1
Goldfield Florence_r
3%c
4c
3c
26,000
1
2%c Nov
80 Mar Union Tank Car Co.....100 120 125 St Louis Iron Mt & Sou 55._ 7.00 6.00
Goldfield Merger_ r
100 430 440 St Louis & San Francisco 55.. 7.00 6 00
35c
39c
1
15,700 35c Aug 1%
Apr Vacuum 011
Gold Zone Divide_r
Washington Oil
10 *42 47 Seaboard Air Line be
6.75 6.00
30
1
3c
2c
13,20(
2c Nov
Jan
Great Bend _ r
6c
6.75 6.00
Equipment 43.4s
39-16 3%
9,350
25c
3% Nov
Hecht Mining
6% June
Ordnance Stocks-Per share.
Southern Pacific Co 4
5.85 635
10c
5-16 % 2,750
Iron Blossom r
Jan
% Sept 53c
..100 50 60 Southern Railway 43-4s
6.37 5.70
220
1
21c
9,400 21c Nov
24c
Jim Butler_ r
Feb Aetna Explosives
44c
Atlas Powder common.._ _100 151 156
6.37 5.70
Equipment 5s
7%c
Sc
1
7c
12,400
Jumbo Extension
70 Sept
160 Mar
Preferred
100 88 90 Toledo & Ohio Central 4s_
6.25 587
Rerr Lake
4%, 8,200
3% Oct
6
May
100 118 120
Kewanus r
1
3c
6,200
4c
2%eJuly
Jan Babcock & Wilcox
80
4 430 470
13e
Knox Divider
10c
12c
14c 25,200
120 Dec 370 July B11138 (E W)Co common_ 50 '
Preferred
50* 60 80
La Rose Mines, Ltd
5
716 % 3,000 15c
% Oct
Apr
190
Louisiana Coned
1
5.500
1-16 Apr
% Oct Canada Fdys & Forgings _1
55
56
116 119
Carbon
Steel
common.,
_
_100
Tobacco Stocks-Per Bk at'.
MacNamara Crescent _r_ A
30c
22c
7,000 24c June 49c July
106
let preferred
1
1,0
0?
) 1,17
Par Bid. Ask.
MacNamara Mining _r _ _1
45c
44c
51c
37,000 34c Mar
1% May
2d preferred
75
American Cigar common _100 128 131
Marsh Mining
33c
1
33c
40c
26,200 33c
Feb 40c Nov
Colt's Patent Fire Arms
Preferred
100 85 89
Mason Valley_ _ _ _ _ ._5
2%
3
2
2,800
Apr
4% July
Mfg - _ _
25 *58 62
Amer Machine dr Fdry_100 110 112
McKinley Darragh Sav_..1
65c 690
7,700 45c
75c Sept
Jan
251,
British-Amer Tobac ord__£1 .24
Mother Lode, new_r
1
5%c 5%c
300 3%c Mar 6%c Nov duPont(E I) de Nemours
& Co common
100 375 390
Ordinary, bearer
National Tin Corp_ r _50c
El *2414 2434
9%
7
10
13,900
Dec
10
% Mar
Debenture stock
100 9212 94 Conley Foil
100 300 325
Nevada Ophir Mln_r_ _10c
28c 28c
2,000 15c
Apr 50c May
100 88 92 Johnson Tin Foil & Met_100 112 120
5 1214
NIpissing Mines
12% 12%
3,600
May Eastern Steel
15
8% Jan
2412 3012 MacAndrews & Forbee.._100 150 160
1
17c
Nixon Nevada
16c
20c
6.000
16c
Apr 480
Jan Empire Steel & Iron com_100 65
0
Preferred
Preferred
100
100 90 96
Onondago Mines Corp_r_l
255
2%
500
2% Dec
4% Oct
233 Reynolds (R J) Tobacco_100 520 550
227
Hercules
Powder
100
com
1
Silver
r_
Al Ines_
Opt&
1%
1%
2,350
134 Oct
1% Dec
Preferred
B common stoek
100 107 110
100 475 490
9c
9c
Rex Consolidated Mln__ A
3,000
9c June 23e July
110
Niles-Bement-Pond corn _100 to
Preferred
100 102 105
5-16
1
Roper-Swap Mln
%
34 62,200 13-16 Oct
1% Aug
Preferred
Young (J 5) Co
100 95 100
100 133 140
12
13%
Seneca Copp Corp_(no par) 13
1,700
12
May
Dec 26
Phelps-Dodge Corp
Preferred
1003 240 250
100 100 110
7-16 7-16
1.000
Seven Metals Mining_ r_ _1
%
Aug
July
34
410
395
Manufacturing.
Scovill
..100
1
% 716 5,900
Silver Dollar Mr
134 June Thomas
% Nov
Iron
50 *30 35
9-16 11-16 26,000 13-32 Feb
9-16
81Iver King of Arlsona
1
1% May
Winchester Co corn
100 350
9c
12c
1
12,900
Silver King Divider
Pc Dec
37c Mar
96 99
preferred
1st
100
4c
6c
1
Silver Pick Cons'd_r
9,200
4c
Apr
Apr
14c
60 65
SLort Term Notes-Par CUL
2nd preferred
2,900
Standard Sliver-Lead_ _ I
84
May
% Jan
Am Cot 011 6s 1924__M&S 2 9734 9814
100 43 46
19c
• 20c
1
4,500 14c Mar 34c May Woodward Iron
Stewart
80 90
Preferred
Amer Tel & Tel 6e 1924_F&A 9614 9634
30
4c
1
Success Mining
9,450
2c Nov
Jan
70
6% notes 1922
TonopahlielmontDevel_r 1
2% 2% 2 11-16 4,335
Aar° 9614 9644
2% Dec
4
Slay
Public Utilities
Anaconda Cop Min '29_J&J 9614 97
4% 17,325
3%
1
Tonopah Divide r
3% Dec •12
Aug
Amer Gas & Elec corn__ _ 50 *12312 12714 Canadian Pac 6s 1924.M&S 2 97 98
1%
2% 11,080
2
1
TODODah Extension
1% Jan
3% May
40 Del & Hudson 5e 1920_ _F&A 9812 9912
Preferred
50 539
1
2% 2%
Tonopah Mining
2,605
2% Jan
4% May
203 207
3%
4% 8.050 3 3-16 Jan
1
3%
1924M&N 9712 98
United Eastern
5% Mar Amer Lt & Tree corn. _ 100 92 95 Federal Sug Rig
Preferred
100
General Elec(931920____J&J 100 10014
10c
9c 10%c
S Continental Mines_r 1
17,100
19c May
60
Jan
63 67 Great North 5s 1920.._M&S 9812 9914
8%
8%
5
8
Unity Gold Mines
1,375
9% Oct Amer Power dr Lt corn__ _100 73
4% Mar
Preferred
1003
K C Term Ry 434s 1921_J&J 93 96
1% 6,200 1 7-16 Dec
1%
Utah lteserve_ r
1% Dec
10
Amer Public Utilities com100
5e Nov 15 1923__M&N 15 9S14, 9914
190 22c
Victory Divide_ r
20c
1
6,900
19c Dec
53c June
27 Laclede Gas is Jan 1929._ 9814 99
Preferred
100 21
98c 98c
Washington Gold Quartz_l
900 71c
Apr 00c
Oct
35
37
Carolina Pow&Light com 100
184
1% 11,500
1)4
Liggett&MyersTob6s'21J&D 9914 9934
West End Consolidated__ 5
1
3
Mar
May Cities Service Co
corn__ _100 402 406
N Y Cent 65 1920__M&S 15 9914 9912
White Caps Extension_10c
2c
2c
4c
2c
9,750
Jan
Apr
7c
Preferred
100 72 73 Penn Co 434s 1921__J&D 15 9714 9714
Ilc
12c
13c
White Cape Mining.... _10c
15,100 100
Jan
Apr
35c
16 Pub Ser Corp NJ 7s '22.M&5 81
100
13-16 1%
White Knob Cop, pref_r.10
85
134 Jan
1,000
1% Jan Colorado Power com
93 Sloss-Shef S & I 6s '29..F&A 93 9412
Preferred
100
7c
1
Wilbert Mining
6%c Sc
18,200
Sc
Jan
13%0 Aug
Com'w'th Pow Ry & Lt 100 20 23 Southern Ry 681922_ _ _ M&13 93 9312
Bonds3
Preferred
100 44 47 Swift&Co 6s 1921._ F&A lb 9914 9958
82 112,000 82
79
Allied Pack cony deb 68'29 79
Dec 94
Sept
Amer Tel & Tel 6s_ r _1921 96% 95% 07
Utah Sec Corp Os'22.M&S 16 ---- 8712
60,000 95% Dec 99% Oct Elec Bond & Share prof_ _100 a92 95
11
7
1924 96% 95% 96% 90,000 95% Nov 100% May Federal Light & Traction.100
6% notes r
45
Preferred
100 41
100 100
Amer Tob serial 7s_r_ _1920
2,000 100
Dec 102% Feb
80
84
Great
West Pow 5e 1946_J&J
Anaconda Cop Min 6s..r '29 96% 96% 96%
2,000 95
I)ec 100
May
11
9
Mississippi My Pow com_100
Beth Steel serial 7s_ r_.1922
100% 100% 10,000 100% Dec 102% May
Preferred
100 4912 52,2
Industrial
100% 101
Serial 75.,
1023
2,000 99% Dec 102% May
First Mtge 5s 1951
J&J 75 7r
and Miscellaneous
98% 98%
Canada(Dom of) 5%es'21
1,000 08% Nov 100
Sept
*d15
Northern
20
Ohio
Corp_
Elec
(t)
American
96
97
Braes
1920
5%s-r
233
96
6,001:
Dec 98% Oct
Preferred
100 55 60 American Chicle corn__ _101
Copenhagen (City) 5%s'44 83
83
83% 57,000 83
29
20
7
1
95
Nov 93% Aug
North'n States Pow com_100 63 66
Cud Pack 7% notes r_1923
101% 101%
Preferred
100 80 85
1,000 101
Sept 110
Aug
Preferred
100 89 91
nterboro R T 71
77% 363,000 57% Nov 92% Feb
American Hardware
1921 65% 64
155
Russian Govt 6%s_r_ _1919
26
30 266,000 26
Amer Typefounders com_1
199
0041
1
50
Dec 72
Feb North Texas Elea Co coin 100 67 77
Preferred
100 67 71
5%s.r
26
1921
29
25
Preferred
78,000 26
89 93
Dec 65
Feb
Switzerni. Govt of,5%s'29 87
87
1 113
87% 40.000 87
Milk com_1
100
99 119
1)ec 9674 July Pacific Gas & Eleclet pref 100 87 90 Borden's ed
Puget Sd Tr L & P cora_ _100
812 11
Preferred
99
• Odd lots. t No par value. I Listed as a prospect. 1 Listed on the Stock
Preferred
100 43 53 Celluloid Company
14
96
4 155
exchange this week, where additional transactions will be found. o New stock. Republic Ry & Light_...100 13
17
4
Havana
3
..100
1191
Co__
Tobacco
r Unlisted. tr, When Issued. z Ex-dividend. y Ex-rights. s Ex-stock dividend.
Preferred
100 45 50
16
Preferred
100 12
Dollars per 1.000 lire, flat. k Correction.
South Calif Edison corn_ _110 86 8812
1st g 5s June 1 1922_ _J-D /55 60
Preferred
100 100 10312 Intercontinen Rubb com_100 16
19
Standard Gas & El (Deb_ 50 .
27 23 International Salt
Preferred
50 *4112 4212
let gold 5e 1951
7212
-Tho Equitable Trust Co. of New York has favored us through its Tennessee Ry L & P core.100
2
4 International Silver pref_1
90
677
51
A100
90
43 *8
Preferred
Income Tax Department, Franklin Carter, Manager, with an advance
5
100
8 Lehigh Valley Coal Sales_ 50 *90 92
Royal Baking Pow corn...100 140 150 ,
copy of the Taxpayer's Guide, which has boon delayed owing to the prin- United Gas & Elea Corp_100
let preferred
100
Preferred
100 95 100
ters' strike. This manual of 66 pages, contains dates for tax returns, dates
2d preferred
100
Singer Manufacturing_100 172 178 I
for payment of taxes, and credits and deductions allowed for income taxes, United Lt &
Rye corn__ _ _100 40 42
Singer Mfg Ltd
354
d21
relating to Federal, New York State and Now York City taxes, swith a full
let preferred
100 66 69
Texas Pac Coal & 011
155
Western Power common 100 21
Reference Index. This compilation should prove highly valuable to all
23
rred
ChurchKerr&Co 1004
W'hin
p eu
fe
se
19?
--9 5712
Preferred
75
those who have to handle different phases of the tax question. In
100 72
8712
100
clearness and general excellence it conforms with the high standard already
•Per share. b Basis. d Purchaser also pays accrued dividend. a New stook
established by the series of Tax Manuals published by this institution.
/ Flat price. es Nominal. x Ex-dividend. a Ex-rights. (t) Without par value
New York City Realty and Surety Companies.
Quotations for Sundry Securities
3‘
CURRENT NOTICE.
[VOL 109.
THE CHRONICLE
2258
inutstment awl igalivaati.11141414nm.
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of the electric railways
are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
S
$
$
$
Alabama & Vicksb_ October
247,272 236,582 2,287,577 1,987,448
Ann Arbor
4th wkNov 119,026 106,531 3,944,441 3,215,738
Atch Topeka & S Fe October
18025518 15425189 144822598 133560797
Gulf Colo & S Fe_ October
2,349,412 1,768.506 17,226,312 15,796,924
Panhandle & S Fe October
701,129 510,792 5,121,281 4,893,460
Atlanta Birm & Atl_ October
455,211 463,206 4,156,669 3,772,884
Atlanta & West Pt_ October
254,615 251,362 7,256,464 2,041,703
Atlantic City
October
277,564 350,371 3,906,677 3,503,181
Atlantic Coast Line_ October
5,539,216 4,987,089 51,815,735 46,380,850
Baltimore & Ohio_ - October
18917768 18261057 151527691 143303243
B & 0 Ch Term October
239,443 155,182 1,658,242 1,514,477
Bangor & Aroostook October
482,540 462,943 4,204,214 3,957,702
September
Bellefonte Central
11,083
7,339
74,755
65,038
Belt By of Chicago_ October
389,626 349,689 3,111.865 3,287.437
1,244,327 1,530,951 11,226,250 11,466,650
Bessemer & L Erie.-- October
Bingham & Garfield October
163,777 309.686 1,010,965 2,908,243
Birmingham South_ October
47,672
92,840
480,310 1,229,763
7,224,194 6,104,231 59,674,321 57,896,268
Boston & Maine__ - October
Buff Roch & Pittsb- 3d wk Nov 210,048 344.894 12,793,082 17,136,228
October
Buffalo & Susq
254,034 167,426 1,941,829 1,882,930
Canadian Nat Rys_ 1st wk Dec 2,070,372 1.714,173 84,768,761 74,522,877
176.490 117,916 2.189,933 1,844,238
Can Pac Lines in Me October
Canadian Pacific_ _ _ 1st- wk Dec 3,797,000 3,480,000 160187000 141900000
Caro Clinch & Ohio_ October
544,392 408,122 4,914,208 3,861,358
1,952,520 1,974,419 17,690,512 17,001,793
Central of Georgia- October
4,077,471 4.434,685 36,973,106 37.526,591
Central RR of N J October
765,560 479,095 5.617,333 5,081,304
Cent New England_ October
October
Central Vermont _
559,887 517,992 4.827,338 4,306,743
296,007 341,925 2,507,730 2,416,585
Charleston & W Car October
6,771,577 7,467,628 60,445,309 59,367,963
Ches & Ohio Lines October
2,429,236 2,388,752 21.120,693 20,124,094
Chicago & Alton__ - October
16281561 14429332 128485758 118462045
Chic Burl & Quincy- October
2,583,422 2,731,341 20,942,490 22,206.343
Chic & Est Illinois__ October
2,246,305 1,740,764 18,354.865 15,837,352
Chicago Great West October
Chic Ind & Louisv__ October
1,295,341 1,082,408 10,274,609 8,987,030
358,756 323,653 3,056,317 2.788,670
Chicago Junction __ October
14798636 14816516 125060892 110582669
Chic Milw & St I'aul October
14252587 13876430 116365239 105303521
Chic & North %Vest_ October
231,919 194,320 1,453,414 1,831,151
Chic Peoria & St L.. October
11372558 10160102 91,777,948 82,780,290
Chic R I & Pacific__ October
572,533 385,065 4,042,611 3,642,362
Chic R I & Gulf__ October
2,818,819 2,496,072 22,682,130 20,235,460
Chic St P M & Om_ October
532,395 554,594 3,600,531 4,185,699
Chic Terre II & S E October
307.126 371,354 2,563,301 2,605,333
Chic Ind & Western October
1,382,590 1,371,190 13,295.154 12,567,165
Cin NO & Tex Pac_ October
Colo & Southern...-. 4th wkNov 645,861 699,441 23,211,539 19,634,853
1,059,220 820,060 9.089,144 6,368,319
Ft %V & Den City_ October
917,427
146,811 111,092 1,105,615
Trin & Brazos Val October
876,724
57,282 105,000
941,604
Colo & Wyoming..__ October
1,069,773 753,182 11,411,427 10,815,442
Cuba Railroad
- October
3,359,670 3,172,081 29,049,930 29,254,666
Delaware & Hudson October
6,401,622 6,729,812 59,376,606 56,466,122
Del Lack & Western October
3,477,549 3,257,741 27,020,629 25.547,191
Deny & Rio Grande October
292,153 223,698 2,396,731 1,816,197
Denver & Salt Lake October
193,524 135,436 1,380.352 1,288,796
Detroit & Mackinac October
225,198 169,994 2,044,421 1,616,681
Det & Tol Shore L__ October
430.830 354,043 3,148,023 3,763,700
Detroit Tot Sc Iront_ October
Dub & Iron Range__ October
603,652 1.098,609 7,397.771 8.409,892
Dul Missabe & Nor_ October
2,229,239 3,195,440 18,698,783 19,925,877
85,184 4,243,235 4,291,455
87,434
Dul Sou Shore & Atl 3d wk Nov
153.533 126.056 1.412,359 1.267.889
Duluth Winn & Pac September
938,714
109.586 102,039 1,009.936
East St Louis Conn_ October
1,151.891 2,394,205 16,128,294 16,032,631
Elgin Joliet & East_ October
1.168,006 1.179,466 10,460,981 12,306,597
El Paso & So West- October
October
8.751,987 9,492,516 76,050,003 71,446,475
Erie Railroad
954,229 1,209,802 8,620,445 8,797,711
October
Chica,go & Erie
812,119 611,213 8,260,186 7,333,518
Florida East Coast._ October
931,423
88,406 1,042,374
102.589
Fonda Johns & Glov October
209,552 134.954 1.340,391 1,059,614
Ft Smith & Western October
726,766
81,737
872,228
101,989
Galveston Wharf___ October
723,781 657,336 5,177,735 5.379,468
Georgia Railroad..__ October
91,510 .818,535
Georgia & Florida__ October
91,635
839,924
225,308 143,308 2,846,619 1,847,831
Grd Trk L in New E October
Grand Trunk Syst_.4th wkNov 1,748,685 1,996,921 62,180,777 53,983,291
2,212,240 2,004,327 18,529.516 15,300,601
Grd Trunk West. October
11790298 12090441 89,025,304 80,657,056
Great North System October
306,827 216,346 3,297,998 1,987,720
Gulf Mobile & Nor_ October
223,412 204,090 2,021,332 2,178,820
Gulf & Ship Island_ October
Hocking Valley____ October
1,418,374 1,561,990 10,001,359 11,385,582
Illinois Central ____ October
10774863 9,769,271 89,670.631 88,993,826
Internet & Grt Nor.. October
1,364,460 1,319,817 11,742,020 11,123,938
Kan City Mex & Or October
148,592 132,893 1,137,713 1,112,535
999,077
972,009
145,091 111,120
K C Mex & 0 of Tex October
Kansas City South_ October
1,463,258 1,507,334 12,360,548 12,487,379
Texark & Ft Sm__ October
163,623 127,719 1,234,948 1,014,102
Kansas City Term__ October
146,045 114,612 1,156,457 1,033.199
Lehigh & Hud River October
309,462 191,752 2,256,902 1,904,826
Lehigh & New Eng.. October
449,423 305,513 3.219,201 o,317,265
October
Lehigh Valley
6,210,026 6,292,522 53,379,836 53,678,353
Los Ang & Salt Lake October
1,577,112 1,462,289 14,080,585 12,039,570
178,348 134,338 1,712,102 1,388,676
Louisiana & Arkan_ October
328.597 261,905 2,911,687 2,515,477
Louisiana By & Nay October
10450909 10192131 89,043,901 83,560,674
Louisville & Nashv_ October
280,249 187,986 2,443,842 2.337,951
Louisv Hend & St L October
Maine Central
October
1,594,678 1,410,692 14,447,154 13,538,535
Midland Valley_..... October
391.768 332,255 3,269,221 2,853,022
683,208 1,024,823
Mineral Range
24,098
3d wk Nov
13,983
Minneap & St Louis October
1,460,086 1,216,594 11,152,329 9,953,872
Minn St P & S S M.. October
4,483,018 4,256,832 35,162,854 28,611,701
Mississippi Central.. October
843,510 1,072,724
89,614
103.974
Missouri Kan & Tex October
3.235,979 3,556,117 28,328,571 27,069,349
Mo K & T Ry of Tex October
2,532,783 1,830,898 20,650,753 16,056,722
Mo & North Arkan_ October
162,936 117,159 1,308,023 1,178,027
Mo Okla & Gulf_.. _ _ October
211,767 156,908 1,232,473 1,516,996
Missouri Pacific_ ___ October
9,398,504 8.461.602 76,882,428 73,248,968
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Jan. 1 to Latest Date.
Current
Previous
Year. 1- Year.
Previous
Year.
$
$
Monongahela
October
368,731 349,461 1 2,989,546 2.600,363
Monongahela Conn_ October
198,81.1 236,222 1,515,524 2,023,382
Montour
October
165,111 156,129 1.135.514 1,130,219
Nashv Chatt & St L October
1,858,640 2,137,226 16,284,729 17,790,855
Nevada-Cal-Oregon 4th wkNov
310,714
15,6911
272,918
6,445
Nevada Northern.._ October
158,679 262,164 1,261,313 2,248,051
Newburgh & Sou Sh October
19,435 169.845 1,067.249 1,168.984
NeW On imat Nor_ Octobe:
191,845 196,069 1,914,446 1,849,390
New Orb & Nor East October
5:10,322 591,209 5,311,828 5,411,698
N 0 Teeas & MWC-- October
229.789 175,756 1,660,897 1,639.809
Ileatun S &L West October
1:31,375 111,562 1.103,000 1.187,194
St L BrJwits & M October
537,215 .161,534 11.10 ,213 3,661,413
New York Central__ October
29205871 28673374 258216642 239291263
Ind Harbor HAL October
641,338 482,642 5,447,281 4,542,970
Lake Erie & West October
915,284 9/2,138 8.111,224 7,729.450
Michigan Central. October
7,819.617 6,641,538 61.7:17,873 55,568.239
Cleve C C & ;3t L- October
7,468.981 7.1:37,150 60,561,108 58,959,212
Cincinnati IsTorth_ October
268.544 295,784 2,425,484 2,277,224
Pitts & Lake Erie Octob
2,286,073 3.310,812 23,594,509 27,427,568
To! & Ohio Cent_ October
1,018,873 1,133,380 7,869,533 8,320,313
Kanawha & Mich October
477,400 692,796 3,681,965 4,986,241
N Y Chic & St Louis October
1,957,5ie 2,327.660 19,665.068 17,961,574
NYN H& Hartf_ .10ctober
1034670 9,353,128 87,075,143 85,055,277
N Y Ont & W,stern October
893,900 900,823 9,28 ,769 9,320,357
N Y Susq & West__ October
360.171 504,876 3,230,886 3,589,233
Norfolk & Western_ October
7.459,599 8,027,919 63.482.641 67,264,435
3,353,564 4,673,843
Norfolk Southern__ October
666,483 0-1.7i
Northern Alabama.. October
960,795 1,159,229
118,375 161,176
Northern Pacific_ -- October
10703039 12167441 83,246.512 82,813,284
843,183
Minn & Internat.. October
883,060
69,812
83,190
NorthwesternPacific October
673.861 541,814 5,463,239 4,8:34,458
4,703,415
Pacific Coast
4,322,198
October
628.090 524,821
Pennsylvania RR
October
36030244 37010851 318881368 301212035
Bait Ches & Atl- October
143.724 130,990 1,360,231 1,170,674
849,729
Cinc Leb & North October
951,778
93,818
141,699
Cumberland Vail_ October
546,312 561.620 4,780,021 4.672.897
18,861.378
20,902.801
Long Island
October
1,817.117
1,854.252
881,113
Mary'd 1)el & Va.. October
122,033 102,947 1,146,273
N Y Phiba & Norf October
735,791 727,732 6,834,622 6,126,778
To! Poor & West_ October
169,326 155,508 1.372,806 1,347,617
W Jersey & Seash October
900,029 808.412 10,397,484 8,980,412
Pennsylvania Co.. October
10607011 10368823 89.190,596 77,375,670
Grand Rap & Ind October
812.169 691,072 6,834,117 6,015.245
Pitts C C & St L- October
8,930.380 8,996,414 77,920,015 72,249,641
Peoria & Pekin Un- October
151,131 111,891 1,018,199 1,053,579
Pere Marquette_
October
3,539,289 2,960.108 28,966,321 23,400,040
893,609
Perkiomen
October
912,020
99,137 114.127
Phila Beth & N E..- October
686,436 1.231,159
75.932 123,468
Phila & Reading
October
7,277,754 6.750,197 61,042,066 66,329,561
Pittsb & Shawmut_ - October
991,737 1,127,972
132.435 100,090
Pitts Shaw & North October
78,256
973,210 1,050,650
138,998
Pittsb & West Va.. October
139,347 170,079 1,145,167 1,581,735
Port Reading
October
194,895 257,307 2,097,422 2,079,087
Quincy Om & K C.- October
890,777
915,993
97,009
103,438
Rich Fred & Potom- October
612,028 614,378 6,539,624 5,602,785
Wash Southern- October
357.514 383,927 3,890,099 3,100,850
RutlandOctober
445,545 424,201 3,974,858 3.858,228
St Jos & Grand IsI'd October
280,368 240,796 2,451,135 2,208,768
St Louis-San Fran_ - October
7,662,183 6,612,190 64,363,484 57,326,976
Ft W & Rio Gran October
955,739
185,795 108,695 1,321.552
St L-S F of Texas October
138,791 123,620 1,265,353 1.161,660
St Louis Southwest- October
1,236.245 1,026,628 10,876,734 10,608,858
St L S W of Texas September
641,153 515,513 4,793,212 3,012,393
St Louis Transfer October
89,806
938,309
116.191
925,180
San Ant & AranPass October
437,229 478.072 3,649.244 3,566,416
Seaboard Air Line_ - October
3,657,284 3,347.369 33,956,085 31,951,853
October
South Buffalo
830,820 1,301.921
52,820 140,108
October
Southern Pacific
17567995 15263107 139322830 126556963
Arizona Eastern.... October
362,119 389,502 3,077,953 3.723,338
Galv IIarris & S A October
1,917,813 1,882.010 17,540,860 17,770,510
1,023,432 809,938 7,584,750 7,536,243
bus & Tex Cent.. October
219,268 177,368 1,943,604 1,702,982
Hous E & W Tex_ October
408,315 394,262 3,396,485 3,629,596
Louisiana Western October
767,957 677,496 6,333,768 6,712,233
Morg La & Texas October
751,761 636,536 6,646,996 6,142,456
Texas & Now On.. October
12356555 12269788 105782843 105380258
Southern Railway- October
939,701 822.985 8,489,660 7,543,922
Ala Great South_ October
1,611,267 1,393,986 12,741,597 12,311.395
Mobile & Ohio- October
Georgia Sou & Fla October
389,804 323,467 3,567,683 2,923,482
South Ry in Miss.. October
201,752 162,713 1.458,681 1,175,770
October
Spokane Internet
339,361
137.040
94,123
948.300
Spok Portl & Seattle October
714,014 899,059 6,124,342 7,001,361
Staten Island R T October
182.774 172,731 1,897.671 1,574,344
127,015
Tenn Ala & Georgia 4th wkNov
5,121
128,526
4.473
Tennessee Central_ - October
219,271 279,167 2,099,194 2.496,145
Term RR Assn ofSt L October
414,506 385,560 3,217,076 3,214,264
St L Mer Bdge T_ October
367,391 377,687 2.554,056 3.065,037
Texas & Pacific_ _
4th wkNov 953,855 737,552 32.553.939 24,241,738
Toledo St L & West October
827,616 767,458 6,650,029 6,801,989
863,452
Ulster & Delaware__ October
140,953
92,386 1,032,760
Union Pacific
October
11825305 10897724 92,571,713 80.756,487
Oregon Short Lino October
3,951,560 3,427,247 31,619,028 28,045,123
Oro-Wash Rit & N October
2,825,629 2,506,041 23,604,122 21,780,903
Union RR (Ponn)__ October
682,211 684.331 6,523,312 5,818,278
Utah
October
138,112 152,009 1,003,430 1,175,214
Vicks Shrov & Pac October
325,254 215,494 2,733,679 2,116.719
Virginian RR
October
1,363,915 1,231,845 9.992,168 9,911,593
Wabash RR
October
5,185,113 5,067,330 39,912,316 39,418,660
Western Maryland_ October
1,485.965 1.262.474 12,375.593 12,271,879
Western Pacific_ _ October
1,780,853 1,065,732 11,146.096 9,414,198
Western By of Ala.._ October
213,811 254,762 2,095,349 2,070,806
Wheel & Lake Erie_ October
1,324,426 1,519,074 10,843,042 11,511,848
869,378
Wich Falls & N W
October
263,583 106,120 1,856,727
Yazoo & Miss Valley October
2,315,003 1,970,667 20,315,648 17,904.311
AGGREGATE OF GROSS EARNINGS-Weekly and Monthly.
*Weekly Summaries.
Current
Year.
Previous
Year.
$
$
2d week Sept (14 roads)_.._
9,112,054 7,517.915
3d week Sept (8 roads)____
7,526,452 5,909.152
4th week Sept (14 roads)„.... 13,554,337 10,992.251
1st week Oct (8 roads)____
8,512,726 7,547,948
2d week Oct. (13 roads)_ ___
8,705,749 7,789,435
3d week Oct (14 roads)____
9,751,383 8,364,852
4th week Oct (9 roads)__ __ 13,060,631 11,621,996
1st week Nov.(14 roads)____ 8,852.433 8,110,510
2d week Nov (14 roads)_ _ ._
9,193,612 8,065,344
3d week Nov ( 8 roads)_ _ _ _
7,838,940 7,038,555
4th week Nov (11 roads)_ __ _ 11.286,692 10,578.492
* We no longer include Mexican] roads in any of our
Increase or
Decrease.
%
$
+1,594,139 21.20
+1,617,300 27.37
+2,562,086 23.42
+964,778 12.78
+916,314 11.64
+1,386,531 16.57
+1,438,635 12.38
+741.923 9.15
+1,128,268 13.99
+800,385 11.37
+708,200 6.69
totals.
Increase or
Previous
Decrease.
Year.
--$
Prev.Yr.
232,399 438.365,327 335,607,571 4-102757756 20.62
233.199 395.552.020 284.131.201 +111420.819 39.22
233,266 351,048,747 289.392.150 +81.656.597 21.31
225.631 375,772,750 365,096.335 +10,676.415 2.90
233,251 388,697,894 370.710,999 +17.986,895 4.85
231,339 413,190.468 378,058,163 +35,132,305 9.29
232.682 424.035,872 393.265.898 +30.789,974 7.83
226.934 454,588.513 469,246,733-14,658,220 3.13
233,203 469,868.678 502,505,334-32,636,656 6.41'
232,349 .195,123,397 485,870.475 +9.252,922 1.90
233,136 508.023,854 489,081,358 +18,942.496 3.87
*Monthly Summaries.
Mileage.
Curr.Yr.
December __232,774
January ____232,655
February ___232,957
March
226.086
April
232,708
May
233.931
232,169
June
July
226,654
August __.._233.423
September _ _232,772
October.. _ _ _23:3,192
Current
Year.
DEC. 13 1919.]
THE CHRONICLE
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the fourth week
of November. The table covers 11 roads and shows 6.69%
increase in the aggregate over the same week last year.
Name of Road
or Company.
2259
Latest Gross Earnings.
Month.
Jan. 1 to Latest Datel
Current! Previous
Year.
Year.
Current,
Year.
Previous
Year.
$
$
$
$
Port(Ore)Ry,L&PCo October
725,635 627,971 7,101,729 6,288,847
Republic By & Lt Co October
495,504 439,558 5,017,974 4.590,219
Fourth Week of November.
Richmond
1919.
Lt
RR__
&
July
1918.
53,951 47,903
Increase. Decrease.
310.487
257.114
St L Rocky Mt & Pac August
368,305 467,825 2,655,636 3,848,370
Santiago El Lt & Tr__ August
$
$
64,367 57.839
$
$
495,658
440.507
Ann Arbor
Savannah
119,026
Electric
Co October
106,531
128,197 106,444 1,159,363
12,495
964,594
Canadian National Railways___ 2.721,699 2,515.883 205,816
Second Avenue (Rec) July
88,561 80,718
502,317
472,471
Canadian Pacific
5,086,000 4,502,000 584,000
Southern Boulevard.... June
22.900 16,390
117.898
99.400
Colorado & Southern
645,861
699,441
886,394 699,958 8,749,031 7,254,900
53,580 Southern Cal Edison_ October
Grand Trunk of Canada
Staten Island Midl'd_ July
42,028 31,539
200,023
163,839
Grand Trunk Western
1,748,685 1,969,921
Tampa
Electric
October
Co__
111,991 82,786 1,027,795
248,236
868,073
Detroit Grand Hay & Milw_
Tennessee Power..,.,. October
183,930 190,335 1.787,528 1.780,833
Canada Atlantic
kTenn Ry,Lt & P Co October
538,034 496,257 5,215,005 4,974,661
Nevada-California-Oregon
6,445
15,691
9,246 Texas Power & Lt Co September 279,145 326,820 2,426,172 2,299,633
Tennessee Alabama & Georgia
5,121
4,473
Third Avenue System_ October
648
1030,116 797,504 9,428,155 8,254.601
Texas & Pacific
953.855
737,552 216,303
DDEB&BRR__June
50.426 51.366
286,313
240.805
42dStM&StNAvRy June
160.503 140,262
879,231
799,125
Total (11 roads)
11,286,692 10,578.492 1,019,262 311,062 • UnionRyCo(NYC). June
274,226 255,823 1,407.661 1.302.869
Netinerease(6.69%)
Yonkers Railroad__ June
708.200
97.567 72.552
479.795
395.598
N Y City Inter Ry_ June
68.220 58.271
367.300
338,642
Belt Line Railway_ June
48,577 48,053
Net Earnings Monthly to Latest Dates.-The table
292.776
298,470
Third Avenue
348,060 316.629 1.999.917 1,909,852
June
following shows the gross and net earnings with charges and Twin City Rap Tran_ October
990,865 751,697 9,231,466 8.051.212
Ry & Power_ October
811,308 594,948 7,497,023 6,539,814
surplus of STEAM railroad and industrial companies re- Virginia
Wash Balt & Annap June
203.155 242,955 1,175,052 1.199.668
Westchester Electric_ June
61.089 54.888
306.435
272.214
ported this week: •
Vettinectivorn AT (lhin (lett-ther
45.500 34.055
407.689
348.572
-Gross Earnings--Net Earnings
Current
Previous
Current
Previous
Year.
Year.
a Includes Milwaukee Light, Heat & Traction Co. b Includes all sources.
Roads.
Year.
Year.
f Earnings given in milreis. g Includes constituent or subsidiary companies.
S
$
•$
$
h Subsidiary companies only. j Lewiston Augusta & Waterville Street Ry.
Louis Ry & Nay Co_b___Oct 328,596
261,904
55,615
13,175 earnings, expenses, &c., not included in 1919.
2,911,687 2,515,477
k Includes Tennessee Ry..
Jan 1 to Oct 31
159,653
453,133 Light & Power
Co., the Nashville Ry. & Light Co., the Tennessee Power
Midland Valley_b
Oct 391,768
332,254
19,822
88,395 Co. and the Chattanooga Ry. & Light Co. 1 Includes both elevated and
3,269.221 2,853,021
Jan 1 to Oct 31
536.568
787,558 subway lines. j Of Abington and Rockland (Mass.).
Pacific Coast_a
Oct 628,090
52...821
88.567
67,878
1,916,122 1,989,680
July 1 to Oct 31
261,946
309.031
Southern Pac SS Lines_ b_Oct 694,766
Electric Railway and Other Public Utility Net Earn846,082 def59,295
120,017
8,520,726 7,473,700 def656,619
Jan 1 to Oct 31
348.370 ings.-The following table gives the returns of ELECTRI
C
a Net earnings here given are after deducting taxes.
railway and oiler public utility gross and net earnings with
b Net earnings here given are before deducting taxes.
charges and surplus reported this week:
Na after
Other
Gross
Gross
Fixed
Balance,
Earnings.
Tares.
Income. Income. Charges.
-Gross Earnings--Net Earnings
Surplus.
Current
Previous
Current
Previous
Cuba RailroadCompanies.
Year.
Yesar.
Year.
Year.
262,314
11,037
Oct '19 1,069,773
273,351
99,107
174,244
97,569
13,583
'18 753,182
111,152
99,146
12,006 Braz Tr,L & P Co,Ltd__Octc9,980,000 c8,052,000 c4,96e$
000 c4,301.000
3
a,r.
33,805 1,049,443
4 mos '19 4,141,606 1,015,638
396,670
Jan 1 to Oct 31
652,773
c93,539,000c85,782,000c48.596,000c44,141,000
929,226
50,240
'18 3,721,860
979,466
419,216
560,250 Southern Canada Power Co.
Fonda Johnstown & Gloversville RRLtd, and Subsidiaries_Oct
45,048
53,270
27,493
20,588
23,228
102,589
3,727
Oct '19
26,955
32,061 def5,106 Standard Gas & El Co___Oct 2,244,827 2,005,873
805,677
709,865
17,812
88,406
2,853
'18
20,665
32,404 def11,739
Nov 1 to Oct 31
26,504,601
22,437,432
9,764,302
8,614,980
332,332
30,883
10 mos '19 1,042,374
363,215
311,118
52,097 Western Union_ b
Oct 9,746,445 8,202,946 2,622,892 1.989,614
324,634
28,747
'18 931,423
353,381
329,643
23,738
Jan 1 to Oct 31
84,335,891 81,782,882 21,128,855 15,396,264
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Latest Gross Earnings.
Jan. 1 to Latest Date.
.
Current Previous Current
Previous
Month.
Year.
Year.
Year.
Year.
