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©sink £z Quotation Section
RailTxay & Industrial Section
Electric
Railway Earnings Section
Banters* Convention -Section
State and
C0™"0HTEP
"*
"ao^ WILLIAM B. DAKA COMPANY, NEW YORK.
vol 111.
{jjggpWg
ENTERED AS SECOND-CLASS MATTER
JUNggS, *870, ATTHg FOffOmCt
AT NEW
YORK, HEW YORK, UNDER
Railway Se£tH>3t
City Section
THE ACT OK MARCH
S,
NEW YORK, DECEMBER 18, 1920.
Jftnanrial
I87»,
NO. 2895.
Jftnanctal
Jf manual
HARVEY FISK & SONS
The LibertyISational Banfe
CHARTERED 1822
THE FARMERS'LOAN & TRUST
ofNewlbdc
32 Nassau St.
COMPANY
NEW YORK
CAPITAL
UNITED STATES BONDS
YORK
NEW YORK CITY
BONDS
AND OTHER CHOICE
CARE
OF
OF
$5,000,000.00
UNDIVIDED PROFITS.$2,600.000.00
475 Fifth Avenue, at 41st Street
MANAGEMENT
.$5,000,000.00
SURPLUS.
16, 18, 20 and 22 William Street
NEW
,
•
Correspondents in all countries
Special facilities in Scandinavia
INVESTMENT SECURITIES
ESTATES
SECURITIES
DOMESTIC AND FOREIGN
FOREIGN
COMMERCIAL
Pine Street, Corner William
NEW YORK
The New York Trust
EXCHANGE
LETTERS OF
Harris Forbes & Co
BANKING
CREDIT
10
Company
LETTERS
FORBES
& CO.,
Ino.
BOSTON
HARRIS TRUST
26 Broad Street
ACCEPTANCES
Draper* Gardens, London, E. C.
HARRIS,
&,
SAVINGS BANK
CHICAGO
Act
5th Avenue and 57th Street
as
LONDON
fiscal agents for munici¬
palities
and corporations and
Government, munici¬
pal, railroad and public utility
deal
PARIS
in
BONDS
Capital Surplus and Undivided
Member Federal Reserve System
and
New
York
Clearing
Profits,
House
on
INVESTMENT
Application
Cable Address SABA, NEW YORK
$14,000,000
Established
FOR
List
Established
1892
1874.
John L. Williams & Sons
BANKERS
Edward B. Smith &Co
Corner 8th and Main Streets
RICHMOND, VA.
Baltimore Correspondents:
R. LANCASTER WILLIAMS & CO., Inc.
Members New York and Philadelphia
Established 1810
Stock
Exchanges
The
Mechanics
GARFIELD
23rd
STREET,
FIFTH
Crosses
Capital,
A
-
Philadelphia
The Chase National Bank
Broadway
.
Surplus,
-
$1,000,000
the Builders of Business
Capital, Surplus, Profits
-
$25,000,000
of the
Gty of New York
#7
Deposits, Nov. 15th, 1920
$234,000,000
established 1784
BROADWAY
CAPITAL
$15,000,000
SURPLUS AND PROFITS
Foreign Exchange
The Bank of New York
National
New Yoa_»
OF THE CITY OF NEW YORK
where
avenu!
$1,000,000
Bank for
Metals
and
National Bank
National Bank
Bond
Trust
Service
24,731,41$
DEPOSITS (Nov. 15, 1920)..
363,855,510
OFFICERS
Department
A.
•
Banking Association
BARTON HEPBURN.
Chairman of the Advisory Board
ALBERT
H.
WIGGIN,
Chairman of the Board of Director!
CAPITAL &
SURPLUS, $9,000,000
EUGENE V. R. THAYER. President
Vice-President!
Our
136
years'
service
of
experience
our
is
at
the
depositors
American Express Company
SECURITIES DEPARTMENT
Samuel H. Miller
Edward R. Tinker
Carl J. Schmidlapp
Gerhard M. Dahl
Reeve Schley
Alfred O. Andrew!
Robert I. Bare
FIRST NATIONAL BANK
PHILADELPHIA, PA.
A. Barton Hepburn
Albert H. Wlggin
John J. Mitchell j
government
Wm.
A.
LAW,
NO.
1
George H. Savior
M. Hadden Howell
Cashier
William p. Holly
directors
Henry W. Cannon
CHARTER
Assistant Vice-President!
Edwin A. Lee
William E. PuMy
Guy E. Tripp
securities
Jame* N. Hill
Daniel C. J adding
Charles M. Schwab
Samuel H. Miller
President
«# BROADWAY
NEW
YORK
Newcomb Carlton
Frederick H. Ecker
Eugene V. R. Thayer
Carl J. Schmidlapp
Gerhard M. Dahl
Andrew Fletcher
William B. Thempeeo
Reeve
Schley
Kenneth F. Wood
Edward|R. Tinker
H. WendeU Endioett
Edward T. Nicheto
William M. Wood
foto
foreign Cxcfjange
Snbegtitunt 3lousesanb Jitat
Maitland, Coppell & Co.
MQRGAN & CO.
J. P.
Wall Street, Corner
[VOL. 111.
CHRONICLE
THE
STREET
52 WILLIAM
of Broad
KIDDER, PEABODY & CO.
NEW YORK
NEW.JYORK
PHILADELPHIA
CO.,
&
DEEXEL
'
5th and Chestnut Streets
Loans.
-o
i< Af% an agents of Corporations and negotiate and
Transfers,
-.
Corner of
Bills c-f
MORGAN,
GRENFELL&CO., LONDON
MORGAN,
Letters
CO., PARIS
&
HARJES
.V
•
Securities bought and
Letters for
Wallet Fre-i»« &
Paris,
- - •*~and
" 2 "
iVlndi.'d Places In Mexico. ■ .
^
the world.
on
Ag'-nfe for the Bank of
Travelers, available in all
Commercial and Travellers
■ *♦
"
Commercial Credits.
parts of
NEW YORK
Letters of Credit
«?-».
&
sold on Commission.
Cable Transfers,
circular
of
National
Vendome
14 Place
Foreign Exchange,
' r"
on
Provincial <8c Union B-'nk
England, Ltd., Lor.
Tne
18 Broad St
BOSTON
Telegraphic
of Credit^
Exchange.
Broad Street
No. 22 Old
Securities.
Oro.r* executed for all Investment
j
115 Devonshire St
Australasia.
TRAVELERS' LETTERS OF
CREDIT
BARING
BROTHERS & CO, LTD.
LONDON
August Beliront & Co.
BROWN BROTHERS & CO.
43
Bostoi*
NEW YORK
phujudelphu
EXCHANGE PLAl.£, NEW
Members New York Stock
Agents and Correspondents
SONS, Baltimore
ALEX. BROWN &
YORK
Exchange.
of the
ROTHSCHILD,
Messrs.
London, Paris and Vienna
CREDIT
ISSUE LETTERS OF
Securities
Investment
for Travelers
Available in all parts
Foreign Exchange
Accounts
Deposit
of the world.
Draw bills of Exchange and make
Transfers.
purchase and sale of
Execute orders for the
Commercial Credits
Telegraphic
Bonds and Stocks.
Travelers' Credits
N2 54 Wall Street
NEW YORK
& CO.
BBOWN, SHIPLEY
& Co.
J. & W. Seligman
Equipment Bonds
LONDON
Taller
1. Suffern
FREEMAN & CO.
James G. Wallace
Grenvllle Kane
34
Pine
Street
NEW YORK
TAILERi©
10 Pine Street,
York
New
Members
Stock
Bedimd&da
Exchange
New York
33 Pine St.
-
•
•
Investment Securities
Lawrence Turnure
New York
Pittsburgh
Union Arcade Bldg.
& Co.
Investment Securities
64-66 Wall Street,
New York
bought and sold on com¬
credits, available through¬
Investment securities
Winslow, Lanier & Ca
59 CEDAR
NEW
STREET
Travelers'
mission.
Mexico,
Central America and Spain. , Make collections
In and issue drafts and cable transfers on above
out the
United States, Cuba, Puerto Rico,
Bankers:
London
&
Allowed
Subject
on
Bought
Deposits,
and
Draft,
to
Interest
Securities
Sold
Bank,
Midland
Paris
Received
flew York and
Pittsburgh
Stock Exchanges
countries.
YORK
BANKERS.
liteposits
Members
London Joint City &
Limited.
Bankers: Heine & Co.
r
HEIDELBACH, ICKELHEIMER & CO.
on
37 William Street.
Commission.
foreign Exchange, Letters of
Credit
MEMBERS
N.
Y.
Execute orders for
STOCK
EXCHANGE.
purchase and sale of
HUTH
& CO.
New', York
30 Pine Street
Stocks and Bonds.
Foreign Exchange Bought and
Bonds for*
Investment
Issue
Sold.
Commercial and Travelers' Credits
^available in all Darts of the world.
Foreign Bondi &
Investment'Secnrlties',
Commercial Credits, Deposit
Aooounti",
Foreign Exoh&nge.
CorrespondenU of
BERTRON, GRISCOM & CO. IRC.
Kemi, Taylor &> Co.
iPitb&hurfili.
TfeuTVorh*
NEW YORK
John Munroe & Co.
BOSTON
London ]
INVESTMENT [SECURITIES
40 Wall Street 1 5
tf»W YORK
FRED? HUTH & CO.,
Land Title Buildfta f
PHILADELPHIA
BOISSEVAIN & CO.
52
BROADWAY, NEW YORK
ALDRED & CO.
40
Wall Street
Members of the New York Stock Exchange
Letters
of Credit for
Commercial Credits.
Travelers
Foreign Exchange
Cable Transfers.
INVESTMENT SECURITIES
COMMERCIAL DEPARTMENT
FOREIGN EXCHANGE
MESSRS. PIERSON &
MUNROE &
CO.. Paris
CO.
New York
Fiscal Agents for
Public Utility and H ydro-ElectrW
Companies
Amsterdam, Holland.
DEC.
181920.]
THE
CHRONICLE
in
lnbe*tatctrt anil ^Financial J&eu&ei
Goldman, Sachs & Co.
Lee, Higginson & Co.
60 Wall Street
NEW
60
14
BOSTON
Montgomery Street
421 Chestnut Street
SAN FRANCISCO
New York
PHILADELPHIA
411 Olive Street
\
INVESTMENT SECURITIES
24 Marietta Street
ST. LOUIS
ATLANTA, GA.
Title Insurance Building
LOS ANGELES, CAL.
Chicago
Members of New York and
Stock Exchanges
Higginson & Co.
80, Lombard St.
Commercial
London, E. C.
Securities
bought and
Paper
sold
MEMBERS
Chicago
*
■
NEW
&
available
Travelers'
in
all
parts
YORK STOCK
EXCHANGE
v
commission
on
Foreign Exchange
Commercial
& Hagek
Congress Street
CHICAGO
Investment Bankers
Boston
Millett, Roe
YORK
187 So. La Salle Street
Letters
of the
52 WILLIAM ST.
of
NEW YORK*
Credit
world
Hornblower & Weeks
42
BROADWAY, NEW YORK
RAILWAY
Investment Securities
EQUIPMENT BONDS
Bonds|
Preferred
'MEMBERS
NEW YORK,
BOSTON AND
CHICAGO STOCK
Direct
EXCHANGES
EVANS, STILLMAN
60
Boston
Exchange
BROADWAY
NEW
YORK
Industrial
Paper
Bonds
Public
may
our
well
be
Preferred
Utility
Stocks
U. S. Government Bonds
Securities
Certificates
Counselman & Co.
Acceptances
Investment Securities
26
Investment Bankers
particular problems in financing your
by
&
Equipment Trust
Bank and Trade
business
Robinson & Co.
Underwriters & Distributors
1888
Commercial
112
overcome
W.
ADAMS
Exchange Place
'•»
ST., CHICAGO
expert service.
Conservative
Investment Securities
Bond & Goodwin
N«w York
Minneapolis
New Yorfr
Members New York Stock
Exchange
Our facilities are at your disposal
Boston
Avenue and 43rd St.
Correspondent Offices in 50 Cities•
Portlanc
Providence
Established
Offices National City Bank Buildlnf
Uptown Office: Fifth
Chicago
Detroit
Your
Acceptances
A CO.
Mam
Members New York Stock
wires to all principal markets
t
Stocks
Underwritten
&
Distributed
Chicago
San Francisco
Investment Securities
Seattle
Yielding 6%
to
8%
Portland, Ore.
Federal Securities
Frazier
Corporation
Col
38 South Dearborn Street
CHICAGO
Broad
&
Sansom
Peabocty
IIoHgliielnig &Co.
Streets
EST. 1865
PHILADELPHIA
Baltimore
New York
Washington
INC. 1918
10 So. La Salle St.
Underwriters
Chicago
Distributors
Pittsburgh
Lebanon
Wilkes Barre
Howe, Snow,
SECURITIES SALES CO
Corrigan & Berries
Investment
Glore, Ward & Co.
INVESTMENT SECURITIES
*
GRAND
H.
Bankers
RAPIDS,
B.
MICH.
F. BACH MAN
H.
Collins,
Southern
& CO.
President
Securities
•
64 PEACHTREE,
Established
UV SO.
ATLANTA
1866
LA SALLE ST.
NEW YORK
NEW
CHICAGO
INVESTMENT
BANKERS
JACKSON VILLB
CHARLOTTE
ORLEANS
BIRMINGHAM
MEMPHIS
Members N. Y. and Phila. Stock Exchanges
1425 Walnut
61
St.,
PHILADELPHIA
H.
T.
HOLTZ &
Broadway
NEW
YORK
RAILROAD AND FOREIGN
CO.
INVESTMENT
BONDS
GOVERNMENT BONDS
HARPER
&
INVESTMENT
FOR INVESTMENT
TURNER
BANKERS
1
STOCK EXCHANGE BUILDING
WALNUT STREET ABOVE BRQAO
39 SOUTH LA SALLE STREET
PHILADELPHIA
CHICAGO
Members Philadelphia Stock Exchange
/
Colgate, Parker & Co.
49 Wall
Street,
New York
A
[VOL. 111.
CHRONICLE
THE
IV
Jftnannai
jftiumctal
FINANCE
WE
ESTABROOK & CO.
Members New York and
Stock Exchanges
Light Enter¬
and
Power
Electric
established
prises with records of
Boston
Jftnsnti* I
COMPANY
&,
CHASE
earnings.
INVESTMENT SECURITIES
BOSTON
15 State Street#
-
24 Broad Street,
BONDS
WE OFFER
NEW YORK
Bankers
and
Dealers
Investment
Light Securities
Proven Power and
Correspondence
BOSTON
19JCONGRESS ST.,
Solicited
SPRINGFIELD
PROVIDENCE
ELECTRIC BOND & SHARE CO.
(Paid-Up Capital and Surplus $24,000,000)
Richardson# Hill & Co.
BROADWAY.
NEW YORK
MUNICIPAL AND RAILROAD
NEW
& Company
Exchange Place
YORK
BONDS
investment Securities
For Conservative Investment
SO Congress
Arthur Lipper
Now Street and
1870
Established
71
AND
SECURITIES BOUGHT
SOLD ON
St.
COMMISSION
BOSTON
R. L. Day &
Co,
Branch
Members
Boston Stock Exchange
MsaUbe-s^New York Stock Exchange
Chicago Stock Exchange
Congress St., Boston
Offices
N. Y. Stock Exchange
Waldorf-Astoria Hotel,IV. Y
N. Y. Cotton Exohange
35
11 East 44th St..
N. Y.
N.Y Coffee A Sugar Exch. Saratoga Springs,
New York
Correspondents
REMICK, HODGES & CO.
Atlantic City. N
Philadelphia Stock Exoh.
Chicago Board of
Trade
N. Y.
J.
N. J.
W#st End,
Long Beach,
N. Y.
k 3mt
1797
Founded
PARKINSON & BURR
We
Specialize in
Seasoned
Members of the New York and
Boston Stock Exchanges
Investments
53 State Street
7 Wall Street
30
Municipal Bonds
BOSTON
NEW YORK
Pine Street
Government and
WjNiamP. (ompton Co.
New York
INVESTMENT BONDS
14 Wall Street,
BONDS
New York
Cincinnati
St. Louis
New Orleans
Chicago
Baker, Ayling & Young
W. F. Ladd & Co,
RAILROAD BONDS
INDUSTRIAL BONDS
BOSTON
PUBLIC UTILITY
PHILADELPHIA
PAUL
Investment
BONDS
H. WATSON
INVESTMENT SECURITIES
55 William
Securities
H. Mountague
St., N. Y.
Telephone: John 1832
Vickers
BONDS
49 Wall St.
Tsl. Han. ««?•
New York
GUARANTEED STOCKS
FOUNDED 1852
Investment
Securities
Foreign
Letters of
/Credit
Exohange
Travelers' Checks
ESTABLISHED 1865
Correspondents
Thomas C. Perkins
eAxc/Ws ]*Clo^e>u£Co
5 Nassau
St., N. Y.
MEMBERS NEW YORK STOCK
Deal
Constructive Banking
Throughout ths World,
Krnnifi {NarfioU 8c Kulwc
(embers New York
Equitable Building
Stock Exchange
15 State Street
in
Boston, Mass.
Underlying Railroad Bonds
36 Pearl Street
Hartford, Conn.
and
Tax-exempt Guaranteed &
Preferred
Stocks4
^Railroad & Telegraph Co.
Specialist
Inc.
eighteen
Watkins & Co.
in the Financing
of established and pros¬
years
perous
L HOWARD GEORGE & CO.,
for
Entire
Industrials.
stock issues
7 Wall Street
NEW YORK
-
*
underwritten end distributed
Investment Securities
Investment Bankers
81 Stato Street
BOSTON, MASS.
w
Now York
EXCHANGE
1
DEC.
181920.]
THE
CHRONICLE
v
Canadian
Canadian
Government
and
Municipal
Bonds
BANK OF MONTREAL THE CANADIAN BANK
Established
CAPITAL PAID UP
These
bonds offer exceptional oppor¬
tunity for sound investment.
Ifjpurohased J^now
they
will
yield
from
7% to 7yz%
22,000,000
UNDIVIDED PROFITS
TOTAL ASSETS
-
Head
request.
Incorporated
■■■■■'
YORK
Breaches
Genera) Manager, Sir John Alrd.
Assistant General Manager, H.
New
Paris,
F. B.
C. L.
C.
Bank
of
Montreal,
(France).
York, Chicago,
Spokane,
San Francisco—British American
Bank (owned and controlled by the Bank of
Banking and Exchange business
description transacted with Canada.
LONDON
British
Guiana
and
West
Street.
ST8W
B.
BRITAIN:
The Bank of Scotland,
<2o
&
GREAT
of
The Bank of England,
Africa—The Colonial
Bank
(in which an
interest is owned by the Bank of Montreal).
Jl'&'Jlmcs
OFFICE—2 Lombard
BANKERS IN
Indies,
[Agents
Travelers' Cheques and Letters of Credit Issns#
available in all parts of the world.
Montreal).
West
}
made at all points.
Agencies:
In the United States—Mew
FRANCIS,
FOSTER,
Buy andVSeli Sterling and Continental
Exchange and
Cable Trasf era.
Collections
London, England, and at Mexico City.
In
V. F. Joo»
York'Office, 16 Exchange Plac*
J|. STEPHENSON,]
Manager.
and
$15,000,WS
.$15,000,081
President, sir Edmund Walter, C.V.O., LL.D., D.O.I
Office—MONTREAL
Throughout Canada and Newfoundland.
At
Toronto, London, Eng., Winnipeg:, Montreal
UP*CAPITAL
RESERVE
MEREDITH, Bart., President.
General
NEW
1,251,850
PAID
560,150,812
-
Sir Frederick Williams-Taylor
Wood, Gundy & Go.
14 WALL STREET,
-
HEAD WOFFICE, TORONTO
SIR CHARLES GORDON, G.B.E., Vlce-Pres.
United States funds
on
OF COMMERCE
122,000.000
.
REST
SIR VINCENT
Principal and interest payable In
Full^Particulars C-20
100 Years
over
Lloyd's Bank, Limited.
Getabteied M9
-Membcwloeonto Stock
GxduMgs
,
,
THE BANK OF NOVA SCOTIA
(B<an<a.di<£Ln
^
<*o\«rwrttfnt, Municipal & Corporation
Securities
United Financial Corporation
Limited
(Incorporated 1832)
PAID-UP
RESERVE
TOTAL
OVER
Head Office, Halifax. N. S.
Montreal
Victoria "BuC.
$9,700,661
18,000,000
280,000,001
FUND
ASSETS
Z4-VtOAdwayf -Tkiofatie
Toronto
CAPITAL
INVESTMENT BANKERS
Chicago
Montreal
London
Toronto
General Manager's Office, Toronto, Ont.
330 branches throughout Canada, Newfoundland!
Cuba. Jamaica. Porto Rico, Dominican Republte'
and is Boston, Chicago and New York.
Commeffclal and Travelers' Credits Issued, available in all
on Canada or West Indian
negotiated or collected by aw
parte of the world. Bills
points favorably
branches
in the
United ^States.
Correspondents
invited.
Affiliated with
Canadian
Government, Provin¬
Municipal and Corporation
cial,
Guaranty Trust Co. of New York.
New
York
Agency,
London, England, Branch,
55 Old Broad St., E. C. 2.
Bonds
Bought—Sold—Quoted
Members
IT
Montreal
Stock
Canadian
in
St.
John
in Great Britain
Exchange
I.
&ank
Midland
of Scotland.
THE
Montreal *
CANADIAN
GOVERNMENT,
CANADIAN
INVESTMENT
Royal
Co.
Daly &
A.
Issues
Bond
Street,
London Joint City &
Bank, Ltd.
Correspondents
GREENSHIELDS & CO.
Dealers
Wall Street*
52
H. F. Patterson, Agent.
MUNICIPAL
ROYAL BANK OF CANADA
Established
1869
AND CORPORATION BONDS
.._$19,000,000
Reserve Funds
19,000,000
Total Assets...... ...590,000,000
Capital Paid Up
SECURITIES
...
Offerings
on
Bank of Toronto
Request
Correspondence
Invited
Building
ONT.
TORONTO,
Head Office..
SIR
McDonagh, Somers & Co.
Dominion Bank
Building
The Dominion
TORONTO, CANADA
HEAD
Paid Up
RURNEfT.
u
PORTEOUS
& C9
St.
STOCK
BOND
AND
TORONTO
OFFICE,
Capital
Total
assets
_
Sir Edmund Osier,
*6,009,000
7,739,000
143,000,000
Clarence A. Bogert,
Genera! Manager,
President
U
Street
John
Bank
Reserve Fund & Undivided Profits
MeabmHontraESto^Ixdange
17
New York Agency, 51 Broadway
C. 8. Howard. Agent
Montreal
BROKERS
M. S. WHEELWRIGHT & CO.
HERBERT
E
London Branch, 73 Cornhill
S. L. Jones, Manager
CANADIAN
AND
FOREIGN
BOUGHT
L.
C.
Montreal
8.
HOLT, President
Vlce-Pres. & Man. Directs
NEILL. General Manager
PEASE,
E.
700 Branches throughout CANADA and NEW*
FOUNDLAND,
In
CUBA.
P6RTO
RICO
DOMINICAN
REPUBLIC,
HAITI,
COSTA
RICA. COLOMBIA and VENEZUELA, BRIT¬
ISH and FRENCH WEST INDIES. BRITISH
HONDURAS and
BRITISH
GUIANA.
ARGENTINE—Buenos Aires.
BRAZIL—Rio de Janeiro. Santos. Sao Paula
URUGUAY—Montevideo.
SP^IN—Barcelona, Plaza de Cataluna.
LONDON OFFICE—Prtnces Street, B. O
NFW YORK AGENCY—68 William St.
e*. T. Walker, J. A. Beataon, E. B
Mclnet
nrd J. D. Leavftt. Agents.
fitENCH AUXILIARY: The Royal Bank
Canada
(France),
PARIS, 28
Rue de
Quatre-Septembre.
EXCHANGE
AND SOLD
Limited
TRAVELERS'
Canadian Investment Securities
AND
LETTERS
COMMERCIAL
OF
CREDIT
HERDMAN & COMPANY
Members
Transportation Building
MONTREAL
|
132 St. Peter St.,
63 Sparks St.,
QUEBEC
Montreal Stock Exchange
Bankers &
OTTAWA
Dominion
Broken
Express Building
MONTREAL
R. C. Matthews & Co.
CANADIAN BONDS
CANADIAN
SECURITIES
CANADIAN
tfoussERWmr'GMPArar
INVESTMENT
TORONTO
C. P. R. Bid*.
BONDS
BANKERS
CANADA
TORONTO
Specialists in
GEO,
B.
INVESTMENTS
72 Trinity Place
NEW YORK. N. Y.
FOR SALE—Timber, Coal, Iron,
other properties
Confidential
Negotiations
Settlements and
l/nitad States
Ranch and
Investigations
Grand Trunk, Grand
Trunk Pacific,
Canadian
EDWARDS
and
Northern
Canada
Canadian
Pacific Securities
AO Canadian
Issues Dealt in.
i^milius
Lewis Building,
New York
Established
Mawtreal
Direct Wires
Tarant-
Jarvis & Co.
INVESTMENT
TRUAX, HIGGINS CO.
Purchases of Property,
West Indies
Northern
JARVIS
BLDC.
BANKERS
1891
TORONTO, CAW*
[VOL. 111.
CHRONICLE
THE
VI
foreign
Australia and
Zealand
New
LONDON
;
BANK LIMITED
LIMITED
BANK OF
NEW SOUTH WALES
v-.f
(ESTABLISHED 1817.)
Liability'of Proprietors-- S3,838,908
QSZBrA**t* Assets 81st March,
RUSSELL FRENCH,
General Manager*
JOHN
Sir
1380
384,083,000
$ OT,m,tii
ISSUED CAPITAL
Deposits (June 30 1920).-367,667,821
.
87,800,000
ToPaid-up Capital 82,800,0001
teeervb Fund. £2.830,000/gather
_
.
'leserve
Liability
or
_
_
£7,000,008
HEAD OFFICE
EVERY DESCRIPTION OF BANKING
BUSINESS TRANSACTED
dVER
1.460 OFFICES IN ENGLAND & WALES
Incorporated 1880
.
£14,210,88*
—
...£296,059,188
DEPOSITS
Address: The Foreign
OVERSEAS BRANCH:
WE"
:
£20,000,615
—.
RESERVE FUND
8, Threadneedle Street, London, E. C. X.
MthoriMd and Issued—
throughout
towns
AUTHORIZED CAPITAL
...»
19, THREADNEEDLE
STREET, E.C* 2
Established 1837
banking
all
in
Capital...—£88,096,868
Paid-up Capital...—— 10,840,111
Reserve Fund
10,840,111
London Office
Sapttal—
1,499 branches in England and Waist
and over
the world.
of Australian Banking Business.
Ureal and other Produce Credits arranged.
THE BNION BANK OF AUSTRALIA Limited
Ltd.
54, Lombard St., London, E. C., Eng«
Esq.,
Agents
description
mORGE STREET
Usts»
Bank,
HEAD OFFICE:
K.B.E.,
HeadOffiea
Western
South
8c
McKENNA
Joint Managing Directoru
Subscribed
SYDNEY
been amalgamated the
has
Provincial
8. B. Murray, Esq..
F. Hyde,
E. W. WooUey, Esq.
881 BRANCHES and AGENCIES In the
Australian States, New Zealand, FIJI. Papua
(New Guinea), and London, The Banktransacts
tvsrr
which
with
Chairman:
The Bight Hon. R.
'ic!»7<!OO2
SSLS? rSEd*1
"'loser ts
BARCLAYS BANK
JOINT Gin & MIDLAND
68 ft 86, Old Broad Street, London, E. C.
Manager,
268, Fenchurch Street,
1
London, B. C.. Ksilts*
^
£S,180,0M
Proprietors--.-£5,000,000
A Reserves. £10,180,000
89 M
$38W SOUTH WALES. 19 in QUEENSLAND,
Btt SOUTH AUSTRALIA. 21 In WESTERN
AUSTRALIA. 8 in TASMANIA and 44 in NEW
Zealand.
Total leaved Capital
OFFICES
ATLANTIC
'Aqultania,"
'Mauretanla"
"Imperator,"
V&e Bonk bat 43 Branches in VICTORIA.
Banca Italiana Di Sconto
Affiliated Bankk
BELFAST
BANKING
LIMITED
COMPANY,
with which
Over 110 Offices In Ireland
THE CLYDESDALE BANK,
Manager—W. J. Essaaae.
Assistant Manager—W. A. Lalng
and the
LIMITED
Secieta
Over 150 Offices in Scotland
' :
#
■
LIMITED
Capital and Surplus
Incorporated in New South
fatd-up Capital
819,960,860
Undivided Profits
Valet.
Branches in:
.£2,000,000
....
$8,100,808
....
India
Straits Settlements
—
2,040,000
China
Java
feeerre Liability of Proprietors—..
2,000,000
Japan
Panama
Philippine Islands
Santo Domings
San Francisco
Swerve Fund..—
—
£6,040,000
London
Drafts payable en demand, and Letters ef
Otedtt are Issued by the London Branch on the
Central Management and Head Office:
ROME'
.
Special Letters of Credit Branch In Rem*
(formerly Sebaati & BeaM), 20 Piazza di Spagxta.
Foreign Branches: FRANCE: Paris, 2 Rue Is
Peletier angle BeuJd. das. Itaheas; BRAZIL: See
Paulo and Santos; NEW YORK; Italian Discount
& Trust Co., 899 Broadway.
Offices at Genoa,
Mflan, Naples, Palermo.
Turin,
Trieste,
Veaiee,
Florence,
Bologna.
Catania, Leghorn, and over 100 Branches in tbs
London Clearing Agents: Barclay's Bank. Ltd.,
108 Fauchurch Street, E. O.
EVERY
Mead Office. Branches and Agencies ef the Bank
Bills on Australasia
or collected.
Remittances cabled,
Now
Sydney,
South
KIND
Birchln
Lombard
Lane.
OF
Wales
ROBERT BRUNNER
Street,
The Mercantile Bask of Info Ltd.
E. O.
Htoi
Banker and Broker
Office
15 Gracechurch Street,
Bases Espasoi del Rio defLa Plata
78
Capital t Raines
A
a
rue
de la Lol
Reserve Liability of Shareholders.—...
Cable Address: Rennurb.
Reserve Fund and Undivided Profits
Branches
New
Bank, Limited
Burma, Ceylon,
£785,794
Straits Settle
York
Agency.
R.
A. Edlundh, 64 Wan Street
NATIONAL BANK OF INDIA limited
Bankers to the Government in British East
Africa and Uganda.
Head Office: 36, Blshepegate, London, E. C,
Branches in India, Burma, Ceylon,
Kenyr
Colony and at Aden and Zanzibar.
39'CORNHILL,
Telegraphic Address, Udteco: London.
Incorporated by Royal Charter.
Offers every banking facility for transaction
with Greece, where it has been established for
80 years, and
has Branches throughout the
Capital Authorized St Subscribed 310,MO,000
Country.
Reserve Fund——
Also at Alexandria,
Cairo, Ac., in Egypt
Head Office: Basildon House,
Moorgate Street.
LONDON. £. C. S.
India,
The Union Discount Co.
of London, Limited
Ionian
in
meats, Federated Malay States, China, and Mauritius,
total l«,2l5,70=£iyJM72
Spanish and
European banking business conducted*
.£1,569,999
£759,999
£75#,iff
.
St., E* C. 3
classes of Argentine,
London
Capital Authorized and Subscribed.
Cental Paid Up....
BRUSSELS, Belgium
HEAD OFFICE, BUENOS AIRES
London Office, 7 Fonchurch
BUSINESS
BANKING
TRANSACTED.
Established 1879
London Office:
18;
Provincials
Kingdom.
Lyons
asgetiated
Office,
Credlto
Fund
Si Australia and elsewhere.
dead
di
Lire 815,600,001
"
41,090,009
Deposit and Current Accounts
(May 31, 1919)——— "2,696,909,008
Commercial Banking Company htirnational Banking Corporation
60 WALL STREET. NEW YORK CITY.
of Sydney
Ettablished 1884.
Italiana
Capital Fully Paid Up
Reeerve
THE
incorporated the
are
Sectota Banearia Italiana
lead Office: 71 CORNHILL, LONDON, E.C.
Capital Paid Up——
5,000,000
...
5,000,000
85=£l STERLING.
NOTICE
IS
HEREBY
,
RATES
OF
INTEREST
GIVEN
allowed
that
for
Subscribed Capital —£3,000,600
Paid-up Capital
—£1,509,068 i
Reserve Fund———£3,999,608 1
The Bank conducts every description of banking
and exchange business.
the
money
Clermont & Co.
deposit are as follows:
on
At Call, 5 Per Cent.
BANK OF BRITISH WEST
AFRICAJ.TD
Authorized
Capital
310,080,006
Subscribed Capital....—.— 7,289,009
Capital (Paid Up)
2,900,090
Surplus and Undivided Profits
1,295,569
Branches throughout Egypt, Morocco,
West Africa and the Canary Islands.
——
At
3
to
7
Days'
BANKERS
Notice, 5)4 Per Cent.
The
Company discounts approved bank and
acceptances, receives money on de¬
posit at rates advertised from time to time, and
grants loans on approved negotiable securities.
mercantile
CHRISTOPHER R.
-
Xlverpool Office, 25 Water Street
APPLEBY, Agent. 100 Beaver St., New York
The
National
Discount
LONDON, E. C.
Cable Address—Natdis London.
Capital
......
Paid-up Capital.—
8% Convertible Gold Notes
English Scottish and Australian Bank, Ltd.
Address: 5 Gracechurch St., E. C.
Head Office: London, E. C. 8.
Subscribed Capital
35 CORNHILL
Subscribed
Cable Address: "Glerment"
Authorized Capital
Reserve Fund
Company, Limited
Aetna Petroleum Corporation
Central America
NUGENT, Manager.
Bead Office, J 7 & 18 Leaden hall St., London, E. C
Manchester Office, 106-108 Portland Street
B.
GUATEMALA,
..321,166,025
.........
Reserve Fund.....—...
4,233,325
2,500,000
•
£3,000,606
—685,060
1,078,875
8
0
0
0
I
Paid-up Capital
—
—
639,437 10 9
Further Liability of Proprietors.
639.437 18 0
Remittances made by Telegraphic Transfer,
Bills Negotiated or forwarded fer Collection.
Banking and Exchange business of every ds
•CTipa°n
(85=£1 STERLING.)
Circular
on
Request
NOTICE Is hereby given that the RATES OF
-INTEREST allowed few money on Deposit
as
are
5% per annum at call,
Jones & Thurmond
18 Broad St.
New York, N.Y.
Phone: Broad 7412
Hong Kong & Shanghai
BANKING CORPORATION
follows:
6H % at 7 and 14 days notice.
Approved Bank & Mercantile Bills discounted.
Money received on deposit at rates advertised
from time to time; ana fo i fixed periods upon
specially agreed terms.
Loan granted on ap¬
proved negotiable securitJe
PHILIP
HAROLD
WADE
Manager
Paid up Capital (Hongkong Currency).. .H815,000,000
Reserve Fund
in Silver (Honkgong Curr.) JEJ23,000,000
Reserve Fund In
Gold Sterling—........
£1,600,000
GRANT DRAFTS, ISSUE LETTERS OF CREDIT.
NEGOTIATE OR COLLECT BILLS PAYABLE III
CHINA, JAPAN, PHILIPPINES, 8TRAITS SET¬
TLEMENTS, INDIA.
j.
a.
JEFFREY. Agent,
36 Wall St., New York
Dec.
181920.]
VII
CHRONICLE
THE
^foreign
Jfotrtgtr
Jforelgtt
London, E. C.
Banque Nationale de Credit
FISCAL AGENTS FOR
*
Capital
500,000,000
frs.
frs.2,400,000,000
Capital, fully paid
£3,000,000
£1,663,270
4
LIT.
In
Branches
Rhenish Provinces
the
GENERAL BANKING BUSINESS
THE
NATIONAL PROVINCIAL AND
UNION BANK OF EN6LAND
Limited
($5==£1.)
Office, Milan, Italy
London Office,
Old
1
ESCRIBED CAPITAL
165 Broadway
Broad Street,
ID-UP CAPITAL
E. C. 2
RYE PUND
Constantinople
80 branches in
UNION
Italy, at all the prim
cipal points in the Kingdom
AFFILIATED
INSTITUTIONS
COMMERCIALE
Marseille
and
ITALIANA
De
(France)
-
with
Bucareat and
branches
BANQUE
FRANCAISE
L'AMERIQUE
Sao
Paulo,
BANCA
and
DELLA
de
&
ITALIENNE
SUD— Paris,
DU
Rio
Janeiro
SVIZZERA
and
Aires,
ITALIANO—Lima
SOCIETA
ITALIANA
CIALE—Vienna,
BANCO
FRANCES
and
Every Description of Banking Business
branches
CREDITO
Trieste
England
Wales
ROTTERDAMSCHR
ITALIANA—Lugano
and
DI
$3#.1®«.20U
BANHVEREENIGINO
branches
branches
BANCO
Winterthur, Basle, Geneva,
Lausanne, &o,
POUR
Buenos
•
ZURICH
,
St. Gall,
UNGARO-ITALIANA—Budapest
-
210®.671,®
88®,034.1
Offices in
num.rou*
and
.
BANCA COMMERCIALE ITALIANA E ROMENA—
BANCA
•
-
15, Bisiopsgate, Loudon, England,
ITALIANA E BULGARA
branches
-
Head Office:
Banques Suisse*
branches
BANCA COMMERCIALE
—Sophia and
WILLIAM ST.,
_LIT.4,371,970,562
Head
Paris,
KING
7
156,000,000
New York Agency,
BANCA
AGENCY
LONDON, E. C., 4, ENGLAND.
400,000,000
..LIT,
SURPLUS
AND
6
300 Branches in France
SPERLING & CO., INC.,
CAPITAL
Fund
LONDON
PARIS
DEPOSITS
Law
Egyptian
Head Office:
NBW YORK AGENTS
COMMERCIAL ITALIANA
under
Established
June, 1898, with the exclusive right to
Issue Notes payable at sight to bearer.
Reserve
Hydro-Electric Companies
BANCA
Office—Cairo.
Head
90,000,000
Deposits
and
frs.
Surplus
Public Utility
BROADWAY.
EGYPT
of
Basildon House, Moorgate St.
128
BANK
NATIONAL
SPERLING & CO.
DE CHILE—Santiago,
The
Foreign Exchange, Documentary Credit*.
branches
Amsterdam
Rotterdam
COMMER¬
Hague
Valpar¬
aiso.
BANCO'FRANCES E ITALIANO DE COLOMBIA—
Bogota.
CAPITAL
UP
PAID
Fr..70,000,000
"
RESERVES
15,000,000
CAPITAL AND
RESERVE
F.105,099,000
FUND
COLLECTIONS
STJUOUI BANK OF SOOTH AFRICA, Ltd
HEAD OFFICE.
Avtberized
SWITZERLAND
LONDON. E. C.
$31,26®,00®
Paid-up Capital &. Reserve Pund. $18,812,f®®
Government, State and
H.
88
and
Agencies
STOCKS AND
SHARES
BONDS
throughout
for
investment
THE COMMERCIAL BANK OF SCOTLAND, LIS
MACINTYRE, A*ent
Wall St..
Established 1810
New York
Apply to
_Aleo representing The Bank of New South
Wales with
OF
PURCHASE AND SALE
Municipal
$166,126,411
Resources
Over 840 Branches
Africa.
Bents
W.
CREDIT
FOREIGN EXCHANGE
J50,W0,0M
Capital
Subscribed Capital
Tata!
LETTERS OF
Head
SWISS BANK CORPORATION
of SOUTH AFRICA, Ltd.
over
———•—-
£5 paid..£1,356,666
of £1 each fully pald..£ 506,666
250.000 "A" shares of £20 each
600.000 "B' shares
Deposits—.£36,671.1*3
MAGNUS IRVINE, B««.
London Office—62 Lombard Street, E. O.
Glasgow Office—113 Buchanan Street.
Drafts, Circular Notes and Letters of Credit Issued
»«4 every description of British, Colonial and Foreign
PanMifig and Exchange business transacted.
New York Agent®—American Exchange Nat. Bank
£1,600,000
Reserve
GENEVA
ZURICH
Branches all
..£5,566,666
Paid up—
$1,758,666
BASLE
The NATIONAL BANK
Office—EDINBURGH
Capital (Subscribed)
branches throughout Australasia.
Switzerland and in London
Over 500 Branches In Africa
ALEX. ROBB. Gen. Mgr
...
Total Assets exceed
-
$430,000,000
Arnold
Gilissen&jCo
Lincoln Menny Oppenheimer
Damrak
80-81
Often to American banks and bankers its superior
AMSTERDAM
facilities for the extension of trade and com¬
merce
Cable Address
between this country and Africa.
:
THE
ROTTERDAM
New York Agency
R.
-
-
HAGUE
10 Wall St.
Established
E. SAUNDERS, Agent.
FOREIGN
up
Funds
Reserve
frs. 100,000,000
frs.
30,000,000
Bank of Scotland KONIG
Royal
£2,000,000
£39,114,127
Deposits
-
St. Andrew Square,
London Office
Glasgow Office
-
Odftomentary Business,
Letter® of
-
-
Every
Description
of
Travellers'
Letters of Credit
OP
KONIG BROTHERS,
Throughout Scotland.
British, Colonial and
Foreign Banking Business Transacted.
Credit
Commercial and
Exchange Square
Agent: Thomas Lillie.
BUSINESS.
CO.
3 Bishopsgate, E.C.2
...
172 Branches
BANKING
Wright.
Manager: Wm. Wallace.
Geneva, Glarls, Kreuzlingen, Lugano,
Foreign Exchange
&
NEW YORK
Edinburgh
Cashier and General Manager: A. K.
Lucerne, Neuchatel, St. Gall.
160 Pearl Street,
£1,082,276
Head Office
Br*neh©« at Basle, Berne, Frauenfeld,
BROTHERS
Incorporated by Royal Charter, 1727.
Rest and Undivided Profits
OFFICE
Zurich, Switzerland
GENERAL
FOREIGN EXCHANGE
1856
Paid-up Capital
HEAD
INVESTMENT SECURITIES
EXCHANGE
SUISSE
Established
Capital paid
FRANKFORT-o-M., GERMANY
Cable Address "Openhym"
1871
BANKERS AND STOCKRBOKERS
CREDIT
BANKERS
Achilles-Amsterdam
Correspondence Invited.
LONDON
and
NEDERLANDSCh'E
HlNDEL-MAATSCHAPPl
ROTTERDAM
THE
nil
[VOL. 111.
CHRONICLE
Putters anti Profeete Gutstitst fitta §otb
CHICAGO
CHICAGO
ST. LOUIS
Greenebaum Sons
A. G. Edwards & Sons
."
V
■
.
"'v.
■.
'■'.'
,
''
■'■. ■...:•;.
■'
,
;,
■
;\'
lildenSJilden
Banlr andTrust Company
INCOHPOHATZD
Investment
Southeast Corner La Salle and Madison Sts.
Bonds
Members
410 Olive St.,
La Salla Street
108 So.
CHICAGO
$2,000,000
Capital and Surplus,
Stock Exchange
Louis
St.
BANKING
GENERAL
New York Stock Exchange
6% CHICAGO FIRST MORTGAGE BONDS
ST. LOUIS
Suitable for
Estates,
Trustees and
Individuals
Write for Bond Circular C 26..
Oldeet Banking House In Chicago.
MUNICIPAL
INVESTMENT BONDS
BONDS
MUNICIPAL
111
First. Mortgage
BONDS
CORPORATION
Monroe St.
W.
CHICAGO
Corporation Bonds
INDUSTRIAL
& STITT
SCOTT
A State Bank
Short Term
Industrial
PREFERRED STOCKS
Note
Issues
Hyney, Emerson & Co.
3» South
Lorenzo L Anderson & Company
SIS N. 8th
A. O.
Slaughter & Co.
St., St. Leuie
Members
■unlcipal and Corporation Bonds
TIMBER
Chicago Stock Exchange
Chicago Board of Trade
based always upon
110 WEST
Ohlcage Beard ef Trade
St. Leuia Merchants Exchange
St. Leuls Gotten Exchange
St. Louis Stock Exchange
MONROE STREET
Charles W. Moore
39 South
New Yerk
Philadelphia
5^%
COMPANY
&
1937-1941-1944
Population
SALLE STREET
5.30
The Provident
CHICAGO
Members St. Louis Stock Exchange
Savings
Bank & Trust Co.
Bond
TAYLOR, EWART & CO.
CO.
Department
O.
CINCINNATI,
INVESTMENT BANKERS
105 South La Salle Street
Investment Securities
CHANNER & SAWYER
CHICAGO
INVESTMENT
Iff OLIVE ST.
300,000
District
Yield
Price
SHAPKER, WALLER & CO.
184 SOUTH LA
ST. LOUIS
STIX &
DistrictTOhio
Bonds
Interest June and Dec. 1—New York
Formerly
Member* St. Louis Stock Exchange
Broadway
Miami Conservancy
Due
SHAPKER
Stock Exchange
$75,000.00
St. Leuls
BONDS
Corporation
HARK C. STEINBERG & CO.
m N.
CINCINNATI
Salle Street
La
Municipal and
LOUIS SERVICE
York
so. Michigan Av„ Chicago
Chicago
ST. LOUIS, MISSOURI
Membert New
332
INVESTMENT SECURITIES
INVESTMENT BONDS
ST.
underlying assetc
Powell, Garard & Co.
SMITH, MOORE & CO.
OLIVE ST.,
expert verification
CHICAGO, ILL.
William H. Burg
BONDS
New York Stock Exchange
-
New York Stack Exchange
New Yerk Gotten Bxafeamge
■anodes Smith
CHICAGO
La Salle St.
ST. LOUIS
SECURITIES
Municipal Railroad and Public
Union
Utility Bonds
Trust
Bldg.,
CINCINNATI, OHIO
SPRINGFIELD, ILL.
John Burnham
Hatheny, Dixon, Cole & Co.
High Grade Investment Se¬
curities,
Ridcely-Farmers Bank Bldg.,
SPRINGFIELD.
Convertible
Note
DEALERS
Issues, Bonds, Bank Shares,
Unlisted Securities.
ILLINOIS.
41
WE WILL BUY
South La
IN
INVESTMENT SECURITIES
Salle St.
IRWIN, BALLMANN&CO.
CHICAGO
Springfield (Illinois) Pleasure Drive*
way
Ohio Securities—Municipal Bonds
New York Stocks and Bonds
Co.
828-330-332 Walnut Str
& Park District 4s
CINCINNATI, OHIO
F. WM. KRAFT, Lawyer
BUFFALO
Specializing In Examination & Preparation ef
Slocnm, Eckardt & Company
County, Municipal and Corporation
Bonds, Warrants and Securities and
FR I EDLANDE,R
EDGAR
DEALER IN
Proceedings Authorizing Same.
Rooms 617-520, 111 W. Monroe St.,
Harris Trust Building
INVESTMENTS
Cincinnati Securities
OHIO
CINCINNATI
CHICAGO, ILLINOIS
420 Ellicott
Square
TOLEDO
BUFFALO, N. Y.
FEDDE
&
PASLEY TUCKER,ROBISON &CO.
JOHN T. STEELE
Successors
Certifieb
BUFFALO, N. Y.
public accountant!!
55
Liberty St.,
New York
SPECIALISTS IN
GEORGE W.
LESSER
STOCKS AND BONDS
Public
Accountant
Investigations,
Estate Accounting,
Income Tax Returns
BUFFALO
N. V
1878.
TOLEDO, OHIO
MYER, JR
352NASSAUIST., NEW |YORK
A Udits
kot Square
Sons
Toledo and Ohio Securities
Gardner Building,
Certified
$
A
Municipal, Railroad and Corporation Bads
.
Buffalo and Western New York Securities
T.
to
Robison Jr.
Bankers—Established
Government, Mnnlclpa
and Corporation Bonds
IRVING
David
Telephone Rector 5441
Graves, Blanchet & Thornburgh
MUNICIPAL BONPS
GARDNER BUILDING
TOLEDO.
OHIO
Dec. 18
1920.]
THE
IX
CHRONICLE
JBanfeem anb JBrofeenf ©utsfte J?eto Sort
MICHIGAN
MICHIGAN
iSobbn, gtoan & Cbtoarba Co.
Mansbers of Detroit Stoek Exchange
PITTSBURGH
GORDON
&
COMPANY
Members Detroit Stock Exchange
INVESTMENT BANKERS
Members Pittsburgh Stock Exchange
Charles A. Parcel Is & Co.
Carried
Union Bank Building.
In All Markets.
Inquiries Solicited
Stocks
Conservative Margins
on
INVESTMENT SECURITIES
PITTSBURGH,SPA.
Phone Court 3264-5
810 Congress
DETROIT, MICH.
Bldg.,
PENOBSCOT BUILDING, DETROIT, MICH.
LYON, SINGER & CO.
A. J. Hood
INVESTMENT BANKERS
& Company
(Established 20 Years)
CmBMonv..lth Bldg.,
Members
Detroit Stock
Exchange
Richard Brand Company
PITTSBURGH
MICHIGAN SECURITIES
Securities of Pittsburgh District
BOUGHT—SOLD—QUOTED
Pennsylvania Municipal Bonds
Specializing
Specialize in Michigan Stocks and Bonda
PENOBSCOT. BUILDING
DETROIT
Detroit
Securities
We invite your inquiries
1721-3 Dime Bank
Bldg., Detroit
Geo. W. Eberhardt & Co.
OLIVER BUILDING,
PITTSBURGH
Stocks, Bonds, Grain
GORDON, FORTIER & CO.
WHITTLESEY, McLEAN & CQ.
and Provisions
Investment
Members New York Stock Exchange
Chicago
Board
of
Suits
Trade
1613,
Dims Bank Building
Active Members of Detroit Stock Exchange
Telephone Cadillac 5050
^
A.
MASTEN
E.
Municipal Bonds Corporation Bonds
Preferred Stocks
Members Pittsburgh Stock Exchange
Members
Securities
& CO.
MICHIGAN
DETROIT
DETROIT
2054-56-58 Penobscot Bldg.,
Established 1891
>
[New York Stock Exchange
Boston
Members
Stock
PROVIDENCE
Exchange
Pittsburgh Stock Exchange
Chicago Stock Exchange
Chicago Board of Trade
New York Cotton Exchange
323 Fourth Ave.,
FENTON, DAVIS & BOYLE
BODELL & CO.
Pittsburgh, Pa.
Branch Office:
Investment
Bankers
STREET
10 WEYBOSSET
Wheeling, W. Va.
Chicago
Grand Rapids
Detroit
PROVIDENCE
.
INVESTMENT
Company
NEWARK,
CO.
MUNICIPAL BONDS
I
•T GRISWOLD ST.
CONSERVATIVE
DETROIT
INVESTMENT SECURITIES
PITTSBURGH, PA.
List upon request
CITY
KANSAS
N.J[^
&
HIGBIE
KEANE,
BONDS
UNION ARCADE BUILDING
190-395
Boston
New York
Carson Dick &
KAY & CO.
Inc.,
F. M. CHADBOURNE & CO.
STREET & COMPANY
INVESTMENT BANKERS
INSURANCE BUILDING
FIREMEN'S
NEWARK, N. J.
P«nob>cot
Municipal & Corporate Bonds
Local
Kansas
TEXAS
Securities
DETROIT, MICH.
Bid,.
Members Detroit Stock
Exchange
Missouri
City
J. E.JARRATT& COMPANY
GEORGE M. WEST & COMPANY
INDIANAPOLIS
Investment
Fletcher American Company
Bankers
Established
Municipal Bonds
I
INVESTMENT BANKERS
INDIANAPOLIS
San
Capital
Write
as
or
Antonio, Texas,
offerings
DETROIT, MICH
UNION TRUST BLDG.
$1,500,000
for bids or
Indianapolis
*
«
1893
Members Detroit Stock Exchange
on any
Indiana Security.
Statistical Information Furnished.
DUNN & CARR
Investment Securities
W. A. HAMLIN & CO.
Members Detroit Stock Exchange
Union
BREED, ELLIOTT & HARRISON
Nat.
HOUSTON.
.
TEXAS
•
Motor Stocks, Public
INDIANAPOLIS
1010
naslanBti
Detroit
Chicago
Milwaukee
.
Bank Bldg.
Utilities & Oils
DETROIT, MICH.
Penobscot Bldg.,
MACON
Investment Securities
Municipal Bonds
Indiana Corporation
Securities
V. M. DAVIS & COMPANY
Bonds
Southern Municipal
Joel Stockard & Co.,
Inc.,
INVESTMENT BANKERS
AND
NEWTON TODD
Local Securities and
Kadiana Corporation
Guaranteed Stocks
GEORGIA
4ACON
Bonds and Stocks
Municipal, Government &
Corporation Bonds
Members Detroit StockJExchange
Penobscot Bldg.
■
DETROIT
•
Cherry 2609
INDIANAPOLIS
«1S Lemcke Bldg.
NORFOLK, VA
LOUISVILLE
JOHNSTON & COMPANY
MOTTU & CO.
HARRIS, SMALL & LAWSOR
Established 1892
INVESTMENT
INVESTMENT SECURITIES
60
*
Paoif Jeues Bldg.
LOUISVILLE, KY.
SECURITIES
NEW YORK
NORFOLK, VA.
INVESTMENTS
Broadway
.
44 CONGRESS
ST.. W.
DETROIT
CHRONICLE
THE
X
[VOL. 111.
Ranker* anb Jfrofctra &ut*ibt &eto gorfe
DENVER
PACIFIC COAST
PACIFIC COAST
Howard Throckmorton
Pacific Coast Securities
CALIFORNIA SECURITIES
Boettcher, Porter
BONDS
Government
&
of MUNICIPALITIES AND
Company
Bonds Municipal
CORPORATIONS
Corporation
INVESTMENT BANKERS
having substantial assete
San Francisco
and
earning power,
Alaska Commercial Building
DENVER
Quotations and
Furnished
Information
on
Pacific Coast Securities
Established
LOS
1853
SUTRO &
SAN
ANGELES
PASADENA
FRANCISCO
WESTERN SECURITIES
CO.
Sugar Stocks
INVESTMENT BROKERS
San Francisco
6fi Montgomery St.
Specialty
a
Members
San Francisco Stock
GREGG, WHITEHEAD & CO.
and Bond Exchange
Bla&kenbora-Hanter-DiiliB
F. M. BROWN & CO.
DEALERS IN
Investment
PORTLAND,
BONDS
CORPORATION
Dr\\lF\Q MORRIS
AND DISTRICT
BROTHERS, Inc.
UVJlHUD
THE PREMIER MUNICIPAL BOND HOUSS
FRANCISCO, CALIFORNIA
CAPITAL
ONE MILLION DOLLARS
and
Government
LOS ANGELES
California Securities
ORE.
MUNICIPAL
818-815 First National Bank Building
MunlclpalJjBonde
FRANCISCO
SAN
Established
PASADENA
SAN
over a
Quarter Century
DIEGO
Morris
Building
PORTLAND, OREGON
•
No. 8, Central Building
Aronson and
Bankers
DENVER
Company
|
Municipal and Corporation
SAN
COLORADO
WILLIAM R. STAATS CO.
SEATTLE,iWASH.
.
Company
Lot Angeles,
We specialize in California
Municipal & Corporation
California
HALL & COMPANY
BONDS
INVESTMENT BONDS
CLEVELAND
DRAKE, Rl LEY & THOMAS
The Gondiing-Jones Company
Looal and Paelflo Coast Securities
Van Nuys Building
PORTLAND. OREQOS
LEWIS BUILDING
LOS ANGELES
STOCKS-BONDS-NOTES
MINNEAPOLIS
Private Wirea^Coagt to Coast
BANGOR BUILDING,
CLEVELAND
CorrwpoudcntsILogan and Bryan
m
A. H. Woollacott & Co.
OTIS & COMPANY
Stocks, Bonds, Grain, Cotton
Stevens&-@o.
'
828-268 I. W. Hellman
Investment Bankers
LOS
ESTABLISHED
Building
U)10
Kiinxcipal railroad
ANGELES
Members of New York, Cleveland,
Chicago,
Detroit and Columbus Stock Exchanges.
CORPORATION BONDS
New York Cotton Exchange.
Chicago Board of Trade.
COMMERCIAX PAPER-/
Detroit
Cincinnati
Columbus
Toledo
Denver
Colorado Springs
AUGUSTA
Akron
Young, town
Stocks
Bonds
Acceptances
California Securities
LOS ANGELES
CALIFORNIA
JOHN W. DICKEY
Augusta, Ga.
SHORT TERM NOTES
RITTER COMMERCIAL TRUST
Unincorporated
S£LEVELAND
§90 Euclid Ave.
BUFFALO
Niagara Life Bldg.
A. E. LEWIS
Southern Securities
& CO.
Municipal, Public Utility, Railroad and
Corporation
Established
1886.
BONDS of the PACIFIC COAST
Security Bldg.
Los Angeles, Cal.
WM. E: BUSH & CO.
THE
KLIPFEL - WASHBURN - BERKLEY CO. R. H. MOULTON & COMPANY
INVESTMENT SECURITIES
Snd Floor National
CALIFORNIA MUNICIPALS
Title Insurance Building,
City Bldg.
CLEVELAND, O.
Dayton
Warren
LOS ANGELES
American NatT Bank Bldg.,
Augusta, Ga.
SOUTHERN SECURITIES
COTTON MILL STOCKS
San Francisco
Bucyrus
SPARTANBURG.
MAX I. KOSHLAND
Listed
-
Unlisted
-
Inactive
Stocks & Bonds
Pacific Coast Securities
A. M. LAW &
Member
Bldg.
CO., Inc.
Exchange
Stocks and Bonds
Mills Building
SAN FRANCISCO
ALBERT FOYER
S, C.
DEALERS IN
San Francisco Stock and Bond
Leader News
5T.PAUL
MINNEAPOLIS
TORRANCE, MARSHALL & CO.
CLEVELAND
Boston*
Southern Textiles
a
CLEVELAND, O.
Specialty
SPARTANBURG, S. C.
Hunter Glover &
Company
CHAPMAN DE WOLFE CO.
MONTGOMERY
851-863
SAN
Investment
Bonds
and Stocks
Short Term Notes
CLEVELAND
Montgomery Street,
FRANCISCO,
CALIF.
Stocks and Bonds
Information and
Quotations
on
B.
W.
all Pacifle
Coast Securities
Members Baa Francisco Stock & Bond Exchange
SOUTHERN
Strassburger
INVESTMENT SECURITIES
Mentgamerv, Ala
Dec.
181920.]
THE
CHRONICLE
XI
Panfcert anfc JBtofeers ©uttfte iieto
ALABAMA
PHILADELPHIA
PHILADELPHIA
marx & company
Parsly Bros. &. Co.
BANKERS
BLAJSTKJEItS
MEMBER8
BIRMINGHAM,
.
.
.
Graham. Parsons & Co.
4S9 CHESTNUT ST.
Southern Municipal and
PINE
NEW
ST.
YORK
Investment Securities
Investment
Corporation Bonds
II
PHILADELPHIA
PHILADELPHIA STOCK EXCHANGE
ALA.
Securities
Deal in
CHATTANOOGA
and
Purchase
Issues of
1421 CHESTNUT STREET
MUNICIPAL
PHILADELPHIA
lewis burke & co.
BONDS.
BONDS, NOTES AND PREFERRED STOCSl
of
LOCAL AND SOUTHERN
RAILROADS,
THAYER, BAKER & CO.
SECURITIES
INDUSTRIAL
.
Ibbmi
Building
UTILITIES
AND
CORPORATIONS
of
ESTABLISHED VALUE
CHATTANOOGA
Cable Address "Graco," Philadelphia
BOSTON
New
investments
England
Industrial Securities
Commercial Trust
Yielding G%% to 8%
Bldg.,
Boles &Westwood
PHILADELPHIA
Members Philadelphia Stock Exchange
j. murray walker
Established
Devonshire Street
NEW
1865
Boston
ORLEANS
Investment
410 Chestnut St.
Philadelphia
Securities
Members New
York and Philadelphia
Stock Exchanges
We will buy and sell the
following
equipments :
Six Per Cent
LiMl Tito
BMBnj,
-
PUIUBELPHU
■
Chesapeake & Ohio 6 Hs-~ -1927-30
Southern
Municipals
Canadian Pacific 6s
Telephone Loauit 4721
1926-30
Canadian Northern 6s..
1926-30
Michigan Central 6s_
1926-30
MILWAUKEE
Short Time Notes
Commercial Paper
EDGAR.
East
RICKER
Water
and
&.
Masen
CO.
em.0lark§€o.
Streets
MILWAUKEE, WIS.
Preferred Stocks
BANKERS
Specializing
Acceptances
WISCONSIN CORPORATION ISSUES
321
Chestnut
St.,
Philadelphia
Established 1837
Financing of Milwaukee
Hibernia
Securities
Company
(Incorporated)
HibeTnia Bank
-
Stock
Exchanges
Investment Securities
Building
Bought and Sold.
AA.£Cowrae.Cgi
New Orleans
New York Office
Members New York and Philadelphia
and Wisconsin Industries.
44 Pine St.
First Wisconsin
ierabers Philadelphia Stock
Company
Exchange
INVESTMENT BANKERS
Investment Securities
Land Title Building
PHILADELPHIA
MILWAUKEE
WISCONSIN
New York Telephone
Canal 4841
BALTIMORE
Pennsylvania Tax Free
R. Lancaster Williams & Co., Inc.
INVESTMENT SECURITIES
PAUL & CO.
Second Ward Securities Co.
tembers Philadelphia Stock Exchange
Saaond Ward Savings Bank Bldg.
Equitable Building.
BALTIMORE
Bonds
1421
MILWAUKEE
Chestnut Street
PHILADELPHIA
MARYLAND
108
So.
La Salle St.
CHICAGO
Scott & Stump
INVESTMENT SECURITIES
Specialists In
Wisconsin
The United States Life
Municipals
Insurance Co.
and
Stock Exchange Building
PHILADELPHIA
IN
High Grade Investments
THE
CITY
OF
NEW
YORK.
Phenee: Locust 6480. 6481. 6482. 6483
Keystone: Race 2797
Organised 1&50.
Over
Non-Participating PoliciosedaJ
Ferty-Ftve Million Dollars Paid te PaHer*
holders
^S.tU0NES$(£
^Municipal Railroad^
Corporation Bonds
to
Broad Street
-
New York ,
rwK kctm Imi—cash untax
Lilt
C flrti
"•tomonr
current sfleriaga,
MoRRI^fTfc&CO.
Ikvestm
fl»*T wit.CO«SIM
»ATlO«»k tMK 0UM
CUR1TIES
MILWAUKELWI*
Underwriters and Specialists in
Wisconsin Issues
Write
our
grading Department.
JOHN
Geod
P.
MUNN, M. D., PRESIDENT
territory
producers,
open
under
far
direct
Company.
Address Home
I New York Oily.
high
class
oentracts
with
IBS
Offlee, 277 Bread wag?
[VOL. 111.
CHRONICLE
THE
XII
inquiries
Current JSonb
UNLISTED
Acker Merrall & Condit 6s, 1923
Amer.
Light & Traction
Amer.
Typefounders
Carolina Terminal 5s, 1937
Goodyear Tire &
Flush. 5s, 1937
Long Isl. City &
Continental Motors
Mallory Steamship 5s, 1932
Rubber
i ■
Securities Co. of N. Y. Cons. 4s
Lincoln Motors
South Bend Home Tel. 6s, 1931
Reo Motors
United Lead Deb. 5s, 1943
Ward Baking
York Stock
Members New
Exchange
New York
25 Broad Street
Aetna
Explosives Pfd.
Central Aguirre Sugar
Baltimore & Ohio Conv.
Safety Car Heating & Lighting
Everett Heaney & Co.
New Amsterdam Gas Con.5s, '48
St.
H. & P. P.M.4s, '49
Nassau Electric RR. 4s, 1951
43^s, 1933
Canadian Northern Ry.,
N. Y. Gas Lt.,
Kings Co. El. Lt. & P.P.M.6s,
'47
Louis Southwest.
Cons. 4s, 1932
3s, 1950
Grand Trunk Pacific, all issues
IterteU
City Southern
Kansas
Province
of Ontario,
Scuabmau,
all issues
1st
5%, due
Bonds
5%,
Members
and
Y.
N.
Phi la.
Stock
5%, due
1st
1st
Exchange*
1st
Lex.
5%,
due 1930
Lighting Co.
Ave.
New York &
5%, due 1993
5%,
due 1954
Westchester Ltg. Co.
New York &
Sou. Bell Tel. & Tel. 5s, 1941
Con. 4%, due
YOU
ARE
10 Wall St.,
White Plains
1st
Tel. Rector 9261
N. Y.
5%,
Co.
Lighting
SEEKING
1st
Co.
Light
Gas
5%, due 1930
Westchester
OCCUPATION
JOSEPH EGBERT
Co.
Gas
5%, due 1927
Standard
1st
2004
Union
Northern
1st
Gas Co.
Westchester Ltg. Co.
1st
Dep.
Trinity Bldg. Corp. 5V2S, 1939
Ferry RR. Co.
Pav.
&
1st
Internat'l Trac. 4% Ctfs.
5%, due 1937
New York & East River
Con. 5%, due 1945
Reg. 4s, 1996
Co.
Equitable Gas Light Co.
1st
Chicago Western Ind. 7V2S, 1935
RR.
5%, due 1993
Kings County
1928
1957
Ave.
9th
&
Columbus
'Phone 7S00 Rector, N. Y
ISO Broadway.
Erie RR. Gen.
Co.
due 1945
Central Union Gas Co.
& COMPANY
MILLER
Tel. Rector 7580
American Can Deb. 5s,
1949
Brooklyn Union Gas
THEODORE L. BRONSON & CO.
St., N. Y.
Uorb
Edison Co.
Brooklyn
City of Montreal 6s, all issues
1st
Members New York Stock Exchange
Urntljers
Public JttUitg &ccucitica
ill
all issues
All Cuban & Canadian Govt.
10 Wall
1937
Ward Baking 6s,
Willys Corp. 8% Pfd.
due 1950
Lighting Co.
5%, due 1938
,
AS A TRADER
OR
PROCTER & GAMBLE CO.
HAVE
Phone Rector 9980-5,
YOU
Private
Phones
to
9723-7, 6922-8
Boston
&
Philadelphia
NEED FOR ONE
INDIAN REFINING CO.
Then you
Westheimer &
Members
New
York
Company
Baltimore
the
by
Glover & Macgregor
Stock
Exchange
of
Trade
Stock
Exchange
PITTSBURGH, PA.
Classified Department
Exchange
Board
Chicago
afforded
848 Fourth Ave.,
of the
Stock
Cincinnati
should avail of the
facilities
of
The
Financial
Chronicle,
facing the inside back
cover.
CINCINNATI, OHIO
Elec. 5s, 1934
1960
St. Paul Union Depot 7s, 1923
West Penn Power deb. 6s, 1924
Amer. Wat. Wks. &
West Penn Traction 5s,
BALTIMORE, MD.
Central
American
Aguirre Sugar
Federal Sugar Com. & Pfd.
Holly Sugar Com. & Pfd.
National Sugar
Savannah Sugar Com. & Pfd.
American
Cyanamid Com. & Pfd.
City Investing Com. & Pfd.
Eastman Kodak Com. & Pfd.
Ingersoll Rand Com. & Pfd.
Singer Manufacturing
Railroad
Stock & Rights
Stock & Rights
Corn Exch. Bank
Chicle
American
Cigar
American Tobacco Scrip
Home Insurance
Borden Company
We
Wish
to
Buy
,
Co.
Secur ties
Pitts., Cin., Chicago &
4s
St. Louis
Mechanics & Metals
R.
J.
Lawyers Title
& Trust
Nat'l Bank
Nat'l Park Bank Stock
Reynolds Tob.
& Rights
Hartshorne & Battelle
Stone, Prosser & Doty
52 William
St.,
New
York
'Phone
3Y2&t 4s, and 41/£s.
Hanover
18
7733
Broad St.
NEW
Tel.
Broad 7740
YORK
•
DEC.
181920.]
THE
CHRONICLE
XIII
Current potto -Snqiifdetf.
Amarillo Gas Co. 6s, 1934
British War Loans
Consumers Power 5s, 1936
Chinese
Continental Motor 7s, 1922-25
Detroit Jackson & Ohio 5s, 1937
Government 6s, 1921
Ilium. 5s, 1939
Detroit
Cleveland Elec.
Firestone Tire Com. & Pfd.
Goodyear T. & R. Com. & Pfd.
Lincoln Motors, Class "A'*
Paige Detroit Com. & Pfd.
Pub. Serv. of No. Ills. 5s, 1956
Packard Motor Com. & Pfd.
Texas Electric
Grand Rapids Ry. 6s, 1924
Willys Corporation 8% Pfd.
Grand Trunk Pac. Ry. 3s, 1962
Island Refining 7s, 1929 •
Ry. 5s, 1947
Merrill, Lynch & Co.
Midland Counties Coal 6s, 1934
120
Broadway, New York
Telephone 6070 Rector
(City of) 6s
Private wires to Chicago,
Traders Telephone 7883 Rector
Detroit, Cleveland,
Second Avenue Trac. 5s, 1934
of Pitts.
Woodward Iron 5s, 1952
Bait. & Ohio Pr. Ln.
1925
Central Pacific 3!/2S, 1929
C. C. C. & St. L. Gen. 4s, 1993
Colorado Southern 1st 4s, 1929
Illinois Central Coll. 4s, 1953
Goodyear Tire & Rub. Com.&Pfd.
Todd
Shipyards
National Park Bank Stock & Rts.
Tidewater Oil Stock & Rights
Morton Iachenbruch&Cq
42 Broad. Street. NewYork
Private Wires to, CHICAGO -PHILADELPHIA -ST. LOUIS
PmSBURGH-DETROIT- CLEVELAND-GRAtfD RAPIDS
Rights
Missouri Kan. & Tex. 1st 4s, 1990
Southern Pacific Rights
Home
Insurance
Minn. St. P. &
Stock &
Rights
Corn Exch. Bank Stock &
Rights
Russian
"
-
General Electric
External
offices is
made
possible through
St. Louis & Cairo 1st 4s, 1931
63^s
Wisconsin Central Gen. 4s, 1949
C. C. Kerr & Co.
their intercon nection 6, private wires.
9
Rector
St., N. Y.
S.S.M.Cons.4s, '38
3^8, 1997
New York Central
instantaneous communication between
our
Youngstown, Grand Rapids and Lansing,
5s, 1997
Western Light & Power 5s, 1925
1
.
Grand Trunk Pac. 3s, 1962
Italian War Loans
Downey Shipbuilding 7s, 1926
United Trac.
Edison
Eastman Kodak
Consumers Power 5s, 1936
Dominion Goal 5s, 1940
Donner Steel Co* 5s, 1935
Rio de Janeiro
Bucyrus Co. Com. & Pfd.
Burroughs Add. Mach. Stock
Canadian War Loans
R.
Phone 6730 Rector
W.
PRESSPRICH
40 Wall Street,
New
O
CL
York
Telephone
W.
Lima Locomotive
WANTED
John
807
Corp. s.f .6s, *32
Offerings in
|
Penn. RR. Real Est. P.M. 4s, '23
Long Term Underlying
j
Central RR. & Banking Co. of
Ga. Coll. Tr. 5s, 1937
Railroad Bonds
Ind. 111. & Iowa RR. 1st 4s, 1950
Delaware
J. S.
FARLEE & CO.
66
BROADWAY
1st
s.
River
RR.
&
Bridge
f. 4s, 1936
Georgia Pacific Ry. 1st 6s, 1922
{
Members American Bankers' Association
Prince & Whitely
Members New York State Bankers' Association
Members N. Y. Stock Exchange
52
CONSTABLE & FLEMING
Wrt.
66
CONSTABLE
Broadway N Y
Illinois Central Ref. 4s, 1955
Railroad
Bond
Public
Dept.
Florida Central & Penin. 5s, 1943
Seaboard Air Line 6s, 1945
M. & O.,
Montgomery Div. 5s, '47
City & Ft. Dodge 4s, 1955
N. Y. Penna. & Ohio 43^8, 1935
Cleve. Akron & Columbus 5s, '27
W. Va. & Pittsburgh 4s, 1990
Long Island, North Shore 5s, '32
C. & O., Northern Ry. 5s, 1945
Mason
Canadian, Cuban
Mexican Securities
'
'*•
K.
______
C.
Ft. Scott & Mem. 6s,
British-American Tob. Co.
Toledo
Imperial Tobacco Co.
St.
Peoria
Louis
&
&
West.
Cairo 4s,
4s,
Cedar Rapids 5s, 1953
Miss. Riv. Pow. 5s, 1951
Shawinigan 5s, 1934
Shawinigan 5V£s, 1950
Auto
8s,
1930
Choc.
6s,
Bd. & Scrip
Champion Lumber 6s, 1928
Grace Steamship 6s, 1934
Kuczynski & Co.
120
Broadway
New York
American Steel Foundry 4s, 1923
Dominion Coal 5s, 1940
Bank Stock
Ohio
Elec.
Industrial
Knickerbocker Portland C. Com.
Oil
Dept
National Park Bank Rights
Home Insurance Rights
S. O. of
New York
S.
California
Vacuum
Exchange Bank Rights
O. of
Oil
Guaranty Trust
CORRESPONDENTS
All
Dept
Willys Corp. 8% Preferred
Goodyear Tire Com. & Pref.
Lehigh Valley Coal Sales
Standard
Dept
Stock
Jacob Dold Preferred
Corn
Telephone Rector 6834
Pfd.
Illuminating & Pow. Secur. Pfd.
National
&
Pacific Gas & Electric Pfd.
Duquesne Light Pfd.
Utah Power & Light Pfd.
Acker, Merrall & Condit 6s, 1923
Gum
Utilities Pfd.
Electric Utilities
Gt. Nor. of Canada 4s, 1934
Sales
United
Northern States Power Pfd.
Texas Power & Light Pfd.
Monon Coal 5s, 1936
Norwalk Steel 4^s, 1929
Consolidation Coal 5s, 1950
Suit
Kansas Gas & Electric Pfd.
Northern
6s, 1931
Penn Water 5s, 1940
&.
Nebraska Power Pfd.
Consumers Power Pfd.
Industrial Bond Dept
Cloak
Utility Dept
1917
Big Sandy RR. 4s, 1944
Ontario
6323
American Pow. & Lt. Pfd.
1928
1931
Babcock & Wilcox, Ltd.
Northern
Broad
wfrea to Philadelphia,
Boston,
Baltimore, Richmond, New Haven
7270'
Oregon & California 1st 5s, 1927
Pennsylvania General 5s, 1968
New York Telephone 43^s, 1939
Tel.
Private
K.. L. FLEMING-JR.
XEL» Rector
Broadway
Prairie
Bankers Trust
Prairie Pipe
Oil
& Gas
Important ForvlfB Capitals
CARRUTHERS, PELL Si
private
Montreal
wires
Toronto
CO.
Bonds, Bank Stocks, Miscellaneous Securities, Standard Oil Stocks
15 Broad Street, New
York
Phones 5161 to 5169 Hanover
Philadelphia Phone, Locust 872: Beit. Phone. St. Paul 9389
[VOL. 111.
CHRONICLE
THE
XIV
Current SSonb SnqnWe*
F.
Montreal & Province 4s
J. LISMAN & CO.
Grand Trunk Western 4s
M«ab«n N*w York Stock Exchange
Grt.
BROADWAY, NEW YORK
61
&
Atlantic
&
Dayton
Acquackanonk Wafer Co. 5a
1931
4^s,
Great Northern of Canada 4s,
Racine Water Co. 5s
1934
Wichita Water Co. 5s
Grand Trunk Western 4s, 1950
Emmett
Irrigation District 6s
Queens County Water Co. 5s
Otero Irrigation District 6s
Mason City & Fort Dodge 4s, 1955
WE DEAL IN
New Orleans Terminal 4s,
York & Jersey 5s,
New
1952
Depew & Lake Erie Water 5s
LeavenworthC.&Ft.L.W.4s,5s,6s
1932
New York New Haven & Hartford
New York
Ry., Canada 4®
New York Interurban Water 5e
1934
5s,
Birmingham
Michigan
Northern
Canada Atlantic 4s
4% Debentures
Pennsylvania & Ohio 4J^s, 1935
H. C. SPILLER & CO.
Shreveport Bridge & Terminal 5s, 1955
INCORPORATED
17 Water St., corner
Toledo Terminal 4>£s
68
Devonshire St., BOSTON
NEW YORK
Wall Street,
Vicksburg Shreveport & Pac. 5s, 1940 and 1941
Wisconsin Central Refunding 4s, 1959
Ashland Lt., P. &
SECURITIES
AND ALL RAILROAD AND STEAMSHIP
Bell
St. Ry. 5s,1939
Telep. of Canada 5s, 1925
Canadian Car & Fdy. 6s, 1939
WOOD, STRUTHERS & CO.
Investment
D. L. & W. Coal.
Street
S Nassau
Laclede Gas
NEW YORK
Securities
Carolina Pow. & Lt. 5s, 1938
Light 7s, 1929
Richmond Radiator Pref.&Com.
Seaboard National Bank
Davies, Thomas & Co.
Underlying
Railroad
Mfombera N. Y. Stock Exchange
6
Springfield Ry. & Lt. 5s, 1926
Taylor & White
New York
Nassau St.
Bonds
Telephone Rector MM
Central Pacific 3^8, 1929
Canadian Pacific 6s, 1924
N. Y. Chic. & St. L. 4s, 1937
Indiana Steel 1st 5s, 1952
N. & W., Poco.
C. & C. Jt. 4s, '41
Gulf & Ship Island 5s, 1952
New York Telephone 4^8, 1939
Reading, Jer. Cent. Coll. 4s, 1951
Elgin Joliet & East, 1st 5s, 1941
U. S. Rubber 5s, 1947
Empire Gas & Fuel 6s, 1926
McKinley & Morris
Members New York Stock Exchange
mm WALL ST., N. Y. Tel. Rector TM1 te 7986
Duquesne Ltg. 6s, 1949
Empire Refining Co. 6s, 1927
Empire Gas & Fuel 6s, 1924-1926
Mississippi Val. Gas & El 15s, 1922
Lehigh Power Sec. 6s, 1927
BAUER, STARR & CO.
LAND TITLE BLDG.,
BROADWAY
CITY.
116
PHILADELPHIA
N. Y.
Private wire connection
Rector 7416
43
Tel. Hanover 427>8*9
Exchange PI., N. Y.
American
Thread
Pfd.
Central Vermont 5s, 1930
Northern Ry. Bonds
Rapids Mfg. & Pr. 5s,. 1953
Canadian
Cedar
Chic. Milw. & St.P. deb. 4s,
1934
Cinc.Hamilton & Dayton 5s, 1942
Grand Trunk Pacific 3s, 1962
European Loans of American Rds.
Georgia Lt., Pr. & Ry. 5s, 1941
Miss. Pac. 3rd Ext. 4s, 1938
Marion
Co.
Penn
1st
Light & Htg.
Mary Coal Co.
5a,
5s,
Empire Gas & Fuel Co. 6s.
Cincinnati Gas Transport. 5s,
1932
1939
1926
1933
SAMUEL K.PHILLIPS & CO.
607
Puget Sound Elec. 5s, 1932
Shawinigan Wat. & Pr. 5^s & 5s
United Ry. & Investing 5s, 1926
ABRAHAM Sl CO.
Tel. Broad 8788
27 William St., N. Y.
PHILADELPHIA
Chestnut St.
Continental Gas & El. 5s, 1927
Central Power & Light 6s, 1946
GARDNER
20 BROAD
Vermont Hydro-Elec. 6s, 1929
Utah Power & Light Preferred
CO.
&
Tel. Rector 7430
STREET, N. Y.
Nebraska Power Co., Preferred
H.L.
Oregon Short Line 5s
1946
Man. S. W. Col. 5s
1934
Traverse City RR. 3s
1933
Long Island Ref. 4s
1949
Mutual Union Tel. 5s
1941
Kansas
1950
Wab. ToL & Chic, 4s
1941
Bush Terminal Bldg. 5s 1960
R. R. Securities 4s
1952
Mo. Kan. & Tex. 1st 4s 1990
City So. 3s
85
NASON & CO.
BOSTON 9
Devonshire St.
Cleveland Electric 111. 5s & 7s
Consumers Power 5s
& 7s
Northern States Power 5s & 6s, 1941
Southern California, 6s, 1944
United Light & Ry. 5s, 1932
Gilbert J. Postley
sE=
* W»"
We Will
Buy
i
.
Southern
Calif.
Edison
5s,
1939
Alabama Power Co. 5s, 1946
Detroit Edison Co. 6s,
1940
Great Falls Power Co. 5s,
1940
Montana Power Co. 5s, 1943
Consumers
Power
Co. 5s,
1936
Gas & Elec.
Ref. 5s,
1942
Cleveland Elec. Ilium. 7s, 1935
EARLE A.
SPECIALISTS IN
DIRECT
TELEPHONE
Amer.
Eastern
Michigan Edison 5s, 1931
Cedar Rapids Mfg. Pr. 5s, 1953
Duluth Street Ry. 5s, 1930
Empire G. & E., Empire C. Jt. 5s, *41
Empire District Elec. 5s, 1949
Indiana Lighting 4s, 1958
Wisconsin Elec.
Utah Power & Light 5s, 1944
Pacific
St-Tte,^on.
Rector
W?™ Y°"
We Will Sell
Laurentide
& Power
Power
Co.
Lt. & Trac.
Central Petroleum
Pacific Gas & Electric
>
Western Power
7^8, 1945
1st
Metropolitan Edison Co.
5s, 1946
5s, 1922
MILLER & CO.
PUBLIC UTILITY SECURITIES
MacQuoid & Coady
iambara Nata York Stock Exchange
PRIVATE WIRE CONNECTION WITH CHICAGO
RECTOR 8066-1-X-J
111 BROADWAY, NEW YORK
14 W»n St..
N. T.
Tel. Restor 9070.
*
DEC.
181920.]
THE
CHRONICLE
XV
Current Pont) Sirqufrie*
Guanajuato Power
& Electric 6a
Guanajuato Power
& Electric Pfd.
Central Mexico
Light & Power 6s
& Mines 6s
Michoacan Power 6s
New
Kings Co. Ltg. Co. 1st Ref. 5s, 1954
&
N., St. Louis Div. 3s, 1980
N. Y. Penna. & Ohio P. L.
Manufacturing & Power
El Tiro
Ry. 1st 4s,'28
City So. Ry. Co. 1st 3s, 1950
Main 460
Boston 9,,
Wm.
Mass.
Cons.
Gas of N. Y.
Swift & Co.
Evansville & Terre Haute
7%, 1925
Railroad
Roebuck 7%,
1921-22-23
Chicago & Eastern Illinois
Railroad
Missouri Kansas & Texas
Tel. Broad 2357-8-9
BULL & ELDREDGE
Members of the
20
BROAD
ST.,
New York
N.
Federal
Specialists
Y.
Tel.
Farm
in
Stock
Loan
Railway
Exchange
Railway
Rector 8460
Grand Rapids & Indiana
Bonds
Short Term
Chicago T. H. & So. E.
Railway
Securities
Equipment Bonds
Wm. C. ORTON & CO.
Specialists Reorganisation Securities
Mason
City & Fort
S5 Broad St., New York
Dodge R. R. 4s
USE AND CONSULT
June 1,
We
1955
faces
back
the
inside
Rollins, Kalbfleisch & Co.
61 B'way, N. Y.
Power Securities Corp., all issues
East St. L. & Interurban Wat. 5s
Birmingham Water 5s
St. Joseph Water 5s
Bought and Sold
66 BROADWAY
ST Wall St., N. Y.
EASTMAN
Savannah
VIRE
&
TO
Place
ALFRED F. IN GOLD & CO,
Circular
on
Florida 6s,
Broadway, N. Y.
Consolidation Coal Co. Securities
Consolidated Gas, Electric Light &
Power of Baltimore Securities
Elk Horn Coal Corp. Securities
"Opportunities in
request.
Wash. Bait. &
SUTRO BROS. & CO.
126
LOUIS
COMMON
3994
SeeuHtiee
'Phone 8800 Hanover
Exchange
ST.
KODAK
3993
Liberty Bond*"
Telephone 4390 Bowling Green
Tel. Broad 7279
Telephone 3992 Rector
CO.
74
NEWBORG & CO.
PRIVATE
Seligmann
3991
DUNHAM &
19 Exchange
BROADWAY, N. Y.
Bonds
Bought—Sold—Quoted
Foreign Cheques
Liberty Registered Bonds
60
&
80 Broad St., N. Y.
Phone Hanover 6297
Members New York Stock
Order
lembert New York Stock Exchange
Foreign Currency
lnoeetment
BILLO
on
Checks
Shuman
Foreign Securities
Bought and Sold
Portsm. Berk. & Suffolk Water 5s
SMITH
Tel. Bowling Green 10090
Currency
Amer. Water Wks. & EI., all issues
West Penn Traction, all issues
Stock
FOREIGN EXCHANGE
Members N. Y. Stock Exchange
Telephone Rector 2687-8-9
cover.
OTTO
& Motor
ROBINSON &
Depart¬
Broad
Specialize in
Peerless Truck
the
Financial Chronicle
ment
Tel. 7160-1-2
Goodyear Tire & Rubber Com.
Classified Department of
Classified
1993
Securities of
8%, 1921
T. L. MacDonald
Our
5s,
2 Wall Street, New York
4}^s, 1933
Michigan State Tel. 5s, 1924
Michigan State Tel. Pfd.
New England Tel. & Tel. 5s, 1932
Ohio State Tel. 5s, 1944
Southern Bell Tel. & Tel. 5s, 1941
Western Union Teleg. 43^s, 1950
the
RR.
Carnegie Ewen
St.,
Cumberland Tel. & Tel. 5s, 1937
B'way, N. Y.
Ave.
Nassau Electric RR. Consol. 4s, 1951
Central Dist. Tel. 5s, 1943
Cincinnati Northern RR.
52
9th
Lexington Ave. & Pav. Ferry 5s, 1993
Sears,
Amer. Tel. & Tel. Conv.
&
Tel. Rector 3273-4 and 3294
CO.
State
Columb.
St. Louis & Cairo RR. Co. 1st
4s, 1931
American Finance & Securities
&
Brooklyn City RR. Co. 1st 5s, 1941
Western N. Y. & Pennsyl. 5s, 1937
5s
Arkansaw Water 6s
53
Broadway Surface RR. Co. 5s, 1924
Bklyn. City & Newtown RR.lst 5s,'39
Dry Dock East B'way & Batt. 5s, 1928
Copper 6s
HOTCHKIN
Ave.RR.Co.,Bklyn.,5s, 1931-34
Broadway & 7th Ave. RR. 5s, 1943
43^s, 1935
Cumberland County Pow. & Lt. Pfd.
Telephone
Atlantic
Bklyn. Queens Co. & Sub. 5s, 1941
New Amster. Gas Co. Consol.
5s, 1948
Water 43^8 & 5s
Hampshire Electric Railways
Fries
Kan.
L.
United States Radiator 6s
Indianapolis
Ry. Gen. 5s, 1927
Ft. Worth & Rio Grande
Central Mexico
Light & Power Pfd.
Guanajuato Reduction
Chicago & Erie RR. Co. 1st 5s, 1982
Clev. Akron & Col.
BROADWAY. NEW YORK
Telephone: Rector 7350
lemkers of New York Stock Exchange
Annapolis Securities
J. HARMAHUS FISHER & S8NS
SOUTH
ST.
Members
(Established 1874)
BALTIMORE. MD.
Baltimore Stock Exchange.
Western N. Y. & Penna. 5a
National Cloak & Suit 8s
Winston-Salem Union Sta. 5s, 1966
Atlantic & Birm. 1st 5s, 1934
Houston Belt & Terminal 5s
Amer.
New York Penna. & Ohio
Advance
Atlanta Birm. & Atl. Inc. 5s, 1930
Internat'l Great North. 7s, 1922
"Nickel Plate" 2nd 6s
Terminal Ass'n of St. Louis
Internat'l
Providence Securities 4s
Rio de Janeiro Tr. Lt. & Pr. 5s
Texas & Pacific—La. Div. 5s
New Amsterdam Gas 5s
Mo. Kans. & Texas Notes
Erie & Jersey 6s
United Traction & Elec. 5s, 1933
Denver & Rio Grande 7s, 1932
Mason City & Ft. Dodge 4s, 1955
Louisville & Nashville 5s, 1931
Oklahoma Central 1st 5s
Trinity Bldgs. 5^s
Consumers
Seaboard Air Line 6s
Cities Service
New Haven 4s and
Argentine Govt. 4s and 5s
Great
1935
North.
5s,
Current River 1st 5s, 1927
Co.
6s,
1926 and
1914
1927
4^8
Can Debenture 5s
Rumely 6s
Adams Express 4s, 1947
Helena Ry. & Light 5s
43^8
Sao Paulo 7s
3j^s
Common
Cuba Railroad 5s
WOLFF & STANLEY
Simmons Preferred
M. K. & T. Issues
Mexican Govt. & RR* Issues
Telephone Rector 2920
72
Trinity
Place, N.
Y.
SAM'L
Phone 5380-1-2-3 Broad
GOLDSCHMIDT
vM
25 Broad Str««
[VOL. 111.
CHRONICLE
THE
XVI
CamuI 9ttzfc
ACTIVE BONDS
INACTIVE BONDS
Aluminum Co. of Am. 7s, 1925
We Offer to
Anaconda Copper 6s, 1929
Beth. Steel 7s, 1922
Allied Packing 6s, 1939
Banks, Brokers
Beth. Steel 7s, 1923
Anaconda Copper 7s, 1929
and Institutions
Beth. Steel 7s, 1935
Columbia Graph. Ss91929
highly specialized service in
all bonds traded in on the New
a
Duquesne
Light 6s, 1949
Diamond Match
York Curb market.
Analytical reports
Swiss Confed.
on any se¬
Sinclair Consol. Oil
Solvay Co. 8s, 1927
5V2S, 1929
Standard Oil of Calif. 7s, 1931
HANSON & HANSON
Securities '*
Investment
Norway 8s, 1940
72 Trinity Place
Texas Co. 7s,
Western Electric 7s, 1925
Rubber Com.
Boston Woven Hose &
Common
Mills, Class A
Galveston Terminal Ry. 1st
6s, 1938
Washington Terminal 1st 33^8, 1945
Portland Terminal 1st 4s, 1961
Macon Terminal 1st 5s, 1965
PROCTER & GAMBLE
Stock &
Memphis Union Station 1st 5s, 1959
Houston Belt & Term'l 1st 5s, 1937
Union Terminal of Dallas 1st 5s, 1942
Crowell & Thurlow SS.
Duquesne Light, Pfd.
Hemphill Co., Com. & Pfd.
Lamson &
N. Y.
Connecting Ry. 1st 4^s, 1953
Finlay & Davenport
Liggetts International, Pfd.
Worcester Electric Light
Local
in
Specialists
and Railroad
WALTER S. PLACE
72
"Main
Members New York Stock Exchange
New York
Utilities
Terminal Bonds.
Tel. Rector 6881
Trinity PL
Cincinnati
Kansas City
Willys Corp. 1st Pref. & Scrip
Buffalo
70*8"
Chicago
Rochester
St. Louis
New Orleans
Boston
Pittsburgh
Cleveland
Albany
Packard Preferred
and Philadelphia
Tel., 6400 Broad
BRANCHES and CORRESPONDENTS
Baltimore
BOSTON, MASS.
St.,
Private Telephone New Y«rk
Public
Scrip
J. S. Bache & Co.
Hubbard, Canadian Pfd.
35 Congress
1923
New York
-
Swedish 6s, 1939
Connecticut Cotton
71/4s, 1925
curity furnished on request
Denmark 7s, 1945
Corona Type
71/£s, 1935
Seaboard Air Line 6s, 1945
H. J. Heinz Co. 7s, 1930
Southwest Telep. 7s, 1925
r
Syracuse
Philadelphia
Troy
Chevrolet
Specialists
Ttre and Rubber Stocks
Motor Stocks
FOR SALE
R. B.
Hathaway & Co.
Corn
Tel. John *029.1
Trade Banking Corp.
St Nas.au St.,
Capital Stock
Foreign
Mortgage Bond Co.
*
Bank of Commerce
FRANK J.
Chic. & West Indiana 4s, 1952
EDWIN BANCKER & CO.
Broad
CHICAGO SECURITIES
New York
3663
bought and sold for cask, or carried
conservative terms.
BABCOCK, RUSHT0N &T0.
HOME INS. BLDG..
CHICAGO
and
NEW YORK
Foreign Government
Bonds
Inquiries from Out-ofTowm Investment
Houses and Banks
Aurora
are
especially solicited.
SMITH
& CO.
20
BROAD STREET
NEW YORK
Tslspkon* Rscfr 61S7
Direct'Private Wire
Chicago,
Connection«|to
Detroit & Grand Rapida
Philadelphia
Pittsburgh
& 5s
5s
Ohio Cities Gas 7s, 1921
Pitts. Washburn Flour 5s, 1928
P. S. of No. 111. 5s, 1956
Ralston Purina 6s, 1921-25
Northwest Penn.
1930
Burlington Cedar Rapids & No. 5s
Buffalo General Electric 5s, 6s, 7s
Cleveland Elec. 111. 5s & 7s
Birmingham Ry., Lt. & Pr. 4^s & 6s
Brazilian Traction 6s, 1922
Republic Motor Truck 7s,
1921-25
Roebuck 7s, 1921-23
Standard Gas & Elec. 6s & 7s
Southern Cal. Edison 5s & 6s
Swift & Co. 5s & 7s
United Lt. & Ry. 5s, 6s, 8s
Sears
Virginia Ry. & Power 5s, 1934
Waterloo Cedar Falls & No.
West Penn. Power 5s & 7s
5s
Empire Gas & Fuel 6s, 1924-26
Evansville Elec. 4s, 1921
French Govt. 4s & 5s
ERNEST
York
New Orleans Ry. & Lt. 4J^s
Northern States Pr. 5s & 6s
Elgin & Chicago 5s & 7^8
Consolidated Textile 7s
Continental Motors 7s, 1921-25
Consumers Power 5s & 7s
Detroit Edison 5s & 6s
Denver Gas & Elec. 5s & 7s
& LYNCH
LEONARD
New
NEW YOR*
Amer. Cities 5s & 6s
Akron Canton & Youngstown 6s,
Alabama Traction 5s, 1962
Bonds
MOORE,
York Stock Exchange
BROADWAY.
Argentine Govt. 4s & 5s
American Light & Trac. 6a
Unlisted Stocks
W&W-.
& TAR BELL
Members New
ttO
Union Steel 1st Col. 5s, 1952
Notes, 1921
and
FINCH
7 WALL STREET
■„
We Deal in—
and
Boston
(Georges
Creek) 5s, 1930
on
unlisted securities
Inquiries invited.
Inactive
*
Consolidation Gas of N.Y. 8%
STOCKS AND BONDS
Bought, Sold & Quoted
New York, Chicago
Stock Exchangee
Jameson Coal & Coke
15 William St..
Telephone
944-5-6
Rector
NEW YORK, N. Y.
Tel. 6460 Bowling Green
Bros.
Montgomery
Now York City
US Broadway
DILLON
M.
71 Broadway
Mobile & Ohio Ext. 6s, 1927
INVESTMENT SECURITIES
Members
Exchange Bank Rights
Atch. Trans. Short Line 4s, 1958
N. Y.
General Phonograph 7s, 1921-24
Int. Tel. Sales & Eng. 6s
International Ry. 5s, 1962
Georgia Lt., Pr. & Ry. 5s
Grand Trunk Pac. 3s, 1962
General Gas & Elec. 6s, 1929
General Gas & Elec. 5s
Grand Rapids & Ind. 2d 4s, 1936
International Traction 4s
Japanese Govt. 4s & 4)^s
Kentucky Trac. & Term. 5s
Laclede Gas Lt. 5s & 7s
Mississippi River Power 5s, 1951
Mich. United Ry. 5s, 1936
MasonlCity &lFt. Dodge 4fc, 1955
Light & Traction
Burroughs Adding Machine
Bucyrus Co. Com. & Pfd.
British-American Tobacco
Charcoal Iron Com. & Pfd.
Commonwealth Pr. Ry. & Lt. Com. & Pfd.
Garland Steamship
Goodyear Tire & Rubber Com. & Pfd.
American
Grand
Rapids & Ind.
Imperial Tobacco
Northern States Pr. Com. & Pfd.
Standard Gas & Elec. Com. & Pfd.
Union Carbide Com.
United Lt. & Ry. Com. & Pfd.
Virginia Ry. & Pr. Com.
Willys Corp. Issues
& Pfd.
Due.
181920.]
THE
CHRONICLE
Jffttancfal
"Who then
tality shall
But limns
financial
frail
to
xvn
Grand Trunk Pacific Railway
mor¬
trust
[Mountain Section, Series B
water, or
on
4% Mortgage Sterling Bonds Due 195S
but writes in dust."
—Bacon.
Unconditionally guaranteed by the Grand Trunk Hallway
*
of Canada.
STEWARDSHIP
Principal and interest
The
dictionary says
that Stewardship "is
the duty of dispensing
as
or
of
approximately $490 and interest
Investment houses
are
per
£200 Bond
Invited to avail themselves of our
services in connection with this issue.
individ¬
any
payable in London in sterling,
$4.86 to the £ sterling.
Price:
person."
The ac¬
countability of the
Metropolitan Trust
Company is absolute.
Unlike
are
York in gold coin of the United States, or in Mon¬
treal in Canadian currency, at the fixed rate of
exchange
accountable
an
in New
American Express Company
ual, it is not subject
to illness, death or the
SECURITIES
TELEPHONE'
Department
bowling green mooo
other human frailties
inherent in the best
of
us.
METROPOLITAN
Government,
COMPANY
TRUST
OF THE CITY OF
60 WALL STREET
NEW YORK,
Public Utility
716 FIFTH AVENUE
Railroad
Municipal,
Industrial
Investment Bonds
M1
A. B. Leach & Co., Inc.
Ineeetment Securities
American Tobacco Scrip
92 Cedar St.,
Tobacco Products Scrip
PhQadeiplii*
United Cigar Stores
Scrip
Baltimore
105 So. La Salle St., Chicago
New York
Boston
Buffalo
Cleveland
MlaaeapoS
Bevantoa
Pittsburgh
Detroit
Mflwaakeee
Specialist m «jy mmco SmwtHae
Bristol ^ Bauer
central new york
X20J3fodd^ay XaX Phone*. Rector 4594
securities
Seaboard Air Line
1st Consolidated
Bought—Sold—Quetod
WE WISH TO BUY HIGHGRADE
PENNSYLVANIA
Mehawk V alley Inresbnent Corp.
TAX-FREE SECURITIES.
Investment
Boennlng, Garrison & Co.
Af niter a
P* M4Ms
Stock Inlnsfa
Bankers
[of Trade,
Betel Bros..*. Y,
42 New
In
Over
Two
20 Bread
St., New York
Telephone Broad 5140
Island Oil &
Transport Corporation
Voting Trust Certificates
Holders of the above will find It to their
advantage to communicate with the under¬
signed immediately.
*25
B. J. Van
Stock
1
CO.
Dealers in Standard Oil Securities
25 Broad St., N Y.
Ingen&Co.
46 Cedar St
Par Value
CARL H. PFORZHEIMER &
COUNTY, N. Y.
Coupon 5s
4.60% Basis
Oil
Broad.
8811-8812
N. T.
STANDARD
lones 4860-1-2-3-4
New York City
Tel. Bowling Green
NASSAU
L
Pittsburgh
Corporations
Thousand
11* Broad St.
CHAS. F. HALL & CO.
Indiana,.
1
Auditors, Inc.
Foreign Govt. Securities
of
and
N. Y. Produce Exch.
WM. JONES
and Currency
1
cenU
Write for catalog
Russian Govt* Bonds
0
per
request for C-73
Members Stock Exchanges, Chicago Bd.
Specializing in
Standard
on
Philadelphia
Buildiaf
STOCKHOLDERS LISTS
Tel. M10 Reete
yield about 13
Circular
HUGHES & DIER
UT1CA, N. Y.
JIM Saofcrnff
PHILADELPHIA
MM Private Telephone te
6s, Due 1945
To
New York
TEL. 6964 JOMN.
W. H. Goadbjr & Co.
Messheve Near York lhsit Baeleaage
NO. 74 BROADWAY
NEW YORK
HOWARD D. ROSS
President
Metropolitan
Petroleum
Corporation of New York
115 Broadway
New York City
[VOL, 111.
chronicle
the
XVIII
financial
^financial
UNION
CENTRAL
TRUST
COMPANY
Established 1919
608 Chestnut Street
of NEW YORK
AUTHORIZED to act
as
Philadelphia
Executor, Trustee,
Administrator or Guardian. Receives
Impartial Analysis
Deposits,
of fundamental
gubjedt to check, and allows Interest on Daily
Balances. Adts as Transfer Agent, Registrar and
Trustee under
ft* safekeeping
8o
any
security
on
you
investment stock or
dollar
bond.
and collection of income.
over
to
Send
for
Mortgages. Receives securities
Capital, Surplus and Undivided Profits
available
is
report—give
our
rect
title.
one
cor¬
•
$30,000,039
Broadway, New York
fifth Avenue at 60th Street
Madison Avenue at 42nd Street
30 Years
ACCEPTANCES
COMMERCIAL LETTERS
in
•'
■
-
Member Federal Reserve System
Export Banking
National Bank of Gommerce
in
INTIMATE
New York
KNOWLEDGE
of
the needs and habits of the people,
acquired
by
years
of
and actual residence in
tries themselves,
experience
the
coun¬
is essential when
transacting business abroad.
23 Branches in South America
1
Capital, Surplus And Undivided Profits
Over
Branch
9
Offices
in
in
Mexico
Europe
Anglo-South American
"Bank, limited
Fifty-five Million Dollars
New York Agency,
49 Broadway
Bond Secured
The
8% Gold Notes
First National Bank
of Boston
Arkansas
Valley
Ry., Lt., & Pwr. Co
A
Byllesby Utility op¬
erating in 5 prosperous
counties
Transacts commercial
banking
business
nature.
of
every
22
Colorado
Months Maturity
YIELD OVER 8.55%
,
Make it your
of
Ask
for circular CC-63
New England correspondent
H.MByl!esby& Co
Incorporated
NewYork
111 Broadway
Providence^
lOWerybosset St
208 SLaScUle St
Boston
*
Due.
181920.]
CHRONICLE
THE
jHnanctal
TO THE
First
xrx
IBank Statements
HOLDERS OF
Mortgage 5% Gold Bonds
OF
^
New York and
Richmond
Milwaukee
Gas Company
In view of the recent default in the
of
payment
mterest
and
the
November
coupon
of
the
1, 1920,
above rbonds
the
on
confronting
mond Gas Company, the undersigned,
representing a large amount of the
First Mortgage Five Per Cent. Gold
Bonds
Gas
Sets The Industrial Pace
general financial situation
the New York & Rich¬
of
New
York
Company,
&
Like
a
strong
is
Milwaukee
in
runner
com¬
a
mittee for the protection of the inter¬
ests
of
the holders
of
said
bonds.
Holders of the bonds are invited to
industrial world.
race
the pacemakers in the
among
Richmond
have ^formed
endurance
an
The
hundreds of factories
reserve
enables
strength of her
her to
keep her
stride and to maintain her lead.
immediately deposit their bonds with
all coupons,
including the coupon ma¬
November 1, 1920, with the
Guaranty Trust Company of New
York, as Depositary, at its office,
140 Broadway, New York City, under
the Deposit Agreement dated as of
November 18, 1920, under which the
Committee will act.
Copies of the
Deposit Agreement may be obtained
from the Depositary or the Secretary
importance and
of the Committee.
broad, efficient banking service.
turing
*
'
There
are more
than 100 distinct lines of
manu¬
facturing in Milwaukee, nearly all of national
industries of the
the
reaching into foreign
many
The First Wisconsin has long served
fields.
city and the state with
November 29, 1920.
FRANK K.
SHRADER, Chairman
HENRY W. GEORGE
JAY GATES
First Wisconsin
J. FRED SMITH
FRANK B. RHODES
M.
/
M.
FREEMAN
SAMUEL
MARSHALL
National Bank
;
Committee
EDGAR E. CAFFALL, Secretary
49 Wall Street,
New York, N. Y.
A.
Milwaukee
B.
CHEADLE, Counsel,
15 Broad Street,
New York, N. Y.
Chas.
Oil
&
of
the
One
pendent
Earns
Noble
F.
Gas
Co.
inde¬
strongest
Oil
Companies.
30%—pays
over
Special circular
"The Oil
on
(EI|ptttural National lank
12%.
request.
ufHeui fork
Industry"
FOUNDED 1824
CAPITAL
Published monthly In the interests
of
investors
in
oil
SURPLUS
securities.
TOTAL
&
PROFITS
RESOURCES
•
Free
on
request
$4,500,000
15,000,000
200,000,000
<
OVER
I
jmmmmmm
OFFICERS
Herbert K. Twitchell, Chairman of Board
Percy H. Johnston, President
Edwin S. Schenck, First Vice-President
John G. Schmelael,
27 Pine Street-New York
Frank K. Houston
Vice-President
Francis Halpin,
Isaac B. Hopper,
Vice-President
John B.
Vice-President
Vice-President
Samuel T. Jones,
Clifford R. Dunham,
Assistant Cashier
Clifford P.
R.C.Megargel aCo-
Samuel Shaw, Jr.,
Robert D. Scott,
i
%
i
Assistant Cashier
Hunt,
Jesse M. Smith,
Edward H. Smith,
Albion
K.
Assistant Cashier
Vice-President
Vice-President
Cashier
Trust Officer
Jamas L. Parson, Assistant Cashier
James McAllister, Assistant Cashier
Edwin
Chapman,
Dodd,
Assistant Cashier
Assistant Cashier
Wilbur F. Crook,
Assistant Cashier
N, Baiter Jackson,
Gibba,
i
Assistant Cashier
Assistant Cashier
Robert B. Raymond,
Mpr. Ferritin Dept.
Ernaet J. Waterman, Assistant TrtUt Officer
Henry M. Rovers, Assistant iffr. Foreign Dept.
DIRECTORS
I
Write
for
Quotation
Sheets.
Frederic W. Stevens
William Fellowes Morgan
W. Emlen Roosevelt
Arthur Iselln
John A. Carver
Robert Walton Goelet
Guaranteed Stocks
Garrard Comly
Herbert K. Twitchell
Darwin P. Kingsley
Charles Cheney
Henry A. Caesar
Percy H. Johnston
Frederic A. Jullllard
Edwin 8. Schenek
Charles A. Corliss
Ridley Watts
goscptt WLnUitv
Members New
•1
Broadway
^otis
Yjrk Stock Enchanpe
New York
infBfHwmwmainmuwii
Hollister,White& Co.
*«coa»o**rto
Investment Securities
115
BROADWAY, NEW YORK
50 Oongrewj St.
Boston. 9. Mass.
Bond
"
INCORPORATED
North American Bldg.
Philadelphia, Pa.
Salesmanship
The Human Side of Business* Is
the
best book en this subject ever written."
Prios $3. cash with order.
Descriptive
Published and for sale by
INVESTMENT SECURITIES
Maintaining 93 Branch Offices in 79
Principal Cities of the United States
circular free.
the Investment
EXECUTIVE
OFFICES:
House of
Frederick Peirce & Co.
1411 Chestnut Street
111 W. Monroe Street
:
CHICAGO
'
Philadelphia
^>iLiLiJ.i.eupeajiu.e.,L.WHwi|^e.e>sseiu«»riMalBiJ.^.ilU"r^wvMUWW
[VOL. 111.
CHRONICLE
THE
XX
Bfbtotnto*
jfimntitA
NEWYORITCENTRAL RATLROADCOT
THE
New York, December 15, 1920.
of One Dollar and Twenty-five
($1.25) per share, on the Capital Stock of
this Company, has been declared payable Febru¬
ary 1,1921, at the office of the General Treasurer,
A
Dividend
cents
To Shareholders
to stockholders of record at the close of business
January 3, 1921.
Aetna Explosives Company:
The undersigned
had deposited with them up to
December 14,
the Hercules Powder Co., or
definitely committed to said plan and about to be deposited, a
total of about 375,000 shares of the common capital stock of the
under the plan of sale to
1920,
Aetna
The balance necessary for delivery to the
Co. under the agreement of sale, amounts to
Explosives Co.
Hercules Powder
From present indications, this amount
less than 60,000 shares.
For the purpose of the Annual Meeting of
Stockholders of this Company, which will be held
January 26, 1921, the stock transfer books will be
closed at 3 P. M. January 3, 1921, and reopened
at 10 A. M. January 27, 1921.
MILTON S. BARGER, General Treasurer.
LOUISVILLE
„
RAILROAD
COMPANY.
this day declared a semi-annual cash dividend of
three and one-half per cent
(3M%), payable
February 10,
1921, to stockholders of record at
the close of business on January 18, 1921.
Checks will be mailed to stockholders who have
AT
ORDERS
DIVIDEND
PERMANENT
OFFICE.
filed
THIS
deposited before the end of this week.
will be
NASHVILLE
&
„
71 Broadway, New York, December 16,1920.
The Board of Directors of this Company haa
W. J. McDONALD, Assistant
Treasurer.
*
which deposits will be
under the plan of sale is December 20, 1920.
named
The last day
received
upon
The Baltimore & Ohio Railroad Co.
familiar
outlined as follows:
share in cash and $4
information of such shareholders as are not
For the
plan of sale, the same can be briefly
The Aetna stockholders
will receive $10 per
earnings of the Company for the six
months ending December 31, 1920, a dividend
of two (2) per cent on the Preferred Stock of
the Company, payable March 1, 1921, to the
stockholders of record at the close of business
on
upon
the consummation of the sale, and the remaining
stock will be held in escrow for a
January 15, 1921.
of the City of New
period of not more than one year,
them, and that no part of the escrow
have to be used for
this
payable January 3,1921, to stockholders of
record
December 27, 1920.
The
at therclose of business
transfer books will not close.
December 15,
forward their stock to the
reaches
us
not later
Cashier.
Corporation
The Board of Directors has declared a
undersigned without delay, so that it
December 15,
New York City,
December 15, 1920.
G.
SHAIBLE,
60
Broadway
New York,
^
Treasurer.
COLUMBIA TRUST COMPANY.
j. s. bache & co.
Broadway,
1920.
WM.
Deposit will be furnished upon request.
42
dividend
this Corpora¬
tion, payable January 3, 1921, to stockholders of
record at the close of business December 27, 1920.
share on the capital stock of
of $2 per
The transfer books will not close.
than December 20, 1920.
Copy of agreement of
HOLLY.
Chase Securities
stock should
take advantage of this sale must
to
1920.
WILLIAM P.
purpose.
wishing
Shareholders
quarterly
capital stock of this bank,
dividend of 4% on the
claims has already been settled for
considerably less than half of the face value of the claim, and we
therefore feel that the assets set apart for these claims should
cover
York
The Board of Directors has declared a
largest of these contingent
fully
Bank
The Chase National
$2.50 of Hercules preferred
pending the settlement of certain
contingent liabilities of the Aetna Explosives Co., Inc., for which
liabilities $1,000,000 of government bonds, and approximately
$250,000 of other assets have been set apart, which must be
exhausted before the escrow stock can be encroached.
The
net
The Transfer Books will not close.
C. W. WOOLFORD, Secretary.
share in Hercules Powder Co. 7% preferred stock. Of this
amount $10 in cash and $1.50 of Hercules preferred stock are
per
payable
1920.
Baltimore, Md., December 14,
the
with the
SECRETARY.
OF THE
OFFICE
The Board of Directors this day declared from
December 16, 1920.
The Board of Directors have this day
declared
Quarterly Dividend of Four per cent and an
Extra Dividend of Two per cent on the Capital
Stock of this Company, payable December 31st,
1920, to stockholders or record as of the close of
business December 20th, 1920.
1
The Transfer Books will not close.
A. W. HUTOHINS, Secretary.
N.%.
a
COLUMBIA-KNICKERBOCKER TRUST CO.
BENEFICIAL CERTIFICATES.
60 Broadway.
December 16, 1920.
New York,
Mr. Charles
The Board of Directors of the
Wesley
'
,"•
-
•'
•
•
••
..
.
the New York office of
White & Company, Inc., has this day severed all con¬
formerly Vice-President and in charge of
Hollister,
nections with that firm.
a
Mr. Wesley will continue to transact
general investment business at the same address
name
of Charles
under the firm
Wesley & Co., Inc.
The entire present
Columbia Trust
Company have authorized the Trustees of the
Columbia-Knickerbocker Trust Company Bene¬
ficial Certificates to pay from the Principal of the
Trust Ten Dollars per share, on January 10th,
1921, to Certificate Holders of record as of the
close of business December 20th, 1920.
The Transfer Books will not close
To receive this payment Certificate Holders
must present their Certificates to the TRANS¬
FER DEPARTMENT. OF COLUMBIA TRUST
COMPANY.
60 Broadway, New York City,
ON
JANUARY
10TH,
1921,
OR THERE¬
AFTER, that the payment may be endorsed
thereon.
organization will be retained intact.
W.
A.
HUTOHINS,
Secretary.
COLUMBIA-KNICKERBOCKER TRUST CO.
BENEFICIAL
CERTIFICATES.
Charles Wesley &
60
Co., Inc.
Broadway
New York,
December 16, 1920.
Columbia Trust
the Trustees of the
Bene¬
Fifty
Cents per share from the Income of the Trust
on December 31st, 1920, to Certificate Holders
of record as of the close of business Decem¬
The Board of Directors of the
Company
have authorized
Columbia-Knickerbocker Trust Company
ficial Certificates to pay a dividend
of
Telephone Rector 3901
New York
92 Cedar Street
ber 20th, 1920.
The Transfer Books will not close.
A. W. HUTOHINS. Secretary.
December 15,1920
FULTON TRUST COMPANY OF NEW YORK
149 Broadway, New York City, Dec. 16, 1920.
57th Consecutive Semi-Annual Dividend
and 12th Extra Dividend.
Fidelity International Trust Co.
SIMON
BORG & CO.,
Members of New
York Stock Exchange
No. 46 Cedar Street
-
-
New York
HIGH-GRADE
New York City.
and
The Board of Directors of
ternational
Trust
Company
the Fidelity In¬
has
declared a
quarterly dividend of TWO AND ONE-HALF
PER CENT
(2H %) on the capital stock of
the
company,
payable December 31st.
1920,
to stockholders of record at the close of business
December 22nd, 1920.
Transfer books will be closed at 3 P. M. on
December
22nd,
1920, and will reopen Jan¬
uary 20th, 1921.
Checks for the dividend will be mailed De¬
cember 30th, 1920.
ARTHUR
INVESTMENT SECURITIES
December
15.
1920
W.
Board of Trustees, a
FIVE PER CEBT,
PER CENT, is
payable on January 3rd, 1921, to stockholders of
record at the close of business, 3 P. M., Decem¬
By
MELLEN,
Secretary.
Resolution
Semi-Annual
an
ber 20,
of the
Dividend
of
Extra Dividend of TWO
1920.
ARTHUR J.
THE NEW
MORRIS, Secretary.
YORK TRUST
26
Broad
COMPANY.
Street.
declared this day,
the usual quarterly dividend of EIGHT PER
CENT, payable January 3rd, 1921, to stock¬
holders of record at the close of business Decem¬
ber 18th, 1920.
The transfer books will close
December 18th, 1920, and reopen January 4th.
1921.
BOYD G. CURTS, Secretary.
New York, December 15, 1920.
The Board of Trustees has
Dec.
THE
181920.]
m
CHRONICLE
^ftmtcfal
Bankers
Acceptances
Foreign Credit Corporation
Acceptors and International Bankers
NEW
STREET
PINE
30
VfOplK
Surplus and Undivided Profits $1,558,640.81
Capital $5,000,000
•
•
>
Under
STOCKHOLDING BANKS:
National Bank,
Chase
Guaranty
Company
Trust
•
-
••_
Corporation of
Boston; Union
New
of
York;
Company, New
Central Union Trust
New York;
York; Liberty Securities Corporation, New York;
Shawmut
'•
'
Supervision of Federal Reserve Board
Philadelphia National Bank;
Trust
Company of Pittsburgh.
International Mercantile
Marine
Company
Bank
Preferred Stock Dividend
semi-annual
A
on
the
the
Preferred
Board
dividend
of three per
cent
Stock has been declared by
payable February
Directors,
of
1st,
1921, to stockholders of record at the close
business January 14th, 1921.
Checks will
mailed.
H. G. PHILIPS, Treasurer.
To Net
of
be
Afford
To the
Holders of
Stock
combination of
a
Trust Certificates
Safety, Liquidity and Yield
INTERNATIONAL MERCANTILE
COMPANY:
MARINE
hereby given to holders of out¬
standing stock trust certificates for Preferred
Stock of the International Mercantile Marine
Company to present their certificates at the
Agency of the Voting Trustees,
51 Newark
Street, Hoboken, N. J., to be exchanged for
definitive stock of the Company.
Pursuant to the foregoing notice, the under¬
signed, as Agents for the Voting Trustees, will
be prepared, on and after February 1st, 1921,
to distribute the dividend of 3% to holders of
Preferred
Stock issued in exchange for Stock
Trust Certificates who file mailing instructions
with
6%—6%%
Preferred Stock of the
for
Notice
Acceptances
is
Unequalled by Any Other Form of Investment
We have issued
a new
pamphlet describ¬
explaining
the
transactions which underlie them,
and
ing
acceptances
will be
and
pleased to mail copies on request.
us.
THB
NEW YORK TRUST CO.,
For
New York, December
United Light and
Voting Trustees.
16th, 1920.
The First National
Corporation
Railways Company
Davenport—Chicago—Grand Rapids
Preferred Stock Dividend
The Board of Directors has
of one and one-half (1M)
No
30 Federal Street
14 Wall Street
Boston
New York
41
declared a dividend
per cent on
the First
Preferred Stock, payable out of the surplus earn¬
ings,
on
1921, to stockholders of
Wednesday, De¬
January 3d,
record at the dose of business
cember 15, 1920.
First
open
AMERICAN
Preferred Stock transfer books will re¬
for transfer of stock
certificates at the open¬
16, 1920.
ing of business, December
L. H.
HEINKE, Secretary.
CAN COMPANY.
of one and three-quarters
CITY
A quarterly dividend
has been declared on the Preferred Stock
Company, payable January 3rd, 1921,
to Stockholders of record at the close of business
December
16th,
1920.
Transfer Books
will
remain open.
Checks mailed.
R. H. ISMON, Secretary & Treasurer.
per cent
of this
_
m
OP
5H%
COPENHAGEN
External
(DENMARK)
Loan of 1919.
Coupons due January 1st, 1921, on the above
bonds will be paid January 3rd, or thereafter,
at the office of Brown Brothers & Co., Fiscal
Agents, 59 Wall Street, New
York City.
December 7th, 1920.
GENERAL CHEMICAL COMPANY.
December 13, 1920.
quarterly dividend of one and onehalf per cent (1 H%) will be paid December 31,
1920. to
Preferred Stockholders of record at
3:00 P. M., December 17, 1920.
LANCA8TBR MORGAN, Treasurer.
The regular
,
_
VANADIUM CORPORATION OF AMERICA
December 15, 1920.
day declared
a quarterly
dividend of One Dollar ($1.00) per
share, payable January 15, 1921, to stockholders
of record at 3 p. m. December 31, 1920.
L. K. DIFFENDERFER, Treasurer.
New York,
The Board of Directors have this
AmtIub Telephone
A
dividend
& Telegnpl Co.
of Two DoRaw per
paid on Saturday, January 15,
holders of record at the close
Monday, December 20, 1920.
share
IS2*.*
vjl be
of business on
1
CHRONICLE
THE
anrrr
[yol.hl
■
Jfimntial
MUNICIPAL BOND OFFERINGS
Exempt from all Federal Income Taxes
TO YIELD
5% to 6.50%
Audubon, N.J
...6s
1923-27
Montgomery, Ala..
.6s
1951
Bridgeport, Conn.
...5s
1925-34
New Britain, Conn
.43
1923
Carter Co., Tenn
...6s
-1935-50
'
Cumberland Co., N. C. ...6s
Dade
1921-30
Hempstead, N. Y_ ,4.80s
North
Putnam, Conn.
1922
1922-30
.4MB
...
1930-40
1922-49
Robeson
Flint, Mich.......... ...5s
1936-49
Rochester, N. Y., Reg... -3Ks
1924
1924-49
Co., Fla
-63^s
—
Co., N. C...... .5Hs
„
Floyd Co., Iowa
...5s
1934-35
Ban Diego, Cal.
Fort
Dodge, Iowa
...6s
1925-30
Sioux
Fort
Worth, Texas
5s
1929-59
Springfield, Mass....... .4s
1923
1940
Willimantic, Conn......
_4s
1929
Memphis, Tenn...---. ...5s -V-;
Circulars
fully describing these bonds sent
upon
1940
.5y2s
Falls, S.D---—
request.
R. M. GRANT & CO.
31
Nassau Street,
Boston
New York
St. Louis
Chicago
American Gas and
PREFERRED
Electric
STOCK
Company
DIVIDEND
New York. December 13, 1920.
The regular quarterly dividend of one and onehalf per cent (1 H%) on the issued and outstand¬
tjonds, notes and preferred
L*
stocks of railroads,
PREFERRED Capital Stock of American
& Electric Company has been declared for
quarter ending January 31, 1921, payable
February 1, 1921, to stockholders of record on
the books of the Company at the close of business
January 15, 1921.
FRANK B. BALL, Treasurer.
ing
Gas
public
the
utilities, industrial and mari¬
_
time corporations.
Gas and Electric Company
American
COMMON STOCK DIVIDEND
New York, December 13, 1920.
A regular quarterly dividend of two and onehalf per cent (2H%) of the Issued and outstand¬
ing COMMON Capital Stock of American Gas
& Electric Company has been declared for the
W. A. Harriman & Co.
Suarter 2, 1921, to stockholders of record on the
December 31, 1920, payable
anuary ending
INCORPORATED
|
New York:
books of the Company at the close of business
December 17, 1920.
FRANK B. BALL, Treasurer.
60 Federal Street
issued and outstanding
Power &
Light Company.
Preferred Stock Dividend No. 35.
The Board of Directors of this
Company has
declared the regular quarterly dividend or one
'IV
and three-fourths 1(1 H%) per cent on the Pre¬
ferred Stock of the Company, payable
January 3.
1921, to stockholders of record at the close of
business December 16, 1920.
WILLIAM
Company.
Preferred Stock Dividend No. 19.
The Board of Directors of this Company has
declared the regular quarterly dividend of one
and three-fourths (1H%) per cent on the Pre¬
r
ferred Stock of the Company, payable January 3,
1921, to stockholders of record at the close of
business December 16, 1920.
WILLIAM
declared out of the surplus net earnings of the
Company, payable in COMMON stock January 2,
1921 to stockholders of record on the books of
the Company at the close of business December
17, 1920.
FRANK B. BALL, Treasurer.
STHEEL & TUBE COMPANY OF AMERICA.
The
Board
of
Directors
has
declared
the
regular
quarterly dividend of 1M % on the
7% Cumulative Preferred Stock of the Com¬
pany, payable January 1, 1921, to the stock¬
holders of record at the close of business De¬
cember 20, 1920.
A.
REISER, Treasurer.
Yadkin River Power
Hm**.
(1K%)
SCHLESINGER,
UTAH
POWER & LIGHT COMPANY.
STOCK DIVIDEND NO. 32.
quarterly dividend of one and
three-quarters per cent (1H%) on the Preferred
Stock of the Utah Power & Light
Company has
been declared, payable January 3,1921, to stock¬
holders
of record
at
the close
of business
Dec-
cember 16, 1920.
GEORGE B. THOMAS, Treasurer.
KANSAS
GAS
&
ELECTRIC
COMMON STOCK DIVIDEND.
COMPANY,
DIVIDEND
PREFERRED
December 15th, 1920.
of record at the close of business December 22.
1920. .i-
Chicago, Illinois, December 11th, 1920.
The
W. CLARK &
CO.,
Bankdts..
^
upon
the preferred stock of the Com¬
pany, payable January 1st, 1921, to stockholders
of record at the close of business December 20th,
1920.
Checks will be mailed.
HOWARD
CORNING, Treasurer.
regular
The Board of Directors of Fairbanks. Morse &
Co. has this day declared a quarterly dividend of
*1 .25 per share on the Common Capital Stock
of the Company, payable January 3rd, 1921, to
stockholders of record at the close of business on
F. M. BOUGHEY, Secretary.
E.
Office of the Bangor Railway & Electric Co.,
Bangor, Maine.
Preferred Stock Dividend No. 37.
The Board of Directors of the Bangor Railway
& Electric Co. has declared the regular quarterly
dividend of one and
three-quarters per cent
PREFERRED
REISER. Treasurer.
FAIRBANKS, MORSE & COMPANY
A.
President and Treasurer.
The
COMMON Capital Stock
of Ajnerican Gas & Electric Company has been
Syracuse: Onondaga Bank Bldg.
Asheville
Company
DIVIDEND COMMON STOCK
New York, December 13, 1920.
An extra dividend of two per cent (2%) on the
EXTRA
♦
Boston:
Gas and Electric
American
25 Broad Street
regular
STOCK
~~
NO.
43.
dividend of one and
(l%%) on the Preferred
Stock of this Company has been declared,
pay¬
able January 3, 1921, to preferred stockholders
three-quarters
CRUCIBLE STEEL COMPANY OF AMERICA
Pittsburgh, Pa., December 16, 1920.
DIVIDEND NO. 7.—A dividend or two per
cent (2%) has been declared out of undivided
profits, upon the Common Stock of this Com¬
pany, payable January 31, 1921, to stockholders
of record January 15, 1921.
Transfer books will
not be closed.
Checks will be mailed.
W. R. JORALEMON, Secretary.
quarterly
per cent
WILLIAM REISER, Treasurer.
DIVIDEND NOTICE
The initial quarterly dividend on its preferred
stock has been declared by B. B. & R. KNIGHT,
INC., payable January 1, 1921, to stockholders
of record at 3 p. m., December 20,
1920.
.Trans¬
fer books will not close.
SHERBURNE
PRESCOTT, Treasurer.
,
TTTTTT
DEC.
THE
181920.]
CHRONICLE
financial
A
Tower
of Strength"
.•
\ -wv,r- •
«•*«.
—-<»rs«
rf-...»■■ I.. ■
«7K«|
«rr/»u«w2
Constructive
-
Banking Contact
Bankers Trust Company is an active,-well
informed institution backed by ample re¬
sources and
experience for the protection
promotion of its customers' interests.
Though large enough to handle the largest
business it is not too large to give personal
and
consideration tto
moderate scale.
Your
business done on a more
banking requirements,
commercial
whether they are large or Small, whether
domestic or international, will receive here
all
the
benefits
of
adequately
strong,
a
equipped organization.
ankers Trust
Company
Member FederalReserve
System
Uptown Office:
Paris Office:
Downtown Office:
16 Place Vcadome
16 Wall Street
Eastern Texas Electric Co.
7
Common Dividend No.
A $2.00
quarterly dividend is
olders Jan. 3,
Dec. 20, 1920.
Eayable of record1921, to Stock-
Stone & Webster, Ine^
General Manager
Eastern Texas Electric
Consumers Electric Light
5
The
regular quarterly
quarters per cent
dividend of one and three
Preferred stock
(IH%) on the
been declared, payable De¬
stockholder of record De¬
cember 10,
1920.
The transfer books for the
Prefeired stock will be closed at the close of busi¬
ness December 10, 1920, and will be reopened on
February 2, 1921, In connection with the payment
of the above dividend and the holding or the an¬
nual meeting of stockholders on February 1, 1921.
J. A. McKENNA, Assistant Sec'y.
CRUCIBLE STEEL
COMPANY OF AMERICA.
Pittsburgh,
Stone & Webster, Inc.,
General Manager
Pa.,
November 24,
DIVIDEND NO. 73.—A
Stock
MATHIESON
ALKALI WORKS (Inc.).
December 14, 1920
New York,
quarterly dividend of one and three-quarters
per cent (1 H%)
has been declared upon the
preferred stock, payable January 3, 1920. to
stockholders of record at the close of business
December 20, 1920.
Transfer books will not
foe closed
FRANCIS B. RICHARDS,
For other dividends see page
JACOB
1920.
Treasurer.
2450.
BACKER
fat. UM
dividend of one and
three-quarters per cent (1M %) has been declared
or
undivided
profits upon the Preferred
of this Company, payable December 31.
1920, to stockholders of record December 15,1920.
The transfer books will not be closed.
out
THE
Street
A
of the Company has
cember 31, 1920, to
*
semi-annual dividend
is payable Jan. 3, 1921, to Stock¬
holders of record Dee. 20, 1920.
A $3.00
and Power Co.
(New Orleans)
Co.
Preferred Dividend No.
5th Avenue at 42d
FINANCIAL
txehanf* Bank
BWf#
BROKER
St. Paul HI
XXIV
THE
CHRONICLE
[VOL. 111.
Jffrtandal
$25,000,000
Standard Oil
Company (California)
Ten-Year 7% Gold Debentures
Dated January
1921
1,
Interest payable
and
February 1 and August 1.
Francisco.
San
principal.
In
Redeemable
if redeemed
on
Due January 1, 1931
,
coupon
as
whole
a
Principal and interest payable in gold In New York
form of $1,000 denomination with
on
any
interest date
on
provision for registration of
30 days' notice at 105 and interest,
August 1, 1921, and thereafter at \i of 1% less
on
each semi-annual interest date.
Equitable Trust Company of New York and Anglo-California Trust Company San Francisco Trustees
A
Sinking Fund of $500,000
is
provided to purchase Debentures
The Statdard Oil
over
per
commencing January 1,
annum,
at
exceeding
not
par
1922, I
and interest.
Company of California is producing from its oil wells in the United States
a day, and as such is the largest producer of crude oil in this
country.
100,000 barrels
Security—These Debentures will be the direct obligation of the Standard Oil Company of
California and will constitute its only funded debt.
The trust agreement under which
the Debentures
not issue
any
are
provide that during their life the Company will
obligations having priority
Market Equity—The
common
to be issued will
stock.
over
this issue.
Standard Oil Company of California has outstanding $99,373,310
At present
quotations this stock represents
a
market equity of approxi¬
mately $320,000,000.
Property Valuation-—The depreciated replacement value of the Company's assets, in¬
cluding its properties in California, Oregon, Washington, Alaska, Nevada, Arizona,
Colorado and the Hawaiian Islands, and
excluding its assets in the Philippines and
Central and South America,
according to
an
appraisal
now
being completed, will exceed
$400,000,000.
Earnings—For the fiscal
year
ended December 31, 1919, the Company reported net income
after
depreciation, depletion and Federal taxes, of
more
than the par amount
approximately $17,000,000
over $31,000,000, or considerably
of this issue, and for the past six years average net income of
per annum.
Earnings of the Company for the ten months
ended October 31, 1920, were in excess of the
earnings for the entire
year
1919.
Price 100 and Interest
Wm. A. Read & Co.
The
Anglo & London Paris National Bank
Blair & Co., Inc.
■.
The Equitable Trust Company of New York
Continental and Commercial Trust &
Savings Bank
■*
-
/
i
■
.
The information contained, in this advertisement has
been obtained from
which we consider reliable.
While not
sources
guaranteed, it is accepted by us as accurate.
Orders have been received in
This
excess
advertisement
of the amount of Debentures available.
appears
as
a
matter
of
record.
,
*
XXT
CHRONICLE
THE
Dbc.181920.]
financial
undersigned firms and institutions offer for
The
subscription
$8,000,000
(Total Issue)
Cerro de Pasco
Copper
Corporation
CONVERTIBLE 8% GOLD BONDS
TEN YEAR
ME- L. T. HAGGIN, President of the Corporation, in a circular
obtained upon
application, has given us the following
which may be
information concerning
this issue:
the sole funded
Copper Corpora¬
These Bonds will constitute
debt of the Cerro de Pasco
tion, which was organized under the laws of
the State of New York in 1915, to continue
the mining
operations theretofore conducted
by the Cerro de Pasco Mining
for many years
Company.
made that if any subse¬
placed upon the real prop¬
erty now owned by the Corporation or on
certain specified securities held in the Treas¬
ury, these Bonds are to be secured thereunder
Provision is also
Corporation owns copper mines and
other properties in Peru and during the last
five years has produced annually an average
of 64,000,000 pounds of copper and 5,200,000
The
ounces
$840,000 each year), to be applied to the
purchase of Bonds in the market at not ex¬
ceeding 105 and accrued interest, or to the
redemption of Bonds by lot at that price.
Such sinking fund is computed to be sufficient
to retire the entire issue of Bonds at maturity.
of silver.
quent mortgage be
by
prior lien.
a
proceeds of this issue will be used to
reimburse the Corporation for funds expended
on a new smelter and to provide for its com¬
During the four years 1916-1919 the Cor¬
poration's net income available for interest,
United
States Federal
taxes, depreciation
pletion.
and
The
The
Bonds
to
are
be
convertible at the
option of the holder until January 1, 1931
(unless called for earlier redemption by the
Sinking Fund at 105), into common stock of
the Corporation at the rate of 30 shares of
stock for each $1,000 Bond, equivalent to a
price of $33 1-3 for each share of
stock.
According to authentic records,
range of the Corporation's stock,
since 1915, has been as follows:
High
Low
High
the price
by years,
1915
55
34
1916
47%
32%
41
25
31
61%
1920
29^
67%
1919
1917
Low
39
1918
The
made for an annual sinking
fund of not less than 20% of the Corporation's
net
earnings
(but
in
no
event
Subject to the issue of the Bonds as
less
than
undistributed
Corporation since its
organization has
paid dividends of at least $4 per share per
annum
on its stock.
The market value of
such stock is over $22,000,000, based on
current market prices.
25
is
$3,600,000
about $12,700,000,
include
The
(to Dec. 14)
Provision
depletion, ranged from about
which figures do not
profits j)i subsidiary
companies averaging about $1,000,000 annu¬
ally for these four years.
It is estimated
that the earnings for 1920 will be not less
than $4,000,000, whereas the interest and
minimum sinking fund requirements on this
Bond issue are less than $1,500,000.
to
Bonds
are
to be
issued in coupon or
fully registered form in denominations of
$1,000.
Interest will be payable on January
1 and July 1.
planned and to the approval by our counsel
offered for subscription at
of the corporate
proceedings, the above issue is
100 and interest,
yielding 8%
Subscriptions will
3, 1921.
Morgan & Co. will be delivered pending the
Subscription books are now open at the office of J. P. Morgan & Co.
subject to allotment, and for delivery and payment about January
be received,
Temporary Bonds or Trust Receipts of J. P.
receipt of the definitive Bonds.
j. p. morgan &
first national bank
co.
the national city co.
New York
New York
bankers trust
company
New York
chas. d. barney
wm. a. read & co.
December 17, 1920.
& co.
spencer trask & co.
THE
CHRONICLE
[You 111.
Thrift and Investment
We
going to inaugurate a campaign to test out
people not accustomed to buying
corporation securities can be induced to do so.
are
2. Fewer objects of charity and greatly lessened
demand on charitable institutions. Trace back
the extent to which
We believe
'
fairly well informed as to the
history of what has heretofore been done along this
line, but realize that these efforts have in the main
been
an
we
are
economical failure.
Nevertheless,
edged investment securities, and by the educational
influence of the Liberty Loan
campaigns.
That a very large proportion of our
people who
have never saved their money and invested it in corporation securities can be induced to do so cannot
longer be questioned. This has been demonstrated
this fact
,
again. Many convincing examples of
be shown by the efforts of this firm
can
of the need for charity and
cases
until
it is the result of
a
you
lack
of thrift.
begreater opportunity
we
upon the unprecedented
opportunities
afforded through high yields on
many gilt-
time and time
case
how far back you will have to go
find that in most
primarily
.
each individual
see
lieve that the present presents a
for success than ever before.
This belief is based
now
Campaign
3. Thrift tends to make people contented and industrious.
L It has been estimated by competent authorities that if thrift were generally practiced, it
would reduce crime and prostitution by at least
t
one-half. In an article on thrift, published in
the New York ''Tribune," Sunday, February
29, 1920, Henry L. Doherty said: "Every one
working for better morals, better citizenship,
better conditions of charity subjects, can perhaps attain the desired end more quickly by
working to make thrift universal than by work-
ing along his present lines," and he might well
alone, and by the individual efforts of the senior
have added:
member of this firm
prevent crime than to punish criminals, and
how much better to prevent poverty than simply to attempt to relieve what might have been
prevented."
going back for
period of
more
than 20 years.
The fact remains, however,;
that it has not yet been done
economically. It has
required effort and cost out of all proportion to a
reasonable selling expense.
S;
•
Much
additional
information
has
through the campaigning which is
a
i
The benefits of having a large proportion of our
been
now
gained
being done
population become
are
by the public utility companies of the country in
Ownership campaigns.
These campaigns are advocated and sometimes
as a
a success.
Neither is their
nor a
generally carried on either at great
merely as gratuities to employees.
A
man in
charge of the welfare work for one large corporation said: "Our thrift and investment work is
are
expense or
the
most
difficult to maintain.
It is like trying
continually to push a boulder uphill." These thrift
and investment
campaigns are seldom effective after
the first
"hurrah," and it is our opinion that this
work
so
desirous to be done will
done unless it
can
never
be
Of
our
do not
,
doing it.
population who do not
save
.
and who
invest
their savings in
corporation securities, some need only to be shown how to do this.
Many through a proper campaign can be induced
to save and
invest, while any amount of campaigning would be useless as applied to others. The quesnow
tion is
simply one of how many can
and invest their
savings
be induced to
'
as
which will not
require an expenditure in excess of a
selling cost. To what extent this can be
done, we hope to demonstrate through this forthcoming thrift campaign. The benefits from thrift are:
great reduction in individual
ing.
thrift
cases
3. We believe that
many
of suffer-
cases of
suffering if
previously been practiced.
much
corporations having highunderlying securities, which' could be
recommended by the issuing house, would be
willing to pay not only the usual selling comgrade
There would be few
had
as
their present work
along this line now costs
them, and in addition many corporations would
join in this work which are not now doing anything along this line.
reasonable
A
a
ment and contribute to the movement
save
through plans and methods
1.
or-
widespread co-operative movement for
continuing this campaign, the first movement
in such a campaign being to call for volunteer
workers.
Many men and women, who desire
to see our citizenship bettbred, could be enlisted, we think, in the cause represented by such
a
campaign.
2. The many corporations now carrying on thrift
and investment wTork at great expense could be
induced to join in such a co-operative move-
thoroughly
prof'
now
1. We do not think it would be difficult to
ganize
be commercialized and made
itable to those
resources
this announcement to picture in his own mind what
the result would be if the majority of our population could be induced not only to practice thrift but
to invest in corporate securities.
Could anything
be pictured that would do more to insure against
poverty, reduce the need for charity, lessen crime
and prevent class dissension?
We are operators of
many public utility companies. We believe the controversies between the people and all corporations
would largely cease if the majority of voters were
owners of corporation securities,
While we hope to demonstrate that this movement can be carried out
economically and paying its
own way, we will not be entirely discouraged if we
fall somewhat short of this, because:
object that of a
campaign to make people who
heretofore have not been investors in
corporation securities owners of
corporation securities.
Many corporations maintain Thrift and Investment Departments for their
employees, but these departments
our
«
more pbople to champion the
of just treatment for corporations.
'
The $bove is but a feeble enumeration of the benefits which would result.
We ask every reader of
securing the advantage of lopopular ownership. Generally speaking, as
a matter of
raising money at a reasonable selling
cost, these Consumers' Ownership campaigns have
campaign,
nation.
cause
cal and
not been
of corporation securities
2. This would add
for
other purposes
entirely aside from
the desire to raise
money. They are a way of taking
in local partners and
thrift
owners
obvious:
1. This would greatly strengthen
their Consumers'
conducted
"How much better it would be to
.
(
•
Dec. 18
1920.]
THE
CHRONICLE
XXVII
jFiitaiirtal
mission
on
such
securities, but a special com¬
increasing and diversifying their
stockholders.
Many executive managers have
been asked this
question: "How much would
mission for
"
•
f
you pay
for
one
thousand additional
nent stockholders?"
In
perma¬
few
lic goes,
will not require
a
knowledge of Wall Street
methods and of financial matters
so
that was secured without solicitation.
which would
only condition
>
I
mean
the
a
payment of from $5 to
$25 for each
new permanent stockholder.
Many
corporations would prize new stockholders so
highly, that they would be willing to create
new issues of
underlying securities to sell to
thrifty investors, and in addition would pay a
handsonie commission for each
new name
ed to their stockholders' lists.
As
add¬
an
example
of what a largely increased list of stockholders
i
*
would mean to a great corporation in direct
f
contact with the general public, ask yourself
the question: "If you were general
manager of
the Interborough, what would you be
willing
to pay for 100,000 new stockholders
residing in
New York City?"