$
$
$
$
Adirondack El Pow Co October
161.982 161.932 1,384.573 1.476,803
Alabama Power Co__ October
275.142 275,827 2,359.271 2,434.406
Atlantic Shore Ry___ October
14.480
9.961
152,944
145.514
Bangor Ry & Electric October
98,274 73,541
879,608
759,258
Baton Rouge Elec Co October
33,257 21,564
298.667
214,708
Blackstone V 0 & El_ October
257.733 230,135 2,136,696 1,974,162
bBrazilian Trac,L & P October
f9980000 18052000 193539,000 f85782,000
riBklyn Rap Tran Sys June
3260.157 2774,333 17.514.662 15.240.907
Cape Proton.Elec Co_ October
50.590 43,391
477,083
412,595
Cent Miss V El Prop_ September
35,913 29.847
304,515
249.256
Chattanooga Ry & Lt October
171,517 151,946 1,547,620
1,499,619
Cities Service Co_ __ October
1498,677 1784.000 18,606,847 18,652.718
Cleve Painesv & fast September
65,471 50,941
521.222
416,826
Colorado Power Co__ July
85,5(16 103,548
652.726
733,413
gOolumbia Gas & Elec August
804,071 779.687 7.709,114 7.660,977
Columbus (Ga) El Co October
128,697 96,231 1.070.067
972,816
Com'w'th P. By & Lt October
2289,808 1799.629 20.929,618 17,715,993
Connecticut Pow Co_ October
112,770 91,027 1,025,126
815,461
Consum Pow (Mich)_ October
721,249 582,240 6,558,580 5,261.859
jCumb Co(Me)P & L October
241017 247,729 2,267,147
Dayton Pow & Light_ October
259,177 218.689 2,302,456 2,663,996
1.902,457
October
gDetrolt Edison
1539,273 1268,289 13,130,802 11.063,958
gDetroit United Linos October
2356,839 1568,263 20.219,159 15,672,256
Duluth-Superior Trac October
163,844 125,099 1,598,771 1,395,845
East St Louis & Sub October
426,530 391,548 3,476,815 3,442,480
Eastern Texas Elec October
123,980 87,857 1,137,872
924,739
Edison El of Brockton October
99,390 74,036
882,128
653.472
jElec Light & Pow Co October
27.577 . 21,250
237,468
185,213
Electric
Co_ October
g El Paso
141.605 95,246 1,272,475 1.028,760
Fall River Gas Works September
73,577 64,173
548,045
522,955
Federal Light & Trac_ August
303,931 283.088
2,289,886
Fort Worth Pow & Lt September 119.047 110,208 2.512,378
1,041,469
955,663
Galv-Hous Eloc Co October
254,514 207,069 2.556,894 2,193,562
West
Pow
August
Sys
Great
0
480.215 452,193 3,410,246 2,961.638
Harrisburg Railways_ August
138.648 123,474 1.048,189
865,920
Havana El By L & P September 792,317 714.696 6.724.847 6,042.507
Haverhill Gas Lt Co_ October
38,271 28,260
310,352
271,696
Honolulu R T & Land October
63,504 60,625
623,770
584,428
Houghton Co El L Co October
39,855 34,431
358,383
336.149
Houghton Co Trac Co October
21,813 21,061
243,579
267,978
Hudson & Manhattan July
470.293 385,024 3,484.836 2,844.732
October
1602,692 1249,294 14,095,468 12,102,410
ti Illinois Traction
1 Interboro Rap Tran October
4280,838 3299,624 38,499,157 33,563,962
Jacksonville Trac Co_ September
81,609 97,820
756,078
682.791
Kansas Gas & Elec Co September 194,951 171,346 1,884,934
1,501,922
Keokuk Electric Co October
27,052 21,699
256,874
217.588
Key West Electric Co October
19,650 18,163
186,429
161,314
Lake Shore Elec Ry September 232,645 216,053 1,940.763 1,633,751
Long Island Electric., July
27.960 26,602
141,140
129.487
Louisville Railway.. October
264.074 288,175 2,897.580 3,052.532
Lowell Electric Corp. October
84,545 79,632
798,924
700.774
Manhat Bdge 3c Line July
12.843 12,301
90,091
81,942
aMilw El By & Lt Co October
1295,459 1053.706 11,937,648 9.703.713
Mississippi Riv P Co.. October
211.194 180.537 1.905,752 1,841,194
Nashville By & Light October
269,20' 235,249 2,635,571 2.317,048
Now England Power_ October
401,609 341,937 3,324,032 2,842,419
Newp N&H Ry.G&E. October
226,048 187.664 2.305,123 1,766,613
New York Dock Co October
416,180 461,850 4,282,025 4,446,584
55.066 54,255
N Y & Long Island July
324.217
264,870
14.431 15.838
N Y & North Shore July
88,619
84.186
NY & Queens County July
101,787 91.641
622.443
535.282
York
New
1077.896 905.830 8.342.663 6.519.757
Railways.. July
Northampton Trac June
20,470 19,615
125.977
108.999
Northern Ohio Elec._ October
796,765 585,622 7.528,102 5,997,743
North Texas Electric_ October
331,137 200,633 2,758,070 2,464,099
Ocean Electric(L I) July
39.429 30.336
112.196
85,347
Pacific Power & Light September 204,727 167.678 1,585,325 1,370.630
Pensacola Electric Co October
43,856 40.173
456,713
406.479
Phila & Western
August
69.130 59,268
476.825
400,642
3165.552 2411,986 29,160.984 25,535.542
Phila Rapid Trans Co October
Portland Gas & Coke_ Sentember 190.275 173.504 1.575.864 1.293.316
b Net earnings here given are before deducting taxes.
c Given in Milreis.
Gross
Earnings.
Name of Road
or Company.
Net after
Taxes.
Bangor Railway & Oct '19
98,274
44,739
Electric Co
73,541
'18
17,877
395,463
12 mos '19 1,043.481
919,128
'18
348,971
Chattanooga Ry & Oct '19
171.517
39,455
'18
151,946
Light Co
13,513
12 mos '19 1,890,814
425,816
'18 1,740.407
319.040
Commonw'th Pow, Oct '19 2.289,808
762,253
Ry & Light Co Syst '18 1.799,629
449,692
12 mos '19 25,131,687 8,680,071
'18 21.534,194 6.808,588
Consumers Pow Co Oct '19
721.250
286,392
213,832
12 mos '19 7,904,825 3,449,645
'18 6,381,701 2,690,938
Cumberland County Oct '19
241,017
96,277
Power & Light Co
'18
247,729
54,804
12 mos '19 2,830,052
875,343
'18 3,156,639
911,951
East St Louis &
Oct '19
426,530
100,863
Surburban Co Syst
391,548
'18
74,335
12 mos '19 4.249,182
785,868
'18 4,129,734
970.767
Huntington Devel- Oct '19
88,052
36,215
opment & Gas Co
'18
81,974
40,164
12 mos '19 1.011,169
440,136
'18
956.670
449.249
Keystone Tele-Nov '19
139,634
49,430
phone Co
'18
129,051
50,543
11 mos '19 1,490,515
491,559
'18 1,456.612
595,301
Nashville Ry &
Oct '19
269,205
65,299
'18
Light Co
235.249
58,530
12 mos '19 3,184,748
808.942
'18 2,752,428
968.076
Oct '19
New England Co
401,610
186,557
Power System
'18
341,938
142,733
mos
12
'19
4,038.895
1,452,121
•
'18 3,361,239 1,210,829
Portland Ry. Light Oct '19
725,635
248,605
'18
& Power Co
627,971
143,499
12 mos '19 8,480.008 2,908,518
'18 7,408,679 2,603,342
Republic Railway
Oct '19
495,504
133,513
& Light Co
'18
439,558
81,205
10 mos '19 5,017,974 1,370,418
'18 4,590,219 1,191.412
Tennessee Pow Co Oct '19
183,930
43.259
'18
190,335
22,141
12 mos '19 2,240.848
904,538
'18 2,111,381
723,701
Tennessee Ry, Lt
Oct '19
538,034
151,071
& Power Co
'18
496,257
97.366
12 mos '19 6,385.826 2,177.388
'18 5,861,757 2,041,977
z After allowing for other income received.
Detroit United
Fixed
Balance,
Charges.
Surplus.
$
22,008
22,731
20,219 def2,342
248,578
146,885
237,923
111.018
21.243
18,212
23,100 def9,587
260.681
165,135
321,871
def2.831
543.375
218,878
497,774 def48,082
6,495.013 2,185,058
5,891,593
916,995
112,362
174,030
113,119
100,713
1,462,350 1.987.295
1,277,819 1.413,119
55,850
40.427
71,126 def16,322
705,529
169,814
854,407
57.544
70,801
30,062
66.590
7.745
836,568 def50.700
808,618
162,149
16,980
19,235
15,617
24,547
196,647
243,489
193.874
255.375
34.562
14,868
28,636
21.907
328,014
163,545
315.502
279,799
39,769
25,530
39,769
18.761
472.973
335,969
485,408
482,668
57.082
129,475
63,944
78,789
762,047
690,074
634,428
576,401
188,159
60,446
185,669 de142,170
2,269,638
638.880
2,200.186
403.156
114.466
x25,628
107,114 zdef17,586
1,141,565 x317,530
1,037,273 x235,800
54,440 def11.181
52,558 def30,417
646,432
258,106
630.814
92,887
141.694
9,377
139,481 def42,115
1,675,879
501,509
1,663,884
378,093
Gross
Net
Fixed Chgs. Balance.
Earnings. Earnings & Taxes.
Surplus.
$
Oct'19 2,356.839
454.883
237,502 x257.654
.
..
10 mos '19 20,219,159 4.167,720 2,389,791 x2,177.288
'18 15,672,246 3,567,127 2,285,211 x1,627.425
z After allowing for other income received.
THE CHRONICLE
2260
(Vol, 109.
Kansas City Railways.
(Report for Fiscal Year ending June 30 1919.)
President Philip J. Kealy, Kansas City, Mo., Oct. 1
Financial Reports.-An index to annual reports of steam
1919, wrote in substance:
railroads, street railway and miscellaneous companies which
Adverse Conditions.-DurIng the year we have had to contend with a
series of most unusual conditions,foremost among (a) an influenza epidemic:
have been published during the preceding month will be given (b)
a prolonged strike; (c) severe jitney competition, and (d) high prices of
on the last Saturday of each month. This index will not all materials and labor.
The influenza epidemic, starting in Sept. 1918 and continuing until
include reports in the issue of the "Chronicle" in which it is Dec. 1918, caused the closing of all public places,including schools, theatres
churches. This resulted in a loss of gross revenue of at least $120,000.
published. The latest index will be found in the issue of and
Strike.-A totally unwarranted strike began on Dec. 11 1918 which caused
practically cessation of service for two weeks, and greatly impaired service
Nov. 29. The next will appear in that of Dec. 27.
FINANCIAL REPORTS
Cincinnati New Orleans & Texas Pacific Ry.
(Lessee of the Cincinnati Southern Ry.)
(37th Annual Report-Year Ended Dec. 31 1918.)
President Fairfax Harrison, Cincinnati, Oct. 1 1919,
wrote in substance:
Federal Contract.-The average annual railway operating income of the
company for the three years ended June 30 1917 (the test period) has been
certified by the Interstate Commerce Commission, pursuant to the Act of
Congress, to be $3,541,039. The stockholders have authorized the directors to coclude a contract on this basis with the U. S. RR. Administration
for the use of the property during Federal control, but the execution of
the contract has been and still is postponed pending negotiation as to details.
The income account for the year based on the certificate mentioned, as
compared with the company's return in 1917, shows a total corporate
income decreased $1,205,806: interest, rentals and miscellaneous income
charges increased $154.640; dividends on stock charged against income
$511,370, against $317,020 in 1917 (with a further $194,350 in that year
charged against profit and loss); appropriations for permanent improvements $600,000, against $609,625; balance carried to credit of profit and
loss $806,783, against $2,351,953 for 1917.
Open Accounts with U. S. Government.-There appear on the balance
sheet certain accounts with the Government which are subject to adjustment in the final settlement between the Government and the company, viz:
(a) U. S. Government-accrued compensation (balance). $2,886,689; (b)
U. S. Government-deferred assets, $7,063,224; company's cash on hand
Dec. 311917. taken by the Government, $4,030,656: (c) unadjusted debits
(chiefly on bookkeeping items), $2,525.149; total on the assets side, $12,475,063. This amount is offset in part by deferred liabilities, $5,140,070;
and unadjusted credits, $2,208,686, a total of $7,348,756.
TRAFFIC STATISTICS.
June 30 Yr.
Calendar Years
1916-17.
1916.
1917.
1918.
Operations335
335
335
335
Miles operated
1,472,229
1,563,828
1,613,748
No. passengers carried.... 1,671.029
Pass. carried one mile 168,201,469 141,898,936 102,309,881 121,366,936
2.03 cts.
2.06 cts.
2.14 cts.
2.47 cts.
Rev, pass. per mile
5,939,393
5,992,290
5,950,740
Tons rev, freight carried 5,711,395
Tons freight car. 1 mile- 1146232972 1187748,030 1245268,252 1245835,111
0.74 cts.
0.77 cts.
0.77 cts.
0.90 cts.
Rev, per ton per mile__ _
511
485
499
463
Av.train load (rev.) tons
$1.69
$1.44
$2.18
$3.20
m.
train
pass.
Earns, per
$35,830
$36,266
$38,907
$46,142
Gross earnings per mile_
INCOME ACCOUNT.
June 30 Yr.
Calendar Years
1916.
1916-17.
1917.
1918.
Operating Revenues$10,347,639 $9,158,135 $9,225,501 $9,168,129
Freight revenues
2,501,222
2,082,995
3,038,026
4,158,650
Passenger revenues
497,628
559,572
602,392
734,495
Mail, express, &c
237,936
253,266
213,274
237.859
Incidental, &c
Total oper. revenue_$15,478,642 $13,051,819 $12,019,397 $12,466,859
Operating Expenses$995,650
$892,930 $1,049,127
$1,394,508
Maint. of way, &c
2,769,126
2,701,812
2,995,286
Maint. of equipment_.._ 4,662.350
3,592.235
3,300,479
4,292,038
5,940.054
Transportation
332,658
313.578
342,345
254,715
Traffic expenses
244,922
263,803
249.846
302,313
General expenses
87,634
81,115
78,379
79,390
Miscellaneous operat'ns_
Cr.981
Cr.278
Cr.9,763
Cr.29,291
Transportation for inv
Total oper. expenses_$12,604.040 $8.841,061 $7,709,637 $8,021,244
$2,874.602 $4,210.758 $4,309,760 4,445,615
Net earnings
521,700
456.947
944,871
500,020
Taxes accrued
236
673
117
1,208
Uncollectible revenue_
Operating income ____ $2,373,374 $3,265,771 $3,852,140 $3,923,679
CORPORATE INCOME STATEMENT.
Increase.
1917.
1918.
Certified stand, return under Federal
$3,541,040
$3.541,040
Control Act
$4,692,307dec4,692,307
Oper. income-(revised)
161,908 dec.58,568
103.340
Income from investments
4,029
2,812
6,842
Miscellaneous income
Total corporate income
Rent for leased roads
Int. on equipment obligations
Corporate expenses
War taxes
Miscellaneous income charges
Preferred dividends (5)
Common dividends (13)
Additions and betterments
Balance to profit and loss
$3,651,221 $4,857.027dc$1,205,806
dec.$44
$1,210,771 $1,210,815
33.438
79,275
112,712
31,477
31,477
94,923
237.099
332,022
dec.5,154
51,239
46,085
122.670
122,670
388,700
388,700
dec.9,625
609,625
600,000
$806,783
$2,157.603d$1,350,820
BALANCE SHEET-DECEMBER 31.
1918.
1917.
1918.
Liabilities
$
AssetsCommon stock ___ 2,990,000
Total investment
In road & equip_16,455,839 14,459,043 Preferred stock _ __ 2,453.400
Improv.leased RR.8,577,406 8,443,260 Equip, trust obllg- 2,900,000
250,000
phys. prop. 138,803
134,430 Bills payable
15,897
Invest. in Mill. co_ x709.176
713,401 Traffic &c. bal__
33,060
Other inv., stocks_
1,900
1,938 Accts. & wages_
80,962
1,040,059
Bonds
690,661 MLscel. accounts__
166,000
Notes
108.000 Int., divs. &c.,
10,346
Advances
81,000
81,000
matured
10,223
Unmat. divs
U. S. Gov't-acc'd
compensation __ 2,886,690
40,976
Unmat. int. acc'd_
clef.49,486 3,178,695 Unmat. rents accr_ 233,425
Cash
965,517 Deferred liabilities 257,005
Time deposit
15,846
9,065 U. S. Gov't-def.
Special deposits
4,586
4,586
5,140,070
Loans & bills rec
liabilities
83,597
602,828 Taxes
318,849
Traffic &c. bal.__ _
236,137 Operating reserves 235,077
A g'ts & conduc _
818,048 Accrued deprec.Mine!. accs. rec__ 302,484
837,676
3.489,095
Material & suppl_
equipment
21,556 Other unadj. cred_ 140,514
20,092
Int. & divs. rec....,.
53,238 U. S. Gov't-unOther cur. assets__ 311,944
40,528
41,088
adjusted credits.. 2,208,680
Deferred assets_ _ _
Additions to prop.
U. S. def. assets_ 7,063,224
Unadjusted debits 626,648 1,161,662 through inc. & sur 9,947,032
Appropriated surp. 318,119
U. S. Gov't-un
2,525,149
Profit & loss
9,927,749
adj. debits
Total
41,001,385 32,561,830
Total
1917.
$
2,990,000
2,453,400
1,880,000
137,235
823,061
191,232
3,566
10,223
7,706
299,710
304,398
848,475
610,402
3,151,188
196,114
8,467,387
333,203
9,854,531
41,001,385 32,561,830
x Includes stocks, $335,001; bonds, $298,407, and notes and advances.
$75,768. Securities of the company held by it, $10.000.-V. 108, p. 2629.
for a long time thereafter. This strike was broken through the employment of new men, accompanied by greatly impaired service. violence and
an unusual number of accidents; to build up our present transportation
force of some 2,000 men it has been necessary since the strike started to
employ over 5,000, an extremely difficult, expensive and arduous undertaking. The direct cost, consisting of guards, bonuses, meals, press, U. S.
marshals, auto hire, &c., during the period from Dec. 11 1918 to March
31 1919 was $534,591; loss in passenger revenue, $577,570, less reduction in
operating expenses, $101,045, making an approximate total cost of $1,011,116.
The men are non-union, have their own local organization, are friendly
to and co-operating with the company and they have recently and almost
unanimously, petitioned the public authorities to prevent the employment
of union men. In brief, our labor situation is now as good as, if not better,
than that on any other traction system in the United States.
Jitneys.-These extraordinary conditions, in turn, caused severe jitney
competition, that cost the company heavily in lost transportation revenue.
There are at present approximately 1,100 licensed jitneys in this city, of
which about 800 run more or less regularly each week day. It has been
estimated that if all jitney passengers could be carried by the company, its
revenue would increase $1,200,000 per year. Within the past month a
stringent jitney regulatory ordinance has been passed and signed by the
Mayor. This, coupled with equally stringent traffic regulations, the
passage of which are pending, makes it reasonably certain that in the
very near future we will find jitneys eliminated as a substantial factor in
the situation.
Gross Earnings.-The gross earnings decreased for the year by about
$143,000. This loss occurred almost entirely in passenger revenue, due
primarily to the unusual factors already referred to.
Increase in Fares.-While our franchise stipulates a 5-cent fare, the P. S.
Commission of Missouri in July 1918 granted authority for collection of a
6-cent fare in Missouri. Again in July 1919 the Commission authorized
the following increased fares, which are not yet fully effective* (1) Adult
fares, cash, 8c.; 2 tickets for 15c.; 7 tickets for 50c.; 50 tickets for $3 50;
(2) Children's fares, cash, 4c.; 4 tickets for 150 ; 14 tickets for 50c.; 100
tickets for $3 50.
At this time a 6-cent faro is still being collected on your company's lines
In the State of Kansas, although action is being taken to equalize the
Kansas fares to the 8 and 7-cent Missouri basis. Since April 17 1919 one
cent out of each 6-cent fare collected in Kansas has been impounded under
order of the Federal Court, which as at June 30 1919 amounted to $41,574
and has not been included in the earnings of that period. At the present
writing, it is anticipated that these impounded pennies (amounting as of
Oct. 1 to $96,168) will be released to the company, by order of the Court,
within the very near future. The principle of law involved was unanimously affirmed by the State Court of Missouri.
Operating Expenses.-A very heavy increase in operating expenses during
the year was due, first to the extraordinary strike expenses already referred
to and secondly to the continued rise in the cost of all materials and labor.
Table Showing Comparative Unit Prices of Representative St. Ry. Materials.
1917.
1919.
1915.
Coal
$3.46
$1.95
$2.40
per ton
Fuel Oil
*2.22
per bbl.
.78
1.14
Motor & electrical equipment for car_
3,900.00
5,300.00
3,200.00
Car wheels
each
10.64
9.50
16.63
Brake shoes
36.33
36.33
64.00
net ton
Rails
51.95
69.50
40.95
gross ton
Ties, 6x8x8 W.0
.73
1.40
.6234
each
Steel poles, 30 ft. 900 lb
6.31
4.40
2.68
cwt.
Frogs
200.00
100.00
each
85.00
Switch
each
350.00
185.00
150.00
*Prices as of May 1919. For average yearly prices of coal and fuel
oil, see statistical statement, pages 28 and 29 [pamphlet report.]
Wages.-Duo to shortage of men throughout the year and high wages
paid to all classes of common and skilled labor In this section of the country,
two voluntary increases were given during this period, with a third increase
becoming effective July 1 1919. For example, it was found that common
laborers in the packing houses were paid 4634c. per hour, that building
laborers received 5734c. per hour and all skilled labor from 8234c. to $1
per hour.
Therefore, as of July 16 1918, trainmen's wages were increased from tho
former 25c to 33e. per hour rate to a 30c. to 38c. hourly rate. Other
employees were increased an average of 10%•
Following the strike which started on Dec. 11 1918 trainmen's wages wer
again increased, effective March 1 1919, to hourly rates ranging from 35ce
to 40c., and on July 1 1919 to hourly rates ranging, according to years o.
service, from 40c. to 45c., with corresponding increases to other employees. •
Table Showing Wages Paid in More Important Classifications.
1915.
1919. July 1 1919.
1917.
Trainmen
.22 -.28
.40-.45
.25 -.33
.35-.40
Car repairers
.1934-.24
.3734-.45
.22 -.27
Car cleaners
.17
.17
.30 -.35
Track laborers__,.
.17
.1934
.3034
Machinists
.27 -.393.4
.29 -.413i
.53 -.63
Linemen
.38 1-9-.42 5-9 .39 -.44
.51 -.59
Painters
.27 -.32
.2734-.32
.38 -.48
Carpenters
.29 -.37
.
.27-.37
Notwithstanding the fact that these rates are below the prevailing union
for
similar
classifications,
rates
our labor situation is to-day in good shape.
Comparing 1919 with 1915, and using approximate figures, our labor
costs have increased 90% and fuel and other supplies 100%.
Additions, &c.-Now construction work was necessarily kept at a minimum. During this period 2.16 miles of single track were rebuilt. Further
payments in amount of $103,222 were made on the installation of 19 underfeed stokers at the Missouri River power house, and in addition payments
aggregating $80,226 were made on the completion of two new sub-stations.
Under order of Court, your company was also obliged to assume, as its
proportion of now bridges and viaducts in Kansas, obligations of approxinatelY $200,000, a large part of which is still unpaid.
New Cars.-One of the most important additions was the purchase of
25 new One-Man Safety Cars for $143,676, which were found to be so satisfactory that a recent order for 65 additional safety cars was placed. Delivery of the latter will start about Oct. 15 1919. This will provide 50%
better service than at present upon lines where they will be utilized. In
addition, plans and specifications have been prepared, requesting bids on
some 30 to 50 cars, seating about 20% more than our present largest type.
The use of this equipment will increase the service wherever used. These
now cars will release an equal number for service on other lines and will also
make possible more rapid rehabilitation of our present equipment.
Public Co-operation.-As the inevitable result of impaired service during
the strike there has been for many months a hostile public feeling, which
has been a large factor in lost revenue. This situation is, however, changing. The Chamber of Commerce has recently appointed a committee of
100 substantial business men, who are devoting their attention to the
improvement of the situation, particularly in the way of bringing about
better public co-operation.
Improved Service.-New loops and wyes are being built, which will make
it possible to furnish much better rush-hour service and which will moan
more cars In the business district when they are most needed. A most
ardent effort is being made to give the best street car service that is possible
under existing conditions.
Relief from Franchise Burdens.-There are franchise burdens, substantial
in amount, from which it is expected the company can obtain relief. The
business men's committee of one hundred and the city now have these
matters under consideration.
Increased Revenue.-I feel that the combined elements have changed the
situation materially for the better, and I firmly believe that your company,
together with the majority of the larger traction systems of the United
States, has passed through the darkest period.
DEC. 13 1919.]
THE CHRONICLE
2261
COMPARATIVE INCOME ACCOUNT YEARS ENDING JUNE 30.
New Stock.-Facing a steady expansion of business requiring broader
financing to meet its needs, your directors deemed it wise to call for re1918-19.
1917-18.
1916-17.
Revenue passengers carried
109,273,316 131,791,497 137,394,143 demption both issues of Preferred stocks outstanding, and to request the
Transfer passengers
stockholders to increase the authorized Common and Preferred Capital
51.815,940 65,848,171 69.516,51
Car miles
21,174,642 23.598,155 26,527,687 stock of the company to $100,000,000 each. At a special stockholders'
Car hours
2,414,185
2,543,880
2,802.931 meeting held Nov. 17 1919, such action was taken. [Soo full particulars
Transportation earnings
$6,414,148 86.622,706 $6,909,603 in V. 109. p. 1613, 1703.1
Other railway operations
It is gratifying to be able to state that of the new issue of Preferred stock
92,876
100,520
104,893
Auxiliary operations
1,506,473
1,432,561
1,041,967 offered to our stockholders and employees, $11,135,900 has been subscribed
by 30,409 individuals, representing every State and Territory in the Union,
Total railway operating revenue._- $8,013,497 $8,160,160 $8,052,090 of which amount $7,843,600 was subscribed by 17,407 employees of the
Maintenancecompany.
Way and structures
California Subsidiary and Pacific Colton Mills.-Within the past year
$530,366
$802,060
$547,161
Equipment
922.233
374,899 your directors have caused to be organized the Goodyear Tiro & Rubber Co.
496,519
Power-buildings and equipment
307,671
247,481
65,154 of California, capital $20,000,000; and the Pacific Cotton Mills Co., capital
Power-Operating
1,039,490
1,024,585
734,957 $6,000,000; having sold to the public at par $8,000.000 of 7% Preferred
Conducting transportation
2.916,026
1,985,609
1,866,038 stock of the Rubber Company and $2,000.000 of the Preferred stock of
Traffic
1,722
7,092
2,041 the Cotton Company; The Goodyear Tire & Rubber Co. of Ohio purchasing
Board of control
32,092
26,578
31,308 all of the Common stock issued of both companies in the amount of $5,000,Injuries and damages
450,875
321,755 000. [V. 109, p. 275, 682, 1083.1
519,393
General and miscellaneous
458,500
Plants of the most modern design are now being erected and when com323,722
510,796
pleted will have the best equipment that our experience can furnish. The
Total railway operating expenses__ $6,658,976 $5,365,214 $4,521.934 rubber plant will have a capacity of 7,500 tires per day; the cotton plant;
Net operating revenue
$1.354,521 $2,794,946 $3,530,154 150,000 yards per week.
Taxes
$515,460
$517,125
$473,150
RESULTS FOR YEAR ENDING OCTOBER 31.
Auxiliary operating expenses
1,363,502
1,159,183
644,071
1916-17.
1917-18.
1918-19.
1915-16.
Gross
business
$168,914,983 $131,247,382 $111,450,644 $63,950,400
Operating income
def.3524,441 $1,118,638 $2,412,934
Net income
$23,277,245 $15,388,191 $14,044,206 $7,003,330
Miscellaneous Income-Company._ _
$17,411
$17,352
$30,453 First
pref. divs.(7%) $1,664,866
$1,693.328
$1,499,040
$764,239
Joint
15,101
12,244
6,032 Second
pref. divs.
deb.13,388
Int. on oper. def
(8% p. a.)
1,149.074
506,408
1.261,332
2,228,342
2.451,816
def.$505,317 $1,148,234 $2,449,419 Cash com. divs_(12%) 2,489,355
Gross income
Surplus income-Company's share_ _def.$505,317 $1,148,234 $2,038.117
Balance,
surplus...
$4,977,759
$10,736,639
$17,973,950
$10,316,824
Mo.
Kansas
City,
of
411,302
Share to City
BALANCE SHEET OCTOBER 31. def.$505,317 $1,148,234 $2,449,419
Gross income
1919
1918.
1918.
1919.
Company's Income fromAssets$
def.3324,238 $1,003,139 $1,687,065 Real est. & bldgs_ 17,752,994
Missouri property
15,577.399 Pref.stk.7% cum. 23,173,900 23,783,800
127,743
def.198,489
320,599 Mach.& fixtures_ 17,507,512 14,207,647
Kansas property
2nd pref. stk. 8%
17,352
1,250
21,386 Pats.,tr.marks,&c
Unfunded securities and accounts_
1
1 cumulative ____ 13,497,400 15,000,000
3
Bond exchange fees
14 Securities owned_ 4,440,603 3,896,553 Common stock__ 20,757,600 20,466,800
16,158
Disc. on bonds purch.for sink.fund
9,053 Pref.stk. in trees
*326,993
149,636 Notes payable.._ 9,500,000
def.3505,317 $1,148,234 $2,038,117
Gross income-Company
$1,709,547 $1,497,156 $1.442,568
Deductions-Bond interest
165,547
Bond discount and expenses
1,524
18,807
Registrars and trustees
2,866
4,033
4,313
Int. on injuries & damage certifs
4,789
41,280
42,043
Miscellaneous
3,009
24,935
17,970
Total deductions from income
$1,885,798 $1,587,254 $1,507,375
def.$2.391,115 def.$439,019 sur.$530,741
Net income
Pref. dividend paid charged to profit
and loss account
(S2.50)100,000 (55)400,000
BALANCE SHEETS JUNE 30.
1918.
1919.
1918.
1919.
Assets$
2 yr. coll.6% notes,
Road and equipSeries "A"
Missouri prop_ _29,865,456 29,331,351
1,000,000 1,000,000
Kansas property 5,651,597 5,400,735 3 yr. coll. 7% notes,
16,190
Series "A"
10,757
7,750,000 6,920,000
N.Y.Tr.Co.sk .fd.
117,238 5 & 6% rl.est.Mtgs
Other investments. 164,649
27,750
54.597 6% def inj..SE dam112,818
Cash
69,005
41,659
age certificates_
Special deposits_
141,914
138.463
203,080 Notes payable_ _ 1,552,698
Loans & accts. rec.. 406,347
425,000
852,936 Accts.& wages pay 1,123,953
Materials & supp_ 818,148
304,122
6,851
Accnied interest
Insurance fund_
712,011
135,432
474,971 Fd.debt & int. pay
Unadjusted debits. 374,088
1,200
1,200
Divs. payable_ _ _ _
30,000
30,000
37,452,371 36.580,103 Empl.sec. deposits
Total
6,675
8,020
Tax liability
260,019
251,591
Reserves, &c
/Mb-nits197,924
249,616
100,000 K. C.sur. Income_
100,000
Capital stock
98,590
98,590
Sk.
6,283,794
fd.
to
6,290,426
Stockholders' eq
retire 2d
Mtge. bonds
let M.gold 5s_ __ _15,917,400 15,917,400
414,298
282,930
Profit & loss__ _deb.3,111,788deb.589,305
2d M.sink. fund 68
3,939,300 4,023,250
Series "A"
Total
2d M.sink. fund 5s
37,452,371 36,580,103
1,000,000 1.000,000
Series "13"
-V. 109, p. 2172, 1986.
Gaston, Williams & Wigmore, Inc.
(Including Gaston, Williams & Wigmore Steamship Corp.)
(Semi-Annual Report for Six Months ending Oct. 31 1919.)
Surplus for period
Previous surplus
6 Mos. to
Year to
Oct. 31'19 Apr. 30'18.
$10,572 $1,262,402
1.620.938
1,408,536
Total
Dividends (per share)
$1,631,510 $2,670,938
a150,000 b1.050,000
Balance, surplus,
$1,481,510 $1,620,938
a 50 cents per share. b $3.50 per share.
BALANCE SHEET OCTOBER 31, 1919 AND 1918.
1918.
1919.
1919.
Assets$
$
LiabilitiesS
Stock of assoc.cos. 1,453,653 1,766,688 Declared
capital
103,702
102,652
Securs. of 0th. cos_
(300,000 shares
Invest. in ships_ __ 1,371,328 1,784,978
no par value)_ _ _12,000,000
556,584 6% ser. notes, due
Adv. to other cos_
49,164
Furn., fixtures,&c.
43,689
April 1920-21_ _ _ 2,000,000
Insur. claims. &c_ 1,417,324
317,008 Notes payable_ _ 955,000
610,210 1,135,169 Accepted mercbanCash
Notes receivable_
393,535
disc drafts
876,569
155,865
Special deposits_ __
Accept' discounted.2,079,781
Accounts receivley10,100,134 9,241,994 Accept, drafts agst.
671,496
letters of credit_ 1,192,454
Bills receivable_ _ _
Special loans
Tobacco departm't 1,324,130
135,190
Accounts payable_ 814,067
Adv.to shippers__ 1,935,861
Commissions, &c.,
Mdse. purch., sold
accrued
and in process of
3,706,910 4,663,551 Dividend payable_
delivery
484,700 Res. for taxes, &c_
313,190
Securities
461,050
119,493 Deferred credits to
Det'd, &c., assets. 431,116
profit and loss__
182,548
Res've for conting_ 1,241,550
Deprec'n reserve__
224,261
Surplus
1,481,511
Total
23,613,982 20,610,0-12
Total
1918.
$
12,000,000
3,000,000
195,000
1,460,354
460,145
126,873
300,000
1,007,292
350,403
277,845
1,432,129
23,643,982 20,610,042
x Secured by pledge of $310,000 par value of Liberty bonds and merchandise of an approximate value of $2,250,000. y Includes accounts receivable
(general). $3,015,771, and of associated companies, $7,054,363.
Contingent liabilities: Drafts discounted against customers for merchandise sold and shipped. $4,196,663; discounted bills receivable, $1,328,002;
sundry guarantees on bonds and contracts, 3781,200.-V. 109, p. 2175.
Goodyear Tire & Rubber Co.
(Report for the Fiscal Year Ending Oct. 311919.)
President F. A. Seiberling, Akron, 0., Nov. 25 1919,
wrote in substance:
U.S. Liberty bds. 2,235,800
Emp.subscription
2nd pref. stock_
48,662
Notes rec. for co's
cap. stk. secured 1,324,741
Inventory
35,566,779
Adv.to cos.,agts.,
&c
3,648,895
Cash
10,395,241
Accts.& notes rec. 23,635,354
Prep'd rentals,&c. 1,280,851
Suspended assets_
182,076
Adv. to Goodyear
Impt. Co. & to
Goody.IIts.R.Co 1,880,328
1,466,950 Purch. accounts.
payable
513,633 Sundry other accounts payable_
1,112,017 Unpaid Lib. bds_
30,507,967 Federal taxes_
Accr. 1st pref.div.
2,101,278 2nd preLdlv.pay_
6,344,490 Reserves13,353,985 Doubtful acc'ts
690,181 (current)
208,324 Suspended sects
Deprec, of plant
InSur. on branch
3,488,957
stocks
Pensions & ind.
compensation _
Surplus
7,722,740 5,637,407
2,766,022 1,4:4 6
571,500
1,368,782
138,739
138,739
289,201
253 ,71
231,445
231,445
182,076
203,324
7,074,454 5,096,474
103,336
31,336
133,470
33,332,666 20,717,356
120,276,832 93,619,018
Total
Total
120,276,332 93,619,018
There is also a contingent liability for notes receivable discounted,
amounting to $8,604,415.
a First preferred, 3,592 shares (par value $359,200).-V. 109. p. 2175.
South Porto Rico Sugar Co.
(Report for the Fiscal Year Ending Sept. 30 1919.)
Chairman William Schall, Jersey City, N. J., Sept. 30
1919, wrote in substance:
The amount of sugar made during the crop of 1919 was 88,200 tons.
It is estimated that the output In 1920 will be about 96,000 tons.
The company has contracts with Russell & Co., successors, S. en C. and
other planters in Porto Rico covering approximately 475,000 tons of cane.
The lands in cultivation in Santo Domingo amount to approximately
17,000 acres,from which a &op of 400.000 tons of cane is expected.
The new factory at La Romana, Santo Domingo, commenced grinding
In Dec. 1918, and made 140.000 bags of sugar.
During the fiscal year ending on tnis date there have been paid the regular
dividends of 8% on the preferred stock and 20% on the common stock.
(V. 109. v. 894; V. 108. p. 2130. 885.)
Pursuant to authority given by the stockholders, an additional issue of
$1.005,000 of Preferred stock was sold, at par, on Jan. 15 1919. (V. 108,
p. 386. 486.)
During the year the sum of $858,416 was credited to sundry property
accounts, to cover amortization and obsolescence of plants, and charged
to "Reserve Fund Depreciation" account, making a total of $2,988,045
written off from property accounts during the last five years. On Oct. 1
1918. the sum of 31,000,000 was transferred from "Reserve Fund for Depreciation. &c.," to "Reserve Fund for Working Capital, Improvements, &e.'s
CONSOL. RESULTS YEARS END. SEPT. 30 (Incl. Central Romana, Inc.).
Sept. 30 Years1918-19.
1917-18.
1916-17.
1915-16.
Sugar made (tons)
88,200
90,400
92,342
75,550
$12,866,207 $11,448,242 $10,690,741 $8,396,562
Total receipts
Net earnings
$3,126,740 $2,691,851 $2,617.957 $3,687,200
Res. for working capital_
900,000
300,000
600,0001 1,181.243
Reserve for depreciation
690.312
545,878
466,668j
Reserve for income and
excess profit taxes
500,000
300,000
Pref. dividends (8%)___
374,763
319.507
312,730
298,900
Common divs. (cash).(20)1,119,210 (10)450,000 (20)823,890 (40)1378327
Common divs. (stock)_
(10)506,250
(18)606.840
Balance, surplus
$42,454
$70.217
$114,670
$221,890
Total p. &I.sur. Sept. 30 $1,036,223
$993,768
$923,551
$808,882
CONSOLIDATED BALANCE SHEET SEPT. 30.
1919.
1918.
1919.
1918,
AssetsS
Real est., constr.,
equipjlve stk,&c12,570,600
Mach., supplies,
spare parts, &c_
Materials & Kipp- 504,697
Cash
485.694
Accts.rec (secured) 233,345
Sundries
133.626
Bonds and stocks
80,375
Mtges.(Portoltico) 1,918,079
Advances to planters (secured)_ _ __
353,365
Adv. to plant.to be
repaid
1,399,567
U. S. Lib. bonds..
60,000
Corniasary stores_
532,063
Demand loans and
accept's (secur.)_
Total
Liabilities$
$
Preferred stock.... 5,000,000
13,095,517 Common stock _ __ 5,602,800
Accounts payable_
281,514
1,016,014 Deprec.,&c.,res've 895.800
796,655 Div. scrip. pay _ _1(call.&pd .)1
229,609 July 1 1921_ ___ I (see text) 1
737,016 Div. scrip. pay _ _1(call.&pd.)1
8,728 Oct. 1 1921_4 see text) I
57,500 Loans
2,221,186 It serve for taxes_
391,641
Reserve for new
344,854 mach'y., working
cap,tal, &c
6,109,448
Profit and loss..... 1,036,223
90.000
568,290
224,695
280,945
1,350,000
500,000
4,209,448
993,768
1,469,125
19,317,427 19,618,480
-V. 109, p. 2177.
$
3,995,000
5,625,000
375,719
2,063,905
Total
19,317,427 19,618,48
Standard Oil Company (Ohio).
(Official Statement, Dated Dec. 5 1919).
In connection with the stock increase and offering shown
on a subsequent page, President A. P. Coombe in circular
of Dec. 5 1919, says in substance:
Results.-Sales for tho year amounted to $168,914,983 against $131.247.382 for the preceding year; net profits (subject to federal tax) being
$23.277,245 against $15.388,191 for the preceding year.
The amounts of current assets and liabilities are materially higher than
shown In the statement of 1918, due to the fact that production at the close -ReasonTforlssuitry PrerStock:=The present Capital stock is $7,000,000
of this year was running more than double the amount of the preceding of Common stock, there being no Preferred stock and no bonded or mortgage
indebtedness. From the statement that follows you will not that the proyear at its close.
2262
THE CHRONICLE
[Vol.. 109.
posed issue of Preferred stock, if, and when the $7,000,000 cash from its
Atlanta Birmingham & Atlantic Ry.-Federal Contract.
Issue shall have been received, will have behind it $25,137,174 of net assets,
Director-General of Railroads Hines has signed the Federal operating
and that the company's record of earnings compares very favorably With contract
fixing the annual compensation at $480,000.-V. 109, p. 1890,1609.
the fixed dividend charge of $490,000 per year for the proposed stock issue.