We cite the above only as examples to show that
in event
a
nation-wide co-operative
thrift and
investment campaign is conducted, there will be
many ways of contributing help to such a campaign,
even
though our demonstration does not work out
as a
complete success.
As you perhaps know, we believe that
competition
is often co-operation.
If a nation-wide thrift and
investment campaign could be put on, backed by all
the large financial houses and all the principal cor¬
porations of the country, we believe it would be a
greater success for all, whether carried out co-opera¬
tively or independently, than if done simply by one
firm.
In proof of the genuineness of this attitude
on our
part, let us remind those who already know,
and tell those who do not know, that we have main¬
tained
a
a
school for securities salesmen for
school in which there is
in which students
our
so-called
own
are
no
time,
charge for tuition and
as
cordially
from
fair demonstration of what
investment
1.
2.
success.
Our plan will include an extensive advertising
campaign to locate first prospects. No appeal will
be made in this campaign for volunteer workers, but
volunteer help will be welcome if offered.
It was decided at the inception of this campaign
that outside advertising talent would be called in,
talent
not
financial
heretofore connected in
advertising.
any
way
with
As financial houses grow in
importance, the more conservative, cold and dignifier their advertising is apt to become.
One of the
successful commercial advertising men of former
times
always used to refer to the advertsiing of high"graveyard advertising."
believe that this thrift and investment cam¬
class financial houses as
We
paign, so far as its presentation to the general pub¬
were
Mr. Freeman's
going to do the
own way.
believe
that
we
are
on
conceit but is due:
faith that the wage-earner can
investor.
our
That
most
of it if success be possible.
be made
have, had
more experience in this work
people.
our experience in the public utility busi¬
where in cases some hundreds of thou¬
we
than most
3. That
ness,
sands of customers' accounts must be handled
monthly, better fits us to handle the accounts
investors, expeditiously and economi¬
cally.
That the growth and present position of Cities
Service Company, the largest corporation un¬
der our management, not only has laid the
foundation for success of this demonstration,
of small
4.
but indicates in
5.
a measure
what
can
be
accom¬
plished along well-planned lines.
Cities Service Company was organized in 1910
and now has over 40,000 stockholders of record
and more than 85,000 investors hold the securi¬
ties of Cities
Service Company and subsi¬
diaries.
6.
7.
or through subsidiaries, Cities Serv¬
Company now employs more than 20,000
Directly
ice
port of the results of this campaign. If it has not
an economic success, we will show in this re¬
economic
In
an
been
port all the ways we have thought of to make it an
we
a success
This belief is not based
be done
along these
lines, but permit us to make a demonstration and
we in turn will make the results public to every one
interested in the subject.
We intend to send a letter, together with a copy
of this announcement, to the Investment Bankers'
Association of America, offering to give a full re¬
because
likely to make
one
can
that if he
foregoing in a general way completes our
story. We assume that greater detail would not in¬
terest the average reader.
If we have not told you
everything you want to
know, write us. If the letters are few, we will reply
individually. If a large number of people are in¬
terested and want more information, we will arrange
a
meeting and Mr. Doherty and others from our firm
will outline our plans further and answer all ques¬
tions that may be asked.
We are inaugurating this campaign for thrift and
our
attempt to take
and thus prevent a
un¬
The
offices.
We ask, however, that no
advantage df this campaign
to
*
some
as
was
job, he must be allowed to do it in his
received from the offices of
"competitors"
as
clearly the working of the minds of the
public we are trying to reach.
After careful study, we all agreed that William
C. Freeman was the man
pre-eminently fitted to take
charge of this campaign. This is one advertising job
instances, they
have answered,
"Nothing," but generally they
have named an amount from $5,000 to $25,000,
*
much
derstand
people, many of whom have learned and are
practicing the thrift habit.
Without any special campaign methods, our
security holders are constantly growing in
numbers and at a constantly increasing rate,
so that we are now adding on an average more
than 1,000 names of new security holders each
month.
We
hope all will watch the progress of this cam¬
paign with interest. We shall be glad to have sug¬
gestions and help. If success is not ours, we will
confess it freely.
Please bear in mind that we arq
not boasting in advance of success, that we are spend¬
ing our own money and that the risk is all ours. If
directly, or by collateral methods, we can make this
campaign a success, our greatest desire will be to
see a nation-wide thrift and investment campaign
inaugurated,
not
a
campaign that will be certain to make
merely for better business conditions but for
better
citizenship and an improved condition for
our great population.
Faithfully yours,
vast numbers of
HENRY L. DOHERTY &
December
11, 1920.
COMPANY,
60 Wall Street, New York.
t
THE
xxthi
[Vol. 11L
CHRONICLE
fimmtUL
We,
of
own
and offer^with
our
recommendation
and Corporation Bonds,
conservatively issued Municipal
a
few of which
are
large number
a
listed below:
MUNICIPALS
Imu«
Per Cent
Yield
Maturity
Kansas
City, Mo., S. D___
July 2, 1937
County, Iowa, 5s
1924-1934
Miami Conservancy District, Ohio, 5^8
1933-1949
Butte Co. S. D. Funding.
Apr. 1, 1937
Franklin County, Texas, 5s..
Aug. 1, 1956
White's Creek Twp., Bladen County, N. C., 6s...July 1, 1939
Abbott's Township, Bladen County, N. C., 6s
July 1, 1939
Cerro Gordo
5.30
5.30-5.75
5.40
5.60
5.75
6.00
6.00
CORPORATION BONDS AND NOTES
Mar. 1, 1945
Jan. 1, 1931
Knickerbocker Ice Co. First 5s.
...July 1, 1941
Diamond Match Company 7^8
Nov. 1, 1935
Iowa Electric Company 1st 6s
July 1, 1934
Westinghouse Electric & Mfg. Co. 7s......
May 1, 1931
Pennsylvania-Ohio Power & Lt. 1st & Ref. 71/£s-.Nov. 1, 1940
Rainey-Wood Coke Company Equipment 7%s-...Aug. 1, 1921
Davis-Watkins Dairymen's Mfg. Co. 1st 7s
1922 to 1924
General Amer. Tank Car Corp. Equip. 7s, Ser. 2_.1921-1923
6.55
Brunswick-Balke-Collender Co. 6s
Chicago^Junction Railroad Co. 1st 4s...
Standard Oil Company (California) 7s...
Jan.
7.00
7.35
7.50
7.55
7.65
7.85
8.00
8.00
8.00
8.00
8.00
.Mar. 15, 1922
Richland Public Service Co. Ts....
1, 1922
.Nov. 1, 1932
May 1, 1923
Aug. 1, 1930
..Oct. 15, 1925
Virginia-Carolina Chemical Co. 7Vfcs
Salina Light, Power & Gas Co. 1st 7s
Pacific Power & Light 1st & Ref. 5s
Swift & Company 7s.
8.55
Sears,^Roebuck & Co. 7s
1921 to 1923
8.30
8.37
8.50
9.00-9.50
PREFERRED STOCKS
H.|W.|Gossard Co. 7 Per Cent Preferred Stock
....
Penick & Ford, Ltd., Inc. 7 Per Cent Preferred Stock.
Alfred Decker & Cohn, Inc., 7 Per Cent Preferred Stock..
Godchaux Sugars, Inc. 7 Per Cent 1st Preferred Stock.
Securities
are
Offered
Subject to Prior Sale
Circulars Furnished
on
Request
e
1
illlLW
Safety of Principal Is Our First Consideration
ja
.7.95
.7.95
.8.00
...
.8.75
It T"f. | fin
I fatnmatial HI h
INCLUDING
Bank &
Quotation Section
Railway & Industrial Section
Electric
Railway Earnings Section
Bankers' Convention Section
State and
VOL. 111.
SATURDAY, DECEMBER 18,1920
Railway Sectioi
City SectioQ
NO. 2895
Week ending December 11.
Clearings at—
Inc. or
1LISHED
Terms of
For One Year
WEEKLY
1920.
1919.
1918.
Dec.
....
$10 00
....
Chicago
659,965.162
3,8
Detroit
91.734,646
Milwaukee...
29,810,137
Indianapolis
17,461,000
600,663,931
64,917,477
114,526,979
92,599,787
30,334,695
18,978,000
Columbus
13,978.100
15,465,200
—9.6
Msw York funds.
Toledo
13,206,335
—11.8
Subscription includes following Supplements—
Bank and Quotation
(monthly) Railway & Industbial (semi-annually)
Railway Earnings
Elbctbio Railway (semi-annually)
(monthly)
By ati and Oitt (semi-annually) Bankibs' Oonyintion (yearly)
Peoria
14,978,628
4,759.928
6,171,257
—7.2
4,211,912
—5.1
66.764,281
93,037,619
68,709,151
32,744.648
15,696,000
12,748,300
11.302,402
6.243,912
5,239,652
4,936,807
For Six Months.
6 00
European Subscription (including postage)...
13 50
European Subscription six months (including postage).............
7 75
Canadian Subscription (including postage)
11 50
.................
NOTICE—On account of the fluctuation* In tha rata* of
for
1917.
Subscription—Payable in Advance
European eubacrfptlona
and
advertisements
azenanc**
must
be
remit-
made In
Cincinnati
62.253,298
Cleveland
113,957,838
Rapids..
Dayton
4,571,666
5,725,884
3,996,508
Evansvllle
Grand
—4.1
—0.5
—0.9
—1.7
—8.0
—4.0
535,120,997
463,815,594
35,231,000
68,077,369
52,769,526
28,098,358
13,071,000
9,829,100
9,874,935
4.363,400
5,131.446
3,157,304
2,847,912
Transient display matter per agate line
Contract and Card rates
WILLIAM
Front,
B.
Pine
DANA
and
Streets,
New
2,146,731
1,692,189
Youngstown
1,313,960
3.887,628
1,363.104
3,246,768
Lexington
',020,917
1.300,000
—7.1
1.300.000
8 976,000
9,966,000
—9.9
2.200.000
6,452,000
2,132,008
3.300.000
1,454,048
1,681.018
2,400.000
3,000,000
1,685,243
1,690,004
1,600 000
1,965,520
1.434,638
1,366,505
737,153
1,256,703
616,908
2,085,465
—8.3
Bloomlngton
COMPANY, Publishers,
Depeyster
3,715,560
+9.1
Rockford
Chicago Orrica—19 South La Salle Street, Telephone State 5594.
Iondon Owe*—Edwards & Smith, 1 Drapers' Gardens, E. O.
—7.3
2,360,437
1,885,422
4,538.713
1,400,000
+ 10.7
2,056.074
Akron
45 cents
On request
4,613,844
2,613.176
Fort Wayne
Advertising
4,183,506
Springfield, 111...
Canton..
Terms of
1,353,558
4,896.000
1,963,267
1,800.000
1,120 667
Quincy
York.
South
Bend
1,750.000
Springfield,
Published every Saturday morning by WILLIAM B. DANA COMPANY, Presi¬
dent, Jacob Selbert Jr.; Vioe-President, Arnold G. Dana; Business Manager, William
D. Biggs; Secretary, Herbert D. Selbert.
Addresses of all. Office of the Company.
Ohio
1.321.261
Decatur
1,312,883
1,371,270
Mansfield
769.287
Lima...
900.000
Jacksonville, 111
CLEARING HOUSE RETURNS.
Danville
472.080
Lansing
The following table, made up by telegraph, Ac., Indicates that the total bank
clearings of all the clearing houses of the United States for the week ending to-day
Owensboro....
have been
Adrian
$8,973,637,628, against $7,657,724,587 last week and $10,315,136,835
the corresponding week last year.
Ann
Arbor...,
San
Clearings—Returns by Telegraph.
Week er.aing December 18.
New York
Per
1'20.
l'ly.
Cent.
$4,955,773,076
563,934,891
—5.9
453,377,670
329,144,284
481,156,099
408,691,312
—19.5
157,930,185
143,689,017
151,300,000
213,782.866
165,307,114
—13.1
172,461,319
—12.3
Boston
Kansas City
St. Louis
San Francisco
—13.6
—5.8
—26.1
Pittsburgh
164.703,957
171,097,339
—3.7
Detroit
101.063.679
129.833,422
90,786,178
—22.2
90,007,025
—40.1
Baltimore
83,760,305
New Orleans
63,879,423
Francisco..
—7.7
$6,452,360,695
1,124,782,647
Total all cities, five days
All cities, one day
—13.3
$7,442,830,641
1,300.401,219
—13.5
$7,577,143,242
$8,743,231,860
—13.3
1,396,494,286
1,571,904,975
$10,315,130,835
—13.0
—28.4
935,796
—23.5
525,190
—13.7
852,885
+ 9.8
351 121
910,346
293,622
266,668
1,227,498
—32.8
—8.5
+ 0.3
562.503
—67
1,395,006
1,250.000
1,078,219
1,160,000
852,976
787,308
511.497
771,384
»
270,000
—21.9
143,400
92.828
—54
886,559,297
723,717.850
102.243,642
30.810,000
139,500.000
—17.7
124,814,885
Los Angeles....
80,247.000
58,993.000
+ 36.0
32,233,990
11,130,672
17,076,300
40,793.226
—21.0
32,726,000
43,752.165
8,679,744
17,073,728
33,672.745
...
169,465,919
12.500,000
—10.9
19,087,188
30,381,709
4,729,882
9,890,112
8,743,212
—10.5
3,306.872
6,837.231
3,117,826
+ 6.1
6,343,720
+ 7.8
Stockton
6,165,200
7,609,300
—19.0
Pasadena
3.520,318
2,279,292
1,545,702
2,116,041
2,321,919
+ 66.4
1.015,254
—1.8
1,779,658
829,018
2,678,178
—13
1.050,000
1.231.859
20,739,890
8,125,033
17,671,805
5,901,179
7,973.998
4,827,251
2,123,931
3,620.980
1,919,925
Salt Lake
City..
Portland..
Tacoma
32,547.070
4,176,216
Oakland
11,638,110
Sacramento
San
7,967.030
....
Diego
Fresno
....
San Jose
Yakima
•
750.000
Long Beach
3,787,875
Santa Barbara..
1,119,880 Not Included
Total
Pacific.
477,085
364,658.878
+ 17.7
—8.9
19,496,585
3,777,183
6.665,097
4,101,402
8,049,062
3,180.077
2.694,280
.
1,400,363
1,222,511
1.004,852
025,000
—9 5
604,432
+ 41.7
1,132,423
873,713
292,020.499
232,741,155
190.544.603
54,347.270
63,524,854
194,026,542
18,667.842
17,098,931
In total
381,379,908
164,469,192
+ 7.1
—11.9
218.097.538
A
—11.1
$8,973,037,528
+ i.O
1,700.000
1,467,683
1,421,678
1,160,530
1,381,367
1,165.131
1,105.070
593,322
+5.7
+9.4
Seattle
Reno..
Eleven cities, Ave days
Other cities, five days
+ 10.0
—13.7
959.510.391 1,014,237,758
Spokane
$4,282,990,186
530,521,889
Chicago
Philadelphia
211,266
Tot.Mld.West.
.
-'•••
1,800.000
617,880
459,249
—114
Kansas City
—24.6!
The full details of the week covered by the above will be given next
We cannot furnish
at noon
all
them
Saturday, and hence In the above the last day of the week has
estimated, as we go to press Friday nlgbt.
on
cases
Saturday.
to-day, clearings being made up by the clearing
houses
to be in
Minneapolis
86.458.397
51,475,813
+ 68.0
Omaha
Total all cities for week
44.000,000
51.689.713
—14.9
St.
43.252.321
23.039,792
Denver
21,712.693
22,643,289
—4.1
19,307.642
19,626,063
St.
11,441,174
16,577,740
—31.0
20,479.641
10.306.828
10.956.431
7,682,310
+44.51
6,944,719
9.629.610
9.830,406
—2.0
7,000.000
10,799,797.
14,097,221
—35.2
4,573,410
3,*92,197'
—7.0
17,761.392
9,119.193
9,889.490
8,900.314
4,009,389
—18.0
2.758.347
Paul
Joseph
Duluth
Detailed figures for the week ending Dec. 11 show:
Des
Moines
Sioux
City
11,429.349
Wichita
Week ending December 11.
Lincoln
Inc. or
4,254,603
Topeka
Clearings at—
2.802.315
3.100 000
Fargo
+ 86.9,
—22.2
33,866,270
46,019,187
7,999.061
7.223,453
8,279,047
3,767.808
3,280.030
2,256,000
New
York...j..
1919,
4,149,675,396 5.039,937,696
Philadelphia
440,453,448
473.041.016
Pittsburgh
168,267,799
Dec.
1918.
$
%
—17.7 3,755 124,807
—6.9
403 700.180
1917.
3.550.000
—12.7
3,694.238
Helena
1.281.745
2,449.643
—47.7
2.717.712
2,282,453
Cedar Rapids
1920.
2.312.100
2,457,008,
—5.9
2,109,049
; 1,987,657
919,650
729,939'
+ 26.0
841,814
1,857,216
—10.2
1,543.504
1,175,091;
—16 4
807.396
Pueblo
,395.655,067
340,317,698
Colorado Springs.
1,557,940
982,474
616 000
865.015
—40.6
748,829
1,488.360
+ 19.7
1,408,615
1,788.952
1,243,894
654,270
1,734,760
+ 10.5
+ 3.1
1,701,149
669,499
2,223 278
920.267
738,377
1,307.808
470,361
1.273,681
432.058.791
451,116,074
—4.2
425,252,228
379,052,226
130,705.600
164.431,612
81.532.113
18.124.842
—16.9
105.820,349
02,731,999
32,603,297
—7.0
Galveston
30.361,177
9.711,182
10,800,000
Richmond
55.378.923
Memphis
18.992.886
Atlanta..
52,310.864
Fort
Savannah
Nashville
Waterloo
156.234.965
+ 7.7
121 000.000
68,890.677
Baltimore
91,168,484
93,927,723
—2.9
86 ,598,442
42,682,007
Buffalo
Fremont...
Billings
41,132,753
4,675,569
37,798,360
+ 8.8
24 017,762
19,317,673
4,660,547
Hastings
+ 0.3
4 594,546
18,530,380
17.736,060
+ 4.5
10,741,007
11,870,761
—9.5
7 693,49?
5,524,281
4,642.072
+ 19.0
3 690,649
3,842.565
3,100.000
4,479.188
3,419,429
4,162,257
—14.2
5 ,229,123
—93
2 701,495
2,808.802
—35.6
3 ,650,576
—6.0
2 ,107,691
3,452,300
1,983,495
+ 12.1
4 ,279,535
3 ,902,978
Albany
Washington
Rochester
Scran ton....
Syracuse
>.
Reading
Wilmington
2,682,985
16 ,500,00
4,433.022
12,900,000
6,940,086
3,149,184
3,986,278
Wilkes Barre
2,489,023
Wbee lng
5,522,736
2,648,933
4,928,497
Trenton
3.693,560
4,471.777
—17.4
York
1,310.195
1,625,191
—19.4
1 .167,721
1.324,055
Erie
2,629,738
1,034,100
2,417.091
+ 8.8
2 ,308,909
1,836,918
1,077,200
—4.0
728,200
1,052.900
Bingham ton
Greensburg
1.300.000
+ 4.6
Chester
1,359,805
1,166.331
1,319,590
Lancaster
2.346.000
Montclair
600.000
3,114,903
3,646,939
2,300,000
+2 0
2 166,311
2,158.039
462,821
+ 29 6
414,728
535.556
1,122,270
—1.9
1,143,648
4,454,137 Not included total.
755,596
700,000
Bethlehem
Huntington
2,103,088 Not Included
Total Middle.
Boston
4.963.068.425 5,856,602,722
In
—29.3
324,229.272
298,274,211
17,137,000
9.261,398
—30.9
11.708.200
12,688,900
+ 14.1
5,460,383
7,267.186
—24.9
Springfield
4,532,450
—5.2
Portland..
2,750,000
Worcester......
3,854.214
New Bedford
1.51 *.279
4,782.026
2,500.000
4,641.473
3.162,015
3.077,961
Lowell
1,234.716
1.249,132
River
1,753,033
...
Stamford
Total New Eng.
489,234,503
Orleans
53,897.135
24,480,805
—10.0
80.778,500
—31.4
02.409.602
42.393,077
31,147,781
87,029,075
—39.0
23,660,907
14,643,400
—39.9
55,421.981
16,168.493
6.273.037
22.604.993
—28.5
14,803,353
—57.6
24,836.379 —15.4
13,610,919. —29.9
17,218,692, + 10.0
2,360,115
16.000.000
6,500.000
3,000,000
7.997,783
3,008,687
—10.0
Knoxvllle
—03
2.589.728
3.000.000
5,000,000
—40.0
3.503,790
Mobile
2,337,165
2.328,559
+ 0.4
1,638,901
27.213.720
15.358.194
9.191,273
Macon
5 000 000
9,849.541
+ 77.2
—49.1
Austin
1,671.565
388,938
1,922,620
—13.1
441,912
—12.0
573.300
8,413,050
7.097,807
20.548.399
495.603.608
Norfolk
9,541,835
Birmingham
7,658,553
5,897,341
3,503.695
7,551,437
2,600,000
3,790,510
5,029,400
4.060.340
Chattanooga
Oklahoma
......
Vick8burg
1,878,589
1,698.709
3.200.666
2,189.835
Dallas
1,280,656
725,000
669,766
1,248,636
743,506
Shreveport
365,187,780
342,194,603
811,112
Jackson
18,948,397
2,206,405
Augusta
—44.6
—28 0
148.01^,429
26,313.433
18,153,407
6,935.021
+46.4
63,147,546
14,105,449
6,5^8.953
18.520.085
9,299,216
14,143,321
4,027.070
8,095,457
6,500,000
5,811,038
Worth
3,482,088
—1.2
—29.9
490,145
21 000 000
.....
2.656,111
—50.7
57.125.464
26.542.330
Houston
+ 10.0
850,000
+ 69
1.025.000
957,870
+ 7.1
2,511,938 Not Included In total
$52,441,000
New
Louisville
—16.7
900.000
Holyoke
Bangor...
4.455,127,867 3,923,369.725
434,348,442
New Haven
touls
Little Rock
11,850,600
10,571,779
Hartford
Tot. Oth. West
St.
Jacksonville....
306,990,948
Providence
Fall
1,348,172
total
—15.1
Aberdeen
Charleston.
1 190.054
—11.6
1 .050,000
1 .745,126
Altoona
645.579
.......
Muskogee...
Tulsa
Total Southern
7,133,844*
11,411,932
10.102.568
10,725,870
13,189.022
6.717.725
—08.2
+ 0.4
—23.4
2,000,000
3,600.000
809,047
—19.7
4,144,974
+ 35.1
—20.3
3,807.165
9,014,514
40.784,029
6,077,052
+ 17.2
—25.0
750,261
3.247.200
7.724,521
20,000.000
3,395.920
585 986.700
736,943,110
—20 5
573,503,928
650,000
5,699.918
11,260,608
32.492.903
Total an
7 557.724 587 8,618,514,075
Outside N. Y.
3.508.049.191
3,878,576,479"
16,848,307
10.314,213
14,623,996
7,709,219
3,760,799
3.974.068
5,362,878
5,568,101
5,281,615
3,628,471
1,666,234
10,670.057
2.250.000
4,000.000
488,354
550.362
3,608,766
—14 1 0 ,997.697.599 6,090,679,357
.6 8,146,472,792
2.701.024.290
be followed
FINANCIAL SITUATION.
THE
'r'.
"'j■'a,'"1".;'' '
The
«
"
•-'l
:
."V'
commodity markets have had
:
:
5
v:.'v-'V '-v:
v;"':',
•
settled
a more
IfVOlit lilt
CHRONICLE
THE
2354
for
son
have
by
increase again.
an
United States Treasury.
active
eral Reserve Bank
measure
of
success) to promote the export trade by
extending credits to foreign buyers.
been
distinctly better, and in not
some
recovery
market,
less
The tone has
few instances
a
The stock
in values has taken place.
the other hand, has continued more
on
depressed, with the tendency still towards
lower
low records for the year
new
Dividend
a
Upward reactions have not been lack¬
plane.
ing, but they have not proved enduring, and
reductions,
of industrial
or
many
have been established.
suspensions,
the part
on
undertakings,
corporate
have
resold them to other Reserve banks.
all the appearance
At the
same
opportunities for
of
time they
new
drives
the part of the apparently
on
powerful interests who
conducting what bears
are
a
persistent campaign
for
The unfavorable developments in the
mercantile and financial
menting upon this transaction, pointed out that the
effect of these
world, attending the
modity price adjustments, which have
the Gold Settlement Fund at
com¬
in such
come
But the transaction did more than that.
very
borrowings at
the
form the basis of loans with the Reserve banks.
already
issue of certificates has been made,
a new
and these in turn will be taken around to the Reserve
Bank and loans obtained upon
next week the
or
them.
Bank will again show a large increase—all of
elsewhere it has not yet taken the Re¬
Exchange
Qne
have failed to notice
can
persistent regularity the market has been
Gold
close of each day's deal¬
On such occasions great
case
the
on
has in¬
pressure
production from the Transvaal fields in No¬
vember failed to show any recovery
in all recent months.
yield exhibits
the
day,
so
that declines of 2@3
October
points all around have been established during the
was
last hour.
This has
month of
the idea of
keeping confidence disturbed and induc¬
been, of
ing further liquidation.
just
so
course,
for effect, with
These efforts will prove
long—and only
long—as
so
any
not
The
a
On the
falling off of 246 fine
result
and
the
1919, but fell below all
yield,
as
fine ounces,
against 677,970 fine
ber last year,
658,701 fine
output at 7,521,410 fine
There is
rea¬
for any year
thinking that the movement cannot be
con¬
ago
tinued much
longer.
tion.
Besides, the lower rates are in a measure de¬
ceptive. They do not indicate that the credit strain
999,666 fine
The cotton crop
has been relieved.
and the three
in
such
contracted scale
a
there has been
difficulty in obtaining all the Stock Exchange
commodation needed in the
other
employed
so
as
Exchange
use
on
one
have
hand by the Keserve
banks, and
on
the other hand
by these latter to their customers, remains
extremely high level.
the Federal
more
bill
than
up
occasion shown
holdings, but there
downward
for
has
a
than two
*
•
*
;
or
'
have
on
reduction in the
been
no
tendency and the decrease has
more
on an
It is true that the returns of
Reserve banks of late weeks
one
continuous
never
kept
three weeks, when it would
*
r
.
i
a year
and from the high record
ounces.
estimate of the Department of
on
Monday, although indi¬
excess
prior thereto, is quite
seasons
of all recent
a
little
approximations, official and
staple showing
to afford accommodation in
the
is less than
private, and, consequently, with consumption of the
directions, and particularly in the mercantile
It thus happens that the volume of credit
being extended,
ounces
decline from
ac¬
world.
banks to the member
a
no
shape of call loans. But
the loans released from Stock
in Novem¬
in 1918, and 722,-
reduced yield as compared with 1914-15
a
course,
Stock Exchange loans
have, of
been enormously reduced, and with specula¬
ounces
Agriculture, announced
cating
since 1909.
For the eleven months of
since 1910, with
of 160,490 fine
of 1916 of
;
Money is ruling lower, but monetary conditions
are no
longer a factor in Stock Exchange specula¬
in 1917.
ounces
ounces
ounces
because of the
years
announced by cable, reached 633,737
1920 the
or
from
only smaller than in the corresponding
839 fine
financial exhaustion of the holders.
ounces
aggregate production
of
of intimidation,
operations
contrary the per diem
weakly held stocks remain to be shaken out because
process
from the steady
contraction that has been the feature of
towards the end of the
successful
that while deflation is actively
prove
banks within its embrace.
serve
variably been brought to bear against the whole list
been
Accordingly,
borrowings at the Re¬
to
This has been particularly the
on
But
under way
No
days when the market has shown sustained rallying
tion
Reserve
business it is to watch the daily fluctuations
made to look weak at the very
for
Federal
Bank, for these certificates in large measure always
which goes
the Stock
son
re¬
whose
with what
this
By
Treasury certificates, it also enabled these banks to
reduce their
serve
campaign, and the material has been
effectively used by these interests.
power.
Washington, thereby
lieving the member banks of their holdings of these
in this
ings.
a cor¬
substantial improvement in its Reserve
a
this week
on
operations had been to produce
responding gain to the New York Reserve Bank in
rapid succession, have proved valuable ammunition
or
The Washing¬
position.
against the market
duty
mem¬
of the Federal Reserve Board, in com¬
ton return
working
Exchange circles.
prices.
purchased from local
$50,000,000 of U. S. Certifi¬
Indebtedness, maturing Dec. 15, and had
cates of
again
have afforded further
lower
For illustration, the Fed¬
Saturday, made the announcement that during
ber banks no less than
feeling of gloom and depression which pervades
Stock
rea¬
and down
of New York, in its return for
the last two weeks it had
and they have served to intensify
been numerous,
the
or
last
up
mainly out of the operations of the
grown
appearance
this week, influenced no doubt by the
efforts making (and attended by no small
And there is
thinking that these changes
effect
was
a
declining tendency, its immediate
to force
prices to an even lower basis than
previously ruling.
These prices, while still above
the level of pre-war
times, show a most decided fall¬
ing off from the high point reached in July.
the
area
than in the
preceding
than the acreage
year
vious year,
and only about 5% less
and the use of ferti¬
quality more general than in the pre¬
it followed that normal climatic condi¬
tions would
assure
Assurance
early in the
crop
season,
devoted to the crop in 1914 (the
of bumper production)
lizers of better
1919-20.
With
given to cotton last spring somewhat larger
season
a
much
to
that
greater yield than in
end
was
encouraged
by the fact that although the
started off less favorably than in any year for
Dec.
THE
181920.]
which records
available, there
are
CHRONICLE
of the incidents of lack of demand.
noticable
was a
improvement in condition in June and July, bring¬
with
ing the status of the plant at the end of the last-
no
named month close
up
of the
But deterior¬
to the average.
2355
consumption
It is evident that
much reduced scale there is
on a
danger of dearth of supplies for the remainder
season.
ation, in which the boll weevil and other insects
were a
factor,
was
and condition
such
condition
stated
reports are officially issued)
yield, which had been given as
12,783,000 bales, based
at that time reduced to
a
little
the Aug. 25 condition, was
on
12,123,000 bales,
greater than that of 1918-19.
a
total only
Even that con¬
tracted
aggregate was criticized as too high by in¬
terests
at
South intent upon
the
maintaining the
high level of cotton prices prevailing.
Now
have the
we
the crop,
/
Department's final estimate of
based-upon investigations subsequent to
tion that
although not
is estimated
mation
tory
yield for
(actual growth as distinguished from the
crop), of 6,213,262,000 pounds of lint
(linters excluded), equaling 12,987,000 bales of 500
lbs. gross
a
reach
an
million
about
To this we must add, say
weight each.
and
the largest crop Since 1914-15, but
2% million bales under the growth of that
though 1 y2 million bales more than was se¬
season,
An
cured in 1919-20.
cates that the
gain
analysis of the estimate indi¬
over
last
year comes
from the
and the situation
year ago,
exceptionally favorable
as
as
in 1918.
2.8% less than the revised approxi¬
as
last year,
sown
of this summer,
area
making the terri¬
as
comparing with 85.2 last
79.3 in
1917, and
a
The condition of the
amount.
Dec. 1 is stated
crop on
the abandonment of land
killing last spring having been
than average
more
87.9% of
ten-year
a
normal, this
98.5 two
year,
years ago,
of 89.5.
average
foregoing depicts the situation at this time
gards
that from
The
as re¬
and condition, but does not, of course,
acreage
conclusions.
or
linters
satisfactory condi¬
more
a
case a
account of winter
aggregate production of a little under 14
bales,
cover
being de¬
in winter wheat only 40,605,000 acres,
furnish any
to
area was
to the average of recent former years,
area
thus
million bales
about
of
now
vested
of
commercial
yesterday,
which, however, is about 6.9% greater than the har¬
little greater than then announced.
1920-21
Department of
late
Specifically, the fall planting for the whole country
yield quite
a
the
was
is well up
now
Sept. 25 report, and it foreshadows
a
into the winter in
gone
on
Specifically, the present estimate is for
issued
1,
during the time of planting, that
the issue of the
a
Dec.
creased, but it also indicates that the grain has
Accordingly the preliminary offi¬
cial approximation of
for
largely substantiates private reports in circulation
was
1919, which in turn was the lowest on rec¬
ord for such date.
winter wheat report of the(
Agriculture
only moderately better than at the same
as
time in
The
the feature of succeeding months,
Sept. 25 (the final date for which
on
basis from which to draw worth-while
Suffice it that with the
the last crop
which
condition better than
a
was
year ago,
area
well above
harvested and
the present out>
look, with normal weather hereafter, is for a larger
than
crop
a year
The question is how will
ago.
wheat winter.
territory west of the Mississippi River, the combined
There have been several rather definite and
production of the Atlantic and Gulf sections exhib¬
iting
a
decrease of about 200,000 bales.
On the other
nificant
hand, the increase in Texas is placed at over a mil¬
of
lion bales and in Oklahoma and Arkansas close to
mentioned
Moreover, further extension of
300,000 bales each.
cotton
raising is indicated in California and Ari¬
the combined yield of the two (excluding cot¬
zona,
of
ton
bales
Mexican
(
a
;
ago.
high record) against 115,956 bales
the
on
8th,
Department's
season
shows that
to give substantiation to
appears
crop
estimate.
That report,
cov¬
down to the end of November,
10,144,921 running bales (not including
linters) had been ginned in that period,
bales
than in the
more
in
Nations
was
The
Geneva.
the
first
that
might be
agreement to leave to each coun¬
try to decide for itself when the economic blockade,
which the Geneva
correspondent of the New York
"Times" contends is "the
of
Nations
should be
against
applied.
only
weapon
of the League
States,"
covenant-breaking
In commenting upon this agree¬
ment, he said that "this obviously weakens the sys¬
ginning report of the Census Bureau,
the
ering the
a year
/'
\
The latest
issued
being stated at 195,000
growth)
sig¬
developments at the Assembly of the League
same
1,300,553
or
period of 1920—this,
through the chance of dissension among mem¬
tem
bers of the
League, it being apparent that the eco¬
nomic blockade of any
effective
nation is not workable in an
unless all the surrounding States
manner
He observed, however, that it was ''the only
join."
step left to the Assembly, since many of the
nations refused to leave to the
smaller
Council, controlled
too, notwithstanding some inclination, as reported
by the big Powers, the right to say when the block¬
from time to
ade should be
time, to withhold cotton from the gins,
owing to the decided decline in price.
estimate,
Department's
remain to be
To reach the
therefore, 2,842,079 bales
ginned from Dec. 1 to
the
close
of
the season, or a
quantity only about 360,000 bales
than
put into marketable shape in the
more
same
was
period
a year ago.
With the ginning
so
much
applied."
The Associated Press cor¬
respondent was more exact in his outline of the
resolution
or
agreement, and said that "the inter¬
national blockade committee consists of
bers
the
subject of application of the blockade and report
to the
Secretary-General of the Council, which the
greater than last year, the marketing of the crop
League has charged with the duty of
has
Council of
of
proceeded
November
very
slowly.
there
through the ports,
consumption and 41
about
had
In fact,
come
to the close
up
upon
the
overland movement,
counted
market
Southern
interior towns, but
4% million bales, or less than 47% of the
amount
ginned during the interval, this percentage
being much below earlier years.
to doubt that the
is much below the cost of
There is
price at which cotton is
no reason
now
selling
production, but that is
one
eight mem¬
appointed by the Council of the League to study
has been broken.
On receipt of such
the Council must meet to
"Herald"
information
consider the situation and
inform all the members of the
York
informing the
facts, which appear to show the Covenant
League."
The New
representative at Geneva asserted
adopted largely at the in¬
that "the resolution was
sistence of Great
Britain, which wanted some under¬
standing in the event of
next
meeting."
trouble arising before the
Assembly
worthy of special mention and consideration was
a statement made by Viscount Kikujiro Ishii of the
Japanese delegation to the effect that "Japan can¬
The next
development at the Geneva
long as the United
not reduce her armaments as
Statements have been
increasing hers."
States is
by Japanese representatives in recent weeks
less attention, but prob¬
made
[Vol. 111.
THE CH
8358
that have attracted more or
subject of more
other for some time. An Asso¬
dispatch from Geneva stated that "dis¬
ably this one at Geneva has been the
comment than any
ciated Press
is the substance of the
armament in three stages
recommendation the Commission
will make to the
the point of compulsory juris¬
he said that "it was on
diction that the debate took
tions favored this
The smaller na¬
place.
plan, but the big nations did not.
and Japan opposed compul¬
France, Britain, Italy
jurisdiction. It is understood that all the other
thirty-six nations in the Assembly favored it, but
the question was a court without compulsory juris¬
sory
diction
their
no
or
court and the four big Powers had
The Associated Press
way."
correspondent
spoke of the adoption of the plan for the court as
"the first important constructive act in the work of
the League
He observed, however, that
of Nations."
organization as planned still lacks the obliga¬
"the
deliberations." The tory appearance of both parties to a dispute, and
correspondent said the first stage "would be marked provides no penalty for non-compliance with the de¬
cision of the court."
by an agreement among the Powers to make no fur¬
Assembly as the result of its
in armament,"
general
complete disarmament, except that in so far as arms
might be needed for police purposes." The report of
stage "is a gradual reduction
second
stage "would be that of
and that the third
.the commission was actually
sembly
on
asked to undertake
"went
ment
on
session
At Tuesday's
agreement.
record
presented to the As¬
The Council of the League was
the bringing about of such an
Tuesday.
the Assembly
favoring the limitation of arma¬
as
by the Powers for the next two years by agree¬
ment among
It was noted that France, Bra¬
them."
zil, Chile, Greece, Poland, Rumania and Uruguay
voted
It was said to have been
for disarmament of
against the clause.
maintained that "the first step
•the nations must be cautious and
deliberate."
The
correspondents of both the New York "Times" and
the New York "Herald" ridiculed the
its
adoption of this resolution.
Assembly for
The representative
spoke of it as "a sort of pious
of the former paper
recommendation," while the "Herald" representa¬
tive said that Lord Robert Cecil
pious expression of
a
Next in order of the
sembly
designated it
as
"a
wish."
special happenings at the As¬
the completion by Commission No. 3 of
was
plans for the Court of International Jurisdiction.
It also
week.
was
presented to the Assembly early this
According to
a
Still another definite step
He stated that the
armament."
ther increases in
Geneva dispatch, "the plan as
"Times"
genuinely constructive accomplishment of
the most
"the establishment
associates, who met last summer for
of putting the ideas regarding the for¬
mation of the court into
The author of that
shape."
Bulgaria, Austria,
explained the basis of the scheme as follows:
He
desiring to take advantage of the facilities
"Nations
notify the commission what assets, etc.,
offered will
they wish to pledge with it—for
duties, railroads or monopolies.
will then set
a
pledged and authorize the Gov¬
question to issue gold bonds to that
in
ernment
Then, individual business men belonging
amount.
country, or its Government, can make pur¬
to that
chases in richer
and
countries, such as the United States,
amply covering the credit for such purchases,
will be forwarded to the
order is
At
exporter with whom the
placed."
Wednesday's session of the Assembly, Austria
elected
a
member of the League
of Nations with¬
Thirty-five votes were cast in favor
opposition.
were
The
amount of gold
through the commission, an
bonds
was
instance, customs
The commission
fair value thereon for whatever pe¬
riod the assets are
of her admission.
the purpose
He said that he
Jugoslavia and perhaps Turkey.
in
Root and his
Rumania,
Poland,
as
Czechoslovakia,
proposed to the Assembly by the committee differs
respects from the plan formulated by Elihu
nations without credit
diminished credit."
out
some
an
particularly to such Central European na¬
referred
tions
of
banker for European
a
with very
or
spoke of as
International Commission
League Assembly," was wlmt he
the first
to be
taken by the Assembly
which the New York
correspondent characterized as "perhaps
League of Nations,
of the
It
was
noted that "two members
voting."
absent and that four abstained from
correspondent at Geneva of the New York "Eve¬
ning Post" reported the same day that "already dele¬
dispatch said further that "the chief difference is in
gates from fifteen States have indicated their inten¬
the matter of
tion of
jurisdiction.
with the decision of the
sels that it would be
mitting
an
by members for
a
plan per¬
aggrieved nation to cite another nation
court, and it
flexible
League's Council at Brus¬
impossible to get the necessary
number of ratifications
into
The committee agreed
decided to substitute
was
plan, under which
a
a more
member may agree or not
to
signing the agreement of their Governments
ratify the International Court plan."
At Wed¬
nesday's session also "China was elected a member
This fact
of the Council."
the result
Koo,
a
largely of
a
was
brilliant fight by Wellington
representative of China
Commenting
"Times"
the
upon
said to have been
at the Assembly.
incident,
the
New
York
all-day debate
China be¬
longs to the Council. A week ago to-night Baron
Hayashi, head of the Japanese delegation, said he
the
day before the Assembly had "adopted the plan
thought China might win a position of equality in
for
setting
the
agree
to compulsory arbitration."
"Times"
in
correspondent,
a
cablegram Wednes¬
day morning, announced that after
Justice."
up a
He
an
Permanent Court of International
explained that "the plan must be
signed and ratified by
it becomes effective."
the fact that
The New York
a
majority of nations before
He called attention also to
"provision is made for ratification by
the United States."
He stated,
"the court will sit at The
furthermore, that
Hague, will have eleven
judges, elected by the League, but will not have com¬
pulsory jurisdiction."
In his account of the debate
correspondent
League in
noted also that
some
the
ten or twenty years."
It was
"Spain, Brazil and Belgium were re¬
elected to their
of
said, "to-night
places as non-permanent members
Council," and
also
that
"China
succeeds
Greece."
At the session of the
Assembly Wednesday morn¬
ing, Rene Yiviani of France made an eloquent ad¬
dress, in which it
attitude
of
was
stated that he "defined the
the League in general
France toward
Dec.
and the United States and
The New York "Herald"
"it
Germany in particular."
correspondent observed that
apparent that sentiment was strongly with
was
M. Yiviani in his
objections to the entrance of Ger¬
many
into the League." Giuseppe Motta of Switzer¬
land
preceded the French representative, and in
"speaking
on
2357
CHRONICLE
THE
181920.]
the report of the Committee on Admis¬
on
Tuesday of this week.
several
Although there had been
conflicting statements, the definite assertion
made at that time that he had received "official
was
notification of the result of the
plebiscite and an in¬
vitation to return to Athens and reascend the Greek
throne
sent
immediately."
word
that
A day or two later, Lucerne
"preparations have been virtually
sion, recalled the rejection of Germany's application
completed for the departure of Constantine and his
for admission
family for Venice, Tuesday,
by the Peace Conference, saying that
Switzerland has always regretted
ifow three
were
it, and that there
places vacant in the League, which
their
in
Associated Press
an
the
Germany."
"the final details for the
correspondent of the New York "Evening
Post" at the Geneva
Assembly called attention, in
long cablegram, Thursday afternoon, to the fact
a
that the
Assembly
scheduled to close its ses¬
was
sions that have been in progress
day.
In summing
he said:
the
of
"Such
an
viewpoint of
all
what had been accomplished,
up
appraisal must be made not from
in itself
That
suggests the chief
city
made
was
flying the flags of all nations and that
was
tine have been
Cabinet will
reception of King Constan¬
was
stated that "the
a new one,
which also possi¬
arranged."
resign and
It
bly will be headed by M. Rhallis, will be named."
The correspondent asserted also that
be among
"it is said to
the plans of the Constantinists to borrow
in the United States to keep Constantine on
money
the throne."
Before
of the five continents but
any one
them.
of
for five weeks to¬
the first stage of
dispatch from Athens that
ought to be filled by the United States, Russia and
The
on
journey to Athens." The statement
leaving Lucerne he
was
quoted as declaring
that he would not abdicate the throne of
Greece,
gain of all—namely, that the five continents have
This statement
by comparison of notes and working in common on
ents in his farewell interview with them. In the Asso¬
the
ciated Press account of the
problems actually begun to have a common
same
Therein lies the
ground.
tween
Geneva
this
what
were
punish the
see
There
they
can
come
up
har¬
was no
The States which
besides, have
what
and divide
enemy
from him.
many more
Geneva not to
were
at
together at
get but to consider
they should give, and they have all given some¬
thing.
ish
to
to the division.
mony as
Paris, and
what
meeting and the Paris Peace
taken away
was
great difference be¬
At Paris the two chief interests and
Conference.
motives
one
At Geneva the problem has not been to pun¬
enemies, but to consider the matter of forgiving
plications of Armenia, Letvia and Esthonia were
re¬
It became known here
Thursday evening that ear¬
day Bulgaria, Finland, Costa Rica and
Luxembourg had been admitted to membership in
the League of Nations.
It was added that "the ap¬
plications
of Armenia, Letvia and Esthonia
fused." Albania
of Nations
The
elected
was
a
member of the
League
a
dispatch yesterday morning that fresh
Council of the
Assembly and the
League of Nations, this time
question of mandates.
Speaking
said"Technically it is
cil and the
Assembly.
a
more
been England's en¬
I think that is all
My acts will
tain
Paparrigopoulos,
Lucerne with him.
from that
that
were
In
an
to Athens without
"they
were
dispatch
ex-Queen Sophia and
royal party left
ceremony."
It
cheered at the station by
on
the journey,
added that
was
a
great crowd."
warship Averoff in Venice for Phaleron, Greece, and
from that time
honors.
The
over
the
a
called
on
airing at this
mandates
.Mesopotamia and Syria, which the Council of
League of Nations has received from London,
correspondent of the New York "Eve¬
a
cablegram last evening that "it
the call
the commander of the Greek
was
upon
Together with
the
apply to their oil monopoly in Mesopotamia
call
war¬
just
King Constan-
tine of Greece would leave that centre for Athens
Premier
week ago
Government
on
was
Kingdom."
peace
with
He declared also that "he
movement by which the forces with¬
really wanted
On the other
that the
willing to talk
the sole basis of the unbroken unity
in Ireland which
ate."
an
cer¬
parts of southern Ireland, he also, stated that
peace
could negoti¬
hand, he expressed "the opinion
people of Ireland who
were
controlled by
'organization of violence, murder and outrage,'
not
yet ready to accept peace on the only basis
"Tribune"
grant it."
The New York
correspondent in London, in discussing
situation, and particularly the declaration
of martial
made in Lucerne
a
yesterday of the declaration of martial law in
the Irish
monopoly antedates the mandate."
by
announcement
Lloyd George in the House of Commons
the Government would
more
ship Averoff.'
were
Mesopotamia mandate
at the close of last week that former
as say¬
likely
dom of trade clause in their
was
quoted
a
is understood that the British claim that the free¬
Official announcement
were
"unusual," and that
Commenting
ning Post" said in
Philip An¬
would have been
of the United
of
Rear Admiral
Washington officials
would aid every
forms
was
ing that under existing circumstances such
dates—Mesopotamia, Syria, Lebanon and Palestine."
the
A
drews, commander of the American units in the
Ireland, but
upon
royal
a.m.
specifically,
fight by Great
an
said to have been accorded
Constantine
Assembly what plans they have for the Turkish man¬
plans.
was
ship weighed anchor at 8:40
dispatch from Venice stated that "among those who
"the
because the
not permitted to leave
Associated Press
"ex-King Constantine,
other members of the
the refusal of Great Britain and France to tell the
does not
Professor
city, dated Tuesday, Dec. 14, it was stated
tain
the Geneva
it."
prove
Georgois Streit, his confidential adviser, and Cap¬
The immediate issue is
the
"I have
never
I need to say.
fight between the Coun¬
Actually it is
Britain, France and Japan against
time of their mandate
for
interview, Constantine
and will be her best friend.
Adriatic."
yesterday.
trouble had arisen between the
he
were re¬
correspondent of the New York "Times" as¬
serted in
correspond¬
reported to have said specially to the English
correspondents:
emy
made to newspaper
Wednesday morning Constantine boarded the Greek
lationships."
lier in the
was
was
law, said that "800,000 persons are affect¬
ed
by the Government's proclamation of martial law
over southwest Ireland."
He added that "although
those
desirous of
an
early peace in Ireland have
Government's double pol¬
icy is the best method for reaching a settlement, they
doubts whether the
grave
believe
advance has been made
an
in the right direc¬
C: He asserted, furthermore, that "the final
tion."
question of the immediate future
is whether the
toward concil¬
Government will devote more energy
iation
or
waved."
the club will be
or
the olive branch
He went so far as to
toward coercion; whether
assert that "a dozen
Sinn Fein extremists may,
if
attempt to make
peace." Continuing, he said, "Ireland is compara¬
tively calm, but every Briton is now awaiting the
country's reaction to the announcement of Lloyd
they will, render abortive any
>
George's new policy."
The most serious outbreak thus far in the present
series of
occurred in
political disorders in Ireland
Sunday night.
Cork last
While the accounts nat¬
urally differed somewhat, they
"the central
[Vol. 111.
CHRONICLE
THE
2358
generally agreed that
portion of the city was burned to the
of the dispatches, "a
to one
made to exterminate
who was in
charge of the barracks, with his six men,
It was claimed that "the attack
planned."
The affair happened
citing struggle."
elaborately
midnight Sunday, and it was said that "the
about
next
and ex¬
off the attackers after a strenuous
drove
was
determined effort was
the police, but Sergeant Beatty,
morning not a window was left whole in the
barracks, while the walls were
filled with bullets.
Sergeant Beatty, in repelling the attack, was
to have been severely burned about the arms."
Cloyne, in County Cork, and at various
less serious disorders occurred.
The Rev. Michael
said
At
other points,
O'Flanagan, acting President of
Fein, requested Premier Lloyd George for
the Sinn
time, "in which to consult with Eamonn de Valera
Griffith respecting the endeavors now
and Arthur
being made to bring about a truce in Ireland." It
was said that "Father O'Flanagan made this request
which Mr.
proposal look¬
stroyed by fire." The property loss was
tween $10,000,000
and $15,000,000 in the early ing to a truce, said the British Government did not
lag behind any section of the Irish people in the
advices and was not changed in later dispatches.
largely de¬
placed at be¬
ground and that other portions were
In
Press account it was said that
the Associated
conflagration followed an ambush of the mili¬
"the
tary at Billon's Cross,
Saturday night, in which four
killed and many wounded." Accord¬
ing to an early official report, the Cork City Hall,
the Carnegie Library, the Corn Market and eighteen
other buildings in that section were destroyed. Pri¬
vate residences in various parts of the city were
persons were
gram
In another cable¬
destroyed also.
said to have been
direct from Cork to the New York "Times" the
was made that "all the buildings were
statement
Mayor of Cork telegraphed the Lord
Lord
The
Cork
unable
was
The London correspondent of the
begged for help."
New York "Tribune" declared
that in "all the long
crimes, reprisals and counter attacks in
of
series
fire brigade in
with the outbreak and
to cope
Ireland, there is no parallel for to-day's disaster, the
He added that "to-day came the
Lloyd
burning of Cork."
It
crisis.
was
Lloyd George, responding to the first
Ireland should enjoy the blessings
that
desire
of
and prosperity, and was prepared to offer fa¬
cilities for a complete discussion of the whole situa¬
peace
tion."
Wednesday that de
London received a rumor on
Valera
likely to arrive in that city in a few
was
find no difficulty
days, and that "probably he will
landing."
about
In official circles it was stated
»
tendency to discredit the report
that "there was a
Harry Boland, de Valera's secretary, -
altogether.
was
quoted in New York Thursday as saying that'
"in hiding in this country," but
the Irish leader was
substantial, occupying large areas."
Mayor of Dublin "stating that the
reply to a letter from the Premier, in
in
the first development since
George made his announcement of a dual Irish pol¬
"might consider returning to Great
ed safe conduct
Muriel
to have said,
McSwiney was reported
don't know where he
not left this
Britain if grant¬
Mrs.
by Premier Lloyd George."
is, but I
am
quite
sure
In a London cablegram yes¬
country."
said to have been
terday morning attention was
technically
called in official circles to the fact that
Valera
de
against the law and is
"offended
has
liable to be arrested in this
In
the
country" [England]
of Commons Wednesday
House
"I
he has
.
evening,
Law, spokesman for the Government,
icy of coercion and reconciliation." He said also that
Andrew Bonar
"in the
announced that the "Black and Tans" had been or-
opinion of
many
in London to-night it is a body
blow to those who have had
the statement
of that
hopes of
In still another
in Ireland."
an
early
made that "the devastated
was
city embraced five acres."
area
There were re¬
ports also that pillage and incendiarism were in¬
dulged in,
even
by
men
likewise made that
was
in uniform.
The assertion
"eye-witnesses of the burn¬
ing of Cork graphically relate how
scarfs removed loot from the
men
masked with
flame-enveloped shops."
Naturally this horrible affair in Cork
came up
early discussion in the House of Commons.
it
was
There
were
taken
were
hand
early
as
on
Rev.
In
a
was
Michael
O'Flanagan had been
cablegram from London Thursday evening it
units from Cork has been
tary
fires in that
up
its conclusions."
same
Lloyd George of peace plans drawn
by the Labor party.
that
Other advices
evening told of the presenta¬
"the
It
Cork
was
fire
said to have been re¬
started by the
Announcement
asserted
under complete
auxiliary police—the Black and Tans."
military and that it
was
All of the trouble in Ireland this week
was
not
fierce fight took place between
police for the possession of Cam-
lough, South Armagh, police barracks.
In
the
prepared to meet attacks elsewhere in Ireland.
the origin of the
city Saturday night and Sunday has not
indignantly denied by Sir Hamar
as a
completed, but the mili¬
investigating
commission
tion to Premier
Cork,
to the
made public.
reported that "withdrawal of 'Black and Tan'
military forces representing the
Sinn Feiners and
to-morrow"
day the text of Premier Lloyd George's reply
by
was
Common
It was stated also that earlier in the
was
Tuesday that Cork
of
House
in the
[Thursday].
from London the
control of the Government
confined to
taken up
yet made public
This
made
In fact,
amended by the House of Lords, would be
as
Monday night.
as
Greenwood, Secretary for Ireland.
was
for
Bill,
imputations in the House that the fires
started
Crown.
in
and that "the Irish Home Rule
peace 'dered out of Cork,
cablegram from Cork
According
a
•
was
cablegram from Dublin yesterday morning
assertion
was
made
have been resumed in
[Thursday]
on
that
good authority.
certain the lines
on
"peace negotiations
Ireland, it is learned to-night
which the
It is difficult to as¬
intermediaries are
operating owing to the reticence of all engaged, but
Dec.
it
181920.]
THE
CHRONICLE
is
understood that high church
dignitaries, in¬
cluding Archbishop Clune of Perth, Western Aus¬
tralia, and the Bishop of Killaloe, Mgr. Fogarty, are
prominent among those continuing their efforts to
bring about
settlement."
a
3359
the
delegates expressed their belief to-night [Thurs¬
day] in the possible abandonment of the conference
of experts
some
unless the Germans
constructive ideas
payment of reparations.
tinue to-morrow
There has been less furore in
New York
London, Paris and
the concessions for immense tracts
over
of land in Russia which
Washington B. Yanderlip
has claimed that he secured from the Soviet Govern¬
ment
of
about
a
that
country.
week
He arrived in New York
and has proceeded to Los An¬
ago
geles, without going to Washington,
nounced he intended to do.
to the national
the
capitol
resumption
it
as
The purpose
was an¬
of his trip
said to have been to urge
was
of trade
relations
United States and Soviet Russia at
between
the
to newspaper
representatives in
London, except that he modified certain of his earlier
assertions somewhat.
"Guardian" sent
information
It
seems
that the Manchester
cablegram to M. Tchitcherin for
a
regarding the
concession
which
Yanderlip claims that he had secured.
referred to Leonid
was
trade envoy
of Mr.
Mr.
The paper
Krassin, Russian Bolshevist
in London.
Tchitcherin,
The latter, speaking for
said to have "confirmed the claims
was
Yanderlip in connection with vast Russian
concessions," but to have "emphasized that it
was a
good business proposal for the Russian Soviet, since,
according to the terms of the concessions, in what¬
benefits
ever
the
It
Soviet
are
gained by the American syndicate
Government
will
gain
comparatively."
pointed out that while in London Mr. Vander-
was
lip said he had made "a definite, unqualifed under¬
standing for the exact conduct of his business in his
own
which would be along the lines of Ameri¬
way,
business, and the
can
same
as now
necessity of taking up
reparations solution immediately." It was add¬
ed that at the
Premier
House of
Commons
still
were
Lloyd
George
enjoyed by the
announced
in
the
Tuesday that negotiations
on
pending with Krassin and that he had
hopes "of concluding
a
trade agreement between
Great Britain and Russia."
It became
known, how¬
ever,
that "meanwhile Krassin has amended the Rus-
sian
proposal and that it will be submitted to the
■
*
.
*
President of the British Board of Trade."
don
most of the afternoon in
go
emphasized the deadening effect upon German
industry of the demoralized exchange situation, but
did not give the constructive ideas the members of
the conference
It
was
proposed by Krassin
said to have been rumored
Thursday afternoon that the negotiations
likely to be broken off.
were
The
British
second
Brussels
its sessions in that
that
the
German
city
financial
on
conference
Wednesday.
delegates,
among
It
small
gain in income
chequer balance
whom
began
are
said
Dr.
Walter
Simons, the Foreign Minister, and Sigmund
Bergmann, Under-Secretary for Finance, were ex¬
pected to bring "a personnel equalling the combined
staffs
of
Allies."
the
A
dispatch from
stated that "the United States
but Roland W.
Boyden, who
was
was
repaid,
arrived
attend,
the unofficial repre¬
coming to the present conference."
dispatch stated that the German delegation
It numbered 27. The
Wednesday evening.
Expendi¬
a
week
Of this total,
ago.
revenues
contributed
£14,791,000, against £16,806,000, savings certificates
£850,000, against £620,000, and advances £7,850,000, against £55,150,000.
Sundries yielded £369,Last
000.
£130,000.
of
week
total
the
Treasury bills
£62,072,000, which
812,000
week
from
source
was
sold to the amount
were
compares
earlier.
this
with sales of £93,-
Repayments
were
only
£50,961,000; hence the volume of bills outstanding
was again augmented, this time to
£1,137,604,000,
a
against
as
Sales of
£1,126,729,000 in the preceding week.
Treasury bonds
were
also smaller, namely
£815,000, against £2,050,000 last week.
advances
floating debt
which compares
In the
to
Temporary
£260,264,000,
as
£268,414,000 the week previous.
pared with
total
lowered
were
com¬
The
aggregates £1,397,868,000,
now
with £1,395,143,000 the week before.
corresponding week of 1919 the floating debt
amounted
stand at
to
£1,341,805,000.
£2,555,000,
as
Exchequer balances
contrasted with £2,365,000
week.
Official discount rates at leading European centres
continue to be
quoted at 5% in Berlin, Vienna and
Switzerland; 5Yi% in Belgium; 6% in Paris, Rome
and
Madrid; 7% in London, Sweden and Norway,
In London the private bank
4^% in Holland.
is firmer and
advanced to 6
last week.
sixty and ninety-day bills have
11-16@6%%,
Money
on
changed from 4%%.' So far
ascertain,
open
no
as
against 6J/£@6^%
call in London has not been
as we
have been able to
reports have been received by cable of
market discounts at other centres.
Brussels
invited to
September last, has forwarded notice
Associated Press correspondent
expanded £190,000.
were
£86,747,000, in comparison with £168,570,000
were
The
Bank
of
increase in gold
showed
A later
a
that the Ex¬
so
£86,557,000 (against £169,555,000 for
4).
Receipts from all sources
was
conference in
not
outgo,
over
national
11 indicated
the week ended Dec.
note circulation
was
of
statement
£15,307,000, against £65,336,000, while the total outflow, including Treasury
bills, advances, Exchequer bonds and other items
sentative of the United States at the first financial
that he
was
for the week
tures
rate
was
Treasury
financing for the week ending Dec.
and
The
hope to hear later."
as¬
to the very heart of the guarantees demanded by
in London
pros¬
He
last
Great Britain."
depicting the gloomy
pects of his country's financial and economic future.
The Lon¬
correspondent of the New York "Herald"
serted that "the amendments
opening session on Thursday, "Rudolph
Havenstein, President of the Reichsbank, occupied
International Harvester Co. in its branch in Rus¬
sia."
con¬
[Friday], with the expectation that
early date.
an
Yanderlip gave out several
interviews, but his statements did not differ greatly
made
plan for the
a
The conference will
the Germans will realize the
the
While in New York Mr.
from those
speedily advanced
respecting
said that "some of
a
England
announces
another large
stocks, viz., £934,011, although
was
as
expanded £825,000, total reserve
gain of only £109,000/
Further reductions,
shown in deposits, so that the propor¬
tion of reserve to liabilities was again advanced to
however,
9.65%,
were
as
against 9.34%
ratio stood at
13^%.
a
week
ago.
Last year the
In public deposits there was a
;
THE
2360
of
contraction
deposits
Other
£3,023,000.
brought down £413,000, while Government
declined
in loans
were
securities
(£27,000)
Threadneedle Street's gold
recorded.
was
increase
small
A
£3,585,000.
£126,811,522, as against £91,-
holdings aggregate
[Vol. 111.
CHRONICLE
498,847 in 1919 and £78,604,711 a year earlier. Note
circulation is £131,233,000.
Last year the total
5,778,651,000 marks.
Note circulation showed
no less than 400,236,000 marks.
Notes
fell
increase of
an
of other banks declined 129,000
reduced 2,515,000
were
marks, investments
rrprks and other liabilities
Irf advances there was an in¬
9,713,000 marks.
Other securities showed
313,512,000 marks.
of
crease
of
contraction
a
marks.
266,296,000
The
Bank
Reserves reports its gold holdings as 1,091,567,000, which
stand at £14,024,000, which compares with £19,- compares with 1,090,300,000 marks a year ago and
Note circulation has
649,227 in 1919 and £28,091,311 the year before 2,307,380,000 marks in 1918.
reached the huge total of 64,284,400,000 marks.
A
that, while loans amount to £72,208,000, in compari¬
was
£90,299,620 and in 1918 £68,963,400.
son
with £76,860,193 last year
and £93,217,685 in
year
change in the Bank of
There has been no
1918.
1918
it stood at 32,460,360,000 marks and in
ago
19,175,460,000 marks.
England's official discount rate, which continues at
week
they
Last
£764,810,000 and £723,770,000 a
were
We append a tabular statement of com¬
year ago.
Saturday's return of the New York Clearing
Last
London
the
£670,589,000.
totaled
week
the
for
through
Clearings
unchanged.
7%
banks
institutions
House
loan item
parisons of the different items of the Bank of Eng¬
land return.
This
down to
COMPARATIVE STATEMENT.
1917.
V 1918.
1919.
:
1916.
Dec. 20.
Dec. 16.
Dec. 17.
Dec. 18.
Dec. 19.
£
£
£
£
90,299,620
68,963,400
45,037,670
£
39,224400
21,538,293
28,868,255
36,926,245
53,580,815
..
131,233,000
Circulation.
19,401,000
Public deposits
Other deposits..... 126,070,000
125,311,507 143,884,583 129,127,809 109,007,255
42,187,508
Governm't securities 77,123,000
68,188,552
69,255,515
57,820,020
Other securities....
72,206,000
76,800,193
93,217,685
95,113,836 104,680,907
Reserve notes & coin
14,024,000
19,649,227
28,091,311
30,984,826
Coin and bullion.._ 126,811,522
91,498,847
78,604,711
57.572,496
33,573,700
54,347,800
9.65%
13*6%
16.30%
18.70%
20.50%
7%
6%
5%
Proportion of reserve
to
liabilities-—
Bank rate.
5%
/\
6%
;
;
there
of $43,668,000 to $4,012,916,000.
Government deposits which
Reserves of member banks with the
Bank
in
gold item, the increase this week being 982,000
francs.
brought
up
total
Bank's
The
gold holdings
5,577,925,292 francs last year
francs
the
are
thus
comparing with
and with 5,473,452,260
to 5,499,044,825 francs,
before; of the foregoing amounts
year
francs
1,948,367,056
abroad in
held
were
1920,
1,978,278,416 francs in 1919 and 2,037,108,484 francs
augmented
by 32,228,000 francs.
On the other hand, silver
decreased 1,121,000 francs, bills discounted were
reduced 81,975,000 francs, Treasury deposits fell
in 1918.
off
During the week advances
francs
42,806,000
and
diminished by 325,863,000
were
deposits were
Note circulation
general
francs.
registered the large expansion of 410,879,000 francs,
bringing the total outstanding
francs.
This
at this time last year
in 1918.
of war,
On
with
contrasts
to 38,330,955,370
up
July 30 1914, just prior to the outbreak
the amount
was
only 6,683,184,785 francs.
Comparisons of the various items in this week's
return with
the statement of last week and
sponding dates in 1919 and 1918
FRANCE'S
BANK OF
are as
counted
(not
COMPARATIVE
Changes
Dec. 16 1920.
In France
Inc.
Dec. J8.1919.
Drc. 19 1918.
Francs.
Francs.
Francs.
Francs.
3,550,677,769
3,599,646,876
reserve
trust
augmented $100,000 to $9,360,000.
was
fell
plus there
total
of
was
a
a
This
week earlier.
decline in
Federal
loss of $10,733,130, bringing the
to
$11,247,910, against
reserves
excess
$21,981,040
the
banks
member
Reserve
institution
chiefly due to
was
reserves
and
the
with
increase
the
in
The above figures for surplus are on the
basis of reserves above the legal requirements of
deposits.
13% and do not include cash amounting to $97,370,held
000
by these banks
on
Saturday last. The
better, in that
from 37.8% to 39.1%.
Federal Reserve Bank showing was
the ratio of cash
Total
cash
holdings
reserves rose
increased
was
reserve
outstanding
notes
down
came
from
reduced
were
$12,148,000 and
$9,800,000. Bill
$1,054,020,000 to
$1,012,600,000.
Seven per cent may
vailing rate for call
be said to have been the pre¬
money
this week. During the
6% quotation
last hour of business several days a
was
bulk
reported, but it
of the loans
generally assumed that the
made at the higher figure.
that they
said
Borrowers
was
were
experienced
no
difficulty
getting whatever amount of money they needed,
and it was even stated from day to day that the
in
1,978,278,416
2,037,108,484
supply
was
well in excess of the demand. The time
nearly nominal as before;
loan market continued as
3,436,343,775
<1,948,367,056
982,000
No change
Abroad
kept in other
companies
Aggregate
$5,419,000 to $542,844,000.
As to sur¬
The
depositories by State banks and
Status as of
for Week.
Gold Holdings—
STATEMENT.
while reserves in own
companies increased
reserve),
as
$115,000 to $9,267,000.
corre¬
follows:
Cash
vaults, however, gained $721,000 to $97,370,000
vaults of State banks and trust
37,378,431,650 francs
and with 29,271,224,475 francs
Federal Reserve
$5,634,000 to $524,217,000.
cut
were
reserves
its
In net time deposits
only $8,408,000.
decline of $11,213,000 to $250,636,000.
was a
gains in
The Bank of France continues to report
The
exclusive of
is
were
1920.
expected.
as
namely $619,000, but net demand deposits showed the
large expansion
BANK OF ENGLAND'S
about
was
again reduced, though only slightly,
was
no
changes in quotations were reported. The finan¬
are still disinclined, apparently, to
cial institutions
Total
..Inc.
982,000
Bills discounted—.Dec.
Advances
Note
5,499,044,825
5,577,925,292
1,121,000
Dec.
Silver
264,468,495
272,160,113
5,473,452,260
318,501,391
81,975,000
3,255,843,298
1,194,308,246
971,916,166
32,228,000
....Inc.
2,208,937,000
1,410,370,858
1,217,202,109
410,879,000 38,330,955,370 37,378,431,650 29,271,224,475
circulation..Inc.
42,806,000
110,075,000
82,179,497
General deposits—Dec. 325,863,000
3,542,464,894
3,182,251,112
2,451,676,996
in
41,378,275
Treasury deposits.Dec.
of funds for the longer
market was not disturbed
the least by the preparations for the payment,
Dec. 15, of the fourth installment of income and
put
out
periods.
on
excess
In its statement,
issued
as
of Dec. 7, the Imperial
Bank of Germany shows that
was
increased
4,000 marks.
marks.
There
529,000
total coin and bullion
marks,
while gold declined
Treasury notes expanded 162,335,000
was
another sensational cut in bills
discounted, viz., 5,595,564,000 marks, while deposits
a
large amount
The local
profits
money
taxes.
It
was
amount due in this revenue
estimated that the
district totaled approxi¬
According to unofficial esti¬
and $40,000,000 was
the due date. As pointed out in
mately $100,000,000.
mates,
not
between $30,000,000
paid in
on
previous weeks, and as is well known
in the financial
and dividend
district, there will be heavy interest
Dec.
181920.]
disbursements
THE
Jan.
on
of the omission of
1
thereabouts.
or
CHRONICLE
DISCOUNT
Because
almost
no
declared.
IN
The railroads have
of.
care
called
cash
extra
new
of maturities in
debentures
it may be
as
disposed of within
during the week.
time
short
a
With continued slackening in the
business of the country and further liquidation, the
position
monetary
likely
seems
still
become
to
easier.
Dealing with specific rates for
call have covered
a
loans
money,
on
of 6@7% for both mixed
range
Discounted
within
FEDERAL
RESERVE
17
BANKS
1920.
maturing
days
(including
15-day col¬ Bankers'
secured by—
accep¬
banks'
lateral
notes)
!
Treasury
Liberty
certifi¬
cates
Boston
tances
paper
bonds
wise
and
secured
member
and
banks
for
notes
5A
maturing maturing
within
91 to 180
90 days
6
days
7
7
6
Cleveland
...
6
7
5X
5A
6
5H
5H
6
6
6
6
6
7
7
6
7
7
0
7
v
6
'
t6
te
to
.......
55*
6
h:
5H
Chicago
te
6
St. Louis..
♦5H
5H
5H
6
6
6
6X
Minneapolis
5A
Kansas City
Dallas
San
>
7
t6
0
\
5H
6
6
t6
tfl
Francisco
and
unsecured
t6
...
Richmond
live-stock
Victory
of
New York......
Atlanta
tural
accep¬
disc'ted
Other¬
edness
Philadelphia
Agricul¬
Trade
tances
Federal Reserve
Bank of—
bills
90
member
large volume
Two large issues of Standard Oil
were
THE
indebt¬
rather
a
much assistance
as
willing to grants
OF
EFFECT DECEMBER
being
are
likely that the Government will be
for
upon
dividends
January, which will have to be taken
It is
RATES
considerable number of dividends
a
on industrial
stocks, the total amount of money re¬
quired for the payment of dividends will not be as
large as it otherwise would have been, particularly
as
3361
5K
5A
6
6
6
6
6
0
•
*
5H% on paper secured by 5 J* % certificates, and 5% on paper secured by 4?* %
5% certificates.
i
j;
t Discount rate corresponds with Interest rate borne by certificates pledged aa
collateral with minimum of 5% in the case of
Philadelphia, Atlanta, Kansas City
and Dallas and
5A% in the case of Cleveland.-Richmond, Chicago and San Franclsco.