Heretofore the Corporation has been able to finance its growth and deBoston Elevated Ry.-Bills, &c.-Director.velopment out of current earnings, but under present conditions this is
The bill to relieve the elevated of the cost of subway rentals, also the
found to be impracticable,for the following reasons: (1) Becauge on account McDonnell
bill providing for the purchase of Boston Elevated stock by the
of the present lessened purchasing power of money, a much larger working
have been killed in the House.
capital is required than in previous years. (2) Because the large expendi- Commonwealth,
H. R. Wilson has notified City Collector F. A. Deland that the
Treasurer
for
tures in payment of Federal taxes, which undoubtedly will continue
Boston Elevated is unable to pay the city $521,211 it owes the city in real
some time to come, are taking out of the busine,.. funds which ordinarily estate
taxes.
would be used for keeping pace with the increasing growth and demands
The public trustees, in response to an order adopted, transmitted to the
of.the business. (3) Because, due in part to the first reason above mentioned House
information in reply to nine specific questions asked in the order.
the increase in amount of sales has been too rapid to permit the necessary The
total liabilities as of Oct. 31 were $74.863,092, of which $29,586,828
expansion and growth out of current earnings.
on
was
stock and $30,925,949 on long term debts. Dining the period from
Necessary Additions, &c.-In the past four years, our refinery at Cleve- July 1 1918
to Oct. 31 1919 the trustees say they expended $8,643,834 for
land has been practically rebuilt and its capacity more than doubled, but repairs,
and for new rolling stock $3,656,310. The trustees have been
such expansion has been inadequate, and construction of an additional setting aside
per month for depreciation, a total of $2,672,000 up
new refinery has been commenced. This latter project was started prior to the end of8167,000
October. The present needs of the property call for expendito the war, but operations thereon had to be suspended during the war, tures of $16,000,000.
The total amount of bonds which will fall due prior
and the cost of completion on account of present high prices is now far in
July 1 1928 is stated to be $10,062,000.
excess of th a original estimates. Likewise, the acquirement of necessary to Henry
Lyons
has
been
S.
elected a director to succeed E. V. R. Thayer.'
war
the
distributing facilities and equipment has been held back during
and the company not only is confronted at the present time with the nec- -V. 109, p. 2171.
essity of making good this past deficiency, at present increased prices, but
Canadian Pacific Ry.-Director.els° is badly in need of additional equipment and facilities to keep pace with
Sir John Eaton of Toronto.has been elected a director to fill the vacancy
the rapidly increasing demands of the business.
caused
by the death of Wilmot D. Matthews.-V. 108, p. 2527, 2240.
growth,
wholesome
Business.-Our business has enjoyed a continuous and
and your Board of Directors is prompted solely by the desire for a continuCentral of Georgia Ry.-Listed.ance of this growth, commensurate with the expansion of the petroleum
The New York Stock Exchange has authorized the listing of $8,000,000
Industry, in its recommendation of procuring the additional, necessary 10-year 6% Secured bonds
of 1919, due June 11929. Nos. 1 to 8,000 incl..
capital through the medium of the proposed Preferred stock issue.
for $1,000 each (V. 108, p. 1822. 2240, 2329, 2432).-V. 109, P. 1700.
of
if
the
$7,000,000
proposed,
increase
of
is
-It
Stock.
New Common
Common stock is _authorized, to hold the same in the treasury, subject
• Charleston & Western Carolina RR.-Federal Mgrs.
to later issuance, at the discretion of the Board. Under the laws of Ohio,
Owing to the death of Fed. Mgr. E. T. Lamb, the jurisdiction of the folholders of Common stock have the right, when and as issued, to subscribe
Mgr.
Fed.
(1)
below:
as
for any increase of stock which is not set aside and appropriated for some lowing Federal managers have been extended
man Delano over the Charleston & Western Carolina RR. and the Geor a
particular purpose.
R .
All Stockholders Should Return Proxies.-Under the statutes of Ohio, RR.• (2) Fed. Mgr. W. L. Mapother over the Atlanta & West Point
of the
outhorization of an increase of Preferred stock requires the written consent and the Western RR. of Alabama. (3) B. L. Bugg, Gen. Mgr.to
conef three-fourths of all the stockholders, representing at least three-jourths Atlanta Birmingham & Atlantic RR., Atlanta, Aa., will continue
of the subscribed and issued Capital stock. Hence no stock holder should duct the affairs of that property.-V. 107, p. 1836.
fall to return his proxy.
Chicago & Eastern Illinois RR.-Sale Postponed.The foreclosure sale has been postponed until March 9.-V. 109, p.1891.
EARNINGS AND DIVIDENDS FOR CALENDAR YEARS 1912-18
AND FIRST HALF OF 1919.
Chicago Milwaukee & St. Paul Ry.-Federal Manager.Dividends
Earn. After
Fed. Taxes
Earn. Before
Benjamin B. Greer, assistant regional director of the CentralWestern
Paid.
Fed. Taxes. For Current Yr. Fed. Taxes.
Cal. Year.
region, has been appointed Fed. Mgr. of the Chicago Milwaukee & St. Paul
$175,001
$1,603,562
$16,059
$1,619,621
By., the Ontonagon Ry. and the Escanaba & Lake Superior Ry.-V. 109.
z1912
700,004
•
•
,
p. 1700.
•
•
840,000
1,197,097
11,532
1,208,629
1914
840,000
2,126,746
Chicago & North Western Ry.-Dividends.21,043
2,147,789
1915
x4,462,500
3,772,979
75,359
3,848,339
The company has declared a dividend of 2% on the Preferred stock and
1916
1,120,000 !
3,233,194
1,424,783
4,657,978
1917
? 14% on the Common stock, payable Jan. 2 to holders of record Dec. 9.
1,120,000
2,582,991
2,891,608
5,474,599
provided the necessary funds are received from the U. S. RR. Administra1918
560,000
2,081.599
2,981,599 y 900,000
tion."-V. 109, p. 981.
1st half 1919
$9,817.506
$18.358.956
Cleveland Ry.-Arbitrators Make 7% Award.$23,716,964 $5,358,008
By a vote of two to one the arbitrators conducting the inquiry into the
z Repreiets $962.500 cash dividend and $3,500,000 stock dividend.
$8,684.
in
paid
1912,
taxes
for
Federal
1911
z
y Estimated.
company's request for a dividend increase from 6% to 7%. awarded the
Increase effective Jan. 1. Joseph R. Nutt, Pres. of Citizens Savings Sc
BALANCE SHEET.
Trust Co. appointed by the company and Attorney A. A. Stearnes named
June 30'19 Dec. 31'18 by U. S. District Judge D. C. Westenhaver, as independent arbitrator.
June 30'19 Dec. 31'18
$
$
Liabilities-Assets-'
signed the report granting the increase and City Light Commissioner W.E.
7,000,000 7,000,000 Davis, representing the City, dissented.
x9,079,815 x8,141,885 Capital stock
Net plant
Accounts payable_ 3,270,712 2,092,419
As soon as the City Council amends the franchise ordinance to give effect
Cash & short term
13,482,979 12,507,184 to the arbitrator's findings, it is stated that that referendum petitions giving
496,656 *Surplus
U.S. certificates_ 4,368,834
the citizens a chance to sanction or protest against the increase will be
U.S. bonds .1c inv. 2,193,7901
1,741,4801 7,391,934
circulated by the representative of the city.
Accounts receiv
In addition to the award granting the 7% dividend, a report signed by all
6,369,771 5,569,128
Merchandise
three arbitrators, was submitted in which recommendations are made for
23,753,690 21,599,603 stabilizing the stock value of the company. This report characterizes the
Total
23,753,690 21,599,603
Total
"Tayler grant" as "sound in principle, practical in operation and of great
• * Surplus includes the following items not yet charged off: (a) Unpaid
The stock is rated
1918 Federal taxes, $1,445,804; (b) estimated Federal taxes for first half benefit to the company stockholders and the public.
"a
safe and dependable investment."
of 1919. $900,000; total $2,345,804.
Chief among the recommendations is an amendment to the franchise
• z Shown after deducting depreciation, viz., 1919. $3,041,349; 1918,
"providing for the setting up of a reserve fund at a rate not less than $300,000
$2,869,725.
per annum, to be held in trust for not less than ten years, and at the end
-V.109, p. 1898.
of each ten-year period to be used for betterments and extensions in the
event
the franchise at the end of that time is renewed, for which no capital
General Motors Corporation.
shall be issued, thus tending to reduce the rate of fare; otherwise to be held
to
Mos.
for
7
for
of stock at the termination of the grant." Another recomExchange
liquidation
Stock
Y.
N.
to
Reported
as
_(Earnings
mendation is for the "amendment of Section 20 of the grant so as to provide
July 31 1919.)
for the maintenance of the system in an average condition of 70% of its
i tal value in place of 70% of its reproductive value as now provided."
cap
7 Months. -6Months
1918.
1919.
-V. 109, p. 774. 477.
1919.
$57,343,997 $48,900,800 $26,078,120
Net profits
Connecticut Co.-Revenues Increase under Zone System.20,376,481 17,706,636 13,490,861
Provision for Federal taxes, &c
At a hearing before the P. U. Commission and attended by represents,.
$36,967,516 $31,194,164 $12,587,259 tives of Connecticut cities and towns which had protested againbt the new
Balance
General Motors proportion thereof_ _ _$36,308,102 $30,591,988 $12,307,784 zone system, it was indicated that the company lost $10,931 operating its
590,304 cars in the year ending Oct. 1919, but that during November.the first month
522.392
607,065
Preferred dividends(6% p. a.)
943,653___-„, of the new zone system, there was a gross revenue increase of about $128,000.
1.542,083
Debenture dividends(6% p a.)
The "Electric Railway Journal" of Nov. 8 1919 has an illustrated 8-page
Common dividends(6%-12% p.a.)_ _ 8,842,428 8,842,434 6,6-18,655
article dealing with the zone plan which went into effect on Nov. 2.$6,098,825
$20,283,508
V. 109, p. 1527.
$25,316.526
Surplus
36,408,937 36.408,937 20,606,928
Previous surplus
Total surplus
$61.954,778 $56.692,445 $26,705,753
Continental Pass Railway Co.-Dividend.-
The Philadelphia Stock Exchange on Dec. 6 announced the declaration
of the semi-annual dividend of $3 per share, payable Dec. 30 to holders of
record Nov. 29, less half of 1918 Federal income tax.-V. 108, p. 2528.
BALANCE SHEET.
July 31 '19 ./Inus 30'19
June 30'19
Detroit United Ry.-Permission to Issue Bonds.$
Liabilitfes-$
The Michigan P. U. Commission has granted the company permission to
80,697,966 Debenture stock 61,676,700 59,506,600
Preierreci stock_ 16,943,700 16,948,300 Issue $50,000 First Consol Mtge. of 1932, to be sold at not less than 75. W
35,714,893 Common stock_147,833,900 147,647,700 take care of the $50.000 1st M.5% bonds of the Detroit By. due Dec. 1.150.000 V. 109, p. 1986. 1700.
150,000
10,762,942 Pur.money bds_
71,799,444 Sub. cos. stock
21,709,030 and surplus__ 3,469,152 3,071,336
Eastern Texas Electric Co.-Com. Div. Increased.52,337 Acc'ts payable__ 2,622,413 28,170,146
A semi-annual dividend of $4 per share has been declared on the Common
3,767,284
the
4,020,284
8,603,665 Notes payable__
stock, payable Jan. 2 to holders of record Dec. 15, which increases the
Taxes, payrolls,
annual rate to 8%. Previous to this 5% per annum was paid on
9,862,683 10,698,925 Common.-V. 109, p. 1079.
Sec
159,004
41,236,103 37,202,057
29,169,253 Ites..rves
98,975,541 PA L.surplus 61,954,778 56,692,445
Escanaba & Lake Superior Ry.-Federal Contract.3,210,718
Director-General of Raiirpads Hines has signed the Federal operating
compensation at $58,688.
374,769,714 363,854,793 contract with this company fixing the annual
Total
374,769,714 363,854,793 Total
-V.35, p. 478.
See also listing statement on a subsequent page.-V. 109, P. 2075.
Ft. Wayne & Nor. Ind. Trac. Co.-Receiver's Sale.
Indiana
Pursuant to a final decree entered on Nov. 17 1919 by the
to
auction
Superior Court, Robert M. Feusel, receiver, will sell at publlc
city court house,
the highest bidder on Dec. 29 at the Fort Wayne, Ind.,
in
and
parcels
several
all the properties, franchises, permits, &c., in the
the following order:
(1) Lafayette Division, subject to $225,000 5 % bonds due June 1 1923
RAILROADS, INCLUDING ELECTRIC ROADS.
made to the Real Estate Trust Co., Phila.. trustee. The bid for thi
division shall not be less than $1,000.
bid for this division shal not
Albany & Susquehanna RR.-Dividend.i
(2) Lafayette & Logansport Divsion.-The
A semi-annual dividend of $4 50 per share has been declared, payable be less than $300,000.
-All the rpoperty under
Division.
special
a
of
record
No
made
Dec.
15.
mention
was
Jan. 1 to holders of
(3) Wabash River Division-Fort Wayne
dividend such as was paid on Jan. 1916, 1917 and 1918, but omitted in the Wabash River Div. is to be sold subject to $275,000 5% bonds due
All the property
trustee.
Co.,
Trust
Haven
Jan. 1919.-V. 107, p. 2374.
New
&
Union
1931.
1
Aug.
certain companies
under the Fort Wayne Division (incl. shares of stock ofthe
following three
American Railway & Power Co.-Sale.having a par value of $192,569) is to be sold subject to
The foreclosure sale originally set for June 11 1919 and several tiraes:post- mortgages:(a) Mortgage Ft. Wayne Power Co. to Guarantee Trust & Safe
$57,700 face value of
poned has now been set for Dec. 17.-V. 108, P. 2240.
Deposit Co., trustee, dated Dec. 1 1907. securing
bonds now outstanding; (b) mortgage Ft. Wayne Traction Co. to Guardian
securing
- Anthony & Northern Ry.-Name Changed.Trust Co. and George A. Garretson, trustees, dated Oct. 11899.
Ft. Wayne
The stockholders have voted to change the name of the road to the $29.000 face value of bonds now outstanding; (c) mortgage Deposit
Co
Safe
&
Trust
Guarantee
necessiwill
plans
company's
the
in
change
to
Co.
The
&
Marion
Traction
Sc
Wichita
Northwestern.
Bluffton
out.
tate President 0. P. Byers moving to Wichita. The southern tier of town- trustee, dated June 28 1905,securing $400,000 face value of bonds now
Union Sc NeW
ships in Reno County long have wanted a railroad, and they will be asked standing, and also subject to the lien for $10.000 in favor of
$40,000 each, or a total of $280,000, to secure the road.-"Topeka Capital." Haven Trust Co., trustee, on the part of Wabash River Division.
The bid for the last divisions shall not be less than $1,000,000.
-V. 109, p. 1985.
July 31 '19
AssetsPerm't invest't_ 85,333,246
Gocdwill, pat'ts,
copyrights,dm 35,714,894
Inv. allied cos__ 12,874,737
76,396,825
Cash
Liberty bonds 23,950.108
108,435
Marketable secs
10,356,554
Sight drafts
Due from U. S.
112,111
Government _
NotesAaccts.rec 27,286,934
Inventories
100,629,172
Deferred exp.._ 2,006,698
GENERAL INVESTMENT NEWS
DEC. 131919.]
THE CHRONICLE
Bidders are required to deposit with the receiver prior to sale the following amounts in order to qualify as a bidder (a) for the Lafayette Division,
$5,000; (b) for the Lafayette & Logansport Div., $10,000; (c) for the Fort
Wayne and Wabash River Divisions, $50,000. Compare reorganization
plan in V. 109, p. 775, 1700.
Georgia Coast & Piedmont RR.-All Not Junked.-
2263
As much of the common and pref. stock as may be necessary and not
exceeding $1,300.000 of bonds are to be distributed to the bondholders of
the Oakland Antioch & Eastern Ry,. Oakland & Antioch By. and San
Ramon Valley RR., as provided in the original reorganization plan in V.
106, p. 1127, 882. 190.-V. 109, p. 2172. 1700.
Oregon • California & Eastern RR.-Files Mortgage.-
It is stated that the part of the road between Collins on the Seaboard
The company has filed for record at Bend, Ore., a mortgage to the PortAir Line and Ludowici on the Atlantic Coast Line, a distance of 26 miles, land Trust Co., Portland, Ore., covering all property now owned or herewill soon be put into operation again. The line from Collins to Ludowici after acquired to secure a bond issue for the construction of this proposed
was sold to J. V. Kelly, of Reidsville, Ga. and others. The entire road was road, fathered by Robert E. Strahorn of Portland, Ore. The mortgage
recently sold for junk and passenger traffic ceased Nov. 10, but is expected is said to contemplate construction
from Bend to Klamath Falls, from near
to be resumed on the line purchased for operation within a short time. With Silver Lake to Lakeview, from near
Millican to Crane, and from this line
this part of the road in operation, a direct route will be continued between
Burns and Narrows.
Collins and Ludowici, taking in Reidsville, Glennville and intermediate toThe
"Chronicle,"
San
Francisco
Feb.
20 1917 after an interview with
points.-V. 109, p. 1891, 1792.
Mr. Strahorn said: "This proposed road would connect Klamath Falls with
the Hill and Harriman lines at Bend, Ore.; connect that terminus with
Gulf Mobile & Northern RR.-Annual Report.Crane, where the Union Pacific now stops, and tie all this up with the
Western Pacific and Southern Pacific by a line through Lakeview and the
Income Account [Federal and Corporate Figures Combined].
Surprise Valley to Flannigan in Nevada.
[On old basis, disregarding Standard Return.]
"'At the present time the organization of the company is merely nomi1917.
1918.
1916.
1915.
Gross revenues
$2,418,292 $2,322,650 $2,051,088 $1,841,290 nal,' says Strathorn. 'Outside of the local donations I am the only one
Operating expenses
2,168,070 1,589,401 1,486,395 1,304,050 who has put money into it. It will require $7,000,000 to construct the
and after the war I propose to raise this by sale of the securities. It
Taxes and uncollectible rev
202,159
141,147
87,482
81,603 lines,
will be built as an independent line. I have no understandings with any
of
the
transcontinental lines.'
Operating income
$48,063 $592,102 $477,212 $455,637
"Strathorn depicts the local interest in the project as follows:
Other income
101,878
186,538
142,713
76,556
"'Klamath Falls has voted a bond issue of $300,000. with which 20 miles
Gross income
$149,941 $778,640 $619,925 $532,193 of the proposed line will be built as a municipal railway when my plans are
for a
Interest on funded debt
1,350
1,588
682.350
684,262 complete. The people of that town have also subscribed $75,000
Lakeview has voted $20,000 in bonds and raised other money.
Rents, miscell., int., &c_ _
25,730
5,041
62,549
64,962 terminus.
Bend has voted $35,000 in bonds and raised additional sums. Burns has
Balance, surplus
$122,861 $772,011def$124,974def$217,031 voted $125,000 bonds, and expects to raise $75,000 more, and some of the
large land interests have made contributions which bring the total up to
Note.-On the basis of tentative income from lease of road to Federa
The Surprise Valley people have gotten nearly all the right
Government on standard return of $558,338, the gross income is placed at $1,000,000.
of way for the line from Lakeview to Flanigan.'
$567,476; deductions, $131,003 (incl. $66,379 income and war taxes; inter"Strahorn
says
all the 400 miles of the original project have been surest on funded debt,$1,350; interest on unfunded debt,$15,473, and expenses veyed, as well as that
the 150 miles in the Lakeview-Flanigan branch, and that
prior to Jan. 1 1918, $47,801); tentative net income, $436,473.-V. 109, nearly all the rights
of
way and terminal grounds have been secured."
p. 1700.
Hocking Valley Ry.-Federal Contract Signed.Director-General of Railroads Hines has signed the Federal operating
contract with the company fixing the annual compensation at $2,637,167.
Compare annual report in V. 109, p. 368, 1527.
Lake Shore Electric Ry.-To Extend Bonds.The First Mtge. 5% bonds of Toledo Fremont & Norwalk RR., due
Jan. 1 1920, are being extended to Jan. 1 1925 at 63%. Redeemable at
par and int. on any int. date on 60 days' notice. Under the extension
arrangement the $303,000 bonds in the sinking fund are to be canceled, so
there will remain In the hands of the public to be extended 31,197,000.
The Guardian Savings & Trust Co. of Cleveland are depositary and the
holders of a large majority of the bonds have responded by sending in their
bonds for deposit under the agreement.
The extension of the bonds as above has been authorized by the Ohio
Public Utilities Commission.-V. 108, p. 2123.
Leavenworth & Topeka RR.-Bond Issue.The special benefit district along this road in Jefferson and Leavenworth
counties has voted a $75,000 bond for improvement of roadbed and equipment of the road.-V. 109, p. 1987. 577.
Lehigh Valley Transit Co.-Statement.-
Ottawa Traction Co.-Extra Dividend.-
An extra dividend of 1% is stated to have been declared on the stock.
along with the usual quarterly 1%.
The Ottawa Car Mfg. Co. (a subsidiary) has declared an extra div. of
2%, in addition to the usual quarterly 1%, all dividends being payable
Jan. 1 to holders of record Dec. 15.-V. 107, p. 803.
Philadelphia Company.-Bonds.-
The Phila. Stock Exchange has admitted to list 85,000 additional Cons.
Mtge. & Col. Trust 5% bonds, due 1951, stamped and certified under
sinking fund and redemption plan, dated July 10 1917, making the total
amount so stamped and certified listed $13.219,000, and reducing the
amount of unstamped bonds of this issue listed to $1,287,000.-V. 109.
p. 1700, 1180.
Pittsburgh Fort Wayne & Chicago.-Extra Dividends.An extra dividend of $5 75 per share has been declared on the Common
and Preferred stocks, along with the regular quarterly of 1%%. The
Common dividend is payable Jan. 2 to holders of record Dec. 10 and the
Preferred Jan. 6 to holders of record Dec. 10. Compare plan in V. 108.
p. 1275.-V. 108, p. 1722.
Portland Ry., Light & Power Co.-Favors Fare Increase.
The following is a statement concerning the suit by Doohan against
According to a report filed by J. P. Newell, local engineer appointed by
Lehigh Valley Transit Co. to compel the directors to declare a dividend the city, the increased fares sought by the company are recommended with
on its capital stock: "The officers of Lehigh Valley Transit Co. state that a possible small extra charge for transfers. The report shows that the
they have received no papers in the reported equity suit filed by William F. company is at present operating at a loss of about $1,000,000 annually.
Doohan to compel the declaration of dividends on the company's capital V. 109, p. 2172.
stock, and that they have no information or knowledge that such a suit has
been commenced or is contemplated by Mr. Doohan except as contained
Public Service Corp. of N. J.-Reasonsfor 7-Cent Fare.in the recent newspaper reports to that effect.
See Public Service By. below.-V. 109, p. 2172, 1892.
"The officers further stated that the failure of the company to pay dividends during the past year and a half has been due to the unusual financial
Public Service Ry. N. J.-7-Cent Fare Reasons Explained.
situation confronting traction companies in general and the desire to con'
Commissioners in permitting the company to "
The New Jersey P. U.
serve the earnings and cash resources of the transit company in order to discontinue
operation under the zone fare system and to operate again under
meet the needs of its property.
flat rate of 7 cents with a cent for a transfer, did so, to assist the com"Mr. Doohan is reported to have alleged that the reasons for withholding the
in averting a receivership. The memorandum says in part:
the declaration of dividends was an agreement made by both officers and pany
"It is evident that the company's receipts under the zone plan are not
directors of the company to sell all of its outstanding stock to Electric Bond sufficient
for it to remain solvent. The bankruptcy of an important public
& Share Co., N. Y."-V.108. p. 375.
utility is always accompanied by adverse conditions which affect not only
securities, but the public served by it. That a public utility
investors
in
London & Lake Erie Traction Co.-Votes Purchase.- may remainits
solvent is not controlling in fixing its charges, but the board
The citizens voted recently to purchase the property of this company for cannot,
knowledge that bankruptcy would likely result, insist
with
the
$25,000.-V. 108, p. 2528.
upon a rate unless it clearly appears that the rate is just and reasonable and
should be imposed without regard to its effect upon the securities of the
Long Island Electric Ry.-Fare Increase.The P. S. Commission has issued a special permit allowing the company company.
"As has been stated heretofore, the board is now conducting a proceeding
to establish a new zone fare system, increasing the one-way fare between which will result ultimately in the fixing of a rate just and reasonable to
Jamaica and Far Rockaway from 10 to 15 cents and between city lines and the public and which will afford a fair return to the company upon the value
Belmont Park from 5 to 10 cents.
its property used and useful in the service of the public. The board does
Officials of the company at a hearing before the Commission said the of
not have sufficient evidence to justify it in determining that the existing
company would be obliged to apply immediately for a receivership and disso- rate is one which can be ordered continued without regard to the imminent
lution if an increase was not given. It was said the directors authorized the insolvency of
the company."-V. 109, p. 2172, 1892.
abandonment of the road at a meeting three weeks ago.-V. 109, p. 888.
San Francisco & Sacramento RR.-Reorg'n Changes.-
Louisiana & Pacific Ry.-To Pay Bonds.The $172,000 bonds, due Jan. 1 1920, will be paid off at maturity at
office of Commerce Trust Co.. Kansas City, Mo.
Maine Central RR.-Federal Contract.Director-General of Railroads Hines has signed the Federal operating
contract with the company fixing the annual compensation at $2,955,696.
Compare annual report in V. 109, p. 1983.
Northern Pacific Railway Co.,-Vice-President.-
Charles Donnelly has been elected Executive Vice-Pres.-V. 109, p. 1700.
Northwestern Pennsylvania Ry.-Sale Dec. 27, Subject to Northwestern Division Mortgage.-F.J. Lisman & Co.,
New York, write:
The property is to be sold on Dec. 27th under the mortgage securing the
Northern Division bonds. This sale is subject to the first mortgage on
the Southern Division, dated 1911, and due 1941. This mortgage is not
In any way affected by the foreclosure. These Northwestern Pennsylvania
By. 1st Mortgage bonds have been in default since March 1 1918.
We have not deemed it necessary to form a bondholders' committee, because we are awaiting the outcome of the traction situation in general in
the expectation that this division will in time again be able to earn its
interest charges.-V. 109, p. 2172.
Oakland Antioch & Eastern Ry.-Sale Postponed.-
The foreclosure sale has been postponed.
Total
Sanwich Windsor & Amherstburg St. Ry.-Votes
Acquisition.Ratepayers of eight of the nine frontier municipalities have voted for the
taking over of the line by the Hydro-Electric Commission. The Windsor
ratepayers will vote Jan. 1 on the acquisition of the light and power plant.
-V. 109, p. 1987.
Scranton & Binghamton Trac. Co.-Court Decision.See Scranton Ry. below.-V. 107, p. 1102.
Scranton Railway.-Court Upholds Fare Increase.The Superior Court has sustained the decision of the Pennsylvania P. S.
Commission in granting an increase to 7 cents in fares on the lines of the
Scranton Railway and the Scranton & Binghamton Traction Co. The
appeal from the decision of the Commission had been taken by the City of
Scranton.-V. 109, p. 982.
Springfield (0.) Term. Ry. & Power Co.-Rec. Ctfs.The receiver has applied to the U. S. District Court for authority to issue
$25,000 receiver's certificates, to be used for improvements to the property.
A hearing is to be held Dec. 13. The receivers state that if given permission
to issue the certificates they will be taken up by the bondholders' committee.
This report tor September shows a bank balance of $12,533.-V. 109, p.1180.
Texas & Pacific Railway.-New Receivers.-
Changes in Pending Plan of Reorganization.The California Railroad Commission has issued an order approving somr
changes in the plans of the reorganization committee. The order modifies
a previous order so as to permit the new San Francisco & Sacramento RR.
to issue not exceeding (a)
- $4,000,000 common stock, (b) $1,330,000 6%
pref. stock, and (c) $2,100,000 5-year 7% bonds. The original plans of the
reorganization committee provided for a 20-year 6% bond issue. The
change to the 5-year 7% bond;according to the reorganizaton committee,
Is due to the present financial conditions and the small demand for bonds
of street and interurban railways.
Approximately $800,000 of the bonds will be sold for cash at not less
than 90 and the proceeds used for the following purposes:
a) Payment of first lions and interest thereon
$300,000
b) Payment of non-assenting bondholders, estimated
75,000
c) Additions and betterments, including, among other things, onehalf of the cost of branch to Pittsburgh, completing ballast
on entire line, concreting tunnel, purchasing five cars and
constructing two warehouses
203,500
(d) Working capital
141,500
i
See Oakland Antioch & Eastern RR. above.-V. 109, p. 2172.
J. L. Lancaster and Charles L. Wallace have been appointed receivers to
succeed Pearl Wight,former sole receiver, who has resigned.
Federal Manager Resigns.Federal Manager J. L. Lancaster having resigned, the following properties
under his jurisdiction will hereafter be managed by the General Managers
as follows: (1) By J. A. Somerville, Dallas, Tex.: Texas & Pacific RR..
Trans-Mississippi Terminal RR., Weatherford Mineral Wells & Northwestern RR., Gulf Texas & Western RR., Denison & Pacific Suburban RR.
and Fort Worth Belt RR. (2) by A. G. Whittington, Palestine. Tex.:International & Great Northern RR., Galveston Houston & Henderson RR.
and Houston & Brazos Valley RR.-V. 109. D. 777.
Toledo Rys. & Light Co.-Service Resumed-City to Vote
Feb. 17 on New Franchise Ordinance, &c.-
Car service, which was suspended on Nov. 8 when the company with.drow its cars from the streets under the terms of the ouster ordinance. was
resumed Dec. 5 at the rate of fare which prevailed previous to the suspension
of car service 6 cents with 2 cents for a transfer.
The company's requests, granted by the court, and inserted in the formal
$720,000 order for resumption of operation, provide:
2264
[Vol,. 109.
THE CHRONICLE
1. City and Rail-Light negotiators must agree upon the draft of a serviceat-cost-plus franchise ordinance not later than Jan. 15 1920. If no such
agreement has then been reached, the company can discontinue service
10 days thereafter.
2. A special election on the granting of the franchise ordinance must be
held not later than Feb. 17. If no such election is called by council, the
company can discontinue service and remove its cars and equipment within
10 days.
3. The fare rate is to be 6 cents, with 2 cents for a transfer—the same
rate which prevailed before the cars were taken to Michigan—but the
company is granted the right to appeal to the court for revision of fares.
There can be no arbitrary raises, such as that which precipitated the passing
of the ouster ordinance by the city council last June.
4. The company reserves the right to rearrange its schedules to meet
motor bus competition if it continues.
5. The company reserves the right to apply to the court for permission
to discontinue service if the city, in its dealings seeks to impose unfair or
confiscatory burdens upon the compnay.
6. The company disclaims, specifically, its recognition as legal, either
of the original ouster ordinance or the Duffey amendment, under which the
company resumed operations.
Although the court order makes no reference to the possible or probable
submission to the voters of a municipal ownership ordinance. Judge Killits,
Mayor Schreiber and Rail-Light representatives agree that this is to be done.
The municipal ownership ordinance in all probability will be submitted to
the voters at the special election with the Taylor plan franchise ordinance
not later than Feb. 17.—V. 109, p. 2172, 2074.
Toledo Traction Light & Power Co.—Bonds Called, dccii
Union Traction Co. of Kansas.—Bonds Called.—
Ten 1st M. bonds have been called for redemption for the sink, fund at
105% and int. at the Warren Trust Co., trustee, Warren, Pa., on Jan. 1
1920.—V. 107, p. 2377.
Uruguay East Coast Railway Co., Ltd.—Sale.—
The sale and transfer of the railway to the Uruguayan Government has
been completed, effective as of Oct. 1 1919.
Wabash Railway. —Action on Dividends Delayed by
Negotiations as to Federal Compensation.—A stockholder of
the company has received the following explanation regarding
divs. from Pres. Williams, writing under date of Nov. 20:
Under Section 5 of the Federal Control Act it is stated as follows:"That
no carrier while under Federal control shall, without the prior approval of
the President, declare or pay any dividend in excess of its regular rate of
dividends during the three years ended June 30 1917; provided, however.
That such carriers as have paid no regular dividends, or no dividends during
said period, may, with the prior approval of the President, pay such dividends at such rate as the President may determine."
Under said clause it is contended on the part of the Government that no
dividends may be paid by this company without its consent, as we did not
pay dividends for the three years ended June 30 1917—this company began
operating its property on Nov. 1 1915, and paid the first div. Jan. 29 1917.
Application was made in July 1918 to the Director-General for permission
to pay I% in July of that year on our Preferred Stock A,but, after considering the matter, he decided to postpone action until our contract with the
Government be executed and the amount of our compensation be determined.
As this company's property was operated by receivers for 16 months of
the three-year test period, it is claimed on its behalf that it is entitled to
compensation in excess of the so-called standard return, and on that account.
the execution of our contract will be delayed until we reach an agreement
with the Government as to what compensation we are entitled.
Until this agreement be executed and the total amount of our annual
Income be determined, it will be impossible to give any information respecting dividends. The officers of the company are bending every effort to
reach an early settlement of the many questions involved.—V. 109, p. 2172.
The company has called for payment on Jan. 1 1920 the outstandins
Second Lien 7% 3-Year gold bonds, dated Jan. 1 1918. Under the term
of issue the holder of these bonds will have the right to convert on or prior
to Dec. 26 into Cities Service Co. Pref. and Com. stocks on the following
basis. Each $100 principal amount Toledo Traction Light & Power Co.
2d Lien bonds may be converted into $85 par value of Cities Service Co.
Prof. stock and $15 par value of Cities Service Co. Com. stock with adjust-ment of interest. The conversion privilege will apply only to such bonds
as are presented and surrendered on or before Dec. 26 1919 at the office or
agency of Cities Service Co., 60 Wall St., N. Y. On and after Dec. 26
1919 the conversion value of these bonds will cease and holders who do not
Wichita & Northwestern RR.—New Name.—
convert will receive on Jan. 1 1920 only the principal amount of the bonds
See Anthony & Northern Ry. above.—V. 109. P. 1988.
and accrued interest thereon.
Cities Service Co. Pref. and Corn, stocks issued in conversion of Toledo
Winnipeg Electric Ry.—Valuation.—
Traction bonds surrendered for conversion prior to Dec. 15 1919 will be
According to an appraisal completed by the Manitoba P. U. Commission
entitled to the divs. payable Jan. 1 1920, but stocks issued in conversion
after Dec. 15 1919 will not be entitled to the divs. payable Jan. 1 1920 the present value of the company's holdings exclusive of land, rolling stock,
gas properties and "intangible capital," is $12,934,294. To replace the
—V. 109, p. 2074. 1893.
holdings, however, would cost $15,724,501; thus showing that the experts
have allowed $2.790,207 for depreciation since the plant was constructed.
Toronto Railway.—Ratepayers to Vote on Purchase.—
The
J. C. White report, which covered a valuation of the company's holdhaving
of
question
the
on
shortly
vote
It is stated that the ratepayers will
as the
the city acquire the property at the expiration of the franchise in Aug. 1921. ings in 1915, gave $23.995,860 as the actual value and $27,187,322
cost to replace.—V. 109, p. 1462.
—V. 109, p. 677, 174.
Twin City Rapid Transit Co.—Franchise Defeated.—
The proposed "cost-of-service' franc.iise under which the company was
to receive a 7% return on invested capital, if earned, on a valuation of
$24,000,000, for a period of 25 years, was defeated by the voters on Dec. 9.
See V. 109, p. 2172.
Underground Electric Railways of London.—cost of the
The "Railway Ago" has the following from London: "In the
eight-hour day on the London omnibus services, tramways and railways
operated by the Underground, an additional expenditure is incurred of
approximately £700,000 ($3,500,000) per annum. An addition of about
20% to the staff is required to work the services."—V. 109, p. 2172.
Union Pacific RR.—New President.—At the regular
monthly board meeting on Dec. 11, C. R. Gray was elected
President of all Union Pacific system companies, with
headquarters at Omaha, Neb., effective Jan. 1 1920. Judge
R. S. Lovett will continue Chairman of the Executive Committee with the same duties as in the past.
Heretofore there has been a President of the Union Pacific RR. Co. and
Oregon Short Line RR. Co., with headquarters at Omaha, and a President
of the Oregon-Washington RR. & Navigation Co., with headquarters at
Portland, Ore. This was a temporary expedient adopted pending the extension of the system to Puget Sound and the completion of terminals at
Seattle, Tacoma and Olympia, and the development at Spokane and in
Eastern Washington, and it is now abandoned with the election of a single
President of the entire system located at Omaha, who will have supervision
of all departments in the West, including the traffic department, formerly
under control of a director of traffic.
E. E. Calvin, whose jurisdiction heretofore has been limited to the
Union Pacific and Oregon Short Line, has been appointed Vice-President
in charge of operations, effective at the end of Federal control, and as such
will have supervision of the operations of the Oregon-Washington RR.
& Navigation lines, as well as of the Union Pacific and Oregon Short Line
railroads.
This will not disturb the existing headquarters of the Oregon Short Line
at Salt Lake City, nor of the Oregon-Washington RR. & Navigation Co.
at Portland. Ore.—V. 109. p. 1527, 1081.
United Light & Railways Co.—Offering of Notes.—
4 and int., to
Bonbright & Co., N. Y., are offering, at 993
yield 7.25%, by advertisement on another page, $1,500,000
One-Year 7% Bond-Secured Gold Notes, Series "C," dated
Dec. 1 1919, due Dec. 1 1920.
Convertible at the option of the holder, upon ten days' written notice to
the company at any time prior to Oct. 1 1920 or their earlier redemption,
Into First & Ref. Mtge. 5% bonds of an equal principal amount, and cash
equal to 15% of the principal amount of notes so converted. Redeemable,
all or part, on 30 days' notice on any interest date at 100 and int. Interest
payable J. & D. at New York Trust Co., New York, trustee. Denoms.
$100, $500 and $1,000 (c*).
Data from Letter of Pres. Frank T. Hulswit Dated Chicago Dec. 1 '19
Purpose.—Proceeds will be used entirely for the purpose of refunding a
like amount of 6% gold coupon notes due Jan. 1 1920.
Security.—Direct obligation of the company and further secured by do
posit with the trustee of First & Ref. Mtge. 5% bonds, due June 11932, in
the principal amount of 133 1-3% of the principal amount of this issue of
notes outstanding.
This Issue.—The authorized amount of all series is $5,000,000, of which
$4500,000 will be outstanding, the remaining $500,000 notes may be certified only when there has been deposited with the trustee First & Ref.
Mtge. 5% bonds in the ratio of 133 1-3% of the principal amount of notes
outstanding, including those about to be issued.
Combined Capitalization in Hands of Public (Following Present Financing).
Capital stock: Com.,$6,868,300; pref.(6% cum.), $10,053,400.$16,921,700
2,000,000
Convertible 6% debentures, due Nov. 1 1926
4,500,000
Bond-secured notes, "A," 6%:"B," 7%;"C." 7%
First & Refunding Mtge. 5% Gold Bonds, due June 1 1932_ __ _ *9,130,300
x16,590,499
Divisional bonds and stocks on portions of property
• Does not include First & Ref. Mtge. 5% bonds, due June 1 1932,
pledged as collateral to bond-secured notes. x Of the issued securities of
the subsidiary companies, the United Light & Railways Co. owns 99% of
the Common stock, over 84% of Pref. and Common stocks combined,and
over 35% of bonds and notes.
Consolidated Earnings, 12 Months ended Oct. 31.
1917.
1919.
1918.
Gross earnings
$7,455,504 $9,024,303 $10,056,110
Net, after maintenance and taxes__ __ $2,787,003 $2,647,610 $2,913,822
Total annual prior charges
901,127
Annual interest on $3.000,000 7% notes (including this issue),
$210,000; $1,500,000 6%, notes, $90,000; $9,130,300 First &
756,515
Ref. Mtge. 5% bonds, 3456,515
Balance, surplus
$1,256,180
Compare V. 108, p. 2123.—V. 109, p. 2173, 673.
INDUSTRIAL AND MISCELLANEOUSf
American Bosch Magneto Corp.—Stock Increase.—from
The stockholders will aote Dec. 17 on increasing the capital stock
60,000 shares to 100,000 shares of no par value.—V. 109, p. 2173.
American Cotton Oil Co.—Director.—Acguisition.--
Wthiam K. Dick has been elected a director to succeed Clark M. Rosecrantz, retired. All other directors were re-elected.
See Corn Products Refining Co. below.—V. 109, p. 1984, 678.
American Gas & Electric Co.—Offering of Notes.—Wm.
A. Read & Co., N. Y. &c. are offering $4,000,000 6%
Secured Gold Notes dated Dec. 11919. Due Dec. 11920,
1921 and 1924. Prices: 1-Year Notes 99.05 and int, to net
7%;2-Year Notes 98 and int, to net 7.10%.