V ''".V
'
/'-■'.
?
Note.—Rates shown
for
St.
Louis,
Kansas City and
Dallas are normal
and
.
rates, applying to discounts not In
of basic lines fixed
excess
for
each member bank
by the Federal Reserve Bank.
Rates on discounts in excess of the basic line are
subject toa H% progressive increase for each 25% by which the amount of accom¬
modation extended exceeds the basic line.
*
,
collateral and all-industrial loans alike, as compared
with
flat rate of
a
Tuesday rates
7%
week
a
Monday and
ago.
still fixed at 7%, this being the
were
high, the low and the ruling figure for all trans¬
actions
on
both
days.
On Wednesday
slightly
a
eas¬
ier tone
the
developed and the call rate fell to 6%, though
high was still 7% and renewals were negotiated
at that
with
figure.
Thursday's
7% still the renewal basis.
shade firmer
a
range
remained at 6@7%
The call market
put through at 7%, this having been both the
imum and minimum figure.
what
was
in
easier
being.
not
were
available and brokers
In
max¬
some¬
look for
conditions, at least for the time
for fixed maturities the market
money
quiet and practically
reported.
now
no
important trades
Opening quotations
were
firm
nearly
up
were
and
un¬
impetus of
10
an
was so
exaggeration to
at
was
a
brisk inquiry rates
a
cents, to 3 53for
Monday trading
say
ruled
at
last
week.
In keeping with this,
has
important of these
banks entered the market
liberal scale in
end
as
buyers of exchange
preparation for the forthcoming
settlements.
that
Coupled with this
exports have shown
a
and
ninety days
7% for four, five and six months,
as
against
on a
year-*
the fact
was
declining tendency of
late, with the result that supplies of commercial
Covering of shorts also played
tions declined to 7@7J^% for sixty and
re¬
Christmas, in addition to which London
offerings
slight easing and quota¬
Probably
ening of the demand lately noted incidental to
mittances for
a
lethargy that
the sudden broad¬
was
disbursements there
a
the levels
however,
prevailed recently in foreign exchange.
changed, though with the completion of the Dec. 15
was
or
Subsequently,
number of factors tended to break the
the most
On
the market much of the time
close to 3 44}^,
very
ran
demand.
light that it would hardly be
complete standstill.
prevailing
surprising in view of the huge Decem¬
Later, however, more liberal
monetary
and under the
was
demands.
15
offerings
was
were
inactivity in
early dealings, sterling exchange turned strong
rates
light supply during the first half of the week
which
ber
Funds
brief interval of dulness and
a
was
Friday and all the business
on
After
the
prices.
about
lighter than for
were
quite
some
time.
part in advancing
a
Later in the week realizing sales brought
slight recession, but this proved of short
a
7J^@7J^% and 7J^@7^%, respectively, last week.
duration and the close
All-industrial money is
for the week.
being dealt in at about % of
1% higher than the rates just given.
Mercantile
has ruled firm but quiet with
paper
sixty and ninety days' endorsed bills receivable and
six months'
of
names
choice character still quoted
at
News that
a
of
carrying
on
bank
non-member
bills.
Both
local
and
town institutions have been in the market
Loans
on
demand
against
continue to be quoted at
are
as
bankers'
6%.
as
out-
of
buyers.
acceptances
Detailed quotations
follows:
—-Spot Delivery-—
Delivery
Eligible bills of member banks...
Sixty
Thirty
within
Days.
Days,,
Days.
30 Days,
6!4@6H
6H@6
...0H@0>*
Eligible bills of non-member banks
Ineligible bills
*
6A®6%
*
Market stagnant;
exercised
a
decidedly stimulating effect, and
a
good deal to do with the improve¬
market sentiment, although it is
by financiers generally that
ditions very
little immediate relief
from this source,
*
*
every transaction
conceded
under the best
even
can
con¬
be expected
since the inauguration of
an
enter¬
prise of such magnitude is of itself likely to be
a
In the opinion of certain prominent
lengthy task.
bankers, the formation of the
still leaves much to be
arranging exchange
new
Foreign Financing
long step in the right direction,
a
or
accomplished in the
way
of
American credit for satisfac¬
6H@6
6%@6H
*
rates ordinarily absut 1% higher as compared with the rates
eligible bills, but in present circumstances
can
Law
Corporation, though
Ninety
on
business of $1,000,000,000 had
a
ment in
active, at previous/levels for eligible member and
a pro¬
powers
actually been organized to operate under the Edge
iness.
fairly
pretty nearly the best
foreign trade corporation with
undoubtedly had
Banks' and bankers' acceptances have been
at
posed capital of $100,000,000 and potential
7%@8°7o and names not so well known at 8%.
Country banks continue to furnish most of the bus■
was
subject to whatever
be done with it.
European collateral, also the popularizing of
tory
the
Without widespread
Corporation's debentures.
public support, it is pointed out, the venture cannot
possibly
meet
with
success.
The view
generally
taken, however, is that when in full working order
There have been
no
Reserve bank rates.
of rates
now
changes this week in Federal
The following is the schedule
in effect for the various classes of paper
at the different Reserve banks:
it is almost certain to stimulate foreign
do away
with
culties in
tions.
a very
financing and carrying
The
business and
large proportion of existing diffi¬
movement
to
on
revive
exchange opera¬
the War Finance
Corporation is not taken very seriously in banking
circules, and is indeed opposed by many bankers
ground that banks organized under the Edge
and facilities for
the
on
[Vol. 111.
CHRONICLE
THE
2362
considerable
and
quantities
of
changed
exchange
hands, particularly during the latter part of the week.
Currency values for a time continued to show irregu¬
larity and actual price levels shared only to a minor
of export demands, and that it will be extent in the gains noted in sterling until Thursday,
Law have all the necessary power
taking
care
best for all concerned for the Government to
maintain
when substantial advances were recorded.
French
policy. In any event, it is under¬ francs, after receding more than 4 points in the initial
stood that whatever Congressional action is taken it transactions, rallied to 6.11% for checks, or nearly
need in no way interfere with the establishment of 25 points above last week's close. Exchange on Rome,
Edge Law corporations, since proposals for Govern¬ which ran off 5% centimes to 3.42 at one time, turned
Antwerp
ment aid are purely for relief of a temporary nature strong and moved up to 3.58 for sight bills.
its "hands-off"
and, would be applied only to a situation of immediate
francs moved in
sympathy with French exchange, ad¬
vancing to 6.45, against 6.20 a week earlier.
urgency.
Quota¬
committee
tions in
French, Belgian and Italian currencies,
acting for the Governors of the New York Stock
noted in
our
Exchange to consider the advisability of open trading
per
in
the dollar, as
Announcement of the appointment
in
a
the floor of the Exchange
only casual attention. Bankers are
foreign exchange
came
of
for
on
likely, however; to watch closely the proceedings of
the second Brussels Conference, which opened on
Wednesday for the
of discussing German
purpose
as
last week's issue, are now given in cents
unit, instead of the number of lire
or francs to
German marks opened firm,
formerly.
reacted several
points, then rallied towards the close,
touching 1.41%,
advance of about 10 points for
an
Austrian kronen, however, ruled heavy
the week.
throughout, touching
low
as
00.20%,
as
a
drop of
On Friday,
reparation and other important financial matters.
after pronounced firmness early in the day, there was
Referring to quotations in greater detail, sterling
exchange on Saturday of last week was easier and a recession, and losses of several points were sus¬
demand declined fractionally to 3 44%@3 45, cable tained, though the undertone at the close was heavy.
An influence of the week with regard to Reichstransfers
to
3 45%@ 3 45%
and sixty days to
9
3
38@3 39%; trading
was
trifle lower, ranged
bills
3
which
rates,
within
narrow
limits, with demand
44%@3 45, cable transfers at 3 45%@
3
at
Monday's market
were again a
quiet.
was
and
affair
dull
a
45% and sixty days
Good
3 37%@3 38%.
at
buying characterized Tuesday's dealings, as a result
which
of
3
day
On Wednes¬
37%@3 39% for sixty days.
2%c.
up
developed,
strength
increased
moved
3
3 44%@
to
46% for demand, 3 45%@3 47% for cable trans¬
fers and 3
3
sharply,
rallied
quotations
47%@3 49%
cable
for
that
so
3 46%@3 48%
to
for
transfers
rates
demand,
3 39%@
and
41% for sixty days; liberal buying for Christmas
remittances
and
bursements
by the banks
the
for
were
mainly responsible
The undertone
improvement.
was
strong
Thursday and good buying coupled with light
on
offerings induced
to 3
also
further advance in demand bills
sixty days 3 40% @3 44%; covering of shorts
figured in the rise.
firm and still
for
a
48@3 51%; in cable transfers to 3 48%@3 52,
and in
3
preparations for the year-end dis¬
On Friday the market ruled
higher with the
range
3 50% @3 53%
demand, 3 51%@3 54% for cable transfers and
43%@3 46% for sixty days.
were
3
3 52
for
Closing quotations
44% for sixty days, 3 51% for demand and
finished
cable
at
3
transfers.
50%,
sixty
Commercial
days at
sight
3 42%,
bills
ninety
points from last Friday's closing price.
marks
was
intended
ment
of
ment
ceived
the
$1,500,000
San
at
National
Australian gold has
Francisco
City Bank of
understood to be part
of
previously arranged for.
of
amount
this
a
been
week for account
New
York.
This
re¬
notes and securities
this is done,
$4,250,000 is expected
on
another
at
on
the Kroonland.
It is also learned
between Germany
and other foreign governments for the purpose of
changing the present clearing arrangement whereby
Germany is compelled to pay her monthly debt
negotiations
made
and
London, consigned to the Bank of England, from
was
Continental exchanges also
shown both in point of
improvement
activity and strength,
progress
enormous
payments
lately, Germany is petitioning Great Britain
France
for
a
different
method
of
settlement;
Greek exchange was
in somewhat better demand and rallied more than
40
points, to 7.25 for checks.
however
are
still
Affairs in Greece
extremely unsettled and the im¬
provement is regarded as only a natural result
recent sensational declines.
Government is
ances
of the
Reports that the Greek
contemplating withdrawing its bal¬
in this country
It is
could not be confirmed.
believed that this action would have much in¬
in
solving
Reliable estimates
present
financial
difficulties.
place these balances at approxi¬
mately $10,000,000 in New York and around $20,balances
as a
whole.
In withdrawing
here, it is expected that Greece will
purchase sterling in this market and convert it into
drachmas in London.
under way for a
Negotiations
are
said to be
loan in this market to the Greek
Government.
The official London check rate
58.05,
which
New York
compares
sight bills
6.04% cents
fers at
the
in
but thus far without results.
at
the^Bank of Esthonia.
In
are
Because of the
balances in cash.
It is reported that
shipment of $500,000 gold has been received
re¬
large amount of German
property in Rumania returned.
that
its
perator shortly and $1,800,000 on the Olympic; also
$1,650,000
diplomatic relations will likely be
sumed and in consequence a
is
the S. S. Im-
the
It is understood that if
war.
000,000 in the country
Gold from London to the
for
deposited in Germany by Ruma¬
nian banks before the
of
consignment of $5,000,000
notes
currency
from
200,000,000 gold francs and 200,000,000 Rumanian
fluence
Cotton
A ship¬
all
in
Minister at Bucharest that it is ready to return
at 3 42 and
seven-day grain bills at 3 49%.
calling
Berlin states that
Germany has notified Rumania through the Swiss
not
grain for payment closed at 3 50%.
which have
recently that the German Govern¬
dispatch
A
stamping.
days at 3 40, documents for payment (sixty days)
and
the official denial of reports
been in circulation
per
on
on
Paris closed at
with 58.20 last week.
In
the French centre finished
franc, against 5.86%;cable trans¬
6.05%, against 5.87%;
commercial sight at
6.01%, against 5.83%; and commercial sixty days at
5.95%, against 5.77% last week.- Antwerp
francs
Dec.
181920.]
CHRONICLE
THE
3363
closed at 6.39 for checks and 6.40 for cable transfers
gained $5,202,000 net in cash
as a
as
rency movements for the week
ending Dec. 17. Their
compared with 6.20 and 6.21
quotations for Berlin marks
1.3334 and 1.3434
week
Closing
ago.
000, while the shipments have reached $3,192,000,
Last week the close was
as
Austrian kronen finished the week
•
the following table:
per
00.2034 for checks and 00.2134 for cable remittan¬
against 00.29J4 and 00.3034 a week ago. Italian
i:
Week ending December 17.
Into
with
change
finished
Czecho-Slovakia
on
againat 1.14J4;
on
Ex¬
3.5034 and 3.5134 the week previous.
Poland at
against 2.25
to
the
7.35 and 7.45
were
Last week the close
foi*
cable transfers
7.10 and 7.15.
was
considerably
was
extensive,
some
the
still
were
The trend
while
doing in neutra
currency,
upward, and while changes were not
gains
Guilders led in
noted.
were
advancing several points,
upward movement,
Copenhagen and Stockholm remittances ruled
Spanish pesetas finished at
strong and higher.
on
effect
was
Dec.
of
taken
by the Fed¬
over
6, it is no longer possible
Government
Bank of New York
serve
$6,202,000
was
operations
on
The Federal Re¬
creditor at the Clear¬
ing House each day in amount
follows: Monday,
as
$91,157,321; Tuesday, $53,264,862; Wednesday, $68,973,753; Thursday, $114,069,240; Friday, $155,294,-
but in the main
comparatively light in volume.
exchange, especially Danish
transactions
more
the
to Banks.
$3,192,000 Gain
Clearing House institutions.
529.
There has been
Sub-Treasury
show
Gain or Loss
Banks.
$8,394,000
eral Reserve Bank
1.34
17J4> against 17, and on Finland at 2.30,
a week earlier.
Final quotations for
Greek checks
As the
■
1.17
at
against
Bucharest at 1.13,
on
Banks' interior movement
Out oj
Banks.
ces,
exchange closed at 3.46 cents per lira for bankers
sight bills and 3.47 for cable transfers, in comparison
result of the cur¬
receipts from the interior have aggregated $8,394,-
1.3134 f°r checks anc
were
1.3834 f°r cable transfers.
at
a
a
These
heavy credits reflect the huge mass of
checks which
from all
to the New York Reserve
come
the Federal Reserve
These
as
System's
collection scheme.
par
large credit balances, however, show nothing
to the results of the Reserve Bank's
with the
sent
Clearing House institutions.
only
side of the account,
one
the Reserve Bank itself
upon
Bank,
parts of the country, in the operation of
slight net advance, but Swiss francs ruled fractionally
to the bank
under last week's levels.
are
as
operations
They repre¬
checks drawn
presented directly
House.
in the
Swedish
Owing to conditions ruling
markets, it is reported the
money
Financial Council of Sweden has recently instructed
all
the
announces
amount of
Spanish
^Treasury
issue
of
large
a
bills, estimated at about
December
transfers
cable
30.45;
at
at
31.40,
30.39, and commercial sixty days at 30.85, against
Swiss francs finished at 15.14 for
which
sight bills and 15.15 for cable transfers,
Copenhagen checks closed at 15.10 and cable transfers
at
15.15,
against
14.60
and
Checks
14.70.
19.20 and
against
while checks
19.30,
on
Norway closed at 14.82 and cable transfers at 14.92,
against 14.55 and 14.65,
on
Friday of
a
week
ago.
Spanish pesetas closed at 13.10 for checks and 13.12
for
cable
Last
transfers.
week
the
close
was
at
12.83 and 12.85.
As
to
France
£
£
126,811,522
...
126,811,522
142,027,112
a..
Germany
Netherl'ds
64,578,250
10,944,000
98,201,000
32,192,000
53,012,000
10,660,000
Switz'land
21,655,000
Italy
Denmark
another setback
declined
this
and the
week
to
check rate
34.25
and
on
cable
Argentina
transfers
34.3734> with the close at 34.3734 and 34.50, against
35.5734 and 35.50 last week.
For Brazil the rate
has fallen to 14.50 for checks and
14.62J4 lor cable
transfers, in comparison with 15.87J4 and 16.00 the
week before.
Chilian exchange was firmer, advanc¬
ing to 14.08, against 14.04, while Peru is now quoted
at 4.22
as
compared with 4.16 last week.
Far Eastern
56@56J4>
_
__
Total week
586,521,884
Prev. week 585,525,693
a
Gold
exchange is
against
as
follows: Hong Kong,
54@54}^; Shanghai,
against 70H@70%;
74@74J4,
Yokohama, 50%@50%, (un¬
45J4@46, against 45J4@46;
changed);
Manila,
Singapore,
40J4@41,
(unchanged); Bombay, 26@
2634* (unchanged); and Calcutta, 2634@26J4Clearing House banks, in their
operations with interior banking institutions, have
15,682,000
"145*666
12,789,000
8,115,000
£
91,498,847
96,851,000
32,200,000
52,680,000
10",880*666
154,865,875
1,052,550 55,533,200
2,374,000 13,575,000
25,090.000 121,941,000
3,006,000
35,206.000
627,000
53,307,000
11,707,000
22,652,000
10,656,000
1,051,000
20.225,000
2,427,000
16,664,000
11,787,000
8,147,000
"190,000
47,299,500 633,821,384 550,376,372
47,282,050 632,807,743 549.920,201
16,664,000
11,977,000
8,147,000
46,697,550 597,073,922
46,980,100 596,900,301
holdings of the Bank of France this year are exclusive of £77,934,682
":M
held abroad.
FEDERAL
V"v:
AS
AUTHORITY
STATE
AND
TO
RAILROADS.
.
On Dec. 11
an
railroads from
injunction restraining a number of
increasing their intra-State passen¬
rates as ordered by the Inter-State Commerce
ger
Commission
was
continued in effect by Judge Has-
brouck of the State
the Court of
Supreme Court, and on the 13th
Appeals upheld the Public Service Com¬
by deciding that the New York Central must
return to the two-cent rate within the
vided in the
State,
as pro¬
original charter; this' obligation, ac¬
cording to the Court, was suspended for a time, and
has been
drews:
"The
automatically restored.
'
■■
Said Judge An¬
V/'
obligation of the defendant to carry passen¬
for two cents a mile has not been destroyed; it
was temporarily superseded.
It was always sub¬
ject to this possibility under the war power, if it
>ecame necessary.
But when the suspension comes,
it revives with all its original force.
The suspension
gers
does cease,
in the language of the statute, when the
changed by State authority. The
■;hree-cent rate is
authority over intra-State
ice Commission."
The road exists and
ier,
rates is the Public Serv¬
operates under a State char¬
which contains and makes a contract as to rates;
moreover,
The New York
23,399,000 121,600,000
3,018,000 35,210,000
1,694,000 54,706,000
1,115,000 11,775,000
4,681,000 26,336,000
Total.
91,498,847
10",560,000 152,587,112 143,985,875
318,500 54,896,750 54,480,650
2,369,000
3,313,000 11,201,000
15,682,000
12,644,000
8,115,000
_
mission
American exchange there has been
South
1919.
£
on
Sweden finished at 19.84 and cable remittances at
19.94,
18
15.48 last week.
with 15.47 and
compares
December
1920.
£
England
Norway
bankers'
Clearing
Silver.
Spain
against 30.55; commercial sight bills at 31.20, against
30.02 last week.
the
Gold.
Sweden
against
31.34,
closed
Amsterdam
on
16
Silver.
Nat. Bel.
bills
sight
1 through
Total.
Gold.
Aus-Hun._
400,000,000 pesetas, the bills to bear 5% interest.
Bankers'
go
or
A recent
approaching
never
following table indicates the amount of bullion
principal European banks:
in the
goods that are not of
dispatch from Mad¬
importations of
necessitous character.
rid
discount drafts
banks to refuse to
Swedish
finance
The
and
the law of 1907 which established
ic Service Commission gave
trol of
rates
the Pub¬
that body absolute con¬
and substantially
all else.
It there-
fore
and
at
appears
once
good morals to say
law, good sense,
that when the major power
good
has taken off its inter¬
of the central Government
automatically re¬
fering hand the charter powers
A close analogy
sume.
The "law" of
world.
[Vol. 111.
CHRONICLE
THE
3364
is supplied by the natural
gravity is paramount and con¬
stantly operative, but such major force as resides in
even a weak human arm can overcome and tempo¬
It may or may not be the best and
it is not the best.
ultimate; there are internal stresses already vis¬
the
ible, and more conceivable;
time alone can decide,
and the wisest among us can
seemingly accomplished
has
which
hardly consider
our
anything more than a promising experiment
form as
wonderful re¬
If we turn back to 1787,
lofty note struck by the Founders in the
sults
yet is still on trial.
even
the
rarily suspend it; yet it is not repealed, and auto¬
single sentence which introduces their marvelously
dis¬
far-seeing charter does not clearly show that they
aimed to do more than construct a sound and en¬
matically resumes regular working when the
turbing interference is withdrawn. As a legal propo¬
impreg¬
of the not very abun¬
sition, Judge Andrews's conclusion seems
nable, and it appears to be one
dant instances in which an appellate tribunal gives
strictly according! to the law without per¬
decision
the
And yet, strictly
goodlaw though this be, it is not the entire case pre¬
mitting itself to be influenced by considering
probable consequences to follow.
sented
This encounter between the State and the
central
must of course pass on to the final tribunal.
There is a like case, still unsettled, concerning the
New York anti-landlord statutes, for the Appellate
power
Division of the Supreme
lice
Said Judge Jenks, "whatever the con¬
powers."
tract
give
Court has added another
sustaining the legislature in using its "po¬
decision
rights of the relator or its tenant, they must
way
Understanding it thus, what then—what shall be
while the experiment
done
The whole is
pak
to the public welfare ... a statute enact¬
police power (the law of
ed in the exercise of the
overruling necessity, as it was once termed) is para¬
mount, and cannot be affected by previous contracts
Yet this State has
between individuals."
is less than the whole—the axioms of mathe¬
us that.
If a difference arises, which
matics tell
indisput¬
for
tuting the whole) must govern the parts; no seces¬
sion
by
rebellion
or
part
any
To
day, in the Federal Circuit Court, where Judge
remarked that
a
constitution is not
a
code
or a
stat¬
actual "case" presented,
the
to
nearer
come
United
States, which shall be made in pursuance
thereof, and all treaties made or which shall be made
every
Hough (with Judges Mayer and Hand concurring)
the result is
paragraph 2 of Article VI of the Federal Charter
declares that "this Constitution, and the laws of the
ter
in still another sustaining decision, on Thurs¬
persistent, self-dictated course
happen in our human imperfection)
tracts," which is one of the things the Federal char¬
upon
or
be permitted, and if the central au¬
liable to be ruin of the entire structure.
the
This was touched
can
thority allows such a course (as, indeed, does often
under the
"no State shall" do.
number of the
Our own bodies offer us a helpful analogy,
there the whole (the intelligence and will consti¬
parts?
ably passed a "law impairing the obligation of con¬
says
is working itself out?
equal to the sum of the parts, and a
shall control—the whole or any or a
involved.
and
during modus vivendi for a new nation on a new
continent.
authority of the United States, shall be
law of the land, and the judges in
supreme
State shall he hound thereby, anything in the
constitution
or
laws
of
State to the contrary not-
any
It would be well to examine this
withstanding."
carefully, phrase by phrase, that we may note its
force.
It
was
agreed to by this State, in convention
ute, "and is not to be interpreted with the strictness
with the
of
Apparently, this action constituted and completed a
a
private contract; to this doctrine we owe the
rulings that
even
the contract clause of the Consti¬
tution does not override the power
establish
the
regulations reasonably
health, comfort,
or
of the State to
necessary
to secure
general welfare of the com¬
Long ago, Seward declared the conflict between
The
contract.
objector
may
cite the tenth amend¬
ment, that "the powers not delegated to the United
States
the
by the Constitution, nor reserved by it to
States,
to the
or
munity."
others, and was ratified on July 26 1788.
and
are
reserved to the States respectively,
He is entitled to the rejoinder,
people."
perhaps declaration and rejoinder are about
slavery and freedom "irrepressible"; it proved so,
equal in reasonable weight, inasmuch as no arguing
for it continued until a final issue settled the ques¬
in the
tion of dominance between
a
and declared that because
Lincoln
the two.
house divided
a
self cannot stand he did not
which
to) be a matter of good morals
rather
removed
rangements, and he
and
was
above
or
usual
willing to
To
territory.
attacked
was
seemed
from
against it¬
expect that this country
could continue half-slave and half-free
Lincoln, the Union
saw
save
in
1861
something
human
ar¬
it without
mere
final
court of strict
settlement.
logic is likely to produce
That
must
As the "Chronicle"
nature of
has
already pointed out, the
subject must largely determine its treat¬
a
ment, and transportation is in its nature a continu¬
ing
process
between widely-separated points, that
being according to the area and peopling of the
country.
Our intra-State carrying, of either or both
determining the fate of the institution of slavery;
merchandise and passengers,
it
ial ;
was
not until
later, when he recognized the mili¬
in
any
tary necessity, that he brought himself to proclaim
the latter must
the
we can
manage
nation, to
to enable
persons
ture is
a
a
piece of military policy.
Yet if
to partly remove ourselves, in imagi¬
point in
space
and time distant enough
dispassionate judgment, most thoughtful
will probably
tnerely
an
agree
that
our
political struc¬
instrument of expediency; there
must be some form of external Government
men
become able and
ready to
govern
according to the laws of God) and the form
have is the
(until
themselves
we now
latest, and it is open to argument whether
ics
preponderate and control, so far as
nature of the
seems
case
incontrovertible
and
about
politics
is concerned.
It therefore
that, on grounds of econom¬
(and in this matter the two seem
convertible
govern.
is comparatively triv¬
difference between intra- and inter-State,
emancipation
as a
be reached other¬
wise.
terms)
inter-State traffic must
In this present issue, the higher rates are
in collision with certain lower rates
State laws and contracts,
by and under
and it is undeniable, as a
legal proposition, that the roads are "State" cor¬
porations and
owe
at least a degree of submission to
the State which created them.
Dec. 18
1920.]
Now there
are
only two grounds
CHRONICLE
which the
upon
and action of the Inter-State Commerce Com¬
power
mission in
and
THE
apparently
it is not
increases
ordering certain rate
called in question.
are,
pleasant to pay
can
be,
One is that
for transporta¬
more money
tion service.
Not much argument seems
this, for the
same
indisposition to
needed upon
pay more
than
one must was
working, and working disastrously for
everybody, all through the long course of "regulat¬
ing" which weakened the roads and brought them
towards the final seizure.
pay more on
do so,
freight,
People do not "want" to
anything, but consent to
or on
because of the
of the thing and the
reason
good results expected, in many situations of daily
living;
have consented, in the
we
taking back and restoring
railway properties.
wise and
So is it not, therefore, both
short-sighted, not to
say
issue raised
lower
It is
present rates?
behalf of the
on
necessity for
a
ture
growth that
tion
instruments, and it would surely be
and restore
we save
un¬
our
fu¬
transporta¬
our
bad policy
a
antagonize the Inter-State Commerce Commission
that it has abandoned its old attitude of hos¬
now
tility to them.
The
V
-
of
other
the
two
it
a
Stand upon
a
duplication of that law and commission is
posed.
suppress unfair methods in
the role
au¬
this broadly, and enforce
cate, overlap and conflict with the Trade Commis¬
sion, naturally leading to disputes of jurisdiction.
If anything useful can be
accomplished by an at¬
tempted statutory pursuit of alleged unfairness in
trade, the Trade Commission has already accom¬
plished it,
if
better directed,
or,
good has
no
come
from
setting
doing the
same
vented
that which
tended
(and probably needed)
State and intra-State
than
a
material
tions at once,
here
pen
an
they
object
irresistible force
an
body, it
dissension.
may
comes
be better left
If
Leave unsettled the
and
waive
can
its
nitely abandoning it.
safely,
dently.
against
as a
have
im¬
an
puzzle and
problem of
can
own
In the middle
will walk
you
very pru¬
We have the gravest of financial, industrial
defer them
deal with
we
cannot
all, for they refuse to be put by.
the
waiver when
most
imperative, and in
a
possible, not crossing bridges
Let
us
spirit of
until
we
to them.
proposing nothing less and better than
Governmental
ownership
TEE
PACKING
BUSINESS—
NEW MONSTROSITY PROPOSED.
The coal mines of the
supervision and
country
regulation
are
would
cused of
epithets
number of
a
This later attack
same
tend
the meat business
on
It happens that
great market is back to
sold at
tors
quoted
are now
coal,
taking
as
harsh
ness."^;-/,;.
yy;
The unfair
left
In Senate Bill
The
the "Federal Livestock Commis¬
.v'
objections
•,
are so many
/■
,
and serious that it is
not easy
to choose the order of citing them.
bill is of
greater length and detail than the Federal
Trade Commission law of six years ago,
and
may
The
an
ob¬
go on,
as
I,
be, shall advocate
case, my op¬
■
.
v'.'; V:., 5
practices forbidden to the packers
them,
a
be
or
sure
how
time; nobody
they
soon
cohtrol whose orders cannot be known
for
are
the
even
can
may
be
Every packer is placed in advance under
changed.
overseers
beforehand,
themselves will not know what
they will command or how often they will shift.
packers
are
forbidden to
engage
in
the effect of
The
so.
any manner
foodstuffs except livestock products, when
any
so
engaging
operators
fair in any
may
be to lessen competi¬
are
overseers say
forbidden not only to be
respect but to "charge
rate in commerce."
any
un¬
unreasonable
Observe that this
goes
step beyond the Trade Commission Law and
con¬
or
to regulate prices, since if the prohibition
have
Livestock Commission," the meas¬
But
Two Sena¬
declaring for intervention
of the Commission from time to
foresee
ing business and the country are threatened with
sion Act."
fury.
wholly undefined, and hence subject to opinion
3944, brought forward from last February, the pack¬
a
figures, hogs having
position to Government intrusion into private busi¬
decide what
as
which has been
that pork in that
the coal mines," and the other saying he
over
is to be enforced the
to be cited
us
willing "to modify somewhat, in this
what would be
bill "to create
news
pre-war
the remedy
as
fers power
ure
extortion and
saying that "if the matter is to
one
for one,
is
from
Chicago dispatch of
this does not count with the blind
to
comes
$9, against $10 30 in August of 1916.
possibly bad yet naturally improving conditions to
a
prove
a
only last Tuesday, repeating
a
worse.
success
coming for several weeks, told
price
utterly unendurable movement to go from
ac¬
of which, if
any one
shut-eyed and unreasoning fury which will
monopoly.
is
unspeakably
"the Big Five," and
as
crimes,
proved, would have justified the severest penalties.
straight towards "nationalization," and with what
an
the remedy for alleged
tion, etc., in other words, whenever the
threatened with
which
as
evils, and its violent abuse of the packers, whom it
in
A
The Trade Commission has
itself
remember its
The
REGULATING
capable
particularly and persistently upon
packing industry, and "Chronicle" readers will
the
without defi¬
proverb in Latin, and
says a
sover¬
concede present
claim
governing problems to deal with, and
come
we
to be agreement and not
eignty in the States, for that
and
agree—any
in two direc¬
better return to the position already taken:
may
most
to
agree
can move
without breaking in two.
that the open way seems
cases
Inter-
example of the old puzzle of what will hap-
when
movable
we
to prevent.
in¬
authority cannot operate si¬
multaneously—unless
more
was
or
not be regarded, however, as
may
piece of work.
have it that size and
than
worse
not needed to do
are
work.
same
Perhaps this
the
accomplish it;
may
body only evil could
one
another, and certainly two
up
pieces of machinery
of
from
come
barrier to
far
or
present proposal would dupli¬
literally, and it would raise at State boundaries
commerce
com¬
approval, either by its actions
The
successes.
competition has acted
fussy busybody and has not
the
the "commerce" clause of the Constitution
a
of the
mended itself to
its
pro¬
That ostensible undertaking to uncover and
belabored with
"
grounds is that State
thority must be paramount and must control, with¬
in the State.
jection which ought to be sufficient of itself is that
inconsistent, also,
to take sides with any
to
matter of
very
ravished and depleted
our
3365
one
one more
are
must be allowed to
"unreasonable."
So here we
price-regulating scheme in respect to
great line of necessaries.
Possibly
It is
On
prices
overseers
worse
is the proposed licensing scheme.
"voluntary," if
one
wishes to perpetrate a jest.
application, the overseers "may" issue to any¬
body
ness
a
certificate of registration for doing the busi¬
conducting or operating stockyards or
"of
slaughtering livestock, or processing, preserving, or
THE
2366
perishable foodstuffs/"
with provisos set forth at length and in much detail.
The applicant must satisfy the overseers (inter alia)
storing livestock products or
to the location and
as
other points of the grounds
and facilities he proposes,
including his own finan¬
he must
abide by the
provisions of this section and the rules, regulations,
credit, standing, and resources, and
cial
in advance "to comply with and
agree
and orders made
hereunder."
to do and submit to
vance
He must agree in ad¬
whatever may be handed
time, and one thing required
out to him from time to
by this Section 25 is that he must "furnish the serv¬
ices and facilities of his business on fair and reason¬
able
persons
This
unjust discrimination to
and without
terms
applying for such services and facilities."
(or may be read to mean) that he must
means
allow his
facilities,
on
indirectly interested in the business of any packer
"reasonable" terms to be passed upon
This section, calling itself
one for "voluntary registration," means that who¬
ever "voluntarily" comes under it will be bound from
crown to heel, and whoever declines this voluntary
by the official overseers.
surrender—what sort of time will he be
It is
rule in selection for office, nobody
the too common
who knows
anything of the subject is eligible, but
is to be turned over to outsiders.
that the business
Are
to move further towards the nth
ready
we
of Governmental interference, when all pri¬
power
vate business shall
be left nominally with its owners
capital (if pliant and optimistic
who furnish the
enough) but shall be controlled by non-interested
and
non-competent overseers from the outside, poli¬
appointed by other politicians?
ticians
nightmare?
No—propositions such as this are an anachronism
and
intolerable; they would turn back the hands of
which are beginning slowly to
the clock of progress
To be condemned and silenced, the
again.
move
proposals need only to be noticed enough to be un¬
derstood.
REDUCING THE UNITED STATES PUBLIC
dinarily advanced attempt to lay the hand of Gov¬
are
Whoever will dis¬
and think calmly can see
miss hatreds
Will pros¬
perity and low costs of living come out of any such
DEBT.
How is the Government ever
objections to this extraor¬
private business.
vocation, or employ¬
Translated, this means that, according to
ment."
hardly necessary to take space for a more
ernment upon
that meat
especially perishable, and are therefore
capable of being so handled as to permit with¬
least
be a commissioner, but he shall not
may
likely to
getting on with the offended overseers?
extended statement of the
foods
operator"
or
"engage in any other business,
competitors to share his plant and other
have in
[Vol. 111.
CHRONICLE
holding and other methods of extortion; that they
indebtedness
of
billions
If the
task?
pay
off the
during
the
substantial start been made on the
Has any
war?
going to
accumulated
Treasury Department is constantly
borrowing money by selling certificates of indebted¬
how
ness,
there be any present reduction in
can
the Government debt?
require combinations .of capital, a very great scale
Light is thrown on these questions by the detailed
operation, and the employment of every device
figures given in the annual report of the Secretary
of
for
utilizing by-products and cutting out wastes, the
single matter of refrigeration and refrigerator cars
being
one
(but only one) example. In the whole list
nothing which, by its
of consumable articles there is
nature, is so difficult to bring under any prac¬
own
tices of vicious
monopoly and so lends itself to (in¬
of the
Treasury, which has just been published.
the first
of Government
issues
old
called the
the
of
the
and
loans
In
place, it should be remembered that the
bonds, the four Liberty
Victory notes,
"funded,"
or more or
Government,
now
constitute what is
less permanent debt
amounting to about 20
In addition there is the
"floating
deed, virtually forces) the rule of very large trans¬
billion dollars.
actions at
Moreover, add¬
debt," represented by Treasury certificates of in¬
ing certain other products and commodities further
debtedness, which in August last amounted to nearly
a
very
utilizes the
small profit ratio.
packing machinery and its methods
of
three billion
inducing the lowest costs and the least wastes, and
duced to
thereby tends to the lowest prices on all lines of
reduced
One of the worst
foods.
yet most persistent notions
in the whole anti-trust crusade is that
nation of
capital and effort
upon one
a
large combi¬
line of indus¬
tificates
to the exact
more
ing necessarily in
features of
of what is
If
a
contrary, and there is noth¬
common
between the obnoxious
trust and the existence and
indiscriminately cursed
as
workings
"big business."
bigness ip badness, why not indict the sun?
we may recall
that, a year ago, to placate the
Here
It appears
ous
of funded
has
of
Secretary of the Treasury, until the expiration
one
entry of
ing.
to
divest
themselves
of
The decree also
interests in
all
so-called
"unrelated
required them to sell their
stockyard railroads and terminals and
in market newspapers;
the retail meat
to dissociate themselves from
year
after the termination of the war, to buy
annually
up
to 5% of the amount outstand¬
Under this authorization, the Treasury has
bought and canceled bonds to the amount of $1,764,896,150.
These purchases included about
billion each of the
and about
business, to abandon their branch
Then it
one-half
Second, Third and Fourth Loans,
one-quarter billion of the Victory notes.
seems
that
Congress provided that repay¬
houses, and take sundry steps in diminution and
ments
withdrawal.
made to them should be
It should be further said that if the meat business
The Second Liberty
Act, with subsequent amendments, authorize
to
lines."
nibbling at the great mountain
debt, and that quite an appreciable effect
already been produced.
Bond
the
from the Secretary's report that vari¬
mice have been
bonds
decree requiring them, within two years,
These Treasury cer¬
practically represent borrowings against
stantly resorted to by municipalities.
hostility to them (if possible) the packers consented
a
by about $200,000,000.
anticipated tax payments—a practice which is con¬
try aims and tends to increase prices; it aims and
tends
dollars, but which has since been re¬
$2,475,000,000, and shortly will be further
by foreign Governments on account of loans
retirement
of
applied to the purchase and
Liberty bonds,
and that there has
be and is brought under overseers, there is no
fixed line of stopping; everything (including agri¬
been
culture and the
by the Government from the Federal Reserve banks
may
terms of No.
press) might be dragged in.
By the
3914, anybody who is not "directly
or
$119,109,050
Reserve Act
as
so
paid and applied.
The Federal
provides that the net earnings derived
franchise tax shall be used either to
supplement
Dec. 181920.1
f
the
gold
THE
J
■
CHRONICLE
held against outstanding United
applied to the reduction of the out¬
standing bonded indebtedness.
The Government
States
reserve
notes,
received
3367
ered faces
or
softly. Perhaps, over the river glide iceships, ghostly in the gathering dark, Perhaps,
clad
the ground is white with its
mantle of
that account for the
year 1919 an amount
sufficient to purchase
from the South.
erty loan bonds.
mas
on
$2,922,450 of the second Lib¬
This amount will be
many
multiplied for the
or
year
1920.
as
"for patriotic
the Secretary puts it, present
bonds to the Government.
These
gifts have not been
numerous or
large, but they have been sufficient to
$12,850 bonds. Occasional bonds are put up
retire
as
security and forfeited.
$3,550.
These have amounted to
section of the Second
a
Liberty Bond Act,
4%% Liberty bonds and 4%% Victory notes
are
receivable by the Government at
par in payment of
estate or inheritance taxes.
Some
thrifty executors
have taken
fords
advantage of the discount which this af¬
the
on
amount of
tax, and have paid in bonds to the
$9,781,750.
a
Victory Loan Act permanently appropriates
sinking fund, effective from July 1 1920, of 2y2%
aggregate amount of bonds and notes
standing
out¬
July 1 1920, less the amount of obliga¬
tions of
foreign Governments held by the United
States on that date.
In 4y2 months this
appro¬
priation has redeemed bonds to the amount of $15,-
040,250.
the
on
The aggregate of these items, representing
total retirement
Nov. 15
and
that
a
cancellation of bonds
1920, is $1,911,766,050.
of the amount of bonds
now
to
This is nearly 10%
oustanding, and shows
substantial start has been made in get¬
ting rid of the war indebtedness.
very
Eve!
'
Care is absolved.
The chimes in the
of
good-will.
does
not
What,
now, are all the
the
or
Whether
full, there is
always, at this waning of the
year, a
gestion, of haste, of anxiety.
Usually stock is to be
taken.
fort
Books
to be
are
to be balanced.
are
feeling of
con¬
Fag ends of ef¬
smoothed out and finished.
And in
the mind
constantly, though as yet covertly, are re¬
volving the plans for the coming year. Nervous ten¬
sion increases.
perative tone.
for
Office orders often take
well
won.
of
energy
ranted
it
'.T-.
.
toiling efforts of the
huge struggle called competition—for once
forget—and, forgetting self, live in others.
can
of
holly waits, to where the yule log glows, even
though it be in the imagination, to where some little
token awaits of that divine
that makes
us
all of kin.
standpoint, it
once.
As
along, there
own
the
The very poor are not forgotten.
appears.
rich find
a
there
day called
into the soul
comes
a
how,
trying to
day that precedes
ful face to the
quiet stars,
wears
lehem.
And
exclaim, "I
comes
but
a
glad it is nearly over—glad
year!"
a
Counters
winter's day.
are
Desks close with
left in piled confusion.
a
From
mounting serried tiers of windows in tall tem¬
ples of trade, lights flash out.
denly, there is clamor and call.
snow
a
in the air,
In the streets, sud¬
Perhaps, there is
eddying lightly, touching the fev¬
evergreen
home to stony
dering
expression.
the
goes
Down in the
happy thought has erected the "Tree of
Light"—an
transplanted from mountain
city, to glow and gleam in tender
won¬
and shed its bounty into little hands.
eyes
Up and down the crowded streets there
horns and
confetti.
are blowing
jangling bells, and the colored showers of
But
know, oh cynic, if
one
there
can
be
at this time of the
year,
don
only conceals
a
that this hilarity and aban¬
sentiment that was not there of
yesterday—that has its far
love
ers
that much
seem
or
that little which
not fond.
stir in
not
in One whose
source
surpassed all other love—the sharing with oth¬
from honest
comes
work in the fields of life where all
are
free, though
Strange |would it be, did there
countless
reflective
minds,
from
this
the thought that life prosaic, life economic,
source
and stimulus in those
Perhaps, in the
more serene
we
love.
quiet of the Christmas
Day, when families reunite under the parental roof,
gather in gentle converse around the
when friends
generous
table of the feast, thoughts of the meaning
is
seen
were
pressure for
the
madness
others
not
deeper hold though the words
are
not
The Gift, emblem of unselfish generosity,
to be "nothing without the Giver."
This
constant
the
then—oh, the miracle of it all—there falls
twilight of
bang.
once
am
the
1
then, perchance, out into the street
Life must have its
Beth¬
over
.
spoken.
comes
was
•'
of life take
buyer, from those responsible and those who
And
the
heavily
to the star that out¬
even
shines all the others—the star that
tired bodies, flagging minds and
not, almost involuntarily, even in the midst of
subdued
the
everybody
Some¬
endeavor, this slavery to the material, triumphs and
justified, by a spiritual exultation that lifts thank¬
has its
serve
compassion and charity
is
an
unwar¬
remem¬
mysteriously
know not how, this long, arduous industrial
we
scene,
To the "retail trade," however,
access of buying—albeit harried
And
that soothes and softens and makes whole.
sometimes,
expectations scarcely acknowledged, there
this
in¬
And the
glow of sweet satisfaction in
brances not born alone of riches.
From old and young, from seller
are
sagging spirits.
are
seems
quality of friendship
For this is the blessed
Out of the welling kindness
heart, unknown though be the source, the Gift
of the
they
a
year,
business, the triumphs and failures
Homeward wend the
millions, to where the wreath
interruption.
brings its
and
on
...
comes
It will not be denied that
with the distractions of
at
a cause
that the goal may be
Into the midst of this there
from the material
im¬
an
Employer and employee turn
currents
Christmas.
on
Lack of concentration is held
reprimand.
creased
message
heart, broken the spirit, that
the gentle gladness of this hour.
catch
the burdens of
one
steeples ring their mellow
Square
CHRISTMASTIDE.
the commercial stream flows scant
Joyous lips
Hard the
toiler.
The business year rushes to its close.
yet,
time of remembrance.
I
The
of the
or
green, a balm steals up
It matters not.
For it is Christ¬
repeat the old refrain, "Merry,
Merry Christmas!"
of
.
Under
purity;
lingering touches of
The streets fill.
-Jy:
From time to time various
persons,
other
reasons,"
times
amid
accumulation,
of
marionettes,
in
treasured
that
holy
for
fortune,
were
of
there
holies,
purified and sacred temple of the hidden heart.
Power would be but the
who
gain it could not
good of humanity.
enginery of ruin, if those
in its wise exercise the
see
Wars
are never
waged
over the
solemn
self-abnegation of those who, striving for
personal gain, succor the loved ones of home.
The
vast and
ever-increasing complex of commerce, un¬
devotion, where those who
ravels into the fine line of
conscious of helping others. We
our diversity, we are co-operative in
help themselves are
all united in
are
[Vol. 111.
CHRONICLE
THE
2368
world, and culminates
lateral effect in the business
specific drives upon the Congress to enact
in
now
the world in legislation in aid of farmers, who by alliances are
attempting to influence price by refusing to sell.
our private endeavors.
Only when man would con¬
Here, with no necessity of war behind it, is a plea
quer by will rather than by work does he despoil
for special and emergency legislation, which creates
the vineyard given into his keeping.
another emergency.
Christmas Day passes.
The wheels of toil and
We are bound to consider this demand for relief
trade turn again with ponderous roar. The personal
competition, we are at peace with
our
task claims once more its
due.
But few there must
for
thanksgiving and cheer.
And greater than all is
that quiet lingering of the absolving sacrament of
forgetting self in remembering others.
For the
toiler feels again, even with lighter heart and re¬
newed courage, the falling of that shadow that lifts
so slowly—the shadow of the world at war.
And
the lesson grows plain, the lesson of concession and
conciliation, the lesson of increased and increasing
toil and effort, that there may be more for all be¬
great city who have not some cause
be in the
there is more for each.
cause
Not in planning ideal¬
conceptions of artificial rule,
playing for points of power by organisms
organization, lies the hope of peace and plenty,
in consecration to work, that all have more of
ism, not in stupendous
in
not
and
but
tified
POSITION
OF THE FARMER.
Is it jus¬
within the national life?
by any emergency
Having extended aid formerly, under the belief that
it would stabilize conditions, though that was mistak¬
en
repudiated in feeling, does the Gov¬
and was soon
anything to the farmer because of its
ernment owe
former
Let us see, as to the cure. Mani¬
legislation ?
festly, confining ourselves to
of marketing
son
of
does
wheat
(and it
not do so in
The temporary effect, of no
sense.
price
duration, could only be to advance the
known
consumption.
somewhat for home
If this is but¬
prohibitory tariff on importation, the
similar, and the reaction just as disastrous,
unless the
as a
hoarding of
not advance price
will
not) then the fixing of price will
ultimate
the
the present time (sea¬
wheat), if in the face of the fact
large world crop and open seas,
a
American
effect is
EMERGENCY LEGISLATION—THE
by a worse condition?
Will it be followed
tressed by a
rest.
Will it cure the evil?
several standpoints.
from
price and prohibition are to be continued
policy, in which case foreign trade is pro¬
fixed
right way is portionally blasted—the evil remains.
Artificial relief from the returning power of the
merely to nullify it by doing another.
It is
laws of supply and demand will produce a worse
proper to repeal a bad law; but not in the doing of
condition than at present obtains.
All the laws of
it to enact another.
Generally, it is conceded that,
all the Congresses on the North American Continent
while some of the war legislation was justified by
cannot prevent England and Europe from buying
necessity, part might have been avoided, other parts
It is proper
to undo a wrong; but the
not
,
wheat in Australia or the
Execution is
becomes more important price.
might have been more wisely framed.
another
question, yet now
armistice.
the
with
of Con¬
The present session
of re¬
be said,
is confronted with the admitted duty
gress
pealing emergency war legislation.
introducing politics in a
without
It may
controversial way,
that it has been commanded to do so
by the people.
temporary laws affected certain classes
That these
citizens, is no warrant whatever that such classes
of
should
now
of that the enactment of other emergency
in
their
in lieu
ask for their continuation, or
statutes
Emergency legislation, while con¬
place.
trary to the principle of stable and equable laws
a
whole
this
for
people, has, whatever the time of enactment,
fault—it
grave
necessarily
creates
another
Let
us
particularize with farmers and the wheat
It is true this legislation expired by limita¬
crop.
tion, but the effect is the same as it would be under
a
repeal.
Let
put in evidence first some of the
us
facts in the case,
eager
namely, that farmers were at first
for the Government fixing of price, were on
the whole
The legitimate price to the American farmer
by the price of his surplus in
for his wheat is made
pleased and satisfied with two dollars and
plus walls back as a depressing factor on
ment
can
certainty in price by legislation than he
a
by hoarding.
—time which
ernment to
1919.
was
refused, the relation of Gov¬
price ceasing entirely with the crop of
This left wheat
precisely where it
was
before,
governed by a world-market price, but under new
conditions.
ers,
These conditions
are now
upon
the farm¬
cannot be escaped, and have resulted in a price
in local markets
ranging
as
low
as a
dollar and a
quarter a bushel, causing an estimated loss to farm¬
ers,
by former figures on this year's entire grain
off than he would have been to
at the
As to the
start.
ful effect
proposal for Government
This form of relief is particularly
practice.
special emergency legislation, creat¬
as
ing another
emergency,
tries affected
and unjust to other indus¬
by the aftermath of war.
All this is unfortunate—for the farmer.
look at conditions at
must
And it may as
not
to
on
the
us,
and that "all the king's
king's men cannot set Humpty
Yet a flood of bills are being
Congress—nine-tenths of which are
again!"
up
in
allow
emergency
But we
large and as a whole.
well be said of the evils of war that
they have fallen
introduced
doubt¬
policy, and it is scarcely feasible in
as
pernicious
resumption in the natural way, but
artifices for curing one ill though it cre¬
ate another.
Immigration comes to the fore with tremendous
It is said that we are in danger of being over¬
voice.
whelmed
ures
are
millions
of two billions and a half dollars.' This is not
easily borne, is a heavy burden, has tremendous col¬
cannot
accept the inevitable
loans, it is not defensible in principle, it is of
at this
crop,
If he fails in the end he is worse
idle investment.
Dumpty
guaranty of two dollars and fifty cents
In either case only time can tell
profit in waste, interest, and
consumes
manded
a
So that the farmer can no more
price-fixing.
predicate
horses and all
bushel, which
the home-
consumption price in spite of attempts at Govern¬
twenty cents, but later grew dissatisfied and de¬
per
him, the sur¬
That being denied
the world markets.
actual
emergency.
Argentine at its seaboard
by
a
muddy flood from everywhere. Fig¬
twenty-five
adduced to show that fifteen to
are
seeking ways to get here.
dispassionately.
all
come
at
Let us look
First, twenty-five millions
once,
and
the
process
must
DEC.
181920.]
stretch
over
resources
and
a
THE
period of
even
such
as
to mere
honest, useful labor
possible citizens of good character to start with
that will tie themselves to the
to
Second,
years.
flood of
a
CHRONICLE
our
prove
institutions and
our
soil, that will be loyal
form of
factor to accelerate
a
ment and
our
our
Government, may
internal develop¬
foreign trade, and cannot exhaust
our
vast and
undeveloped wealth and opportunities that
given thus more fully to the world would advance
its civilization.
There
questions of adaptation,
are
distribution, assimilation.
We do not discuss them
Are
we
ideals of
farmer's
fear
justified, in view of
liberty, in putting
interest,
under
professions and
our
the bars?
up
Take the
have just considered.
we
proper
called flood of
Need he
sifting and distribution
so-
a
cheap labor, to meet falling world-
prices for his future crops?
expression, "the world is
Again, there
fire."
on
Can
was
an
in large
men
bodies, whose homes and prospects have been burned
be blamed for seeking
up,
ment that the fears of the
banking interests are not
valid, and that from the point of view of sound pub¬
lic
policy, the Dominion Treasury has nothing to
lose in the restoration of free
This is borne out in
world,
peaceful parts of the
more
abundant opportunities for themselves
more
and their children?
And
still, again, is it to be
trading conditions
part by certain facts which have
only come to light with the disbanding of the "sta¬
bilizing committee" of the Bond Dealers' Associa¬
tion.
It appears
that this Committee, finding itself
badly overloaded with offerings of Victory bonds
beyond the absorptive capacity of the Canadian mar¬
ket, entered into an arrangement with the Minister
of
now.
3369
Finance, by which
passed
eventually
the
Committee
to the Dominion Government 100 million
on
dollars in unsalable Victories.
ernment in turn
The Dominion Gov¬
sought relief from its
new perplexi¬
by apportioning $30,000,000 of the undigested
ties
bonds
sort of
as a
sinking fund against the main is¬
arranging to absorb the balance gradually.
sue,
latter
procedure, however,
give
may
way
The
to a more
welcome
alternative, whereby in the event of higher
quotations for Victories, the Minister of Fi¬
market
nance
feed out
may
of the securities.
some
As to the
pected that other free republics and vast undevel¬
probable effect of any introduction of
cheap securities into the Canadian market at the
oped territories will have
present time, the bond dealers assert that
ex¬
appeal to European
no
Canadian Government
emigration?
Our
thought is that another
lation will
only create
more
deeper in the mire.
us
era
There is
certain bank failures in
one
of frenzied legis¬
unrest and may drive
some
section.
not discount them at their worth when
realize that
tastic
we
we
come
to
particularly under the fan¬
occur
protection of the Non-Partisan League? Loans
to cotton
also
they
disquiet in
But must
planters, because of inactive markets, are
Yet cotton is peculiarly a world-
contract with bondholders
interest and
If
one
Minister of
ation
which
a
will
actually aid cotton
rise and
loan, which will only aid in holding for
will do nothing toward
actually moving
Tax-revision is im¬
perative.
forms
taxes
But almost extinct
(extinct in the
nothing.
needs
not go
us
new
of
conditions) will avail little
device, only just and equable laws.
from bad to
by hurried, ill-con¬
worse
probability
seems every
the purchase of foreign-owned
.v'/"
[By Henry A.
The French have
"It may
es:
DOMINION
EMBARGO
ON
THE
PUR¬
no mean
write
banks
entirely the embargo
over
on
proposal to
remove
the importation and sale of
foreign-held Canadian securities.
million dollars of such securities
More than 350
are
said to be held
will
the Canadian Bankers' Association
and
a
highly inviting invest¬
to be created by the offer of
The
de¬
movement, the
can
be
no
as
required by
common
peace
an
com¬
ambitious at¬
form to be "understanded of
which
he
a
he is
to be
a
tre¬
well-being.
"furnishing the back¬
asserts
has
never
been
To
done;
is
men
perform this task he has sought
long list of individuals, some of them to
recognized
•The
prove
human
this, "any binding culture of
inconceivable."
the aid of
to
urgently necessary educational reforma¬
without
and
"friends."
endeavoring to persuade the Dominion Govern¬
a
contribution
an
create
run
universal
The book is
author believes
be
securities, at attractive prices, would
on savings accounts, the bond dealers
a
people," it will manifestly
British-owned
a
modern
Historical scholars
tempt to supply such ideas ; if this can be accom¬
plished, especially in
tion,"
argument of the banks is confined to
incident in
historical ideas.
mon
re¬
country at the present time.
sure
attractive theory
an
itself to the
prosperity possible for the world without
the
opportunity
popular
reading.
the conviction that there
bone of
a
a
should not
history of the universe,*
attempt so to deal with it is regarded
gards as highly inimical to the financial welfare of
apprehension that
romances
interesting and suggestive, and
prove
as an
mendous
grave
sure
expect it to add to their knowledge, but it
ing of
While the
why
reason
simplicity and unity.
surely
the
Kingdom alone, and the sudden dump¬
large volume of these would create a situa¬
tion which
no
of existence which lends
in the United
any
presumably
especially if he has adopted
be told
proportions has arisen
the
of H. G. Wells will be
pen
fresh and readable
a
to books and speech¬
as
Starting with the idea that man's history must
organized bond dealers of Canada and
chartered
Stimson, D.D.]
saying
requirement.
therefore well worth
Ottawa, Canada, Dec. 17 1920.
between the
is
There
a
writer of novels and fanciful
SECURITIES.
controversy of
I
be true, but it must be interesting."
Anything from the
to meet this
mand for
legislation.
CHASE OF FOREIGN-OWNED CANADIAN
are
on
delay.
will not
THE
ment
market stabilizer.
a
EFFORT.*
indirect
To meet squarely a four-billion tax bill
no ruse or
sidered
the
of
business
HISTORY A-LA-MODE—H. G. WELLS'S
a
cotton into its natural market.
A
Finance, there
embargo
in
growers
market than the doubtful expedient of
Government
Let
no
proposed.
reaching
or
longer of
it has
Canadian securities will be lifted without much fur¬
ther
crop staple.
Is there not more hope in the practical
helpfulness of the proposed hundred-million corpor¬
a
par,
judge by the recent statements of the
may
that the
any
to regular payment
as
redemption at
assuming the role
the
as
fully intends to maintain its
The
as
scholars,
the
rest
mainly
as
book, however, in its tone, arrange-
Outline of History;
tvro vols.; by H. G. Wells.
Macmlillan Oo.
of Jesus Christ or the
writing is definitely his own, and is to he
ment and
It is evident that its literary quality is
judged.
so
[Vol. 111.
THE CHRONICLE
2370
this is to augur
field of
assured, and that the book will be readable.
religion He established than
poorly the hope of the world as the
Divine Redemption and the arena of the
a
find Kingdom of God.
It is useless to follow the assumed line of devel¬
of
opment of Christianity in an adoption of the terms
chapters dealing with exceedingly comprehensive
and interpretations of various heathen rites for the
separate subjects and periods, as they must be to
Turning to the two handsome volumes we
they consist of nine books, each made up
that
universal existence,
cover
earth to
a
from the making of the
stage not yet disclosed, when "the strug¬
gle for the unification of the world" is
first
The
constructing of its own teaching, especially as in¬
probable.
books, covering the prehistoric
three
and the dawn of human history, are, of course,
ages
debatable, but give interesting general surveys. In
connection with the succeeding three books, on the
preceding the Christian era, they will attract
times
readers
is
who
want
a
comprehensive tale covering
Beginnings," a realm in which new material
"The
constantly coming to light, and judgments have
to be
the
new era
with the story of early
Christianity.
Here, while recognizing the Gospels
authentic
history, the attempt is made to treat
as
Jesus Christ as a man of "lean
and strenuous per¬
sonality," who has been much wronged by a mis¬
taken
reverence,
of his
and
and as to whom "our concern is
theological and spiritual significance
not with the
life, but with its effects upon the political
every-day life of man."
convenient to drop the early
Mr. Wells finds it
narratives of the Gos¬
earlier Jewish
history, and declares it "a matter of fact" that all
that body of "theological assertion" which consti¬
pels and all the setting of Jesus in
tutes
Christianity has in the Gospels little support.
This he undertakes to
confirm by referring to the
Sabbath, and the
worship of the Virgin Mary. One wonders if he has
any conception of what religion to-day is as related
to Jesus Christ, or if he has read a single authorita¬
late
disputes over the Trinity, the
This would be helpful
requires the oneness of
Christianity with the world religions, and the solv¬
ing of the various world problems by
It is true that he finds
small hearts."
"this Galilean too much
But he offsets this by
declar¬
bold and ready
But the most frivolous reader will
believe that the cross of Christ, which
assumptions.
find it hard to
2,000 years is still the most vital visible force
after
world, and the proclamation of "the blood of
in the
Christ"
as
atoning sacrifice, are derived from
an
Mithras," when even this is admitted
"the cult of
some
forgotten mysteries."
surprising that, taking this view of the
It is not
Personality with whose coming the world
author should take little
our
swings
light and the new age begins,
about from darkness to
cognizance of the forces
affecting human history.
The
religious and spiritual conceptions beginning
with
other than material
S1}. Paul, interpreted especially by St. Augustine
and John Calvin, he does not recognize.
He gives
small space
to Paul, almost none to St. Augustine,
and does not mention
that
diverse
and
recent
as
much of
Calvin, though historians as
as
and Froude declare
Renan
derived, and continued, they still shape
so
Art and literature also have
thinking.
our
place in this scheme of history; the great names
no
lines
in those
do not appear.
It is curious that
though hq does not mention Shakespeare, Milton or
Dante, Goethe or Schiller, Kant or Lessing, he gives
to Karl Marx, who he says is "being justified
pages
by events."
When Mr. Wells takes up
ments of
theology.
our
an
ecclesiastical history or of Christian
tive volume of
for
to
to be "centred upon
frequently revised.
Book VI opens
by the Apostle Paul.
outline of history that
fluenced
the great national move¬
history, like the story of the Greeks, the
rise and fall of Rome,
of Islam, the great Mongol
Empire, and later, the age of the Great Powers, he
is
at home.
more
Here he has themes for which he
prevent a primitive
is better fitted, or where his limitations are not so
being also a Nazarine, and nothing to
His vivid imagination and an easy
prevent a personal disciple of Jesus from accepting conspicuous.
and simple style make the tale attractive, though it
all the recorded teachings of Buddha."
And this,
has a certain pretentiousness and air of final au¬
forsooth, serves to establish the place of Jesus, and
thority, which is, perhaps, inevitable where a clearof Christianity as simply another world-religion in
cut theme is to be maintained, but which will be
the line of the many that men have devised to satisfy
troublesome to readers of history who value more
their needs, and as an incident in the development
ing that there was "nothing to
Buddhist from
of the universal movement and the
bring
peace
the
Its outline of the
identity of Christianity with them
important historical aspect of these
most
This may be true if one ignores
of the life
great religions."
both the claims and the main features
and character of Jesus,
and if one
strips Chris¬
tianity both of its essential doctrines and its
relation with Him as the Son of God.
hardly to write history, even in
this is
The confusion of
vital
But to do
"outline."
thought appears when our author
quotes Dean Inge: "St. Paul understood what most
Christians never realize, that the Gospel of Christ
is not
a
religion, but religion itself in its most uni¬
versal and
deepest significance"; and then says, "It
variant we must look; it is their
accumulations and excrescences, their
of language and phrase that cause the
is not to any new
defects, their
differences
rivalry," between the religions of men and
tianity.
careful statement.
to the world!
"This essential
is
ideas that are to
To see no further into
Chris¬
the life and claims
nineteenth century,
the power to
in
great material changes of the
in the railway, the steamship,
handle metals in the mass, the advance
chemistry, and in medicine, leading to the fertili¬
zation of the soil and the
and all the varied
a
setting
as
and form
The
tional
of
we
are
a
one
now
are
put in such
available in the progress of hu¬
a
fresh phase of history,
stirring picture.
closing chapters
deal with
"The Interna¬
Of these it must be said that as yet
all too much under the influence of the
war as
it has been furnished
story
by the daily pa¬
to be prepared to accept any "true account"
it; and
good
electricity,
Catastrophe of 1914," and "The Next Stage
of the
of
preservation of human life,
they constitute
History."
pers,
of
to lead to a clear understanding of the
as
physical forces
manity,
uses
as
as any
to. the future one guess is perhaps as
other^ It is still an open field for any¬
who will "set up
for
a
prophet,"
even
though
Dec.
181920.]
THE
CHRONICLE
such
a one
may perchance escape the "gratuitous
obloquy" which, according to George Eliot, awaits
was
the
With
who
man
attempts it.
Mr. Wells is better
prepared to face the risk than
because he has the comfortable certainty
being widely read and, if one may believe current
report, is already well rewarded.
actually smaller than in 1916-17, when net ar¬
were
216,498, and makes a poor comparison
rivals
the
The
immigration and emigration statistics of the
United States for the fiscal year
unavailable,
the
1919-20, heretofore
announced in the annual report of
are
Commissioner-General
of
week, and they quite naturally
heavier influx of the
recent year,
times.
The close of the
a
ward, and that is
have
to
as
served
indicate
much
a
foreign born than in
any very
although decidedly less than in pre-war
expected to mark
abroad
this
Immigration
in November 1918 was
war
turn in the flow of aliens hither-
now a proven
fact, but restrictions
departures, and here
to
to entrants,
as
keep down the arrivals to
a
total
very
readily assimilated.
ever,
it is to be noted that of ordinary labor the in¬
At the
time, how¬
same
ward flow' has been under rather than
over
the pro¬
portion desired and that the number coming in to
go
into domestic service has been woefully below
level calculated
measurably to relieve
of the
one
a
ur¬
The usual
not
are
much the
be
can
der from
from
Mexico
and
the northern
over
the Dominion of
the southern bor¬
Canada, and,
boundary
these
as
largely agriculturalists, the needs for help
in
the
Southwest
mitigated.
and
Northwest
on
farms
somewhat
were
iest in several years,
already noted, the heav¬
but against this there
was an
emigration of comparatively large aggregate.
sequently, in striking
find that the net
balance between the two, we
a
gain in foreign-born population for
the twelve months
was
less than
compared with all
back to and
200,000,
years
including 1908-09.
or a meagre
prior to 1914-15
The time does not
to have arrived when the United
seem
Con¬
States, if de¬
velopment is to continue unhampered, should bar
the
out
desirable
immigrant.
everything should be done to
of any
On
the
encourage
contrary,
the entrance
and all of those whose efforts would be of
assistance.
And
yet it is actually proposed, as we
pointed out last week, to
pass a
law practically pro¬
hibiting immigration into the country for
Would not that be
more.
alien
The
arrivals
at
a
the
a year or
serious mistake?
various
ports
United States for the twelve months ended June 30
1920
were
the
heaviest of any year
We
the
years
(141,132
previous
year,
than
and 95,889
211,853 two
preceding,
1,403,681 in 1913-14 and totals of
in the four fiscal years
with
latest
this
a
over a
prior thereto.
in
the
no
however,
the
volume
million
Coincident
much
of
departures
Thus the net increase in foreign-
population of 193,514 in 1919-20, while
immigrants
be said that of the arrivals
can
the
number crossed the border from Canada than
in
by
sea
direct.
aliens among
came
As to the distribution of arriving
the various States, it is sufficient to
that Texas, California and Michigan appeared
say
to have
chiefly benefited.
On the other hand, Penn¬
sylvania, Ohio and Illinois
affected
most
were
unfavorably
by the heavy efflux of laborers.
As regards
occupations of the immigrant aliens who came
the
during the
of all
siderable
children)
over
above the percentage
were
times, though,
deficiency
occupation
no
comprised
The arrivals of skilled labor
classes, however,
of pre-war
those with
year,
and
women
two-fifths of the total.
in
already stated,
as
ordinary
labor,
a con¬
including
servants, is to be noted.
Particular
attention
is
called, in the
Commis¬
sioner-General's report, to the work of his
depart¬
ment in the matter of
deportation of
anarchists,
communists
and
other undesirables.
greater activity than
before
ever
along these lines in the late
Act of Oct. 16 1918
then
having made
witnessed
was
the
year,
Stating that
passage
more
of the
drastic the
existing law, particular attention is directed
to the arrests in November and
December, 1919, and
deportation of 249 undesirables to Russia on the
the
"Buford"
refused
on
December 211919.
entrance
into
the
In
all, the number
country in 1919-20
11,795, of which close to one-half, 5,297,
cluded
asj
der the
was
were
ex¬
likely to become public charges, 1,639
un¬
illiteracy test, 1,164 contract laborers, 1,241,
stowaways, leaving 2,454 to
cover
moral, physically defective, etc.
the efficacy of
upon
the criminal, im¬
A recent report, re¬
our
exclusion laws, is
to the effect that aliens barred from entrance into
Canada have later been admitted here.
(Mxxmt
CONTINUED
gtueixts xtxtiI Qistussbms
OFFERING
very
18,585 of 1917-18 (the smallest in over fifty years),
OF
BRITISH
TREASURE
BILLS.
The
was
usual offering of ninety-day British Treasury bills
disposed of this week by J. P. Morgan & Co. on a dis¬
basis of
count
some
6%, the rate which has been in efr^
time past.
.
The bills in this week's offering
are
'
icr
aa.ed
December 13.
*
RATE
ON
FRENCH
TREASURY
AT
The
French
this week
greater than the 20,790 of 1918-19 and the
which
Europe the larger part was from Italy, and of
English entrants into the country a greater
216,231 and 193,268 one and two years earlier and
633,805 in 1913-14.
from
the distinct nationalities
from
marked augmentation, the emigrant and
non-emigrant outflow having reached 428,062 against
born
with the definiteness of for¬
cover
represented, but it
greatly
of which there is record.
countries
less
expansion in the inflow of aliens in the
year,
showed
It
since 1913-14,
respectively)
years
this
on
from Canada and Mexico.
in the late
year or
came
191,575 non-immigrants), this comparing with
237,021
was
unable to
are
mer
aggregating 621,576 (of which 430,001 immigrants
and
of
able to conclude that
are
exceeded that of
any year
flecting
of the
we
from Canada to the United States in 1919-20
The total influx of the foreign born in
the late fiscal year was, as
total as
were
815,303
authoritatively stated that the migration
(including
over
the
greater part of the net inflow of 193,514
announced above
among us
the increase in the movement
and
complete details of arrivals and de¬
is furnished
gent needs of the day—the scarcity of household
was
1913-14
available, but from such information
as
help.
The feature of the immigration of 1919-20
of
partures of aliens for the twelve months of 1919-20
point
IMMIGRATION AND EMIGRATION IN 1919-20.
769,276
1912-13.
most men,
of
2371
the
rate
some
on a
was
BILLS
ninety-day Treasury bills
discount basis of
advanced
time been 6%.
dated December 17.
CONTINUED
QV2%.
March
were
disposed of
6}2%—the figure to which
26;
it had previously for
The bills in this week's offering
are
Manila Electric
FUNDING OF GREAT
DEBT TO U. S. UNDER WAY.
NEGOTIATIONS FOR
;
v
BRITAIN'S
London to the "Journal of
cablegram from
special
A
Commerce" Dee. 15, daid:
It Is reported that negotiations are proceeding for funding Great Britain's
floating debt outstanding in America into a long dated dollar loan.
This
would probably cause a
LONDON STOCK EXCHANGE
ISHING DUAL
A meeting
poll privately.
the present regime.
5%, 50-yr., First Lien,
for supporting exchange during
17, pages 243 and
743, and Nov. 6, page 1801.
appeared in our issues of July
the war
244; August 21, page
COMPANY ON AMERICAN SECURI¬
BANKERS TRUST
RELINQUISHED BY GREAT BRITAIN.
TIES
The minority demanded
—
deposited with the British Treas¬
under arrangements
ury
London, Dec, 15,
Collateral Trust Bonds, 1940.
regarding the return of American dollar
securities which had been
members to-day again discussed the ques¬
control whereby the shareholders' and the
occasionally conflict. The meeting voted 2 to 1,
against changing
however,
a
Previous items
of Stock Exchange
interests
members'
Canada 6% First Mortgage and
Steel Co. of
abolishing the dual
of
Railroad & Lighting Corporation
1953.
Commerce" of Dec. 16:
appeared in the "Journal of
tion
VOTES AGAINST ABOL¬
CONTROL.
special cablegram from
The following
situation.
considerable improvement in the exchange
[Vol. 111.
CHRONICLE
THE
2372
Holdings of a billion
dollars' worth of American securities
relinquished by Great Britain
estimated to have been
are
during the war and
ing to figures
obtained by the Foreign
Trust Company of New
of the Bankers
ment
credit, accord¬
Information Depart¬
since, to maintain British
This
York.
represents about four-fifths of the total
amount of dollar shares and bonds mobilized by the Ameri¬
can Dollar Securities
Committee of the British Treasury
total, it is stated,
$9,000,000 NICARAGUAN
PURPOSES OF
BOND ISSUE.
made by Brown Brothers & Co.
Seligman & Co. on Dec. 13, the purposes of the
According to a statment
and J. & W.
authorized by the Nicaraguan Congress
noted in these colums Saturday last, page 2276)Jare:
Refunding at some suitable time the external debt of Nicaragua held
$9,000,000 bonds
(as
1.
England and on the
in
imately
all, approx¬
£1,000,000.
issued for the acquisition
of such stock of the Pacific Railways of Nicaragua as is
$1,450,000 Treasury bills to be
Refunding the
2.
This debt amounts to, in
Continent.
by the Government
held by interests
other than the
3. Construction
Government.
Atlantic coast.
were
value until after the armistice.
The
in its announcement in the matter, issued Dec. 8,
Company,
said:
also
The securities
States and thus
relinquished by Great Britain were
"brought home" a billion dollars' of
British investors,
the Government
time to dispose of any of these
bonds.
The issue has been created for the purpose of
enabling the Government to deal with the fiscal problems
from time to time as opportunity offers and as market
conditions warrant.
Surveys for the Atlantic Coast raijroad
extension, are it is said, now being made.
Dollar; shares
Nicaragua at the present
early
disposed
reckoning
rate
made by the British
in the present year.
The estimate of one billion dollars'
of, while unofficial, represents the latest and most accu¬
possible, until a final official report is submitted.
of American securities were
COMMERCE ON FACTORS GOV¬
CANADIAN BANK OF
DEBT.
Detailed statistics received by the Foreign Information
Department of the Bankers Trust Co., of New York, indi¬
cate that Great Britain has reduced her debt to other
countries by £157,031,477, or more than 10% of the total
amount outstanding, since March 31 1919.
Of the amount
REDUCTION OF FOREIGN
GREAT BRITAIN'S
between
£86,136,000 represents the reduction
March 31 of the present year.
off,
paid
The re¬
March 31 1919 and
repaid in the seven months to the
The amounts of the reduction by
maining £70,000,000 was
end
October.
last
of
has been possible to
countries, so far as it
were
BRITISH FOREIGN
Payable—
Canada
13,908,484
10,093,363
1,146,000
19,030,000
19,200,000
4,600,000
Japan
Argentine
Uruguay
3,350,000
3,349,000
12,487,000
Spain
2,500,000
440,000
—
Fiji
Mauritius
—
440,000
DOLLAR
£157,031,447
SECURITIES
>
BY
BRITISH TREASURY.
A
further list of
be returned
Scheme B
which is to
announced as fol¬
"Financial News" of Dec. 1:
American dollar securities
by the British Treasury was
lows in the London
Securities—Treasury Gives
Notice of the Return of More Shares
and Bonds.
have
Scheme B for Regulation
of Foreign Exchanges,
of returning the following shares and bonds on
March 1 1921, from which date the additional allowance will cease:
The
National
Debit
decided to exercise the
Baltimore
&
United
presentations in the matter the
now
summarize the methods
by which this value may be
the
We
restored.
imports, especially of luxuries,
will go far to adjust our
trade balance.
favorable to us, gold will flow in more freely, the
reserves against paper currency will regain their former sound basis and
the restrictions on the export of gold will be removed.
The great stabilizing
factor in exchange fluctuations will therefore be restored.
There are two further matters of equally great importance; the first,
that so far as possible we cease to purchase luxuries, even those of domestic
manufacture, and divert the sums thus saved to productive enterprises,
either by direct investment or by depositing the money in the bank; the
second, that we must all strive to work at our greatest capacity, not shirk¬
ing, but taking pride in achieving a full output, whether we are doing
exchange becomes
As
manual
or
mental work.
personal advantages of
not be repeated here.
The
need
accumulating savings are so obvious that they
achieved its object, the national importance of industry
and thrift to ensure the prosperity of Canada add to re-establish the value
of the Canadian dollar throughout the world will be clear to you.
If this series has
option, under Clause 3 of
U.
S.
AGREEMENT
PAYMENT
Ohio Railroad common.
Cum. pref.
Corporation common.
Co. 7% First
States Steel
bank said:
Commissioners give notice that the Treasury
Chicago Milwaukee & St. Paul Railway 7% Non-Cum. pref.
Great Northern Railway (U. S. A.) Iron Ore Certificates.
Moline Plow
received indicates that the subject is
anxious to be informed. In its
which the public is
on
tic decrease in our
♦Increase.
AMERICAN
of both countries involved,
By increasing Canadian production we can supply our domestic require¬
enlarge our surplus for export.
This, if accompanied by a dras¬
113,500,000
OF
bank
phlet which it has
will
624,000
8,000*
£1,364,850,000
RETURN
equally
that it is
that the pamphlet will be of equal interest here.
states that the number of requests for the pam¬
the belief
The
generally
previous numbers of this series we have endeavored to explain
various factors bearing on the exchange value abroad of our dollar.
certain Allied
from
Governments
held in Canada, it is now so
excessive difference in exchange is
ments and
8,280,000
535,000
Settlements
Straits
point of view
the
conceded that an
In the
3,932,000
4,758,000
Sweden
has issued in a pam¬
of advertisements published by it in
the press of the larger cities in Canada on the factors gov¬
erning the fluctuations in the exchange rate.
The adver¬
tisements numbered nine in all, and bore the caption, "The
Exchange Rate—What Controls It?"
They were planned
to explain to Canadians the reason why they must pay a
heavy premium in United States funds, and it is pointed
out that while the solution of the problem is written from
final
12,487,000
Swtizerland
Norway
Canadian Bank of Commerce
The
phlet form a series
one
2,607,000
3,349,000
Holland
ERNING EXCHANGE RATE.
harmful to the trade
Net Decrease Since
31st March, 1919
£41,929,000
66,518,600
£1,037,333,000
135,488,000
States
United
DEBT REDUCTION.
Approx. Amt. of Debt,
31st March, 1919
Which
in
Country
Loans
obtain the figures,
Dec. 12:
announced as follows by the company on
$1,422,782,965
1,810
Totals
worth
$877,871,324
544,911,641
1,421
389
.
Additional purchases
Treasury
Value.
of Varieties.
bonds
Dollar
resold in the United
American debits. Up
had obtained, from
Dollar Securities Committee
American securities as follows:*
middle of 1919 the
to the
No.
it is not the intention of
British
utilized principally to keep the
pound close to par
of railroda to the
It is stated that
of
which
and
Government 4 % loan of 1910.
Argentine Government 5% irrigation bonds, 1949, first series.
Chilian Government 5% Annuities, Series A, B and C.
Chilian Government 4%% loan of 1885.
Chilian Government 4%% loan of 1887.
Chilian Government 4%% loan of 1889.
Chilian Government 4%% lo&n of 1893.
Japanese Government 4%% Sterling Loan, 1925, second series.
Dominion Iron & Steel Co., Ltd., 5% Cons. Mtge. Bonds, 1939.
Argentine
WITH
GREAT BRITAIN AS TO
SILVER DEBT—PUR¬
OF LATTER'S
CHASE
OF RUPEE
CREDITS.
of the Treasury Houston
on December 10 that in accordance with an agreement with
the British Government the debt of $122,000,000 due to the
United States for silver bought during the war will be paid
It
was
by 1924.
announced by Secretary
lars at the rate of
man
the Treasury arranged to dispose
silver dol¬
$1 an ounce in conformity with the Pitta shortage of the metal in India.
Of the
During the war
of to Great Britain
Act to relieve
bullion obtained from melting
$122,017,633 owed to the
United States for purchases of
DEC. 181920.1
THE
i
silver, $17,633 has been paid with interest.
CHRONICLE
The remainder
is to be paid in equal annual installments from 1921 to 1924
in
the proportion of 60%
of each year,
1919.
April 15 and 40%
on
May 15
on
interest, Secretary Houston said, the British Government
will permit the Treasury to make tenders to
purchase ru¬
pee credits offered
by the Indian Government on the same
terms with British nationals.
at
an
the
This, he explained, will af¬
opportuntiy for Americans to obtain rupee credits
cost
same
those
as
credits
offered
are
British
to
Government
railroad
has
been
newly
equipped
"That the financial condition of the Dominican
Republic, as a result
of
currency reforms and the fiscal system, is excellent, and that the finances
are
established
on, a sound basis which will
permit the further growth and
development of the country." "'/..V''.
The republic is about to take its
place in the serious financial considera¬
tion of the world.
and is counted
The island is second to Cuba in size among the Antilles
of the richest agricultural lands in the world.
as one
Santo Domingo is now in the condition of
a business, that needs capital
bring it to its highest point of production and possibilities, to win the
profit of which it is potentially capable.
The lack of no other element can
to
check Santo Domingo from
making great strides.
Now, brought out of the field of financial doubt
as
to its
stability and
future security; Santo Domingo inay be
given the consideration that a small
but prospering nation merits.
TO RAILROADS.
GOVERNMENT'S AID
facilities
port
Regarding the present status of the country, the Second Pan-American
Financial Conference in session Jan. 20 1920, said:
subjects.
SPANISH
and
increased.
with accrued interest at 5% from April 15
Until payment is made in full of the principal, with
ford
The
2373
In advices to the
Department of Commerce at Washing¬
ton, Trade Commissioner William H. Strachan, at Madrid,
had
the
following to
regarding Governmental aid by
say
Spain to the railroads, according to "Commerce Reports"
of Dec. 7:
1921
BUDGET OF CZECHOSLOVAKIA.
According to the Czecho-Slovak Chamber of Commerce,
with offices in this city, the first among the nations of
Europe to show a favorable budgetary balance is Czecho¬
The terms of the royal decree granting aid to the railways are as follows:
slovakia.
(1) The Minister of Public Works is authorized to make advances in cash
the third year of its existence.
which must
be used
for the purchase of freight cars,
passenger
and
cars
locomotives in quantity sufficient to bring the service back to normal.
The
Republic, it is stated, accomplished this in
(2) All terms of the purchase will be negotiated in the name of the Gov¬
ernment
by
commission made up of officials of the Ministry of Public
a
Works.
petition the Ministry of Public Works, which, after
a
hearing, will make its
recommendation to the Council of Ministers, which in each case will issue
royal decree specifying the terms of purchase and transferring to the
a
railway affected the amount necessary.
"
'
:
(4) Quality of material, deliveries, &c., being equal,'Spanish manufac¬
will
turers
DISBURSEMENTS.
Department—
President
(3) To determine the quantity of material required, the railways must
be
preferred,
provided their
prices are
not
more
10%
than
above those of foreign competitors.
President's office
National Assembly
......
Supreme Court
Contr. to States
National Debt...
Pensions and
Compensations.
r''
1'
(5) The advances made by the Government must be repaid in 20 annual
Until fully paid for, the Government
will retain the title of the material.
]
'■
Premier's Office
National Defense....
Interior..
—
.
Commerce
Telegraph
Railroads
Agriculture
"Commerce
Reports" of Dec. 7 prints the following ad¬
vices from Commercial Attache H. C. MacLean at
Rome,
Italy:
■
economic development
currency
can
Public Works...
Social
Welfare.
a
of its
of that country.
of Albania is planning the
It has
no
banks, possesses
no
and purchases abroad are being p aid for in gold, of
own,
limited supply is available.
It is said that a financial adviser who
Unification
Foreign Commerce.........
Totals Cs.
227,411,896
608,344,891
456,369,837
3,192,429
294,088,500
713,847,850
65,217,735
96,385,947
383,066,123
287,862,192
40,170,229
39,870,997
602,857
381,073,000
36,750,758
64,899,242
9,172,265,936
crowns...
" '!"«
191,329,254
2,368,830,110
427,099,601
1,111,619,479
224,113,292
48,020,720
1,153,681
...
• •;*.
175,277,361
1,582,853,418
21,288,380
721,498,700
3,502,554,500
286,631,131
223,638,602
1,020,931,381
729,576,748
40,170,229
•
87,891,717
1,756,538
381,073,000
101.650,000
4,932,108,714 14,104,374,650
RECEIPTS.
It is also proposed to obtain the services of foreign engineers
careful study of her natural resources, especially with reference
'•
68,826,119
34,232,080
After War Period Provisions
put the finances of the country on a practical and sound basis may be
appointed^
to make a
130,390,000
..................
Public Health
It is reported that the provisional Government
which
Justice
Supplies
272,421,000
—
Education
Posts and
Total.
1,000,000
15,645,122
24,616,509
2,101,234
2,260,414
180,220,000
1,085,879,669
320,266,141
11,406,753
1,503,896
830,225
855,520
106,441,242
157,097,171
1,257,210,631
202,986,309
330,932,995
..1,126,483,581
18,095,951
427,410,200
2,788,706,653
221,413,396
127,252,635
637,865,258
441,714,556
Finance
ECONOMIC CONDITIONS IN ALBANIA.
Extraordinary.
VV'-'rV
■
—
Ordinary.
1,000,000
4,238,369
23,112,613
1,271,009
1,404,894
180,220,000
813,458,669
189,876,141
Audit Bureau
Foreign Affairs—
installments, with interest at 5%.
The details of the 1921 ad¬
ministrative budget are furnished by the Chamber as follows:
to coal, petroleum, copper
As railroads are entirely
and other materials.
lacking, the question of transportation also requires special attention and
must be carefully
considered in
an
cotton
The
certain quantity of wool.
a
Railways
Posts and
Telegraph...
Public Works
'' 760,240,081
little except tobacco,
Imports are being confined to
Miscellaneous......
Total Cs.
3,668,655,840
721,789,100
791,210,734
1,202,000,000
623,884,871
2.803,100
60,752,536
1,202,000,000
17,040,193
606,844,678
crowns........
7,100,439,005
7.707,270
6,340,198,924
....3,660,948,570
718,986,000
730,458,198
Unification
economic program.
At the present time Albania can offer for export
lumber and
Finance
12,057,436,370
2,050,543,180 14,107,979,550
goods, clothing, shoes, kerosene and other essential commodities.
population (1,000,000) is said to possess considerable purchasing power,
and it is suggested that a trading company, to
contribute
a
which local interests might
portion of the capital, might be able to build up
a
good busi¬
LEAGUE OF NATIONS COUNCIL
Southern Albania is said to possess districts
that are suitable for the
duction of cotton and that cotton cultivation could
pro¬
It Is also claimed that an extensive dairying industry could be de¬
taken.
A report on
profitably be under¬
veloped in the Balona region.
at
ECONOMIC
AND
The
send
Government
us
CONDITIONS
IN
Geneva
Republic.
The Republic of Santo
I
Domingo Is on the threshold of
Dec.
14
by the Council of the League of
The first relates to the creation of
a
committee of three lawyers and three
business men whose duty will be to propose legislative measures with the
object of facilitating in the various countries interested the realization of
"finishing credits."
These credits have to do with the
a new economic
With the aid of the United States, the country has washed its hands of
life.
on
According to the Associated Press accounts from
add:
Publicity Bureau of Santo Domingo
the following regarding the financial and economic
situation in the
International Credit, designed to facilitate
Geneva, the Council adopted two proposals; these advices
DOMINGO
SANTO
INTER-
the purchase of goods by impoverished nations, was adopted
Nations.
FINANCIAL
APPROVES
NATIONAL CREDIT REPORT
;
ness.
shipment of
raw
material and unfinished
shaky governments and the people are now being guided by new and modern
products from one country to another for finishing.
The second proposal provides for the institution under the auspices of the
methods of business.
League of
This means that a great country,
Cuba in soil, takes its place among the dependable financial
than
richer
The
factors of the world.
Domingo
Santo
The
In
progressjto
Pan-American
Financial Conference declared the fi¬
of Santo Domingo to be excellent.
1925
Santo
thirty-three
been made
years
a
years.
Under sound financing (the country has
four years than in the previous four hundred
Some idea of Santo Domingo's revolutionary industrial and
com¬
be gained from the fact that the country's foreign
trade has increased from an annual volume of $19,742,225 in 1913 to $61,More than one-half of this business has been with the
United States.
ticipate shall notify the commission as to what specific assets they have
prepared
Although the full sugar producing capacity of Santo Domingo has scarcely
plantations are now being installed, the
sugar
of 184,878 tons. As evidence of the con¬
interests have in the country the biggest agricultural
output last year was in excess
fidence the big sugar
project in the world is now being installed in the Province of Barahona.
The chocolate bean production is being standardized.
The tobacco in¬
dustry here, which has always
had a ready European market, has larger
possibilities than Porto Rico, owing to the greater area of the island.
The land ownership in the country will soon be fixed, thanks to the
national survey and the land court
of the interior by a system
More than six hundred
recently established.
The opening
of roads will increase land values
many
miles of these rural roads have already been
structed, increasing this form' of
security for the commercial credits to be granted by the nar-
as
The commission after
of these assets shall determine the gold value
up
fold.
con¬
transportation six times its former size.
examination
against the security of these assets.
approve
The
an
of the credits which they would
participating Governments shall then be authorized to issue bonds
collateral security for the amount of the credits accorded.
as
Assigned assets
shall be administered
by the participating Governments or by the Inter¬
national Commission,
as
a
majority of the league may determine on the
proposal.
In
cases
where the administration of assigned assets is in the hands of a
participating Government, the International Commission at any time may,
and in the event of
a
default shall, require the participating Government to
transfer the administration of the assets to itself.
been touched and new sugar
with giving
According to this plan the Governments of the countries desiring to par¬
mercial expansion can
818,319 in 1920.
international commission charged
Dr. Ter-Meulen of Holland.
originator,
going concern in less than four years, and is now ready to
its book for new financial business.
The country has enjoyed more commercial growth and gained greater
open
financial stability in the past
an
plan of international credits on the basis recommended by its
tionals of the exporting countries.
Domingo will pay off its present bonded indebtedness
before due.
Nations of
effect to the
solvency and commercial wealth in
has put the little country in a unique financial position.
Second
recent
nances
six times burger than Porto Rico and
ment may
A participating Govern¬
appeal to the council, the decisions of which on these questions
shall be binding.
'
A
more
detailed
account
gram
from Geneva Dec.
which
we
is
14,
given in
to
a
copyright cable¬
the New York "Times"
reprint below.
The export
trade of the United States may be radically affected by the
League of Nations' action taken to-day, which is perhaps the most gen§
uinely constructive accomplishment of the first League
the establishment of
pean
an
Assembly; namely,
inter-National commission to be a banker for Euro¬
nations without credit or with very diminished credit.
The Central
European nations are especially meant—Poland, Rumania, Bulgaria. Aus¬
tria, Czechoslovakia, Jugoslavia and perhaps Turkey.
in preparation for several months.
what
commission
the assets are pledged and authorize
fair value thereon for whatever period
a
the Government
its Government, can
in richer countries, such as the United States, and through
bonds amply covering the credit for such
make purchases
To act as an instrument of
the order is placed.
Safeguards for Securities.
could
following security:
by its import¬
ing national it will pay; second, that in case the nation concerned defaults,
the League commission may administer the concession pledged with it as
security for the bonds.
It is much the same system as is in practice between
According to the League plan, an American or British exporter
negotiate these bonds easily on account of having the
coordination which will suggest trade
regu¬
legislative measures to facilitate and encourage the development
J
"
lations and
of economic resources.
data concerning economic subjects and social conditions
centralize
To
the commission an amount of gold
purchases will be forwarded to the exporter with whom
and cordial relations among the countries and
cooperation of business men and their organizations.
To promote peace, progress
their citizens by the
Then
in question to issue gold bonds to that amount.
individual business men belonging to that country, or
international prejudices and mis¬
of the different nations and thus lessen
understandings.
The commission will then set
railroads or monopolies.
duties,
customs
assets,
personal acquaintanceship among business men and bankers
To cultivate
the facilities offered will notify the
&c., they wish to pledge with it—for instance,
Nations desiring to take advantage of
world.
available to the peoples of the
The basis of the scheme is as follows:
of the world and make the product
increase the total production
To
economic section of the League, estab¬
This is the first work done by the
lished four days ago, but the plan has been
[VOL. 111.
CHRONICLE
THE
2374
needs, production and future
gather facts relating to the respective
and
possibilities of each country.
v
To Inform public opinion through publication of facts regarding business
conditions and through the dissemination of the views of technical experts
and business men.
First, that the nation concerned agrees that in case of default
CREDITORS IN AMERICA.
foreign banks and China.
has been discussed and approved by leading European bankers,
bankers.
An Ameri¬
The plan
commission.
banker will be asked to be a member of the
L.
Avenol, author of the plan, which was
M.
Council, said:
countries constitute a danger of war, owing to
"The Central European
talk about their being rehabilitated
without aid.
It is the purpose
It is
assumed that the nations to whom this assistance will be opened
io make
have agreed
use
In a long statement issued by the economic
of It.
section with regard to the plan it is
"This plan should
basic
the
cannot
cumstances
said:
in richer
What lie has to say as to the bearing of this
and
mercial credits to be
or
The
authorized to issue
be
be administered by the participating Govern¬
Governments have the right of appeal to the Council
participating
In
the Council shall be binding."
the draft says:
conclusion
their credit to onerous condi¬
"The countries exposed by the weakness of
tions and exacting demands will thus secure an
relieved of any fear of unfair political
pressure,
councils, threaten to encroach
of debt
on
which would not, as in the
These
their sovereign rights.
the
sovereign rights would remain under the protection of the Council of
Being thus able without misgiving to offer to the lenders adequate
League.
they should be in
guarantees,
a
position to borrow on more reasonable
competent business man of high standing who will
a
the
and report on just how wide a field of action
have.
If
investigate
in
Geneva.
unfunded debt of something
the growth of the un¬
(January 1 1919 to
discussion
debt of Europe in the period under
(the excess of
with Europe, which was $6,600,000,000,
and, on the other hand, advances made by the United States Treasury to
our
European Allies, which partially offset this export balance.
A large
number of other smaller factors on both sides of the account are dealt with
September 15 1920) are, on the one hand, our export balance
exports
our
sheet below.
the balance
in
part of the unfunded debt of Europe has been piled up
as the Government had practically ceased making
The greatest
4.
imports)
our
over
since the middle of 1919,
Since the middle of 1919,
account and so has
Long-time loans made by private inves¬
trade by that time.
advances for financing export
virtually the whole export balance has gone on
contributed to the unfunded debt.
loans
maturing,
The
open
to
Europe to aid the exports have been exceeded
in
the
America
in
tors
debt has been accompanied by a great
of the unfunded
growth
collapse in the foreign exchange rates, a collapse which first
The
6.
creation
of
would have believed
about
debt is something that no one
unfunded
an
possible in the first half of 1919.
largely assumed financial responsibility
has
don
COMMISSIONER
ICAN
CHAMBER
INTERNATIONAL
OF
with
sterling
with
(or
The United States Chamber of Commerce
dollars for the
Frederick P. Keppel
American
as
is
on
his
that
announces
to Paris to take up his
way
Administrative
Commissioner
at
the
headquarters of the International Chamber of Commerce.
The International Chamber
the United States,
sioners.
France
was
and
England will choose representatives
immediately, and other countries will
as
they
taken into membership.
are
Besides
organized in June.
Belgium and Italy have named commis¬
name
commissioners
Dr. Keppel is reported
other
later to be discussed, provided
ways
London has also purchased great quan¬
of the Continent.
use
saying:
The International Chamber should
It
was
organized
much to the business men of
mean
as an agency
through which business
of the world might reach common conclusions and give practical and
useful effect to their common
establishment
judgments.
of confidence foster
different nations sit down to discuss
Mutual understanding and the
international progress.
problems they
common
the objects which they all wish to attain
are
When men of
soon
find that
the same, and the question
long credits.
duly
depressed
reached in
7.
An
than
As
short
a
The well considered
opinions of the
men
of commerce, finance and in¬
dustry of the world will be welcomed by the various governments.
They
with
absence
American
demand
intrinsic
its
The
8.
had
purchased
notice, and
primary
a
due,
moreover,
from which this money has been drawn has
source
bank credit.
new
International
remove
Chamber
as
set
purposes
forth by Dr.
Keppel
of the
are:
The major
To facilitate
the replenishment
loans, abd the banks have thus indirectly borne the burden, even
where
In
9.
of their working capital under ordinary "line
they have not directly borne it.
11
the
1919 to
discounts
United
the total
States,
loans
To
standardize international documents
To
secure
commerce,
and
laws'affecting
commerce.
finance and industry.
affecting
all
From May 12 1919 to May 4 1920 the loans and
Banks increased 24%.
This increase occurred
all kinds
and
despite
a
very
sharp decline in the holding of
Certificates of Indebtedness.
The
the
National
investments of "reporting
primary explanation of this tremendous expansion of bank credit
States is our unbalanced and unfinanced report trade, to¬
United
gether with the rising prices, fictitious prosperity, and speculation, which
have grown out of the unbalanced export trade.
The view, which even yet
for
harmony of action on all internatlonal^questions
April 9 1920.
of
and
System increased 25.4% from April
sharp reduction in the holdings by American banks of Government
a
paper of
10.
tinued
the commercial intercourse of nations.
To safeguard international trade.
part of this credit has not been ex¬
banks for
continues
International friction.
been
of credit"
in
The
thousands of inde¬
who have thus tied up a great deal of working capital in indefinite advances
to Europe.
This has led them, however, to have recourse to their American
meeting of the International Chamber
London next June.
on
to many
real problem.
banks, which have provided it directly or indirectly through the
Treasury
in
the
directly by American banks.
A greater part has come, in the first
instance, out of the working capital of American producers and exporters,
war
be held
securities during
debt, however, due
European
Unfunded
tended
They will unite universal economic forces that they
The first annual
while Continental
have
presents a more serious problem
debt of this magnitude
investors
short
or
American
of effort.
obtain
merits,
London's support.
of
pendent creditors, presents
despite
may
the Continent
of this, sterling exchange has been un¬
consequence
period under discussion to this amount.
of assistance in bringing about avoidance of waste and conflict
objects.
of the non-European
credits, which she has resold to
compared
as
the
unfunded
if
will prove
To
on
member banks" of the Federal Reserve
desire.
will
or
exchange rates have been held above the figures which they would
usually resolves itself into one of methods to bring about their common
common
cash
creation of
the United States.
men
world for
on
dollar obligations)
short-term
bulk of the franc, lire, and other Continental exchanges created
in the United States, and has, in
COMMERCE
OF
purchased
the great
tities of goods from the United States and other parts
as
That it has come
London, which
to be primarily due to the intermediation of
appears
for the Continent, and which
has stood between the United States and the Continent in the process.
Lon¬
has
DR. KEPPEL SAILS TO UNDERTAKE WORK AS AMER¬
work
assumed dra¬
1919.
great
so
by old
under discussion.
period
matic proportions in June of
this commission would probably
sufficiently large number of nations come forward to use the
a
machinery of the plan suggested, an adequate bureau will be established
1920
billions.
half
a
items involved in the computation of
The main
5.
The Council authorized the financial and economic section to secure
and
three
funded
terms than would otherwise be the case..'
services of
creditor to the
is an
to the extent of $3,772,000,000 have been created,
swamping the initial credit and creating a net
impartial tribunal to protect
They will find in it support when dealing with creditors and will be
them.
have been
to
appears
of
debits against Europe
3.
Government, the
Europe
1919
1
January
perhaps as much as $200,000,000 on current items.
This
uncertain element.
But between January 1 1919 and September 15
over
ticipating Government to transfer the administration of the assets to itself.
aganst this requirement, and the decision of
On
2.
extent
Nations may
time may and in case of default shall require the par¬
at any
debts
the
Nevertheless, in cases where
the administration of assigned assets is by the participating
commission
Governments owed to the United States Government, and in addition to
of Europe to investors in the United States holding European
pean
net
by the commission as a majority of the League of
determine on the proposal of the commission.
of over three
individuals, banks, and corporations in
the ten billions which Euro¬
This figure is in addition to
securities.
determine the gold
the security of these
gold value fixed by the commission.
a
"The assigned assets are to
ment
approve against
participating Government will then
The
assets.
bonds to
security for com¬
granted by the nationals of exporting countries.
commission, after an examination of these assets, shall
value of the credit which it would
the
to participate shall notify
what specific assets it proposes to assign as
abnormal situation,
September 15 1920 Europe owed an unfunded debt
the United States.
approved by the Council it is said:
"The Government of a country desiring
Europe has created a wholly
be summarized as follows:
half billion dollars to private
a
below.
National Bank.)
M. Anderson, Jr., Ph.D., Economist, Chase
may
On
1.
situation is timely
present foreign exchange
therefore reproduce the paper in full
Our one-sided trade with
which
imports."
Drdft Approved by Council.
In the draft of the plan
$3,500,000,000 and considers it
of bank expansion and tight money in the
cause
the
on
we
(By B.
accommodation on reasonable terms in the open
get
countries for the financing of their essential
commission
debt
and
He estimates
private creditors in America.
Europe to
enable impoverished nations which under present cir¬
market to command the confidence necessary to exporting firms
case
of
the amount of this debt at
United States.
aid."
The
city, had an interesting thesis dealing with the
non-political
to offer them impartial and
and financial section
economic
to
of the
It is out of the question
their bad economic and financial conditions.
of this
floating debt
Jr., the Economist of the Chase National Bank
son,
approved to-day by the
October, B. M. Ander¬
In the Chase Economic Bulletin for
and is said to have received the approval of American
can
OF EUROPE TO PRIVATE
THE FLOATING DEBT
11.
June
to
be
expressed,
Government
the
A
our
of
bank expansion has been due to
bank money
is
con¬
demonstrably erroneous
period since April
11 1919.
similar, but intensified, story can be told of British banks.
1919
counted
that
borrowing
to
and
June
1920,
Advances"
of
From
41% in "Bills Dis¬
twenty leading banks of the United King-
there was an expansion of
the
Dec.
dom
181920.]
THE
CHRONICLE
(exclusive of the Bank of England),
reduced
12.
despite the fact that these banks
holdings of British Treasury Bills during this period.
their
American banks,
then,
have
expanded because of
unfunded debt of Europe to the United
expanded
primarily because of
Continent to
This
13.
Reserve
the growth of
the
of
has
allowed
inaugurated
rates.
money
effective feature of
be
not
to
continue
policy
a
the
The
Balance
a
below
exhibits
all
far
so
the
major
they
as
and
factors
the computation of the growth of the unfunded debt of Europe to private
individuals, banks, and corporations in the United States from January 1
1919 to September 15 1920.
is
concentrated
December of
debtor
It
1920
shows
to
unfunded
on
Net Result
Sheet
items
at
If there
from Europe to the United
the
for
ures
hand,
the
merely the "growth"
September 15.
and
nothing
says
to whether
had
of the unfunded
debt from
already in existence
were
creditor
or
that
date
the
is
trial
one
given.
are
in her favor
If,
has
since
There
is valid
had
tion.
been
exceedingly liberal in granting credits to European Governments
war, and continued liberal for a very substantial period follow¬
ing the armistice.
It is probable also that these credits during the war
period had been used in "cleaning up" back unfunded debts, and that the
to the United States on export account was very
balance due from Europe
OF
UNFUNDED
DEBT
CAN
<
OF
1
(Europe
'
Jan.
1919
1
to
Immigrants'
turing, 1919.
European securities matur¬
ing In 1920 to Sept. 15__
American
Internal
6,000,000
Continental
private
to
May
15
1920,
114,000,000
Bank
of
it
12,000,000
Bank
by
60,000,000
will
blocks
of
months
banks.
A
great
individuals
many
It is not easy to find, however, spe¬
francs
back.
buy them.
readily in London,
been
and
But
pretty clear that
form of European
any
It will, however, usually resell, and
rule.
The New York market for
as
a
broadening, and it is not
lire
here
without
price
taking the past fifteen
have sold to London,
we
difficult to sell large
so
concessions
months
directly
as
it
as
indirectly,
or
some
was
whole,
a
it seems
thel great
bulk of the franc and lire
exchange originating on this side.
This is strik¬
ingly true of the minor currencies of Europe—Greek drachmas, Roumanian
lei, Finmarks, etc.—where the absorbing power of the New York market if
limited.
To a very large extent, we promptly transform franc, lire,
houses;
1920—
22,000,000
Inquiry made in London of
point led to
nitions
and
other
In addition to the taking up
by sterling, London has been buying, and continues to
buy, large Continental holdings of Chilean, Brazilian, Chinese, and other
the cancelation
His best guess, after
he has obtained, is that
of
these contracts
The
remained.
taking into account all the information that
Europe had
January 1 1919 of $200,000,000.
a
creditor balance
on
(securities, which
the actual unfunded debt
unfunded
as
of
September 15 1920,
$3,500,-
over
Offsets by Triangular Exchange.
States
not
against which she could draw in settling her debts here,
get a correct picture without considering (a)
Europe's
the rest of the world,
and
financing devastated Europe, which fact is partly responsible for the low
of American exchange.
He said that the rate for dollar exchange is
now really a
"New York-Europe" rate and not a "New York-London" rate.
for
hand,
have been drawn
gold
the period
drawn
on
against to meet debts here.
us
the world
to
meet
debts
But,
on
under discussion.
trade balance
August
with
1920
outside
has
Europe alone is substantially greater than
world
we
had
exceeding $900,000,000.
except
as
government money is being spent
governmental
armistice.
On
finances
the
have
worst
grown
balance of both long-time
obligations, Britain still remains creditor to the world.
8ha
both in her wonderful industries and in her shipping,
nothing of the resources of'her colonies.
Her public finances are in
as
a
whole.
In
the
period
from
adverse balance
with
the
Some efforts have
been
made
an
our
January 1
non-European
to
compute
the
British
Empire
alone,
there
be
would
valid
for
reason
early
restoration of the gold standard.
The tremendous de¬
preciation of sterling, therefore, is anomalous, except upon the theory that
London is lending her strength to uphold the credit of the Continent.
This means that, if London should withdraw her
support from Conti¬
nental
an
exchanges,
the
Continental exchange
would
rates
fall
sharply and
sterling would rise sharply.
Various American
months
recent
including
changes,
have
financial
submitted
banks
London
this
have
authorities,
view,
heavy
francs,
lire
to whom
the writer has during
have concurred
holdings
and
of
marks,
all
in
it.
The
kinds of
and
also
opinion ia
Continental
that
French
ax-
banks
heavy holdings in marks.
Sir
George Paish,
article
published
between
of the leading British financial authorities,
one
in
American
an
France
and
French
a
recently,
newspaper
England
growing
France that franc exchange was
and that
out
of
in
an
discussing the dlsn
the
Polish
situation,
being upheld by London's support
withdrawal of London's support would lead to
a
heavy break in
exchange.
London's support of the Continent
1.
Certain
2.
The
primarily:
The
3.
is taking six forms
direct
loans
to
the
Continent.
purchase by the London money market of francs, lire, and
other exchanges, not only from the United
States, but also from other
parts of the non-European world.
curities,
purchase
from
the
well
as
internal
Investment
4.
the
transactions.
to
where
since the
resources,
within
in
Continent
Continental
as
5.
The
Continental
of
various
non-European
se¬
securities.
businesses.
Sales
6.
in
paid of Europe's debts to us
The figures given, therefore, would
prob¬
reduced, if we took account of all these
be increased, rather than
trade balance with the
and
better
enormous
expecting
we
the world outside than
than
very
,
she has
(or non-existent)
reconstruction,
to say
other
countries, too.
have exported to Asia, Argentina^ etc., has been for
meeting our own adverse trade balance, but part of it has gone
supposedly
on British account also.
Probably we have paid more of Europe's debts in
the
own
merits, sterling appears clearly to be too low as compared
exchanges of most Continental countries, where industrial revival
and short-time
present circumstances, however, this does not hold.
For the
most part Europe is increasing her unfunded debt to the
rest of the world
also.
No doubt, here and there, she has accumulated
credits in outside
of
its
On
the
countries which
England owes
level
(b) America's relations with the
of the world.
Under
the amount
as
distinguished British banker, Mr. F. O. Goodenough, Chairman
of Barclay's Bank, Limited, of London, is
reported as having said in A
speech on January 28 1920 that Great Britain is generally doing her part
warned
ordinary conditions, it would be pointless to compute relations of
between Europe and the United States alone.
Under ordinary
conditions, Europe would be building up credits in countries other than
sort
could
well
as
in dollars.
cord
Under
we
to swell Britain's invisible imports and to depreciats
probable that the amount of France's and Italy's debt to
go
seems
items
subtracted $200,-
000,000.
the United
It
England is increasing all the time,
that
He has accordingly
000,000 from the figures for the "growth" of the unfunded debt of
Europe
of $3,772,400,000 between January 1 1919 and
September 15 1920, so as
relations with
francs
tions
a
regarding these matters is not satisfactory to himself.
is, further, not privileged to make public all the information that he has
No
in
pendices.'
information
to leave
bills
sound position, and she will very substantially reduce her outstanding
debt, particularly the unfunded debt, during the current fiscal year.
Gold redemption has been suspended in England; but,
considering condi¬
European Governments immediately following the armistice, and that large
obtained.
to the following
generally correct.
internal
great many contracts for mu¬
supplies with American producers were canceled by
liabilities connected with
writer's
is
The explanation of the items in this
balance sheet is contained in the ap¬
hand, it is known that
war
distinguished British banker regarding this
a
communication under date of April 27 1920,
a
the view stated
effect:
has
$4,528,600,000
*
$3,772,400,000
On the other
our exports to Great Britain; in part,
out of dollar credits arranged for in New York by London banks
British or Continental cprrespondents; in part, they exist
sterling bills held by American banks or exchange speculators j
in part, they exist in the form of
sterling withheld from the exchange mar¬
ket by American exporters.
No doubt, there are still other forms.
a
1920.—
in part, they grow out of
grow
for the benefit of
rather
4,528,600,000
small.
world
sell most
has been slow
111,000,000
....
$8,301,000,000
of Europe to the U. S.,
Jan. 1 1919 to Sept. 15
Our
French
speculation.
a
London remains, what London has always been,
great market for international moneys.
If a great New York bank is
upon to purchase francs, lire, or other Continental exchanges from
with the
to
Growth of unfunded debt
1919
particularly
as
undoubtedly held substan¬
exporters are carrying balances In
heavy holdings in the United States of
francs and lire has
over
England
Gold from Hong Kong on
British account,
May,
Great Britain
ably
of
few cases,
a
by individuals, corporations, or
banks
our
in
89,000,000
credit of Federal Reserve
600,000,000
of
met
50,000,000
Argentine
purchased
from Europe
German gold turned
to
1919-Sept. 9 1920
Anglo-French 5s
in
banks,
Some of
not
Another
from Europe
principal
maturity
155,000,000
,
Other securities purchased
177,000,000
Argentine
200,000,000
and
securities
to U. S. Treasury, Jan. 1
Most
In
called
sterling.
re¬
European securi¬
Japanese
United States Treasury,
Jan. 1 1919 to Sept. 9
of
securities
Aug. 31 1920
135,000,000
Repayments
265,000,000
216,000,000
Europe, Jan. 1 1919 to
15
other
United States.
exchange ejxcept sterling.
the
of
Net gold brought in1 from
79,000,000
paid
Europe,
ties purchased
1919
actually
to
purchased
creditors, 1920 to Sept.
Interest
Loans
0,000,000,000
to
Europe,
1920, to Sept. 15_;
private
to
balance—small
1919...l
New
Loans
466,000,000
—
interest
New
73,000,000
52,000,000
20,000,000
Ships purchased, 1919
European
securities
ma¬
'to
remittances.
and uncertain
Net shipping balance,1920
creditors,
Insurance
shipping,
1919
interest
3,600,000
75,000,000
450,000,000
United States tourists
30,000,000
balance on
rest
other Continental currencies held
'•
great volume of
any very
in the form of
60,000,000
Credits by U. S. Shipping
Board for sales of ships.
250,000,000
Aug. 31 1920
and
or
in the
;
:
tial franc balances.
they
155,000,000
Grain Corporation.
-
S.
$2,665,000,000
Credits granted by U. S.
States), Aug.
1
1920Sept. 15 1920 (est
sliver Imports from
this
in
im¬
exchanges into the form of sterling or of dollar obli¬
These London obligations we hold in many forms; in
part, they grow out of direct purchases of Continental exchanges by London
1920, to
Sept. 16
United
versus
1919
vances,
Gov't advances,
$6,350,000,000
Net
on
early
seems
gations of London.
States Debtor.
Relevant Government ad¬
1919-
Commodity trade balance
He
since
very
United
United
versus
Jan.
July 31 1920
Net
AMERI-
clear
First of all, Great Britain
and other Continental
(Europe
Net
PRIVATE
January 1 1919 to September 15 1920.
Europe Debtor.
States),
Net
TO
CREDITORS.*
Commodity trade balance
U.
EUROPE
other theory.
any
work, but it
guess
Inquiries made from time to time do not disclose
its customers, the bank will
supposing that Europe had large cash balances
banks at the beginning of the period.
Our Government
during the
GROWTH
on
Europe to the United States
increasingly
expenditures during the current fiscal eyar.
The revival of the British ex¬
port trade has been rapid.
That sterling should have continued to fall and
bought marks
for
reason
in many American
been
should have gone so low under these circumstances calls
loudly for explanaJ
cases
beginning of the period, that would have to be subtracted.
1
'
armistice.
Britain is the one European belligerent
a
soundly balanced budget and vigorous taxation
European belligerent which will have a surplus of taxes over
one
cific
the
♦
the
have
items at
V-
maintained
debt
the other
on
current
on
•'
,
country of Europe which has had rapid and unmistakable indus¬
revival
the
has
What follows is, in part,
down
net unfunded
a
States, that would have to be added to the fig¬
credit balance
a
was
beginning of the period, January 1 1919.
growth of the unfunded debt that
Europe
Europe
London
upon
possible to explain the facts
banks
the Starting Point.
as
w-:
1919.
francs
The
Balance
Our
corresponding amount
a
London's Position.
That the major part of this unfunded debt of
and
be ascertained, in
can
cancel
so on,
Europe's debits to us.
This is erroneous.
A truer picture is presented
by considering direct relations between Europe and the United States only.
which
the Unfunded Debt—the Balance Sheet.
Sheet
America, and
of
in¬
through
control
placement with investors of long-time loans.
practically all of the minor facts, in
debits to Asia, South
our
Federal
rigorous discrimina¬
tion against bank loans designed to increase this unfunded European debt.
Such a policy will strike at the root of the whole matter.
The only sound
policy for financing a one-sided flow of goods is one based on the ultimate
Growth of
debt of Europe to the United States, which have been based
balance with the world as a whole, apparently on the theory that
'■' 'V
Our
The higher money rates are necessary, but the most
policy of credit control will be
a
the unfunded
upon our
■
longer.
credit
of
debt of
unfunded
,>
must
the
States; British banks, likewise, have
growth
London.
process
System
creasing
the
3375
of commodities on
long credits to the Continent.
performance of shipping services for the Continent for which
payment cannot be made.
(The shipping companies com¬
immediate
monly get immediate
put
up
payment,
but
some
one
else
in
London
has
to
the money.)
Recent figures for the
improvement in London's adverse balance of trads,
the estimate of "invisible exports" in the form of
shipping and other
services, which the United Kingdom performs for the world, which tend to
fill up the gap in the United
Kingdom's balance of trade, consequently do
and
not tell the
cerned.
other
story
so
far
as
London has been
non-European
Continent.
Her
London's position in the exchange market is
buying goods for cash in the United States
countries and has
exports,
consequently,
been
reselling them
to the extent
on
time to
that they
go
con¬
and in
the
to the
CHRONICLE
THE
2376
with dollars with which to pay for
Continent, do not provide her
her im¬
not provide her with cash resources in
full amount. When she performs ship¬
ping services for the United States, for Canada, for India, for Japan, for
China, for the Argentine, and some other countries, she gets dollars or
other exchanges which can be converted into dollars.
When, however, she
performs shipping services for the British Empire (excluding India and
Canada) or for most of the Continent, she does not get currencies which
ports.
Her shipping similarly does
the exchange market to nearly its
be converted into dollars.
can
and if the major part of the three and
If this view is correct,
one-half
concentrated
Europe to the United States is
billions of unfunded debt of
substantial part of the unfunded debt
other than America, is being borne
by London, then the position of London is difficult and the present deprecia¬
tion of sterling is fully explained.
The prospects would be for continued
depression, and even further decline in sterling, unless London should with¬
draw her support from the Continent and sell to the outside world her
holdings of Continental exchanges.
London, apparently, did attempt this
in the spring of 1920, at which time francs dropped to below seventeen to
London, and if, in addition, a
upon
Europe to the non-European world
of
dollar
the
lire
and
to
It was
days.
twenty-seven to the dollar in a few
selling of francs and lire at this time originated in London.
clear that the
proved impossible, however, for London to unload in great amount, as
rest of the world, owing nothing to the Continent of Europe on net
It
the
balance, could not absorb these currencies in great
quantity, and to protect
them.
apparently repurchased
London
herself,
In the days before
in London for prac¬
tically anything; elephants, ships, beeswax, carved ivories from China,
paintings of old masters, to say nothing of standard commodities, foreign
exchange, stocks and bonds, and the Jjke.
A large body of London specu¬
lators stood ready to buy virtually anything at a slight concession in price.
London banks, relying on the active speculative markets which made all
manner of things liquid, were ready to finance, and did finance, these specu¬
London has
always been
there were always active speculative markets
the war,
London
lative transactions.
usually safe in this, since London was full
was
who knew where the proper outlets were for all manner of un¬
securities, or bills of exchange.
Since the armistice,
of experts
usual
great centre of speculation.
a
commodities,
London
have revived
to
seems
this
speculative activity,
far as foreign
so
exchange is concerned, on a great scale.
Ordinarily, such speculation is safe because the London speculators know
time, however, at all events for the immediate
At the present
their outlets.
present, there appears to be no outlets for any large quantity of Continental
France, Italy,
world does not owe money to
The outside
exchanges.
or
belligerent countries of the Continent on net balance, and consequently,
no
use for a considerable amount of
Continental exchanges.
London,
other
has
can keep the mass of Continental ex¬
speculation; she can move them around
through Switzerland, Paris, New York, and other centres, but, like the
dove that Noah sent out from the Ark, they find no resting-place for their
She
has a difficult problem.
thus,
moving through
changes
active
London.
The form can change, but the great
floating mass of (a) London assets in the form of Continental floating
debts and (b) London liabilities in the form of unfunded obligations to
and
feet,
New
they return to
York
other
doubtless
and
nitudes grow, moreover, as
the
remains.
centres
The mag¬
London seems to find it necessary steadily to buy
exchange continually being created in order to protect the price of
new
what
non-European
she
already holds.
This situation calls for
Exertme depreciation in foreign
early correction.
exchange does not correct itself as does a similar break
in stock market
prices.
A violent break in the stock market when once over is really over.
Shrewd investors buying stocks at bargain prices take them home and keep
them.
The floating supply is out of the market, and the market is safe.
A bad break in the foreign exchange market, however, under existing con¬
The exchange
ditions, does not settle itself.
It returns to plague the market again after a
once
sold does not stay sold.
short time.
It
be
can
perma¬
nently taken out of the market only by measures which really correct the
the securing of long-time
situation, namely ,(1) the shipment of gold, (2)
loans, and
(3) the shipments of goods
doubt, if the exchange rates
or
the performance of services.
buy the Continental exchanges and hold them for
the
have
rates
Jong-pull
not
yet
indefinite period, but
an
low enough to justify the
gone
No
low enough, non-European speculators will
go
the world
speculators throughout
are
ready
view that strong,
to
carry
them
in
existing quantities.
On
the other
hand, it
ready to cut her losses
to sell
market of
another
advance the price of sterling very substantially.
can
would
process
money
her existing purchases of Continental currencies,
on
a
internal
occasion
not
embarrassment
to
Whether
the
London
sort too serious to make her willing to undertake it is
question.
Expansion and Credit Control.
important point is here suggested regarding the policy of the Federal
authorities in the matter of credit control.
There have been two
An
theories
since the middle of
to
ance
Europe
Government.
hhs
become
The
total
was
1919.
come
chiefly,
as
indicated above,
During the earlier half of 1919, the export bal¬
largely offset by credits granted by the United States
Going along with this growth of the unfunded
dramatic
a
in bank
increase
loans and investments of
eral Reserve System increased
During approximately the
debt,
there
April 9 1920.
Despite this very sharp reduction, however, in
the total loans and investments of the "reporting mem¬
banks" increased during this period, as stated above, 25.4%.
The in¬
000,000
same
period, namely from May 12 1919 to Majy 4
There
1920, the loans and discounts of all National Banks increased 24%.
has
of
been,
the
also,
Federal
Reserve Note
during this period
Reserve
Banks
liabilities of
tremendous expansion in rediscounts
a
and
the
in
Federal
the
deposit
Reserve
liabilities and
banks
Federal
themselves.
ber
carrying,
and
this
or
debt.
indirectly, bank credit has carried, and is
Loans made by American banks directly
simply to European importers
There has been
to
Directly
unfunded
doubt, relatively small in volume.
are, no
much
larger volume of credits extended by American banks
European importers on the guaranty of responsible European banks, par¬
ticularly
a
British banks.
banks to European
Credits have been
granted directly by American
banks, particularly British banks.
There has been a similar sharp reduc¬
tion during the period in collateral loans secured by United States war
obligations.
This item stood for the "reporting member banks" on April
1 1919 at $1,100,000,000 exclusive of rediscounts with the Federal Reserve
banks, and on September 3 1920 it stood at $957,000,000 inclusive of re¬
much
greater than this percentage.
the Federal
with
discounts
A larger part of the
indicate.
policy of holding the aggregate of bank loans and bank invest¬
check by high discount rates for the purpose of protecting reserves,
With the
ments in
the
would
writer
sympathy
only
loans,
speculative
must be
tion
credit
porters, however,
lators,
who have
exporters,
directly
comes
borrowing often
bank money,
tied
up
advanced
working capital in
by
exchange
advances
speculators
and
to
ex¬
ultimately from the banks, since the exchange specu¬
on other collateral, have been obliged to borrow
which they would not otherwise have needed, while exporters
who have tied up their working capital in these advances,
and producers,
have
been obliged
their
working capital.
to have
recourse
to their American banks to replenish
These last two factors, therefore, have also
be expressed.
To
But it appears that in none of these have we really
given.
struck at the
\
the matter.
of
crux
policy of discrimination, if we really wish a thorough-going con¬
traction of American bank credit and a readjustment on a fundamentally
The
basis, must strike at the fountain and source of the whole expansion.
sound
That
primary
Government
been
lation
much
which
speculation
found in
of the period
and
secondary
is
tremendous
a
That
since April 1919 has exhibited.
The primary explanation is to be
derived.
outpouring of
of exports to Europe, which
excess
an
actually been greater since the armistice than in the period preceding
the armistice, and which
of
This has
It is not even to be found in the specu¬
steadily diminishing factor.
a
has
is not to be found during the past fifteen months in
source
borrowing or in bank holdings of Government paper.
credit in
bank
new
markets of
our
in
tion
This export balance has drained
States.
goods and raised our prices.
It has encouraged the specula¬
which has still further raised
commodities,
artificial
has been paid for so largely through the creation
the United
shortages
raising
by
and
our
prices by creating
hopes
exaggerated
future
of
price
increases.
The existing facts must
without
is
notice
be recognized, and
be recommended.
to
We
violent reversal of policy
no
can
reduce bank loans in
this
connection only gradually.
But we should cease to increase them for this
purpose.
If Europe needs credit—and Europe does need credit—it is in¬
vestors' money, rather than bank money or the working capital of active
businesses, that should be the primary reliance.
This does not
of
mean
a
cessation of bank loans in connection with the
ex¬
One of the most legitimate of banking functions is the financing
port trade.
two-sided
really be
made for goods exported, temporary advances of banking funds in anticipa¬
tion of final payment should, of course, be made.
But bank money should
a
not
continue to
Cessation
of
be
called
bank
for
our
for
on
would undoubtedly lead
this connection
export balance with Europe.
our
domestic market to absorb
a very
It would make
large volume of goods
month which they have not in the past twenty months been absorbing.
It would break
and would
commodity prices through the increase in domestic supplies,
further break them
through the discouragement it would give to
speculative withholding of goods from the market.
prices, there would automatically
which
almost
That
goods
and
from
equally
tion
agree
foods,
the
come a
in which
clear.
on an
is
clear.
she has
That
Following the decline ih
general contraction in bank credit,
situation requires.
particularly
us,
the volume
goods
all
Europe will continue to need certain
materials
is
can
financing the export balance.
expansion in
sharp contraction of
a
Where it is clear that payment
foreign trade.
we
But
that
goods from
Europe
cannot
finished manufactures,
been taking them in
cannot
afford
to
us,
notably
afford
to
raw
take
including luxuries,
in
the past twenty months
continue
sending
her these
A policy of discrimina¬
unsound financial basis is also clear.
by the Federal Reserve authorities and the banks against this kind of
upon
would bring the fundamentals clearly to light, would force
Europe the problem of ascertaining clearly what goods she really must
have
from
and
us,
would force upon America
occa¬
the problem of ascertaining
carefully what long-time credits she is really prepared to extend.
There has been
of
the
a
great deal of discussion, beginning before
the armistice,
necessity of placing long-time European securities in the hands of
investors in connection with the export trade.
Such securities
American
privately placed, however, have been small in volume, and have, in fact, as
tables
our
show, been actually exceeded by maturing obligations from Eu¬
Europe has had bank
rope.
money
of
The
can
concurrence
the hands of
lators.
and
and
policy of forcing United States Government obligations out of
the banks and into the hands of investors, again commenda¬
further
the
It has been a necessary
the fullest sympathy.
express
With the policy of discrimination against non-essential loans and
policy.
businesses rather than investors'
probably immediately carried by American exchange specu¬
A yet larger part is probably carried directly by American pro¬
ducers
The actual reduction is much
banks.
Reserve
greater, of course, than these figures
unfunded debt is
Europe.
investments was very
in other forms of loans and
consequently,
crease,
bank expansion
The connection between the growth of the unfunded debt of
Europe to
private creditors in America and bank expansion in the United States seems
clear and definite.
on
Government paper,
in the United States.
expansion
"reporting member banks" of the Fed¬
25.4% from April 11 1919 to April 9 1920.
$2,109,000,000 on April 11 1919 to $551,-
these banks was reduced from
per
corporations in the United States has
very
expansion of our bank loans in the past fifteen
months, accompanied, as it has been, by the loss of gold, the two combin¬
ing to reduce reserve ratios, has made it imperative that credit expansion
should be checked.
One school of thought has looked at the matter in block,
and has felt that a general policy of credit contraction all around is called
for.
The simple method of raising discount rates has been regarded as of
primaiy importance in this connection.
The discount rates have been
raised, and they have had a very marked effect in retarding the expansion
of bank credit
But even very high discount rates have not yet succeeded
in reducing the aggregate.
Another theory would seek to make discrimina¬
tion in the restricting of credits and emphasize the importance (a) of
restricting loans for "non-essential" production, (b) of restricting loans
for speculation, both in the stock market and in the commodity markets,
and (c) of a policy of forcing out of the banks the Government war paper
and collateral loans secured by Government war paper, which they have
held.
This theory has also been acted upon, and there has come, as a result,
a marked reduction in collateral loans based on stock market securities, in
bank holdings of Government war paper, and in collateral loans based on
Government war paper.
The achievement in connection with this last point
has been particularly noteworthy.
The total of United States securities
owned on April 11 1919 by the "reporting member banks" was $3,026,000,000.
The
By April 9 1920, this had been reduced to $1,607,000,000.
holding of United States Treasury Certificates of Indebtedness alone for
\
The growth of the unfunded debt of Europe to private individuals, banks,
and
There is
how this control should proceed.
to just
as
general agreement that the
it necessary
>
which are ultimately
Reserve
main
to
American Bank
V
attributable to
whenever Britain is
part of her holdings, and to cease making further advances to the
a
Continent, she
this
reasonably clear that,
seems
[Vol.111.
.
of bank loans in the United States,
the unfunded debt of Europe.
sioned expansion
the
ease
of
and the working capital of American
No doubt, a primary explanation
money.
getting American bank money and the working capital of
American corporations for this purpose
has
stood
as
an
intermediary between
has been the fact that British credit
the United
States and Continental
Europe.
It appears
that the end of this is in sight, even without special discrimina¬
tion
by the Federal Reserve authorities.
has
already
American
come,
and with
businesses have
With the reaction in business that
the tension in
our
own money
markets, few
a
great deal of working capital which they can
afford to tie up in this way,
while American banks are increasingly disposed
DEO.
to check loans for
mestic trade.
expansion in
direction, whether in foreign or in do¬
any
None the less, a clear definition of policy on
Federal Reserve Board in this matter would
the part of the
clarify the situation very greatly.
"
;V L
,
A
i
there
story
(page
was
c,.
' The Position of English Banks.
.
-
.
similar
14 1920
in England.
appears
"Statist" of August
The London
"Advances" of
the
twenty leading banks of the United Kingdom (exclusive of the Bank of
England), goes on to say that there have, none the less* been smaller hold¬
ing of Treasury Bills during this period. The "Statist" adds:
"Trade de¬
mands
were
necessarily great,
Government
which
use,
phosed into
was
the system of production for home and
of the war, was gradually metamor¬
as
feature
a
[Italics mine.] For
this banking assistance was required on an extensive scale."
Neither in
Britain nor in the United States has bank expansion in the last year been
due
to
the
system of production largely for export.
a
Government
British bank expansion,
borrowing.
explained in
as
preceding section, has been due primarily to British financing of the
Continent in various ways.
Sir George Paish, in the
article referred
the closest ties, it will be difficult for
above,
to
Should
these
practically will be impossible for them to give further assistance.
In¬
difficulties and because of their desire to provide every possible assistance to
Great Britain's Allies far
do
but
for
this
desire
beyond the level they would have been willing to
to
Continental countries to the limit of their
help
John
autumnal
of
demands
still
meet
to
discount already is overdue.
the middle of August with
urgently
already
countries
in
financial
distress.
Every
higher rates of interest in the London
if the political factors further
tion,
witness higher
we may
don
that
demands
New
i.'
.
.
Oscar Wells, Birmingham, Ala.
Julius H. Barnes,. Duluth.
Herbert Hoover, Palo Alto, Cal.
Paul M. Warburg, New York.
A. C. Bedford, New York.
Herbert Myrick, Springfield,
John S. Drum, San Francisco.
James B. Forgan, Chicago.
F. O. Watts, St. Louis.
Alexander Legge, Chicago.
Lewis E. Pierson, New York.
Charles H. Sabin, New York.
Arthur Reynolds, Chicago.
J. R. Howard.
Clinton, la.
Mash:
:
market than
money
canon
•
Thomas E. Wilson, Chicago.
Fred I. Kent, New York.
J. G.
Va
Culbertson, Wichita Falls, Tex.
Levi L. Rue, Philadelphia.
John Sherwin, Cleveland.
Philip Stockton, Boston.
George Ed Smith, New York.
.
The resolution
,
calling for the naming of the committee
follows:
|
Whereas, The operation of this organization will result in the broadening
of the export market, thus relieving this country of surplus stocks of all
kinds, with the result of stabilizing prices and benefiting all lines of trade,
agriculture and manufacturing, and will have an especial tendency, to
encourage production,
thereby insuring to labor of all kinds steady and
productive occupation;
payment
nations
will
be made only
can
be
not
over
Export Association, and the American Exporters' and Importers' Associa¬
demands
tion;
,
.
where there is
an
of credit by the corporation
countries where there is
to
a
stable government and
and
of integrity of purpose;
assurance
the operations of the corporation should be
confined to financing for the benefit of future
and these
years,
credits if the existing
necessary
and
Be it further resolved, that the extension
should be confined
Be it further resolved, that
long period of
a
willing to grant the
lines approved by the Americap Bankers'
possible assistance
of sound finance
"Europe is still buying immense quantities of products from nations to
which
for¬
authorized capital of $100,000,000,
States, the National Foreign Trade Council, the American Manufacturers'
in modern times.
witnessed
an
Association and committees of the Chamber of Commerce of the United
rates and greater stringency in the Lon¬
money
be organized at once on the general
a
no
That
complicate the economic and financial situa¬
ever
\
.
eign trade financing corporation, with
market, and it is evident that
money
.
Joseph H. Defrees, Chicago.
;
John S. Lawrence, Boston.
V
E. M. Herr, Pittsburgh.
Roy D. Chapin, Detroit.
John J. Raskob, Wilmington, Del.•
Charles A. Hinsch, Cincinnati.
Peter W. Goebel, Kansas City.
Thomas B. McAdams, Richmond;
the
England minimum rate of discount be higher than 7%.
advance has been made is due to the desire to render every
to
(Chairman),
Therefore, be it resolved, that it is the sense of this meeting that
"A further advance in Bank of England rate of
The ratio of 12% reserve to deposit liabilities in
Bank
v
McHugh
In accordance
appointed to consist of the
was
York.
power.
the
committee which would be charged with the
following:
ties be loosed,
deed, already they have inflated their advances mainly because of exchange
a
therewith the committee
"Even with
says:
British bankers to continue to meet
the Continental demands for accommodations.
it
naming of
responsibility of organizing the corporation.
276)? after pointing out that from June 1919 to June 1920
expansion of 41% in "Bills Discounted" and
an
23 n
CHRONICLE
THE
181920.]
foreign trade;
and
;
Be it further resolved, that a committee of representative men be formed,
giving
due
consideration
geographical districts
to
and
various
lines
of
political and economic and financial situation is likely to last indefinitely
agriculture, industry and finance, charged with the responsibility of organ¬
and grow worse rather
izing the aforesaid corporation.
"This
in
means,
than better.
turn
that, while the
money
rates
may
rise to
an
un¬
As
have
we
precedented level, rates of exchange may fall to lower levels than anyone has
hitherto
France
than
conceived
in
possible.
But,
...
in view of the greater difficulty of
paying for goods with goods, the franc must fall much further
the pound."
Difficulties
first in
appear
debt and banking strain
unfunded
than they
London
in France
are
The point involved is that expansion is much easier where
has
been
definitely
Money rates
London
pansion
abandoned
still
are
lower
New York.
or
and
where
the
on
It is easier to
the Continent
on
the
check
British
basis
as
British
than
bank
on
weak spots by
London
they
as
or
are
In
of
standing firmly
are
on
very
still
the
In
on
ex¬
United
sound
a
a
gold
the leading
British
money
and bank
con¬
money
higher
rates
pre¬
are
of
possible.
interest
Way Out.
interests
.
on
friends
policy of supplying the
clearly
sound
of
details to
called for.
It
the
funds to
is,
Continent
of
Europe,
tors'
funds
It is
more
cessation
anticipate by short
no-
of
expansion
doubt,
a
the
is
placing
proper
use
periods the actual securing of inves¬
by temporary bank advances.
done.
The
part, have
public
grown worse
finances
of
Continental belligerents,
for
rather than better since the armistice.
the
Gigan¬
tic fiscal deficits continue to accumulate.
The expansion of bank notes by
It is difficult to see, on the basis of current
State banks of issue continues.
statistics
of
the
balance
fiscal
what
has yet
income and outgo
is
be
to
ever
of the Continental belligerents,
how a,
Rigorous taxation going far
beyond
struck.
been achieved, is called for
rigorous retrenchment
as
on
the Continent of Europe and
well in public expenditure.
are called for to reduce the floating debts
belligerents, and particularly to reduce the debts
in such
of the States to the State banks of issue
a
way as
to permit
sponding reduction in the volume of bank notes outstanding.
strictions
on
called
by most of the Continental belligerents.
for
imports,
that only real necessities
so
blind ourselves to the fact that financial madness
world
the
does
not
its
reverse
Rigorous
re¬
may be imported, are
But it does no good to
and
disaster lie ahead if
of printing bank notes
policy
a corre¬
instead
of
working, saving, economizing and taxing.
Vigorous
the
and
effective pressure along these lines
belligerents of
Europe
by
British
these countries turn for aid in placing
in
the
of the
United
States.
Very
many
and
be
shall
financiers
what
such
for
measures,
however,
and in the United States could be
But with
the
cessation
American banks,
for such
a
to
whom
when
new
It has been
measures.
bank credit in
Great
Britain
easily created to meet their current needs.
of this banking
policy
on
the part of
revealing the fundamentals of the situation,
The
may
hope
of
CORPORA TION
meeting held in Chicago
(Dec.
the proposed
$100,000,000
10
and
11)
foreign trade
capital adopted
great
together
venture,
on
Friday and Saturday of
the organization
to further
financing corporation with
a resolution
providing for
Chicago, said:
Before the end of the week
as
authorized by the per¬
It is too early at the moment to say positively
thirty.
methods of organization will be,
campaign in such
further than to say that every
given the opportunity to co-operate in
with
the
agricultural
and
manufacturing
No definite allotments have yet been assigned
but it is our purpose to conduct our
a manner
that the responsibility and opportunity of this
organization will be Nation-wide and not in any sense local.
It is indeed gratifying that the plan to support our
foreign trade by the
extension of long term credits suggested by the committee of commerce
marine of the American Bankers' Association was
the Chicago conference.
such magnitude and
and
unanimously adopted at
The scope of the proposed corporation is one of
importance that I am convinced that the public in
general, together with the agricultural, manufacturing and financial inter¬
of the American people in general,
problems
of our
solution.
leaders
namely, that of
foreign trade together
it is
National and
our
purpose
to
a purpose
to face the
work together for their
and to
make it
inter-National welfare.
of American
In the weeks
spirit of the conference is the spirit
The corporation proposed is not
benefit;
row
organization committee
It is my conviction that the
to come.
designed for any small or nar¬
valuable instrument in our
a
This is already understood by the
thought and action who met in Chicago;
we
shall
strive to make it known in every corner of the country as we progress.
Mr.
on
the
McHugh addressed the Chicago conference at length
necessity of the organization of the corporation, and
his remarks
The
are
gathering
referred to elsewhere in
was
our
issue of to-day.
also addressed by Senator Edge, William
C. Redfield, former Secretary of
of the Standard Oil Co. of New
Commerce; A. C. Bedford,
Jersey; W. II. Booth, of the
Guaranty Trust Co. of New York; Herbert Hoover and Rich¬
S.
Hawes, of St. Louis, the retiring President of the
American Bankers' Association.
the
Mr. Hawes in expressing
hope that the corporation would not be limited to repre¬
sentatives of capital, said:
Many labor unions have largo surplus funds
which could be made to
bring good financial returns through this corporation and we strongly urge
them to join us in
The
British and
we
MEETING TO ORGANIZE $100,000,000 FOREIGN TRADE
FINA NCING
Mr. McHugh, in a state¬
executive committee of nine,
an
to the various sections of the country,
legislators the
reform.
last' week
our
upon
the ablest statesmen and financiers
need of such
difficult for them to bring home to their people and to their
need
name
manent committee of
ard
exerted
their securities in Great Britain and
of
Continent appreciate fully the
American
can
The Committee
his return from
Organization work will begin immediately.
we
Internal funding loans
volume not yet approached
in
of most of the Continental
committee of nine.
ests, will support the activities of the
the Continent itself, however, that most of the constructive work
on
be
must
a
doubt, the duty of banks to aid in
no
a
ment issued on Dec. 13 with
the long-time
Continent with funds through bank
European securities with investors, and it is,
bank
most
financial solidity but also in
own
their
of
have been pointed out
reform
part of the United States and of Great Britain, in the
only of their
approved at the annual convention in October of the
industries of the country.
ill-balanced financial situation of the
The main lines of
On the
not
as
thirty, given above, will delegate the working out of
this
is
Commerce
Association, and
American Bankers' Association in October.
bank in the United States will be
advocated for London.
once.
the
under
on
Vice-President of the Mechanics & Metals National Bank,
was
high in London, and the
the policy of high
The
than
inaugurated by the Committee
gold standard, but
a
England, and most of
quarters,
No short and simple panacea for the
world
was
the plan for the
formed
presented by the Committee's Chairman, John H. McHugh,
in
are
bank
have already placed
we
to placing their money
on
influential
some
further
York.
New
London is not
Money rates
can.
the Bank
Treasury,
financiers
traction.
dicted and
expansion.
the gold standard
Europe than they
Continent of
cover up
in
people look forward
soon
Edge Law)
be
will
(which
are
Italy.
or
depreciation is great.
currency
States, however, where the gold standard prevails,
definite
several occasions stated,
on
corporation
and Marine of the American Bankers*
growing out of this
likely to
more
proposed
a
this work.
corporation will have
power
to issue debentures up to
maximum of ,$1,(XX),OCX) ,000.
JOHN McHVGH AT ORGANIZATION MEETING
FOREIGN TRADE FINANCING
At the
OF
CORPORATION.
meeting held in Chicago last week to develop plans
for the organization of the
proposed Foreign Trade Finan¬
cing Corporation, with a capital of
$100,000,000, John Mc¬
Metals National
Hugh, Vice-President of the Mechanics &
mittee of the
corporation, addressed the conference at
The
Mr. McIIugh said, is based upon two
of the plan,
success
length
creation of such an organization.
the need for the
on
of the organization com¬
of this city, and chairman
Bank
part of the savings
essentials; "upon thrift, in order that a
be used to finance our foreign trade
of our people may
In order
that we may spare the means of supplying foreign markets
without subjecting our selves to increased prices for our
own needs/'
Declaring that the plan does not suggest in¬
flation, nor the absorption of existing credit, he asserted
that "what it does suggest is the setting aside, through the
exercise of sane economy, of a reasonable percentage of our
and thus sustain our prosperity, and production,
great annual wealth, estimated at 70 billions of dollars,"
and "the investment of that reasonable percentage in securi¬
ties growing
closed
from his address as follows:
The acknowledged lack of adequate banking and credit machinery to
finance our foreign commerce and at the same time take every proper care
of our tremendous domestic needs, suggests that we of this Nation have
been somewhat neglectful in our responsibilities and heedless of our oppor¬
debtor to the rest
approximately four billions of dollars. Out
railroads, mills and factories, we sent abroad each
world to the extent of
earnings of our
the
upward of two hundred millions of dollars in the settlement of interest
payment of dividends.