Of the $4,000,000 notes now issued. $500,000 maturing Dec. 1 1924 have
been sold. The amount (aggregating $3,500,000) to be issued maturing
Dec. 1 1920 and 1921, respectively, will be determined by the relative totals
sold under this offering.
Callable all or in amounts of not less than $500,000, at 100i and int.
on 60 days' notice. notes so called to be of earliest maturity outstanding.
Denom. $1,000 (c*). Int. payable (J. & D.) in New York. Company
agrees to refund, on application, the present Pennsylvania four-mill tax
to holders resident in Pennsylvania who have paid such tax. Total authorized, $7,500,000. Irving Trust Co., New York, trustee.
Data from Letter of Vice-Pres. Geo. N. Tidd Dated N. Y., Dec.6 1919.
Security.—A direct obligation of the company, specifically secured by
pledge of $6,667,000 First & Ref. 5s, due 1947, of the Ohio Power Co.
(formerly Central Power Co.), the entire Common stock of which is owned.
The pledged bonds thus represent, at par, 166 2-3% of the amount of notes
Issued. Additional notes are issuable only against pledge of 1st & Ref. bonds
of Ohio Power Co., to the extent of 166 2-3% of the notes.
Purpose.—Proceeds will be utilized for the redemption of $2,500,000 notes
maturing Jan. 1 1920, and for other corporate purposes.
Company.—Owns public service corporations located in six States,
supplying electric light and power in 116 communities, including Canton
and Newark, 0.; Muncie, Marion and Elwood, Ind.; Scranton, Pa.; Wheeling, W. Va.; Atlantic City N. J.; and Rockford, Ill., serving an aggregate
population of approximately 920.000.
1918.
1919.
Earnings 12 Months Ended Oct. 31—
Gross earnings of subsidiaries
$12,066,261 $9,519,659
869,170
Not after charges, applicable to this company
1,904,371
866,559
809,971
Other income this company, net
Total applicable to fixed charges
Interest charges
$2,714,342 $1,735,729
901,321
--Balance over all interest charges
$1,813,021'
Capitalization Upon Completion of Present Financing.
$6,282,000 Coll. Trust 5s, duo 2007 $1,500,000 6% Notes duo Jan. 1 1921
5,081.000 6% Debentures, due 2014 1,390,000 6% Con. notes due 1921
4.000.000 6% Notes due Dec. 1920, 7,696,750 6% Pref. stock (par $50)
1921 and 1924
5,439,750 Common stock (par $50)
Ohio Power Co.—Name changed from The Central Power Co. on Nov.
a
consolidation of the 0 ectric light and power companies in
20 1919, is
Ohio controlled by the American Gas & Electric Co. Operates in the
richest manufacturing, coal and oil producing, and farming sections df
Ohio, serving 42 cities and towns with electric light and power.
Earnings of Ohio Power Co. for the 12 Months Ended Oct. 311919.
$4,710,037
Gross earnings, incl. non-oper. revenue
Net after taxes, doprec., &c
1 ,701,983
127,000
Interest on Divisional bonds
$1,574,983
Balance for interest on First & Refunding 5s
The $10,861.000 First & Ref. M. 5% bonds outstanding, are all owned
by American Gas & Electric Co., and are secured by direct mortgage lion
on the entire property of the company, now owned or hereafter acquired.
subject (as to part only of the property) to $2,519,500 Divisional bonds.
For further data and previous offerings, see V. 106, p. 1345, 1463; V. 107.
p. 183; V. 109, p. 1988, 74.
See Electric Co. of America below.—V. 109. p. 1988.
American Ice Co.—Stock Representation.—
The committee named below in a circular to stockholders states that
the committee (largo stockholders) appointed at a stockholders meeting
representing over 50,000 shares of Common and Preferred shares, in its
judgment are of the opinion:
(a) That the board at present consisting of 15 members, 8 of whom own
but a nominal interest, should be composed of stockholders having larger
financial holdings in both stocks.
(b) That the existing policies are not sufficiently broad and progressive
to permit the corporation to establish its real earning power.
(c) That the corporation is not keeping abreast of powerful competition.
(d) That a plan should be formulated for a more equitable treatment:of
the Pref. stock and also to place the Coin, stock in a position not only to
share in profits but also in representation on the board.
DEC. 13 1919.]
THE CHRONICLE
(e) That the stockholders should be kept informed as to financial matters
of interest to them.
(f) That these conditions can be corrected by a more direct representation of the owners of the stock and for that end requested the stockholders
to execute and return to the committee proxies sent with this notice.
Committee.-J. W. Harriman, J. R. Ogden, Clarence J. Housman,
Samuel Moffitt.
Pres. Wesley M. Oler has issued a letter to the stockholders in reply to
the foregoing letter, signed by himself and also by 13 of the 15 directors, in
which he says that "We are employed in the manufacture and sale of ice,
not to manipulate our stock." The letter says further: "I have been importuned again and again to use my influence to merge this company with
a number of others, which, in my opinion, will be helpful to them and injurious to our company."
After an appeal for more equitable treatment of preferred stock, Mr. Oler
points out that 6% dividends, paid for the past two years, is the maximum
allowed by the charter. In the matter of the common stock, he says:"The
question of declaring a common dividend has been made a special order for
the next board meeting." He states: "The question for the stockholders
to decide is whether they want this company managed as a business proposition for the benefit of all stockholders, or for the benefit of some pool and
speculative purposes."-V. 109. p. 1275, 372.
American Metal Co. Ltd.-Bid Accepted.-
The Government advisory committee on sale of securities by the Alien
Property Custodian has accepted the bid of $166 per share made by C. D.
Barney & Co. and associates for V. t. c. representing 34.644 shares of stock
of the company. The Alien Property Custodian announces that the bid
"is accepted as to price and purchasers subject to investigation of purchasers."-V. 109, p. 2074, 1988.
American Ship & Commerce Corporation.-
In order to rectify an erroneous impression deduced from a recent news
item appearing in the daily papers throughout the country, Chandler &
Co., Inc., state that American Ship & Commerce Corp. and American Ship
& Commerce Navigation Corp. are operated and officered as separate concerns. The American Ship & Commerce Corporation is the holding company and its President is Gen. George W.GoethaLs. The American Ship &
Commerce Navigation Corp. recently elected A. E. Clegg President. The
other subsidiary company is the William Cramp & Sons Ship & Engine
Building Co.-V. 109. 17.• 1794•
American Thermos Bottle Co. of Maine.-Stock.-
On Mar. 3 1919 the shareholders voted to increase the authorized capital
stock from $1,000,000, all of one class, to $5,000,000 by the creation of
$4,000.000 Class B common shares, in all respects similar to the original
stock, except that they are non-voting. On Oct. 25 last, there being
$208,900 "B" shares outstanding, as well as $1,000,000 old stock, the
shareholders of record Nov. 1 were offered the right to subscribe at par.
$100 a share, on or before Nov. 20, for an amount of new "B" stock, equal
to 25% of their respective holdings, payable 50% Nov. 20 and 50% Dec. 20.
This increase is made on account of the growth of the business, which
has led to the building of a plant in Japan (to be completed about Feb. 1)
the authorization of a plant at Huntington, W. Va., and the contemplated
erection later on, of a further $600,000 plant in Belgium.
The present dividend returns are at the rate of 12% per annum.
A circular, dated Oct. 25, shows in brief:
Cash Assets at the Close of Business.
Dec. 31 '18. June 30 '19. Sept. 12 '19. Oct. 14 '19.
$281,445
Investments
$261,401
$291,401
$391,400
190.803
Accounts receivable_ _ _ _ ' 158,755
217,526
239,478
197,890
Cash
376,683
544,041
530,732
$638,090
$828,887 $1,052,968 $1,161,610
The indebtedness of the company is limited to accounts payable for merchandise and raw material, there being no bonded or mortgage indebtedness
of any kind. Accounts payable Dec.31 1918,$64,674; Oct. 14 1919,$4,233.
By reason of this growth the erection of new plants becomes necessary.
A site of 14 acres has been acquired at Kokura, Japan, at which point raw
materials, fuel and labor are to be had in volume and at the lowest market
prices. A 32-acre site has been acquired at Huntington, W. Va. The
investment at Kokura will be about $600.000; at Huntington, $600,000.
Last inventory June 30 1919 showed assets (Independent of foregoing
cash assets) to a total of $1,560,089, viz.:
Patents and trade-marks _ _ _$617.960 I Inventories
Machinery and fixtures_ ___ 38.099IControl. int. of Thermos$604,503
Norwich real est. & fac.blgs. 249.4301 Bottle Co.Ltd.of Canada 50.100
"Profit and loss of the company on June 30 1919, $1.038,088. There is
every reason to believe that this surplus will be paid to the shareholders in
the shape of stock dividends if the decision of the Supreme Court confirms
the present belief that such dividends are not liable* to Federal income
tax."-V. 106. p. 1463, 926.
2265
pipe it may prove the largest well in the United States. Arkansas Co.'s
present production is estimated at 48,000 barrels daily. The present estimated production from the entire Homer field is 275,000 barrels daily.
Contracts have been given for 22 tanks to contain 55,000 barrels of oil
each,and the material for 6 is now on the ground at Minden, La., where the
company has purchased property for a storage tankfarm and will care for
over 1,000,000 barrels of oil. In addition it has completed a pipe line from
Homer to Minden, La. The company has 24 oil wells in Louisiana, 7 tr
i
oducing and 17 drilling; 9 in Texas, of which 4 are producing and 5 drill .
During Oct. 1919 oil sales were $24,153 against only $1,328 in Oct. 191 .
With the completion of pipe lines and storage facilities, the compan will
be in a position to greatly increase its earnings -V. 109, P. 1894, 2173;
V. 108, p. 2526.
=r0
--11 85 CO.-Unskilled Workers Granted 10% Increase.
See under "Current Events" in "Chronicle" of Dec. 6, page 2131.
Officers.-Phillip D. Armour and F.W. Croll have been elected Vice-Presidents.
-V. 109.p. 2173.. 1,• -4,14141:14
A. T. Securities Corp.-Application to List.-1
1
Application has been made to the N.Y.Stock Exchange to list temporary
certificates for 1,610,696 shares Common stock without nominal or par
value.-V. 109. P. 2074, 1898.g
Atlantic Refining‘Co.-Exchange of Certificates.Stockholders are requested to exchange their present Common stock
certificates preparatory to listing the Common
on the New York
Stock Exchange.-V. 109, p. 1463.
Barrett Co., N. 7.-Dividends-Business-Status.,
The regular quarterly dividend of $2 has been declared on the Common
and $1 75 on the Preferred, payable, respectively, Jan. 2 and Jan. 15 on
stock of record Dec. 18 and Dec. 30.
President Childs is quoted as saying in substance: "While business for
the last half of the year is very good, we do not believe the gross for 1919_
will reach the $41,000,000 reported for last year due to the fact that sales in
first half of this year were not large. The results for our two big months.
November and December, have yet to come in. So far the weather has
been very good; our business depends a lot upon the weather. Our foreign
business continues to grow. On the whole I look for a big business in 1920.1
-V. 109, p. 1894.
Bay State Fishing Co.-Order Dissolved.The final decree in the Government's anti-trust suit against the Boston
Fish Pier Co. and this company was filed in the Federal Court at Boston
Dec. 4. It provides for the dissolution of the two companies within sixty
days, unless further time is granted by the Court, and for the operation of
the Boston Fish Market Corporation and the New England Fish Exchange
under conditions that open their facilities to all fresh fish dealers. No
appeal is expected to be taken. The decree declares that the four corporations as conducted were combinations in unreasonable restraint of trade in
violation of the Sherman and Clayton acts, and enjoins the defendants
from combining or agreeing among themselves to raise or depress the price
of fish in inter-State commerce
BALANCE SHEET APRIL 30.
1918.
1919.
1918.
1919.
Liabilities,
$
A srets-$
$
3
4,986,400 4,985,100
Rl. est., bts., mach.,
Capital stock
32,654
152,170
equip & good-w111_4,503,280 1,433,710,Accounts payable
535,000
82,5211Floating debt
Merchandise
291,105
326,435
Cash At debts receiv_ 360,131 567,466 Reserves
Investments
668,875 975,489
1,166,564 1,124,830 Surplus
Deterred charges
21,363 111,150
Good-will
3,000,000
Total
6,342,445 6,319,679
-V. 109. p. 373. tAl
Total
6,342,445 6,319.679
Belden Manufacturing Co., Chicago.-New Stock.- 1
Shareholders of record Oct. 24 were permitted to subscribe at par, $100
a share, till Nov. 22 for 25% ($282,9001 new stock, subscriptions being
payable 50% Dec. 1 1919 and 50%, Jan. 15 1920, thus increasing the outstanding stock to $1,414,500 out of $1.500.000 auth. Div. rate 8% per an.
No bond or mortgage. 4
Digest of Statement by Pres. Joseph C. Belden, Nov. 5.
Additional working capital has become a necessity; for the safe conduct
of our business. Gross sales billed for the 3 months ending Oct. 31 amounted to $1,239,065, against $818,959 for the preceding three months. New
orders and contracts booked have exceeded our constantly increasing production by more than $100,000 per month until we now have approxiAmerican Window Glass Machine Co.-Com. Div.- mately $1,000,000 of unfilled orders on our books.
A dividend of 5% has been declared on the Common stock, also the Data as Disclosed by Graphic Chart as to Issued Capital, Surplus & Sales Billed
Oct.1919.
regular quarterly of 114% on the Pref. stock, both payable Jan. 2 to holders
1919.
1917.
1915.
1910. 1913.
About Sept.30. $
of record Dec. 13. In June last 7% was paid on the Common in
%
Sales billed, rate
U. S. Liberty bonds.
Pittsburgh advices state that the company has announced that its policy
per annum_ _ _300,000 750,000 1,150,000 2,600,000 3,400,000 5,000,000
on dividends for 1920 provides for the payment of 12% in four install- Issued capital_ _200,000 250.000 275,000 700,000 1.131,000 1,131,000
ments.-V. 109. p. 1894.
Combined capital & surplus_210,000 220.000 375,000 875.000 1,500,000 1,500,000
During the past year not only has there been a large increase in the
Arizona Copper Co.-Copper Production (lbs.).number of active accounts, both in the U. S.. Europe and the Latin-Americ1919.
1918.
Decrease.
countries, but orders received are so diverse that all of our ten manucan
Month of November
2.900,000
4,000,000
1
100 000 facturing departments
have run to full capacity. There has undoubtedly
•
30,600,000 42,820,700 12,220,
11 months to Nov. 30
7
00 been a large and permanent increase in the use of our products, particularly
-V. 109, p. 1894. 1463.
magnet wire, and the enormous increase in the use of electrical apparatus
for manufacturing and domestic purposes and in connection with autoArkansas Natural Gas Co.-New Stock, &c.voted on Dec. 1 to increase the authorized capital stock mobiles and farm machinery produces large order requirements for repairs.
The shareholders($2,500,000
years the development ofsome new manufacPref. and $7.500,000 Common stock) to During most of the previous 17
from $10,000,000
department has been carried on out of profits in other departments.
$50,000,000, all the new stock authorized to be Common stock. They also turing
facilities are well balanced,and to-day no major developapproved the proposal to reduce the present par value of $100 a share to $10. Our manufacturing
ment work is thus being carried on. Our business has fairly experienced the
Under date of Dec. 2 the company offers to its stockholders of record prosperity
which has come to automobile manufacturers and kindred lines.
as of Dec. 15 1919 the option to subscribe on or before Jan. 15 with payment
$10
shares
each
of
of the new Common capital stock at par
Motors Corporation.-Capital Increase.Bethlehem
in full for 98,650
($10) to the extent of one share for each $100 share of their present stock.
The stockholders voted Dec. 8 to increase the capital stock from 130,000
either Common or Preferred. This will increase the outstanding Common shares to 200,000 shares, no par value. The stockholders of record Dec. 12
stock from $7,500,000 to $8,486,500.
have the right to subscribe to 43,334 shares at $28 per share to the extent
The present holders of Common stock (par $100) will be notified to ex- of 33 1-3% of their holdings, subscriptions payable in N. Y. funds at
change the same for new Common stock of the par value of $10 each on the Guaranty Trust Co., N. Y., on or before Dec. 29. A syndicate headed by
basis of one share of old stock for ton shares of new stock after Dec. 15 1919 Tucker. Anthony & Co. will underwrite the new stock issue. Compare
as soon as the new certificates of stock are available for that purpose.
V. 109, p. 1989.
J. C. Trees is President and W. J. Diehl, Secretary. Office, 1612
Bethlehem Steel Corporation.-Sub. Co. Bonds Called.Benedum-Trees Building, Pittsburgh, Pa.
One hundred and thirty-seven ($137,000) 1st M.20-year sinking fund 6%
Data from Circular of Douglas Fenwick & Co.,34 Wall St.,Dated Dec.
bonds of the Spanish-American Iron Co., dated July 11907. have been
gold
outstanding
Pref. stock is 7% cumulative and now
The $2,365,000 of
for payment Jan. 1 at par and interest at Girard Trust Co., Phila.
carries accrued dividends from May 1 1916. It is redeemable at 110 and called
Notice is also given that one bond called for payment in Jan. 1918 and one
accrued dividends on May 1 1920 or thereafter on any dividend rate at for
1919 and two for July 1919 remain unpaid.-V.109, p. 1989, 1794.
Jan.
option of company. The company has a 6% bonded debt (1st M., Gen. M.
and Pine Bluff bonds) aggregating $2,116,000.
Oil Corporation.-Development.Brazos
The company is owned and controlled by the powerful Benedum-Trees
President William S. Mitchell has issued a circular to the stockholders
and Booth-Flynn interests of Pittsburgh, Pa. Until recently it has been a outlining the developments of the company since
its organization, together
natural gas company, its sales from gas, which Were $6.17,612 in 1912, being with maps showing the location of properties, acreage,
&e. He states that
$1,692,355 in 1918, and for the ten months ended Oct. 31 1919 $1,330,188. since organization over 16.000 acres have been acquired
in the oil fields in
The company has 36 gas wells in Louisiana, with open gauge flow of 350.- Louisiana at prices far below the present market.
Texas hcldings of
The
000,000 cu. ft. daily and a largo gasser has just come in in Bossier County, the company have increased by about
30,000 acres and about 500 acres
with 50,000,000 cu. ft. daily flow. The company pipes its gas and also have been acquired in Oklahoma, making
the total holdings in excess of
gas purchased from other producers to Little Rock, Argenta, Hot Springs, 60,000 acres, compared with about 13.000 acres
at the time of organization.
Pine Bluff, Benton, &c., &c., supplying about 20,000 domestic consumers Present development plans contemplate the drilling
of 30 wells instead of 10
at 35c. per foot and 230 industrial consumers at 25c. per foot. its pipe lines originally planned. Drilling operations are
being
conducted as expeditiously
are carried on the books at $2,300,000 and could not be replaced to-day as possible. See V. 109, p. 273.
for $10,000,000, and should be worth to-day as junk $6,000,000.
Beginning this year the company decided to develop and increase its
(j. G.) Brill Co. of Phila.-Sub. Co. Bonds Called.oil acreage. The total acreage now held is approximately 315,000 acres,
All of the outstanding 1st Mtge. 5% 25-year gold bonds aggreigatIng
viz.: Ala., 40 acres; Ark., 5,957 acres; Ky., 4,051 acres; La., 67,816 acres; $325,000 of the John Stephenson
Co. have been called for payment Jan. 1
Texas, 229,800 acres; N. Mex., 6,833 acres. The company has over at 105 and int. at the Guaranty Trust
Co., N. Y.-V. 109, p. 1611.
2,000 acres in the Homer field which is located 50 miles northeast of Shreveport. La., a field made prominent by the large wells brought in by the
Brokaw-EdenICo.-Pref
.
Offering.Stock
Standard Oil of Louisiana, Louisiana Oil Co., Texas Co., &c., The
Mark C. Steinberg & Co.. St. Louis have sold at 100 and div. $200,000
Arkansas Natural Gas Co. about three weeks ago brought in its first deep 8% _Cumulative Participating
Pref. (a. & d.) stock. Par
10%)
(up
to
test well in this field at 15,000 barrels daily, drilled down to the first sand. $100. Dividends Q.-J. Redeemable all or part
at 103 and div. up to
On Monday No. 2 deep test came in for 25,000 barrels daily, and with larger Dec.31 1924; at 105 up to Dec.31 1927; and at 110 and
div. thereafter. No
2266
THE CHRONICLE
mortgage without the consent of 75% of the Pref. stock. Pref. stock authorized, $500.000; outstanding, $260,000; Common authorized and outstanding, $250,000. No bonds.
Company.-Incorp. in 1912, in Missouri and re-incorp. in 1918 in Del.
Is one of the largest manufacturers and distributors of washing machines
In the United States. General offices in St. Louis, Mo.
Earnings.-Net earnings for the 8 mos. ending Aug. 31 1919, after provisions of $62,000,for Income and Excess Profit taxes, were $198,093. For
the calendar year 1920,from orders now on hand,it is estimated sales should
amount to 150,000 machines, and net profits, after all taxes, depreciation.
Arc., over $750,000.
Calumet & Arizona Mining Co.-Production (lbs.).Month of November
11 months to Nov. 30
-V. 109, p. 1989, 1894.
1919.
1918.
1917.
4,466,000 3,898,000 4,200,000
41,948,000 47,476,000 53,565,205
Cambria (Wyo.) Fuel Co.-Bonds Called.Eighty-six ($86,000) Purchase Money Mtge. 6% 15-year bonds, ranging
from Nos. 25 to 976, both inclusive, due Jan. 1 1925, have been called for
payment Jan. 1 at par and interest at the Bankers Trust Co., New York.
-V.108, p. 2435.
[VOL. 109.
President Daniel Guggenheim says in brief: "During the quarter (a) there
was treated 828,914 tons of ore, averaging 1.69% copper; in preceding quarter 511.502 tons, averaging 1.690
' copper. (b) 23,583,722 lbs. of copp.r
were sold and delivered; in preceding quarter 10,533,846 lbs. (c) Average
price realized for copper was 18.866c. per lb.; for the preceding quarter
15.933c. (d) Cost of copper produced, including depreciation, delivery.
selling and general expense (but not excess profits tax and obsolescence),
was on copper sold 20.083c. against 21.520c. second quarter, 1919.-V.
109, p. 2075, 1611.
Chilean-American Steamship Co.-Notes Offered.-
Howe, Snow, Corrigan & Bertles, Grand Rapids, are offering, at prices
to net 7%,$160,000 First Mtge. 7% Serial Gold Notes, Guaranteed,
prin. & int.. by Compania de Vapores Chileanos of Chile, which is being
organized to operate an established trade route between New York and
Chile. Date Oct. 11919, due serially semi-annually to Oct. 1 1922. Int.
A. & 0., payable at the office of the Central Union Trust Co.
Co., N. Y., trustee. Denom. $500 and $1,000 (c5). Callable at 101 and
Interest
payable, as far as may be lawful, without deductions for Federal taxes to
the extent of 4%,or for taxes of Chile and the U. S. or of any governmental
subdivision of either of them. Secured by closed first mortgage on the
ocean-going steamship Yungai, a steel coal-burning cargo vessel of about
3,860 tons, dead weight.-V. 109, D. 2075.
Canada Iron Foundries, Ltd.-Earnings.--
Cities Service Co.-Offering of 7% Convertible Gold Debentures.-Henry L. Doherty & Co., New York, are offering
at 100 and int., by adv, on another page, $10,000,000
Series. D 7% Convertible Gold Debentures. Authorized,
Total
$589,041
$542,258
$617,358
Depreciation
141,472
135,616 $30,000,000; dated Dec. lp 1919. Convertible on and after•
195,059
Debenture interest and sinking fund
28,032
51,245
37,802 Jan. 1 1922 at option or the holder into either Cities Service
Maintenance non-operating plant..
13,436
29,211
33,597
Debenture conversion
147,936
71,613
70,632 Co. Preference B stock or Preference BB stock and Cities
Reserve fund
45,088
134,721
42,290 Service Co. Common stock, together with the amount of
Red. of materials and supplies
188,225
229,820 accumulated cash and stock divs. on the amount of Common
Balance,surplus or deficit
sur.$159,490
sur.$871 def.$7,499 stock into which the debentures are convertible from Dec. 1
-V. 109, p. 1463.
1919. For further particulars as to the description, &c., see
Canadian General Electric Co., Ltd., Toronto -Stock. V. 109, p. 2174.
Each holder of common stock of record on Dec. 12 1919 has the right to
subscribe at par, $100 a share, on or before Jan. 5,for $1,000,000 new comColumbia Graphophone _Mfg. Co.-Listed.Sept. 30 YearsNet earnings
Interest, discount and exchange
1918-19.
$489,943
99,098
1917-18.
$580,824
36,534
1916-17.
$528,097
14,161
mon stock to the extent of one share for every eight shares then held. Subscriptions must be filed and paid at National Trust Co., Ltd., in Toronto
or Montreal either:(1) $25 per share with subscription, on or before Jan. 5
1920; $25 Feb. 29 1920;$25 April 30 1920; $25 June 30 1920; or (2) on and
after Jan. 1 1920 subscribers may pay in full for their shares in advance of
the due dates of the installments, together with accrued dividend at the
rate of 8% per annum, calculated from the last dividend date (Jan. 1 or
April 1) to the date of payment in full.
Digest of Statement by President Frederic Nichols, Toronto, Dec. 15'
From time to time surplus profits have been invested in capital assets to
the extent of between four and five million dollars, keeping pace with the
growth of operations without calling on the shareholders for an increase in
capital stock. In certain departments, however, the increased volume of
business has necessitated additional capital expenditures for buildings and
machinery, and your directors have therefore decided to issue these 10,000
shares of the common stock.-V.109, p. 2074, 1989.
Central Aguirre Sugar Cos.-Extra Dividend.-
An extra dividend of $7.50 per share has been declared on the outstanding
capital stock along with the regular quarterly dividend of $2.50 (234 %),
both payable Jan. 2 to holders of record Dec. 20. In Oct. last $10 was paid
extra.
The stockholders will vote Dec. 30 on reducing the par value of the stock
from $100 to $20 a share. If the plan is approved each stockholder will
receive five shares of new stock for each one share now held.-V.109, p. 1082
Central Power Co., Ohio.-Name Changed.See American Gas & Electric Co. above.-V. 108, p. 2531.
Chain Belt Co., Milwaukee, Wis.-Improvements, &c.'-
The New York Stock Exchange has authorized the listing of temporary
certificates for 133,233 shares of common stock when and as issued, making
the total amount authorized to be listed 916,606 shares, without nominal
or par value. Of this new stock 94,125 shares have been offered for subscription prior to May 1 1920 to the officers and employees, and if not
subscribed for by them, will be otherwise sold to provide additional working
capital. The remaining 39,098 shares will be issued as a stock dividend a
5% on Jan. 2 1920 to common stockholders of record Dec. 10.
Earnings as Reported to N. Y. Stock Exchange-10 Mos. ended Oct. 31 and
8 Mos end Aug. 31 1919.
Cal. Year
10 Mos. to 8 Mos. to
Oct. 31 '19. Aug. 31 '19.
1918.
Total earnings
$3,928,051 $3,110,339 $1,939,513
Interest charges
244,734
503,715
219,533
Depreciation reserve, etc
442,647
388,267
387,188
Dividends
1,744,271
1,072,062
611,279
Balance, surplus
-V. 109, p. 2174, 1894.
$1,496,399 $1;430,475
$437,331
Columbia Mills, Inc., N. Y.-Stock Increase.An officer of the company, manufacturer of lace curtains, window shades
and shade rollers, declines to confirm the statement that the shareholders
will meet on Monday, Dec. 15, to vote on increasing the capital stock from
$2,500,000 to $3,000,000, par $100 a share. New York office, 225 Fifth
Ave. At last accounts the company was paying dividends at the rate of
6% p. a. (134% Q.-J.), and its balance sheet showed outstanding $75,000
Wyoming Valley Lace Mills 1st 5s due Jan. 1 1921, while there were also
said to be $865,000 1st serial 6% bonds of Northern New York Power
Corp. guaranteed. Compare V. 100, p. 1595.
The following published statement has been revised for the "Chronicle":
"With the announcement of the increase in the capital stock of the Chain
Belt Co. from $1,000,000 to $2,800,000 comes the information that the
company contemplates the ultimate evacuation of the present plant at 16th
and Park streets and its remival to a 23-acre site at 39th and Orchard streets.
Ground was broken a month ago for the first unit, a steel and brick structure
316 ft. x 150 ft., where the concrete-mixer assembling department will be
housed. The malleable foundry of the company is already completed at
the new site." Compare V. 109, p. 1276.
Consolidated Gas Co. of New York.-To Refund $25,000,000 Convertible 6% Debentures with $25,000,000 5-Year
Secured Convertible 7s-Right to Subscribe at Par on or Before
Jan. 17, Offered to Shareholders of Record Jan. 3, with Option
to Pay Either in Cash or Present Bonds-Issue Underwritten.For the purposes of refunding the $25,000,000 Convertible
some $24,279,500
Charcoal Iron Co. of America.-Pref. Div. Postponed.- 6% debentures due Feb. 1 1920, of which
The directors voted to postpone the usual semi-annual dividend of 3% are outstanding (a portion of the issue having been converted
on the cumulative preferred stock, payable in January. The reason given into stock), the shareholders are asked to vote Dec. 20
by President F. W.Blair in a letter addressed to stockholders is to maintain
the company's financial position against the uncertainties of the future. on creating a new issue of $25,000,000 Five-Year Secured
Output of the company's charcoal pig iron is sold well into 1920, according 7% Convertible Gold bonds, to be dated as of Feb. 1 1920
to officers of the company. An order for 500 tons has just been closed at and to mature Feb. 1 1925, to be secured and made conprice of $43 at the furnace, about *7 more than the highest war price.
Contract for sale of its production of acetate of lime was closed Monday vertible as below stated.
and its supply of wood alcohol is expected to market for al a gallon soon
This new issue has been underwritten by the National
after January.-V. 109, P. 1985.
City Co.
Ches. & Del. Canal Co.-Taken Over by U. S. Govt.Digest of Official Statement by President Geo. B. Cortelyou, Dec. 6.
The property recently was formally taken over by the U. S. Government.
The canal is about 15 miles long from Delaware City on the Delaware River,
westward to Chesapeake City, Md., on a street flowing into Chesapeake
Bay. The canal was chartered in 1799. Congress appropriated $2,514,290
for the purchase of the canal, and about $500,000 additional for deepening
and widening. It is proposed to make it a sea-level canal, which involves
excavation to make it 10 ft. lower for a considerable distance at the summit.
With adequate enlargement the canal will complete an inland waterway
from Philadelphia to Norfolk.-V. 109, p. 581.
Chicago Pneumatic Tool Co.-Stock Increase.The stocklpidets voted Dec. 5 to increase the capital stock from $7,500,000 to $13,000.000, par $100. Compare V. 109. p. 2075, 1794.
Chicago Telephone Co.-Increased Rates Denied.-
The Illinois P. U. Commission has refused the company's petition to
restore the Burleson schedule of rates, but permits it to charge for person to
person toll call when the party asked for is not reached. It also denied the
application to make $3 50 the installation charge, but graduated the scale
of fees for charges in location of 'phones "If not required for proper maintenance as equipment or service or change in class or grade of service is
provided. The Commission's order will remain in force subject to further
modification until the complete valuation of the company's property now
In progress has been completed.-V. 109, p. 479.
Chile Copper Co.-Quarterly Report.Chile Exploration Co.-Copper Production for Six Months.
3d Quar.(lbs.) 1919.
1918.
2d Quar.(lbs.) 1919.
1918.
July
5,024,028 7,769,874
7,161,444 7,556,394 April
August
8,994,210 8,496.662 May
5,065,394 7,506,720
September ___ 7,043.702 7,345,434 June
5,003.430 9,279,562
Total(3dqu)23.199,356 23,398,490
Total(2dqu)15,092,852 24,556,156
Avge. per mo_ 7,733,118 7,799,497 Avge. per mo_ 5,030,951 8,185,385
Results (Incl. Chile Copper Co.) for 3 and 9 Mos. ending Sept. 30.
[Based on copper actually sold and delivered.]
1919-3 Mos.-1918. 1919-9 Mos.-1918.
Net profit
$825,535 $3,276,945 $901,498 $6,959,001
146,048
Miscell. income
deb 69,775
119,013
46,091
Int. on loans, &c
78,181
78,181
18,185
18,185
Total income
$773945 $3,401,217 $1,038,696 $7,1,43,230
105,000
Amortized disc't on bonds
105,000
35,090
35,000
Accrued bond interest
660,008 2,037,227 1,757,797
e86,242
Expenses of Chile Copper Co..
48,559
25,723
4,579
7,588
Balance, surplus
$45.115 $2,701,630*$1.129,253 $5,271,875
* Loss in 1919 period.
The Board of Trustees on Dec. 4 1919, voted [for the aforesaid refunding]
to create an issue of $25,000,000, Five Year Secured 7% Convertible Gold
bonds; to be issued in denominations of $1.000 and $500, at the option of
the company; to be dated as of Feb. 11920; to mature Feb. 11925; to bear
interest from Feb. 1 1920, at the rate of 7% .per annum, payable quarterly
(May 1 &c.); to be secured by the pledge of $35,000,000, par value, of the
Capital stock of The New York Edison Co.
These bonds will also be redeemable before maturity as a whole, but not
in part, at option of company, on Sept. 1 1922, or on the first day of the
month next succeeding any subsequent interest day, upon 60 days' prior
notice, at 102M % and interest in case of redemption during the year 1922.
at 102% and int. during 1923, and at 101% and int. during 1924.
The new bonds will also be convertible at the option of the respective
holders thereof on Feb. 1 1922, or on any interest day thereafter, prior to
redemption or maturity, into an equivalent amount, par value, of this
company's Capital stock, as the same shall be constituted at the time of
such conversion; all as shall be provided in a certain Trust Agreement to
be executed between this company and the National City Bank of New York.
as Trustee.
If the said issue of bonds shall be duly authorized, and the approval of
the Public Service Commission be obtained, this company will offer to its
stockholders of record at the close of business on Jan. 3 1920, the right to
subscribe for such bonds on or before Jan. 17 1920,at par, pro rata according
to their respective stockholdings on Jan.3 1920, and that, in case some of
the stockholders shall not avail themselves of such right, the remaining
stockholders shall have the privilege of subscribing at par, for the bonds not
so taken, in such amounts and upon such terms and conditions as the board
of trustees may determine.
All such subscriptions shall be payable at least 5% thereof at the time
of subscription, and the remaining portion thereof on or before Feb. 2 1920,
and payments may be made, at the option of the respective subscribers,
either in cash, or in present outstanding debentures, at their face value,
with the interest coupon maturing Feb. 1 1920, detached.-V. 109, p. 1702.
Consolidated Textile Corp., N. '1.-Acquisition-Right
to Subscribe on or Before Jan. 5 1920 to 55,000 Shares at $30
Per Share Offered to Stockholders of Record Dec. 15.-President
Frederick K. Rupprecht, in a circular, of Dec. 1 addressed to
the stockholders, says in substance:
Acquisition.-Corporation has acquired more than 90% of the outstanding
capital stock of the Lynchburg (Va.) Cotton Mills Co., on a most advantageous basis. The Lynchburg Cotton Mills Co. was organized in 1889,
and makes brown cotton sheetings well known in the domestic and export
trade. Company operates 57,000 ring spindles and 1 424 Draper automatic
looms. Its plant is in excellent and up-to-date condition. These properties
are to be paid for through the offering of stock to the stockholders in accord-
DEC. 13 1919.]
THE CHRONICLE
2267
ance with the plan under which the corporation was organized of acquiring
East Boston Gas Co.-Increased Rates.valuable mills throughout the country from time to time and financing their
acquisition whenever conditions permit by offering rights to the stockholders
Effective Dec. 1 the Mass. Board of Gas & Electric Light Commissioners
authorized the company to charge $1 05 net per 1,000 Cu, ft. for gal sold.
to subscribe to additional stock.
Rights, &c.-The purchase has been temporarily financed through short- The company petitioned for $1 10.-V. 108, p. 1613.
term bank loans, but to make the financing permanent the directors have
Electric Co. of America.-To Be Dissolved.determined to issue 55,000 shares (no par value) of the unissued stock
to
Pursuant to vote of the stockholders on Oct. 28 1919, the company will be
the stockholders of record Dec. 15 1919, at the rate of one share of new for
each two shares held, at $30 per share, payable in New York funds at forthwith dissolved and the stock will therefore be stricken from the list
of the Philadelphia Stock Exchange at the close of business Dec. 15 1919
Mercantile Trust Co., New York, on or before Jan. 5 1920.
Underwritten.-Allan A. Ryan & Co.New York, and Hambleton & Co., -V. 109, p. 76.
Baltimore and New York, have underw'ritten all of such additional issue
of
Emerson Electric Mfg. Co., St. Louis.-Further Data.stock.-V. 109, p. 2174. 1894.
Consolidation Coal Co., Baltimore, Md.-Bonds Called. Announcement was made in these columns (V. 109, p.
2075) of the offering of $1,000,000 7% Cum. Pref. (a. & d.)
stock by Spencer Trask & Co. and Stifel-Nicolaus Investment Co. A circular further shows:
(Wm.) Cooper & Nephews, Inc., Chicago.-Pref. Stock.
Capitalization (No Bonds) After This Financing- Authorized. Outstand'g.
7%
Forty-one ($41,000) First Mtge. sinking fund 459' gold bonds of 1897
(outstanding $93,000) have been called for payment
Jan. 1 at 105 and hit.
at U. S. Mtge. & Trust Co. of N. Y.-V. 108, P. 1178, 1167.
Cumulative Preferred stock
$2,000,000 $1,000,000
P. D. Hitchcock & Co., Chicago, have sold at 983 and div., $250,000
800,000
7% cum. pref. (a. & d.)stock, par $100. Divs. Q.-F. 'Red. on 60 days' Common Stock
800,000
notice on or before Aug. 1 1922 at $102 50; from Aug. 2 1922 to and incl.
Company.-lncorp. in 1890. Manufactures practically every type of
Feb. 1 1925, at $105;from Feb. 2 1925 to and incl. Aug. 1 1927, at $107 50; electric motors, 2 h. p. and smaller, generally used for running washing
and thereafter at $110 and divs. Authorized, $250,000. No mortgage machines, coffee grinders, meat choppers, cream separators, jewelers lathes.
without the consent of 5,
/ of the Pref. stock. Company agrees that on or and all small machinery; also all styles and sizes of electric fan motors and
before May 1 1921, and annually thereafter, $25,000 of Pref. stock shall be electric fans complete.
Purpose.-Proceeds will be used for construction of a new factory building
retired out of net earnings of preceding year after payment of Prof. divs.,
adjoining present plant in St. Louis and for additional working capital.
or an amount equal to 20% of such net earnings, whichever is the larger.
Company.-Incorp. in Illinois and has acquired the business, goodwill,
Net Earnings after Taxes, Depreciation, &c., Years ended Sept. 30.
&c., in Continental North America, of William Cooper & Nephews, Berk1919.
1918.
1917.
1916.
hamsted, Eng., established in 1900 in Chicago, the world's largest producer $281,498 37
$226,930 49
$214,912 01
$268.210 32
of sheep and cattle dip, disinfectants.
The net sales have increased from $812,697 in the year ended Sept. 30
Earnings-Net earnings, after taxes, for the first 7 months of 1919 were 1909 to $2,689,239 in 1919.-V. 109. p. 2075.
at the rate of over four times the maximum dividend requirements, and with
Famous Players-Lasky Corp.-Offering of Pref. Stock.the additional profit of at least $35,000 per year guaranteed from Aug. 1.
1919, under the contract with the English organization, these earnings are 'Dominick & Dominick
and Hallgarten & Co., in conjunction
at the rate of over six times the requirements.
with Kuhn, Loeb & Co., N. Y., are offering at 100 and div,
the unsold balance of $10,000,000 8% Cum. Cony. Prof.
(a. & d.) stock, par $100. Divs. Q.-F. Convertible at par
into Common stock at $110 per share to and including Nov.30
1920, at $115 from then to and including Nov. 30
(Lewis A.) Crossett Co. North Abington, Mass. and at $120 thereafter. Redeemable,. all or part, at 1921,
$120
(Manufacturer of Shoes).-bffering of Pref. Stock.
and divs., subject to the holder's right to convert into
Parkinson & Burr, Bond & Goodwin and Estabrook & Co.. Boston and
Common
stock
and
to
including
date
of
redemption. CumuNew York, are offering at 100 and div. $1,000,000 7% Cum.Pref.(a. & d.)
stock. Divs. Q.-M. Callable, all or part, at 105 and divs. on 30 days' lative annual sinking fund of 3% on the issued Pref. stock,
notice. Sinking fund, commencing May 1 1921 of 10% of net profits, less
amounts,
converted
begins
Nov.