Europe had loaned to us, and had invested
her capital in our railroads and industries, to an extraordinary degree, and
as
a
result we sent annually more goods abroad than we could take in
year
We
practically depended upon London to finance such foreign trade as we
The pound sterling was the currency of international commerce.
then had.
great Stock Exchanges and Boards of Trade were merely national in
their scope.
We had no co-ordinated banking system.
We had no discount
Our
market,
More salf-contained
the machinery for developing one.
even
nor
other single nation, we allowed our foreign trade to shift for it¬
that sales abroad were not vitally necessary, and that
domestic demands would absorb all that we produced.
We organized no
any
We imagined
self.
a sound, orderly, systematic way.
(and that nation is referred to only
the world in an
estimated at close to twenty billions of dollars.
To it, an island
machinery to finance export sales
Britain,
Great
as
on
in
the other hand
illuminating example), was creditor to the rest of
an
amount
its very life blood. For generations Great Britain
the great trade nation of the world.
It developed a mar¬
nation, foreign trade was
has made itself
financing world
enumerated its ac¬
ceptance houses, its bill brokers, its credit system, centralized at the Bank
of England, its great discount market, its mercantile marine, and its in¬
vestment trusts—great corporations which bought foreign securities and
sold debentures issued against them to the public, all in the interest of its
velous and wholly
As
commerce.
adequate machinery for developing and
part of this machinery there might be
goods and for our aid.
here to-day to consider these conditions, and to give careful
are
which these conditions has de¬
existence a foreign trade cor¬
thought to a step to meet the emergency
This is the proposal to bring into
veloped.
poration through the united effort and co-operation of the country's bank¬
ers, business men and producers.
Some of our bankers in 1918 recognized whither we were drifting.
In
the armistice was signed—a resolution was
that year—before
of
fall
the
the American Bankers' Association,
adopted at the annual convention of
declaring that the Association
in its power the de¬
trade, to encourage manufacturers to enter
upon this field of distribution, and to provide, as rapidly as possi¬
ble, adequate facilities for financing export operations sufficient
to meet every reasonable demand that may arise."
"Pledges itself to support by every means
velopment of export
appointment of a Commerce and Marine Committee made up of
representative of all parts of the country was the direct and im¬
mediate result of the adoption of that resolution.
This Committee, specifi¬
The
cally charged with the study of this important question and with bringing
the results of that study before the Association, felt that it had a particular
and proceeded to apply its best efforts to it.
detail all the activities of the Committee.
function to perform,
Suffice
There is no need to
it to mention the
all
important features of its work.
more
Four reports in
presented by the Committee to the Association.
Each of them
approval.
From the first the Committee believed that
vital matter for its consideration was some adequate means of
were
the
most
financing our foreign trade.
It applied itself to this subject
developing something of a constructive character,
the idea of
the war broke out in 1914.
Europe turned to us. The
Allies desperately needed foodstuffs, munitions and manufactured materials,
and bought them in our markets.
They could not spare us goods in re¬
turn, so began paying gold; then they sold back to us our own securities;
and later borrowed on Government credit.
Having sold in haste we financed
our exports
in haste; credit was extended in each particular case in the
Europe was the centre of world-finance when
Then the state of affairs changed dramatically.
that met with least resistance.
we
entered the war in April,
When
1917,
we
had already practically
As active belligerents, we went on shipping
the products of our farms and the output of our factories to Europe on
an even
greater scale, and stimulated our production and expanded our
industrial plants to enable us to do so.
Our Government financed the pur¬
chases of Europe by extending loans abroad aggregating nearly ten bil¬
lions of dollars.
Shortly after the close of the war, loans on the part of
wiped out our debt abroad.
not only with
but also with
ascertaining well-informed business and banking opinion re¬
desire of
the
might be suggested as a means of main¬
From the time of the introduction in Congress
amendment to the Federal Re¬
serve Act,
the Committee felt that here was remedial legislation which
would make possible the machinery to finance our foreign trade.
It fol¬
lowed the progress of that legislation closely.
It gave counsel when re¬
quested and as seemed fitting.
It canvassed the entire banking community
of the country upon it and presented the results of that canvass to Congress.
When the measure became a law it was felt to be the special province of
the Committee to ascertain what the banking and business community
garding our foreign trade and what
taining and increasing it.
Edge Bill, which was proposed as an
of the
thought could be done under it for the benefit of American
foreign trade.
quickly recognized that this opinion would be much more definitely
ascertainable if a concrete proposal were submitted for consideration.
It
It
was
because
was
this
of
recognition
that
That
j plan
foreign trade financing plan waa
a
bankers of the country.
formulated and presented to the
outlines the formation, under the Edge Act, and through the
united effort
foreign trade.
way
outside world could use
is still calling urgently
met with unanimous
return.
than
surplus products we might spare, and Europe
for our
and in
We
im the last half
bankers
''Vv
''Xy' ,V>
Prior to the outbreak of the war in 1014, we were a
tunities.
of
Yet the irony of it all is that the
in consequence.
all the
in part
of the
these have fallen sharply;
for prices,
As
down.
wholesale prices on on average have dropped 25%.
Corn, the coun¬
try's greatest food crop, is selling for less than one-half its price of a few
months ago.
Cotton, our greatest single export commodity, upon which a
great section of this country depends for its living, has fallen from more
than 43c. a pound earlier in the year to below 16c. per pound.
Goods prepared for export have backed up at all our seaports owing to
ineffectual means to finance their shipments, and our markets are glutted
year
We quote herewith
out of our foreign trade."
[VOL. 111.
CHRONICLE
THE
2378
co-operation of bankers, business men
and
and producers, of
corporation with sufficient resources to make it a really valuable instru¬
ment of international welfare.
The Executive Council of the American
a
Bankers' Association,
when the plan embodied in a report of the Committee
presented to it last spring, approved it and requested the President
was
of
the plan
with similar committees appointed by other responsible national organiza¬
tions.
Such committees were appointed by the directors of the Chamber
of
Commerce of the United States and the Chairman of the National
Association
the
appoint
to
Committee of Three to confer
a
Foreign Trade Council.
These three committees, which for working purposes
into
recommended that steps be taken as soon as prac¬
situation,
ticable to organize such a corporation
about
or
on
formed themselves
joint committee after serious consideration of all possible measures
a
meet the
to
on
million
January
dollars.
The capital
law the debenture
with
a
view to commencing business
capital of at least 100
1921, with an authorized
1
placed at this figure because under the
was
rine
a corporation of this character is lim¬
a billion dollars is considered none too
which it is to be used.
the recommendation of this joint committee the Commerce and Ma¬
Committee of the Association concurred, and so reported to the re¬
borrowing at the banks to meet the shortage of working capital thus brought
cent
Convention
about), and in several other ways which need not be described in detail.
It is estimated that the floating debt of foreign countries to ourselves,
in
Governments ceased,
other
Government to
our
but, contrary to many ex¬
issuing ability of
pectations,
ited to ten times its
that
much for the purpose for
the great demand for our goods continued.
The result was
foreign trade continued to be financed in numerous supposedly short-
ways—by the purchase of foreign exchange bills, by extensions of
from exporters here to their foreign customers (often followed by
term
credit
In
thus
has
created,
almost
reached
now
$4,000,000,000.
The
creation
of
tion
the world.
turned
But
*
in
purpose.
extending short-term credits to finance exports during 1919 and
1920, we as a people did not stop to consider the total effect on our busi¬
and financial structure.
These credits were called "short term," but
Association held in
Washington
Committee, before moving at all in the mat¬
Marine
ter, submitted the plan to the bankers of the country and invited
It has enabled our foreign trade
to go on.
It has brought our total loans to foreigners to $16,000,000,000, and enabled us to pass Great Britain as the leading creditor nation of
great debt has served one
Bankers'
of the American
October.
The Commerce and
'
this
capital; and
and
in the
who
comment.
Union,
were
responded
As
a
significantly favorable.
and
from
practically
considera¬
State
every
More than 87% of the bankers
more
than 65%
of those who re¬
replies stated that they would be disposed to recommend
institutions
result of
received
comments
approved the plan,
favorable
their
that
The
subscribe
to
the approval of
stock of the corporation.
the
the plan by the American Bankers' Asso¬
was empowered to call this nation¬
ness
ciation, the President of the Association
really
wide
long
not.
were
as
could
They could be shifted about within the country, but so
exports exceeded our imports, and so long as people abroad
their obligations with goods, gold or investment loans,
our
meet
not
Thus it is seen that $4,000,000,000 of floating
credit, extended to facilitate our export trade, has been one of the leading
they could not be paid off.
in
factors
that
bringing about the credit stringency in the United States, and
stringency,
violent
recent
No
one
will
mercial banks
in
has
turn,
decline in
maintain
to finance
been
large
one
factor contributing
to
the
a
it
has
even
been
a
proper
function of
com¬
relatively permanent one-sided balance of trade.
Because, however, they have been drawn by circumstances into doing this,
and
because
our
machinery
banking
until recently
supplied
no
adequate
the situation that consequently arose, the commercial banks
have been brought virtually to the end of their ability to supply further
remedy
be severely
We find
of
a
remedy is found,
our
export trade
curtailed.
ourselves to-day in a state of affairs which grew inevitably out
conditions
prevailing
prosperity.
was
in the last two years.
For the year and
a
half
Prices and wages were high and rising higher.
Spending at
and unstinted. Other nations bought our goods as never
by values, we sold more goods abroad during that
generous
before—in fact, measured
year
and a half than we did during any period of Europe's desperate war
moved
by
poration
are
now
changed.
Factories and mills have
Our extraordinary prosperity has stopped.
shortened their hours of work;
Committee
any
as
many even
have
and producers.
men
you
for your consideration, permit me to
thereof,
nor
any
as such, the Commerce
member of that committee, waa
intention of organizing on its, or his own behalf, such a cor¬
proposed.
country of such
a
It
felt
was
that
the obvious
advantages
to
the
corporation should be presented to the country at large,
the instance of the repre¬
sentatives of the entire country through united effort to that end.
I say
this in .order that there may be no possible misconception regarding the
broad purpose of the proposal that has been made, or of the nation-wide
benefit
if brought into being, it should be at
it
contemplates.
The
as
Edge Act, which gives the authority to organize such a corporation
contemplated, is an amendment to the Federal Reserve Act.
It provides
that
corporations
loans to
banks
are
may
extend
the extent of
authorized to
loans abroad and
ten
invest
the stock of such individual
issue
times their capital and
debentures against
surplus.
National
5% of their paid-in capital and surplus in
corporations, and in many cases the State laws
a certain percentage of their capital in
permit the State banks to invest
their stock.
In
the
its
potential effect for good upon
Edge Act
was
the business of the United States,
probably the most important piece of legislation since
It may fitly be compared with that measure.
the Federal Reserve Act itself.
Like the
period.
Conditions
Marine
these
and unless
following the armistice we were lifted on a great wave of what we called
home
and
for
in the export field,
credit
must
presenting this proposal to
that neither the American Bankers' Association
and that,
commodity prices.
that
meeting of bankers, business
In
say
Federal
Reserve
banks,
Edge
control of the Federal Reserve Board.
corporations are placed under the
The Federal Reserve Act unified our
banking system; the Edge Act makes possible the unification of our
foreign
Dec.
trade
great extension of
What the Federal Reserve Act has done in accomplish¬
this
at home, the Edge Act makes possible in financing our mer¬
fect
banking credit;
investment credit.
ing its
purpose
chants
in
the
•
their
the Edge Act makes possible
abroad.
commerce
The
banks
of
a
the
country
subscribed
capital stock of the Federal Reserve banks, and with capital of approxi¬
mately
$100,000,000,, the
000
deposits,
in
likewise
It
extend
is
this
credits
proposed
Federal
to
form
to
best
a
a
ones.
virtue
claim
of its
capital under
Such a corporation would
It would have the efficiency attaching to
It would give the utmost protection to the investor.
It would give to every locality
It would be better able to encourage thrift.
the fullest possible use of the
capital and funds coming out of that locality.
and by
commanding
highest degree of public confidence at home,
the
commence
in
prestige and position would exert a certain and
keep in mind, in all that we say and do at this
we
time, those two essentials of real prosperity,
creditor
nation
The
proposed is based upon these two essentials; upon
of the plan that is
success
With¬
future as a
thrift and production.
thoroughly inculcated into the American people, our
will not be at all as secure as we would have it.
out these
be used to
productiont
in order that we may spare the means of supplying foreign markets without
subjecting ourselves to increased prices for our own needs.
This plan does not suggest inflation.
Of that we have had enough. Nor
does it suggest the absorption of existing credit.
What it does suggest is
the setting aside, through the exercise of sane economy, of a reasonable
percentage of our great annual production of wealth, estimated at 70
billions of dollars.
It suggests the investment of that reasonable percen¬
thrift, in order that a part of the savings of our people may
our foreign trade and thus sustain our prosperity;
and
finance
If
here seriously
we
tion
far
out of our foreign trade.
determine that the plan of organizing a large corpora¬
in securities growing
tage
outlined is worthy of our
as
possible
as
best effort,
we
must likewise determine as
should become an agency for
distributing the debentures of the corporation.
These debentures should be
absorbed by the public—not by means of excessive borrowing, with which
policy we had sad experience during the war and since—but by saving.
To
promote this helpful spirit, and to promote the general business of the
corporation, avenues of education are available, that were never heretofore
available to any large enterprise in this country.
We have the friendly
attitude of the American Bankers' Association, with its membership of
stockholder,
Every
the
Associations
Bankers'
State
their readiness to help us.
which have indicated
interest
Chamber of
the
of
far as practicable,
We have the expressed helpful attitude of a number of
of the country, many of the officers of
22,000 banks.
over
so
We have the sympathetic
Commerce of the United
States with its con¬
have the encouraging attitude of
the National Foreign Trade Council, the American Manufacturers' Export
Association, the American Exporters' and Importers' Association, and we
have the almost universal public opinion that we must extend long-time
credits to those of other nations who can safely and wisely borrow from us
stituent
and
membership
the proceeds
use
We
the Federal Reserve Act
They are very striking, but between the two laws
The co-ordination provided by the Federal
The co-ordination provided by
the Edge Act is purely voluntary.
This, then, presents a challenge to our
initiative.
In the interest of the nations that are calling for our goods,
and in the interest of the prosperity of this country, are we willing, are
there is
this
great difference.
Reserve
Act
was
the enterprise, to co-operate in a truly effective way
Can we accept this great emergency as a
great achievement?
If private enterprise can bring this to
capable, have
we
practically compulsory.
we
in forwarding our
stimulus
to
foreign trade?
enterprise everywhere.
been a great deal of pressure to have the Government
undertake this task, and to resume some of the functions which it exercised
during the war.
Such agitation has overlooked the economic principle
that the financing of foreign trade, in times of peace and for purely com¬
mercial reasons, is not a function of Government.
Practically speaking,
it will have a tonic effect on private
pass,
There has recently
the methods of Government are too
lend
rigid to cope with such a task.
For it to
credit, directly or indirectly, to European importers, would
to bring criticism and dissatisfaction, and to lead to charges of
In many instances there might be pressure for loans in which
money or
be certain
favoritism.
purely commercial considerations would be obscured by political considera¬
tion.
A direct financial interest of the American Government in loans to
corporations might lead to embarrassing
international consequences, and further loans to the European Governments
themselves would probably meet with strong popular disapproval.
If the
Undoubtedly the psychological ef¬
feel it
we
duty to emphasize that it must not be
our
"cure-all" for every present ill.
a
or
ducted
with
the
utmost
care
field
for
its
If it hopes to be permanent,
unwise loans, hence its
and
But
restraint.
operations must be con¬
even
so
there is
a
suf¬
influence stabilizing from the
make its
operation to
start.
.
In
considering the future activities of this corporation, it is not contem¬
plated that
world
we,
as
than
people, shall
a
go on
indefinitely selling to the outside
buy from it, and indefinitely increasing our loans to
the world in the meanwhile.
That cannot happen in any case.
Ultimately,
more
the
as
send
annual
interest
due
to
we
us
grows,
avoiding
other nations,
in paying it, will
But what is contemplated is that
send them.
people, desire to maintain
a
as
we
goods than
more
us
we,
export trade on sound principles,
our
sudden changes that might have disastrous consequences.
any
be well to state here
of the things, in addition to proper
some
in
First, that steps
financing, which I believe to be prerequisite to our maximum efforts
maintaining and further
should be taken
developing
our
foreign trade.
by those in authority to establish this Government on per¬
should
early a
possible; that the balance sheets of the late war be completed with¬
out further delay by definitely fixing indemnities, and arriving at a thor¬
ough understanding as to the financial obligations of each nation to the
others.
Third, that we adopt a sane shipping policy and operate our mer¬
chant marine efficiently and economically in the interest of our foreign
trade.
And finally, that our Government protect American investments
manent terms of peace
with all other Governments.
that all other Governments
urge
date
Second, that
their differences at
compose
we
as
as
abroad.
closing there is one thought that should be touched upon;
Before
tended in the
advancing of
foreign trade.
our
of the proposed corporation shall be
scope
It is our suggestion that the
literally world-wide; that its
profitably expand in whatever direction that sound business
activities Bhall
That
dictate.
of
means,
course,
every
country of the world
safety and benefit sell American goods.
In this connection we have heard objections to dealings with
where
of
Europe,
and
with
can
we
costly
and
chief
a
the people
prolonged
Noth¬
For generations the people of Europe
customers of our manufacturers and mer¬
foreign
for
indications
all present
from
they have been by
as
hopeless derelicts among nations and men.
short-sighted.
more
the
been
chants,
hard-hit
though they,
as
war, were now
ing could be
have
namely,
strength of the people to whom our future credit may be ex¬
of the
that
generations they will be.
problems; reconstruction,
are words that suggest
True, Europe is confronted with serious after-war
inflation,
taxation,
unemployment,
social
unrest
faced.
of the difficulties that are
some
however, there remains in Europe more than suf¬
ficient strength to supply collateral for the credits that might be advanced
for the purpose of financing American exports.
Great Britain is even now
demonstrating in wonderful fashion the soundness of her economic system;
while France, Italy and Belgium, among our recent associates in the war,
For
practical
purposes,
presenting, before the world, noble efforts to "come back."
There are
enterprises abroad well able to offer security for our loans,
care to extend them.
Great Britain has shown the soundness of its
are
businesses and
if
in purchasing American goods.
the Edge Act.
in
700,000.
been made to the similarities in
Reference has
and
of
its operations should
already stated,
as
careful way.
bringing the corporation into existence at an early date would be
principles
its plan and scope of operation.
on
large,
small and
beneficial, yet
It may
important that
necessity be
a
it must not make unsafe
position abroad.
It is
of
considered
large corporation would have every
number of small
a
of
most
concerning the capital of the proposed corporation. While
more
must
ficient
$1,700,000,-
report
Edge corporations can
$100,000,000
corporation with
expert talent.
large organizations.
It would
now
times their capital and surplus.
many
law, because it is felt that such
the
banks
Reserve
$2,700,000,000 in discounts.
and
possible advantage over
attract
One word
The Federal Reserve System made possible a great exten¬
financing.
sion of
2379
CHRONICLE
THE
181920.]
we
system lately by its steady progress in restoring
economic
in
tion.
Its exports so
pared
with
through
to
its exports and
France has made amazing progress in reconstruc¬
far this year have been two-thirds of imports, as com¬
balancing its trade.
a
in 1919;
less than one-third
and this has come about not
fall in foreign purchases, but because the sales of French
have more than doubled.
products
outside world
the
Taking the broadest possible view of the opportunity that is before us,
as American bankers and
business men, our duty seems now to be plain.
It is,
if I may be permitted to put it as I see it, to set up the machinery
enable us to meet the situation that now exists, and shape that
will
that
situation
finance
to
our
We are
advantage.
our
presented with the opportunity to
stable and permanent basis,
trade with the outside world on a
this great corporation which we have in
provide for the most careful
thorough credit investigation and the strongest commercial safeguards
the interest of American capital.
By means of this corporation we could
through the instrumentality of
view.
By means of this corporation we could
and
in
supply the materials to keep
factories and mills running, in the interest of
By means of this corporation our loans would be pro¬
tected, and we would lend in each individual instance only as we felt as¬
sured of the security of each particular loan.
foreign customers.
The action taken
item
at the meeting is dealt with in another
in to-day's issue
of our paper.
European private individuals and
Government undertook
this task
there would undoubtedly be objection on
ground that taxes were being increased" for the entire country, or that
loans were being floated primarily to promote the interests of
the
Government
particular classes.
demands that even if the Government is moved
this work to meet the present emergency, it should abandon
Every question of policy
undertake
to
it
just as soon as private
financial machinery is brought into existence and.
ready to operate.
For just in proportion as we lean weakly upon the
Government shall we cease to be independent and self-reliant.
The more
is
seek to have the Government
we
do for us, the less shall we becom able to
and business men, we should resist
in every emergency.
The more
the Government extends aid to business, the more it must inject a larger
interference in business.
The President-elect has said that what we need
is more business in Government and less Government in business.
It de¬
do for ourselves.
'
the
habit
As American bankers
calling
of
for Government aid
pends upon our actions as bankers and business men,
the action of legislators, to bring this about.
There
are
many
no
less than upon
angles to the problems that we are here to discuss which
briefly in these present remarks, which I
detail before the day is over. In all our
siderations, however, we must not lose sight of this overshadowing
which is seriously affecting American prosperity to-day: much as the
only been touched on
hope
be discussed in greater
con¬
have
may
fact
peo¬
ple in Europe, South America, Asia and Australia desire to trade with us,
the existing premium on the American dollar is such that no one abroad
can
prudently borrow and agree to pay on short time.
Hence, our export
is languishing.
There are many instances where American business
have actually ceased to carry on business with foreign customers be¬
trade
men
cause
of
the
disturbed exchanges; they cannot convert their accumulated
into American dollars without suffering a severe loss.
this corporation were to come into existence it could safely loan
foreign funds
If
dollars, which
in turn could be placed at
el the American
open up
again the flow of our
the disposal of the foreign debtor
business concern with which to pay the latter and thus
goods where they have now ceased to flow.
OF
FORMATION
AMERICAN
PRODUCTS
EXPORT
CORPORATION TO BUY AND SELL
AND IMPORT
COTTON.
-
According to the Atlanta "Constitution" of
American Products Export
capital of $10,000,000, was
Dec. 7 the
and Import Corporation, with a
incorporated
on
Dec. 1 in Col¬
started cotton exportation
to Germany.
The new organization, it is stated, is intended
to supplement the functioning of the Federal International
Banking Corporation.
Regarding the new organization the
umbia, S. C., and immediately
"Constitution" of Dec. 7 said:
$10,000,000
The
finance
corporation,
Texas, available
export
corporation, together with the $6,000,000
cotton belt, extending from Virginia to
gives the
1,250,000 bales of low grade staple within the next six
to Atlanta experts, who estimate that the $16,000,000
about ten times
abroad
months, according
capital will afford
capitalization of $16,000,000, or sufficient to sell
that amount of credit facilities, or
$160,000,000.
International Banking corporation, formed
had its hands tied so far as actually buying,
selling and exporting cotton is concerned, leading financiers of the Southern
States went to work with a will, and formed and incorporated the American
Products & Export & Import Corporation, incorporated under the laws of
South Carolina for $10,000,000, and with nearly $2,000,000 already sub¬
scribed.
Already the export corporation is shipping cotton to the central
Realizing
solely
powers,
The
that the Federal
to finance exports,
with future possibilities virtually unlimited.
and the finance organizations are separate
export
in every way,
but working for the same
organizations
object—the handling of the south's
The export firm is working parallel to the financial
organization, providing an immense, solvent export company, to actually
handle sales abroad, while the finances are to be provided by the sister
staple product, cotton.
corporation.
3380
CHRONICLE
THE
Berry H. Collins. President of the Securities Sales Company of Atlanta,
is In chaise of handling stock distribution in this section for the American
Products Export and Import Corporation.
He explained last night that
while the Federal International provides banking facilities only,
being for¬
Through the medium of the Federal International Banking corporation
European buyers will be enabled to buy American products on better terms
than
heretofore;
that
organization actually buys and sells the cotton, the two organizations form¬
upon
ing
in
a
complete outlet, from the farmer who raises the cotton to the ultimate
cotton
Is not needed, the South itself handling cotton from
anyway,
planting it to collecting for its sales abroad, executing the Intricate trans¬
action from start to finish, Mr. Collins
The
American
Products
Indorsed and has
the
Federal
Export
Reserve Board,
of the Atlanta Federal
ernor
Governor
explained.
and
of South
Carolina
Washington,
G.
P.
has
B.
Wellborn, Gov¬
Richard I. Manning, former
President
of
the
Corporation;
is very weak because of the low rate of foreign exchange.
other Southern financiers and business men.
exchange rates, the natural result will be
The formation of the corporation was the outcome of a meeting in Wash¬
At that time Mr.
Harding could not promise the Southern bankers adequate financial help,
the
Stock
Southern
cotton
industry.
Mr.
Manning
undertook
the
eagerly subscribed by farmers, merchants and business
was
South Carolina.
Originally the capital
amount almost had been raised without
task.
men
of
$2,000,000, but when this
was set at
South
going outside of South Carolina, the
extended this week to North Carolina.
was
The campaign
Georgia is next in line.
is not taken by banks, but rather by farmers and merchants.
Stock
The capital
stock of $10,000,000 is divided into 1,000.000 shares at $10 par value each.
The
corporation
already is
accomplished fact and
an
going
a
concern.
It is
market
seas
for
the
every
South's
increasing quantities, reopening the over¬
other large centres of industry.
The Federal International
the
Banking Corporation does not hold cotton
primary consideration, but desires to
product for
commodities
produced in this section.
cover
all
Cotton, being the foremost
of
as
the
crop
the South, however, will receive the corporation's full support and
of
help,
but will not be allowed to obliterate Interest in other commodities.
What Is feared is
congestion of stocks through the inability of European
a
buyers to continue purchases under the rules of the existing credit system
of short-time payments.
With mills and factories closing
down in every
part of the United States, the condition confronting American merchants
at the
present moment is of a most perplexing nature.
means
for elimination
of the difficulties is essential,
Non-consumption
by
and consequently
markets
foreign
unnatural reduction
an
Some immediate
according to the
pro¬
accumulation
means
of prices,
would produce irreparable stagnation, particularly to
turn,
which,
in
in
Southern in¬
dustry.
The stimulating effect upon every
staple.
the
The small exporter, the private banker or the indi¬
case.
vidual in any allied business is invited to subscribe and become a supporter
of the system which is being successfully used in Chicago, New York and
America,
shipments will be made in
Nathan Adams of
primarily desired by the organizers to avoid the impression that
link between the
shipments of cotton to Germany already have been made, and hereafter
bank of Houston,
organization welcomes merely the support of the large financial interests.
moters.
Initial
longer
large scale.
on a
National
Commercial
Texas
With the granting of its charter Dec. 1 the company formed the connecting
Southern producer and the European consumer.
are no
betterment in
a
Dallas and Henry Hart of the City National bank of San Antonio.
promoters saw their way clear to capitalize for $10,000,000, which was done.
The sale of stock is progressing with whirlwind results.
pending
congestion of products which
Among the organizers of the Federal International Banking corporation
J. P. Caldwell of the Fort Worth National bank, J. A. Pondrom of the
and he himself suggested the formation of a great export corporation, by and
for
it ruin
a
are
Such Is not the
ington of Southern bankers, Oct. 7 with Mr. Harding.
The danger to
producers lies in the fact that if foreign customers
permitted to make their purchases in America,
Hollins
Randolph, General Counsel of the Federal Reserve Bank of Atlanta, and
numerous
of the Interests of American producers depends
the security and strength of their foreign buyers, which, at this time
American
been
Harding, Governor of
D. C.; M.
Reserve Bank;
and
Corporations
The promoters of the corporation contend
the first protection
will probably carry with
Import
the active support of W.
that is, on longer time credits than has been usual for
American producers to grant.
bidden to sell and buy commodities by Its charter, the American products
,buyer In Germany. Thus northern and eastern money, which isn't interested
[Vol. 111.
The improvement of the
foreign exchange condition
to offer the
seems
southern business, upon the whole industrial fabric of the South will soon be
only escape for the American producer, and it is to attain that end that the
felt in
Federal International Banking Corporation is being brought into existence.
big and permanent
a
way,
Mr. Collins said last night.
Connections
have been established with European buyers, credits have been arranged,
and already cotton has been shipped by the new corporation.
Mr. Collins
said:
"The South
business in what it has set about to do—to establish
efforts and on its own initiative, the market facilities that
have been needed so long, which heretofore the South has depended upon
northern and eastern capital to provide.
It means prosperity to Southern
industry, and through it to every man, woman and child in the south.
through its
Mr.
Collins explained
that financial depression in the South has been
directly due to the inability of the Southern farmer to finance the proper
and orderly distribution of his crops especially cotton.
In the past, he
pointed out, the South has depended
consuming
were
foreign capital mainly to finance
upon
But in the recent crisis the South had
exports.
every
no
help.
Other sections
dollar of their surplus in the development and
struction of their industries and
recon¬
Despite these conditions, Mr.
resources.
Collins said that never before has the South been fundamentally sounder or
richer.
He explained that the American Products Export and Import Corporation
conceived solely by the financial and patriotic brains of the South to
be financed and controlled by
Southern business
and farmers.
men
corporation, he explained in detail, will purchase and sell
and also handle on a commission basis.
to be
Germany.
Mills and labor there
they cannot buy cotton, due until
its
idle, it
was
pointed out, because
to prohibitive exchange rates and
With $16,000,000 capital,
command ten
can
Mr. Collins pointed out that the South
times that much credit
completely the industrial cotton crisis.
Mr.
or
a
a
conservative
estimate of 12% net earnings on capitalization, and the stock is distributed
on
a
Maddox, President of the Atlanta National
Bank, of Atlanta, Ga., who issued the call for the prelim¬
inary meeting
rock-bound profit-sharing plan.
Nov. 6, had the following to
on
inary meeting
on
the Atlanta
to
at
Nov. 6, had the following
according
say
to say
(according
"Constitution")—regarding that meeting—
luncheon tendered
a
bankers in Atlanta
to
the Federal Reserve Bank of Atlanta
on
by officials of
Nov. 9:
The committee appointed at the recent meeting of the Southern delegates
to the American Bankers' Association convention at
coasider the
organization of
a
foreign banking
Act met in New Orleans last Saturday.
Washington to further
under the Edge
company
The committee invited representa
tlve bankers from the cotton growing states to further discuss the plan
come to some
This
definite conclusion
meeting
was
one
as to
and
the
banks
felt
relieve the present
It
found
was
sell.
States
responsibility in taking
some
ever
attended.
a common
cause,
definite action to
depressed condition in the cotton market.
that
with
an
estimated
crop
of 12,000,000 bales and a
of 3,000,000, we would have, approximately 15,000,000
carry-over
to
their
It
bales
thought that the consumption of cotton in the United
was
would
and
what should be done.
of the most enthusiastic I have
They all realized that in cotton the Southern bankers had
not
be
bales to exported.
as
$160,000,000, solving
Collins made
F.
Robert
own account
The greatest market is expected
are
now
on
The
credit facilities.
poor
whole
producers will be enabled to throw off their production.
means
own
None of the so-called "blue-sky" laws of any state can be invoked.
"Even if the War Finance Corporation should be revived it would be
powerless to help without the functioning of such a corporation as the Ameri¬
can Products Export and
Import firm.
We are in this matter with our
eyes open to the tremendous possibilities at last within our grasp."
was
Longer time credits, It is believed, will enable European buyers to purchase
more of our goods and result in stimulating all markets.
By such means
American
over
As
our
6,000,000,
leaving, therefore,
about 9,000,000
exports last year were only 6,500,000 bales, it
deemed necessary to increase these exports in order not to have a large
was
carry-over into next
year's crop.
It
was
also found that there
was a very
large number of bales in the carry-over, estimated at 1,500,000 of low grade
cotton for which there
After
a
was
but little demand in this country.
full discussion of the entire demoralized condition of
very
our
Southern products which include cotton, rice, tobacco, cotton seed
products,
ORGANIZATION
OF
FEDERAL
INTERNATIONAL
BANKING COMPANY TO FINANCE COTTON EXPORTS
An
over
subscription
$6,000,000
stock
the
of
announced
was
Federal
Dec.
on
International
Company, plans for the organization of which
under way at a
Orleans
on
10 to the
Banking
were
brought
meeting of Southern bankers held
6.
The
books
of
the
company,which is
intended to lend financial aid in the exportation of cotton'and
other Southern products, were closed on Dec. 10, the State
being
reported
as
follows
in
the
Atlanta
Georgia
$1,500,000
Louisiana
800,000
$6,350,000
issued last week,
by R. S. Hecht, of New Or¬
leans, Chairman of the Campaign Committee, for
of the Committee
Orleans
bringing
the
on
a
meeting
Permanent organization to be held in
yesterday
(Dec.
organization
"Post" of the 11th inst. in
into
an
17)
to
complete
operation.
article
The
regarding the
plans for
Houston
company
financial institution that will be brought into being for the
express
of extending longer credits to foreign purchasers of the commodities
produced In this section of the United States who
treme low rate of
now
suffer from the
ex¬
exchange.
Headquarters of the Federal International Banking corporation will be
Orleans, though branches and agencies will probably be established
in the larger cities of the eleventh Federal Reserve district.
when
the
South
were not
of the great
prior to
exports, a large part of
actively in the market at this time, largely
depression in their currencies and the difficulty they
found in financing their
to
purchases on the customary cash 60 or 90 day basis.
Many sections of central Europe are anxious to buy our cotton, but wish
buy under present conditions on a 9 or 12-months' credit.
There seems
to be no
was
to
existing machinery in this country to extend these credits, but it
believed that
purpose
bank under the Edge Act, which was passed for
a
of facilitating just this kind of business,
was
the
the practicable thing
organize.
subscriptions to the capital stock of the proposed company—to
serve
as
name'a list
directors and take immediate steps to pro¬
the charter from the Federal Reserve Board, which, under the law,
have the direct supervision of the operations of the company.
will
'4
This committee made its report Saturday night, and it was unanimously
adopted.
It
The report provided for a campaign to
was
Orleans, owing to the fact that it was the largest city in
the South—the
largest port in the South,
geographically in relation
It
was
be immediately organized
subscriptions to close Dec. 10.
unanimously decided to have the headquarters of the banking
company at New
to
and the most centrally located
the cotton-producing
States.
decided that the bank should begin business when there shall have
been subscribed to the
capital stock the amount
of $6,000,000, represented
by 60,000 shares of $100 per value each.
It
total
It
said in part:
at New
on account
grade,
in all of the Southern
States, and the
Total
was
arrived
war consumed one-third of our cotton
low
were
cure
500,000
Tennessee
purpose
European
which
of bankers who would
550,000
Mississippi
A call
time had
The difficulty seemed to be that Germany and Austria, which
the
1,500,000
Alabama
a
the
should cooperate in a movement looking to the creating a demand for these
1,500,000
Texas....
It is
decided that
A committee was appointed to carefully draw resolutions expressing the
opinion of the bankers present, and to fix a definite time for closing the
"Constitution" of December 11:
New
was
articles.
at New
Nov.
subscriptions,
lumber, etc., it
was
also decided that subscriptions
$6,000,000
was
was
4
should not be binding unless the
subscribed.
found that the capital and surplus and
undivided profits of the
banks in the
cotton-growing States south of Virginia
000, and it
was
decided to request the banks to
and surplus to the
proposed bank.
It was, of course, impossible to estimate
how much would be subscribed
by the banks
lieved that
a
amounted to $472,000,-
subscribe 3% of their capital
in the South, but it
was
be¬
subscription between $10,000,000 and $15,000,000 would be
received.
Under the amendment to the Federal Reserve Act,
permitted to subscribe
/
as
much
as
5%
National banks
are
of their capital and surplus to an
DEC. 18
1920.]
THE
organization of this character,
State banks
and
a
total of 10%
CHRONICLE
to such corporations.
also allowed to subscribe to the stock in such enterprises.
are
The movement for the formation of the
company had its
inception at the annual convention of the American Bankers'
Association,
noted in these columns Oct. 23, page
as was
1615, and Nov. 6,
revive the activities of the War Finance
Corporation, and that said corpora¬
tion be at once rehabilitated with the view
of assisting in the financing of
the exportation of
agricultural and other products to foreign markets.
Section 2. That it is the opinion of
Congress that the Federal Reserve
Board should take such action as
may be necessary to permit the member
banks of the Federal Reserve
system to grant liberal extensions! of credit to
the farmers of the
country upon the security of the
agricultural products
1807.
page
2381
now
held by them by
permitting the rediscounting of such notes of extension
at
reasonable rate of interest.
a
EFFORTS OF A TLANTA COMMERCIAL EXCHANGE TO
BANKERS1
SECURE PROPER STORING OF COTTON.
A letter to the banks in
canvass
Georgia asking that they make
of their customers and
urge
Commercial Exchange of Atlanta, Ga., with the hope that
it will result in farmers who have been
neglecting to store
placing it under shelter
or
in
a
warehouse and
avoid the heavy loss from weather damage incident to its
being left out in the open for any extended length of time.
The following is the letter which has been addressed to the
banks by the Secretary of the Exchange, J. Hope Tigner.
Atlanta,
Ga.,
Interest of the State in regard to weather damaged cot¬
ton.
All the cotton merchants of Atlanta have notified their road
receive any weather damaged cotton,
weather
damage until
the
as
men not to
it is impossible to estimate the
bale reaches its
final
destination
the
at
mill
where the total damage claimed by the mill is rebilled back to the cotton
merchant making the shipment, who must suffer the loss.
Weather damage can easily be avoided by the farmer placing his cotton
under
dry shelter up off the wet ground, or
a
more
safely protecting It from
weather, fire and robbery by placing every bale in
There
warehouse.
the ground, absolutely unprotected, while the careless owner
on
promises every day to
move
say relative to the views of bankers
posal to revive the War Finance Corporation:
cotton
showing
as
are
declining to handle
any
weather damage.
favorable attention from Congress, are not
regarded with any degree of
satisfaction by bankers here.
Supporters of the scheme are
occasionally
to be uncovered in the financial
district, but inquiry has established that,
by and large, the better-informed banking opinion is opposed to it.
The basis of the opposition is that at a time when the
process of liquidation
taken
canvass of their customers
normal
a
an
footing is following perfectly natural lines, the
organization designed to present an artificial obstacle to
this inevitable movement
have only harmful effects.
can
.
The injection into the present situation of the War Finance
likened to the
of
use
pulmotor in
a
changed but merely deferred.
Corporation
is
where the ultimate result is not
a case
In other words, it is felt that such aid
as
the
War Finance Corporation could render
would'only be temporary and that the
attempt to check adjustment to
a permanent basis in the particular quarters
where this aid might be applied would react
adversely upon the progress of
the deflation movement, viewed in its
entirety.
scheme's advocates, bankers see
tide over
a
no
Even upon the part of the
conviction that the plan can do more than
temporarily difficult situation.
Admitting this possibility, they
raise the question whether relief of this character, which
assuages but does
remedy, is worth while, especially as it would Involve the reappearance
of Government interference in a
surely private financial situation.
t"*
Criticize Farmers.
Bankers here
inclined to be critical of the farmers of the country for
are
demanding the restoration of this Government
They hold that the
agency.
experience of the farmer is similar to that which all classes of producers and
The officials of the banks of the State are requested to make a personal
their cotton,
the pro¬
Prospects for the revival of the War Finance Corporation agitation for
it under shelter, until weeks and months pass,
the cotton merchants
on
which has been persistent,
particularly upon the part of the farming com¬
munity, for some time past, and which now seems likely to command
then the damage has been done and he will very probably find no market
for his cotton at all,
WAR
not
thousands of bales of cotton lying out in the winter weather
are
to-day, flat
a
REVIVE
In its issue of Dec. 8 the "Journal of Commerce" had the
resuscitation of
We wish to call your attention to the very serious situation confronting
you and the cotton
TO
following to
and of return to
1920.
15
Dec.
To the Bank Addressed—
PROPOSAL
FINANCE CORPORATION.
them to properly house
and protect their cotton has been sent out
by the Atlanta
their cotton
VIEWS ON
a
immediately and
urge
thereby saving them further loss
The cotton merchants and the supply
them to house and protect
that
the farmer
should
"take his
medicine."
Now that
class has made this demand, however, the feeling is that
their crop.
on
distributors in this country are going through in greater or less degree and
merchants will appreciate your
personal interest in the matter.
the
agricultural
its political
power
will influence Congress to act accordingly, with only the veto of the Presi¬
dent standing in the way of the Corporation's revival.
If the War Finance Corporation becomes a functioning organization
RESOLUTION FOR REVIVAL OF WAR
again
it is expected that it will be flooded with demands for assistance from all
FINANCE
sides, without respect to the justification of the requests.
CORPORATION PASSED BY SENATE.
left to themselves, would work out to
The Gronna resolution, directing the revival of the War
Finance Corporation, was passed by the Senate on Dec. 13.
The resolution, which was introduced with the opening of
a
Situations which,'*
satisfactory adjustment, will, it is be¬
lieved, be brought to the War Finance Corporation for solution.
themselves, it
was
The banks
asserted yesterday, might find it to their advantage to
endeavor to transfer to the Corporation part of the frozen credits which are
now
hampering them,
though recognizing the fallacy of the entire
even
procedure.
.
Congress last week by Senator Gronna, Chairman of the
Senate Committee
tion 1 'be at
on
Agriculture, directs that the Corpora¬
rehabilitated with
once
a
view to
EDMUND PL ATT OF FEDERAL RESERVE BOARD AP¬
assisting in the
PROVES
financing of the exportation of agricultural and other prod¬
ucts to foreign markets," and it expresses it as the opinion
of
Congress "that the Federal Reserve Bank should take
such
action
banks
.
as
.
may
to
.
the farmers."
The
be
to permit
necessary
grant
liberal
the member
extensions
of
credit
to
preamble recites that "there exists in the
agricultural sections
of the country unprecedented and
paralleled distress
account of the inability of the farmers
to
dispose of the
on
corn,
other commodities
un¬
wheat, cotton, wool, live stock and
in marketable condition at .prices
now
that will pay the cost of distribution."
The resolution
it
was
was
amended in several particulars before
finally approved
by the
originally worded, it contained
a
Senate
on
Dec.
13.
As
mandatory provision direct¬
USE OF RESERVE
BANK
EARNINGS
TO-
AID LIVE STOCK INDUSTRY.
Announcement
was
made
Dec. 11 of the
on
approval by-
Edmund Piatt, Vice-Governor of the Federal Reserve
of
a
bill introduced
of North
Board,
by Representative Young (Republican)
Dakota, authorizing the
use
of $100,000,000
earn¬
ings of the Federal Reserve Banks to rediscount notes based
live stock
on
quoted
was
The New York "Commercial" of
security.
Dee. 13 printed a
Washington dispatch in which Mr. Piatt
saying:
as
T?his bill provides for relief to the cattle raisers and the live stock indus¬
try in general and is, In my judgment, a practical, workable measure.
It
permits the Secretary of the Treasury to deposit in the Federal Land Banks
in each of the years
1921 and 1922 $50,000,000 of the profits of the Federal
Reserve system to be used to rediscount the notes
held in banks based
on
livestock security, and these notes may be for terms as long as two years.
It is obvious that the Federal
Reserve banks cannot rediscount notes of
ing the Federal Reserve Board to permit the granting of
such long terms, as
liberal extensions by member banks of credit to farmers "at
by the member banks being the money of depositors and subject mostly
the lowest
to
possible rate of interest."
Norris, the mandatory provision
of
was
On motion of Senator
stricken out and instead
requiring the lowest rates of interest, "a fair and
able" rate
reason¬
was
proposed and this
was
accepted by the Senate.
The following
is the resolution
as
finally adopted by the
their
resources
must be kept liquid, the money loaned
payment on demand.
The bill appears to me to be
ing
sound from
and from the
standpoint
a
standpoint
public standpoint, from a bank¬
of
the
Joint resolution directing the War Finance Corporation to take certain
action for the relief of the present depression in the agricultural sections
which many of them are overloaded, will aid the farmers
in other ways, for
it will set free credit which will strengthen their reserves and
Furthermore, the
the purpose.
made
of the country and for other purposes.
It also safe¬
agricultural districts by this method of taking care of the cattle paper, with
to extend further accommodation on the security
Senate:
farmers.
Incidentally, the relief afforded to many banks in
guards the Treasury.
sum
The bill
of
money
appears to
enable them
of other farm produce.
made available is enough to accomplish
me to
be in accord with the suggestion
by Governor Harding of the Federal Reserve Board in a recent hearing.
Whereas, There exists in the agricultural sections of the country unprece¬
dented and unparalleled distress on account of the inability of the farmers
to
dispose of the corn, wheat, cotton, wool, live stock and other commodities
now
in marketable condition at
prices that will
pay
the cost of production;
and *
/■-
Whereas,
to
The
people
of Europe
are
in
dire
need of
the agricultural
Whereas, Under an Act of Congress there was established the War Finance
in May,
were
1920, by an order of the Secretary of the Treasury;
suspended
and,
Whereas, The banks of the country are unable to extend credit to the
n a
products may be held until they
fair and reasonable market;
can
be sold
therefore be it
Resolved, By the Senate and House of Representatives of the United
States of America in Congress
assembled, that the Secretary of the Treasury
and^the members of the War.Finance Corporation are hereby directed to
Board
in
AND
GOVERNOR
surplus, when, it is contended, "the Fed¬
eral Reserve banks should be sending out
purposes
all
adopted at
a
the
surplus
meeting
on
money
they
by several hundred cotton farmers.
resolution
and
"for
his
criticism
higher prices."
for crop-handling
can
spare,"
were
Dec. 6, at Fayetteville, N. O., held
the Federal Reserve Board was
cotton for
HARDING.
calling upon the banks of the country to
send in their cash
Corporation, for the purpose of financing the exportation of American prod¬
ucts to foreign markets;
and,
farmer in order that the farm
serve
BOARD
condemning the method of the Federal Re¬
are unable
now
Whereas, The activities of the War Finance Corporation
RESERVE
Resolutions
•;
in possession of the farmers of this country, but
purchase on account of existing financial conditions; and,
products
COTTON FARMERS CONDEMN COURSE OF FEDERAL
Governor Harding of
especially condemned in the
of farmers for
holding their
According to the Raleigh "News
Observer," the meeting was the culmination of an in-
..
the Cumberland
tensive membership campaign carried on by
same
Permanent officers were
liquidation or reduction of loans now held by banks.
To urge complete liquidation immediately is as unwise as it is impossible,
elected, these being A. L. McCaskill, President;
A, B. Breece, Secretary; Mrs. Myrtle
and Treasurer.
heard the plan of C. W. Sandrock, which Mr. Sandrock
Downing, Assistant Secretary
The association
recently offered to lay before the producers, and a
producer 4%.
of the after-war
of business
sheets of Jan. 1 will
This
the banks throughout the country to send in their cash surplus.
The Federal Reserve banks should be
sending out for .crop-handling purposes all the surplus money that they can
spare and then issue as much more new, or emergency, currency as this
occasion
requires.
reasonable at this time, when the
being unjust and un¬
as
We especially
nothing whatever to do with such cases.
he has
4. We also condemn his statement
public.
this.
to operate
else, making it scarce, and high, nad other things
times like
We condemn them for this and hereby call upon the
force upon them the obligations and duties which
correspondingly low.
President and Congress to
them and put on the Board men
make the people bow down to the dollar, but who will
of the high position, by putting the man above the
they were chosen to do, or else discharge
who will not try to
duties
exercise the
dollar, and usO the dollar for the service of mankind.
continuance will
the basic law of supply and demand will again begin
normally and values reach their natural and proper level.
Chicago "Tribune" of the 11th inst. in publishing the
The
letter in part
said:
is clearly directed particularly at Iowa, where the refusal of
sell their crops and pay off loans at their banks has been marked.
The appeal
farmers to
This has resulted in the Iowa banks
farmer must bear his share
feeling the effects of
And the Federal Reserve Board is putting the
above everything
ar
t
of man-
their control of the world's products, and their enslavement
that it was in
of declining prices and that other industries are
readjustment Just as keenly.
Reserve bank is important in
of the Chicago Federal
statement
The
borrowing more heavily from the Reserve
The Reserve Bank concisely states that the
authoritative utterance concerning the necessity of liquidating
loans of the country
It
banks.
can
hardly impart any new view, however,
people who are aware, as most people must be by this time,
to the
1
placed.
■
'
with pet banks fostered by the
In the Northwest the Dakota experiment
the mid-summer madness over 40 cent cotton
happened when
despite a 12,000,000 bale crop, prepared the stage for what
DEFLATION—PROPOSES
a
abnormal condition of trade and industry can revert to normal.
Government finance board to extend
credit to American fanners
*
BOARD
The resultant situation is not pleasant,
learned before an utterly
decline in prices followed.
but it embodies one of those lessons which must be
FARMERS
TO AID
The creation of
FINANCE
the great
of the
institutions have been
condition to which the loan accounts of many such
farmers' league, and in the south
URGES MORE GRADUAL
VIRGINIA
DAVIS OF
GOV.
Relief
will take his customer into his confidence and ask
institution than they should.
organized to take from the money
Reserve System was
The Federal
about living prices,
his fat job, drawing a big salary, feeling pompous,
assuming the attitude that he is guradian for the
er
Seventh Federal Reserve District, members and non-mem¬
under an enormous burden of credit at this time.
beginning of liquidation and a gradual and orderly
A
He should rather be advo¬
cating the cause of the farmers in their efforts to bring
r**her than sitting back on
1 at
are
him to help.
*
for using the term, "Consumers,"
ignorant and little.
which shows him up as both
sc
Banks in the
bers alike,
hasten the time when
condemn Chairman Harding of the Federal Reserve
Board for his criticism of farmers for holding their cotton for higher prices,
as
the line to bring order out of uncertainty he will do
his full share.
whole country is in need of as much
extension of credits as possible.
3.
interdependence of his industry and all others and the need
of team work all along
will come, if the banker
of credits
We also condemn the curtailment
2.
be shown the
undoubtedly be convincing proof of this fact.
American farmer is a good citizen and that when he can
We believe the
method of the Federal Reserve Board in calling
putting the cart before the horse.
is
all fair observers that the readjustment process is in
practically all lines of commerce and industry and the balance
evidence in
Besolved,
1. That we condemn the
upon
readjustment now in progress.
time be evident to
>
regarding the Federal Reserve Board are as follows:
The resolutions
expressed that the farmer alone is feeling the force
Conditions in other lines
indicate that this opinion is not well founded.
It must by this
opinion was frequently
with; 10% bonds to be
1
is dependent the future welfare of the banker, the
depositor, the merchant, and the farmer alike.
At the farmer-banker conferences held in Iowa during November, the
the European buyer to pay 6% and the
issued for financing the movement,
beginning of the process at once is imperative, and upon its gradual
a
and orderly continuance
committee was appointed
Five thousand bales would be necessary to start
cotton
but
This plan is for the financing of cotton for export.
it further.
to consider
liquidation'
of the original borrower.
The payment of deposits
granting of seasonal demands yet to come are dependent upon the
and the
Vice-President;
Martin,
A.
John
favored should assume that, once granted, these extraordinary
solely upon the pleasure
in giving the resolutions, also says:
paper,
so
accommodations may be carried indefinitely, dependent for their
The
including 700 new members.
the Association's pledge,
locality
or
practically all those present signed
Cotton Association, and
[Vol. 111.
CHRONICLE
THE
3383
was
SENATOR GLASS IN ANSWER TO CHARGES OF CUR¬
advocated by Westmoreland
FEDERAL RESERVE
CREDIT BY
OF
TAILMENT
Davis, Governor of Virginia, in an address to the student
BANKS.
body of Washington and Lee University at Lexington on
9.
Gov. Davis criticized the tendency toward the
ution
centralization of Government affairs, and also
a
Senator Glass
(formerly Secretary of the Treasury) denied
The following account of
is taken from the Richmond "Dispatch."
the reports of
curtailment of credit by the Federal Reserve
Dec.
gradual
more
process
what he had to say
Governor
The
from the
criticized the strong tendency to centralization
then
affairs in the central
argued for
of deflation.
government, deploring the tendency to
spirit of the founders of our Constitution."
During the discussion in the Senate
If this centralization
persists, he said, America was in danger of becoming a nation akin to the
empire she has just destroyed.
saying that the future of the government's republican existence
depends
on
the system of checks and balances to be exercised by the State
against the Federal government.
Turning
to
financial
the
Davis likened the
balloon
problems
confronting the
nation
Governor
problem of deflation to an overblown toy balloon.
The
be destroyed just as quickly by crushing and thus deflating it
can
Immediately
as
by continuing to blow it up until it bursts through inflation.
should be pulled out and the air allowed to escape gradually.
The immediate withdrawl of credit is breaking the financial balloon just as
The stopper
truly
this balloon would have been destroyed by a panic.
as
Withdrawal
was
Governor
created for
to preent
next
a
discussed the Federal
Reserve
act,
two-fold purpose, to liquify the national currency and
panic, and pointed out that the present high
discount rates im¬
posed by the Federal Reserve Board work an undue hardship upon the
banks who are unable to adjust their rates accordingly, being
member
held in check by the
of
a
State usury limitations.
This talk about the drastic curtailment of credit and the contraction of
the students.
After
He advocated the creation
pointing out the problems and responsibilities that
graduate the speaker urged the
independent in thought and to be keen in politics.
worship
Buddha, political
a
otherwise.
or
Federal
Reserve
the Senator from North Carolina
credits
Bank,
bank of the fifth
the
[Mr. SimmonsJ, is
rediscount its paper with other Federal
to
so
Nov. 20
000,000.
os
So
BANK
URGES
FEDERAL
LIQUIDATION
there
is
contraction
no
There
there.
is
an
OF
Louisville.
There has been
Louis district.
St.
no
responding to the requirements
contraction of credits
or
letter
A
to
members
they amounted to $134,000,000,
the
Chicago, which has attracted
sent out
Federal
Take the Atlanta bank, situated in the cotton belt,
and let
bank had loaned in November of last year
more
or
$108,000,000; in November of
of credit.
Take the Federal Reserve Bank of Dallas, in the cotton
it
was
rediscounting $44,000,000.
rediscounting $104,000,000,
belt.
more
than 100% expansion and not one
responsibility in the readjustment
and the country banks
And
last
and that they
at
the moment
under
conditions are largely the same
Reserve
bank
for
member
a
greater strain
in all sections.
banks
must
be
The Bank at Kansas City on November 20 of
amounting to $98,000,000 and on the 20th of
other
At San Francisco the rediscounts last year on
or
$154,000,000.
of currency
Nov. 20 were $93,000,000,
There has been no drastic
there.
just
a
moment further, I will
while
point to the fact that the deposits of the New York
basic
duced in this period of control, not of contraction,
States,
promptly.
$146,000,000, an
$48,000,000.
and this year, on Nov. 20 were
Rediscounts carried by the
repaid
down the list.
had rediscounts
If the Senator from Connecticut will yield me
than
$112,000,000 this
100% an increase of $58,000,000.
over
curtailment of credits
Governor McDougal's letter says:
is
so on,
year
increase of
in the agriculture sections assist in
The seventh Federal Reserve District is largely agricultural and,
Iowa
increase of
November of this year it had rediscounts amounting to
easing credit conditions by beginning the liquidation of their
loans.
,
Minneapolis/in the grain-growing and flour section of the country,
year, an
bank, James B.
process
Its rediscounts last year were $234,000,000,
the rediscounts advanced from $54,000,000 last year to
was
•
in the great cattle and grain
the 20th of November of this year were $455,000,000,
increase of $221,000,000.
At
of
McDougal, urging that the farmers shoulder their part of
the
/
growing region of the country.
on
Last year
On the 20th of November this year, it
Take the Federal Reserve Bank at Chicgao,
BY
less attention,
last week by the Governor of the
If there
The Atlanta
this year $180,000,000, an increase of $72,000,000, or 80% in the expansion
Don't
Bank
us see
has been any drastic curtailment of credits or currency there.
an
Reserve
this
of credits over last year of
an excess
$70,000,000.
COUNTRY BANKS.
of
branch of
of currency in the
On the 20th of November of last year its rediscounts
amounted to something like $64,000,000; on the 20th of November of
year
RESERVE
LOANS
$99,000,000
expansion of
of that other great tobacco-growing section of Kentucky, with a
and its rediscounts
FARMERS AND
Whereas the
last year, this year it has rediscounts amounting to $122,-
credit to the extent of $23,000,000.
Think for yourselves."
CHICAGO
OF
avail
Federal Reserve bank
Reserve banks.
Richmond bank had outstanding rediscounts to the extent of
on
of
far extended to its
dollar of contraction.
MCDOUGAL
district,
that it, as other banks in the agricultural regions, had to
as
itself of that provision in the law which permits one
was
GOV.
what are the
the demands of commerce and of agriculture and industry in the section
"Political life is what
it is made, and the community is at fault if dirty politics exists.
us see
situated in the tobacco-growing section of the country and responding to
be strongly
young men to
Richmond
The
Let
opposed to the theories.
facts as
governmental finance board to extend credit to American farmers.
Governor Davis's concluding words were in the nature of sound advice to
faced the college
to his statements in the matter
as
Take the St. Louis Federal Reserve bank,
saying that it
Dec. 13 of the resol¬
"Congressional Record":
credits and currency has no foundation in fact.
of credits should be gradual that the balloon might be preserved.
The
taken from the
are
vigorous language, the speaker advocated rights for the individual
In
States,
The following
Banks.
of
"drift away
on
proposing the revival of the War Finance Corporation
The
represents,
law
as
banks have been re¬
$1,400,000,000, which
the Federal Reserve Board conjectures,
the withdrawal of
deposits from interior banks and the extension of not only that amount of
obligates the Federal Reserve Bank to be prepared to grant rediscounts
equitably to each and every member bank.
The
Reserve
Bank
may
grant
and
has willingly
I credit to the agricultural interests of the country, but a supplemental amount
aggregating
granted
more
than
ordinary lines to some institutions in certain localities, but no institution
Any
over
$3,000,000,000.
sane man here or
anywhere e Ise is obliged to sympathize with
agricultural interests in th
/
e
existing situation and to do anything
the
thatlhe
Dec.
181920.]
THE
CHRONICLE
V
2383
may to relieve that situation: but I concur
altogether with the Senator from
Connecticut [Mr. McLean 1, the Chairman of the Banking and Currency
Committee of the Senate, when he says that
matter
If
we
and
not,
to use
want to do
vulgarism,
a
"pass the buck" to another body.
something for the fanning interests, let
not engage in this sort of
pantomime.
CLOSING OF TWO COLORADO BANKS.
The
should be frank about this
we
It reminds
formance of Col. Mulberry Sellers I witnessed at
me
amusing per¬
an
theater when I
a
at
do it and let us
us
of
closing of two Colorado banks—the Kirk State Bank*
Kirk, and the Farmers' Bank at Tim Nath, was announced
Dec. 14.
on
Press dispatches from
Each bank had allowed its
was a
reserves
Denver state:
to fall below
legal requirements and
carrying farm paper on which it was not possible to realize.
It
probable that both institutions will be re-opened when collections permit
boy, where the player of the title role lighted his tallow dip and stuck it in
had been
the stove in order that his visitors
is
imagine that they
were
warm
psychology, and that is all
in
might
the glow of the flame and
see
That is called
atmosphere of zero.
an
we are
proposing here when
cism of the Federal Reserve Board and
pretend
we
thereby that we are doing
something to aid the agricultural interests of the country.
nothing of the kind.
Now if I may merely in a moment, say it while I
will
save
psychological effect.
It
It may do some good.
It
1
feet—and it
am on my
It
was
Treasury I protested against
a
wholesome
interests, not alone the agricultural
some money
for that
sharks, of which there are
reason
many
that, while Secretary of the
the discontinuance of its activities when the
Chairman, Mr. Meyer, wanted to take his hat from the
peg
but the effect will be merely psychological: that is all,
Not
farmer will be enabled to borrow
BANK
having been closed
as
IN
CLOSED
Dec.
on
OKLAHOMA
Morris, Okla.,
reported
was
One of its officials is
14.
said to have stated that
a shortage of $40,000 in the funds
bank, has been revealed,
The bank has a capital
$50,000 and its deposits are reported as in the neighborhood
$200,000.
of the
of
of
and go home;
an
American
CLOSING OF TWO ILLINOIS BANKING INSTITUTIONS
dolar which he may not now borrow.
a
The other section of the joint resolution is not based upon an
The
intelligent
comprehension of the real facts, and the Senate will do itself discredit to
critiicsm of the Federal Reserve Board when it has only theory and
a
*
requirements.
The First National Bank of
;
have, momentarily,
may
may save some
interests, from the rapacity of
reserve
ANOTHER
We are doing
another appearance—I have no very grave objection to the revival
of the War Finance Corporation.
imply
them to restore
imply this cr ti-
opinion to present in opposition to actual facts and the truth.
closing of two Illinois banking institutions have been
reported during the week.
that the Colfax
Bank,
On December 10 it
was
been closed pending a settlement with its depositors.
WALL
STREET
BROKERS'
LOANS
NOW
REPORTED
day (Dec. 17) Chicago
stated
private institution at Colfax, had
a
press
Yester¬
dspatches announced the closing
'
AT ONLY
of the
$700,000,000.
The following is taken from the "Wall Street
Dec.
Journal" of
People's Bank of Rosemond, at Rosemond, 111. with
capital of $15,000.
a
Wall Street brokers' loans have been marked down to the $700,000,000
mark, according to bankers.
The latter part
the
be
paid in full, but not until outstanding loans
bank
v'
borrowings stood at $1,750,000,000, has been
over
MONTEZUMA
Press
$1,000,000,000.
In connection with this loan item, bankers estimate that interior lending
banks have withdrawn approximately $600,000,000 from the New York loan
market within the past
ever
requirements.
calendar year.
There has been
Notwithstanding
a
steady extraction
since early summer by banks preparing for agricul¬
There
have
been
withdrawals
further
preparation for Dec. 15 tax payments.
these
recently
in
taken
Wall
demand for accommodations.
now
Street's
borrowings
fell
off
A large »part of the $700,000,000
outstanding is said to represent interior money.
in
many
Money brokers
borrowings
say
are at
the lowest point
years.
Some idea of the magnitude of the shrinkage in this class of obligations
rowings at different periods since the high point of July 1919:
Dec.
14 1920
.$700,000,000
BANK CLOSED
on
Dec. 12 stated
This action
by the State Banking Department.
over
followed the death of the President of the company former
representative E. B. Lewis, who is said to have killed him¬
self
Feb. 11 1920-
a
week ago.
A dispatch in the New York "Herald" of
Dec. 13 said:
The directors in their announcement said that
liquidation through the
State Banking Department was
and
a
decided upon in the interest of the creditors.
showed deposits of $880,000, a capital of $100,000
The directors explained that the
surplus of $140,000.
failure of the
bank
was un¬
obligations because of heavy loans on farm lands, combined
able to meet its
with the slump in the cotton market, a poor cotton crop
be obtained from the following table, showing the approximate bor¬
may
realized
Banking Company of that place had been
The bank's last statement
The loans of nearly all the prominent brokerage houses in the Street are
at the "bottom."
(GA.)
dispatches from Montezuma, Ga.
that the Lewis
volume at the disposal of brokers, money rates have eased as a result of the
in brokers' loans
are
„
extractions,
sharply when security prices began to decline, and in spite of the limited
meagre
that it is solvent and that depositors will
upon.
The contraction in brokers' loans since the high peak in July 1919, when
of interior funds
say
of November aggregate borrowings were about $750,-'
000,000.
tural
According to these dispatches officials
of
14:
in this section and
peach crop.
The First National Bank of Montezuma, of
which Lewis also
was
Presi¬
dent, is in good condition and will reopen to-morrow as usual, according
$1,000,000,000
Nov.
30 1920
750,000,000
Dec.
5 1919
1,350,000,000
Aug.
10 1920.
850,000,000
Oct.
16 1919
1,500,000.000
July
21 1920
900,000,000
July 31 1919
1,750,000,000
April 26 1920
900,000,000
by Chief Examiner J. F. Pole of the Sixth Federal Reserve
to a statement
district.
-
BOARD
RESERVE
FEDERAL
LIABILITIES
The
OF
N.
BRENNER
d
CO.
had the following to say
a
;
who made an assignment dated Nov. 10, the statement
made that the liabilities would reach between $24,000,000 and $25,-
000,000, while the assets will be about $167,000.
The liabilities include
$5,000,000 in metal futures and $19,000,000 in foreign exchange, which
bought
were
assignment.
out
the
at
as
It
a
speculation, but the collapse of the market caused the
was
present
stated that if the futures and exchange were cleared
time something like
$20,000,000 would be realized,
and if held for some time, until the market and
exchange becomes better,
there might be a profit instead of a loss.
The creditors
pany,
are
foreign firms with the exception of one Canadian
which is interested to the amount of $40,000.
various creditors were
appointed
as
com¬
Inspectors for
follows: Mr. Ochiltree of the Shawmut
itors; N. L. Martin, Toronto, to represent Canadian creditors; Harry Ed¬
wards for the New York steel interests, and M. H. Housser of Zimmerman,
Forshay & Co., New York, and the assignee was instructed to proceed with
and the metal futures and exchange.
PLANS OF NORTH DAKOTA BANKING ASSOCIATION
TO
MEET FINANCIAL
decided advance in the
process
financial situation in that State,
to meet the
a
special
dis¬
patch from Fargo, Dec. 15, to the New York ''Times''said:
Organization of
a
finance corporation with
all stock to be owned by banks of North
the Finance Committee of the
purpose
a
capital of
Dakota,
was
a
North Dakota Banking Association.
The
is to meet the situation created by the refusal of farmers to dispose
of their products at
Through this corporation bankers propose to pool their securities, such
county, village,
as
township and school warrants and farm mortgages and seek
through
lows from the "Bulletin" made
Close
The year
of
a
economic readjustment consequent
Production had
through the corporation.
said, it is proposed to issue
to-night that about $15,000,000 in securities
the State, much of which it is expected to clear
In addition to sale of securities, Mr. Hollister
debentures against securities which the organiza¬
tion may handle.
Since
our
item of
week
ago
(page 2283), in which
ported the number of closed banks as twenty-three,
appear
to have been no
further suspensions.
we re¬
there
of
the conditions left by the war.
result of war
different from those normal
therefore, inevitable that a period of readjustment
involving some decrease in output, at least temporarily, should ensue.
On
former occasions, when problems of a similar sort have developed, the
in peace
process
It
time.
was,
of readjustment from a war to a peace-time level
part of the year has,
of business has
Conditions during the present period of read¬
extremely rigorous.
tolerable.
Production during the latter
it is ture, fallen off in some branches following upon the
structure.
Fundamental alterations in the
distribution of labor between trades and employments have also been a
readjustment
of
the
of
price
In the banking field the advance of the volume
deposits has changed during the recent months into a recession, although
$200,000,000 larger at the close
Federal Reserve note circulation was about
of November than at the end
marked
been
a
the
change
in
of July.
It is also to be noted that there has
the composition
of bank
portfolios resulting
gradual retirement of long-term or speculative paper
and the
fide commercial transactions growing
In international trade
excessive development in exporting business
substitution of paper based upon bona
out
of
the
purchase
actual
and
sale of goods.
and
a
return to more normal
conditions is
countries the year has
international trade for a decided evidence of increase of
productive power which, although interrupted from time to time by internal
difficulties of one kind or another, has nevertheless been the dominant
now
in progress.
So far as concerns the European
been noteworthy in
feature in the foreign
a
upon
necessities, besides being diverted into channels
the conditions which led to an
held by the banks of
Year.
been developed to a very high point as a
have been in process of change,
the details of the plan, said
public Dec. 5:
Remarkable
1920 has been a period of decided advance in the process
market for them in Eastern money centres.
were
expected
a
George Hollister of Fargo, Chairman of the committee created to handle
a
period of
still further period of reorganization, there
is good reason for believing that with our present strong bank¬
ing structure, the difficulty of the transition will not be much
further aggravated and that a normal situation will be re¬
stored with far less than usual distress."
We ^uote as fol¬
to pass
from
prevailing low prices.
a
complete, and while some lines of business may be
feature of recent months.
million dollars,
announecd to-day by
having been "
of economic readjustment
the conditions left by the war." The
is as yet in¬
upon
justment have by comparison been
Regarding plans of the North Dakota Banking Association
RE¬
Board states that "while the present process
been
SITUATION.
ADVANCE IN
1920 is described by the Federal Reserve Board,
the
Corporation, Boston; Geo. Edwards, Toronto, to represent English cred¬
the disposal of the assets
The year
in its "Bulletin" for December, as
consequent
,
meeting of the creditors of N. Brenner & Co., Toronto, steel, tin
and zinc brokers,
was
TORONTO.
with reference to the liabilities of
the above firm:
At
OF
"Monetary Times" of Toronto, in its issue of Dec. 10,
ON
PROCESS IN 1920.
ADJUSTMENT
economic movement.
Very sharp reduction in prices
extensive unemployment,
ures,
coupled with heavy decreases in
and business reaction, often
The transition
production,
involving bank fail¬
of readjustment in former years*
through which the community is now passing, while neces*
have been the outstanding features
THE
2384
accompanied by only a minimum
While the
present process is as yet incomplete and while some lines of business may be
expected to pass through a still further period of reorganisation, there is
a good reason for believing that with our present strong banking structure
the difficulty of the transition will not be much further aggravated and that
a normal situation will be restored with far less than usual distress.
The
fiscal situation both at home and abroad is still uncertain due to the fact
that, while the war was technically over at the signing of the armistice, it
was mot over in the financial sense until a long time later, while it has not
sarily uncomfortable, has thus far been
developed on other occasions.
of the unfavorable symptoms
*
been possible during
the readjustment period to place public
country upon its peace time
finance in any
footing, pending much closer ascertainment of
The close of the year 1920, however, in
the best methods of taxation.
and financial life there
basis for further
growth, must nevertheless be regarded as quite umistakably a turning point
in the process of transition from conditions produced by the war to the
normal economic basis of international and industrial life.
spite of the fact that In some branches of economic
is still much progress to
be made before reaching a definite
Basis of
Prosperity.
position of the economic organization at the close
In thus estimating the
of the year 1920, very large
emphasis should undoubtedly be placed upon the
supplied by a nation
that the best test is found of its true position from the economic standpoint.
Although the year 1920 shows a downward movement in some branches of
production and trade and a lessening of the activity with which credit media
are employed, a gratifying aspect of the year is seen in the fact that the
changes thus far reported have been so small, especially when the great
activity of production and the great extension of credit which occurred
during the war period are borne in mind.
Considering the year 1920 in
comparison with similar periods, reaction shown by the indexes representing
volume of production.
the
chief
lines
It is in the quantity of output
activity,
business
of
relatively minor
at its
as
already stated,
as
is in most cases
compared with the volume of production and
While much is said of changes in prices and
high point.
trade when
particularly
indication of economic retrogression, it is to be
remembered that the real income of the community is the quantity of goods
of declines of
prices
available
consumption
for
as an
and not the money value of the goods thus
The fundamental test of the degree in which
produced.
conditions which
prosperity have been regained and former industry restored is
found in the indexes which exhibit actual volume of output.
Of primary
make for
importantance
are
statistics showing the yield of agricultural and manu¬
Next to these are indexes showing the actual move¬
facturing industries.
ment of
The latter may be best derived
goods from producer to consumer.
Prices play an important part as a
activity of wholesale and retail trade.
factor in the process of distribution, and
significance to the student of business conditions
the price level is of first
definitely determining the profit making position of the
because it aids in
various economic factors of the community as measured in terms
should
It
levelsi
of money.
in 1920 have greatly lowered the
It is true that reductions in wholesale prices
general
of money
freight movement, figures showing the activity
from statistics of
and credit, and data reflecting the
be remembered,
howeevr,
that far too great
national
and hence of much
interest to the individual than to the community at large.
be placed upon the level of prices in connection with
stress may
conditions, since prices are expressions of relative value
greater
[Vol. 111.
CHRONICLE
ucts at the
points of production, while in the case of manufactured articles
probably the outcome of a reluctance or unwillingness on the part of
distributors to go on receiving consignments.
This situation has been note¬
it
was
the domestic movement
It was worthy of note also that in
agricultural lines the grain movement has been
unexpectedly small, partly in consequence of defective transportation at
worthy from time to time not only with respect to
of goods but
also in relation to exports.
spite of the large yield in
and partly as a result of a disposition on the part
certain times of the year
Conditions in transportation
their product.
of farmers to hold back
that the ton-mile figures on
railways are to-day of large size.
Production.
Viewed from the standpoint of the volume of
follows:
as
Net Ton Mileage of
United States Railways,
37,884,967,000
38,592,137,000 May, 1920
38,179,565,000
September, 1919
38,860,311,000 June, 1920
July, 1920
-.-40,435,508,000
January, 1920
34,769,722,000
-42,706,835,000
February, 1920
32,758,789,000 August, 1920
September, 1920-40,999,843,000
March, 1920- —37,990,993,000
September, 1918
-
_ -
--
As
is well known, the output of primary wealth—the product of the farms and,
in general, of agricultural enterprise—has been of more than average size.
Preliminary estimates have already been furnished for this output in former
months.
The figures of the Department of Agriculture, made available at
the opening of November, are substantially the same as those which have
already been published for Oct. 1, and. as pointed out In past issues, ex¬
able for consumption, the year
hibit in most lines
a
Trade.
Retail
retail trade is usually regarded as a direct index of the
The activity of
the price level and is looked to by
attitude of consumers with respect to
situation not merely for the purpose of obtaining a
students of the business
but also of
probable rate at which stocks of goods will
pass off through retail trade channels into the hands of consumers.
For a
good many months past the Board has been developing a retail trade index
based upon figures concerning stocks of goods, turnover, and other impor¬
tant items furnished by a specified number of leading retail establishments
In the several Federal Reserve districts.
A study of these figures, and es¬
pecially a comparison of cumulative single percentages designed to embody
not only the returns of the current month but also accumulated results of
preceding months, point to a decline in sales, which has not, it would seem,
gone to very great length thus far, in some districts amounting merely to
from the retail trade standpoint,
of business conditions
test
affording an indirect index of the
seasonal increase of the volume of business
the curtailment or abolition of a
expected, the remaining volume being
which would otherwise have been
higher than that of the preceding year.
The tendency, however, in other
districts has been distinctly downward, and at the present time the Board's
index
points clearly to a limitation of the active buying of consumers which
noticeable during 1919 and the earlier part of 1920.
This bears out
was so
general impression already existing with respect to
the
as
retail trade conditions
general nature furnished by expert ob¬
The activity of retail trade is of
indicated by many reports of a
in the various branches of trade.
servers
special interest at the present time, because it usually is one of the last
elements in the business situation to show the effects of those factors which
depression or reduction.
make for
and lowering of
prices have resulted in lessening the incomes of buyers
thereby induced to suspend or
are
Curtailment of purchasing power does
reductions of employment
who
limit their purchases.
Accordingly, a
at least in full measure, until
not usually occur,
case
differ from
those
ured in the aggregate or per
is practically beyond question, the
manufacturing is less clear.
According to
spring.
capita,
was
probably close to high-water mark
The requirements of buyers did not dominate
several months thereafter.
developed shortages in various
Of this situation the final result was a considerable increase in pro¬
of textile production,
eventually developed.
That this situation
ductive activity, although in some lines, such as those
so-called
"sellers'
market"
had not become well established until the spring
is not
singular.
of 1920 was far advanced
This period of higher production was apparently reaching
its peak during the early
Since the late spring of the year
months of 1920.
1920, however, there has been in progress a certain decrease in output.
The condition of different industries in this regard
is by no means uniform,
Shipbuilding, and very
recently the iron and steel industries, exhibit an influence of the same kind.
The decrease in unfilled orders on the part of the United States Steel
although it
may
be seen most clearly in textiles.
Corporation, which has been in progress ever since about the beginning of
August, points clearly not only to a relative decrease in the activity of these
basic industries, but also to a
falling off in that of other industries which are
Building construction may
practically dependent upon them.
as
one
be ranked
of the latter.
"
Movement of
all
of the
year
In
it is the latter that are the more obvious.
It
should steadily be borne in mind that the year 1920 has been a more dis¬
turbed period in connection with the movement
of goods to market than in
production, and that as a result there has been at times congestion and
arrested movement of commodities, while at other times the delivery and
consumption of products has been steady and satisfactory.
year may
spring
or
Apr.
toward the end of April, at which time a peak of congestion had
result of bad weather and lack of satis¬
been reached on the railways as the
aggravated by the tentative or
"outlaw" strikes which had been in progress.
Thereafter there ensued
theiincrease in efficiency of the railroads of the country.
From about
goods again began to show a decline,
agricultural staples to a tendency to hold prod¬
September onward the movement of
May
Oct.
Aug. Sept.
July
15.2
10.1
1
34.8
32.5
31.6
27.5
25.8
26.2
19.9
15.1
3
22.2
20.3
26.2
20.5
30.9
31.0
23.8
24.9
19.6
17.3
27.3
25.9
23.9
21.4
19.8
16.8
No.
36.0
4
5l" 7
No. 12
38.2
33.6
32.1
34.6
29.9
46.5
41.0
36.9
34.7
33.2
21.2
Activity of Business.
^
Figures showing the development of retail trade are not, however, indica¬
tive of
more
than the superficial
tion goods.
seen
They
attitude of buyers with respect to consump¬
be subject to other very special influences, as is
may
from the fact that the prompt reduction
times result in the temporary
of prices to consumers may at
and perhaps deceptive increase of buying on
the part of consumers who believe it wise to "stock
needs.
A better analysis of the
up" in advance of actual
general activity of trade throughout the
whole economic structure is afforded by the study of figures
actual
to
use
made of the mechanism of exchange or,
which exchange media have been
goods from sellers to. buyers.
the situation that
use
activity
used for the purpose of transferring
It is with
the per capita volume of money
of exchange.
Better
a
view to developing this phase of
than
this,
but still
account
of
the
a
system
clearing centers
of
are
use
in
Federal
Reserve Board
relying upon the clearing-house banks
for
this
The figures
information.
thus
large value in affording evidence as to the degree of
of banking
unusually careful study.
ual account.
is the
of statistics showing debits to individual depositors'
throughout the country,
various
unsatisfactory,
Early in its effort to provide
satisfactory review of business conditions the
instituted
the past of data showing
in circulation—an imperfect index of the
practice of analyzing clearing-house figures.
a
showing the
in other words, the extent
has frequently been made in
media and are accordingly
They indicate
a
deserving of
decline in total debits to individ¬
Total figures for the United States increased from
34.7 billions
January, 1919, to 45.4 billions in December, 1919, this being the peak
of the
movement.
nearly
as
low
The returns for January,
large, but thereafter
point in the movement
was
an
1920, at 45.1 billions were
almost continuous decline set in.
The
apparently reached in August, 1920, with
36.3 billions, since which time minor advances have taken place.
NEW
YORK
FEDERAL
RESERVE
BANK'S
BUILDING—THE
PARCEL
With regard to the
filing of plans for an
a
period of fairly steady moving of commodities to points of consumption,
assisted by the favorable weather in the spring and summer as well as by
this being due in the case of
Jun.
In general, the
be divided into three periods, the first culminating in the early
factory efficiency of railroad personnel,
July 1 1920, to close of
of—
No.
activity in the
1920
existing at previous dates throughout the
to differentiate between production changes and trade changes.
periods of transition
Feb. Mar.
No.
accumulated
j
Goods.
Care should be taken in reviewing conditions at the close
and in comparing them with those
year
sales of department stores in
1919.
Jan. 1 1920, to close
Jan.1
a
market conditions, but there subsequently
a
over
District.
heavy
natural decrease in and readjustment of output which be¬
evident shortly after the opening of 1919 and which continued for
lines.
The
during the past year.
1920
The facts would indicate that in the more distinctly
manufacturing and industrial lines there had been subsequent to the
came
retail trade situation
Retail trade activity- -Per cent of increase in net
bushels, still remains the largest on record.
investigators, however, the output of the country, whether as meas¬
production
date considerably later than that which
a
mark the turning point in production by manufacturers.
appears to
the estimated output, although showing a
of October,
work of the year in respect to
at the close of
in whole¬
This is for the reason that the decline in retail trade makes
following table presents the combined results of the Board's study of the
constitute the largest output ever produced.
the November estimates
While the situation as to agriculture
war
until after readjust¬
considerable progress in manufacturing and even
itself felt in some districts at
of corn, the only product for which
decline of about 17,000,000
some
sale activity.
substantial advance above the average of recent years,
and in some important crops
In the
1920 has been one of unusual success.
_
-28,490,595,000
1920—
April,
ment has made
commodities rendered avail¬
In order to
business situation reflected in the movement of
goods from manufacturer to consumer there has been prepared a table, to
show the movement of commodities, of ton-mileage figures for the railways
present the phase of the
definite reaction in retail trade seldom presents itself
The Volume of
were
showing the movement of goods last spring and in
certain decreases of the same sort for the current autumn, notwithstanding
reflected in the figures
Montauk
NOT
YET
PROPOSED
ACQUIRED.
addition to th e
William Street—the only piece of
property not included in the block on which the Federal
3uilding,
0$
Reserve Bank of New York
plans to erect its new building,—
the New York "Times" of Dec. 16, said:
•
Due.
Plans
adding
181920.]
THE
CHRONICLE
filed yesterday with the Manhattan Bureau of Buildings for
were
four
stores
the
to
occuping the block front
on
Montauk
Building,
eight-story
an
FEDERAL RESERVE BANK OF NEW YORK.
structure
Permanent
the west side of William Street, between Maiden
Lane and Liberty Streets.
This building occupies the
on
the block bounded by Maiden
a
plot fronting about 77 feet
Lane and
on
William Street and 44 feet
on
both Maiden
delivery this week
outstanding, there will
permanent coupon
excellent authority yesterday that the Directors of the
on
Federal Reserve Bank refused to pay the price demanded
by the owners of
Montauk Building on the ground that it was excessive.
The price
is said to have been $1,500,000
Dec.
15
-
1920.
\
Wednesday, Dec. 15, in exchange for the
of
issue.
that
'
small number of these temporary
a
bonds
be no deliveries of the
permanent bonds to
bonds will be delivered, unless registered bonds
Suested. The last coupon together with Dec. other past-due
maturing on any 15 1920 on each
ond should be detached,
are re-
temporary
coupons.
rU'';.:./1
$1,100,000 more than its
or
in
First Second 4Ms.
after
special
depositaries of public moneys against collateral
security pledged.
It will,
therefore, be necessary for banking institutions in this district to forward
these temporary bonds to us for
exchange upon the receipt of which the
pending until recently and the filing of the plans yesterday would
indicate that they had been broken off
definitely,.
learned
and
on
bonds
coupon
As there is
comparatively but
were
was
on and after
original temporary
According to the tax books the land
Negotiations for the sale of this particular property to the Federal Reserve
It
Delivery
,
building at about $400,000.
Bank
for
"
;
Bonds
Coupon
First Liberty Loan Second Converted coupon bonds
with all subsequent interest
coupon to maturity attached will be ready for
assessed valuation of about $340,000 and the land with the
an
Exchange for Temporary Coupon
Converted
Permanent 4M%
Liberty Street, is owned by the Ormond Realty Corporation, of
alone has
Second
banks, trust companies and savings banks in the Second Federal Reserve
District
G?>.
-r
The Montauk Building, which occupies
which Alfred M. Bedell is President.
Liberty Loan
To all
Nassau, William and Liberty Streets that the Federal Reserve
Bank has not secured for the monumental structure which it
proposes to
$5,000,000.
First
Ready
Lane,
erect at a cost about
4\i%
i■.'
.v-
only plot
2385
Very truly
:
yours,
''Y-V •'
;
•
J.
| assessed valuation.
H.
CASE, Acting Governor.
In the meantime it is understood that the Federal Reserve Bank has
gone
ahead
With
the
preparation of plans for its
building,
new
excluding the
STATE
William Street frontage occupied by the Montauk Building.
An official of the Federal Reserve Bank stated
yesterday that there were
no
negotiations
plans for the
for the purchase
on
bank
new
as
of the Montauk
N.
Polis,
ADMITTED
property and that
The Federal Reserve Board at
they existed at the present time did not include
Washington
following list of institutions which
who filed the plans for the additional
four stories
to
nominal sum, Mr. Polis said:
estimates
as
soon
as
they
are
ready."
■
District No. 1—
Massachusetts. Trust
Co.,
^"v y,s;
Boston
•
$1,000,000
Bank of Bowersville, Bowersville, Ga.
.
Farmers
&
Merchants
Bank,
Well, Georgia....--—
HANDLE
EXCHANGES
OF PAPER
GOLD
MONEY
COIN.
AND
•
100,000
States
made
in
a
paper
and United States gold coin, was
by the Federal Reserve Bank of New York
circular dated Dec. 14:
FEDERAL
OF
NEW
Reserve District:
request of the
is transmitted
to
herewith.
you
As stated in that circular, this bank is prepared to handle
exchanges of
United States paper currency and United States coin
pursuant to rules
and regulations prescribed by the Secretary of the
Treasury and to receive
for payment
outstanding gold certificates payable to order, issued by the
Assistant Treasurer of the United States at New York.
Very truly
J.
H.
columns
therein
a
Secretary of
OF
the
Treasury
of
and it
Houston's
circular
TREASURY
CERTIFICATES
OF
stated
was
thereabouts
or
INDEBTEDNESS
of
Saturday last,
was
The offering
2287.
page
was
A total
Dee. 15#
on
offered in two series,
that the subscriptions
aggregated
referred to in
our
more
issue
One of the series, TJ-1921,
due June 15 1921, bears interest at 5%%, and the other,
TD-1921, due Dec. 15 1921, carries 6% interest.
TO
BANK PRESIDENTS ON MATURING TREASURY
CERTIFICATES
In
AND
GOVERNMENT'S
reference last week to the
our
Certificates of Indebtedness
been
addressed
new
DEBT.
offering of Treasury
(page 2287), we noted that a
to
the presidents
of the banks
ton, with regard to maturing certificates, and the volume of
the Government's debt.
YORK,
Banks of $50,000,000
debtedness:
Treasury certificates of in¬
Dear Sir:
mature
About
Dec.
on
$125,000,000
1920, about $175,000'000
also
become
Victory Liberty
payable
By way of partial anticipation of the heavy transfers of funds which wiU
take place on Dec. 15, the Federal Reserve Bank of New York has sold to
other Federal Reserve banks $50,000,000 of certificates of indebtedness
be covered
maturing on Dec. 15.
and
interest and at
the
Government,
$20,000,000
$700,000,000 of Treasury Certificates of Indebtedness
15
additional
and
•
t
sum
We take occasion to give herewith
Secretary Houston's letter, which is dated Dec. 8:
Dec. 12 regarding the sale to other Federal
Of that
OF
Secretary of the Treasury
than $700,000,000.
The Federal Reserve Bank of New York issued the follow¬
on
770,621
throughout the country by Secretary of the Treasury Hous¬
OF NEW
ing statement
CERTIFICATES
$500,000,000
letter had
150,000,000
80,000
The closing of the subscriptions to last week's combined
offering of Treasury certificates of indebtedness was an¬
incorporated
INDEBTEDNESS BY FEDERAL RESERVE BANK
Reserve
—
SECRETARY OF TREASURY HOUSTON'S LETTER
No. 213.
SALE
Texas
referred to in these
week ago, page 2287, and there was
in
100,000
Del Rio Bank & Trust Co., Del Rio,
Sub-Treasury to the
was
248,080
-
CASE, Acting Governor.
The transfer of the functions of the
New York Federal Reserve Bank
yours,
5,000
District No. 11—
nounced by
States Subtreasury at New York has
been officially announced by the Secretary of the
Treasury in Department
Circular No. 213 of Dec. 3 1920, a copy of which, at the
Department,
547,273
25,000
OVERSUBSCRIBED.
[Circular No. 325, Dec. 14 1920.1
Treasury
139,255
150,000
Farmers State Bank, Worden, Mont.
YORK.
Exchanges of United States Paper Currency and United States Coin.
To all Banks, Trust Companies and Savings Banks in the Second Federal
The discontinuance of the United
364,848
District No. 9—
TREASURY
RESERVE BANK
494,262
15,000
25,000
Bolivar County Bank, Rosedale, Miss.
currency
follows
as
12,000
25,000
■
Farmers State Bank, Grand River, la.
Farmers Savings Bank, Ute, Iowa
prepared to handle exchanges of United
was
124,212
5,000
District No, 8—
.
Announcement that, with the discontinuance of the Sub-
Treasury, it
$500,000 $16,712,551
25,000
Hart-
District No. 7—
NEW YORK FEDERAL RESERVE BANK PREPARED TO
Resources.
Surplus.
District No. 6—
specifications for
,
Capital,
V':
"All I know is that I have been
ordered to prepare plans for the work and will send out
the
Total
When asked if the Ormond Company
really intended to go ahead with the
improvement or whether the filing of the plans was merely for the purpose
of making an exposition of the property, its value and what could be done
a
the
announces
ending Dec. 10 1920:
Montauk Building, estimates the cost of the improvement at about $100,000.
with it for
FEDERAL
admitted to
were
Federal Reserve system in the week
the
TO
SYSTEM.3
RESERVE
the William 8treet front.
S.
INSTITUTIONS
was
sold in the week ended
Dec. 3. and $30,000,000 in the week ended Dec.
the
of
part
Jan.
on
the
15
1921.
semi-annual
interest
aggregating about
Loan,
$700,000,000
of
tax
Jan. 3
on
On
certificates
Dec.
on
there
1920
the First Liberty
The greater
15 will
$140,000,000.
maturing
on
will
Loan
Dec.
by the installment of income and profits taxes payable on that
In order to meet the remainder of these heavy
date.
and about
1921,
15
the
same
time
maturities of principal
provide for the current requirements of
the Treasury has decided, on
the basis of the best esti¬
10.
These sales followed
the precedent established last September, when as now the volume of cer¬
mates available at this
tificates to be redeemed in this district exceeds the amount of taxes which
in
the
it is estimated from payments on
15
1920, one series designated TJ 2—1921, bearing 5%% interest matur¬
previous installment dates will be received
here.
amount
interest and
JOHN G. LONSDALE CLASS A DIRECTOR OF FEDERAL
John
G.
OF
ST.
Commerce in St.
Louis, has been elected
Reserve Bank of St.
a
Bank
of
Mr.
FORM.
J. H. Case,
Acting Governor of the Federal Reserve Bank,
of New York, issued the following notice
announcing that
permanent
4 M%
coupon
bonds
porary
coupon
First Liberty Loan Second Converted
available Dec. 15 in exchange for tem¬
first Second 4Ms.
were
Jan.
interest in
may
1921
thereabouts, in
two
series
dated
Dec.
Applications for Treasury Certificates
through the several Federal Reserve banks,
concerning
the
offering
the series maturing Dec.
15
will be accepted at par with an
payment for
any
may
be
obtained.
1920, Jan. 8
1921,
adjustment of accrued
certificates of the two series now offered which
be subscribed for and allotted.
As indicated
tutions
FIRST LIBERTY LOAN SECOND CONVERTED COUPON
PERMANENT
be received
particulars
15
the
of the
in the circular letter of
Sept 7 1920 to the banking insti¬
country the operations of the Treasury for the first quarter
present fiscal year, ended Sept. 30 1920, showed a surplus of
ordi¬
amounting to $289,224,706.29,
notwithstanding actual cash payments to railroads during the quarter of
some $275,000,000
under the provisions of the Transportation Act in connection with the return of the railroads to private control.
The Treasury's
current operations during the months of October and November 6how a
net current deficit .(excess of ordinary disbursements over ordinary receipts)
amounting to $357,134,068 15, of which about $112,000,000 represents
payments to the railroads under the Transportation Act.
The Treasury
confidently expects, however, that the current quarter ending Dec. 31 1920
will still show a substantial surplus as the result of the quarterly payment
nary
IN
will
full
and
of
AVAILABLE
which
Certificates of
Lonsdale
had plenty of competition for the honor.
BONDS
or
maturing Dec. 15 1921.
series
these
Treasury
Class A Director
Louis.
of
from
LOUIS.
Lonsdale, President of the National
of the Federal
time, to offer Treasury Certificates of Indebtedness
$500,000,000
ing June 16 1921 and the other series designated T D—1921 bearing 6%
*
RESERVE BANK
of
of
receipts
income
over
ordinary
and profits taxes
expenditures
in December.
-
retirement of the Treas¬
16, and Oct. 16 1920, and the
quarterly payment of income and profits taxes on Sept. 16, the gross
debt of the Government on Oct. 31 1920, on the basis of daily Treasury
statements, was reduced to $24,062,609,672 96, of which about $2,337,000,000 consisted of loan and tax certificates unmatured.
On Sept. 30
1920 the gross debt had been $24,087,356,128 65, of which about $2,347,000,000 were loan and tax certificates unmatured.
On Nov. 30 1920, after
the issue of $232,000,000 of Treasury Certificates on Nov. 15 and the re¬
tirement on the same date of about $100,000,000 of maturing certificates,
the gross debt, on the basis of daily Treasury statements, amounted to
$24,175,156,244 14, of which about $2,475,000,000 represented floating
debt (loan and tax certificates unmatured).
These temporary increases in
both gross debt and floating debt will, it is expected, be more than over¬
come by Dec. 31 1920, in consequence of the December operations, and both
gross debt and floating debt should on Dec. 31 be reduced below the
amounts outstanding on Sept. 30.
The Government's further progress in
retiring the gross debt and the floating debt will depend, of course, upon
the relation between current receipts and current expenditures during the
coming calendar year, but there is good reason to hope that, unless new
burdens are imposed by legislation, there should be important further re¬
ductions in the last two quarters of the current fiscal year, provided always
that tax receipts are maintained at a sufficiently high level, salvage opera¬
tions vigorously pressed, and the strictest economy practiced in Government
expenditure.
The three months which have passed since the last quarterly
tax payment period have been marked by a still further distribution of
Treasury Certificates among investors and a further reduction of holdings
of Treasury Certificates by the banks.
The reporting member banks of
the Federal Reserve System (about 823 member banks in leading cities,
which are believed to control about 40% of the commercial bank deposits
of the country and to have subscribed in the first instance for perhaps
75% of the Treasury Certificates of Indebtedness now outstanding) held
on
Nov. 26 1920 only about $313,000,000 of Treasury Certificates, as
compared with reported holdings on Aug. 27 1920 of about $430,000,000,
Certificates which matured on Sept.
and
Nov.
on
1919 of about $816,000,000.
28
On Dec. 2 1920 the
reported that there were pledged with Federal
Reserve banks
use
Treasury Certificates as convenient
following:
it Includes the
federal
only about $214,000,000 of Treasury Certificates to secure loans and dis¬
counts, notwithstanding the preferential rates still maintained in many of
the Federal Reserve Districts and the probability that borrowing banks
would
Besides Messrs. Lamont and Davis,
of whom 22 are women.
Reserve banks
of the Treasury Houston; Governor Harding, of the Federal
Reserve Board; former President Taft, Cardinal Gibbons, Charles W. Eliot,
Frank
A.
Vanderlip, Cleveland H. Dodge, James A. Farrell, Paul 8.
Secretary
Senator Hitchcock of Nebraska, Senator
Harrison, Mortimer L. Schiff, John D. Rocke¬
feller, Jr., James A. Stillman, Dean Shailer Mathews of the University of
Chicago, Dr. Jeremiah W. Jenks, Charles H. Sabin, Frank I. Cobb, Adolph
S. Ochs, George M. Cohan, George Horace Lorimer, Samuel Gompers, Dr.
Livingston Farrand, E. N. Hurley, Julius Rosenwald, Festus J. Wade,
Charles Nagel, John R. Mott, Dr. William Mayo, Myron T. Herrick, Louis
W. Hill, Robert Dollar, John H. Rosseter, David Starr Jordan, Raymond
B. Fosdick, Bishop Thomas S. Gailor, Mrs. Carrie Chapman Catt, Mrs.
Medill McCormick wife of the Senator from Illinois, Mrs. George Wharton
Pepper, Mrs. Blanche Bates Creel, Mrs. August Belmont, Mrs. Cary T,
Grayson, Mrs. Joseph Cudahy, Mrs. Otto H. Kahn, Miss M. C. Thomas
president of Byrn Mawr College, and Mrs. Margaret Anglin Hull.
C.
Vance
Reinsch,
McCormick,
of Kansas, Fairfax
Capper
Lamont had the
Mr.
shall
"We
liminary telegram to
the members of the committee, and
all the machinery of a so-called
to set in motion
like
profits taxes.
The certificates now offered are also ac¬
ceptable in payment of Federal income and profits taxes payable at their
option to call them
for redemption before maturity.
With these features, the attractive rates
of interest, and absolute security of principal and interest these certificates
are extremely desirable investments arid should prove particularly attractive
to taxpayers having taxes to pay in the calendar year 1921, as well as to
persons having idle funds awaiting investment.
In these circumstances,
the Treasury believes that banking institutions generally should feel free to
enter subscriptions for the two issues now offered with the confident ex¬
pectation of prompt resale for investment, and urges them, as in the past,
respective maturities, and the United States reserves no
subscribe liberally
the widest
'drive,' and without put¬
committee. I want to
of this committee are
in sympathy with the present effort, under Herbert Hoover's
relieve the starving children of Europe.
Many of us are identi¬
ting too much of a burden upon the members of the
make especially clear the fact that all the members
deeply
very
direction, to
Hoover's committee, so that every effort
with
fied
Mr.
one
work
have
for
America
will be made to
supplement that of the other.
The feeling in
the Chinese people, the admiration for their industry, their
of
mercy
honesty, and for their
ment is so strong
distress will be
efforts to work out stable and progressive govern¬
that I am sure that the response to
their present terrible
adequate."
collateral to secure loans for
Certificates fo the two series now offered are exempt,
calculating
obtain
have pointed out
President's
REPRESENTATIVE
Certificates outstanding, from all State and local taxes (ex¬
cept estate and inheritance taxes) and from the normal Federal income tax
and the corporation income tax and are admissible assets for the purpose
to
for the certificates apd devote their best efforts to
possible distribution among investors.
Cordially yours,
D.
F.
TO
A
ON
GOVERNMENTS
AGRICULTURAL INTERESTS.
statement showing the present
country and the necessity
House on
Dec.
presented to the
tee, in order to show the
Finance Commit¬
futility of postponing the payment
quarte^y^doffiF'tfo. payments due Dec. 15.
of the
"to
reach the ear of those who are
We want every man
Mr.
principal object of his address
McCumber stated that the
asking favors of
He added:
and every corporation who must be called upon to
alone upon their own discomforts but also the
for taxes to look not
country's dire need.
We want the soldier, who is asking
on a bonus bill, to exercise patience and forbearance
action
APPEAL IN BEHALF OF FA¬
of North
10 by Representative McCumber,
Acting Chairman of the Senate
Dakota,
was
financial status of the
for immediate cash to meet the
needs of the Government was
pressing
the Government."
HotTSTOBr, Secretary.
McCUMBER
FINANCES—TAX POSTPONEMENT AND AID
remit
PRESIDENT WILSON'S
we
I have already despatched a pre¬
this matter.
possibility of securing from the country an adequate response to the
appeal for the Chinese famine sufferers without undertaking
the
other Treasury
of
organization that
outline shortly the simple
to
be able
mind for handling
in
have
following to say on the 10th inst.
of the committee:
regarding the plans
commercial purposes.
The Treasury
numbers 130,
committee apponted by the President
The
of the operations incident to tike
Ii consequence
ury
[VOL. 111.
CHRONICLE
THE
2386
for immediate
and to under¬
financial difficulties that confront Congress. And we want
appropriation committees to cut to the bone and to keep appropriations
down to the limit of the bare necessity of Government.
This is no time
even
to dream of new Governmental projects which will call for Treasury
stand the grave
our
MINE-STRICKEN
I
CHINA—T.
W. LAMONT
TO
DIRECT WORK.
'
disbursements.
appeal to the American people to "respond as
An
can" to the call for relief in
they
behalf of the famine-stricken
peoples of China was made in a
statement issued by Presi¬
The President stated at the same
dent Wilson on Dec. 9.
time that "in order to be
assured of the orderly collection
of such donations, large or
small, as may be offered, I have
invited
nation-wide committee to lend their aid to
a
Thomas W. Lamont,
matter."
made chairman of the
been
the President's statement
committee.
The following is
in the matter:
alarming in its proportions, to-day
A famine,
this
of J. P. Morgan & Co., has
holds in its grip several
The crop failure is complete, and the present
distress which is great, is likely, before winter has run its course, to become
appalling
In fact our diplomatic and consular agencies in China inform me
that the loss resulting from death in distressing form may run into millions
of souls.
It is certain that the local Governments and established agencies
of relief are unable to cope with the magnitude of the disaster which faces
important provinces in China.
them.
Under the circumstances,
Once
an
more
relief to be effective should be granted quickly.
generous response with which
call of their brother nations in distress.
prompt and
The
•f
of China I
case
our
show that
they have invariably met the
opportunity is offered to the American people to
regard
as
especially worthy of the earnest attention
Chinese people look to us for
friendship. Our churches, through their religious
their schools and colleges, and our philanthropic
have rendered China an incalculable benefit, which her people
To an unusual degree the
citizens.
counsel and for effective
and medical missionaries,
foundations
recognize with gratitude and devotion to the United States.
Therefore not
only in the name of humanity but in that of the friendliness which we
feel for a great people in distress, I venture to ask that our citizens shall,
even though the task of giving is not to-day a light one, respond as they
can to this distant
but appealing cry for help.
In order to be assured of the orderly collection of such donations, large or
small,
names
nated
be offered, I have
may
as
are
committee,
invited a nation-wide committee, whose
their aid to this matter. I have desig¬
New York City to act as chairman of this
and Norman Davis, Under Secretary of State, to act as treas¬
attached hereto, to lend
Thomas
W. Lamont of
urer.
I realize that
those for the underfed children of East¬
afflicted peoples of the Near East, and to the needs of
the demand upon the bounty of the nation.
however, that all these pleas will be answered in generous
this call, added to
ern
Europe and the
our
own
I
am
country, makes heavy
confident,
•pirit.
efforts to re¬
proposal to ask
Representative McCumber referred to the
vive the War Finance Corporation and the
the latter "in some way to
of Europe so we
can
finance the bankrupt countries
export our wheat to them"; he
his state
one
(North Dakota)
exception, in
a
been crop failures,
of twenty-three banks, all, with
and he said that so far as the
would seem that "the first,
real, the sensible thing to be done,
pipe, stop the importations and
is to close the intake
give the American farmer
exclusively the American market so
the market at
had
agricul¬
section of the country where there
tural situation is concerned, it
the
like¬
reference to the closing in
wise included in his remarks a
long as he can supply
We take from the "Congres¬
living prices."
sional Record" his remarks, as
follows:
delegations who have been impor¬
tuning members of the Finance Committee for a meeting to consider the
postponement of the December 15 installment of taxes, and also to devise
a method of reducing those taxes.
I had expected to ask permission at the
close of the routine morning business, to present some figures upon this
proposition, so that those, interested in the question could for themselves
judge whether or not it would be possible for the Congress to grant them
the relief they sought.
Inasmuch as there are only four days to elapse be¬
tween now and the 15th, and we do not seem to be approaching the end of
the morning business, I am going to ask the unanimous consent of the Senate
to present, at this time, some of the figures showing the present financial
status of the country, and the necessity for immediate cash to meet im¬
President, there are quite a few
Mr.
mediate needs.
Committee on Fi¬
individually have been worked over¬
time in receiving delegations who, in presenting their urgent appeals for
remedial action by the Congress, are reflecting the deplorable condition
While there has been no meeting
nance,
that
and no action by the
the members of that committee
is
general throughout the country.
are two features of the general
situation
|
where the demand is for
important, is our agricul¬
tural collapse; the second, the heavy inventory losses due to rapidly falling
prices, for which relief is sought by (a) postponing the December 15 in¬
stallment of the tax on 1919 profits and income, and (b) by allowing the
inventory losses of 1920 to be offset against the profits of 1919, and to that
extent, reducing the amount of the December 1920 installment.
While no
one ean
speak for the final action of the committee, or of the Senate or
There
immediate
relief.
The first of
these, and most
DEC. 18
1920.]
2387
CHRONICLE
THE
House, on these proposals, it is eminently proper, and, to my mind, most
urgent that the taxpayers directly interested and the country at large be
of
informed at the earliest
fore of about 2%
war-savings certificates mature January 1 1923,
loan and tax certificates mature within the year.
possible moment of the present financial situation
the country, to the end that
the probability or
of
to
especially true
ment
of
taxes,
I wish,
which
December
falls due
therefore, to present
of the National
meet
able
they may exercise their own judgment as
possibility of securing the relief demanded.
This is
demand for the postponement of the last install¬
It is
that
whole is not
a
;
>mount of cash in Treasury Dec. 6 1920.
this
$160,018,235
Dec. 15 tax installment, estimated
fiscal
not wish to take
Treasury, its immediate obligations, and its cash assets to
them:
Now, with
650,000,000
Total
Outstanding certificates maturing Dec. 15 1920
$700,000,000
Maturing Jan. 3-15 1921
300,000.000
Maturing Dec. 15 1920
near and far, staring us in the
striving to find some way by which we can relieve the agricul¬
We hope for some kind of relief through a revival of the
are
140,000,000
ask
this
War
countries of
ness
Total
.$1,140,000,000
low
Thus, Mr. President, if every dollar of the December 15 installment is
paid in full and the last cent in the Treasury, including the comparatively
small
amount
that
will
and which will be far
governmental
be
there
expenses,
from
secured
still be
would
left by
the
that
even
milked
deficit
Secretary
the
of
Treasury
$250,000,000.
the
on
places
January 15 past-due
safe basis
a
'
$579,981,765.
But
even
three
must add this
we
this gigantic deficit,
added
to this whatever
sum
and
January next.
day of
$2,000,000,000, and
I ask to have
leaves
He
on
June 30
with
us
1921
of
Gronna:
money
60.193,375
all,
what
expenditures:
$4,851,298,931
it would
Mr.
-$7,914,742,515
Excess of estimated expenditures over estimated receipts...
Mr.
$2,114,984,140 00
1921.................$1,755,037,119 67
250,000,000 00
Estimated gross deficiency June 30 1921——
$2,005,037,119 67
year
1922:
Fiscal Year 1922.
Estimated deficit In general fund June 30 1921 (as
above)...
$1,755,037,119 67
Estimated receipts:
Ordinary
$4,859,530,000
i—
Public debt...
—
exclusive
of
—
ployees,
count
of
-$4,919,730,000
and
of
;
em¬
expenditures
a very
same
banks furnish
to
me
in
reliable credit.
that
so
far
j
the agricultural situation is con¬
as
the
he ian supply that market at living prices.
Would not that result in depriving the people of Europe
so
long
as
If Europe can sell
products?
universally trade with a country where the balance of
to
in our favor and against that country unless that country
balance of trade somewhere else.
a
now
is to take care of our own people if we can.
-"'.v.
.
we
are
thereby relieve the depression, when the depression is growing contin¬
Mr. McCumber had inserted in the
"Record,"
as part
of
ac¬
additional
his
remarks, certain tables, as follows, covering points
cussed by
compensation
ditures
Dec. 15 tax installment,
con¬
struction in Navy..
—$160,018,235
1920-———
Amount of cash In Treasury Dec. 6
account of new
dis¬
him:
in Postal Service, and of expen¬
on
these
ually by enormous imports into the United States.
expendi¬
Government
can
seeking to export this wheat to Germany and Austria and
to finance those countries in some way so that they can buy our exports
tures on account increased com¬
pensation
depression, how
Senator considered that matter?
McCumber:
Oh, Mr. President, there is no question but what we
is always
Now,
expenditures:
Ordinary,
come
Has the
bushels.
60,200,000
Total...
Estimated
That must
But our first and impending
They can not sell
their products.
We are seeking through a Governmental board to provide
means by
which we can export these products to foreign countries, when,
as a matter of fact, the same products are coming into this country in un¬
precedented quantities.
Why, I call the attention of the Senator from Minneapolis to the fact
that during the month of October alone about 10,000,000 bushels of wheat,
including flour, crossed the Canadian line for Minneapolis. - During the
month of November I |am informed that that will run at least to 12,000,000
duty
1921
give the figures for the fiscal
of the general plan to get money
purchasing power to purchase our
get
can
Estimated amount necessary for balance in general fund June 30
to
seem
cannot continue
trade
now
now
agricultural sections.
nothing in this country, how can they be in a position to buy our products
freely?
Estimated deficit in general fund June 30
these
foreign people to buy these farm products?
For, after
have, and what these country banks must
is not
Nelson:
the
of
3,063,443,584
—
speaking
in
!
the Federal Reserve System.
Reserve banks.
the agricultural
to a
American market
———
State banks.
pipe, stop the importations, and give the American fanner exclusively
»
in year, but not including Pitt-
.
are
them belong to
cerned, the first, the real, the sensible thing to be done is to close the intake
$2,509,-
Total
of
am
is money and th|e credit that is not backed by cash somewhere
So
Act certificates)
that if they were to
these farmers must
the background
$5,799,758,375
outstanding maturing with¬
I wish
over
the
550,500 certificates of indebted¬
man
so;
present conditions should continue, it
Now, if these banks cannot supply associate banks with money sufficient
$359,947,020 33
have,
ness
Federal
these
they
No;
I
situation
the
finance
to
to tide
(including
safely do
can
President
None
Gronna:
McCumber:
$5.739,565,000
debt
Agriculture
I
McCumber:
Mr.
from
Ordinary
on
'■ L ■'U
yield to my colleague.
hope my colleague will not get the impression that the
banks closed had been extended credit from the Federal Reserve Board,
Mr.
Estimated receipts:
Public
they
as
I
Mr.
On page 273 and following is a summarized estimate of receipts and expenditures
Estimated
The testimony of Mr. Harding, Governor
whole banking system.
Mr.
McCumber:
Gronna;
23
for the fiscal year 1921, as follows:
Total
further
because that is not the true condition.
FINANCIAL STATEMENT,
Public debt
secure no
Board, taken before the Committee
far
as
our
Mr.
4From report of Secretory of the Treasury for the year ended June 30 1920.]
Ordinary
can
the whole is to the effect that the reserve banks have ex¬
on
Mr.
years:
Balance in Treasury June 30 1920
section of the
a
Many other banks would have been closed
further extend those credits and the
1922 of nearly $1,500,000,000.
printed the report for these two fiscal
they themselves
until
banks.
get the money?
we
Forestry,
JIT.
June 30
on
can
might endanger
difficulties.
deficit
a
in
the banks of this section have had to extend
years
reserve
tended their credit
our vision along a vista in¬
half calendar years, from the 1st
two and a
or
I think,
exception,
one
years
former
the Federal Reserve
of
Jfhe Secretary, in his annual report, directs
years,
the
over
Where
is
Bringing the total deficit immediately confronting us to $1,229,981,765.
Mr. President, this is the situation, and it is the deficit that meets our
cluding two fiscal
with
all,
were
four years.
or
except for assessments upon stockholders.
to make good deficits growing out of Governmental operation,of
railroads, estimated by the President in his annual message at $650,000,000.
our
President, in my State 23 banks closed during the past three weeks.
credits from the
necessary
But it is not the end of
tank
But of
live
banks
credits
which requires immediate liquidation, does
There must be
busi¬
our
now
During each of those
sum,
■/:v
not disclose the full truth.
immediate gaze.
are
These
r-',
;v,v:
on
we were
country where there have been crop failures, whole or nearly | whole, for
the minimum of safety cash of
•
Therefore, to keep the Treasury
If
"and not statesmen"—we would fol¬
say
would at least close the intake to
we
"
v/: f.v'y.
i
considering the financial situation.
What the farmer needs
on until he can get a half living price for his crop.
What
the country bank needs is money to loan this farmer.
assumption that the Treasury is
as
finance the bankrupt
to
way
some
hereafter.
We
making his calculations and estimates
In
in
export our wheat to them.
struggling to empty the tank through the spigot.
were
is money to
which brings the deficit or amount which must be raised in some manner
to
we
Mr.
based
is
dry—is left bankrupt.
Corporation
so we can
business instinct and
our
that
general
obligations of $329,981,765.
But
Finance
Europe
men—possibly I ought not to
while
general internal revenue sources
than offset by the amount paid out for
more
sum.
both
deficits,
activities of the War Finance Corporation.
While wheat and wool are
pouring into this country in unprecedented volume, driving down the prices
of the American product to half the cost of
producing it, we are about to
immediate liabilities:
our
these great
tural situation.
$810,018,235
to
now
we
gloomy view of our industrial prospects, but if 1921 as
the last two months of 1920
a
most decided improvement over
a
will not be one-half of that
revenue
face
Turning
worthy of note that the Secretary bases his estimate of the deficit
on June 30 1922, on the assumption that our revenue for
year will be $4,859,530,000, or nearly $5,000,000,000.
I do
which will exist
15.
most general statement of the conditions
a
$7,500,000,000 of
23 of the Secretary's report. /
page
to the
as
and $2,847,000,000 of
Within a period there¬
ending May, 1923, there will become due and pay¬
Government war obligations.
I call attention to
years,
estimated---
650,000.000
-
——————
3,897,419.227
Public debt
Total
465,854.865
—-
——
—
Outstanding certificates maturing Dec. 15
Total.....
Maturing Jan. 3-15 1921
4,363,274,092
Excess of estimated receipts over estimated expenditures
Estimated deficit in the general fund June 30 1922
565,455,908 00
——$1,198,581,211 67
Maturing Dec. 15 1920———
Total
—
$810,018,235
1920--——.$700,000,000
300,000,000
———
140,000.000
s
-————$1,140,000,000
—
Estimated amount necessary for balance In the general fund June 30
1922....
250,000,000 00
Deficit (with empty Treasury)
Estimated gross deficiency June 30 1922
$329,981,765
250,000,000
-
Minimum Treasury safety balance...——...
——
$1,448,581,211 67
$579,981,765
,
Now, Mr. President, the estimated receipts and disbursements for the year
ending June 3 1922 do not include deficits which must be taken care of
during the coming year.
000,000.
will be
as
nearly double that amount,
October 31
On
cate
As nearly
The President estimated for the railroads $650,I can learn, this deficit, when all claims are in,
1920 there
were
or
about $1,126,000,000.
still outstanding and
unpaid tax certifi¬
obligations of the Government due from December 15 1920 to March
If we carry the tax certificates to September
15
1921, of $506,527,500.
15
1921, the total will be $1,782,040,000.
cates which become
432,950.
I
call
If we include the loan certifi¬
due within the year, this total will amount to $2,629,-
attention to
page
22
of
the report
of
the
Secretary of
the Treasury.
Here is an
About
important feature which we ought to take into consideration.
$4,250,000,00p of Victory notes mature May 20 1923, $800,000,000
Railway-operation deficit
Total
In
deficit
addition
—
—
—
we
take
the
———
following from the
650,000,000
$1,229,981,765
"Record,"
covering some of the further discussions in the matter:
Mr. Simmons: The Senator in his very clear and comprehensive financial
statement informs the Senate and the country that on the 80th day of
the coming next June we will be confronted with a deficit of something over
$2,000,000,000, as I understood him, and that on the 80th day of June,
1922, we will be confronted with a larger deficit.
I want to Inquire of
the Senator, who is the acting Chairman of the Finance Committee, and
who, I understand, has Informally conferred with his colleagues in the ma¬
jority, if he has himself individually or in conjunction with his associates
;
of the operations incident U the
la consequence
retirement of the Treas¬
IS 1920, and the
quarterly payment of income and profits taxes on Sept. 15, the gross
Certificates which matured on Sept. IS, and Oct
ury
31 1920, on the basis of daily Treasury
$24,062,509,672 96, of which about $2,337,000,000 consisted of loan and tax certificates unmatured.
On Sept. 30
1920 the gross debt had been $24,087,356,128 65, of which about $2,347,000,000 were loan and tax certificates unmatured.
On Nov. 30 1920, after
the issue of $232,000,000 of Treasury Certificates on Nov. 15 and the re¬
tirement on the same date of about $100,000,000 of maturing certificates,
the gross debt, on the basis of daily Treasury statements, amounted to
$24,175,156,244 14, of which about $2,475,000,000 represented floating
debt (loan and tax certificates unmatured).
These temporary increases in
both gross debt and floating debt will, it is expected, be more than over¬
come by Dec. 31 1920, in consequence of the December operations, and both
gross debt and floating debt should on Dec. 31 be reduced below the
amounts outstanding on Sept. 30.
The Government's further progress in
retiring the gross debt and the floating debt will depend, of course, upon
the relation between current receipts and current expenditures during the
Government
the
debt of
statements,
Oct.
on
reduced
was
to
coming calendar year, but there is good reason to
burdens
are
imposed by legislation,
ductions in the last two quarters of
hope that, unless new
there should be important further re¬
the current fiscal year, provided always
maintained at a sufficiently high level, salvage opera¬
tions vigorously pressed, and the strictest economy practiced in Government
expenditure.
The three months which have passed since the last quarterly
tax payment period have been marked by a still further distribution of
Treasury Certificates among investors and a further reduction of holdings
of Treasury Certificates by the banks.
The reporting member banks of
the Federal Reserve System (about 823 member banks in leading cities,
which are believed to control about 40% of the commercial bank deposits
that tax
the
of
75%
receipts
are
subscribed in the first instance for perhaps
Certificates of Indebtedness now outstanding) held
only about $313,000,000 of Treasury Certificates, as
country and to have
of the Treasury
Nov.
on
26
1920
compared with reported holdings on Aug. 27 1920 of about $430,000,000,
and on Nov. 28 1919 of about $816,000,000.
On Dec. 2 1920 the Federal
Reserve banks
reported that there were pledged with Federal Reserve banks
only about $214,000,000 of Treasury Certificates to secure loans and dis¬
counts, notwithstanding the preferential rates still maintained in many of
the Federal Reserve Districts and the probability that borrowing banks
would
use
Treasury Certificates as convenient collateral to secure
[VOL. 111.
CHRONICLE
THE
2386
committee apponted by the President
The
numbers 130,
Besides Messrs. Lamont and Davis,
of whom 22 are women.
it includes the following:
Houston; Governor Harding, of the Federal
Cardinal Gibbons, Charles W. Eliot,
H. Dodge, James A. Farrell, Paul S.
Reinscb, Vance C. McCormick, Senator Hitchcock of Nebraska, Senator
Capper of Kansas, Fairfax Harrison, Mortimer L. Schiff, John D. Rocke¬
feller, Jr., James A. Stillman, Dean Shailer Mathews of the University of
Chicago, Dr. Jeremiah W. Jenks, Charles H. Sabin, Frank I. Cobb, Adolph
S. Ochs, George M. Cohan, George Horace Lorimer, Samuel Gompers, Dr.
Livingston Farrand, E. N. Hurley, Julius Rosenwald, Festus J. Wade,
Charles Nagel, John R. Mott, Dr. William Mayo, Myron T. Herrick, Louis
W. Hill, Robert Dollar, John H. Rosseter, David Starr Jordan, Raymond
B. Fosdick, Bishop Thomas S. Gailor, Mrs. Carrie Chapman Catt, Mrs.
Medill McCormick wife of the Senator from Illinois, Mrs. George Wharton
of the Treasury
Secretary
former President Taft,
Reserve Board;
Frank
Vanderlip,
A.
Mrs. August Belmont, Mrs. Cary T.
Mrs. Otto H. Kahn, Miss M. C. Thomas
of Byrn Mawr College, and Mrs. Margaret Anglin Hull.
Blanche Bates Creel,
Mrs.
Pepper,
Mrs. Joseph Cudahy,
Grayson,
president
Lamont
Mr.
Cleveland
had the following to
say on
the 10th inst.
regarding the plans of the committee:
outline
be able to
shall
"We
shortly the simple organization that we
I have already despatched a pre¬
mind for handling this matter.
in
have
members of the committee, and have pointed out
possibility of securing from the country an adequate response to the
President's appeal for the Chinese famine sufferers without undertaking
to set in motion all the machinery of a so-called 'drive,' and without put¬
liminary telegram to the
the
committee. I want to
of this committee are
in sympathy with the present effort, under Herbert Hoover's
relieve the starving children of Europe. Many of us are identi¬
ting too much of a burden upon the members of the
make especially clear the fact that all the members
deeply
very
direction, to
that every effort will be made to
the other.
The feeling in
the Chinese people, the admiration for their industry, their
Hoover's committee,
with
Mr.
one
fied
work
have
for
America
of
honesty, and for their efforts to
ment is
so
supplement that of
mercy
work out stable and progressive govern¬
the response to their present terrible
strong that I am sure that
so
distress will be
adequate."
loans for
commercial purposes.
Certificates fo the two series now offered are exempt, like
The Treasury
other Treasury
cept estate and inheritance taxes) and from the normal Federal income tax
the corporation income tax and are admissible assets for the purpose
offered are also ac¬
ceptable in payment of Federal income and profits taxes payable at their
respective maturities, and the United States reserves no option to call them
for redemption before maturity.
With these features, the attractive rates
of interest, and absolute security of principal and interest these certificates
are extremely desirable investments add should prove particularly attractive
to taxpayers having taxes to pay in the calendar year 1921, as well as to
persons having idle funds awaiting investment.
In these circumstances,
the Treasury believes that banking institutions generally should feel free to
enter subscriptions for the two issues now offered with the confident ex¬
pectation of prompt resale for investment, and urges them, as in the past,
to subscribe liberally for the certificates add devote their best efforts to
obtain the widest possible distribution among investors.
calculating
profits
taxes.
The certificates
TO
now
A
statement
D.
F.
Houstojt, Secretary.
GOVERNMENTS
AGRICULTURAL INTERESTS.
showing the present financial status of the /
country and the necessity
House
for immediate cash to meet the
needs of the Government
pressing
Dec.
on
10 by Representative
quarterly income tax payments due Dec.
the
reach the
"to
ear
We want every man
Commit¬
15.
Mr.
principal object of his address
McCumber stated that the
was
presented to the
McCumber, of North
of postponing the payment
tee, in order to show the futility
of
was
Acting Chairman of the Senate Finance
Dakota,
of those who are asking favors
of
He added:
the Government."
Cordially yours,
ON
FINANCES—TAX POSTPONEMENT AND AID
and
of
McCUMBER
REPRESENTATIVE
Certificates outstanding, from all State and local taxes (ex¬
and every corporation who must be called upon to
upon their own discomforts but also the
remit for taxes to look not alone
country's
PRESIDENT WILSON'S
APPEAL IN BEHALF OF FA¬
a
CHINA—T.
W. LAMONT
TO
DIRECT WORK.
on
bonus bill, to
the grave
stand
our
MINE-STRICKEN
We want the soldier, who is asking for immediate
exercise patience and forbearance and to under¬
dire need.
action
financial difficulties that confront Congress.
And we want
appropriation committees to cut to the bone and to keep appropriations
to the limit of the bare necessity of Government.
This is no time
down
even
to dream of new Governmental
projects which will call
for Treasury
disbursements.
appeal to the American people to "respond as they
An
can" to the call for relief in behalf of the
famine-stricken
peoples of China was made in a statement issued by
dent Wilson on Dec. 9.
The President stated at the same
time that "in order to be assured
of such donations,
invited
a
matter."
nation-wide committee to lend their
aid to this
J. P. Morgan & Co., has
Thomas W. Lamont, of
of the committee.
the President's statement in the
The following is
important provinces in China. The crop failure is complete, and the
distress which is great, is likely, before winter has run its course, to
several
present
become
In fact our diplomatic and consular agencies in China inform me
that the loss resulting from death in distressing form may run into millions
of souls.
It is certain that the local Governments and established agencies
appalling
of relief are unable to cope
with the magnitude of the [disaster which faces
them.
Under the circumstances, relief to
Once more
an
be effective should be granted quickly.
The
•f
case
our
that
they have invariably met the
opportunity is offered to the American people to show
prompt and generous response with which
call of their brother nations in distress.
of China I regard as
citizens.
To
an
especially worthy of the earnest attention
unusual degree the Chinese people look to us for
Our churches, through their religious
their schools and colleges, and our philanthropic
counsel and for effective friendship.
medical missionaries,
and
foundations have rendered
China an incalculable benefit, which her people
the United States. Therefore not
but in that of the friendliness which we
people in distress, I venture to ask that our citizens shall,
even though the task of giving is not to-day a light one, respond as they
can to this distant but appealing cry for help.
In order to be assured of the orderly collection of such donations, large or
small, as may be offered, I have invited a nation-wide committee, whose
names are attached hereto, to lend their aid to this matter.
I have desig¬
nated Thomas W. Lamont of New York City to act as chairman of this
committee, and Norman Davis, Under Secretary of State, to act as treas¬
recognise with gratitude and devotion to
in the name of humanity
only
feel for a great
urer.
I realize that
this call, added to those for
Europe and the
our
own
I am
the underfed children of East¬
afflicted peoples of the Near East, and to the needs of
the demand upon the bounty of the nation.
confident, however, that all these pleas will be answered in generous
ern
country, makes heavy
spirit
Representative McCumber referred to the
the latter "in some way to
finance the bankrupt countries
export our wheat to them"; he
of Europe so we can
wise included in his remarks a reference
(North Dakota)
his state
one
exception, in
a
efforts to re¬
Corporation and the proposal to ask
vive the War Finance
been crop failures, and he
like¬
to the closing in
of twenty-three banks, all, with
section of the country where there
had
said that so far as the agricul¬
tural situation is concerned, it
matter:
its proportions, to-day holds in its grip
famine, alarming in
A
of the orderly collection
large or small, as may be offered, I have
made chairman
been
Presi¬
would seem that "the first,
intake
American farmer
exclusively the American market so long as he can supply
the market at living prices."
We take from the "Congres¬
thing to be done, is to close the
the real, the sensible
pipe, stop the importations and give the
Record" his remarks, as
sional
follows:
delegations who have been impor¬
tuning members of the Finance Committee for a meeting to consider the
postponement of the December 15 installment of taxes, and also to devise
a method of reducing those taxes.
I had expected to ask permission at the
close of the routine morning business, to present some figures upon this
proposition, so that those, interested in the question could for themselves
judge whether or not it would be possible for the Congress to grant them
the relief they sought.
Inasmuch as there are only four days to elapse be¬
tween now and the 15th, and we do not seem to be approaching the end of
the morning business, I am going to ask the unanimous consent of the Senate
to present, at this time, some of the figures showing the present financial
status of the country, and the necessity for immediate cash to meet im¬
Mr.
President, there are quite a few
mediate needs.
by the Committee on Fi¬
individually have been worked over¬
time in receiving delegations who, in presenting their urgent appeals for
remedial action by the Congress, are reflecting the
deplorable condition
While there has been
nance,
that
no
meeting and no action
the members of that committee
is
There
general throughout the country.
are
immediate
two
relief.
features
of the
The first
general situation where the demand is for
and most important, is our agricul¬
of these,
rapidly falling
the December 15 in¬
(b) by allowing the
inventory losses of 1920 to be offset against the profits of 1919, and to that
extent, reducing the amount of the December 1920 installment.
While no
one fan speak for the final action of the committee,
or of the Senate or
tural collapse;
the second, the heavy
inventory losses due to
prices, for which relief is sought by (a) postponing
stallment of the tax on 1919 profits and income, and
Dec.
House,
181920.]
these proposals, it is eminently proper, and, to my mind, most
the taxpayers directly interested and the country at large be
on
urgent that
informed
the earliest
at
of
the country,
to
the
ment
I
of
which
demand for the postponement of the
due
falls
therefore, to present
December
■
>■ mount of cash in Treasury Dec. 6 1920.
installment, estimated
t
_■
war-savings certificates mature January 1
loan and
v
;
$7,500,000,000
23
It is
$810,018,235
to
that
Outstanding certificates maturing Dec. 15 1920
$700,000,000
Maturing Jan. 3-15 1921
300,000.t)00
Maturing Dec. 15 1920.......
140,000,000
...$1,140,000,000
...........
Thus,
Mr.
President,
if every
December 15 installment is
dollar of the
paid in full and the last cent in the Treasury, including the comparatively
small
that
amount
and which will
governmental
be
will
be far
secured
than
more
there
expenses,
from
offset
general internal
revenue
left by
January 15 past-due
obligations of $329,981,765.
But
the
that
even
milked
dry—is
Secretary
deficit
left
the
of
is
based
Treasury
the
on
In
assumption that the Treasury is
calculations and estimates
the minimum of safety cash of
making his
places
as
Therefore,
to
to keep the
Treasury
brings the deficit
or
on
safe basis
a
must add this sum,
we
amount which must be raised in
some
manner
$579,981,765.
But
even
this gigantic
disclose
not
requires" immediate
deficit, which
the full truth.
There
be
must
added
to
liquidation, does
this whatever
sum
is
to make good deficits growing out of Governmental operation.of
necessary
railroads, estimated by the President in his annual message at $650,000,000.
Bringing the total deficit immediately confronting us to $1,229,981,765.
Mr. President, this is the situation, and it is the deficit that meets our
immediate gaze.
But it is not the end of
cluding two fiscal
of January
day
years,
or
two and
He leaves
next.
us
half
a
difficulties.
our
^he Secretary, in his annual report, directs
of
with
I
deficit
a
on
June 80
1921
of
273 and following is
On page
a
this
low
We
are
three
Where
can
3,063,443,584
and
Forestry,
further
$1,755,037,119 67
Estimated amount necessary for balance in general fund June 30
250.000.000 00
1922:
Fiscal Year 1922.
Estimated deficit in general fund June 30 1921 (as above)
....$1,755,037,119 67
Estimated receipts:
count
of
Mr.
section of the
secure
can
far
no
further
Many other banks would have been closed
The testimony of Mr. Harding, Governor
Board, taken before the Committee
they
as
safely do
can
on
Agriculture
banks have ex¬
reserve
that if they were to
should continue, it
so;
^
>
yield to
23
hope
colleague.
my
my
McCumber:
the
finance
to
I
State banks.
are
them
of
belong to the Federal Reserve
speaking
am
in
situation
Federal
these
they
No;
None
Gronna:
McCumber:
these
System.
of the general plan to get money
now
That must
agricultural sections.
Now, if these banks cannot supply associate banks with money
what
to
buy these
foreign people to
a
For, after
farm products?
what these country banks
have, and
these farmers must
background is not
very
a
to
seem
Nelson:
the
reliable credit.
that
me
long
Would
purchasing
must
the credit that is not backed by cash somewhere In
is money and
it would
sufficient
agricultural depression, how can these same banks furnish
tide over the
money
come
banks.
Reserve
he
as
not
far
so
the agricultural situation is con¬
as
the intake
exclusively the
supply that market at living prices.
depriving the people of Europe
can
that
result in
to purchase our
power
products?
If
Europe can sell
buy our products
Has the Senator considered that matter?
Oh, Mr. President, there is no question but what we
McCumber:
universally trade with a country where the balance of
continue to
cannot
always in
is
our
favor and against that country unless that country
balance of trade somewhere else.
But our first and impending
duty now is to take care of our own people if we can.
They can not sell
their products.
We are seeking through a Governmental board to provide
get
can
a
as
a
by which
can
we
the
matter of fact,
export these products to foreign countries, when,
products are coming into this country in un¬
same
precedented quantities.
Why, I call the attention of the Senator from Minneapolis to the fact
that during the month of October alone about 10,000,000 bushels of wheat,
flour,
including
crossed
for Minneapolis.
Canadian line
the
those countries in
finance
that will
run
During the
at least to 12,000,000
this wheat to Germany and Austria and
way so that they can buy our exports
some
thereby relieve the depression, when the depression is growing contin¬
enormous
imports into the United States. |
Mr. McCumber had
em¬
expenditures
a
nearly whole, for
President
I
I
Gronna:
ually by
expendi¬
inserted in the "Record," as part of
ac¬
additional
his remarks,
Amounlt
$160,018,235
of cash in Treasury Dec. 6 1920
Dec. 15 tax installment,
account of new con¬
struction in Navy
certain tables, as follows, covering points dis¬
cussed by him:
|
compensation
in Postal Service, and of expen¬
ditures on
they themselves
until
Now, we are seeking to export
tures on account increased com¬
ployees.
in
or
colleague will not get the impression that the
banks closed had been extended credit from the Federal Reserve Board,
and
expenditures:
Government
think,
whole banking system.
McCumber:
to
pensation of
What
bushels.
$4,919,730,000
of
tank
But of
stockholders.
upon
as
our
Gronna:
Mr.
60,200,000
exclusive
I
failures, whole
month of November I am informed that
$4,859,530,000
Ordinary,
busi¬
those credits and the present conditions
extend
means
$2,005,037,119 67
year
our
What the farmer needs
the whole is to the effect that the
Mr.
trade
Total
were
we
the banks of this section have had to extend
get the money?
on
might endanger
Mr.
Estimated deficit in general fund June 30 1921....'
Public debt
If
loan this farmer.
crop
banks.
Reserve
tended their credit
freely?
Ordinary
finance the bankrupt
to
way
wheat to them.
nothing in this country, how can they be in a position to
$2,114,984,140 00
Estimated
some
exception,
one
been
years
reserve
we
the Federal
of
Mr.
give the figures for the fiscal
are
"and not statesmen"—we would fol¬
get a half living price for his crop.
can
years
the former
over
except for assessments
$7,914,742,515
to
in
say
would at least close the intake to
we
with
During each of those
of
1921
wool
and
the cost of producing it, we are about to
money to
have
American market so
Excess of estimated expenditures over estimated receipts
now
wheat
pipe, stop the importations, and give the American farmer
*
1921
in the
four years.
credits from the
outstanding maturing with¬
I wish
us
cerned, the first, the real, the sensible thing to be done is to close
$2,509,-
Total....
staring
State 23 banks closed during the past three weeks.
my
all,
were
where there
or
So
Estimated gross deficiency June 30
until he
President, in
credits
the
$5,799,758,375
$4,851,298,931
Act certificates)
While
Corporation.
Corporation
bank needs is
banks
These
country
all,
in year, but not including Pittman
far,
we can
considering the financial situation.
now
the
550,500 certificates of indebted¬
ness
by which
struggling to empty the tank through the spigot.
were
the country
expenditures:
(including
Finance
is money to live on
to
60.193,375
debt
and
relieve the agricul¬
kind of relief through a revival of the
some
Finance
near
hereafter.
have,
Public
War
we
that
$359,947,020 33
Total
hope for
War
business instinct and
our
while
1920.]
$5,739,565,000
Ordinary
the
the last two months of 1920
over
sura.
both
some way
men—possibly I ought not to
Mr.
Estimated receipts:
Estimated
of
We
the American product to half
from
Public debt..
striving to find
Mr.
for the fiscal year 1921, as follows:
Balance in Treasury June 30 1920
improvement
deficits,
great
I do
nearly $5,000,000,000.
or
industrial prospects, but if 1921 as
our
because that is not the true condition.
summarized estimate of receipts and expenditures
Ordinary...
these
Mr.
year ended June 30
call attention to
I
1922, on the assumption that our revenue for
$4,859,530,000,
countries of Europe so we can export our
STATEMENT.
of Secretary of the Treasury for the
obligations.
war
will not be one-half of that
Mr.
on
FINANCIAL
»From report
are
be
gloomy view of
a
most decided
a
with
we
ask
our vision along a vista in¬
calendar years, from the 1st
June 30 1922 of nearly $1,500,000,000,
ask to have printed the report for these two fiscal years:
$2,000,000,000, and
period there¬
a
pouring into this country in unprecedented volume, driving down the prices
;
$250,000,000.
which
Government
June 30
will
tural situation.
Mr.
bankrupt.
of
on
year
revenue
Now,
sources
by the amount paid out for general
still be
would
Within
Secretary's report.
to take
whole is not
ness
Total
the
fiscal
not wish
this
1923, and $2,347,000,000 of
the year.
worthy of note that the Secretary bases his estimate of the deficit
activities
immediate liabilities:
our
of
within
mature
2% years, ending May, 1923, there will become due and pay¬
page
650,000,000
.
Total
now
certificates
able
face
Turning
tax
fore of about
a
$160,018,235
-
...
of
which will exist
15.
most general statement of the
a
them:
Dec. 15 tax
judgment as
This is
last install¬
conditions
Treasury, its immediate obligations, and its cash assets to
of the National
meet
own
possibility of securing the relief demanded.
or
to the
as
taxes,
wish,
possible moment of the present financial situation
to the end that they may exercise their
probability
especially true
2387
CHRONICLE
THE
650,000.000
estimated
3,897,419.227
Public debt
Total
465,854,865
Total
565,455,908 00
Estimated deficit in the general fund June 30 1922...
Maturing Dec. 15 1920
140,000,000
—
..
$1,140,000,000
Total
$1,198,581,211 67
$810,018,235
$700,000,000
300,000,000
Maturing Jan. 3-15 1921.
4,363,274,092
Excess of estimated receipts over estimated expenditures
.
-
Outstanding certificates maturing Dec. 15 1920
Estimated amount necessary for balance In the general fund June 30
1922..
250,000.000 00
Deficit (with empty Treasury)..
Minimum Treasury safety balance
Estimated gross deficiency June 30 1922
$1,448,581,211 67
Now, Mr. President, the estimated receipts and disbursements for the year
ending June 3 1922 do not include deficits which must be taken care of
during the coming year.
be
On
nearly
As
000,000.
will
as
The President estimated for the railroads $650,T can learn, this deficit, when all claims are in,
nearly double that amount, or about $1,125,000,000.
October
31
1920 there
were
still
outstanding and unpaid tax certifi¬
15
obligations of the Government due from December 15 1920 to March
1921, of $506,527,500.
If we carry the tax certificates to September
15
1921,
cate
the total will be $1,782,040,000.
cates which become
432,950.
the
I
call
If
we
include the loan certifi¬
due within the year, this total will amount to $2,629,-
attention to page
22
of
the
report
of
the
Secretary
of
Treasury.
Here is an
About
important feature
which
we
ought to take into consideration.
$4,250,000,000 of Victory notes mature May 20
1923, $800,000,000
—
$579,981,765
'
650.000.000
Railway-operation deficit
Total
In
deficit.
$1.229,981,765
-
addition
we
take
the
following from the "Record,"
covering some of the further discussions
Mr.
Simmons:
statement
$329,981,765
250,000,000
In the matter:
and comprehensive financial
the country that on the 80th day of
The Senator in his very clear
informs
the
Senate
and
confronted with a deficit of something over
understood him, and that on the 80th day of June,
1922, we will be confronted with a larger deficit.
I want to inquire of
the Senator, who is the acting Chairman of the Finance Committee, and
the
coming next June we will be
$2,000,000,000,
as
I
who, I understand, has informally
conferred with his colleagues in the ma¬
jority, if he has himself individually or
in conjunction with his associates
2388
the committee
on
CHRONICLE
THE
in
the
majority considered the feasibility of utilizing
a
FERTILIZER
deficit f
enormous
Mr.
McCumber:
I have not—I do not know whether any
have discussed that
subject—because I have felt that it
not
are
paying the interest
even
Mr.
Simmons:
Mr.
McCumber:
we
think that
And,
of
hardly ask them to
can
Mr.
I
Simmons:
I
it—I
as
to that
if they are
at all
in
clear
mind that
my
any
use
can
be
these
June
Governments, like those of Great Britain, to a form in which we
might use them at some time during the period between now and the 30th
Mr.
so
help
us
liquidate this deficiency.
McCumber:
I am in favor of having an early meeting of the com¬
inviting the Secretary of the Treasury to be present, and seeing
mittee and
what
to
as
we
do
can
of
along that line.
TOO
HIGH.
a
statement rela¬
than those
that in view
feels
of existing
the
The Department further says
now
putting forth
prevail during the entire season, it will be
.
for the
unusual
care
farmer who
individual
necessary
fertilizers to exercise
uses
in shaping his operations so
as
to avoid undue
risk of financial loss in his effort to maintain
duction of essential crops.
at
Department
market conditions the price
that "if the prices the manufacturers are
..
purchased
by manufacturers for the spring
trade of 1921 are too high.
.
materials
raw
were
prevailing,
now
fertilizer quoted
of mixed
of the
some
fertilizer
when
they are put in proper form to help us out
distressing condition in which the Treasury finds itself; but I wanted
to suggest to the Senator from North Dakota, the acting chairman of the
Finance Committee, that the matter ought to be very seriously considered.
It is possible, it may be probable, that we might reduce the bonds of certain
of
manufacture
the
prices higher
of the
of
in
the interest,
the principal in liquidation.
ARE
tive to the fertilizer situation, issued on Dec. 10, states that,
notwithstanding the fact that
used
not paying
OF AGRICULTURE ASSERTS
PRICES
Department of Agriculture, in
impossible for
I understand that
not certain
am
The U, S.
true.
course,
pay
not
am
these securities
made of
is
on
other members
was
of the foreign Governments to pay their debt now.
any
they
S. DEPARTMENT
U.
part of the indebtedness of foreign Governments to us in liquidation of this
[Vol. 111.
normal
pro¬
We give the Department's state¬
ment in full herewith:
In
HOUSE
ADOPTS
RESOLUTION
SUSPENDING
WAR¬
TIME LAWS.