30
1920. For the very
after all taxes and Pref. divs., will be used for the purchase or redemption
of this issue. Total capital, authorized and outstanding, Pref., $1,000,000; full statement of President Adolph Zukor describing the
Common, $750,000; no bonds.
organization,
business,
&c.,
description
of the Pref. stock,
Cornpany.-Incorp. in Mass. March 28 1912; incorp. successor to company of same name in Maine in 1902. Business established in 1885. is together with balance sheet as of Sept. 27 1919, after giving
confined entirely to the manufacture of shoes and their sale to the retail effect to the sale of this stock, see V.109,
p. 1708.-V.109,
trade in the United States. Also does considerable foreign business.
Main factory located at North Abington, Mass., smaller one at Augusta, p. 1990, 1894.
Corn Products Refining Co.-Sells Plant.-
Judge Hand in U. S. District Court, it is stated, has issued an order
permitting the company to sell its plant at Davenport, Iowa, to American
Cotton Oil Co. of New Jersey at an agreed price of $250,000.-V. 109, p.
1702. 1612.
Me., with an aggregate capacity of 10,000 pairs of shoes a day.
Earnings.-Net earnings for the last 33 years, after deduction of all
taxes payable, averaged over 53 times the dividend requirements of this
issue.
t.,.4.-_tss • as Is°111111
Crucible Steel Co. of America.-Officers.-
At a meeting of the board of directors on Dec. 8 0. H. Wharton declined
to be a candidate for re-election as President, and the directors elected H.S.
Wilkinson as Chairman of the board and President. The following VicePresidents were also elected: Dr. Jno. A. Mathews, Geo. E. Shaw (also
Treas.), J. W. Dougherty and R. H. Illingworth. H. F. Kress was elected
Secretary.-V. 109, p. 1789, 1990.
Cudahy Packing Co.-Directors.F. E. Wilhelm and G. Martles have been elected additional directors.
Directors and officers were re-elected.-V. 109, p. 75,
iVrtitam) Davies Co., Inc.(Packing).-Offering of Stock.
-Otis & Co., Cleveland, and Kissel, Kinnicutt & Co., N.Y.,
are offering at $50 per share, by advertisement on another
page 85,000 shares Participating Class A shares (no par
value).
Pref. as to cum. divs. at th, rate of $4 per share per annum, payable quer.,
and participating share for share, after the Class B or founders' shares have
received divs. to an amount equal to $5 per share per annum for all preceding
years. Pref. as to assets to an amount equal to $50 per share and diva.,
and participating in further distribution, share for share, after the Class B
or founders' shares have received $50 per share and any unpaid dim
(whether declared or not) up to $5 per share per annum for all preceding
years. No voting rights unless divs. amounting to $2 per share are in arrears.
Capitalization.-Auth. and outstanding, Class A shares, 100,000 shares;
Class B or founders' shares, 66,000 shares (both classes of no par value).
There will also be outstanding $1,183,500 of 6% Sinking Fund bonds, due
1926, secured by a mortgage on the William Davies Co., Ltd,, plants, and
a real estate mortgage of $140,000 on the Chicago property.
Purpose.-To acquire stock of men who have for some time past been
inactive in the management, add to present properties and secure additional
working capital.
Organization.-The present company to be organized in Illinois, will consolidate the Davies interests by acquiring the assets and business of: (1)
The present Davies Co. of Illinois, operating a cutting and curing plant, a
complete meat canning factory, and a large cold storage plant in Chicago;
(2) The John Agar Co. of Illinois, owning beef and hog killing plants, also
refinery and tank houses in Chicago; (3) The entire capital stock of The
William Davies
Ltd.. of Canada (V. 106, p 1233), owning plants at
Toronto, Montreal
Co.'and Winnipeg; (4) 60% of'
the capital stock of the
Shoed, Thomson Co., Ltd., of England (either directly or through ownership by William Davies Co., Ltd., of Canada).
Earnings.-Combined net profits for the four fiscal years ended March 31
1919, after int. taxes and depreciation: Average rate per annum for 4 years
'
ended March 311919,
$1.218,902, equal to over 3 times the cum. div. of
$4 per annum on the total 100,000 Class A shares, or at the rate of more
than $7 per share on both classes of stock.
Gross sales for the 12 months ending March 31 1919 aggregated over
$68,000,000.
(William) Davies Co., Ltd., of Can.-Control Acquired.
Delta Land & Timber Co.-Bonds Called.-
Sea William Davies Co., Inc., above.-V. 106, p. 1233.
Seventy-one ($71,000) Series "A" First & Ref. 6% gold bonds, due
July 11921; nineteen ($9,500) Series "B" due Jan. 11922 and eighty-five
($85,000) Series "A" due Jan. 1 1922, have been called'
for payment on
Jan. 1 1920 at 102 and int. at the Michigan Trust Co. of Grand Rapids,
Mich.-V. 107, p. 2379.
Dodge Manufacturing Co.-Extra Dividend.-
The directors have declared an extra dividend of 1% on the Common
stock in addition to the regular quarterly of 1%%, both payable Jan. 1 to
holders of record Dec. 27. An extra dividend of 1% was paid in April
July and Oct. last and 2% in January.-V. 109, P. 1182.
Duquesne Light Co.-Notes Called.All of the outstanding 3-year 6% Secured Gold notes, dated July 1 1918,
of the issue of $12,000,000 in denominations of $500 and $1,000, will be
redeemed on Jan. 1 at 101 and int. at the Bankers Trust Co., New York.
The Bankers Trust Co., as trusted for $25,000,000 fact amount first
mtge. 6% bonds, dated July 1 1918, is prepared to deliver in exchange for
outstanding temporary bonds a like face amount of Paramount coupon
bonds at its corporate trust department, 16 Wall St., N. Y.-V. 109, P. 176.
Durham Hosiery Mills.-Application to List.-
Application has been made to the New York Stock Exchange to list
teMnorary certificates for 83,000.000 7% Cum. Prof. stock (par $100) and
23,252,850 Corn. stock Class "B". par $50. See offering in V. 109, p.
891, 984, 1182.
Fisk Rubber Co.-Balance Sheet.The surplus account for 9 mos. ending Sept. 30 1919 was r ublithed
V. 109. P. 2175.
Sept.3019 Dec.31 '18.
Sept.30'19 Dec.31'18
Assets$
$
$
Plant & equipment 9,114,557 7,780,649 Common stock ___10,859,500 8,000,000
Goodwill & patents 8,000,000 8,000,000 First pref. stock._14,500,000 8,629,900
Inventories
14,348,512 14,909,531 Second pref. stock. 4,904,500 4,500,000
Tire mileage acc'ts
67,479 Notes payable__ __ 3,799.500 9,045,000
Stock subscripens.
93,277
429,929 Accounts payable_ 3,107,078
697,184
Notes & acc'ts ree_ 9,388,109 4,915,453 Tax reserve
1,196,526 1,253,426
3.675,811 1.976,098 Appraisal value_ _y1,027,932
Cash
266,160
Deferred charges
315,038 Contingent reserve 256,794
238,801
Investments
230,001
334,599 Surplus
x8,009,143 6,364,465
U. S. Lib. bonds_.. 2,544,547
Total
47,660,974 38,728,776
Total
47,660,974 38,728,776
x Includes appropriation for retirement of first pref. stock, in 1918,
$1,938,542; in 1919. $1,878,995. y Represents excess of appraisal value of
capital assets over book value as of March 01 1919.-V. 109. p. 2175, 1183.
Follansbee Bros. Co., Pittsburgh.-New Plant, &c.-
This company, which operates an open-hearth steel plant, sheet and tin
mills at Follansbee, W. Va., and proposes to build a similar plant at Toronto,
Ohio. has filed notice of an increase in its capital from $2,000,000 to $3,500,000. See V. 109, p. 1613.
French-American Steamship Co., Inc.-Offering of Bd,s.
II, Y. Stites & Co., Providence, B. I., are offering at 98% and int.
$250,000 7% First Mortgage Sinking Fund bonds, Series "A." Dated
October 15 1919, due Oct. 15 1922. Interest and sinking fund payable at
New York Trust Co., N. Y., trustee, each 3 months. Callable at 103 and
int. on 10 days' notice. Secured by a first mortgage on the wooden steamer
"Nazama" built at Tacoma, Wash.
Wash., in 1918, deadweight capacity over
3,650 tons, and classed Al by the
Bureau of Shipping and appraised at $380,000. The company agrees to pay the Federal income
tax
up to 4% and to refund the Pennsylvania 4 mill tax.
The entire capital stock of the company is owned by the French-American
Line, Inc., the operating company, which owns and operates a fleet of
trans-Atlantic vessels of an aggregate tonnage of over 55,000 deadweight
tons.
General Electric Co.-Application to List.-
Application has been made to the N. Y. Stock Exchange to list 32,410.000
additional Common stock.-V. 109, p. 1991, 1703.
General Motors Corp.-Listed-Earnings (see Reports).The New York Stock Exchange has authorized the listing, when and as
Issued, of 38,352.000 6% cumulative debenture stock and 45,690,800
common stock, making the total amounts authorized to be listed $89,092,800
6% cumulative debenture stock and $157,033,100 common stock.
Purposesfor Which This Additional Stock Was Specifically Auth. Sept. 25
1919
Common.
Debenture.
(a) All of the assets of the Dayton Metal Products
Co.,including 50 city lots in Dayton and 6 buildings with a total of 140.000 sq. ft. of floor space
(engaged during war in King detonators)
(b) Certain of the assets and the goodwill of the$2,145,700 $2,533,800
Dayton Wright Airplane Co., including 34 acres
of land at Moraine near Dayton, and buildings of
Monitor type, total floor space 463,843 sq. ft
1,096,000
(c) All of the outstanding stock (X2107,000 pref.
and $1,200,000 corn.) of the Domestic Engineering
Co.. makers of Delco Light system. Total present floor space,342.000 sq. ft.; new building under
construction, 200,000 sq. ft
(d) In part payment for all of the plant and equip- 3,545,100
ment of the T. W. Warner Co., pursuant to contract of lease with option to purchase after Jan.
1
1923. Owns at Muncie, Ind., 10 buildings.
Total floor space, 163,892 sq. ft. Manufactures
high-speed tools for production of transmission
gears, &c
3,123,800
(e) In part payment for $1,250,000 pref. stock of
Janesville Machine Co. Manufactures farm implements. Floor space, 265.890 sq. ft
987,400
(f) In part payment for the Bloomfield, N.J., plant
and equipment of the International Arms & Fuze
Co.,including 35 acres of land and 460,000 sq. ft.
of floor space (V. 107, p. 2479)
611,000
Total applied for
$5.690,800 $8.352,000
(VOL. 109.
THE CHRONICLE
2268
The Domestic Engineering Co., Dayton,0.,for the year to date. Aug. 30
1919, reports net sales less cash discounts, $10,979,924; net operating
profit, $543,870; other income, $77.650: other expenses (interest, &c.),
$120,947; total net profit year to date, $500,573.
See also "Financial Reports" above and compare offering of now 7%
debenture B stock in V. 109, p. 2075.
Gilliland Oil Co.-Stock Sold.-Knauth, Nachod &
Kuhne, Dominick & Dominick and Hallgarten & Co., N. Y.,
announce the sale by advertisement on another page at 99
and div. of $5,000,000 8% Cumulative Convertible Preferred
(a. & d.) stock, par $100.
Guantanamo Sugar Co.-Annual Report.Sept. 30 YearsTotal bags sugar (32ll lbs.)
Gross sales
Producing and mfg. expenses_ ___
Other income
1918-19.
358,397
$6.099,257
4,425,427
Cr.115,831
1917-18.
306,974
$4.433,973
3,499,923
Cr.128,464
1916-17.
251,106
$3,468,099
2,801,425
Cr.150,013
$816,686
Total profits
$1,789,662 $1,062,513
251,211
260,641
Depreciation
270,428
__ -----261,000
Taxes and contingencies (est.)--400,000
Dividends
(10%)300,000 (10)300.000 (73,6)225,000
$3.10,476
$240,873
Balance, surplus
$819,234
-V. 107, p. 2286.
Dividends Q.-F. Convertible at any time into Corn, stock at the rate
of two shares of Corn. for each share of Pref. If called for payment the
Hazel-Atlas Glass Co., Wheeling, W. Va.-Stock Incr.
conversion privilege will continuo to date of redemption. A cumulative
The company proposes to increase the capital stock from $6,000,000 to
annual sinking fund equivalent to 20% of net earnings after payment of $10,000,000.-V. 97, p. 240.
the
of
purchase
to
Pref. dividends, but not less than $250,000 p. a. applies
Pref. stock at not exceeding the redemption price or its redemption at that
Holland Land Co.-Bonds Not Paid.price. Redeemable all or part on any div. date on 30 days' notice at 105%
The issue of first mtge.6% 20-year gold bonds which, having been called.
and divs. to and including Feb. 15 1921 at 1073% and divs. from then to were to be paid Dec.
1, remain outstanding, the California State Banking
and incl. Feb. 15 1922, and at 110% and divs. thereafter.
Department having blocked the proposed refunding by conditions that the
company could not promptly fulfil so that the now securities should be
Data from Letter of Pres. J. W. Gilliland, Dated Dec. 2 1919.
Capitalization(No bonds except purchase money obligation of less than $200,000) legal for savings banks in California. See V. 109 13• 1896.
Issued.
Authorized.
Home Bleach & Dye Works.-Reincorporation.$5,000,000 $5,000.000
Preferred stock (par $100)
*600,000 sh. 400,000 sh.
See Sharp Mfg. Co. below.
Common stock (no par value)
Hotel Traymore Co., Atlantic City, N. J.-Bond Call.* Of which 100,000 shares are reserved for conversion of the Prof.stock.
One hundred and two First Mtge. Sinking Fund gold bonds of $1,000
Properties.-Principal properties are located in the Cushing and Osage
and
Biu.kburnett
the
Kansas,
fields,
Eldorado
each (Nos. 10 to 2150, inclusive), and one fond of $500 (No. 2218) have
fields, Okla., Augusta and
Ranger fields, Texas, and the Homer and Bull Bayou fields, La. Its been called for payment for account of the sinking fund as of Jan. 1 1920,
interests include 31 producing leases, aggregating 4,247 acres, the com- and will be paid on and after Jan. 2 at 102 and interest at the Guarantee
pany's net ownership therein being 2,506 acres. There are 255 producing Trust Co., Atlantic City, as trustee.-V. 107, p. 2380.
oil wells and 12 gas wells on these leases, with a present net daily production
of over 16,000 barrels, all of which is normally sold at a premium. Com- . Hydraulic Pressed Steel Co.-Bonds Called.
pany owns 7 casinghead gasoline plants, now making in excess of 12.000
The entire issue of first collateral Trust 7% bonds, duo July 1921, have
gallons of gasoline per day,and additional plants will be erected. An aggres- been called for payment Jan. 1 1920 at 10()3, % at the Guardian Savings
sive development campaign is being conducted with 25 new wells drilling & Trust Co., Cleveland, Ohio.-V. 109, p. 2175.
at present.
Inland Steel Co., Chicago.-Plan to Subdivide the
In addition the company has a net ownership in fee (subject to leases)
of 387 acres in oil lands aggregating 640 acres in the Cushing and Billings $25,019,500 Capital Stock, Giving Four $25 Shares for Each
fields in Oklahoma. On these lands are 47 producing wells, with more
Illinois,
drilling. From this production the company receives, without expense to $100 Share and Then to Reincorporate Under Laws of
it, its proportion of the total royalties. The company further has a net Exchanging Each $25 Share for One Share of No Par Value.
interest in favorably located undeveloped leases of more than 100,000
coracres in Oklahoma, Kansas, Texas and Louisiana, carefully selected over a This company, which from 1893 to 1917 was an Illinois
period of years by efficient geologists and experienced oil operators.
poration but on Feb. 6 1917 was reincorporated in Delaware,
Present Financing.-The entire proceeds will be applied to retirement of has
called a meeting of its shareholders for Dec. 16 to vote
current obligations and to increase of working capital.
Hayes on
Directors.-J. W. Gilliland (Pres.), It. W. Widener (V.-P.), J. W.Tulsa,
in Illinois with 1,250,000 shares of no par
reincorporating
Foster,
B.
John
Hurley,
J.
P.
(Sec.), G. It. McCullough (Treas.),
-P.), Shreve- value, whereof 1,000,780 shares will be exchanged share for
Okla.: J. B. Gilliland (V.-P.), Dallas, Tex.; R. C. Gilliland (V.Kansas
City, share for the present $25,019,500 capital stock after the par
port, La.; It. P. Brewer, V.-P. National Bank of Commerce,
Mo.; Andrew Fletcher, Pres. American Locomotive Co.; Nathan C. Kings
from $100 to $25.
bury, V.-P. American Tel. & Tel. Co.; Herbert B. Smithers, Knauth, value of latter shall have been reduced
Nachod & Kuhne; Andrew V. Stout, Dominick & Dominick; C. I. Stralem,
Before Stockholders.
Propositions
Digest
from
of
5
of
Circular
Dec.
Bank,
Nat.
Flallgarten & Co., New York; R. S. Hawes, Vice-Pres. First
Del.1. To amend Section 4 of the charter to read as follows: "4. The amount
St. Louis. Mo.; W. Winder Laird. Laird & Co., Wilmington,
divided into 1,200,000
of
privilege
of
$30,000,000,
the
total
the
is
stock
authorized
offered
capital
[Subscribers to the Prof. stock, it is stated, were
of the par value of $25 each."
subscribing for Common stock to the extent of 40% of their Pref. subscrip- shares
corporation to be organized
a
to
sell
2.
To
to
said
authorize
corporation
2175.
p.
tion at $3.2 a share.j-V. 109,
under the laws of Illinois, the entire business property, assets and effects
consideration of the assumption by said Illinois corporation of all the
(D.) Goff & Sons, Inc.-Offering of Bonds.-Bodell & in
of thLs corporation and the issuance to the holders of the 1,000,obligations
prices
at
offering
are
Providence,
and
780 shares of the capital stock of this corporation of the par value of $25
Co., N. Y., Boston
per
share
a like number of shares of the Common capital stock of the
of
$1,500,000
maturity,
to
according
tolYield from 63/b to 731%,
Illinois corporation so to be formed without par value (the capital stock of
dated
bonds,
gold
Payment
Serial
7% First (closed) Mtge.
said Illinois corporation to consist of 1,250,000 shares of Common stock
without par value), and the remaining 249,220 shares to be disposed of by
Jan. 1 1920. See advertising pages.
the Illinois corporation in such manner as its directors may deem proper.
Due $50,000 July 1 1920 and J. & J. each year,incl. to 1929;$50,0000n
Arrangements have been made whereby the First Trust & Savings Bank
be
may
Jan. 1 1930, and $500,000 July 1 1930. Bonds due July 1 1930
of the stock for the
1921 of Chicago will act as depositary for the certificates
converted par for par into 7% Cumulative Pref. stock from Jan. 1 New
purpose of making the exchange in case the stockholders act favorably
and E. M.
to Dec. 31 1929. Tlnterest payable J. & J. in Providence, Boston or
President,
Block,
upon
the
D.
plan.
P.
[The
by
is
signed
circular
York, without deduction for Federal normal income tax up to 2%. Denom. Adams, Secretary.j-V, 109,
P. 891.
in series at 102
$1,000 ($500 bonds also in 1930)c*. Callable in whole or series
whole
the
in
and int. on 30 days' notice on any int. date. If called
Inspiration Consol. Copper Co.-Production (lbs.).1917.
of the earliest maturity or maturities must be retired. Rhode Island IIos1918.
1919.
2,500,000
pital Trust Co., Providence, trustee.
7,500,000
Month of November
4,752,000
Outstand'g.
Authorized.
74.550,000
91,175,000
11
to
months
69,252,000
Nov. 30
Capitalization$1,500,000 $1,500,000
The large decrease in Nov. 1917 was due to labor troubles.-V. 109. ro•
7% First Mtge. Serial bonds (this issue)
2,000,000 *1,250,000 1896, 1465.
7% Cumulative Preferred stock
940,000
1,000,000
Common stock (all closely held)
International Arms & Fuze Securities Corp.-Sold.See General Motors Corporation above.---sr. 107, p. 2479.
*Incl. $500,000 to be sold immediately (already underwritten) at par.
Data from Letter of President D. L. doff to the Bankers.
Int. Milling Co., New Prague, Minn.--Annual Report.Company.-Founded in 1864 as a partnership and incorp. in 1884 and re1915-16.
1916-17.
Aug. 31 Years1917-18.
1918-19.
incorp. in Rhode Island in Dec. 1919. Manufactures and sells two kinds Trading
$661,915
$613,662
profits
$517,163
cotton
weaves
x$647,025
Also
worsted.
and
cotton
of dress goods; all worsted and
$42,515
$41,244
on
Interest
$40,004
bonds
38,892
and silk fabrics and spins worsted yarns. Sales in 1918 were about $5,70,357
70,357
Preferred dividends (7%)
70,357
70,357
000,000, and plant is sold up until about May 1920.
350,000
of
about
space
Plant located at Pawtucket, R. I.; has a floor
$549,043
$502,061
Balance, surplus
$406,802
$537,776
sq. ft. Mill is equipped with 438 Crompton & Knowles dress goods looms,
362,559
534,002
566,063
472,865
8,784 worsted spinning spindles, 2,020 twisting spindles and combs, cards, Previous surplus
drawing sets, &c., to balance. Company has a prior right to water in the
$911,602
Total
$972,865 $1,036,063
$1,010,641
Pawtucket River up to the present capacity of its wheel plant which develops Common div.
97)257,000
(cash)(16%)244,000 (18)225,000 (22)220,000 (
00
about 600 h.p., and an additional 1.850 h.p. is generated by steam. The
do in pay't new stock
(22)275,000 (25)250,000 (4%)40,0
mill has a capacity, on the basis of a normal week, of 3,000,000 yards of
80,000
do war taxes
See "x" above
cloth and 1,500,000 lbs. of yarn per annum.
to
stock
Purpose.-Proceeds 4:4 this issue of bonds and $500.000 of Prof.
$534,602
Total surplus
$566,063
$472,865
$766,642
be sold at once at par for cash, will be used to pay off floating debt and as
x After deducting full provision for Canadian and American war taxes for
additional working capital.
overfor
$99,122
in
1918
years
crediting
to
1916-17
also
1918-19, and
Earnings.-Average net profits (after all taxes) available for interest provision for taxes in
respect of period prior to Aug.311919.-V. 107, p.2473
charges in the past 3 years have been over $300.000 per year, or about 3
times the annual interest on these bonds.-V. 106, p. 927.
International Motor Truck Corp.-Votes Capital Inc.The stockholders voted on Dec. 6 (1) to increase Common stock from
Goodyear Tire & Rubber Co., Akron, 0.-Sub. Co. 53.638 shares without par value to 80,840 shares; (2) to increase 2d l'ref.
stock from 27,230 shares, par $100, to 53,478 shares, par $100; (3) to
Financing.stock from 43,816 shares, par $100, to 109,219 shares,
See Goodyear Tire & Rubber Co. of Canada, Ltd., below.-V. 109, p. increase the 1st Pref.
par $100; (4) to increase the stated capital from $7,372,790 to $16,673,900;
2175, 1991.
(5) to increase the number of directors from 13 to 17.-V. 109, p. 1796, 1704.
Goodyear Tire & Rubber Co. of Can., Ltd.-Financing.
The stockholders will vote to-day (Dec. 13) on increasing the capital
stock from $3.000,000, divided into $1.500,000 pref. and $1,500,000 corn.,
to $30,000,000, to be divided equally into pref. and corn. stock.
The Cleveland "Plain Dealer' says: "It is proposed to issue $5.000.009
of pref. stock, $3,000,000 of which will be sold on the Canadian side while
the present outstanding pref. stock will be exchanged on the basis of $110
for the old shares and 397S6 for the new. Stockholders not desirous of
making the exchange will receive $110 for his stock in Canadian funds on
Jan. 1 in addition to the regular quarterly dividend duo on that date. The
present outstanding stock consists of $850.500 of 7% pref. and $888,500
common, par $100 (all owned by the Goodyear Tire & Rubber Co., of
Akron, Ohio.).
"Earnings have grown from ..91.070 since organization, to $13.976.349
for the year ending Sept. 30. Present assets, $10,890,723; surplus, $3,332,-
It is stated that Nesbitt, Thomson & Co., Dominion Securities Corp.
and A. E. Ames Sr Co., have bought $5,000,000 of the now prof. stock,
which will shortly be offered to the public.
Greene-Cananea Copper Co.-Output.November 1919
November 1918
11 months 1919
11 months 1918
-V. 109, p. 1895. 1464.
Copper (lbs.)
3,900,000
5,100,000
37,700,000
48,170,000
Silver (oz.) Gold (oz.)
800
164,300
1.330
169,560
8,400
1,585,833
12,658
1,493,772
Green Star Steamship Co.-Treasurer.", Waldo S. Reed, formerly Treasurer of the United States Shipping Board
Emergency Fleet Corporation, has been:elected Treasurer.-V. 109,p.2076.
Interstate Iron & Steel Co.-Sells Plant.-
The company has sold to the l'ollak Stool Co. of Cincinnati its rolling
mill plant at Marion, Ohio, capacity about 48,000 tons a year. The
proceeds of this sale, it 113 said, will enable the company to early out its
plans of concentrating its plants at Chicago where it has construction under
way calling for an outlay of $2,500,000 the coming year.
The Pollak company is now credited with tho capacity of both rolled and
forged products of about 300,000 tons a year. It is a closed corporation
owned by the Pollak family with E. I'ollak, M. B. l'ollak, and .1. A. Pollak,
located at Cincinnati, and B. E. Pollak, located in the Now York offices in
the Equitable Building. The general sales offices are also in the Now York
office, with D. E. Sawyer, Gon. Mgr. of sales, in charge.-V. 109. p• 75.
Jewel Tea Co.-Preferred Dividend Omitted.-
The quarterly dividend of 1,1% on the Prof. stock usually paid at this
time has been omitted.
The directors issued the following statement: "The volume of business
is satisfactory and increasing, but in view of the abnormal situation of the
past two years in the coffee business and conditions otherwise affecting the
operations of the company which still exist in part, the directors deem it
for the best interests of the company to act conservatively until normal
conditions are more nearly restored.':-V. 109, p. 1991.
(Robert A.) Johnston Co. Milwaukee.-Pf. Stk. Offer.
Wisconsin Securities Co., Milwaukee, are offering at 100 and div. 31,200,000 7% Cumulative S. F. l'ref. (a. & d.) stock, par $100. Authorized:
$2,500,000. Divs. Q.-M. Redeemable after Dec. 31 1920 upon 30 days
notice at $110 and divs. Annual sinking fund credit equal to at least 5%
of
of the then outstanding Pref. stock. No mortgage without the consent
of the Prof. stock.
DEC. 13 1919.]
THE CHRONICLE
2269
Company.-Incorp. in Wisconsin in 1899. Specializes
the manufacture of the finest lines of candies and biscuits. Common in
Mexican Petroleum Co., Ltd. (Dela.)-Earns., &c.stock, $400,000,
no bonds.
9 Mos. to
Cal. Year
Net Sales and Net Earnings after Federal, &c., Taxes Calendar
Sept. 30'19.
Years.
1918.
Cal. Years- 1915.
Gross income
1916.
1917.
1918.
(est.).
$15,365,797
1919
$26,320,546
Sales
$2,005,269 $2,519,217 $3,111,546 $3,697,744 $4,900,000 Oper. and general exp. and Mex. Govt. taxes
7,592,2291 14,399,745
Net earnings 203,268
Depreciation
250,732
and
242,823
exhaustion
237,547
2,445,389J
455.000 Interest
Purpose.-To build and equip a new plant in Milwaukee.
charges
76,108
125,668
Subscriptions are also accepted by Edgar, Ricker
& Co. and Morris F. Amortization, bond discount, &c
321,170
Fox Co., Milwaukee.
Income and profits taxes
825,000
5,000,000
Kanabec Steamship Co., Inc.-Bond Call.-
Seventeen First Mtge. Sinking Fund 7% Gold bonds, dated
Aug. 15 1919.
and ranging in numbers from 11 to 176, both inclusive,
payment on Dec. 16 for account of Sinking Fund at have been called for
103
and
int. at the
New York Trust Co.. trustee, New York.
Kaufmann Department Stores, Inc.-Initial Dividend.
The directors have declared an initial dividend of $1 per
share on the
common stock, payable Feb. 2. The regular quarterly
dividend of $1.75
has also been declared on the pref., payable Jan. 1.
Reduction in Preferred.-
The directors have authorized a reduction in the
pref. stock
from $9,450,000 to $9,375,000 by the purchase and outstanding
cancellation of $75,000
of the issue. The Treasurer, therefore, invites offers
for the sale of the
above amount of the issues, such offers to be made on or
before Dec. 15 to
Ladenburg, Thalmann & Co., New York.-V. 108, p. 2626.
(S. H.) Kress & Co.-Sales.-Month of November
11 months to Nov. 30
-V. 109. D. 1896, 1530.
1919.
$2,366,721
20,813,256
1918.
1917.
$1,962,373 $1,651,444
17,593,167 14,618,273
Net profit
Other income
$4,427,071
Total
Preferred dividends
Common dividends
$4,427,071
$6,699,444
720,000 (8%)960,000
2,651.846(8%)3 168 008
$6,473,963
225,481
Balance, surplus
$1,055,225
$2,571,436
As to exchange of stock and Mexican Govt. restrictions,
Pan-American
Petroleum & Transport Co. below.-V. 109, p. 1992. see
Montana Power Co. (incl. Sub. Cos.)-Earnings.Results for Three and Nine Months Ended Sept. 30.
1919-3 Mos.-1918. 1919-9 Mos.-1918.
$1,492,323 $1,827,677 $5,073,490 $5,567,470
x551.801
573,210 1.806,811 1,653,573
Net earnings
$940,518 $1,254,467 $3,266,679 $3,903,897
Int. & bond,discount
453,202
439,160 1,356,647 1,239,596
Balance, surplus
$187,316 $815,307 $1,910,032 $2,664,301
x Includes Federal income and war taxes.-V. 109. p. 892.
Earnings
Oper. expenses & taxes
Montgomery Ward & Co., Inc.-Stock Sold.-John
Landers, Frary & Clark.-To Increase Capital-Ex. Div.
Burnham & Co., Chicago, and H. P. Goldschmidt & Co.,
N. Y., announce the sale by advertisement on another page
of 510,000 shares Corn.stock (no par value)at $45 per share.
Listed
The stockholders will vote Jan. 6 on increasing the capital stock from
$5,000,000 to $6,000,000, par $25.
The Boston "Transcript" says: "Three years ago the capital was raised
from $4,000,000 to the present amount. The company has no funded
debt. A substantial measure of prosperity has been enjoyed
the corporation during the past year, as evidenced by the declaration ofby
an extra dividend of 2% in addition to the regular quarterly payment of 2%,
payable Dec. 31. Similar extra dividends have been paid duringboth
the two
Immediately preceding years. The stock is quoted around
73 to 75 at
present."-V. 107, p. 806.
Lawyers Title & Trust Co., N. Y.-Dvidends.-
An extra dividend of 1% has been declared in addition to the regular
quarterly dividend of 1%%,both payable Jan. 2 to holders of record
This places the stock on a 6% per annum basis as compared Dec. 13.
with 5%
previously.-V. 106, p. 504.
Lindsay Water Co.-Bond & Coupon Payments.-
By order of the U. S. District Court for the Western
of Pennsylvania, J. Wood Clark, special master, will pay out ofDistrict
the proceeds of
the foreclosure sale held July 15 1919, upon the First Mortgage
principal and interest in full, and upon the First & Ref. Mortgage, bonds,
coupons
No. 7 to No. 20, the sum of from 7 cents to 5 cents, upon presentation
on or
before Jan. 1 1920.-V. 109, p. 77.
Locomobile Co. of America.-Reorg'n-Control, &c.-
Tho company is to be reorganized by the sale of all its assets to a new
corporation to be known as the Locomobile Co. The
capitalization of the new organization will be 300,000 Commonauthorized
stock shares, no par
value, and $5,000,000 7% Cumul. Prof. stock, par $100,
of which 200,000
shares Corn. and $3,500,000 of Pref. stock will be issued
at once. The
authorized bonded debt will consist of $2,500,000 First & Ref.
Mtge. 6%
bonds, due 1935 of which $1,416,000 will be outstanding.
The Mercer Motors Co. will; subject to approval of its
stockholders,
acquire a substantial block of Corn. stock of the now company
and will
take an option to purchase from the latter company 100,000
of its
Corn. stock at $35 a share This will make Mercer Motors shares
the largest
Individual holder of Locomobile Corn. stock and will enable
it to later acquire control.
Net profits of Locomobile Co. of America for the year
June 30
1919, after deprec. and taxes. were $1,249,823. Deductingended
bond int. and
Pref. divs. of $319,823 the balance available for Corn, on the
basis of the
new capitalization would be $930,000 or $4 65 a share.-V.
108, p. 2532.
Loew's, Inc.-Application to List.-
Application has been made to the N. Y. Stock Exchange
certificate calling for 705.175 shares capital stock withoutto list temporary
nominal or par
value. See V. 109, p. 1992.
Loose-Wiles Biscuit Co.-Officers.---
B. L. 11111)1) has been elected President to succeed J. L. Loose,
who was
made Chairman of the Board. R. W. Castle was elected
Secretary to
succeed Mr. Hupp. Clarence McKenzie Lewis has been
elected a director
to succeed Elisha Walker, resigned.-V. 108, p. 1272.
Manati Sugar Co.-Application to List.-
Application has been made to the N. Y. Stock Exchange
to list $3,500,010
7% pref. stock and $10,000,000 corn. stock, par $100. See V.
109, p. 1465,
482.
Mason Tire & Rubber Co.-Sales, &c.-
Fiscal Year ending Oct. 311919.
1918.
1917.
Sales
$3,468,858 $2,324,144 $1,213,859
Not profits
223,705
203,437
104.457
During the last few months the company
has opened ten additional direct
factory branches in the United States, and now
branches in operation, giving national distribution.has 18 direct factory
The Mason goal is
$7,000,000 of sales during the present fiscal year.
-V. 109, p. 1466, 1371.
Mathieson Alkali Works..-New President.
E. M. Allen has been elected President, succeeding Edward
E. Arnold,
resigned.-V. 109, p. 2176.
Maverick Mills.-Accum. Divs. Paid.-
A dividend of $10, which are all the accumulated
on the Pref.
stock, has been declared, along with the regular dividends
dividend of
%. both payable Jan. 2 to holders of record Dec.quarterly
20.-V. 104. p. 1049.
Mercer Motors Co.-To Acquire Control-Vice-President.
See Locomobile Co. of America above.
Ormond E. Hunt has been elected Vice-Pros,
direct charge of car
engineering and manufacturing.-V. 109, p. 1530. in
1466.
Mexican Eagle Oil Co., Ltd.-Earnings.-Sutro Bros. &
Co. have issued a detailed financial statement from which
the following data have been obtained:
1917-18.
1916-17.
1915-16.
1914-15.
June 30 Years$ (Mex.)
$ (Mex.)
$ (Mex.)
$ (Mex.)
Total profit
29,117,074 20,752,281 18,082,411 12,959,020
Admin. exp., int., &c_ _
881,633
881,633
1,018,025
1,743,521
Field redomp. & reserves_14,081,008
8,494,670
8,259,172
6.561,692
Provident fund
750,000
500,000
Preferred dividend _ _(25%)2,125,000(20)1700,000(16)1360,000
Ordinary dividend_(25%)10,563,798(20)8300,000(16)6640,000 (8)680.000
(8)3320,000
Balance, surplus
715,635
875,978
805,214
653,807
-V. 109, p. 2176.
Miami Copper Co.-Production (lbs.)Month of November
11 months to Nov. 30
-V. 109, p. 1183, 683.
1919.
3,718,965
49,000.181
1918.
1917.
4,382,730
3,361,426
53,601,358 38,096,812
Mining Corporation of Canada.-Dividend Omitted.-
The directors decided to pass the quarterly dividend of 12% cents usually
paid at this time. It is understood that the action was taken
of the
recent cash purchase of the Foster and Buffalo mines, whilebecause
earnings also
decreased, due to the strike at Cobalt.-V. 109, p. 2176.
on Chicago Stock Exchange. Application will be made to list
on N. Y. Stock Exchange.
Data from Pres. Robert J. Thorne, Dated Chicago, Dec. 6 1919.
Company.-In 1872 established the first mail order or catalogue house
in this country and operations have been confined exclusively to this business. Handles all classes of merchandise, except perishable articles.
Of the company's orders 98% are accompanied by cash in advance. Operates
many factories and is interested in many others. Main plants and warehouses are located at Chicago, Kansas City, Ale., Portland. Oregon, and
Fort Worth, Tex. In Chicago, owns a reinforced concrete structure,
containing 1,900,000 sq. ft. of floor space, and in Kansas City a structure
containing 1,200,000 sq. ft. of floor space. Owns distributing warehouses
In 12 cities in the United States.
Orders are received from every State and Territory of the United Statee
and an increasing volume of business is coming from foreign countries.
chiefly the Orient.
The company has been in business for nearly 50 years and millions of
dollars have been expended in advertising and in distributing catalogues,
and the good-will of customers (more than 6,000,000) is of irallICIISe
value, although the company does not carry good-will or any other intangible values on its books as assets.
Products.-Is engaged in the manufacture of food products, harness and
saddles, toilet preparations, stock foods, candy, lubricating oil, paints,
wall papers, gas engines, buggies, automobile tops, cream separators.
agricultural implements, &c.
Classes of Securities (All Haring Equal Voting Power).
Pref. Stock.-Auth., $10,000,000; outstanding, $8,000,000. Par $100
7% Cumul. Sinking Fund 23'% of amount outstanding to redeem Pref
stock at not over $112 50. Callable at $115. No mortgage without the
consent of V4 of all Prof. stock outstanding.
Class "A" Stock.-205,000 shares, no par value. Pref. as to cumulative
div. of $7 per share and Pref. up to $100 per share of assets in liquidation.
Class "B' Stock.-95,000 shares, no par value. Entitled to dividends of
$3 for each $1 declared on the Corn. stock (below) and entitled in liquidation to $3 to each $1 of assets distributed to the Corn. stock below.
Corn. Stock.-Authorized. 1,000,000 shares, no par value, of which 150.000 shares are reserved for sale to employees, 340.000 shares held by new
interests in the company and 510,000 shares offered to the public.
Sales .:Ye Net Profits after Deprec., &c., but Before Fed. Tax. in 1917 & 1918
Cal. 1914.
1915.
1916.
1917.
19318. 5-Yr. Aver.
Yrs.
Sales.41,042,486 49.308.587 62,044,336 73,512,645 76.166,848 60.414,981
Net _ 2,010,094 2,472,658 4.550,791 5,419,688 6,390,181 4,168,682
Sales for 1919 to date are approximately $90,000,000.
Management.-The Corn. stock hitherto has been closely held by the
founders of the business and their families. These interests retain their
affiliations with the active management of the company and in addition
to their former holdings have bought a substantial amount of this new issue
of Corn. stock. No changes are contemplated in the personnel of those
now in active charge of the conduct of the business. See V. 109.
p. 2176, 1992, 1798.
Mountain States Tel. & Tel. Co.-Rates Ordered Red.-
The Colorado P. U. Commission has ordered the company to restore its
rates in the cities of Denver, Colorado Springs, Pueblo, Boulder,
Sterling
and Loveland, effective Dec.1 to what they were before Government control.
There are no changes in rates in any other portion of the State, as the Commission In its findings states operation outside these six cities is at a loss.
President Ben. S. Read states that the Commission admits
company's
Colorado deficit is now $408,000 a year and that this orderthe
may increase
it to $650,000.
The right of Denver under the home rule law to fix its rates and not the
Commission is now on appeal from the State Supreme
to the U. S. Supreme
Court for adjudication. The Commission fixes the company's
Colorado
valuation as follows: Physical property, $13,509,408: working capital
July 31 1919, $713,197; organization, $358,024: franchises, $15,000; unearned depreciation, $1,364,922; costs of establishing business, $610,000
total, $16,570,550.-V. 109, p. 1897.
Mullins Body Corp.-Listed-Orders, &c.-Contract.-
The New York Stock Exchange has authorized the listing of temporary
certificates for 30,000 shares of common stock, no par value, making
the
total amount to be listed 100,000 shares. This additional 30,000 shares
were taken by the shareholders at $44 a share.
Earningsfor Five Months ending Oct. 31 and Three Months ending
Aug.31 '19.
5 Mos.'19. 3Afos.'19
5 Mos.'19. Mos.'19
Sales
$1,087,765 $668,426 Gross income___ _$284,493 3
$182,947
Net income_
264,954 172,876 Income charges_ __
3,160
3,236
Other Income_ _ _
19,539
10,071 Net profit
281,333 179,711
It is announced that the company has taken a
contract
fenders.
for
bodies, &c.,from one of the large automobile manufacture
rs for 1920, which
will practically double its operations.-V. 109, p.
2176, 1897.
National Acme Co., Cleveland.-New
Plant.The "Iron Age" of Dec.4 has an illustrated
&c., describing the company's new plant. article of 9 pages, with charts,
It
says
in part:
The new
plant occupies a 15-acre site, and includes main
one-story factory building
of the saw-tooth roof type, with 335,000asq.
of
ft.
floor
space,
or about
7% acres under one roof. With other buildings
the total floor space is
approximately 84 acres. The size of the
plant
indicated
is
by
the fact
that it is equipped with 1,800
including 600 Acme and Gridley
automatics of various sizes and machines,
the average production per month exceeds
50,000,000 pieces."-V. 109, p. 1705.
.6
National Breweries, Ltd.-Common Div.
Increased.A quarterly dividend of
% has been declared on the Common stock.
payable Jan. 2 to holders 23
of record Dec. 15, which increases the annual
rate from 6 to 10%. A dividend
of 1%% was paid in April, July and Oct
last.-V. 108. p. 1940.
National Surety Co., N. Y.-CapitalUncrease.-
The stockholders voted Dec. 12 to increase the capital
from 54,000,(00
to $5,000,000. See V. 109, p. 2176,
2077.fr,1s1
[VOL. 109.
l'HE CHRONICLE
2270
on (lbs.).New Cornelia Copper Co.-Producti1918.
•
Month of November
11 months to Nov. 30
-V. 109, p. 1897. 1466.
1919.
4,236,000 3,264,000 Inc. 972,000
36,608,000 43,142,000 Dec. 6,534,000
New England Cotton Yarn Co.-Textile Operatives at
Fall River Accept Wage Compromise-Other Wage Advances.See under "Current Events" in "Chronicle" of Dec. 6, page 2131.V. 109, p. 583.
England Lumber Co.-Bond Offering.-
New
int.,
Hugh J. Dimond & Co., Boston, in Oct. 1919 offered at 100 and
bonds,
yielding 7%,$300,000 7% rive-Year First (Closed) Mtge. Serial goldInterest
$1,000.
dated May 5 1919, due April 11924. Denom. $500 andExempt
from Fedpayable A. & 0. at Cosmopolitan Trust Co., Boston
eral income tax up to 2%. Sinking fund of $37,500 semi-annually providing
for the retirement of these bonds.
and assets
Company.-Formed May 2 1919 to take over the property
Lumber Co., City
of five lumber companies: National Lumber Co., State
Co.
Lumber
England
New
Old
the
and
Co.
Lumber
Chichester
Lumber Co.,
Owns valuable timber land in Maine, New Hampshire and Vermont.
Capital stock, $300,000. President, Charles S. Keith.
Newton & Watertown (Mass.) Gas Lt. Co.-Inc. Rates.
Light Commissioners
Effective Dec. 1, the Mass. Board of Gas & Electric
$1 to $1. 05 per 1,000
authorized the company to increase its price from
the company to
authorized
board
the
last,
1,
May
On
cu, ft. of gas sold.
increase its price from 95c. to $1.-V. 108, p. 2129.
Securities Co.-Dividend of 4%.-
Northern
A dividend of 4% has been declared on the stock, payable Jan. 10 to
stock of record on that date. In July last 3% was paid and in Jan.1919
4%.-V. 108, p. 168.
Ohio Power Co.-New Name, &c.-
See American Gas & Electric Co. above.
s.Oklahoma Producing & Refining Co.-Earning
Net (before
First quarter
Second quarter
Third quarter
Total, 9 months
-V. 109, p. 277.
Expenses. Deductions).
Gross.
$917,865
$2,124,239 $1.206,374
878,915
1,309,082
2,187,997
1,046,804
1,466,231
2,513,035
$6,825,271
$3,981,687 $2,843,584
Owens Bottle Co.-Listed.-
The New York Stock Exchange has authorized the listing of $750,000
be listed $11,306,900.
common stock, making the total amount authorized toOhio
on Oct. 30 1919
The Charles Boldt Glass Co. was incorporated in
with an authorized capital stock of $3,300,000, subscribed and paid for in
its
plants,
inventories,
Co.
Boldt
Charles
the
from
purchase
will
cash, and
liabilities) at Cinbills and accounts receivable and good will (but not the
in money,leaving it a
cinnati, 0., and Huntington, W. Va., for $2.800,000
acquire
cash working capital of $500,000. The Owens Bottle Co. will
Boldt Glass
through the subscribers and owners of the stock of the Charlescapital
stock
the
common
of
shares
for
30,000
stock
that
of
$1,683,000
Co.,
in cash.
of the Owens Bottle Co. hereby sought to be listed and $183,000
The Charles Boldt Co. was first incorporated Nov. 16 1889 as the Muncie
Glass Co. It has common stock of $750,000 and pref. stock of $250,000,
1,000,000
all outstanding. •The capacity of its plants is approximately 20
Owens
gross of bottles per year. These factories are equipped with
on
ending
years
five
last
the
during
bottle machines. They produced
489.243: 1916,
June 30 the following number of gross of bottles: 1915,
that
is
estimated
It
705.032.
1919,
902,639;
1918,
995,989;
1917,
833,863;
The
they will produce during the current year 750,000 gross of bottles.
net profits for the past five fiscal years were as follows: 1914-15, $269,452;
$990,678
1918-19,
$607,512;
1917-18,
$983,314;
1915-16, $628,288; 1916-17,
(from sales of $4,863,158).-V. 109, p. 1799.
Telep. & Teleg. Co.-Rates Held Illegal.-
Pacific
Dec. 1 in substance
The Oregon P. S. Commission in an order given out
telephone rates, rules,
held that the so-called Biirloson schedule of exchange
of the company
lines
the
on
practices and regulations which became effective
and without warrant
on July 29 are illegal, arbitrary, tuirea.onable, unjust
s order of
Commission'
S.
P.
Oregon
the
in
of law, that the tariff contained
subscribers shall be
last May set out the existing legal rates, and that
in
amounting
rate,
legal
the
above
and
over
payments
credited with all
effective
the State to approximately $130,000. The order was made
Dec. 1.-V. 108, p. 1170.
ican Petroleum & Transport Co.-Listed.-
Pan-Amer
The N. Y. Stock Exchange has authorized the listing of temporary certificates for $8,127,700 Class "B" Common stock on notice of issuance.
"B"
This new stock is the initial issue of the authorized $70,000,000 Class
stock of
stock, and it is issued in exchange for a like amount of Common
109,
(V.
25
of
Oct.
to
plan
assented
has
which
Co.,
Petroleum
Mexican
before Nov. 25 were
P. 1705), by which those making the exchange onn or
stockholders of record
permitted to participate with the Pan-America
Nov. 25 1919 in the privilege of subscribing for Class "B" Common stock
in amounts equal to 10% of the par value of the stock then held by them
at $100 for each share of the par value of $50.
Stock Holdings of the Company as of Dec.4 1919 in Companies Named.
Now Owned. Total Iss'd.
,000 $12,000,000
Mexican Petroleum Co.,Ltd.,of Dela.,Pref.stock_$9,035
26,455,800 40,826,400
Common stock
1,265,152 1,265,152
Pan-American Petroleum Co. capital stock
400,000
305,572
Caloric Co. Preferred stock
862,000
540,128
Common stock
£1,000,000 £2,000,000
British-Mexican Petroleum Co. capital stock
3600.000 $1,200,000
Pan-American Petroleum Inv. Corp. cap. stock
tne self-propelling
Since the last application this company has acquired
with the steamers
which
bbls.,
barges Meson, 16,000 bbls.; Panoil. 16,000
Huasteca Petroleum
previously enumerated are now under charter to the
released by the
yet
not
stamers
tank
following
Co.; has also acquired the
U. S. Government: E. L. Doheny 3d and W. L. Steed.
.1918
19 et Yr.
'30
Sept.
to
Mos.
9
Earnings ofPan-Am.Petrol. & Transportfor
9 Mos.'19. Year 1918.
$7,332,308
$6,218,329
Gross income
4,028,134 3,808,233
Expenses and depreciation
363,954
203,718
Bond, &c., Interest
248,358
119,568
Bond discount and expense
1,250,000
353,500
and
taxes
profits
Income
$1,513,408 $1,661,763
Balance
1,709,726 2,122,800
Dividends received
882,164
472,889
Co.'s proportion undivided profits of sub. co.'s
Co. toand Somerset counties formerly owned by Penn Electric Service
the balance of
gether with the new office building in Johnstown, and upon
underlying divithe property by a direct mortgage subject to $3.612,000 deposit
with the
sional (closed mortgage) bonds. Further secured by the
trustee of 31,535,000 additional underlying divisional bonds.Dec. 8 1919.
Data from Letter of President F. P. Hepburn. Dated
of
Company.-Ineorp. June 11 1919 in Pennsylvania. Consolidationand
Citizens Light Heat & Power Co. of Pa., Penn Public Service Co.
power
Penn Electric Service Co. Owns and operates an electric lightofand
Cambria,
system serving over 50 communities and covering practically all and
WestSomerset, Indiana and Clearfield counties and parts of Centre
SomerJohnstown,
being
cities
principal
Pa.,
moreland counties in Western
some
does
Also
set Clearfield, Indiana, Philipsburg and Blairsville.
Johnstown
incidental artificial gas and steam heating business and throughno
bonds),
is
ownedwhich
of
Fuel Supply Co. (the entire capital stock
renders natural gas service in Johnstown and suburbs.
oo
d'a.
ta7na
6
Capitalization after Present Financings
°4u,18
Capital stock-Corn., $3.350,000; Pref.(6% cum.) $1,517,700_ $
4,000,000
issue)
(this
"A"
series
First & Ref. Mtge.6% gold bonds
*3,612,000
Underlying Div. bonds with public (closed mtges.. 2 issues)_..__ be
pledged
div. bonds will
* $1,535,000 additional of these underlyingMtge.
under the indenture securing the First & Ref.
for the retirePurposes.-The proceeds of the bonds will be employed (1)
expenditures.
ment of $2,900,000 of debt; (2) to reimburse company for
working
additions and extensions to property, and (3) to provide funds for
capital and other corporate purposes.
(Inter-Co.
Combined Earnings, Incl, Sub. Cos., Year ended Oct. 31 1919
Charges Eliminated).
$2,529,615
Grow earnings
879,395
Net after operating expenses. taxes & maintenance
420,600
Annual int. on above bonds,ind. this issue
Balance, surplus
were derived from the
Approximately 85% of the above net earnings
from gas and other
electric light and power business, the balance being
Incidental business.
9 generating pants.
Physical Property.-(a) The electric system includes
is delivered over about
installed generating capacity, 33,412 k.w. Current The
electrical distribu375 miles of transmission lines to 95 sub-stations. wire in addition to an
tion system consists of about 2.527 miles of aerial
containing 149.Johnstown,
of
underground distributing system in the city
418 duct feet of conduit. No. of customers, 22,247.two coal gas benches of
contains
Clearfield
(b) The artificial gas plant at
equipment, and a
six retorts each with necessary purification and auxiliary
system consists of 33,388 feet
tribution sysm
h7e4.distribution
.rsT3
gascholder.
f 1p
050,p000e.
No. of
ft. of distribution
(c) The Johnstown Fuel Supply Co. owns 258.750ft.
of mains and a
mains in Johnstown and suburbs and leases 167,155corporation.
No. of
holder in Johnstown from the
5g
as hold
7.
.
. 10,2
su.ft
st
u0
m0erc
c0
5
.00
time
in
unlimited
counsel,
of
opinion
Franchises.-Franchises are, in the
Fuel Supply Co. in
with a few minor exceptions. That of the Johnstown
territory are
suburban
the
in
franchises
its
and
Johnstown extends to 1936
perpetual.
area of about 2,500 sq. miles
Business Field.-The territory served has an south
of Johnstown with an
extending about 60 miles north and 30 miles
served is an important
district
estimated population of about 390,000.The making section with considersteel manufacturing, coal mining and brick less important lines. Within
able diversification of industry along other
Steel Co.. Lorain Steel Co.
this terrtory are located the plants of Cambria Radiator
Works, Harbison
(subsidiary of U. S. Steel Corp.), National connected
power load of the
Walker Refractories Co., &c. Whereas, the
is immediately available
system is now 62,541 h.p., It is estimated that there
of which will
95%
about
business,
power
over 80,000 h.p. additional
originate outside of the Johnstown district.
of the firm of
Management.-Company is under the direct supervision
H. D. Walbridge & Co., N. Y.-V. 109, p. 1993.
nia Rubber Co., Jeannette, Pa.-Contract.
Pennsylva
a contract
This company. manufacturer of automobile tires, has awarded
for a plant addition to cost about $1,000,000.-V. 108, p. 84.
ania Salt Mfg. Co.-Status.-
Pennsylv
brief:
In response to an inquiry, President Joseph Moore Jr said in
depreciation
"There is nothing in the affairs of the company to warrantNever in the
In the price of the stock. In fact, the contrary is the case.
for
past had it the intrinsic value of to-day. The revival of the demand
In some
chemicals since last spring has been a remarkable development. products
Certain
lines we are unable to supply the accumulating orders. struggling
upward
have been sold to capacity over 1920. The plants are
coal mines, as
toward 100% output again. The company owns its own
divithe
reducing
of
dreams
director
single
a
its
Not
supply.
salt
as
well
financial
dend under existing conditions. Few industrials can present a
statement comparable to Pennsylvania Salt."-V. 109, p. 1372.
Light & Storage Co.-Bond Call.-
Peoples Ice,
6% Sinking
One hundred and twenty ($120,000) First Mtge. 20-year
all of the bonds'
Fund Gold Coupon bonds, dated Jan. 1 1905, which are146
699, both
to
from
numbers
in
ranging
of this issue outstanding, and
the
Inclusive, have been called for payment on Jan. 1 at 105 and int. at
Union Trust Co. of Pittsburgh, trustee.
Piedmont Coal Co.-To Acquire Properties.-
See Thompson Coal Properties below.
Pittsburgh Coal Co.-Strike Settled-Wages, &c.-
See under "Current Events" on previous pages of this issue.-V. 109. P.
1898.
Pleasantville (N. J.) Gas 00.-New President.-
John C. Rood of J. C. Reed & Co. has been elected President. This
company serves all the suburbs of Atlantic City between Absecon and
Somers Point, N. J.
Producers & Refiners Corp.-Initial Dividend.-
An initial dividend of 1 4% has been declared on the common stock (per
810), payable Feb. 1 to holders of record Dec. 31.
The "Financial World" of Nov. 24 has a descriptive article regarding
the company and its properties.-V. 109, p. 1467.
Provincial Paper Mills, Ltd.-Common Div. Increased.-
Press reports from Toronto state that the common dividend has been
increased from 4% to 6% per annum.-V. 108, p. 885.
Republic Iron & Steel Co.-32,648,000 New Stock
Offered at Par until Jan. 16 to Common Stockholders of Record
Dec. 26.-In order to provide funds "to meet the requirements of the company's expanding business and new construction program," the holders of the Common stock of
Dec. 26 1919 will, it is announced, be entitled to subrecord
$4,666,727
$3,696,023
Net profit
par, pro rata, for the 26,480 shares of authorized
at
scribe
Earnings Mexican Petroleum Co., Ltd.-See that caption.
stock to the extent of one share of the
- but unissued Common
Mexican Government Restrictions on Drilling New Wells.
shares of Common stock held of record
ten
each
for
stock
new
a
See "Current Event" items, following Editorial Department, on
by them, respectively. This will make $30,000,000 Common
preceding page.-V. 109, P. 1708.
•
g.
Penn Public Service Corp.-Offering of Bonds.-Harris, stock outstandin
from Circular Signed by Treas. Herman M. Hurd.
Forbes & Co. New York, &c., are offering at 96M and int., Further Data 17
Battery Place, N. V.. Dec. 5 1919.
Subscription warrants will be issued shortly after Dec. 26 1919.fullThe
9%, by advertisement on another page,
' 63/
yielding about
at
warrants must be filed and the subscriptions paid in
1920
$4,000,000 First & Ref. Mtge. gold bonds (6% 10-Year subscription
$100 per share in cash or in New York exchange on or before Jan. 16
new stock will not
at the New York Trust Co.. 26 Broad St., N. Y. The
Series A). Dated Dec. 1 1919. Due Dec. 1 1929.
Common
to
Interest payable J. & D. 1 In New York. Callable on the first day of
any month on 30 days notice at 105 and int. on or prior to Dec. 1 1921
at 103 and int. thereafter through Dec. 1 1924, and thereafter prior to
maturity at 101% and int. Denom. $1.000(0). Bankers Trust Co.,
N. Y., trustee. These bonds will be free of the present Pennsylvania 4 mill
tax. Company will agree to pay interest without deduction for any normal
Federal income tax to an amount not exceeding 2% which it may lawfully
pay at the source. Secured by first rnoitgage on all property in Cambria
holders of
share in the dividend heretofore declared, payable
stock of record Jan. 15 1920, but will share in all subsequent dividends
declared on the Common stock.
71 Broadway, N. Y., have agreed to purchase
Shearson, Hammill &
been
Co.,shares of common stock as shall not havewhich
at par SO much of the 26.480
for
subscribed for by the stockholders on or before Jan. 16 1920,
n.
compensatio
them
reasonable
pay
will
obligation and service the company
-V. 109, p. 2177, 1531.
DEC. 13 1919.]
2271
THE CHRONICLE
Replogle Steel Co.-Financial Statement by Successor
of Wharton Steel Co.-Pres. J. Leonard Replogle, in circular
letter, dated at 120 Broadway, N.Y., Nov.21,and addressed
to subscribers to the company's stock, says in brief:
cash for each Pref. share so purchased. All applications with payment In
full must be received at New England Trust Co., 135 Devonshire St., Boston, on or before Dec. 27 1919.
[Philip M. Tucker, 201 Devonshire St., Boston, is dealing in the rights.]
-V. 107, p. 611.
(Walden W.) Shaw Corp.-Stock Increase.Herewith attached is a copy of report by James Gayley (former Vice-Pros.
The stockholders voted Dec. 10 to increase (a) the common stock from
of the U. S. Steel Corp., in charge of its ore properties), in which he estino par value. (b) To
mates assured ore reserves of Nile 100.000,000 tons of high-grade iron ore. 40,000 shares, without par value, to 200,000 shares,
Replogle Steel Co.'s assets, which include those of Wharton Steel Co. and increase the amount of capital with which the corporation will carry on
Wharton & Northern RR. Co. (the entire capital stock of both is owned business from $1,100,000 to $1,900,000. (c) To authorize the directors to
by this company), with no funded debt-no fixed charges-aggregate offer to the common stockholders the right to subscribe, in proportion to
their respective holdings, to the additional 160,000 shares at $10 a share.
$12,121,288, as follows:
The funds obtained through the sale of the new stock, it is stated, will be
Cash in banks (after setting aside amount necessary to purchase
used
the $720,000 pref. stock outstanding, and for working capital
$5,732,679 and in retiring of
all outstanding bonds and notes of Wharton Steel Co.)
the manufacturing facilities of the company.-V. 109. P.
expansion
and
233,572
payable)
Liberty
bonds_
(over
Bills and accounts receivable
2077.
1,111,267
Pig iron on pile, raw materials in stock, supplies on hand, &c
Plant and equipment: Blast furnaces (1,000 tons iron daily ca(Howard) Smith Paper Mills, Ltd.-Stock.-Dividends.
pacity), Replogle concentrating mill (2,500 tons crude ore
The authorized capital stock consists of $4,250,000 Common and $475.000
daily capacity), machine shops and equipment, office buildPref.• issued, Common, $1,250,000; Pref., $475,000. The issued Common
ings, employees' houses, and permanent improvements (all
'includes $87,500 offered at par up to Dec. 15 to stockholders of record
stock
recently appraised by F. S. Birch, underwriters appraiser, at
one new for 13 2-7 held, payable on or before Dec. 20.
4,236,002 Nov. 29 in ratio of
valuation much below reproduction cost)
connection with the acquisition of the Toronto Paper Mfg. Co., Ltd.,
In
&
RR.
Wharton
Northern
100% of the stock and bonds of the
that
its identity, the Smith Paper Co. acquiring only the
company
keeps
Co.(connects with the D. L. & W.. Central RR. of N. J. and
control a the capital stock.
Erie Trunk Lines) recently appraised under Valuation Order
A
of
been declared on the Common stock for the year
has
dividend
5%
807.768
No. 9, Inter-State Commerce Commission
ending Dec. 31 1919, together with the regular quarterly div. of 1U%
on the Prof. stock, both payable Jan. 15 1920 to stockholders of record
The above figures do not include any valuation of the 100,000,000 ton
of ore reserves, nor any estimate of the value on the 5,001 acres of mineral Dec. 15. The last previous div. on the Common stock was 2%, paid
lands owned in fee simple by the Wharton Steel Co.
Feb. 1 1918.-V. 109, p. 2177, 1706.
[The Replogle Steel Co. was incorporated in Delaware on Oct. 30 and its
Southern Sierra Power Co.-To Issue Bonds.authorized capital stock consists of 500,000 shares of no par value, of which
The California Railroad Commission has authorized the company to
250,000 shares are outstanding.-Ed3
Personal Summary of Report by James Gayley, Dated at 71 Broad issue $415 291 of its First & Ref. bonds proceeds to be used to liquidate in
part the company's indebtedness to the Nevada-California Electric Corp.way, New 'York City, Nov. 6 1919.
V. 109, p. 2177.
[Addressed to William H. Breevort, Pres. Replogle Steel Co.)
and
complete
more
my
features
of
salient
the
summarize
I herewith
Southern Steel Co.-Wins Decision.detailed report to Kuhn, Loeb & Co. upon the properties of the Wharton
Supreme Court Justice McAvoy has rendered a decision in favor of this
Steel Co., recently acquired by the Replogle Steel Co.
reserves
ore
of
assured
company
in the action brought by British bankers who invested more than
fully
is
property
Wharton
I believe that the
amounting to 100,000,000 tons of high-grade ore and that these reserves $200,000,000 in its reorganization. Recently the bankers sued for the
will be materially increased as the ore bodies are developed at greater depth. recovery of that amount, alleging they had been persuaded to join the
I have recommended the modernizing of the two large blast furnaces. enterprise by misrepresentation and concealment of the true state of finanWhich should produce with good furnace management 30,000 tons of pig cial difficulties facing the corporation. The plaintiffs failed to prove their
iron per month at a cost, under present conditions, of $24 05 per ton. contention, according to Jusace McAvoy, who pronounced judgment in
This cost is based on the present market value of a 6% ore, and coke at favor of the defe-dants, prominent American financiers and capitalists.
Justice McAv. especially absolved the late Robert B. Van Cortlandt,
68 50 per ton, and should yield a net profit of $1,000,000 per annum on
banker, of any Nr,,mgdoing in the transaction. Mr. Van Cortlandt was a
prices of pig iron prevailing in recent months.
I consider your estimated profit of $1,800,000 per annum for an output member of Kean, Van Cortlandt & Co.,and on the reorganization coxnmittee
of 450,000 tons per year from the Replogle mill on the basis of present ore of the steel company, having as associates Cornelius Vanderbilt, Otto T.
prices, as very conservative. The market value to-day of a 60% ore at I3annard, Walter T. Rosen, Franklin Q. Brown, James T. Woodward and
Wharton, compared with Lake Superior ores, in Eastern market, is $7 80 W. P. G. Harding. These men, with Mr. Van Cortlandt's firm, tried to
per ton. Your estimated profit was $4 per ton. This would leave $3 80 rehabilitate the corporation after it had gone into bankruptcy.-"Financial
America."-V. 88, p. 1065.
for producing the ore, which is excessive for that tonnage.
I have recommended the further development of the Dickerson and
Spanish-American Iron Co.-Bonds Called.adjacent mines with the view of doubling your production, as well as furSee Bethlehem Steel Corporation above.-V. 108, p. 2439.
nishing a variety of ores to produce different grades of pig iron and to insure
now
are
Bessener
you
product,
which
high-grade
the premium on your
Standard Oil Co. (of Ohio), Cleveland.-Financial
shipping.
I consider y•ou have at Wharton the backbone of a big steel industry al- Statement-To Increase Authorized Common Stock from
fit
not
does
be
that
should
made
improvement
ready assured and that no
• $7,000,000 to $14,000.000 and to Create $7,000,0007% Cum.
in as a component part to large and further extensions.
Officers have been elected as follows: Chairman, J. Leonard Replogle; Non-Voting Pref. Offering the Latter at Par Until March 1 to
H.
S.
Secretary,
President, W. H. Brovoort: Vice-Pros., Charles MacNeill;
Common Stockholders of Record Jan. 12 1920.-The stockBell; Treasurer L. K. Diffenderfer.
The present directorate consists of J. Leonard Replogle, W.H. Brevoort, holders will vote Jan. 12 on increasing the total authorized
General T. Coleman du Pont. Charles MacNeill, issue of capital stock from $7,000,000 to $21,000,000 by
Harry Payne Whitney,h
L. W. Baldwin, H. F. Sinclair, Mortimer L. Schiff, Carl J. Schmidlapp
creating $7,000,000 new common stock and by issuing
and W. S. Pilling.
IV
Listed on New York Stock Exchange-Earnings.-
The New York Stock Exchange has authorized the listing of temporary
certificates for 250,000 shares of common stock with no par value.
Net Operating Results as Reported to New York Stock Exchange.
1918-19.a
1917.
1916.
1918.
1915.
Cal. Years.
Wh.Steel Co_def$39,604 def$58,764 net$373,898 def$220,008 def$318,906
Wh.&No.RR.defx13,287 defx15,091 nety68,285 net136,914 net226,675
a For 12 months ended Oct. 31. z For years ended June 30. y For
18 months ended Dec. 311917.-V. 109, 1706.
Royal Baking Powder Co.-Extra Dividend of 2%.
Directors have declared an extra dividend of 2% on the $10.000,000
outstanding common stock along with the regular quarterly dividend of
1 % 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. 1898.
Savoy Oil Co.-To Issue Stock.-
At a meeting of the directors hold Dec. 2 it was ordered that the remaining
30,000 shares of unissued capital stock (authorized Jan. 16 1917) be offered
at par ($5) to stockholders of record Dec. 15 on the basis of one share of
new stock for each four shares of stock held. Warrants will be issued to
stockholders of record as soon after Dec. 15 as they can be prepared.
Fractional rights will have the right of subscription only after they have
been consolidated into full shares. The right to subscribe expires Dec. 29
on or before which date payment in full must be made to the Farmers
Loan & Trust Co., N. Y.-V. 105, P. 2279.
Saxon Motor Car Corp.-Listed.The New York Stock Exchange has authorized the listing of temporary
certificates (1)for 60,000 shares of Common stock, no par value,in exchange
for $6,000,000 outstanding Common stock of the par value of $100, and
(2) 120,000 additional shares of Common stock of no par value, making
the total amount applied for 180,000 shares of Common without par value.
See plan, V. 109, p. 1799.
Sales of Automobiles for Years ended June 30 and 4 Mos. to Oct. 31 1919
1915-16. 1916-17. 1917-18. 1918-19. 4 Mos. 1919.
795
25,873
12.996
3,417
25,514
No. cars sold
Also in year 1918-19 sold 500 trucks. The sales of cars, trucks, parts, &c.,
for the 10 months ended Oct. 31 1919 aggregated $3,464,493; net operating
loss (after allowing $751,133 for "overhead"), $93,951.
President Benjamin Gotfredson has resigned.
(Vice-Pros. C. A. Pheffer, of Detroit, is quoted as saying that production
plans for a new model on the basis of present contracts will approximate
10,000 cars for next year,and that on a production of 7,500 cars the company
should show net earnings of approximately $1,000,000.1-V. 109, p. 1799.k
Shaffer Oil & Refining Co.-Definitive Bonds.-
Definitive bonds of the issue of 1st Mtge. Convertible Sinking-Fund
gold bonds, due June 1 1929, are now ready for delivery in exchange for
interim certificates. Exchanges can be made at the Continental & Comsnercial Trust & Savings Bank, Chicago. or Bankers Trust Co., New
York.-V. 109, p. 1085.
$7,000,000 of Pref. stock, both in shares of the par value
of $100 each.
The Pref. stock will be offered for subscription at par as
below stated and the new Common stock will be held in the
treasury subject to issue by the board as shown in financial
statement of Dec. 5.
Thisfinancial statement issued by President A.P. Coombe
is cited under "Reports" above.
Digest of Official Circular Dated Dec.5[See also "Financial Reports"]
The holders of such Pref. stock shall be entitled to receive a dividend on
said stock of 7% per annum from date of issue thereof, payable quarterly,
upon such dates as the board may from time to time determine out of the
surplus profits of each year in preference to all other stockholders. Such
dividends shall be cumulative,so that ifin any quarterly dividend at the rate
of 7% p. a. shall not have been paid the deficiency shall be set apart for
payment before any dividend shall be paid upon any other stock of the
corporation. In case of any liquidation or dissolution, whether voluntary
or involuntary, the Pref. stock shall be entitled to be paid in full, both par
value and the dividends accumulated and unpaid thereon, before any
amount shall be paid to the holders of any other stock, but shall not be
entitled to share further in the assets.
The holders ofsuch Pref.stock shall not be entitled to receive any dividend
or share of profits in whatever medium the same may be paid beyond the
said 7% p. a. and any arrears thereof, nor shall they have any pre-emptive
right to subscribe to any new or other issue of stock of any kind or class.
None of such Prof. stock shall be exchanged for Common stock or in any
manner converted into Common stock. The holders shall have no voting
powers whatsoever.
Such Prof. stock may be redeemed in whole at the option of the corporation on the 15th day of Jan., April, July or Oct. 1925 or any year thereafter
at $115 per share and all accumulated and unpaid dividends on 30 days'
notice.
In case of approval by the stockholders of the proposed issue of Pref.
stock the Equitable Trust Co. of N. Y., as agent of this company, will issue
to stockholders of record as of Jan. 12 1920 subscription warrants to subscribe for one share of said Prof. stock at par [$100 a share' for each share
of Common stock, provided, however, that subscriptions for fractions of
a share shall be accepted only in amounts sufficient to constitute a full share.
Subscriptions will be payable in cash either (1) in full on or before March 1
1920, or (2) in four equal installments payable on or before March 1 1920.
April 11920, May 1 1920 and June 1 1920,respectively. All stock paid for
in full on or before March 1 1920 will be issued on or as of that date,drawing
cumulative dividends from the date of issue at the rate of 7% p. a. Stock
paid for in installments will be issued on or as of June 1 1920 and 7% cumulative dividends thereon will date from the-date of such issue and interest
at the rate of 6% p. a. to June 1 1920 will be paid on all installments previously received. Subscription warrants must be returned to the Equitable
Trust Co., 37 Wall St.$ N. Y., by the stockholders or their assigns on or
before March 1 1920 e‘companied by payment of the full subscription
price or of the first instellment, as the case may be, in N. Y. funds. All
checks must be certified and made payable to the order of said the Equitable
Trust Co.
Sharp Mfg. Co.-Option to Subscribe.-Treasurer Arthur
Preferred Stock Offered.-Carl H. Pforzheimer & Co.,
5 says in brief:
R. Sharp in circular of Dec.
All the property and assets of Home Bleach & Dye Works, a Rhode dealers in Standard Oil securities, 25 Broad St., N. Y., are
Island corporation, have recently been conveyed and transferred to Home offering the new Cumulative 7% non-voting Pref.stock (when
Bleach & Dye Works, a Maine corporation, whose authorized capital stock issued) at the
market price to yield about 6.40%.
is $300,000 of Pref. stock, in shares of $100 each, and 26,560 Common
As shown under "Financial Reports" above, the company has no bonded
shares having no par value. Of said 3,600 Prof. shares, 2,656 have been
Issued and along with all except four of said 26.560 Common shares are or mortgaged indebtedness, while based on the balance sheet June 30 1919,
owned by Sharp Mfg. Co. The Rhode Island corporation is to be dissolved. and including the cash to be received for the new Pref. stock, the net assets
The Pref. stock is 7% cumulative (dividends Q.-J.), and in case of liqui- amount to $25,137,174. As of the same date, June 30 1919, but before
dation or dissolution is entitled to $100 a share and divs. It may be re- including the new cash, the net quick assets were $9,057,359.
deemed as a whole at $110 a share and dive. It may not be increased with- Available for Pref. Divs. ($490,000 p. a.) after Deduction of Federal Taxes.
of the outstanding Pref. stock. It (linos.. 1919,
out the consent of at least two-thirds
$2,081,599[Year 1918, $2,582,991 I Avge.,'12-'18, $2,325,338
-V. 109. p. 1898.
has no voting power and is not entitled to participate.in any way in any future stock issues.
Steel Co. of Canada.-Dividends.-74
The Sharp Mfg. Co. hereby offers to its Common stockholders of record
and Common shares upon the basis of
In addition to an extra dividend of Y
4 of 1% the company hasIncreased
Dec. 3 the right to purchase said Pref.
of Common for each ten shares of their the regular quarterly dividend from 134% to 1U%, both payable Feb.
one share of Prof. and ten shares
Common holdings of Sharp Mfg. Co., paying therefor at rate of $100 in 1.-V. 108. P. 1941.
rid
1.1.1.40
2272
THE CHRONICLE
(John) Stephenson Co.-Bonds Called.See J. G. Brill Co. of Philadelphia above.-V. 80, p. 716.
Stewart Warner Speedometer Corp.-Application toList
Application has been made to the N. Y. Stock Exchange to list 400,000
shares common stock without nominal or par value, changed from $100 par
stock. See V. 109, p. 1799, 1898.
Studebaker Corporation.-Listed-Sales.The New York Stock Exchange has authorized the listing of $15,000,000
common stock (issued to retire the same amount of 7% Serial Gold Notes
due Jan. 11919). making the total amount authorized to be listed $45,000,000. See V. 109, p. 1800, 2077, 2177.
Sales of Studebaker Corporation as Reported to N. Y. Stock Exchange.
7:357
1916.
1919 (Est.)
1918.
19412
Automobiles (No.)
65,885
40,000
23,864
o
do
am unt
$54,388,287
$60,560,000 337,244,052 $42,573,504
Vehicles and harness__ _ 6,300,000 14,843,945
7.600,307
7.574,012
Total
$66,860,000 $52,087,997 $50,147,516 $61,988,594
-V. 109, p. 2177, 2077.
Superior & Boston Copper Co.-Directors.The following have been elected directors: Garrett Mott, T. R. Drum
mond, J. B. Harden, W.F. Fitzgerald and John F. Barry.-V. 109, p. 180-
Texas Gulf Sulphur Co.-Increases.-Capital.-
[VOL. 109.
Annual Earnings, Diridends, Production,
of American Vanadium Co.
Net, after Dividend
Tons Ore
Recovery
Yield Pounds
Treated. Vanadium Made. per Ton. Taxes&Depr. Paid.
1914
1,475.092
484,140.716 328,205 lbs. $250,182 $55,360
1915
595,123 117,640
2,570.025
852,203.293 331.593 lbs.
1916
5,374.420 1,843,238.069 342.965 lbs. 1,417,738 426,267
1917
5,087.808 1,803,453.781 354.466 lbs. 1,605 760 197,791
1918
3,811.269 1,230,247.642 322.792 lbs. 1,571,356 108,196
Compare V. 109, p. 1280.
Van Dyke Knitting Co.-Preferred Stock Offering.Edgar, Ricker & Co., Milwaukee, in Oct. offered at 98 and div., yielding
7.14%, $250,000 77 Cum. Pref. stock, par $100. Redeemable, all or part
by lot, at 110 and div., on 3 months' notice. Divs. Q.-J. No mortgage
without the consent of 75% of the pref. stock. A sinking fund of 10% of
annual net profits after pref, stock dividends, begins with the year ending
Dec. 31 1920, for the purchase of pref. stock up to 110 and dividend.
Company.-Organized in 1886 to manufacture underwear and union suits.
Net earnings for the three years 1916, 1917 and 1918 have averaged practically three times the annual dividend requirement on the present issue of
Pref.stock after all taxes, and for the first six months of 1919 were more
than six times the dividend requirement.
Westfield Manufacturing Co.-Earnings.Aug. 31 YearsSales (net)
Net income
Bond and note interest
Preferred dividends
Common dividends
1916-17.
1917-18.
1918-19.
$3,257,673 $3.030,882 $1,560,380
$226,232
$257,262
$247,134
23A75
25,778
4,965
(7)28,000
(7)28,000
(33 %)14,000
(6)48,000
(6)48,000
(6%)72,000
The company has filed an amendment increasing its capital from $5,000,000 to $7,600,000. It is stated that the additional capital will be used
for expanding the company's operations. It began exploiting a large
deposit of sulphur near Bay City about a year ago after installing a mining
$126,757
Balance, surplus
$155,483
$156,169
plant at a cost of $4,000,000.
The "Manufacturers' Record" of May 1 last published and an illustrated -V. 108, p. 177.
article describing the operation, property and plant of this company.V. 108, p. 1420.
West Point Manufacturing Co.-Extra Dividend.An extra dividend of 10% has been declared in addition to the regular
(J. V.) Thompson Coal Properties.-Sale Confirmed.- semi-annual diviend of 5%, both payable Jan. 2 to holden of record
Referee in Bankruptcy William R. Blair, on Nov. 26, confirmed, pro- Dec. 19. In Jan. 1919 an extra of 5% was paid.-V. 107, p. 2297.
visionally, the sale of the assets of Josiah V. Thompson of Uniontown,
bankrupt. In one order he authorizes the sale of "certain specific properWhite Oil Co.-Trustee for Equip. Trust Certificates.ties of J. V. Thompson" to William M. Hudson and others. In a second
Columbia Trust Co., N. Y. has been named as trustee in an equipment
order he authorizes the sale of the remainder of the real and personal pro- trust
agreement covering 300 tank ears of 8,000 gals. capacity.
perty of Thompson to the Piedmont Coal Co. for $5,500,000. In this sum
Preliminary estimates of the cost of the construction a 225 miles of pipe
is included $2,500,000 personal property, $2,000,000 in real estate and coal line
awarded
to J. G.'White Engineering Corp. is about $5,000,000. The
lands
coal
and
in
estate
real
in
and
West
Pennsylvania
$1,000,000
lands in
present plans for this pipe line, which will extend from Houston. Texas, to
Virginia.
the Ranger, Desdemona and adjacent oil fields, contemplate the use of
The Referee Blair's confirmation is held in abeyance for 10 days and if, 8-inch
29-1b. pipe, with a capacity of 20,000 bbls. of crude oil per 24-hour
within that time, no exceptions are filed, the sale will be confirmed absolutely day; the
to be operated at a pressure of 700 lbs. per sq. inch.-V. 109.
by the U. S. District Court. If exceptions are filed the whole matter will P. 1991, line
1899.
have to be threshed out again in court.-V. 109, p. 379.
Tide Water Oil Co.-Extra Dividend.In addition to the regular quarterly dividend of 2%, an extra of 2% has
been declared, both payable 'Dec. 31 to holders of record Dec. 19. A like
amount was paid extra in March, June and Sept. last.-V. 109, p. 2072.
Tobacco Products Export Corp.-Div.-Stock Increase.
A dividend of 5% in stock has been declared, payable Jan. 2 to holders
of record Dec. 24.
The total authorized capitalization of the company is 450,000 shares of
no par value, all of which are outstanding. It will be neces.sary to authorize
additicnal stock in order that this dividend can be paid, and a meeting
of the stockholders has been called for Dec. 23, when the shareholders will
be asked to increase the authorized capitalization to 500.000 shares.-V.108,
p. 2336.
Tonopah Belmont Development Co.-Dividend.A dividend of 5% has been declared on the stock, payable Jan. 1 to holders
of record Dec. 15. In Oct. last the dividend was reduced from 10% to
5%. See V. 109, p. 1186.
Torrington Company.-Extra Dividend.The directors have declared an extra dividend of 1% on the common
stock in addition to the quarterly disbursement of 3%, payable Jan. 1 1920
to stockholders of record Dec. 19. An extra of 1% has been paid quarterly
since Jan. 1917.-V. 109, p. 1177.
Union Oil Co.-Listed.-
The New York Stock Exchange has authorized the listing of 361,000
shares of capital stock without par value in exchange for outstanding stock
of Commonwealth Petroleum Corp. and subsidiary companies, making the
total amount listed 1,369,000 shares.-V. 109, p. 1899.
Earnings of Commonwealth Petroleum Corp.for Ten Months to Oct. 31 1919
$963,728
Production and gross profit in contracts
Net income for the period after allowing for other income, $12,478;
460,040
Interest paid, $39,770, &c
59,994
Dividends
163,171
Dividends holding committee
37,674
Federal income and profit taxes
$199,201
Balance, surplus
"The net income for the ten months ended Oct. 31 1919 does not reflect
the earning capacity of the Commonwealth companies, as the development
of many of the properties at the present time has not progressed beyond
the initial stages."
The Commonwealth Petroleum Corporation on Oct. 31 1919 had 12 wells
In process of drilling and 83 producing wells ranging from a maximum of
3.800 feet to shallow wells of from 800 to 1,600 feet deep. Production output for past five years: 1914. 433,000 bbls.; 1915, 570,000; 1916, 490,000;
1917, 523,000; 1918, 627,000 bbls.
Consol. Bal. Sheet of Commonwealth Pet. Corp. Oct. 31 ($15,929,406 each side).
$5,864,094
Property & equipment __$12,107,255 Capital stock issued
15,700
3,241,484 Subscrip. to capital stock_
Cash
239,143
259,200 Current liabilities
Other current assets_ __ _
9.810,469
321,466 Surplus
Deferred charges
-V. 109. p. 1994.
United Retail Stores Corp.-Initial Dividend.-
An initial dividend of $3 has been declared on the stock, payable Feb. 1
to holders of record Jan. 15. It was not designated as either a quarterly
or.semi-annual payment. In official circles it was suggested that a stock
dividend might be distributed early next year.-V. 109, p. 1994.
United Shoe Mach. Corp.-Div. of 50 Cents on Corn.-
The directors have declared a dividend of 13-6% on the preferred and
50 cents per share on the common, both payable Jan. 5 to holders of record
Dec. 16. In October last $1 was paid on the common,July $1 50, and Jan
and April 50 cents each.-V. 109, p. 1086.
U. S. Government Explosives Plant "C," Located at
Nitro, W. Va.-Plant Sold.The War Department announces the sale of the above plant to the
Charleston (W. Va.) Industrial Corp. for $8,551,000, that concern having
made the highest bid. The plant and town cost the Government in the
neighborhood of $75,000,000 See full particulars in V. 109, P. 894, 1373
United States Steel Corp.-Unfilled Orders.See "Trade and Traffic Movements" on a previous page.-V.109, p
2178. 1707.
Vanadium Corporation of America.-Listed.-The New York Stock Exchange has authorized the listing of temporary
certificates for 280.000 shares of common stock with no par value.
Incorp. in Delaware Sept. 8 1919 and acquired from American Vanadium
Co. (incorp. In Feb. 1906; outstanding stock now $675.600):(1) Bridgeville
Plant for smelting vanadium, located about 11 miles west of Pittsburgh, Pa.
(2) Peruvian mining properties, including La Quimica mine,from which the
company's supply of vanadium is produced. It is estimated that there is
an ore reserve of approximately 28,000,000 lbs. of contained vanadium,
being equal at the present rate of production to about 20 years' requirements.
Willys Corporation.-Old 7% Preferred Stock Called.-
The announcement that the Willys Corp. existing Preferred stock has
been called for payment at 110 refers to the 1% Preferred stock of the former
Electric Auto-Lite Corp. (now the Willys (orporation), and not to the
Willys Corp. 8% First Preferred stock. this 7% (not 8%)stock has been
outstanding for some years and provision was made for its retirement
through recent financing of the Willys Corporation, which embraces the
former Electric Auto-Lite Corporation, the New Process Gear Co. and the
Dusenberg Motors Corp.-V. 109, p. 1994.
Winnsboro Mills.-Notes Called.-
All of the 6%, 4-year gold notes, due Jan. 1 1921, have been called for
payment Jan. 1 1920 at 101% and int. at the New England Trust Co. of
Boston.-V. 109, p. 2178.
(F. W.) Woolworth Co.-Sales.Month of Nov
11 months to Nov. 30
-V. 109, p. 1800, 1707.
1917.
1918.
1919.
810,985,136 $10,096,066 $9,077,376
100,109,823 91,754,465 83,501,673
Zellerbach Paper Co.-New Financing Proposed.-
The stockholders will vote early in January on increasing the capital
stock from $4,000,000 (divided into $1,000,000 7% cum. pref. and $3,000,000 corn.) to $10,000,000, divided into $2,500,000 7% cum. pref. and
$7,500,000 common. The present outstanding pref. stock (V. 106, p. 935)
has been called for payment on Feb. 1 1920, the series maturing 1920-1923
will be paid off at 105 and div., and the series maturing 1924-1927 at 110
and div. The new pref. stock, it is stated, will be marketed by Blyth,
Witter & Co., San Francisco. Compare V. 106, p. 827,935.-V. 108, p.387
CURRENT
NOTICES
-Thomas H. Graydon is now associated with the Cincinnati office of
Well, Roth & Co., dealers in preferred stocks and bonds. Mr. Graydon 18
a recently discharged army officer, having served as a Captain of a Machine
Gun Company overseas, and Is the well-known Harvard former football
star; also, prior to entering the service, was engaged in the shoo manufacturing business.
-The Service Department of George IT. Barr & Co., 120 Broadway,
Now York, has prepared a stock and bond register in which data such as
price, paid, yield, &c., relative to security holdings may be conviently
kept. The firm will properly enter such lists of securities as are sent to
them and forward the register without charge to investors.
-At a meeting of the directors of Albert Prank & Co. in New Yorkj
William N. Record, General Manager of the Chicago office since 1903, was
elected Second Vice-President of the company and will continuo to direct
he company's business in the Central West. Charles J. Kellar was appointed Manager of the Service Department.
-Maclay & Mullaly, Inc., Advertising Agents, 198 Broadway, this
city, announce that Harry Riker has been promoted to Assistant Secretary.
F. E. Forshaw is now with the Company. He was formerly connected
with the S. C. Beckwith Special Agency. Major E. T. Harris has been
engaged as Chief of the Copy Division.
-Merrill, Lynch & Company have issued a circular describing seven
Preferred Stocks which they recommend for investment, and containing
a table showing the advantage of purchasing Preferred Stocks in vlew of
their exemption from the normal Federal income tax.
-Harry C. Crafton, Jr., formerly of 53 State Street, Boston, announces
the opening of an office under the name of Grafton Company, at 10 Post
Office Square to deal in high grade securities. The Company will specialize in Municial Bonds and Notes.
-C. A. Pope, who has been in charge of the financial advertising with
the "Journal of Commerce" for the past few years, has become associated
with Doremus & Company, advertising agents, 44 Broad Street, New
York.
-The Guaranty Trust Company of New York has been appointed
Transfer Agent of the Emerich 011 Co., the Piggly Wiggly Stores, Inc. and
the Prof. and Common stock of the Hodgman Rubber Co.
-An analysts of the Federal 011 Co., discussing its development and
earnings, has been prepared by Wade, Templeton & Co., members of the
New York Stock Exchange, 42 Broadway, Now York.
-The Mechanics & Metals National Bank has been appointed transfer
agent of the Capital Stock of the National Seal Company, Inc.
-American Trust Company has been appointed transfer agent for the
Class A and Class B stock of the Granada Oil Corporation.
DEC. 13 1919.]
The
THE CHRONICLE
Tomutercial Times.
COMMERCIAL EPITOME
2273
profits. Popular price suits, which sold before the war at
$25 and now retail at $50, will'bring $60 or more next spring,
it is predicted. Congressman Anthony of Kansas, also a
newspaper publisher, says that immediate reduction in the
size of newspapers, magazines, &c., by Government action
is necessary because already the mills have accepted contracts for next year calling for 50% more paper than can be
produced. He says many small papers may be forced out
of business. Chicago newspapers will reduce their size 10%
below that imposed by the War Industries Board.
Governor Harding of the Federal Reserve Board is quoted
as expressing approval of the cotton warehousing plan whereby producers would hold the crop from month to month
instead of selling at once into second hands. He says the
plan would benefit the producer and probably would be
more satisfactory to the manufacturer. Former Congressman Lever, now of the Farm Loan Board, says the storing
of cotton near the production point will solve the problem
for the South, enabhng the farmer to finance his cotton himself. Both Harding and Lever say that cotton warehouse
receipts would be the best kind of collateral. A severe cold
wave gripped the West with temperatures in Wyoming and
Nebraska of 30 to 40 degrees below zero and 20 below in
Kansas and Montana. In Alaska, however, it was 22 degrees above zero. The cold wave reached New York on
Thursday, but quickly disappeared and to-day it is rainy
here with moderate temperatures.
LARD declined; prime Western, 23.75c.; refined to the
Continent, 27.50c.; South America, 27.75c.; Brazil, in kegs,
28.75c. Futures declined owing to a fall in foreign exchange,
lower prices for hogs, of which there have been large receipts. England, on the decline, bought provisions. Shorts
have been covering. The cash trade on the whole, has been
quiet. The low exchange rates are a big handicap. The
Clement Curtis & Co. make the number of hogs in the
country 6,000,000 less than at this time a year ago, but
larger than any other year except the last two. The total
is 68,947,000, or 5,000,000 above the pre-war average.
To-day prices advanced a little, but they end lower for
the week.
Friday Night, Dec. 12 1919.
The• commercial community of the United States is remarkably cheerful, more so in fact than for some weeks past.
And on the whole quite a good business is being done, despite
the inevitable effects of coal scarcity, intensely cold weather,
big snows and abnormally low rates of exchange, with higher
rates for call money and some irregularity and depression
at the Stock Exchange. The scarcity of soft coal has undoubtedly hampered very seriously many industries over a
large portion of the West. But now that the coal strike
has been settled it can be no very long time before production
is resumed on its recent scale. Not that that was large
enough to meet the current demand; far from it. But of
course the enforced closing down of many mills and factories
recently made bad worse and now the tendency is distinctly
towards improvement. Merchants only regret the delay in
receiving goods. Great snows have delayed train service.
The scarcity of coal and also the scarcity of cars likewise
militated against prompt deliveries. Not only have there
been heavy snows at the West but in Georgia. Alabama and
Mississippi there have been cloud bursts and river floods.
The electric power in the Alleghanies however was increased
by the great rainfall, so that some earlier manufacturing
restrictions were removed. Speculation has had a set back
from higher rates of 'money and the growing opinion that
the Federal Reserve Bank system of this country is averse
to big speculations in commodities as well as stocks. Cotton
futures have fallen about $10 a bale. The cotton crop is
turning out larger than was generally supposed. It is at
least a million bales larger than some of the estimates at one
time this season. And the total wheat crop is not only well
above that of last year but is 150,000,000 bushels larger.
than the five year average. Of course the big snows were
good for the winter wheat crop. The yield of corn is some
400,000,000 bushels larger than that of last year and 175,000,000 bushels above the five year average.
OF LARD FUTURES IN CHICAGO
Meanwhile there is an unabated demand for luxuries in DAILY CLOSING PRICES
Sat.
Mon.
Wed. Thurs.
Tues.
Frt.
the shape of wearing apparel, furniture, jewelry, automo- January delivery_ _ _cts_23.25
22.67
22.75 22.85
22.45 22.50
23.37 22.95
biles and a larger variety of other articles. Building is on May delivery
22.95 23.15 22.87
23.00
PORK lower; mess $46 50@$47, nominal; family $52 (4)
an enormous scale. Food and materials generally are at
top prices. It is unfortunately a fact beyond dispute that $53; short clear, $44(051. January pork closed at 35.25e.
the cost of living is still very high. And the coal famine is a rice for the week of 10 points. Beef steady; mess $22(023;
estimated threw about 2,000,000 men out of employment. packet, $25@$26; extra India mess, $48Q$50; No. 1 canned
But this is or soon will be a thing of the past. The feeling roast beef $3 25; No. 2, $6 25. Cut meats steady; pickled
in this country is in the main optimistic, though nobody hams, 10 to 20 lbs., 23%©245
/
8c.; pickled bellies, 27(4e28c.
blinks the big drawback of the depreciation in European Butter, creamery extras 73 M@)74c.; other grades 53@73c.
money and the impaired buying power of Europe which it Cheese,flats 25 ®33c. Eggs,fresh,gathered extras 92@940.;
necessarily implies. The silver lining to that particular firsts to extra firsts 86@91c.
COFFEE on the spot has been quiet at practically uncloud, however, so far as Europe itself is concerned, is that
ic.; Santos No. 4, 25@s
it helps to conserve its finances and to stimulate its export changed prices; Rio No. 7, 15@,15Y
trade, through the big profit on sterling, francs and lire ex- 260.; fair to good Cucuta, 25 M(4)26c. Futures have fluctuated within narrow limits and have developed few or no
change in American markets at least.
The coal scarcity has hit New York. Commissioner Nixon features of special interest. The Brazilian news at times has
to save fuel, orders that office lights must be out by 4 p. m. been entirely colorless. Yet early in the week Rio and
Business buildings may use only enough heat to maintain Santos declined. In a sense the market has been marking
a temperature of 68 degrees. Manufacturing plants may time. December longs, however, have shown a disposition
operate but three days a week. Elevator service must be to sell. And at one time prices gave way. Later there was
curtailed. Electric railways must reduce schedules to a a rally on covering of shorts and other buying. To-day
minimum, with no heat during rush hours. Cabarets, dance prices fell and end lower for the week. Closing prices are
halls, poolrooms and bowling alleys may use lights only as follows:
Dec __ _cts_14.55@l4.60 I Marcb_cta-15.05@15.061Sept___cts.15.15015 16
between 7 and 11 p. m. Stores, except those selling food, January
--14.78©14.81 May
15.15@15.16 October..__15.15@15.16
may use lights only six hours , a day. Drug stores and
July
15.35§15.37
restaurants must reduce their lights one-half. Railroad
SUGAR unchanged at 7.28c. for centrifugal 96 degrees
stations, hotels, hospitals and the like are not affected. The test Cuba and Porto Rico. Prices are regarded as having an
police are directed to rigidly enforce the above rules. New upward tendency. A report that 50,000,000 lbs. of sugar
York City, however, and a large part of the State using an- has arrived from western and Louisiana producing points
thracite, will not be affected greatly by the order of the was declared by a representative of the Sugar
Equalization
Fuel Administration restricting factories to a three-day week Board as unfounded. But there are predictions that before
production. There will be a restriction of electric lights and very long the extreme scarcity will end. It is said, however,
curtailment of street railway service, which may be con- that 90% of the Louisiana crop has already been sold.
tinued until the shortage of coal, due to the strike, is relieved. Beet sugar, it is said, grows scarcer, and the West is bothered
The Railroad Administration has canceled between 10% by a scarcity of coal and cars. Senator McNary, author
and 20% of all passenger trains in the country owing to the of the bill to extend the life of the Sugar Equalization Board,
scarcity of soft coal. Virtually all limited expresses have says there are still 3,000,000 tons of Cuban sugar of the
1920
been stopped. A new high level of index prices has been crop available for purchase and that unless quick action
is
reached to a point not previously touched or an increase or taken by the United States the sugar will be taken
by foreign
1.3% over November 1st and a rise of .8 of 1% over the interests, which already have bought 750,000 tons.
Operaprevious high level on August 1 1919. Compared with tors bought 10,000 bags new crop Cuba for
December 1 1918 three weeks after the armistice was de- of February, shipment at 8'h3c. and 10,000the second half
bags for June
clared prices show an average rise of 6.1%. The advance shipment at 8Ytc., both f.o.b. Cuba.
were inquiries
over Dec. 1 1917 is 14%. Over the level of August 1 1914 for February shipment at 84c. f.o.b.There
it is 131%. Textiles, provisions, groceries and miscellaneous December and the first half of January Cuba and also for
shipment. Holders
products make up most of the rise. Frecerick P. Fish, want 12c. f.o.b. Cuba for December
103/2c. to 11c. f.o.b.
Chairman of the Industrial Conference Board, declares the as to date of loading for January. and
It
that sugar is
average American workman is only 40% as productive as to be had for last half of January at9Yic.istosaid
10c. f.o.b. Cuba.
• before the war, while his wages have increased 110% and
OILS.-Linseed in good demand and higher. The paint
cost of living 75%. And soft coal miners in West Virginia and varnish trade is buying quite freely. December forward
have been receiving $9 20 to $11 81 per day. Machine in car lots is quoted at $1 87; January, February and March,
loaders $6 41 to $12 46 per day and machine runners $10 05 $1 77, and April, $1 72. Lard, strained
winter, unchanged
to $13 21 per day. But they want more.
at $1 80; extra, $1 70. Cocoanut oil, Ceylon barrels,
Clothing prices will continue upward next spring, the steady at 18@183/2c.;Cochin, 19c. Olive
$2 50. Corn oil
Secretary of the National Association of Retail Clothiers refined still 22c. Cod-Newfoundland $1 12@$1
14. Spirannounces. The causes of high prices are beyond the con- its of turpentine $1 64. Common to good strained rosin $17.
trol of the retail dealers, it is declared, but members of the
PETROLEUM in good demand and steady; refined in
Association are preparing, it is asserted, to hold further price bbls. 19.75(4)20.75; bulk, New York, 12@13c.; cases New
advances to the minimum, at the sacrifice of their own York, $23 75@$24 75. Gasoline active and steady; motor
2274
gasoline in steel bbls. 243'o.; consumers 263'c.; gas machine
41 Mc. The Government has filed a suit in the Federal
District Court at Pittsburgh against the Transcontinental
Oil Co., charging its officials with selling 15,000 bbls. of
fuel oil at the alleged excessive price of $3 a bbl. Oil refining in the U. S. it is said has increased by 500,000 bbls.
a day since 1916. Refineries are now using 1,194,000 bbls.
of crude oil a day against 676,000 bbls. a day in 1916, a gain
of 518,000 bbls. or 76%. According to the United Geological
Survey, approximately 33,319,000 bbls. of crude petroleum
were produced in this country in October, a decrease of 348,000 bbls. as compared with production in September, this
year. In October 1918, 31,255,000 bbls. of crude were
produced, 2,064,000 less than in October this year. The
consumption in October amounted to approximately 34,989,000 bbls. of domestic crude; the average daily consumption in that month was 1,128,677 bbls., a slight increase
as compared with September of this year. Stocks on October 31 approximated 135,461,000 bbls., 1,670,000 bbls.
less than on September 30 1919. Applications for permits
to pass fuel oil through the embargo must be made to W. L.
Barnes, assistant Manager Car Service Section of the Railroad Administration, Edison Building, Chicago, Ill., stating
full particulars. Meanwhile the Mexican oil situation
threatens the fuel supply. If Carranza has his way the
Mexican oil supply it is feared will be entirely cut off. And
it means it is stated the practical confiscation of American
oil properties. About 60,000,000 bbls. of Mexican oil it is
estimated is shipped to the U. S. yearly.
$2 63
$4 50 Indiana
Pennsylvania
2 77
3 10 Princeton
Corning
3 02 Illinois, al2ove 30
Cabell
2 77
degrees
Somerset, 32 deg.
2.53
2 85 Plymouth
and above
1 35 Kansas&Oklahoma 2 50
Ragland
3 20 Corsicana. light__ 2 28
Wooster
2 73 Corsicana, heavy._ 1 15
North Lima
2 50
2 73 Electra
South Lima
Strawn
$2 28
2 50
Thrall
1 35
Healdton
2 28
Moran
2 28
Henrietta
3 13
Canada
Caddo, La., light_ 2 50
Caddo heavy____ 1 00
2 40
De Soto
RUBBER has been quiet and weaker; smoked ribbed
sheets 513c. for spot and Dec.-Jan. arrival, and 513/20. for
Jan.-June. These are also the prices for first latex pale
crepe. Para fine up-river 473'c.; coarse 35c. Factories
have not been disposed to buy owing to the coal scarcity.
London has been unchanged. Fine Para has been somewhat
depressed, with other descriptions. But the lower grades
of Para are somewhat steadier than fine. Centrals have
been dull and more or less nominal; Guayule wet 25@27c.
OCEAN FREIGHTS have been quiet owing to the soft
coal strike and the bunker embargo. Not many ships in the
trans-Atlantic trade can get enough coal to take them to a
foreign port and back. Yet wheat is going to Europe despite
the coal scarcity. Business with Black Sea ports has had
to be postponed. A very good inquiry for goods comesfrom
the Levant and a fair demand from the Far East. Charters
included coal from Virginia to Jacksonville at $2 50; lumber
from a Gulf port to Kingston at $23 50; lumber from a Gulf
port to River Plate at $40, December; lumber from Jacksonville to Havana at $16. 1,700,000 gallons of molasses
from Antilla to New Orleans at 1Vic. per gallon; grain from
Portland to Piraeus at $30, prompt. Linseed from Buenos
Aires to New York, $30, Dec.-Jan.; grain from Halifax or
St. John to the United Kingdom at 10s.; flour, 57s. 6d.;
Jan.option loading at Portland,Me.,9s.3d.and 53s.9d.,Dec.
TOBACCO has been in sharp demand. Consumption is
big. Manufacturers are busy. Naturally prices are firm.
In fact they show an upward tendency. For Havana the
demand is good, even if not so keen as for other descriptions.
The general outlook in _ the tobacco trade is considered
bright. The total American crop is stated in the Government report to-day as 1,389,458,000 pounds, against 1,439,071,000 last year, 1,249,276,000 in 1917 and a five year
average of 1,090,641,000 pounds.
COPPER in fair demand and steady; electrolytic 183/20.
%@54c. Lead quiet but firm;
Tin quiet but steady at 533
spot New York 6.90@6.95c.; St. Louis 6.65@6.70c. Zinc
firm, with a good business reported for export to England at
8.50c. spot New York and 8.45@8.50c. for St. Louis, the
latter for January, February and March shipment from west
of the Mississippi River. Domestic trade is dull, however.
PIG IRON is rapidly advancing. For production is, of
course, beset with great difficulties. Furnaces are closing
for want of fuel. Others are sold ahead and have withdrawn
from the market. A reduction of 25% in the coke output
is certainly a distinct drawback. Foundry iron in the
Pittsburgh district has sold at $36. Valley. That is $3 50
higher than a week ago. Steel making irons are fully $1
higher. In Cleveland and other centres decidedly higher
quotations are named. Alabama iron is on a basis of $35;
furnace, and not much to be had even at that. Virginia
and East Pennsylvania quotations are up.
STEEL trade is hurt beyond question by the scarcity of
coal. The worst of it is, too, that the scarcity may continue, it is feared, for some weeks to come, even though the
strike is settled. Beehive ovens are limited to 50% of their
coal allowed for November. By-products ovens are on
30-hour coking time. This practically cuts the output in
half. Also the West has been troubled with snow blockades
and intense cold. Producers have thus far been hit harder
by coal scarcity than consumers. Coke prices are restored
to the war time level of not over $6 for blast furnace coke
and $7 for foundry coke. Production of steel has been sharply curtailed. There is no avoiding it. In other words, the
trade is badly upset. It is hoped that it will not be prolonged
[VOL. 109.
THE CHRONICLE
Meanwhile producers are not anxious for new business.
Prices as a rule have an upward tendency. The smallness
of the supply of steel and the uncertainty as to deliveries
discouraged export business. Some exporters are trying.to
place their orders abroad. In a small way they are buying
from British and Belgian producers, rails and other products. The Netherlands colonial department has been a
buyer of steel products in the United States. The latest
steel rail order placed here was for 15,000 tons for the Dutch
West Indies.
COTTON
Friday Night, Dec. 12 1919.
. THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this. evening the total receipts have reached
227,143 bales, against 256,804 bales last week and 269,805
bales the previous week, making the total receipts since
Aug. 1 1919 3,164,573 bales, against 2,357,795 bales for the
same period of 1918, showing an increase since Aug. 1 1919
of 806,798 bales.
Sat.
Tues.
Mon.
Wed.
Thurs.
Total.
Fri.
69,441
19,407
243
46,599
10,269
Galveston
9,138 8,876 17,849 12,677 11,591 9,310
-_----Texas City
____ 1,339 8,555
9,513
243
Port Arthur, Ste_
New Orleans
8.585 5,234 9,490 9,100 5,955 8,235
328 2,002 2,454
Mobile
2,093 1,428 1,964
Pensacola
Jacksonville
545
5,1'75 4,805 3,996 5,056 5,952 4,282
Savannah
Brunswick
---- 3,000
--2,249 3,543 1,836 1,981 2,675 2,567
Charleston
1,248 1,954 2,571 2,787 1,762 1,167
Wilmington
Norfolk
1,566 2,738 3,582 1,701 3,137 2,113
N'port News, &c.
---New York
-------256
----Boston
iii___
•s
Baltimore
-----5,082
------------------Ii5
577
Philadelphia
558 ____93
54
29,266
3,000
14,851
11,489
14,837
69
256
472
5,082
1,317
39.100227.143
The following shows the week's total receipts, total since
Aug. 1 1919, and stocks to-night, compared with last year:
Totals this week_ 39,567 29,267 43.160 42.711 33.278
Stock.
1918.
1919.
Receipts to
Dec. 12.
This Since Aug This Since Aug
11918.
Week. 11919. Week.
Galveston
69,441 1,037,620
Texas City
19,407 132,375
1.801
Aransas Pass_ _ _ _
40,908
Port Arthur, &c
243
New Orleans
46,599 468,871
Mobile
10.269 161,270
Pensacola
11.170
7,265
Jacksonville
545
Savannah
29,266 699,452
Brunswick
3.000
90,800
Charleston
14,851 159,670
Wilmington
84.367
11,489
Norfolk
14.837 181,562
69
N'port News, &c_
1,477
New York
11,474
256
Boston
9,575
472
Baltimore
5,082
55.072
Philadelphia
9,864
1,317
1919.
42,930
899
811,721 358,925
24.979 90,148
481
47,920
5,105
8,533
621,212 456,888
58,247
25,429
4,640
10,115
6,808
482,402 348,825
41,850
19,000
82,080
75,591
48.304
55,556
131,578 103,694
2,663
2,522 59,156
3,823
14,502
12,417
5,297
30
10,590
523
28,024
500
5,677
2,070
11,179
106
___955
1,026
----
1918.
280,950
4,242
430,668
25,483
9,130
259,321
300
51,147
46,667
95,475
169,242
12,524
14,321
10,325
227.143 3.164.593 147.395 2.357,7951.619.730 1.409.795
Totals
In order that comparison may be made with.other years,
we give below the totals at leading ports for six seasons:
Receipts at-
1919.
1917.
1918.
Galveston_...
TexasCity,c.
New Orleans_
Mobile
Savannah
Brunswick
Charleston,&c
Wilmington
Norfolk
N'toort N.,&c_
All others____
69.441
19.650
46,599
10,269
29,266
3,000
14,851
11,489
14,837
69
7.672
42,930
1,380
47,920
5,105
28,024
500
5,677
2,070
11,179
106
2,504
Tot. this week
227,143
147,395
1916.
158,476
1915.
1914.
81,209
19,424
56,000
7,005
26,301
5,000
8,821
2,238
24,377
7,148
5,646
171,308
20,591
65,088
7,779
88,097
8,000
22,674
7,657
24.695
7,397
5,083
200,130 243,169
428,369
71,914
36,775
15,086
8,594
41,745
50,895
3,214
2,909
24,329 ,21,6i5
4,000
2,000
4,715
7,006
1,659
1,883
21,326
10,488
188
14,941
13,409
Since Aug. 1.... 3.164.593 2.357 _705 4.170.578 4.326.8083.645.796 3.820.186
The exports for the week ending this evening reach a total
of 135,330 bales, of which 78,834 were to Great Britain,
11,550 to France and 44,946 to other destinations. Exports for the week and since Aug. 1 1919 are as follows:
Week ending Dec. 12 1919.
Exported toExports
from-
From Aug. 1 1919 to Dec. 12 1919.
Exported to--
Great
Great
Main. France. Other. Total. Britain. France.
Galveston __ 48,811
Texas City_
Houston
Pt.Nog.,&o.
8,930
11,222
New Orlea
Mobile
Jacksonville
Pensacola
Savannah _ _ 18,150 10,608 12,562
Brunswick
Charleston
Wilmington.
Norfolk
442 11,245
651
New York
Boston
500
Baltimore
Philadelphia
2,777
San Fran
9,432
Seattle
Tacoma
48,811 571,338
33,817
23,319
20,152 118,004
51,273
8,704
15,208
41,320 126,402
96,917
55,295
17,400
43,295
6,586
12,338
1,788
150
500
105
2,777
9,432
Other.
Total.
43,335 181,128 700,801
33,817
23,319
77
77
39,820 208,860 366,684
950 67,662
15,439
9,703
999
15,208
100,772 226,527 453,701
96,917
10,725 66,020
5,000 65,828 88,228
8,200 51,495
12,426 71,575 90,587
3,592
82
1,722
650
500
2,090
1,985
20,731 20,731
44,934 44,934
11,585 11,585
Total...... 78,834 11,550 44,946 135,330 1,169,601 217,374 855,826 2,242,801
Total 1918* 63,711 4,610 69,660 137,981 894,910 194,199 537,244 1,626,353
32,213 77,464 1,103,604 279.417 514,444 1,897,465
Total 1917_ 45,251
•Figures adjusted to make comparison with this season approximately correct.
DEC. 13 1919.]
THE CHRONICLE
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.
OnShipboard, Not Cleared forGreat
Ger- 1 OtherI Coast- I
Leaving
Dec. 12 at- Britain. France. many. Cont'l.a! wise. I Total.
Stock.
Galveston
110,484
-„, 1,700 34,294 14,000160,478 198,447
New Orleans
21,997 11,3010 1,971 67,1541
213 102,635 354,253
Savannah
8,000 11,000
_--- 30,000 3,000 52,000 296,825
Charleston_
._-_, 1,000 1,000
74591
Mobile
6-,966 4:666
:::: -&•3 _„= 11,453 13,976
Norfolk
----,== 1,200 1,200 102,494
New York *
2,000
500
___- 4,0001
____
6,500
52,656
Other ports
17,000
-___
6,0001
-___ 23,000 168,222
Total 1919 166,381 26,800 3,671 142,001! 19,413 358,266 1,261,464
Total 1918._ 81,031 27,074
___- 50,060, 16,415 174,580 1,235,215
Total 1917_
64,827 20,718
____' 38,3161 10,278 134,139 1,179,773
*Estimated. a Including Japan.
2275
it is pointed out is after all the smallest since that of 1909-10.
It has been short for five years in succession. The latest
is a noticeably low grade crop. What the mills at home
and in England want is high grade cotton. Spot prices remain at big premiums over futures here. Not a few reports
from the South insist that spot holders as a rule are standing
firm. In the past they have fought declines in futures it
would almost seem as a device of the powers of darkness.
It is not believed that this attitude will change. Before
long the coal embargo will be removed. The Edge bill when
it passes will give rise it is understood to big organizations
in this country with a view of extending credits to Europe.
It Is inferred that if this is the case cotton exports may easily
be stimulated. Germany is said to be recuperating much
faster than has been generally supposed. So it appears is
England. And Continental Europe as well as England wants
raw cotton. Lancashire is doing an enormous trade at
extraordinary profits. Indeed so great are these profits that
is is said there is something very much like a gambling mama
in the shares of British cotton mills. Silver though lower
than recently is still very high. It helps Lancashire in the
Far Eastern trade. The growing up to December 1st was
only 8,833,712 bales, against 9,571,414 at this time last year,
and 9,715,529 10 years ago. Finally the weather has been
very bad. The heavy rains occurred in Georgia, Mississippi
and Alabama-even cloud bursts-and very cold weather
in the Southwest. To-day prices broke 60 to 128 points
the latter on January. There is a sharp decline for the week.
The decline to-day was due to a drop in exchange and stocks,
a 15% rate for money and an idea that the Federal Reserve
Banks are to check speculation in commodities as well as
stocks. Middling uplands on the spot closed at 38c.,showing
a decline for the week of 125 points.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Speculation in cotton for future delivery has been fairly
active at a sharp drop in prices. This was mainly due to an
unexpectedly large crop estimate by the Government on the
11th inst., a fall in sterling exchange to 3.651
4 for demand
bills and the coal scarcity throughout much of the West.
Even on the 11th inst., when it was announced that the coal
strike had been settled, the price declined. The settlement
had been anticipated. Depression in Wall Street and in the
rates of exchange figures for more than the adjustment of
the coal problem, especially as it is recognized that coal conservation will, notwithstanding the settlement, have to continue for several weeks to come. The Government puts the
crop at 11,030,000 bales, against 12,040,532 last year, 12,499,000 in 1917 and 11,800,000 in 1916 and 11,161,000 in
1915. The expectation of very many had been that the
estimate of the 11th inst. would be something like 10,500,000
to 10,700,000 bales. The average guess of some of the memDec. 6 to Dec. 12Sat. Mon. Tues. Wed. Thurs. Fri.
bers of the New York Cotton Exchange some days ago had Middling
uplands
39.25 39.85 39.20 39.43 38.50 38.00
been 10,700,000 bales. The National Ginners' Association,
NEW YORK QUOTATIONS FOR 32 YEARS.
which a short time since estimated the crop at 11,126,000
bales,reduced it early this week to 10,977,000. Some extremists
The quotations for middling upland at New York on
here have mentioned the possibility of the Government Dec.12 for each of the past 32 years have been as follows:
stating the outturn of the crop at as low as 10,000,000 bales. 1919_c
38.00 1911_c
9.20 1903c
12.45 1895..c
8.50
28.75 1910
15.05 1902
8.55 1894
5.69
Some others went as high as 11,000,000 bales. But when the 1918
1917
30.35 1909
15.20 1901
8.50 1893
7.81
report actually came at 2 o'clock on Thursday it was a 1916
18.35 1908
9.10 1900
9.88 1892
9.75
12.35 1907
veritable bombshell. The decline for the day ran to 190 1915
12.20 1899
7.69 1891
8.06
1914
7.30
1906
10.50 1898
5.81 1890
9.38
points on December, 178 on January, 170 on March and 100 1913
13.40 1905
11.80 1897
5.88 1889
10.25
to 150 on later months. And the close was easy at about 1912
12.90 1904
8.00 1896
7.38 1888
9.81
the lowest prices of the day. A Washington dispatch said
MARKET AND SALES AT NEW YORK.
that the Government would take no part in extending
credits to Europe. This certainly did not help things.
Spot
Futures
SALES.
And it was announced on the 10th inst. that an order had
Market
Market
- Closed.
Closed.
Spot. Contr't. Total.
been issued from Washington denying coal to all vessels at
South Atlantic and Gulf ports except for coastwise shipment Saturday___ Steady, unchanged_ Easy
Monday ___ Steady, 60 pts. adv.. Very stead
and Cuba. This order will continue in effect until the Tuesday
___ Steady, 65 pts. dec.. Steady
700
700
scarcity of coal at Southern ports is relieved. The fact that Wednesday_
Steady, 25 pts. adv.. Steady
200
200
coastwise ships are excepted leads some to believe that ship- Thursday __ Quist, 95 pts. dec-- Easy
400
400
Friday
dec....
Quiet,
pts
Steady
50
ments to New York may increase. At the present time the
Total_
stock of certificated cotton here is less than 10,000 bales.
1,300 1,300
On Thursday some December notices were circulated and
FUTURES.-The highest, lowest and closing prices at •
it was some time before they were stopped. The liquidation,
however, on that day was confined.largely to March. And New York for the past week have been as follows:
some Wall Street operators were believed to have done much
Saturday, Monday, Tuesday, Wed'day, Thurscry, Friday,
of it. The West also sold. The South has been a steady
Dec. 6. Dec. 8. Dec. 9. Dec. 10. Dec. 11. Dec. 12. Week.
seller, latterly more particularly, it seems, for Atlantic
seaboard interests. And there have be.en persistent reports December
Range
38.75-.15 38.80-40 38.50-.30 38.68-.95 37.05170 36.00135 36.00-140
Closing
38.75 -39.34-.35 38.60-.70 38.95 -37.05 -36.35-.55--that the spot markets were weakening in the Eastern belt.
Private advices make it clear enough that foreign trade has January
Range
36.60-.05 36.90-.60 36.69-.50 36.50-.07 35.25115 34.02457 34.02-550
suffered all over the South from the abnormally low rates of
Closing
36.60-.70 37.50-.55 36.78-.80 37.03-.07 35.30-40 34.76-.86--foreign exchange. Of course, too, the bunker coal embargo February
Range
American
ships
at
foreign
ports
has hurt export trade.
on
Closing___. 34.80 -35.80 -35.20 -35.60 -34.00 -33.50 ---The more vital factor,. naturally, has been the big handicap March
34.00-.55 34.28-.00 34.22-.92 34.15-.75 32.95a75 31.84 o42 31.84412
Range
exchange
rates.
matter
of
the
in
34.00-.08 34.98-.00 34.35-.38 34.65-.70 32.95-.02 32.48-.58--Closing
Textile industries in parts of France are still very backward AprilRange
from the effects of the war. Much of the week coal shortage
Closing
32.70 -33.70 -33.05 -33.45 -32.00 -31.70 ---has been an adverse factor.It has darkened the whole out- May31.92-.50 32.15-.97 32.15-.87 32.12-.70 31.10-e65 30.50-171 30.50 z97
Range
look financial and commercial. At times stocks have de31.92-.00 32.95-.97 32.25-.38 32.58-.65 31.16-.25 31.07-.15--Closing..
clined and money has risen to 10 and 15% on call. Spot JuneRange
sales at Liverpool have dropped of late to 6,000 and 8,000
Closing__ .._ 31.00 -32.00 -31.30 -31.65 -30.60 -30.20 ---bales a day.
Juiy-30.50-.12 30.75-.50 30.60-.40 30.61-.20 30.00/15 29.20u48 29.20-450
Range
And some are predicting a big acreage next spring. That
30.50-.60 31.45-.50 30.75 -31.10 -30.10-.15 29.77-.90--Closing
.
is a considerable distance off, but already
there is talk about August29.42-.65 29.40-.65---29.40-.65
Range
it. It is emphasized that. there will be a larger supply of
Closing.... 29.30 -30.10 -29.45 -29.85 -28.80 -28.50 ---German potash. Lack oft was severely felt during the war. September
---29.35 -28.90 -28.95 -29.00-.05 28.00-.50 28.09 135
Range
It largely explains it is believed the fact that there have been
28.75 -29.55 -28.90 -29.35 -28.30 -28.20 ---Closing
short crops of cotton for the last four or five years. And October
28.00-45 28.12-.85 28.10-.85 27.85-.81 27.80-e75 27.03 e40 27.03 e85
Range
the labor supply is expected to be larger now that the army
rioRinsr
28.25 -28.80-.85 28.15-- 28.67 -2780-.S5 27 50 ---has been demobilized. Scarcity of labor was severely felt
during the war. Another point dwelt upon is that there is a 139e. .138c. J 37e. t 35e. a 34c. o 33e. z 32e. u 30c. i 31c. s29. e 28c.
good "season" in the ground both east and west of the MisNEW ORLEANS CONTRACT MARKET.-The clossissippi River to say nothing of the rains and snows to come ing quotations for leading contracts in the New Orleans
during the ensuing months. And f!nally there is the big price cotton market for the past week have been as follows:
as an additional incentive. That is to say it is expected to
remain high enough to stimulate. effort in the farming comSaturday, Monday, Tuesday, Wed'dau, Thursd'y, Friday,
Dec. 6. Dec. 8. Dec. 9. Dec. 10. Dec. 11. Dec. 12.
munity of the South when the time comes to decide on the
size of the planted area. Meantime it.is perhaps more or December
39.20 -39.88 -39.49 -39.69 -39.00 -38.20-.30
36.90-.01 37.80-.85 27.35-.40 37.60-.64 36.25-.29 35.55-.60
less significant that Liverpool while buying the near months January
March
34.42-.50 35.48-.50 34.90-.92 35.09-.17 33.61-.7038.25-.90
has been selling the distant ones. Exports have been light. May
32.35-.37 33.40-.44 32.80-.81 32.91-.9631.85-.90 31.42-.47
30.77-.83 31.80-.83 31.07-.10 31.21-.2530.15-.25 19.80-.82
On the other hand trade interests have been steady buyers. July
27.75-.85 28.80 -28.00-.20 28.75-.8027.55-.6527.45 Now and then prices have rallied sharply. Japanese con- October
Tonecerns are believed to have bought heavily of March. Spin- Spot
Quiet
Steady Steady Steady Steady Steady
Steady Steady Steady Steady Bar. st' Steady
ners have been calling cotton on the decline. And the crop Options
2276
THE CHRONICLE
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, i as follows. Foreign stocks, a
well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
[VOL. 109.
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
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
1918
Since
Week. Aug. 1.
a16,506 a209,836
13,360 198,117
9,563
1,433
58,970
4,902
2,770
34,447
3,118
81,839
13,980 207.061
1919Dec. 12
Since
ShippedWeek. Aug. 1.
Via St. Louis
16,721 b301,878
Via Mounds, &c
18,497 198,854
Via Rock Island
443
8,099
Via Louisville
3,107
38,947
Via Cincinnati
1.215
11,065
Total Great Britain
907,000 330,000 457,000 795.000
Via Virginia points
69,681
6,017
Stock at Hamburg....*1,00()
Via other routes, &c
9,946 122,165
Stock at Bremen
*1,000
Stock at Havre
141,000
g2,000 158,000 239,000
Total gross overland
55,946 750,689
Stock at Marseilles
1,000
8,000
4,000
6,000 Deduct ShipmentsStock at Barcelona
42,000
25,000
57.000
68,000
Overland to N. Y., Boston, &c_ _ _ 7,127
85,985
Genoa
Stock at
29,000 228,000
57,000
14,000
Between interior towns
17,602
32,084
Stock at Trieste
*1,000
Inland, &c.,from South
91,556
6,293
Dec.12Stock at Liverpool
Stock at London
Stock at Manchester
1919.
bales__ 780,000
11.000
116,000
Total Continental stocks
248,000
1918.
261,000
16,000
53,000
102,000
1917.
401,000
21,000
35,000
248,000
1916.
707,000
29,000
59,000
544,000
Total European stocks
1,155,000 432,000 705,000 1,339,000
India cotton afloat for Europe
78,000
57,000
14,000
28,000
714,209 265,000 245,000 625,706
Amer. cotton afloat for Europe
42,000
Egypt,Brazil,&c.,afloat for Eur'e 89,000
74,000
76,000
210,000 353,000 304,000 227,000
Stock in Alexandria, Egypt
490,000 *565,000 *450,000 407,000
Stock in Bombay, India
1,619,730 1,409,795 1,313,912 1,569,065
Stock in U. S. ports
1,337,311 1,343,638 1,248,095 1,379,059
Stock in U. S. interior towns_
25,873
12,276
5,774
25,962
U. S. exports to-day
Total visible supply
5,705,526 4,450,306 4,375,781 5,703,792
Of the above, totals of American and other descriptions are as follows
Americanbales 580,000 135,000 268,000 561,000
Liverpool stock
Manchester stock
68,000
23,000
27,000
44,000
Continental stock
199,000 *84,000 *208,000 *455,000
American afloat for Europe
714,209 265,000 245,000 625,706
1,619,730 1,409,795 1,313.912 1,569,065
U. S. port stocks
1,337,311 1,343,638 1,248,095 1,379,059
U. S. interior stocks
12,276
25,873
5,774
U. S. exports to-day
25,692
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American
4,530,526 3,286,306 3,315,781 4.659,792
200,000
11,000
48,000
49,000
78.000
89,000
210,000
490,000
126,000 133,000
16,000
21,000
30,000
8,000
*18,000 *40,000
14,000
28,000
42,000
76,000
353,000 301,000
565,000 *450,000
146.000
29,000
15,000
*89,000
57,000
74,000
227,000
407,000
1,175,000 1,164,000 1,060,000 1,014,000
4,530,526 3,286,306 3,315,781 4,659,792
5,705,526 4,450,306 4,375,781 5,703,792
Total visible supply
Middling uplands, Liverpool
25.98d. 20.07d. 22.31d. 11.00d.
38.00d.
Middling uplands, New York
28.80c.
18.60c.
30.70c.
Egypt, good sakel, Liverpool _...,.. 52.50d. 30.79d. 33.40d. 26.35d.
Peruvian, rough good, Liverpool_ 38. Od. 38.00d. 31.00d.
13.00d.
Broach, fine, Liverpool
23.60d. 17.17d. 21.35d.
10.60d.
Tinnevelly, good, Liverpool
23.75d. 17.42d. 21.53d.
10.72d.
*Estimated.
Continental imports for past week nave been ;59,000 bales.
The above figures for 1919 show an increase over last week
of 141,317 bales,a gain of 1,255,220 bales over 1918,an excess
of 1,329,745 bales over 1917 and a gain of 1,734 bales over
19164
Total to be deducted
31,022
209.625
56,069
799,833
1,981
1,203
5,134
29,471
23,537
102,750
8,318
155,758
Leaving total net overland*
47,751
24,924 541.064
*Including movement by rail to Canada. a Revised.
b 75.000 bales added as revision for November.
644,075
The foregoing shows the week's net overland movement
has been 24,924 bales, against 47,751 bales for the week last
year, and that for the season to date the aggregate net overland exhibits a decrease from a year ago of 103,011 bales.
1918
1919
In Sight and Spinners'
Since
Aug. 1.
Takings.
Week.
Receipts at ports to Dec. 12
227,143 3,164,593
Net overland to Dec. 12
541,064
24,924
Southern consumption to Dec. 12a 73,000 1,302.000
Total marketed
Interior stocks in excess
Week.
147,395
47,751
70.000
Since
Aug. 1.
2,357,795
644,075
1,539,000
325,067 5,007,657 265,146
12,359
535,264
11,218
4,540,870
647,022
Came into sight during week___336.285
Total in sight Dec. 12
5,542,921
277,505
5,187,892
North. spinn's' takings to Dec. 12 62,036 *1,126,874
923,769
60,474
* Adjusted to conform to revision of Overland movement. a These
figures are consumption; takings not available.
Movement into sight in previous years:
Week1917-Doc. 14
1916-Dec. 15
1915-Dec. 17
Bales. I Since Aug. 1322,481119i7-Dec. 14
377.9951i916-Dec. 15
422,265(1915-Dec. 17
Bales.
6,449,273
7,889,191
6,571.050
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.-Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week:
Week ending
Dec. 12.
Closing Quotations for Middling Cotton onSaturday Monday. Tuesday. Wed'day. Thursd'y. Friday.
Galveston
42.25
Now Orleans_ 40.00
Mobile
38.50 *
Savannah
39.00
Charleston
Wilmington ......37.75
Norfolk
Baltimore
39.00
Philadelphia
39.50
Augusta
38.50
Memphis
40.00
Dallas
Houston
40.50
Little Rock_ _ _ _ 40.00
42.50
40.00
38.75
39.00
39.00
38.50
39.00
38.00
42.25
40.00
38.50
39.00
39.00
38.25
39.00
40.10
38.50
40.00
41.95
41.50
40.50
39.50
39.45
38.50
40.00
41.15
41.00
40.00
39.25
39.70
38.13
40.00
41.40
40.75
40.00
42.25
40.00
38.50
41.00
39.75
40.50
39.50
38.00
38.00
37.00
39.00
38.75
38.00
39.50
39.55
39.00
39.00
37.00
-18.00
38.25
37.75
39.50
39.30
38.50
38.50
AT THE INTERIOR TOWNS the movement-that is,
the receiptsfor the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
WEATHER REPORTS BY TELEGRAPH.-Our adcorresponding period of the previous year-is set out in
vices by telegraph from the South this evening denote that
detail below:
while rain has been quite general during the week it has been
light or moderate, as a rule. Temperature has been lower.
Movement to Dec. 13 1918.
Movement to Dec. 12 1919.
Galveston, Tex.-There has been rain on one day during
Ship Stocks
Receipts.
Receipts.
Towns.
Ship Stocks
the week, to the extent of twelve hundredths of an inch.
meats. Dec.
tnents. Dec.
Week. Season. Week. 12.
neck. Season. Week. 13.
The thermometer has ranged from 32 to 76, averaging 54.
Abilene, Tex.-It has been dry all the week. Average
3,744
,528
30
4,248
90
Ala., Eufaula__
30 3.664
895 25,577 thermometer 42, highest 72, lowest 12.
Montgomery _ 1.502 55,555 1,449 22,534 1,379 51,847
686 32,823 1,416 9,413 1,231 43,268
650 19,878
Selma
Brownsville, Tex.-We have had no rain the past week.
1,200 23,035
900 7,569
Ark., Helena
900 8,581 1,000 25,047
8,924 113,054 4,679 48,055 5,355 85,722 3,449 36,015 The thermometer has averaged 58, ranging from 32 to 84.
Little Rock
22,330
Pine Bluff
19,000 3,000 61,995 2,500 35,522
Dallas, Tex.-Rai-1 has fallen on one day of the week, the
143
273 4,640
8,964
9,326
265
Ga., Albany
214 3,154
6,013 92.908 5,380 45,039 5,080 75,647 3,836 40,280 rainfall being two hundredths of an inch. The thermometer
Athens
8,419 143,993 9.796 44,536 7,000 96,967 4,000 24,215 has averaged 40, ranging from 16 to 64.
Atlanta
22,645 355,486 22,6111204,016 11,788 237,351 3,733 151,422
Augusta
San Antonio, Tex.-We have had rain on one day the past
687 30,734
485 25,250
Columbus
735 41,519
563 28,114
2,497 150,077 6,1301 51,693 8,616 109,721 6,006 35,052 week, the rainfall being one hundredth of an inch. The
Macon
2,000 39,534 1,2
Rome
17,087 1.882 29,778 1,245 14,173 thermometer has ranged from
24 to 64, averaging 44.
La., Shreveport 4,072 51,745 1,413 53,067 4,804 85,09: 3,015 48,694
600 5,666
15,159
Taylor, Tex.-The week's rainfall has been thirty hua700
Miss.,Columbus 2,132 13,217 1,872 6.588
5,148 87,598 4,890 47,257 3,197 75,259 2,774 43,676 dredths of an inch on
Clarksdale
three days. Minimum thermometer 20.
5,000 82.938 4,100 35,900 2,500 82,768 2,770 42,181
Greenwood _
New Orleans, La.-We have had rain on three days of the
900 25,891
Meridian
900 13,500 2.208 26,431 1,073 14,817
15,231 past week, the
649 23,010
Natchez
748 11,587 1,707 29,157
rainfall being seventy-four hundredths of an
589 10,977
19,568
1,075 12,929
233 9,049 1,902
Vicksburg_
149 15,168 inch. The thermometer has averaged 64.
Yazoo
612 21,259
1,041 28,819
618 14,759
Mo., St. Louis_ 18,101 292,573 16,721 6,005 15,916 219,632 16,506 23,491
Shreveport, La.-There has been rain on three days during
N.C.,Gr'nsboro 1,500 25,270 1,000 11,607 1,079
17,278 1,256 8,063
220 the week, to the extent of one inch and thirty-nine hunRaleigh
102
150
3,800
189
7,923
150
272
0., Cincinnati_ 3,000 23,700 3,000 25,000 4,410 61,053 4,510 14,000 dredths. The thermometer has ranged from 22 to 73.
Okla.. Ardmore
Vicksburg, Miss.-We have had 'no rain during the week.
Chickasha
333 10.443
14,035
4,397
76 23.854
855 19,404 1,871 4,134 1,635 21,030
Hugo
280 3,758 Average thermometer 53, highest 74. lowest 25.
Oklahoma..
3
700 6,800
247
500 21,387
Mobile, Ala.-We have had rain on three days during the
8.C.,Greenville 4,520 60,936 3,852 28,168 2,702 37,73
2,029 23,993
Greenwood _
452 12,573
9,439 week to the extent of two inches and twenty-four hundredths.
4571 10,110
115 11,892
Tenn.,Memphis 48,826 468,577 45,863 265,589 31,503 304,136 15-,;65 293,812
.
Nashville
653
474 The thermometer has averaged 60, ranging from 36 to 77.
-__
552
190
190
Tex., Abilene
-100 25,998
Selma, Ala.-There has been rain o..i four days duriag
-600 4,189
-585 844
300
5,754
Brenham
5,475
100 2,160
150 14,698
250 5,212 the week, the rainfall being two inches and two_ity hun1,147 31,779
Clarksville
779 7,986 1,624 26.574 1,051 8,572
3,501 41,234 2,105 19,232 1,909 46,861 1,840 12,080 dredths. The thermometer has ranged from 28 to 73.
Dallas
662 20,447
Honey Grove..
801 2,698
694
857 5,421 averaging 54.
17,873
Houston
67,894 1,012,730 66,564 231,236 43.106 999.077 71,781 285,077
Savannah, Ga.-Rain on one day of the week to an un3,439 79,703 4,456 10,816 4,016 58,714 2.957 10,110
Paris
San Antonio
1,591 28,269 1,776 2,320
700 25,506
400 3,598 appreciable extent. Average thermometer 61, highest 76.
Total. 41 towns230,5553.570,170219.3371337311 175,905 3,244,749 163.546 1343638 lowest 38.
Charleston, S. C.-We have had rain on one day of the
The above totals show that the interior stocks have in- past week, the rainfall being two hundredths of an inch.
creased during the week 11,218 bales and are to-night 6,327 The thermometer has averaged 59, ranging from 39 to 79.
bales less than at the same time last year. The receipts at
Charlotte, N. C.-We have had rain on one day the past
all towns have been 54,650 bales more than the same week week, the rainfall being one inch and forty-eight hundredths.
last year.
The thermometer has ranged from 24 to 66, averaging 45.
DEC. 13 1919.]
THE CHRONICLE
WORLD'S SUPPLY AND TAKINGS OF COTTON.The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
gone out of sight, for the like period.
2277
pounds gross weight (478.3 pounds lint and 21.7 pounds bagging and ties
estimated per 500 pounds gross weight bales).
The estimated production, with comparisons, by States, follows:
Pounds
Lint,
1919.
State.
Bales of 500 Lbs.
Gross Weight.
1919.
Cotton Takings.
Week and Season.
1919.
Week.
1918.
Season.
Week.
Season.
Visible supply Dec. 5
5,564,209
4,362,912
Visible supply Aug. 1
4.792,018
3,027.450
American in sight to Dec. 12___ 336,285 5,512,921 277,505 5,187,892
Bombay receipts to Dec. 11___ - 860,000
478,000
46,000
452,000
Other India shipm'ts to Dec. 11
89.000
24,000
12,000
Alexandria receipts to Dec. 10__ 840,000
431.000
21,000
352,000
Other supply to Dec. 10 *
b7,000
80,000
11,000
72,000
Total supply
DeductVisible supply Dec. 12
6,016,494 11,347.939 4.718,417 9,103,342
5,705,526 5,705,526 4,450,306 4,450,306
Total takings to Dec. 12_a__ -- 310,968 5,642,413 268,111 4,653,036
219,968 4.212,413 230,111 3,842,036
Of which American
91.000 1,430,000
Of which other
38,000
811.000
*Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This embraces the total estimated consumption by Southern mills,
1,302,000 bales in 1919 and 1,539,000 bales in 1918-takings not being
available-and the aggregate amounts taken by Northern and foreign
spinners. 4,340,413 bales in 1919 and 3,114,036 bales in 1918, of which
2,910,413 bales and 2,303.036 bales American. b Estimated.
Price
per Pound
Dee. 1.
1913-17
1918
(Census). (Census). 1919. 1918.
Cis. Cts.
Virginia
10,490,000
22,000
24,885
22,085
North Carolina 417,112,000
739,052 35.0 26.5
875,000
897,761
South Carolina 704,165,000 1,475,000 1,569,918 1,242,849 35.0 26.4
Georgia
826,767,000 1,718,000 2,122,405 2,129,632 35.7 27.6
Florida
8,177,000
17,000
29,415
53.418 35.8 27.5
Alabama
34,913,000
715,000
800,622 1,063,798 42.0 43.0
Mississippi__ _ _ 452,945,000
946.000 1,226.051 1,045,518 34.8 27.0
Louisiana
143,520,000
300,000
587,717
463,251 27.5 27.8
Texas
1,293,300,000 2.700,000 2,696,561 3,723,128 35.0 27.5
Arkansas
397,321.000
830,000
987,340 1,002,561 35.0 28.2
Tennessee
142,b53,000
298.000
329,697
337,871 36.1 27.8
Missouri
28,746,000
60,000
62.162
64,077 33.5 26.7
Oklahoma
444,819.000
576,886
930,000
904.959 34.0 27.0
California
48,817,000 *102,000
40.534 35.2 25.5
67,351
** 43.0 30.0
Arizona
35,888,000
75,000
55,604
All other
O,350.000
14.375 51.0 48.0
7,000
6,157
United States 5.278 (106 (1(10 11 030000 12.040.532 12.847.108 35.7 27.6
* Including some grown in Mexico. ** Included in "all other."
The total production in 1918 was 12.010,532 bales (500 lbs. p.ross); in
1917, 11,302,375 bales; in 1916, 11,449.930 bales; in 1915, 11,191,820 bales;
In 1914, 16,134.930 bales; in 1913, 14,156,486 bales, and in 1912, 13,703,421
bales.
The average weight per running bale is estimated at 500.2 lbs. gross, compared with 505.6 lbs. in 1918 (as reported by the Bureau of Cendus), 502.4
BOMBAY COTTON MOVEMENT.-The receipts
lbs.
1917, 503.8 lbs. in 1916 and 506.3 lbs. the average of the preceding
India cotton at Bombay for the week ending Nov. 20 and for five in
years.
Reports of the Bureau of Crop Estimates do not include "linters," which
the season from Aug. 1 for three years have been as follows:
are a product obtained at mills from the seed. The Census Bureau reports
that 929,516 bales of 500 lbs. gross were dolinted from the 1918 crop, equal
1919.
1918.
1917.
to 7.7% as many bales of lint cotton produced, which compares with
November 20.
10%, the ratio for the 1917 crop, 11.6% for toe 1916 crop and5.1 %the
Since
Since
Receipts atSince
average for the preceding fiveyears.
1Veek.lAug. 1. Week. Aug. 1. Week. Aug. 1.
The price per pound of lint cotton to producers Dec. 1 1919 was 35.7c.,
---35,000 351,000 26.000 315.000 28,000 241.000 compared with a Dec. 1 price of 27.6c. in 1918, 27.7c. in 1917, 19.6c. in
Bombay
1916, 11.3c. in 1915, 6.8c. in 1914, 12.2c. in 1913 and 11.9c. in 1912.
or
For the Week.
Exports
fromBombay1919
1918
1917
Other India
1919
1918
1917
1919
1918
1917
Since August 1.
Great
Great Conti Japancti
Britain. nent. China. Total. Britain.
16,000
1,000
4,000
4,000
10,350
250 10,100
250 26,100
1,000
4,000
4,000
16,000
1,000
8,000
26,350
1,000
8,000
Conti
vent.
Japan &
China.
Total.
15,009 128,000 375,000 518,000
54,000 54,000 108,000
86,000 14,000 484,000 584,000
6,500
16,050
22,550
21,500 144,050 375,000 540,550
54,000 54,000 108,000
86,000
14,000 481,000 584,000
MANCHESTER MARKET.-Our report received by
cable to-night from Manchester states that the market is
quieter, but prices are strong We give prices for to-day
below and leave those for previous weeks of this and last
year for comparison:
1919.
d. e. d.
Oct. d.
46 273
17 4235
24 45
88 4935 279
31 45
88 60 27 10
Nov.
(4) 52 300
7 46
14 4835 O 52 306
21 4735 O 5435 30 G
28 4834 O 55% 300
Dec.
5 4935 88 57 310
12 5035 0 59 340
Bales.
NEW YORK To Liverpool-Dec. 9-Eclipse, 651
651
To Havre-Dec. 6-St. Jean, 442
442
To Bremen-Dec.9-Rockaway Park,4,767
4,767
To Antwerp-Dec.5-Navarino,3,700_ _ _Dec.8-Kate.428
4,128
To Gothenburg Dec. 8-Stockholm, 1,450
1,450
To Genoa Dec. 11-Dante Aleghieri, 900
900
GALVESTON-To Liverpool-Dec. 5-Tactician, 20,363_ _Dec.
11-Hubert, 10,876
31,239
To Manchester-Dec. 5-Isanti, 17,572
17,572
NEW ORLEANS To Liverpool-Dec. 9-Nevisian, 11,222
11,222
To Barcelona-Dec.6-Infanta Isabel, 730
730
To Japan-Dec.9-Kaisha Maru,8,200
8,200
SAVANNAH-To Liver ool-Dec. 10-Edisto, 18,150
18,150
To Havre-Dec.9- alkill, 10,608
10,608
To Japan-Dec. 8-Hakkai Maru, 8,000--_Dec. 11-Calcutta
Maru, 4,562
12,562
BALTIMORE-To Havre-Dec. 6-Wakulla, 500
500
SAN FRANCISCO-To Japan-Dec.4-Shiny° Maru, 2,777
2,777
SEATTLE-To Japan-Nov. . 5,092.,.. Nov. 26City of Spokane, 2,025; Ixion, 2,315
9,432
1918.
834 bs. Shirt- Corn:
ings, Common Mid.I
to Finest.
Up 's1
328 Cop
Twist.
e. d d. I d.
@323 22.17 5435
@329 22.68 54
032 1012 24.25 52
1
@346
@350
035 6
@356
@360
03c, 0
25.50 5134
24.93 50
23.75 48
24.58 43
1
25 47 41
25.9841
VVOV VCV
32s Cop
Twist.
SHIPPING NEWS.-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 135,330 bales. The shipments in detail as made up
from mail and telegraphic returns, are as follows:
Total
834 bs. Shirt- Cot's
int.'s, Common 3fte.
to Finest.
Up 'a
d. 8. a.
B. a. d.
56 30 0 638 6 22.10
55U 30 0 638 6 21.63
5535 29 3 037 9 21.26
54
53
50
46
29 3 41,37 9
28 9 037 3
28 3
36 9
27 0 036 0
21.34
19.96
20.60
20.50
44
4'3
259 @346
250 t.390
20.16
20.07
135,330
The particulars of the foregoing shipments for the week,
arranged in Our usual form, are as follows:
New York
Galveston
New Orleans
Savannah
Baltimore
San Francisco
Seattle
Total
Great
Ger- -0th.EuropeBritain. France. many. North. South. Japan. Total.
442 4,'76'7 5,5'78
651
900 -___ 12,338
48.811
11,222 -----------730 8,200 20,152
__
____
18,150 10,608
-___ 12.562 41,320
500
___ _
500
-- ---____ 2,777
2,777
____ 9.432
9,432
78,834 11,550 4,767 5,578
1,630 32,971 135,330
COTTON FREIGHTS.-Current rates for cotton from
CENSUS BUREAU'S REPORT ON COTTON GIN- New York, as furnished by Lambert & Burrows, Inc., are
follows, quotations being in cents per pound:
NING.-The Division of Manufactures in the Census as
Liverpool, 1.50e.
Stockholm, 2.75c.
Shanghai, 1.75c.
Bureau completed and issued on Dec. 8 its report on the Manchester, 1.50c.
Trieste, 2.60c.
Bombay, 1.50c.
Antwerp, 1.65c.
Fiume, 2.60c.
Vladivostok, 1.75c.
amount of cotton ginned up to Dec. 1 the present season Ghent
via Antwerp, 1.80c.
Lisbon, 1.75c.
Gothenburg, 2.25c.
and we give it below: comparison being made with the Havre, 1.75c.
Oporto, 1.75c.
Bremen,' 2.00c.
Rotterdam, 1.75c.
Bareelone direct, 2.00c.
returns for the like period of the two preceding years:
Hamburg, 2.00c.
Genoa, 1.75c.
Japan, 1.75c.
Alabama
Arizona
Arkansas
California
Florida
Georgia
Louisiana
Mississippi
Missouri
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
Virginia
All other
-Counting Round as Half Bales
1919.
1918.
1917.
632.373
682.534
442,988
35,480
18,845
9.430
600.144
721,431
789,471
'28,396
32,276
25.225
15,970
21,465
43,423
1,558,393
1,765,950
1,643,930
260.776
461,130
559.021
726,591
893,757
728.859
40,135
40.677
38.533
693,856
648.921
482.521
633,519
474,747
817,795
1.299,169
1,241,656
1,055.676
197.365
223,944
170,009
2,090,389
2,325,701
2,889.697
17.332
15.112
13,638
3,314
3.268
3,313
Danzig, 2.50c. asked.
Venice, 2.60c.
Christiania, 2.25c.
LIVERPOOL.-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:
Sales of the week
Of which speculators took
Of which exporters took
Sales, American
Actual export
Forwarded
Total stock
Of which American
Total imports of the week
Of which American
Amount afloat
Of which American
Nov. 21. Nov. 28.
35,000
34,000
Dec. 5.
50,000
Dec. 12.
34,000
10,000
22,000
28,000
7,000
84,000
82,000
654.000 590,000
445,000 401,000
87,000
37,000
62,00013,000
467.000 618,000
403,000 519.000
23,000
14,000
85,000
665,000
474,000
183.000
148.000
522,000
425,000
21,000
8,000
77.000
780,000
580.000
234,000
192.000
United States
8,833,712
9.571,414
9,713,529
The 1919 figures of the report are subject to slight corrections when
checked against the individual returns of the ginners being transmitted
by mail.
The number of round bales included this year is 99,696. against 132,662
bales in 1918 and 175.672 bales in 1917. The number of American Egyptian
bales included this year Is 24.240. against 10.170 bales in 1918. The number of Sea Island bales included this year is 5,589. compared with 25,658
bales in 1918 and 77,755 bales in 1917. The distribution of Sea Island
cotton in 1919 by States is: Florida, 2.677 bales; Georgia, 610 bales, and
South Carolina, 2,372 bales.
The corrected statistics of the quantity of cotton ginned this season prior
to Nov. 14 are 7,608,026 bales.
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
AGRICULTURAL DEPARTMENT'S COTTON CROP
ESTIMATE.-The report on cotton, issued by the Agricultural Department on Dec. 11, is as follows:
Sales
The Crop Reporting Board of the Bureau of Crop Estimates of the United
states Department of Agriculture estimates, from the reports of the corespondents and agents of she Bureau, that the total production of cotton
in the United States for the searon 011919-20 will amount to 5,275,096,000
pounds (not including linters), equivalent to 11,030,000 bales of 500
..
Spot.
Saturday.
Market, {
12:15
P. M.
Mid.Upl'd.
FIOLIDAY.
Monday.
Tuesday. 1Vednesday. Thursday.
Friday.
Fair
business
dling,
Fair
business
dling,
Quiet.
Good
demand.
Moderate.
demand.
25.60
26.02
26.14
26.20
25.98
8,000
8,000
8,000
6,000
6,000
Futures.
Market}
opened
Steady, 4 Steady,
Steady,
Steady,
Steady
pts. dec. to 218826 pts. 6018 pts. 6019 pts. 25032 pts.
3 pts. adv. advance.
advance. decline.
decline.
Market, 1
4
P. M.
Steady,
Quiet,
Steady, 7 Bar. st•cly. Steady
14023 pts. 10019 pts. pts. dec. to 18 pts. dec. 12040 pts.
strhnanna
nrimmra
10 ntsi nay till fints1 strIv
doellne.
2278
THE CHRONICLE
[VOL. 109.
The prices of futures at Liverpool for each day are given in parts of the West, and even colder than that according
below:
to some reports. The visible supply last week, though it
increased 251,000 bushels as against a decrease in the same
Tues.
Thurs. 1
Mon.
Wed.
Fri.
Sat.
time last year of 415,000 bushels, is still only 1,631,000,
Dec. 6
against 2,196,000 a year ago.
to
124 124 125.1 4 123i 4 12q 4 12)i 4 I 123. 4
Dec. 12.
p. m.p. m.p. m.p. m.p. m.p. m.p. m.p. m.p. m. p. m.p. m.p. m.
On the other hand, foreign exchange has fallen to a new
low level. The export demand has boon slight. The out.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
4.
December
25.00 25.21 25.42 25.31 25.29 25.3225.35 25.14 24.9825.02 look is not bright for business with Europe. Also, there
24.06 24.26 24.47 24.39 24.39 24.4224.47 24.47 24.35 24.32 have
January
been further reports that exporters were trying to
February
23.38 23.56 23.78 23.74 23.72 23.8223.90 23.90 23.8223.70
March
22.502.76 23.00 22.95 22.95 23.07 23.17 23.17 23.0722.98 re-sell oats. This certainly has not helped corn. Moreover,
April
21.9722.18 22.39 22.29 22.29 22.4522.54 22.48 22.34 22.20 there is a
pronounced scarcity of coal throughout the West.
May
HOLT- 21.26 21.44 21.67 21.57 21.5321.6021.74 21.6321.54 21.36
June
DAY. 20.7820.98 21.17 21.08 21.03 21.07 21.23 21.13 20.9820.31 It is hard to see how this can fail to greatly hamper, at least
July
20.28 20.48 20.67 20.59 20.53 20.54 20.67 20.58 20.4220.26 for a time, the industries connected with the corn
trade.
August
19.68 19.87 20.07 19.99 19.91 19.92 20.05 19.96 19.80 19.64
September __ _ _
18.73 18.97 19.19 19.12 19.03 19.15 19.28 19.24 19.10 18.87 Yet with the coal strike settled and predictions of larger
October
18.08 18.32 18.54 18.47 18.43 18.47 18.61 18.57 18.39 18.17 receipts prices wore hit from another direction. To-day
November _ _ _ _
17.60 17.82 18.04 17.97 17.93 17.97 18.11 18.07 17.8917.67
prices showed little net change in the end. They are slightly
lower on May than a week ago, but higher on December.
The American corn crop, according to the report to-day, is
BREADSTUFFS
2,917,450,000 bushels, against 2,502,665,000 last year,
Friday Night, Dec. 12 1919.
3,065,233,000 in 1917 and a five-year average of 2,749,349,Flour has been firm and even higher, with a much better 000 bushels.
demand for soft winter grades. Hard wheat flour has been
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
firm in response to strong prices for hard wheat. The stock
No. 2 yellow
cts_172% 172% 173% 176% 168% I693i
of such wheat is steadily decreasing. Rye flour has been in
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
better export demand and has advanced sharply with rye
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator_cts_1394 139% 1413-6 143% 1403( 141
grain. Foreign inquiries for wheat flour for direct export January
delivery in elevator
1364 1374 135% 135
135
136
132
have been received but not much,if any, business, it appears, May delivery in elevator
134% 132
133% 132% 134
Oats advanced with a good demand for contract grades.
has been done. It was said that flour mills might have to
close down for lack of fuel. Curiously enough, Dr. Garfield They were helped by the firmness of corn. Also by an expectation of small receipts due to scarcity of coal and ears,
has not, it seems, regarded mills as "essential industries." as
well as bad
In such circumstances it would
Mr. Barnes has been appealed to for relief. Otherwise the not be surprisingweather.
to see the visible supply reduced, and permills, which are said to be poorly supplied with coal, will haps considerably. Last week the decrease was more than
soon have to close down in at least some cases throughout the double that in the same week last year. The re ceipts of
West, even though the strike has been settled. The con- late have certainly been light. And oats are regarded by
servation order may be in force for several weeks. On the many as relatively cheap. That has been the case for some
time past.
the question is asked "Will not the con11th inst. there was a significant clearance reported, namely sumption of And
oats increase with flour so high?" The visible
79,000 barrels to Batum (Black Sea coast), Russia.
supply decreased last week 1,075,000 against 342,000 last
It turns out that the Government's.purchases of straight year. This makes the total 15,847,000 bushels against
flour on last week's bids were only about 6,000 barrels and 28,801,000 a year ago. On the other hand exporters, it is
the average price paid $10 29, basis 140-lb. jute sacks. said, have been trying to resell oats. Estimates run as high
The Government, it is inferred, refused to pay the higher as 1,000,000 bushels that exporters would be glad to get
prices demanded. Millers claim that unless action is taken rid of if they could at the same time be relieved of their
by the Canadian Government with regard to the wheat contracts for ocean freights. There is no doubt that with
supply 250 mills in eastern Canada will have to shut down sterling, franc and lire exchange down to new low levels,
for the winter months. The Canadian Wheat Board states business with Europe is badly hampered. Later with the
that it is obliged to take all the wheat coming on the market coal strike settled oats fell with corn. To-day prices deto fill export orders.
clined slightly but they are a shade higher for the week.
Wheat visible supplies decreased last week 2,488,000 The American crop this year according to the Government
bushels, against a decrease in the same week last year of report to-day is 1,248,310,000 against 1,538,124,000 bushels
9,490,000. This leaves the total 87,249,000, against 112,- last year, 1,592,740,000 in 1917 and a five year average or
071,000 bushels a year ago. In Argentina the weather has 1,331,287,000 bushels. Barley 165,719,000 bushels against
been favorable for the growth of the new crop. Old supplies 256,225,000 last year and a five year average of 199,212,000
are large. Foreign buyers there continue to boy large quan- bushels; rye 88,478,000 bushels against 91,041,000 last year,
tities. Indications point to a liberal surplus being carried 62,933,000 in 1917 and a five year average of 50,000,000.
over to the new season in that country. In India the food
DAILY CLOSING PRICES OF OATS TN NEW YORK.
situation is improving. In Australia good general rains fell
Sat. Mon. Tues. Wed. Thurs. Fri.
No.
1
white
cts_ 89
90% 90%
89 90090% 91
and the outlook is considered good. In Russia, according No.2 white
88% 88% 8936090 90% 90
90
to some estimates, the minimum surplus is put at 92,000,000
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
bushels. There is quote a lot of inferior grain in that counSat. Mon. Tues. Wed. Thurs. Fri.
try. The American crop of winter wheat, according to the December delivery in elevator_cts_ 77
78% 78% 77% 77
773
794 794 804 81% 79% 79%
Government report to-day, is 731,636,000, against 565,099,- May delivery in elevator
000 last year, 412,901,000 in 1917, and a five-year average
The following are closing quotations:
from 1913 to 1917, inclusive, of 555,190,000 bushels; spring
FLOUR
wheat this year, 209,351,000 bushels, against 356,339,000 Spring patents
$13 501$14 50 Barley goods-Portage barley:
Winter straights, soft 10 50
11 50
No. 1
$725
last year, 223,754,000 in 1917 and a five-year average of Kansas
__ _ 13 00
13 75
Nos. 2, 3 and 4, pearl_ 6 501
235,444,000; total spring and winter this year, 940,987,000 Rye flourstraights_
nom
8 50
7 75
Nos 2-0 and 3-0
7 2507 40
goods,
Corn
100
lbs.Nos. 4-0 and 5-0
bushels, against 921,438,000 last year, 636,655,000 in 1917
7 50
White grain
$3 750 385 Oats goods-Oarload.
and a five-year average of 790,634,000 bushels.
Yellow grain
3 800 390
spot delivery
8 40
The Chicago Board of Trade for the present will close Corn flour
3 750 385
at noon for the purpose of saving coal. Cash wheat at the
GRAIN.
WheatOatsNorthwest has been scarce and strong. The receipts there
No. 2 red
$2 37%
No. 1
90%
have been very light. On a single day they reached only
No. 1 spring
2 40%
No. 2 white
90
No. 3 white
88%
369,000 bushels against 2,119,000 on the same day last CornNo. 2 yellow
1 691 Barleyyear. Millers are paying big premiums to get high grades. RyeFeeding
1 54
No. 2
1 76
1 6201 71:1
Lower grades, though really of pretty good quality, on the
Malting
other hand, are relatively plentiful and are selling at prices
The statement of the movement of breadstuffs to market
that look rather low by comparison with those ruling for the indicated below are prepared by us from figures collected by
better grades.
the New York Produce Exchange. The receipts at Western
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
lake and river ports for the week ending last Saturday and
Sat. Mon. Tues. Wed. Thurs. Fri. since Aug. 1
for each of the last three years have boon:
No. 2 red
cts_23736 237% 23736 2373 237% 237%
No. 1 spring
240% 24036 24036 240% 240% 2403
Indian corn advanced on a fear of small receipts, due to
coal scarcity and a cold wave. Even now that the coal
strike has been settled, it is figured that the coal would go
first to the industries which have had to curtail the use of
fuel rather than to the railroads. At Chicago the contract
stock is down, moreover, to 83,000 bushels. The strength
in prices for rye has also had a bracing effect on corn. It
suggested, too, that in sections where coal and wood are
scarce, it may be at lea.t possible that a certain amount of
corn will be burned as fuel. Years ago this was occasionally
done on quite a largo scale when yields were big and the
market inadequate. It is believed that the feeding to stock
will be liberal, especially if coal and cars continue scarce
for any length of time. The intense coal at the West and the
big snows are counted upon to keep down the receipts in
any case for a time. It has been 20 to 30 degrees below zero
Receipts at-
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
bbls.1061bs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs.bush.481bs bush.561bs
Chicago
220,000
705 000 1 323,000 1,229,000
38,000
289,000
Minneapolis
2,317,000
105,000
162,000
100,000
353,000
Duluth.
220,000
15,000
213,000
Milwaukee _
16,000
61,000
131.000
1 '9,000
193,000
312,000
Toledo
38,000
35,000
61,000
Detroit
20,000
17,000
66,000
St. Louis
107,000
18,000
421,000
501,000
436,000
Peoria
2,000
60,000
4,000
38,000
142,000
526,000
Kansas city.
203,000 • 120,000
1,538,000
Omaha
82,000
286,000
457,000
Indianapolis_
in000
51,000
453,000
Total wk. '19
Same wk. '18
Same wk. '17
412,000 5,932,000
360,000 13,489,000
436,000 4,682,000
3,916,000
3,660,000
4,391,000
2,645,000
681,000
424,00()
6,897,000 2,207,000 1,607,000
5,715,000 1,742,000
485,000
Since Aug. 18,673,000 247,331,000 58,675,000 95,989,000 34,611,000 14,104,000
1919
6,507,000 278,911,000 83,180,000 141,999,000 29,857,000 17,611,00D
1918
6,286,000110,519,000 48,245,000 148,287,000 44,221,000 13,767,000
1917
DEC. 13 1919.]
THE CHRONICLE
Total receipts of flour and grain at the seaboard ports for
the week ended Dec. 6 1919 follow:
2279
THE DRY GOODS TRADE
New York, Friday Nigh', Dec. 12 1919.
The settlement of the coal strike naturally relieved a large
amount of tension that has been prevalent in the marketfor
Barrels.
Bushels.
Bushels.
Bushels.
Bushels. Bushels.
New York_ _ _
157,000
301,000
1,000
362,000
412,000
395,000 dry goods during the past week. A great deal of confusion
Philadelphia40,000
523,000
10,000
134,000
38,000
69,000
resulted from the issuance of the coal restriction order early
Baltimore__ __
46,000
492,000
60,000
,,
30,000
N'port News
384,000
42,000
83,000 in the week. The disposition was to magnify the importance
Norfolk
27,000
of
the further restriction of output at the present time.
New Orleans.*
117,000
223,000
33,000
54,000
Galveston_ _ _ _
34,000
232,000
This was to be expected, however, in a market of large com2,000
3,000
Montreal
58,000
632,000
2,000
108,000
27,000
mitments
and at a time when serious price unsettlement would
Boston
97,000
3,000
1,000
120,000
1,000 be
most dangerous. The conservative element was firm in
Total wk. '19
576,000 2,793,000
107,000
841,000
519,000
its
578,000
conviction that scarcity of merchandise would be enSince Jan.119 14,538,000213,363,000 100,628,000 69,034,000 56,968,000
29,143,000 hanced
by lack of production and would continue to affect
Week 1918
481,000 5,731,000
230,000 1,783,000
the
343,000
demand in a feverish way. That conditions are ripe
142,000
Since Jan.1'18 16,535,000 85,568,000 19,708,000 96,454,000 9,213,000
7,348.000 for serious trouble
unless merchants are more careful than
* Receipts do not include grain passing through New Orleans for foreign ports they have
been in the past is the strong belief existing in
on through bills of lading.
many of the ablest minds in the trade. It is far from pessiThe exports from the several seaboard ports for the week mism to point
out that a jump in coal prices, a leap in sugar
ending Dec. 6 are shown in the annexed statement:
prices or a steady advance in the price of flour will hasten
price resistance in dry goods channels far more than price
Exports fromFlour.
Corn.
Wheat.
Oats.
R
@FedFRASER