The so-called Volstead resolution
of the wartime laws
unanimous vote—that is
a
with
none
of the
in
opposition.
resolution,
an
by
the
The
Food
accepted by
was
of
Act, with the exception of the section
offered
was
by Representative Bland (Republican), Indiana.
are
180
vote of
a
all provisions
covers
relating to rents in the District of Columbia,
Acts which
passage
Among the laws which the
amendment, which
Control
the
on
amendment providing for the inclusion
resolution would suspend,
135.
Dec. 13 by
on
vote of 324 in favor of it,
a
Before the final vote
of the Lever Food Control Act.
to
suspending the operation
passed by the House
was
The other
excepted from the operation of the resolution
Trading With the Enemy Act, the First, Second,
Third and Fourth Liberty Bond Acts, the Victory
Liberty
Loan Act, titles 1 and 3 of the War Finance
Corporation
Act, and the Act providing for wartime passport restrictions.
The resolution, as adopted, is similar to that passed
by
Congress before the adjournment of the last session and
vetoes
by President Wilson.
the House
are
The
said to have stated
adoption of the resolution
Republican leaders of
on
was one
the 13th inst. that the
of the first steps taken
by the Republican majority to fulfill the campaign pledge
to put the country on a peace-time basis.
The following is
the resolution
adopted:
as
[H. J. Res. 382.]
JOINT RESOLUTION declaring that certain Acts of Congress, joint reso¬
lutions, and proclamations shall be construed
and the present or
existing
emergency
as
If the
war
had ended
expired.
of America in Congress
assembled, That In the interpretation of
any
pro¬
vision relating to the date of the termination of the
present war or of the
.present or existing emergency in any
Acts of Congress joint resolutions,
proclamations of the President containing provisions contingent upon the
date of the termination of the
the existence of
or on
war or
state of war,
a
of the present or
war
or
of the present or
vision in any Act of
existing
Congress
or
as
the date of the termination of
emergency,
determining the date of such termination.
or
any
provision of
a
notwithstanding any
joint resolution providing
of
the existence of
vision
from
on
pro¬
other mode
such Act, that by its terms is in force only during
state of war or during a state of war and a limited
period
any
the date when
of such law
the
any
And any Act of Congress
of time thereafter, shall be construed and administered
terminated
existing emergency,
the date when this resolution becomes
effective shall be construed and treated
the
to
the
this resolution
becomes
contrary notwithstanding;
as
if the present war
effective,
any
This
of 1921.
season
had begun to
operation and effect of this resolution the following Acts
and
Title 2 of the Act entitled "The Food Control and
District of Columbia Rents Act," approved Oct. 22
1919, the Act known
the
unit less
same
as
below the fall price.
which
the fertilizer
fertilizer materials
raw
materials, together with manufac¬
The prices quoted by the larger manufacturers for the
spring of 1921,
according to statements submitted by him, were based upon a unit cost of
ammonia of $5 25, phosphoric acid 80 cents and potash $2 50.
When
these prices were received early in October, the
following communication
some of the principal manufacturers:
was sent to
"With the break
in general
commodity prices there has been
break in the prices of many of the fertilizer materials.
ment has not yet been accomplished.
The indications
This
are
recent
a
price adjust¬
now
that
we are
a continually falling market with certain of the materials.
*
*
♦
Therefore the Department is strongly of the opinion that
prices fixed for
are not
the entire spring trade to July 1 1921 on the basis of present values
justified
Your prices for spring delivery should be lowered now
fullest extent, having in mind the reductions which
in
the fertilizer material market
justify.
"In your letter you propose a price of $5 25 per unit for ammonia.
this price at the outset.
"The price you figure
WITH
unit—is,
it is
believed,
The department has
repeatedly urged the fertilizer trade, in determining
attention has been called to their insistence
during the war years upon the
application of the "replacement principle" in determing their price
quota¬
tions during the period of rising prices and to their
abandonment of this
falling market.
a
The larger manufacturers allege that, in order to
provide their enormous
tonnage, it is necessary for them to contract for
a
considerable part of their
materials several months before their prices are set.
raw
time, they claim to have purchased
a large part of the
before the beginning of the break in
materials for the spring trade of 1921
prices of fertilizer materials.
At this particular
contracted for
or
The smaller manufacturers,
of whom
there
around
750, make no such claim but, on the contrary, many of them have
stated that they were unable to
quote prices because they had not bought
their materials and did not know whai, they would cost.
As the figures submitted to the department
by the larger manufacturers
themselves showed that the actual cost to them of the ammonia and
are
potash
already purchased, and the probable cost of the additional material
they
expected to purchase, was not above the average prices
prevailing on
Sept. 25, above referred to, they, after conference with the
department,
decided
to
lower
accordingly the unit
of potash
cost
determining the prices of their mixed fertilizers.
the prices of
raw
materials have continued to decline, as forecasted in the
department's letter, with the result that
purchase price of ammonia
since
In
and of ammonia in
In the meantime, however,
was
$4
a
on
Nov. 15, the estimated average
unit, representing
a decline of $1 a unit
Since Nov. 15, there have been further substantial reduc¬
Sept. 25.
connection
raw
materials.
with the negotiations, a further important situation has
namely,
that
the larger manufacturers, in determining the
prices of their mixed fertilizers, have figured acid phosphate at a price which
is 20
cents per unit lower
than
for the fall of
1920|.
the other hand, show that the
price of 68%
on
the basis has
an
the
been
changed from f.
o.
b.
The trade journals,
Florida pebble phosphate
quoted from $6 85 per ton in June and 311 50
per ton in
Tampa to f.
additional difference of about $1 20 per ton.
quoted
price of bulk
acid
phosphate increased
o.
September
b.
mines,
They also show
from
$18 50 to
$20
HOLDS
FORCED
£60,000,000
WOOL-
REALIZATION.
per ton.
The Federal Trade Commission, in its report on the fertilizer
Industry, indicates that the large fertilizer manufacturers have practical
control of the
phosphate situation through the ownership of acid phosphate
plants and of mines and factories and through the existence of long-time
Special London cablegram to the "Journal of Commerce"
contracts at low
prices with other than their
own
mines.
The
official report
issued by the Ministry of Munitions
stock of Government owned wool is about two and
and
potash—$2 50 per
their prices for the spring season of 1921, to
recognize to the fullest extent
the downward trend of prices of raw materials and to
give their customers,
the farmers of the United States, every possible
price concession.
Their
that
Dec. 7, said:
Australian
for
much above what is necessary for you to charge to secure
your 15% gross
profit.
The Department will expect you to revise and lower this figure."
that
GOVERNMENT
The
Department feels that this is a very generous price for materials that you
have already purchased.
It believes that it is too high a price for the
market to-day and too high a price for you to
carry as a fixed price per unit
for ammonia up to July 1 1921.
The Department expects you to lower
making
RUIN
the
many
rock was
BRITISH
to
recently have taken
of the fertilizer materials, and also the probable future
prices
of these materials, and they should be still further lowered later if conditions
place in
the Acts herein excepted from the effect and
operation of this resolution.
Passed the House of Representatives Dec. 13 1920.
New
Zealand
grades.
Half the
and half Is in Australia and New Zealand.
states that the
half million bales of
a
amount
is
here
and
in
Its value is approxi¬
mately £60,000,000.
•
The report states that any attempt at forced realization
on
this amount
early date would be impracticable as it would ruin the wool trade.
Germany has made
direct purchases, but arrangements have lately
been made to supply Austria with £800,000 worth of wool and
negotiations
are
raw
At that time the estimated
The prices of
Corporation Act as amended by the Act approved March 3
1919, and the Act entitled "An Act to prevent in time of war
departure from
and entry into the United States
contrary to the public safety," approved
May 22 1918; also the proclamations issued under the authority conferred
by
an
the
manufacturers establish selling prices.
developed,
a
and
turing costs, allowances for shrinkage and for profits, form the basis upon
tions in the prices of
transit
Law
average purchase price
$5 per unit of 20 pounds, which was a dollar a
than for the fall of 1920; acid phosphate $1 a
unit, which was the
for the fall; and potash $2 25 per unit, which was 50 cents a unit
the War Finance
An
shortly after the prices of
was
decline.
Trading with the Enemy Act, approved Oct. 6 1917, and the First,
Second, Third, and Fourth Liberty Bond Acts, the Supplement to the Sec¬
ond Liberty Bond Act and the Victory
Liberty Loan Act; titles 1 and 3 of
A
Control
of ammonia was around
pro¬
excepting, however,
proclamations, to wit:
as
Food
a letter was addressed, on
Sept. 25, to ail fertilizer manufacturers under license requesting them to
submit information regarding their prices for mixed fertilizers for the
spring
theory under changed conditions of
Resolved, by the Senate and House of Representatives of the United States
or
under the Lever
regarding fertilizers,
one
the
are
duties
its
executing
President's Proclamation
no
proceeding in respect to supplies to Poland.
Large stocks of low crossbreds, South America,
Central Powers at very low prices.
department has urged the mine owners, the larger fertilizer manufac¬
turers, and the producers of acid phosphate to make some concession to the
smaller manufacturers
by lowering the price at which they can purchase
rock and acid
phosphate.
acid phosphate
being offered to the
*
car
shortage, the stocks of rock and
low that they have difficulty in obtaining sufficient
quantities of these materials for their own use.
Apparently the greater
are so
part of the rock that is mined above the contract requirements of the larger
concerns
is held for
export, and a domestic buyer without a
tract is compelled to pay $11 to $12 a ton as
against $6
about the average for the domestic contract rock.
The principal
are
They reply that, on account of the strike in the
Florida pebble district in 1919 and the
contract
long-time
a ton,
con¬
which is
acid phosphate manufacturers stated that their price to
purchasers
was materially lower than the quotations in the trade
journals for non-contract or cash purchases.
They stated that practically
Dhc.
CHRONICLE
THE
181,920.]
their entire production was sold under long-time contracts,
trade journals
were
based
on
re-sale lots where money was
capacities had been exceeded.
the larger manufacturers
are
It is evident, therefore,
needed
or storage
that the needs of
provided for, whereas the source of supply of
the smaller manufacturers is seriously
smaller manufacturers is seriously
manufacturers have to pay are
Not since 1893 has the wool market been in
that they had
nothing to sell outside of these contracts, and that the quotations in the
curtailed and the prices which the
curtailed and the prices which the smaller
2389
Conditions then
free.
Now
one
has
large.
on
continue to decline,
and the price
the stocks on hand are, in reality,
as
The Lever
is also decreasing.
authorize the fixing of prices of
Food Control Act does not
fertilizers, but manufacturers who exact
will be subject to prosecution.
unjust
an
Notwithstanding the fact that some of the
purchased at prices
materials used in the manufacture of fertilizer were
higher than those
prevailing, the department feels that, in
now
view of
high prices for fertilizers, at
time when the prices of farm products have
a
planted.
The oppor¬
tunity is'presented, as shown above, for a greater range in fertilizer prices
for the spring season of 1921 than is usual under normal conditions.
If the
prices the manufacturers are now putting forth, which are based upon the
unit costs of Sept. 25, prevail during the entire seasion, it will be necessary
for the individual farmer who
shaping his operations
to maintain normal
of
crops
fertilizers to exercise unusual care in
uses
avoid undue risk of financial loss in his effort
so as to
at present.
much in lambing grounds
so
in
as
the sheepman by State and Gov¬
on
1
selling from $5 to $6 per hundred¬
are
this time, and with wool practically of
year ago at
a
no
where the sheep producers of the West will land
see
H cents
pound today to produce wool, and 11 cents per pound for
a
•
,
Wool today would hardly bring 20 cents
9 cents per pound on an average.
over
a
pound; lambs would not bring
It can be readily seen, therefore,
that the stockmen should be receiving much higher prices if he is to come
anywhere
covering his cost of production.
near
One year ago
today breeding ewes were selling at $15 a head, notwith¬
standing heavy drought throughout the West during the
Today, with
are
greatly declined, may result in a curtailment of the use of fertilizers and a
reduction in acreage and in yield per acre
time fat lambs
present
lambs.
existing market conditions, the prices of mixed fertilizers quoted by manu¬
facturers for the spring trade of 1921 are too high.
The consuming public
is vitally concerned in this matter for the reason that the maintenance of
as
According to advices issued by the sheep associations of the West, it
cost 43
unreasonable profit
or
shape
with operating expenses at top notch.
Information has reached the department that not only is the cost
of material falling but that the cost of manufacture
raw
At the
greatly in
the basis of Baltimore quotations,
a
value, though low.
Face Calamity.
,
value, it is easy to
a ton
have invested
to
a
ernment.
$20
$17
as
sheep, owing to the restrictions placed
weight less than
a ton to
bad
as
wool had
Dur¬
ing that time it cost but little to operate; Government and State ranges were
excess of contract prices.
Within
the past two weeks, however, the acid phosphate price has declined from
will probably
better,
were even
summer.
abundance of feed, there is no demand for ewes, and they
an
not worth to exceed $8 a head.
One year ago wool pelts sold for $4 apiece; today they are priced at not
50 cents apiece.
over
Beef hides, which one year ago were
pound,
costs
selling from 40 cents to 46 cents a
selling today with difficulty at from 6 to 14 cents a pound.
are
today $2 to produce
It
wool pelt.
a
The difference in exchange between United States and Canadian currency
is
inducement to Canadian stockmen to dumpt their cattle and
great
a
sheep
the states' markets.
on
This he is doing to a very great extent, as shown by the receipts at the
production of essential crops.
Chicago, Cleveland, Buffalo and Pittsburg markets.
The
APPEAL
OF
DENVER
LIVESTOCK
An
embargo
products,
on
or an emergency
tariff of 35 to 40% was urged in
by the Denver Live Stock Exchange on
Dec. 4 to United States Senators and
Colorado.
the
as
great
These
proposals
were
Representatives from
suggested by the Exchange
"only salvation to the Western live stock producer."
The letter stated that:
Unsatisfactory Market.
Ever
the
since
landing in April at Boston, of frozen mutton, we have
If
be
a most
landed in New York and Boston 750,000 carcasses of New Zeal¬
unsatisfactory market.
and lambs, and this was only a small part
country during the fall months.
We ask you in all candor, is it
right to expect the American producer to
portion of the letter,
as
representing the firms and individuals
engaged in the business of buying and selling live stock at the Denver
tions prevailing at the present time
products.
in regard to the market for live stock
V:.: .-'.:
the Northwest.
relieve a
the stockgrowers of Colorado and
at the beginning
be today if he lost 50 to 60
hand—or, in other words, if he was obliged to sell
on
We are
setting the facts before you to solve the problem but to us It
that
seems
on
the Western live stock producer is an
the only salvation to
foreign live stock, wool, meat and meat products or an emer¬
tariff of 35 to 40 %, this to be effective until such time as the situation
gency
be gone into carefully and a Just law
can
protecting the producer can be
enacted.
of the World's War when prices on cattle were at
Prices
SIGNING OF PEACE TREATY BETWEEN ARMENIAN'S
Quoted.
TURKISH NATIONALISTS.
AND
$7 50 to $8 25
hundredweight, while the choicest grass cows and heifers found an outlet
Reports of the signing of a peace treaty between Armenia
the Turkish Nationalists at Alexandrapoe during the
$6 25, with the bulk of the good butcher cows costing the packers
and
$5 25 to $5 65.
feeder steers sold up to $8, with choice yearling steers from
the Gunnison country on Oct. 12 1914, selling at
$7 35 to $7 50 per hundred¬
night of Dec. 2-3,
were
contained in advices (Havas) from
Constantinople Dec. 9 to the daily papers.
weight.
quality feeder steers sold up to $8, with choice yearling steers from
the Gunnison country on Oct.
If anything, these
.'•>
The high point was
has been
reached during 1918, and since the armistice there
gradual decline, with radical fluctuations in the live stock market
a
general.
Radical
prices experienced during the past twenty years, aside from the panic of
things righted after three weeks or a month.
present decline amounts to
The
$2 50 to $4 per hundredweight.
On Oct. 17
hundredweight,
1918, best range steers sold in Denver at $12 50 to $14 per
with choice fat cows from $8 to $9.
Now just stop
Good grades sold frqm $7 to $7.75.
and think what this radical decline means to the cattle
producers of this Western range country.
Range beef steers show a loss to the producer of
the present
$40 to $50 per head at
fat range cows are selling at a loss
operating expenses as heavy as
In this Western country last winter it cost from $20 to
time compared with 1918;
$20 to $25 per head, with overhead or
during the war.
issue of
early last month, and the later rejection of the peace
of
said:
2188)
we
*
The Treaty provides that
Gokcha, excluding Kars and Alexandropol.
all Armenia's armament must be delivered to
with the exception of 1,500 rifles, twenty-six quick-firers
three cannon, which the Armenians are
A Soviet administration has been
reports, and a complete
and
permitted to keep.
organized in Erivan, according to the
accord exists between Soviet Russia, Azerbaijan,
Armenia and the Turkish Nationalists.
The daily papers of
the 10th inst, in printing the abova
cablegram also said:
A formal
been
armistice between the Turkish Nationalists and Armenia has
Bolsheviki,
signed, presumably at the intervention of the Russian
known, according to cable
by the Near East Relief here yesterday from Sanain,
and railway station between the republics of Georgia and
although what the Russians gain by it is not yet
received
frontier customs
Serious Decline.
territory will be reduced to only the region
of Erivan, the capital, and Lake
advices
$30 per head to winter a cow or steer.
Constantinople advices Dec. 9
The
by Armenia.
terms
the Turks,
1907.
latter time
our
an
Dec. 4 (page
Under the Treaty, Armenia's
Slump.
During the past month or six weeks we have had the most radical slump
At the
In
referred to the reports of the signing
armistice between the Armenians and Turkish Nation¬
alists
12 1914, selling at $7 35 per hundredweight.
prices will average 50 cents per hundredweight higher
than at present.
of
his goods
■
At that time best range beeves sold on the Denver market at
Best
year?
or
at that decline.
embargo
the present low level.
Best quality
In turn, we ask
comparison to that of live stock during
Where would your merchant or manufacturer
per cent of
.
The immediate action of Congress is regarded as necessary to
situation "which is bringing calamity to
producer had his
during the war the American
reply that
the last six months
begs leave to call your attention to the serious condi¬
Union stockyards,
at $6 to
may
what line of industry has suffered in
The Denver Live Stock exchange,
was
You
higher
,
given in the "Denver
Rocky Mountain News" of Dec. 5, was as follows:
in
Challenge.
inning, and should now be prepared to take his medicine.
than during the war.
consumer
The other
in
and accumulated
compete with the cheap production in foreign countries,
holdings of Great Britain?
bankruptcy, thus killing the industry, resulting in
into
prices to the
per
of what was imported into this
something Is not done and done at once, the Western stockman will
forced
It
During three months this fall
experienced
one concern
Issue
If
condition is the privilege foreign
of the present
cause
dumping their surplus wool and mutton on the American
public causing the American producers (your constituents) untold losses.
WOOL EMBARGO.
AND
one
countries have of
imports of livestock, wool, meat, and meat
letter forwarded
a
EXCHANGE. FOR
STOCK
LIVE
Armenia.
This, with the serious decline in value, has cost
the producer from $65 to
for one year, and from $35 to $50 per head on
interest, overhead and time.
$80 per head to carry a steer
cows,
to say nothing of
of this a great many stockmen are forced to market immature
On top
cattle on the present
market to meet pressing obligations to their local banks
and loan companies, who
Is it any
seemingly have lost faith in the industry.
in their behalf and to acquaint
with the serious conditions they are endeavoring to overcorj e?
"What is true of the cattleman's situation also applies to the sheep
you
ducers of the great
As you
on
pro¬
business is the wool clip.
depend for running expenses.
the result today?
No demand for wool.
On
While the Eastern
wool merchants helped the grower to some extent during the summer
months by advancing on the 1920 clip from 25 to 30 cents per pound, they
are now asking the flockmaster to pay back a part of that advance, stating
that wool is of practically no value, due to the heavy importation of wool
from
is
foreign countires.
the second highest mountain in Armenia,
of Erivan.
Other boundaries were unknown in
arrived Dec. 6, it was
The territory
k
Sanain, it was said.
A commission of
control the neutral area, was to have
added.
in the neutral zone includes the
important Armenian city
Bash-Abaran, Akhta,
Karakliss, Delijan, Hamamloo,
Khoroum, Bandamal and a score of other towns.
soldiers in
Refugees are per¬
but it is unknown whether any guaranty of
Under the armistice terms all troops
this the growers
What
and thirty-four miles northwest
the terms of
sixty-eight miles long had been provided
except officers and six
Karakliss are to withdraw eleven miles from
Wool.
know the sure thing in the sheep
for between Sanain and Alaguez,
of Alexandropol, and
West—in fact, to the United States.
All Depends
dispatch, which was dated Dec. 4, said that by
three Turks and three Armenians, to
wonder the cattle producers tributary to the Denver market have
appealed to us, their agents, to intercede
The Sanain
the armistice a neutral zone about
mitted to return into the area,
their safety
had been proveided.
The Armenians
under the armistice were to
rifles, 60 machine guns, 2 locomotives
The report
had been confirmed it was
killing of two Turkish soldiers by
reported.
deliver to the Turks 2,000
and 560 cars.
added, that the Turks were mas¬
Hamamlos in alleged reprisal
civilians. No other massacre was
sacring the inhabitants of two villages near
for the
the zone.
situation, in which President
This latest development In the Armenian
agreed to act as mediator for the League of Nations, shows
Wilson has
under pressure from the north and south by the
Armenia's helplessness
and
Bolshevik!
Russian
Kemal
under
Nationalists
Turkish
the
[VOL. 111.
CHRONICLE
THE
2390
bearing date of Dec. 6, which likewise formally
Government at Angora,
dissension exists between Mustapha Kemal Pahsa's regime
declares that no
and the Russian Soviets.
;
,
and the denunciation of the Sevres treaty
The Turkish Armenian peace
Pasha
concluded at the request of
by the Armenian and Soviet Governments was
officials of the Near East Relief declared.
Moscow, says the
communique.
With the acceptance of the Soviet regime
independent.
The country is under the tutelage of
Armenia ceased being
THE POSITION OF THE RAILROADS.
\i
Moscow.
10,000 Russian troops have entered Armenia across Akstafa
Cabinet and
Weakness in railroad securities cannot be ascribed wholly, perhaps
even
principally, to the financial position of the carriers themselves.
not
made in large volume for tax accounting, and to
the moment, has fed
into bearish indigestion.
tingent in the Street, which is virtually in control for
current industrial news
itself upon
and,
Much
upwards of $300,000,000 still owing the carriers on account thereof.
Commission
of this, as the Commerce
not for
unexpected and unintended legal obstacle.
an
made available
It is nine months since Congress
a
fund of $300,000,000
tiding the railroads over the transition from Government to
in
assist
to
could be paid at once if It were
says,
private operation, but little more than a third of that sum has been ex¬
in loans.
The Commission has quite properly sought to use this
tended
fund
at
stimulate
to
once
carriers have not found
borrowing,
supplement private
and
But as long ago as last June
to get.
money easy
and the
submitted a ma
the National Association of Owners of Railroad Securities
part of the fund in connection with larger sums to
tured plan for using a
privately raised, and this plan was actively supported by important
be
No money has actually been provided
financial and fiduciary Institutions.
under this plan, for reasons which
So far
do not appear.
the rate-making provisions of the
as
Transportation Act are con
It is too
do, that this section of
after their effective date to conclude, as some
soon
the
is
law
But other provisions only less important
disappointment.
a
for the relief of the roads from the burdens and handicaps
war-time control
inherited from
being administered rather too deliberately.
are
On their part, the carriers face the
mies in operation during
It is
a
and in addition
whatever these may be,
a
six per cent return on their in¬
by this to imply that operating economy Is
Nor is it intended
vestment.
reduction of labor
matter of taking it out of the payroll, though the
a
to
speak,
be stripped for the race.
By
them to do what they have not been able to do since 1915.
also, outstanding financial difficulties will have been measura¬
that time,
The fact is, that fundamentally the railroads,
bly relieved, if not removed.
in far better position than Wall Street is just now
like the country itself, are
willing to admit,
the Council of the League of
BOOKLET OF BROWN BROTHERS & CO. ON LONG TERM
BONDS
RAILROAD
Nations I thank you for your
1 in which you agree to act as mediator between the
Armenians and the Turkish Nationalists and add that you will nominate a
telegram of Dec.
representative for this purpose.
The Council is deeply rejoiced at and grateful for your decision.
Council asked me to inform you that the
support of Armenia and that
The
Spanish Government declares itself
ready to participate in any action of a moral
and diplomatic character in
the Brazilian Government announces that it is
in putting an end to the
present situation in Armenia.
The Council is therefore requesting these
two Governments to communicate directly with you as to how cooperation
in this work can best be arranged.
Negotiations can be opened Immediately
with the Armenian Government at Erivan.
regards the Kemalists (Turkish Nationalists), the
As
Council is taking
effective method of getting in touch with them
further on this point as soon as possible.
and will inform you
It
also announced
was
Secretary
on
Dec. 1 that Sir Eric Drummond,
General of the League, had sent the following
to President Wilson expressing the
message
gratitude of the
Assembly at his acceptance of Armenian arbitration:
the
ceptance of the offer with
morning your telegram and
The Assembly welcomes your ac¬
the Council to it.
reply sent by
enthusiasm and asks me to convey to you its
of
unanimous assurances of the complete moral support of every member
the
League in
the great mission you have undertaken, and I
beg con¬
the opinion not only of the people of the United
fidently to declare that
States but of the whole civilized world is with you
that the tragedy of
■
■■
Nations,
This
1.
follows:
The President read to the full Assembly this
will,
Easing of the traffic pressure has
So, when the industrial tide turns a few months hence, the railroads
enabled
was as
In the name of
already begun and is sure to go further.
costs, not wage scales, has
so
reply
Paul Hymans, on Dec.
President,
through its
distortion of the facts
Transportation Act assures them rates which will cover operating expenses,
merely
by the Council of the Council of the League of
steps to find out the most
necessity of effecting sweeping econo¬
the next few months.
tance of
the head of one of the railroad labor unions has recently, that the
to say, as
reply to President Wilson's note signifying his accep¬
the role of mediator in behalf of Armenia, was made
A
ready to take part alone or with others powers
cerned, they have been carried out with commendable dispatch.
TO
TO SERVE
MEDIATOR
ARMENIAN
AS
"sore spots."
Jwo and a half
have elapsed since the end of the six months guaranty period, with
months
OF LEAGUE OF NATIONS
PRESIDENT WILSON'S DECISION
bankers call
creating what
'
j
COUNCIL
OF
REPLY
all that might be desired,
always, general disabilities bear most heavily upon the weaker
as
evaacution of the netral zone and the Bortshalou dle-
ing the immediate
trict."'':^-^
Doubtless the position of the railroads is not
companies,
Soviet has addressed an energetic note to Georgia demand¬
The Armenian
The speculatively active con¬
installment.
mid-December tax
the
meet
(Transcaucasia.)
Stock
speculatively held have had to be sold, sometimes to protect worse pur
chases; sales have been
}
Russian Bolshevist has been appointed a member of the Armenian
A
[From the "Wall Street Journal" Dec. 16 1920.1
in your endeavor to secure
Armenia shall finally cease.
PRESIDENT WILSON NAMES HENRY MORGENTHAU
TO REPRESENT HIM AS ARMENIAN MEDIATOR.
A booklet
long term railroad bonds
on
recently issued
was
The firm in its
by Brown Brothers & Co. of this city.
an¬
nouncement states:
Since 1914 the market for long term railroad
bonds has been affected by
liquidation on an
the following factors: (a) abnormally high money rates; (b)
extensive scale by European investors; (c)
competition with tax-free securi¬
The selection of Henry
(d) the reluctance of the average investor to purchase any
but the very best grade of railroad bonds because of the shrinking net
comes
Turkish
State
Now, however,
have
we
a
situation that appears favorable to long term
European
The American investor
Is no
longer being called upon to subscribe to domestic government loans.
But,
liquidation
most
probably
has
important of all,
under
tablished
the
run
its course.
basis of freight and passenger rates has been es¬
a
authority
of the Interstate Commerce Commission,
which in many cases, appears to
outstanding
as
long
fore the question of a wide margin of safety for railroad bonds
be suggested for investment does not need to be considered as
the
during
two
past
bonds
insure payment of interest on
the Esch-Cummins law remains unchanged.
as
or
three
I
years.
The
carefully as
is
whether, following the substantial rise since the end of July, long term rail¬
road bonds of the investment grade are attractive at present prices.
Mr.
He will wait, however, until
dent's proffer should be conveyed and
points.
The
average
advance from this low level
Most of this advance has occurred since the rate
announced about August 1.
New financing
may,
from its
volume, affect prices from time to time, but we believe that the general
trend of railroad bond
aggregate
property
many cases
carriers.
seem
one
provide
This is
to be
prices is upward.
The 53^% to 6% return on the
value of the railroads within given
a
groups
should in
liberal margin for the so-called "fixed" charges of the
important from the standpoint of the investor since we
appreciation of capital.
As long
as
the government protection of railway
credit continues the holder of railroad bonds should be in
than any save
a
stronger position
the holder of government or municipal securities.
For the consideration of investors we have prepared a pamphlet containing
two lists of long term
railroad bonds with
a
short description of each issue.
Those which are Included in the first list are for the greater part legal in¬
for trustees
attractive opportunities
and savings banks.
However,
we
feel that many
for purchasers who are not limited to the field of
legal investments are to be found in railroad bonds in the second list.
of this
The
the President has received advices
through which the Presi¬
the parties with whom he should get
The acceptance
by President Wilson of the offer of the
Council of the League of
between
Nations that he
in these columns Dec. 4, page
to
Department officials
act
to
difficult, of
mediator
On Dec. 3, State
2187.
reported
were
as
saying that President
personally and not officially in naming ja
but explained that it would be
for him,
course,
personally and
the
serve as
Mustapha Kemal Pasha and Armenia was referred
as
to differentiate between
Woodrow Wilson
President of the United States.
Should
negotiations not be concluded before President Wilson
retires next March 4, it
is stated, the mediator appointed by
lim would continue to act
On Dec. 8 it
was
as
his representative.
stated that President Wilson had com¬
passing out of the period of intense industrial activity and into
where the factor of safety of principal is of greater account than that of
vestments
15.
in contact.
mediator
were
Dec.
designated Henry Morgenthau, former Ambassador
from the Council of the League as to the avenues
Wilson would act
increases
on
appointment in the
the
Morgenthau is prepared to proceed with his duties as soon as prac¬
From 1906 to the spring of 1920 the average price of twenty long term
has been about 10 points.
announced
good offices and personal mediation in the matter of Armenia.
ticable.
We believe they are attractive for the following reasons:
railroad bonds declined 35
was
made known
Turkey, to act as his personal representative to carry out his proffer of
on
There¬
which might
consideration
main
The President to-day
to
Money rates have evidently begun to decline,
railroad bonds.
Nationalists
Department
following statement:
in¬
of the railroads during the period of Federal control.
President Wilson's personal
representative in mediating between the Armenians and the
ties, Liberty and Victory issues and foreign government loans bearing high
rates of interest;
Morgenthau, of New York, former
Ambassador to Turkey, to act as
pamphlet
may
pleted his recommendations with regard to the boundaries
the League of Nations,
of Armenia and had forwarded them to
in session
Geneva.
at
The
recommendations
at the request
had
no
TUTELAGE
AND
BRAZIL
Armenia is no longer an
following to
say
in advices
Dee. 12:
Independent state, but is under the tutelage of the
Moscow Government, declares a statement issued by the Turkish National
AS
OFFER
TO
ARMENIAN
The Associated Press,
known the offer of
The Associated Press had the
They were formulated
and it was explained that they
JOIN
PRESIDENT
MEDIATOR
MOSCOW
GOVERNMENT
from Constantinople
public.
prospective efforts of the President at media
tion in Armenia.
SPAIN
OF
not made
were
Copies
be had on application.
UNDER
dispatches from Washing¬
of the principal Allied Powers,
direct bearing upon the
WILSON
ARMENIA
The press
ton also said:
in
serving
as
in Geneva advices Dec.
mediator in behalf of Armenia.
of the request
1 made
Spain and Brazil to join President Wilson
The acceptance
made by the Council of the League of Nations,
that President Wilson serve in that capacity, was referred
DEC.
in these columns Dec. 4, page 2,187.
to
by Premier Dato,
ed Press
as
signed
Dec. 1 by the Associat¬
was
made public
on
Your Excellency has been so good as to
of His Majesty, the King of Spain,
stances connected
Dr. Aharonian's cablegram said that if such
save
"to
ferably by
Government
far
so
"pre¬
American of high reputation, such as General Leonard Wood."
terms of the resolution of the
of a moral or
looking to a peaceful solution, pursued with so
The telegram from
much
of Nations.
Brazil signed by Minister of Foreign
Affairs Azevedo Marques, was also
made public Dec. 1 as
follows:
received from Your Excellency as to the resolu¬
tions of the assembly regarding Armenia I have the honor to
inform Your
Excellency that the Government of Brazil is ready to contribute alone or
end to the situation of sufferingArmenia.
powers to put an
•
■
WILSON'S
A call
made
was
APPEAL
IN
children
Ten
who
by President Wilson
on
Dec. 13
3,500,000
Europe."
contributed through
the President
will
says,
the
Council,
European
the life of
save
one
child, and he
as
His appeal in their behalf follows:
half million children
a
the
adoption by him of 20 of these' children
his temporary wards.
Three and
his
upon
save
facing starvation in Central
"are
dollars,
OF
BEHALF
CHILDREf IN CENTRAL EUROPE.
"fellow countrymen" to contribute funds to
announces
In reply to the telegram
-v
STARVING
Assembly to appreciate its exact score, never¬
zeal and devotion by the League
definite action had been taken to carry out Dr. Ahar¬
no
suggestion.
PRESIDENT
in Armenia, regards with the
theless it holds itself ready to contribute gladly to any action
Jointly with other
that it should be administered
although not in touch with the circum¬
with the tragic situation
nature
an
delegation suggested
he knew
as
onian's
sufferings and, although the Spanish Government is unable by the
diplomatic
fund could be provided
a
Armenia from its present peril and to establish a national existence"
profound sympathy this unfortunate people, which is the victim of so
many
3391
Charles V. Vickery, General Secretary of the Near East Relief, said that
under date of Nov. 26,1 have the honor to say that the
me
^
the Armenian
follows:
In reply to the telegram which
most
The text of the
from Spain regarding Armenian mediation,
message
send
CHRONICLE
THE
181920.]
are
facing starvation in Central Europe.
It is estimated that they can be tided over until the next harvest by money
and service equivalent to $30 per child.
The countries involved
can
furnish
two-thirds of this cost in the personnel and machinery for distribution, but
GREAT BRITAIN'S ATTITUDE
TOWARD ARMENIAN
SECOND
MEDIATION—WILL
S.
U.
EFFORTS.
The attitude of Great Britain toward Armenian mediation
was
indicated in
the
of
telegram received
a
on
Dec. 3 by the Council
which is
copyright cablegram to the New York
Brittish
Secretary of State for Foreign Affairs,
given
follows in
as
a
Since the receipt on Nov.
28 of the telegram from the president of the
to the Prime Minister we observe that
Council of the League of Nations
the President of the United States has expressed his willingness, to
designate
hostilities
now being waged against the Armenian people.
Our information is not
clear regarding the extent to which the Armenians may have anticipated
personal representative as mediator with a view to ending the
with either or both their neighbors.
this action by concluding peace
We
in
not
are
Armenia if this
a
was
position to accept any independent mission regarding
contemplated by the telegram (from the Council of the
asking Great Britain if she would undertake to act as mediator
between the Armenians and the Turkish Nationalists, a similar request
league,
having been sent to all the Powers), which is now under reply, but the
dent of the United States may rely upon us to
way
and
people have given with unparalleled generosity and they
our
death
situation
in
Central
child.
one
council eight
through the European relief council will
organizations,
Joint
Distribution
Committee,
The announcement that the President of the United States
and
at
has
Armenians
the
been
received
Angora, their headquarters, with skepticism.
that the Turco-Armenian dispute has
At Christmas time, peculiarly the
sad
the opening of peace
had accepted
between the Turkish
by the Nationalists
It is declared by them
arbitration resulting In
these children
that only force is likely to change the attitude of
as
my own temporary
I suggest to my
trees will be
dislodge the Greeks from the
Important forces have been withdrawn from Cilicia, where the Turks are
.
hands
expressions of their views
regarding President Wilson's mediation.
,
Nobel
some
of the waifs of Central Europe, stretching out their
pluck from the boughs of the trees, not toys, but bread
Woodrow
Peace
ARMENIAN AFFAIRS.
Regarding the decision to name General Leonard Wood
of a delegation to assist in Armenian mediation,
head
as
a
(Dec. 1) in the New York "CommerciaP
at
Christiania, Norway,
Medal,
League of Nations assembly reported
on
to
The
commission
by
it had decided to send
announced that
the
United
an
"army of
Leonard Wood, U. 8. A.,'* to assist in the
States
between the Armenian
Republic
Geneva
dispatches stating that "it would be plainly improper
for
to make any comment
until I have received official
General said:
I have no information
on the subject
seen."
The New York "Times" of Dec. 2 printed the following:
beyond the press dispatches I have
Armenia desires the services of
Major General Leonard Wood
as
admin¬
$20,000,000 fund which it is proposed to raise for the aid of
istrator of a
that country,
according to a cablegram received here last night by the Near
East Relief from
Dr. Aharonian, diplomatic representative of the Armenian
Republic attending the League of Nations Assembly at Geneva.
It had been reported previously from Geneva that General Wood had
been mentioned as a
Committee
Kemal
to
Pasha,
lead
possible selection by the League of Nations Armenian
a
proposed
Armenian campaign against Mustapha
the Turkish Nationalist leader.
message
of thanks
not only by a pro¬
the cause of
but also by a very poignant humility before the vastness of the
still
called
May I
wisdom of
of
for
of
but
one
such prize, or if this were to be the last,
accept it, for mankind has not yet been rid of the
I could not,
unspeakable
war.
convinced that our generation has, despite its
am
wounds, made notable
but it is the better part of wisdom to consider our work as
progress,
work
by this cause.
not take this occasion to express my respect for the far-sighted
the founder in arranging for a continuing system of awards?
If
were
course,
only
be a continuing labor.
In the indefinite course of the
years before us there will be abundant opportunity for others to distinguish
themselves in the crusade against the hate and fear of war.
It will
begun.
There is,
The
cause
indeed,
a
of peace,
peculiar fitness in the grouping of the Nobel rewards.
and the cause of truth are of one family.
Even as those
physics or chemistry, even as those
who love science and devote their lives to
create
in the
new
and higher ideals for
mankind in literature, even so with
Whatever has been accomplished
the glory of the promise of the future.
there is no limit set.
past is petty compared to
Minister Schmedeman's remarks are
in the press
most
satisfaction
with harmony
event
to
reported as follows
accounts from Christiania Dec. 10:
on
to me.
President Wilson is of significance and of the ut¬
To have the privilege of accepting on behalf
the President the evidence of
unto
commander of the Sixth Army
Corps, also declined at Chicago on Dec. 1 to comment on the
dispatches reporting that he was being considered by the
League of Nations for High Commissioner in Armenia.
The
Major General Wood,
this time.
a
follows:
gratitude for the recognition of my earnest efforts in
of
appreciation of his efforts to replace discord
by appealing to the highest moral forces of each nation, is an
...
He, perhaps, as much as any public man, is
be cherished.
conscious of the fact that
confirmation of the press dispatches."
the
The document present¬
Dec. 10.
accepting the honor of your award, I am moved
In
The honor bestowed
Secretary of War Baker declined on Dec. 1 to discuss the
I have nothing to say at
respectively,
found
and
Mustapha Kemal.
me
1919,
and
Norway, who read
to-day that it reached a decision last night regarding the Armenian situation.
arbitration
and
received by Albert G. Schmedeman, the Ameri¬
was
Minister
can
those who love peace,
volunteers, headed by General
States
ing the Peace Prize to President Wilson and also the Nobel
who
Dec. 2, said:
The Armenian Commission of the
United
Nations) have been awarded the
1920
for
the
(President of the French Asso¬
France
prizes
of
Wilson
presentation having been made in the Norwegian Storthing,
I
Geneva cablegram
better
unless, mingled with their own expectant children,
incomplete
to
ciation for the Society of
horror
REPORTS CONCERNING GENERAL WOOD AS AN AID
IN
no
PRESIDENT WILSON AWARDED NOBEL PEACE
there
The Allied commissions are carefully avoiding
wards, and I can think of
without which they must perish.
Smyrna and other fronts in Asia Minor, and their forces are already moving.
inactive.
Ten
I shall adopt 20 of
fellow-countrymen that the circles around their Christmas
they shall visualize
thin
of
Churches
should think of this
peace,
Mustapha Kemal Pasha, leader of the Nationalists, toward Armenia.
The N ationalists are making a new effort to
we
which I could put $200.
use to
prevails in Armenian circles that mediation will not prove of
The opinion
of
C. A. and Y. W. O. A.
European problem in terms of children rather than in money.
from President Wilson, as
negotiations.
great significance and
Council
children's feast,
dollars will represent a child's life in Central Europe.
Leon Bourgeois of
already been settled through the inter¬
vention of Moscow, Armenia's acceptance of Soviet
Federal
Christ in America, Knights of Columbus, Y. M.
PRIZE.
The views in Turkey regarding the outcome of the pro¬
the offer of the League of Nations to become mediator
Relief
,
posed mediation were dealt with in the following Associated
Press advices from Constantinople under date of Dec. 4:
Nationalists
the
save
American
the
namely,
Presi¬
MEDIATION
ARMENIAN
a
destitute,
Association, American Red Cross, American Friends' Service Committee,
President
ON
But there is
orphans,
For concerted effort, there have been combined in this
well-known
CURZON.
VIEWS
charities.
where
aid is sent.
life of
second his efforts in every
by moral and diplomatic support, for which he appeals.
TURKISH
Europe,
famished children, pitiful consequences of the world war, must die unless
Jewish
"Herald":
a
Since 1914
life
Ten dollars contributed
Geneva from Earl Curzon,
League of Nations at
for the other one-third they must look abroad, and they are looking to us.
should not be lightly called upon for additional
itself.
His
the time is past when each nation can live only
labors have been inspired with the idea
and the hope of
"*■
making peace universal.
Wilson and of his
of that
word of
appreciation could be voiced than that contained in the President's mes¬
sage which acknowledges the great honor conferred upon him.
It is
impossible to make a proper estimate of President
work for international peace until time has revealed much
which for the present must be a sealed book. ... No more fitting
great
The
Nobel Peace prize carries
with it a grant of about
of the annual interest on about
$9,000,000, left for that purpose by Alfred B. Nobel, Swedish
scientist and the inventor of dynamite, who died in 1886.
$40,000, which is one-fifth
The only two
Nobel
Peace
Elihu Root in
Americans who have in the past received the
prize were Theodore
1912.
awarding of the prize to
ing to say, in
Roosevelt in 1906 and
accounts of the
The Christiania press
President Wilson had the follow¬
part, Dec. 10:
THE
2393
The
to
"Aftenposten" and the "Tidens Tegn" devote their first pages to-day
pictures and biographies of President Wilson and M.
"Aftenposten"
says
in
be
told
with
"It
will
editorial:
an
Bourgeois.
The
has been considering
disappointment in Versailles he returned home a beaten man, ridi¬
culed
by his adversaries and fellow-citizens.
control
he
restrained
was
from
unable to
the
anH
victorious
The
"Tidens
accepted
by
his
bringing about world disarmament,
outlined as follows:
referred to in the above, are
(lj That attempts be made to pledge the big nations not to Increase
armaments.
it adds,
own
Accordingly the
the present time.
which will be presented to the assembly is to proceed in three stages.
The three stages for
nation.
"But,"
"without President Wilson there would have been no League."
not
were
11:
In fact, even beginning the reduction of armaments is not con¬
program
Tegn" calls the awarding of the prize to President Wilson
plans
a
members of the commission are that neither the
sidered possible by the commission at
creator."
precious
must be
world
To quote from Associated Press
political situation nor public opinion is yet ready for full realization of that
object.
,
great demonstration for the League of Nations, and especially "for its
who, the newspaper declares, suffered disappointment as his most
a
disarmament of the
process.
The opinions of leading
those beaten."
among
gradual
advices from Geneva under date of Dec
work.
peace
do
anything more, but
history will keep memory of him as creator of the League of Nations.
To
Europe and to great parts of America President Wilson looms as the man
of peace who broke with the old doctrines and showed the way toward
new ideas.
He is, first and last, the great peace promoter—popular among
was
slow and
By circumstances out of his
his international
promoting
of the United States he
As President
the disarmament question, had reached
conclusion that
the
Wilson gets this prize.
After
6, which
Preceding the above action, Commission No
j
'
great joy that President
[VOL. 111.
CHRONICLE
(2) Once this Is done, gradually to persuade them to reduce.
(31 Finally to carry out a world schedule of universal disarmament.
,
Adverse comment in Germany was reported as follows in
Berlin cablegrams to the daily papers
News
that
Liberal
The
the
here
received
with
Clerical
scorn
be
with
crowned
must
The
carry
the Nobel
judges.
says:
who gave Germany
man
Nobel
the
also
and
prize,
the right to hope, then
If hypocritical peace ambitions
to
the
share of his shame."
a
"Tageblatt' declares that President Wilson's work has been "to be¬
queath a heritage of militarism to the New World, to which it
stranger."
also
We
New
"Times"
The
"Neue
Although
it
giving
way
Presse,"
says
Dec. 12:
Vienna
commenting
it is calculated
a
Nobel Prize
the
on
says,
to
award
to cause surprise.
for the
his subsequent laxity in executing his program and
to "unheard-of oppression" apparently does not justify the
"Presse"
Herbert
to
has
else
says
it would have been more fitting to award the prize
Hoover, who
has earned the gratitude
DISARMAMENT
UNDER
IS FREE FROM
RESTRICTIONS
That
Japan could not consent to carry out the proposals
of the League of Nations for disarmament so long as the
United States remained outside the League was made clear
by Viscount Ishii, of Japan, in his representations to the
Disarmaments Commission at Geneva on Dec. 11.
The
press
cabled from Geneva, in indicating this,
accounts,
the following version of his remarks:
gave
conditions on its
He said that it was not fair for the league to impose
He did not mention the United States by name, but it was clear
of mankind as
done.
no
should possess
would enable the
during the next two years no member of the League
that
This of
armament than they had in 1920.
more
course,
United States still further to advance byond Japan.
eventually passed, after an explanation was made that
The proposal was
it merely
amounted to
constitute
a
one
that Japan
'
that he
The proposal before the Commission was
had the United States in mind.
award.
The
FOR
members while other nations were free from those restrictions.
Wilson's Fourteen Points originally meant much
Mr.
cause,
peace
Freie
Wilson,
from
wag
cablegram to the
special
quote the following
York
President
in
are
then each succeeding recipient of
READY
NOT
THE LEAGUE WHILE THE U. S.
awarded to President Wilson is
all the Berlin newspapers.
The
the President
Germans of their peace.
the
award
the
been
ridicule by
and
assail
"Germania"
organ
"President Wilson is
robbed
has
prize
peace
bitterly
organs
JAPAN
Dec. 11:
pledge
Viscount Ishii said definitely
probably would increase her armament budget and had made
permanent
a
recommendation, was not binding and did not
a
the part of the League.
on
commitment
He added that
in her armament program.
Japan probably even would add to this schedule.
Viscount Ishii said, did not consider that she
In view of this fact Japan,
NATIONS
OF
LEAGUE
ASSEMBLY
FOR
DISARMAMENTS
LIMITING
RECOMMENDS
TWO
YEARS.
could tie her hands
recommended in the resolution.
as
The Armaments Commission also had before it a report by its sub¬
^
committees recommending measures for disarmament which it was con¬
recommendation
A
Nations
Geneva
all
in
powers
the
League
by agreement limit armaments for the next
of
two
approved by the Assembly of the League at
Dec. 14.
As to the Assembly's action a copy¬
was
years
that
on
right cablegram from Geneva to the New York "Tribune"
said:
Nations Assembly to-day took its first step toward world
The League of
disarmament, approving a proposal of Commission No. 6 that all nations
than they will spend
As
resolutions
the subject,
on
France balked.
two-year ban on increased budgets,
a
followed by
was
and these were
and Spain.
Her lead
Poland, Greece, Rumania, Brazil, Chile, Uruguay, Siam
After
a
sharp debate the report was amended to strike out the
strike out all reference to America
consequent upon the refusal of the United States to
RECOMENDATIONS
This
signed
report
a
situation presided over by Lord Milner
unanimous report and presented it to the Government.
embodies
the
recommendations made by
Since last August some
understanding is
based
provision, which precipitated the debate, read:
"Pending the full settlement of measures for the reduction of armaments
recommended by Article VIII of the covenant, the committee requests the
Council to submit for consideration of members of the League the accept¬
ance
of
an
undertaking not to exceed for the first two financial years
ing the next financial year, the
and
air
account
services
sum
follow¬
total expenditure on military, naval
provided for in the latter budget; subject, however,
to
being taken of the following recommendations:
"First—Any contribution of troops,
war
material
or money
recommended
by the League of Nations with a view to the fulfillment of obligations im¬
posed by Article XVI of the covenant or by treaties registered with the
League.
"Second—Exceptional conditions notified
ance
as
with the spirit of paragraphs 2 and 6 of
This part was
such to the League in accord¬
Article VIII of the covenant."
separated from the rest of the report, and it soon became
of the recommendations have not proved acceptable
A. J. Balfour, of Great Britain,
suggested under the circumstances that
this resolution should be changed into a recommendation, which, under the
rules,
might be passed by a majority vote.
The report makes
1.
To this Leon Bourgeois, of
"If the section of the report
is kept in the form of a resolution
you
know
2.
Nile
3.
committee
to
the
resolution
should be
made
a
war.
Maintenance of
British garrison in the sphere of the Suez Canal,
a
probably at Kantara.
4.
Control by Egypt of
her foreign relations subject to her not making
Egypt also to have her own diplo¬
treaties at variance with British policy.
matic representations abroad,
countries where
5.
these last to be confined at first to those
Egypt has commercial interests.
British representation
on
Britain and Egypt, the capitula¬
but
and the transference of their jurisdiction
tribunals.
The system of advisers in the
different Egyptian ministries to cease,
appointed to carry out the operations of the
Debt Commission and another to look after legislation affecting
British official
a
legislation affecting foreigners to
negotiations to take place with the Powers
the closing of consular courts
to mixed
In other countries the
would act for her.
After final agreement between Great
be vested in high commissioners,
7.
the
Valley and assurance of free access by Great Braitin to Egyptian
territory in case of
to
be
foreigners.
Agree Merely to Recommend.
After this warning from one of the French spokesmen an agreement was
that
Acknowledgment by Egypt of Great Britain's privileged position in the
Public
what will happen."
reached
the following proposals:
Recognition by Great Britain of the independence of Egypt and here
safeguard against foreign aggression.
6.
France, said:
recommendations, which were
inquiry by Lord Milner's mission on the spot.
most careful
on
the only hope of arriving at any
proceed with the first
to
tions to be done away with and the veto on
evident from the debate that it could not be passed unanimously.
recommendation
from the
Council.
The
provision.
It is
■
rights
of British
officials now in the Egyptian
service to be
provided.
Cabinet, after consideration of Lord Milner's report, will probably
safeguarded and compensation
The
enter into
Even in this modified form Bourgeois voted against the
Milner's
but it is felt now, after all that has passed, says "The Daily
Assembly.
third
Lord
mission, which at first the Egyptian delegation were prepared to accept.
Chronicle's" political correspondent, that
The
BY
York "Times" of Dec. 10:
The commission on the Egyptian
has now
in Egypt,
Crucible Provision.
EGYPT
OF
copyright cablegram from London, Dec. 9, was published
follows by the New
as
BEHALF
IN
MILNER'S MISSION.
LORD
compulsory feature, and, in the form of a recommendation, it passed the
Text of
sit in the armaments-
commission.
A
But when it came to the last provision, which would make com¬
Assembly.
pulsory
'
The first act of the commission was to
in 1921.
Two of these were only
adopted unanimously by the
that armaments should) no longer be manufactured by
mittee suggested
private firms.
presented to the Assembly, the commission's report comprised three
provisions relative to the reduction of armaments.
All effort was abandoned*
and other cruel methods of warfare, but the com¬
to restrict the use of gas
spend more in the years 1922 and 1923 in preparation for war
agree not to
time.
sidered could be put through at the present
negotiation with the Egyptian
National Assembly on the sub-
jeCt.
'
understood that he had received instructions from his government to oppose
the resolution.
the
Personally Bourgeois desired to see the principle involved in
paragraph adopted, and consequently made the suggestion that
per¬
mitted its passage by a majority.
BULGARIA
From to-day's vote it may be assumed that neither France, Poland nor
the other nations which voted with them expect to be free from the likelihood
of following out their Increased military programs.
a
big
navy,
Chile is known to favor
and the stand of Brazil and Uruguay is taken to indicate their
intention of increasing their armaments in the next two years.
One surprise
of the day was the vote of Japan in favor of the resolution,
although it is known that Viscount Ishii made reservations on the subject
when it
out
was
under consideration in committee.
However, it was pointed
by delegates from several nations and by President Hymans himself,
that the recommendation implied no pledge on
the part of members of the
League to carry out the provision unless their government so desired.
AND
AUSTRIA
OF NATIONS—ALSO
„
ADMITTED TO LEAGUE
FINLAND, COSTA RICA,
ALBANIA, LUXEMBURG
The admission of
AND CHINA.
Bulgaria to the League of Nations was
Nations Assembly at
Associated Press ad¬
vices, having been taken following the submission of a report
by Marshal Foch in which the Marshal declared that Bul¬
garia had made sincere efforts to live up to the treaty terms.voted
on
Dec.
9
by the League of
Geneva, this action, according to the
The Associated Press advices also state:
f
DEC.
181920.]
THE
CHRONICLE
Even the "Little Entente" countries, which had been strong in their
opposition to Bulgaria, voted for her admission.
The commission also decided to
permit Armenia, Albania and
to
participate in the work of the technical commissions.
Georgia
Llchtenstein
was
refused
admission, but will be allowed representation of its interests in the
League by Switzerland.
The Baltic States
the
were
not admitted and the
only remaining question is
disposition of Lithuania.
to be consistent in her
opposition to German membership.
The
made
opposition to Bulgaria's admission to the League
by Serbia, Rumania and Greece was referred to in our
issue of Dec. 4, page 2193.
The Assembly of the League of Nations voted on Dec. 15
to admit Austria as a member Of the
League, On the 15th
inst. also China
Greece.
elected to the Council in succession to
was
On the 16th inst. Finland, Costa Rica and
Luxem¬
burg
were
The
applications of Armenia, Letvia and Esthonia, cable
admitted
membership in the League of Nations.
to
dispatches stated, were refused.
admitted
was
to
the return of peace.
which averaged
On the 17th inst. Albania
The additions to world national debts,
$40,000,000,000
stice and
$42,000,000,000 in the
following the Armi¬
year
year
just ended—the second
The additions to world paper currency, which
peace year.
$9,000,000,000
per
annum
$12,000,000,000 in the first
in
during the war,
per annum
$44,000,000,000 in the first
were
averaged
France refrained from voting oh the
question of Bulgaria's entry, osten¬
sibly in order
2393
the year just ended.
peace
during the
were
The detailed discussion of
world
national debts and paper currency, appearing in "The Amer¬
icas,"
prepared
by
the
bank's
shows that world national
statistician,
O.
P.
Austin,
debts, which increased from $43,-
000,000,000 in 1913 to $212,000,000,000 at the date of the Ar«mistice
$256,000,000,000
were
one
000,000 in November, 1920, two
later and $300,000,-
year
affer the Armistice.
years
World paper currency, which increased from
$7,500,000,000
in 1913 to
$43,000,000,000 at the date of the Armistice, was
$55,000,000,000 one year later and $82,000,000,000 in Novem¬
ber, 1920, the end of the second peace year.
membership.
war,
and $25,000,000,000
year
The ratio of
gold to world paper currency, which averaged 66.3% in 1913
OF U. 5.
17.6% at the close of the war,
and
TENTH ANNUAL
BANQUET OF TRUST COMPANIES
TO BE HELD FEBRUARY 17
the first peace year and
the
Edmund D. Hulbert, President Trust Company
American
Bankers
Association,
Thursday, Feb. 17 1921,
President
and
Merchants' Loan & Trust Company,
Division,
of
The
Chicago, has announced
the date of the Tenth Annual
as
Banquet of the Trust Companies of the United States.
The
Second Midwinter Conference of the Trust Companies will
be
held
in
the
morning and afternoon of the
Both the conference and
banquet will
day.
same
be held at the Wal¬
dorf-Astoria Hotel, New York City.
Armistice.
debts, which
figures
OF
FIRST
OF
CORPORATION
tional
a
pamphlet issued by the First Na¬
Corporation of Boston and New York.
is to give the investor a clear
and character of
they
are
and
the
Its purpose
understanding of the history
acceptances, showing how they arise, how
bought and sold, what is the security behind them,
of
nature
the
transactions
which
underlie
must
A
specimen letter of credit and
lating to
an
involved
in
important transaction
this
kindred
and
are
acceptance re¬
an
shown; and the steps
transactions
explained.
are
The legal status of acceptances is reviewed with respect to
their
eligibility
banks
and
for
trust
investment
by
national
companies and savings
banks,
State
The last
banks.
The Bank's announcement with regard
in
the after-the-war
|
increase
actual decline in the second peace year,
in
the
first year
second year,
been prepared
just ended.
year
These post-war
the
by Alexander
increases in national debts and paper currency are, says
writer, largely
result of "budget deficits," especially in the European
a
sharp criticism at
of Nations.
The
greatly depreciated
currency, are necessarily many times, in cost, those of the pre-war period,
while the mere interest charges on national debts are now more than a
billion dollars a month, and with these conditions national expenditures
have run far in excess of receipts from taxation and can only be met by
increases in national debts or new issues of paper currency.
Reports sub¬
countries, and
recent
operations
of
the subject of much attention and
were
Brussels
Financial Conference
governmental machinery,
PRICES.
recorded
economic
commodity prices in the past
history of the United
Liberty National Bank of New York in
sued
Dec. 10.
on
States,
seven
in the
from
1913
The bank's statement is accompanied by
Dec.
to
1
1920.
On
that
date,
says
the past seven months.
prices
the
Bradstreet's index figure was 13.63, a decline of
bank,
34.2% in
This, it states, compares with
a
de¬
25.5% during the first six months of 1865, hereto¬
cline of
fore the
most
history.
among
in
precipitous drop in wholesale prices in
our
all commodities the bank shows by the following
prices
of
representative commodities
or
increase
are
now
The
Increase.
April
or
Coal and coke
—19.7
Oils
—12.1
Naval stores....
Provisions
Hides and
Textiles
leathers
—
Metals
—29.9
.....
materials.
Chemicals and
—54.6 Miscellaneous
4-3.1
drugs
the
American
Institute
of
The
suspension of the New York Stock Exchange house of
Hollister, Lyon & Walton, at 7 Wall Street, was announced
from the rostrum of the Exchange yesterday (Dec. 17).
In
the
filed
afternoon
an
involuntary petition in bankruptcy was
against the firm in the United States District Court.
The petitioning
and the assets
creditors give the firm's liabilities as $800,000
$450,000.
A statement issued by the firm
as
said:
'■
A receiver is to be
'■
■
"■
appointed in the bankruptcy proceedings and ha will
make a statement as soon as
possible.
Failure
was
the result of several
large customers being unable to meet their margin calls.
firm; he
was
formed
was
on
Dec. 31 1908; the members are
Cecil Lyon, J. McLean Walton and
Mr. Lyon is the board member of the
admitted to membership in the Exchange on
March 19 1908.
J. P.
—8.4
—7.9
on
City Bank of New York, the growth
has not been checked by
Morgan, who sailed for Europe the middle of August,
on the White Star Liner Celtic, which arrived here
returned
—46.3
According to the November issue of "The Americas,v pub¬
of
—56.6
—36.6
in world debts and paper currency
&C.
made at
Minneapolis, Minnesota.
GROWTH IN WORLD DEBTS AND PAPER CURRENCY.
lished by the National
were
—32.2
——1.7 Building
.
COMPANIES,
stocks
auction this week.
Council
Executive
1
Increase.
!______
—32.7
Live
stock
trust company
Banking has selected July 19, 20, 21 and 22, 1921, as the
dates of its nineteenth annual convention to be held in
% Decrease
Commodity—
Breadstuffs
Fruits
or
Francis S. Marden.
% Decrease
TRUST
BANKS;
George C. Hollister,
or
showing annual budget deficits and
countries reporting there showed annual
of receipts from ordinary sources.
No sales of bank
The firm
between
and Dc. 1 1920:
Commodity—
excess
ABOUT
ITEMS
That this decline has not been distributed evenly
figures, representing the percentage of decrease
in a
the
says
chart showing the course of wholesale commodity
a
the League
Conference indicated that three-fourths of
mitted at the Brussels Financial
the Governments of the world
memorandum is¬
a
of
paid for
.
the Stock Exchange or at
is the most decided drop that has occurred
$20,000,000,000 in
jworld national debt is 86%
88%.
mem¬
1
The fall in wholesale
Europe increased $30,000,000,-
Europe's share of the
and of world paper currency
LIBERTY NATIONAL BANK ON FALL IN COMMODITY
months
an
trifling increase in Asia,
Europe in the first year following the Armistice, and
the
Henderson, Assistant Treasurer of the First National Cor¬
poration.
a
and South America in the second peace year and showed a
expenditures in
The booklet has
and but
slight reduction in Asia, Africa and Oceania, increased $11,000,000,000 in
Reserve Board governing rediscounts and open market pur¬
banks.
currency
Paper currency, which increased about $2,000,000,-
that eleven of the twelve European
ber
and paper
following the Armistice, and $45,000,000,000 in the
just ended.
North
in
debts
in national
National debts in North and South America show
Europe.
part of the pamphlet contains the regulations of the Federal
chases by Federal Reserve banks and acceptance by
countries, but are in all cases
to the same also says:
the
them.
its
These
based upon the pre-war par value of
cases
ernment of Russia.
000
appeared in the form of
per annum at
per annum.
exclusive of currency or other obligations of the Soviet Gov¬
000
contribution to the literature of acceptances has
new
$9,000,000,000
$12,000,000,000
Africa and Oceania while national debts in
BOSTON AND NEW YORK ON ACCEPTANCES.
A
than
the currencies of the respective
Most of
NATIONAL
in all
world national
about $1,750,000,000 per annum prior to
now more
are
13.5% at the- end of
was
the second anniversary of
on
Annual interest charges on
were
the war, were approximately
close, and
occurs
BOOKLET
9.2%
Saturday, Dec. 4.
At
a
special meeting yesterday (Dec. 17) of the stock¬
Bank of this city the proposal
holders of the Corn Exchange
to
increase
the
capital of the bank from $6,000,000
$7,500,000 by issuing 15,000 shares of
to
stock at,$100j>er share,
As stated in
was
ratified.
tion
privilege proposed is
of the
our
[VOL. 111.
CHRONICLE
THE
2394
14 suit
On Dec.
issue of Dec. 4, the subscrip¬
the basis of 25% of the holdings
subscribing stockholders of record on Dec. 28.
on
meeting of the Board of Directors of the Columbia
a
Claims, Brooklyn, by depositors of the
Borough Bank of that city, the
defunct Union Bank and
that responsibility for the failures had
claimants alleging
At
brought against the State of New
was
York in the Court of
the
with
rested
State banking
Both the banks
officials.
Trust
Company of this city on Dec. 16, Edward Froede of
were
operating under State laws when they closed their doors
the
Assistant Secretary
with the Columbia
Company in the early part of 1917, having prior to
as
result of the panic of 1907.
Foreign Department
the
of
Trust
elected
was
Froede
Mr.
Company.
an
came
this date been associated with E. Naumburg & Company,
'
■
4
,
:•
Guy Emerson, Vice-President of the National Bank of
New
in
Commerce
has
York,
received notification that
King Victor Emmanuel III of Italy has conferred upon him
Italy.
the Cross of Chevalier in the Order of the Crown of
This decoration is in recognition of services
performed by
Mr. Emerson in connection with the visit of the Italian
co-operation with representatives of Italy in financial and
economic matters.
Foreign Banking Corporation of New York,
The American
has been authorized to open a
branch office in the City of
While here,
to New York Dec. 13.
a3
Belgium, returned
the representative of
King Albert of Belgium, he conducted the investiture of and
conferred the decorations on the several American bankers
recently honored by Belgium in recognition of their financial
services to that country.
Among those honored were Charles
Guaranty Trust Company of
Sabin, President of the
New York, Commander of
the Order of the Crown, Albert
Breton, Vice-President, Chevalier of the Order of Leopold,
Stanley, Joseph R. Swan and
and Vice-Presidents Harold
Francis H. Sisson, Chevaliers of the
on
Order of the Crown.
the 14th arguments
on
both sides and the Court reserved de¬
sub¬
cision, giving the lawyers for the claimants one week to
mit briefs
eral
the questions involved and the Attorney-Gen¬
on
week from then to make any reply.
a
f
4
National
First
The
Bank
'
South
of
Plainfield,
N. J.,
In addition to conducting a
banking business the institution operates a
began business on
commercial
Dec. 1.
savings department where it will pay 4% on deposits;
paid
daily balances
on
A. J. Yetter, who
counts.
was
the other officers of which
McDonough,
new
are:
South Plain-
President, Peter
trustee of the Plainfield Savings
a
2%
$500 on checking ac¬
Cashier of the First National
over
Rockaway, N. J., is Cashier of the
Bank of
J.
♦
H.
presented
were
field bank,
Mexico.
Baron de Car tier, the Ambassador from
At the hearing
banking officials.
will be
y
4
permitted to re¬
were
with the result that they failed for the second time.
Under Chapter 581 of the State Laws of 1919 a group of
open
dele¬
gation to the United States to attend the International
Trade Conference at Atlantic City in October, 1919, and
:
After inspection by the
banking officials the institutions
depositors has the right to sue the State where the responsi¬
bility for the future is alleged to have rested with State
and the Chartered Bank of India.
■
a
State
Vice-Presidents, S. Schwarz, real estate; C.
Bank;
Loizeaux,
E.
lumber, and Mayor of the City of Plainfield; William
Ham¬
ilton, real estate and insurance.
At
meeting of the directors of the Traders'
a
Bank of Rochester, N. Y., on Nov.
National
30, favorable action was
$750,$100)
at $150 per share.
Besides increasing the capital to $750,000
the surplus will be increased from $250,000 to $375,000.
The increased capital will become operative on Jan. 1.
increasing the capital from $500,000 to
taken toward
It is proposed to issue
000.
2,500 shares of stock (par
4
The Manufacturers
Trust
Company
announces
the
ap¬
pointment of six additional Assistant Secretaries, two from
each of its offices
as
84 Broadway,
West Side,
its capital from
capital, which
follows:
Main Office, Thomas O.
The Waltham National Bank of Waltham,
creased
per
share)
9.
The additional stock
4
policy of the institution to advance its
in preference to
engaging new officers from outidse the organization, all of
the above are promotions of old employees based on merit.
internally wherever
employees
possible
Arlington National Bank opened its doors for
The
at 633 Massachusetts
and
Avenue.
surplus of $20,000.
a
$100 and it
Lynde Stetson, senior partner of the law firm of
Jennings
Stetson,
Russell,
&
General
and
Counsel
for
Steel Corporation,
died at his home in this city on Dec. 5 after a prolonged ill¬
ness.
Mr. Stetson, who was in his seventy-fifth year, was
J. P. Morgan & Co. and the United States
born in Keeseville, Clinton Co., N. Y.,
from Williams
later,
upon
and
was
College in the Class of 1867.
Three
years
obtaining the degree of M.A. from his Alma
In 1870 he
Mater, he entered the Columbia Law School.
began the practice of law in this city
William
uncle,
graduated
Hascell.
S.
as
the partner of his
business
His
management
attracted the attention of the late William C. Whitney then
head of the City's Legal Department,
and Mr. Stetson
appointed Assistant Corporation Counsel.
the
The
firm
of
was
formed which later
Stetson, Jenning &
was
succeeded by
Russell.
Mr.
the present
Stetson
sold for $120
was
Frank V. Noyes,
are:
was
a
per
par
value of the stock is
The officers of the
share.
President, and Edward C.
Hil-
Additional officials will be elected after the
dreth, Cashier.
first of the year.
Na¬
J.
Rhoades as President was accepted, effective Jan. 1.
Mr.
Rhoades resigns to become a member of the firm of Brown
Bros. & Co. of New York, Philadelphia and Boston.
He will
At
a
meeting this week of the directors of the Central
tional Bank of Philadelphia,
continue
as
a
who has been
Rhoades
the following
the resignation of Charles
director of the bank.
a
Charles E. Ingersoll,
director of the bank since 1908,
President.
as
was
Corporation Counsel's office the law firm of Bangs &
Stetson
bank
Mr.
Upon his leaving
busi¬
The bank is located
It has a capital of $100,000
in Arlington, Mass., on Dec. 8.
ness
*
Francis
(par $75
disposed of at $100 per share.
was
Manhattan—Arthur T. Miner and John J. Hayes.
In line with the
The new
voted by the stockholders on Sept. 14,
effective Dec.
became
Jefferies and Thomas F. Hamilton.
Brooklyn—Frank H. Van Wagner and Herman A. Kultzow.
was
Mass., has in¬
$150,000 to $300,000.
institutions
or
Mr. Ingersoll is a
will succeed
director of
companies: Midland Valley Ry.
Co., Philadelphia Saving Fund Society, Girard Trust
Pennsylvania RR. Co., Missouri Pacific RR. Co., and
Co.,
Phil"
adelphia Electric Co.
4
prominent Democrat, the late Grover Cleveland being at
one
organizers of the United States Steel Corpora¬
tion.
of the
with him
as
a
partner.
At the time of his death in addition to his connections
General Counsel he
was a
director of the Erie Railroad, the
Chicago & Erie Railroad, the Niagara Development Co. and
the New York,
"Founders of the
Nation" is the title of the United States
The
was
made
on
Exchange firm of Arnett & Co.
The assignment was
made to C. Stevenson Newhall.
William W. Arnett, the
Stock Exchange
the
Exchange
member, was admitted to
Jan. 8 1895.
on
are
illumination is from
Edward B. Mason and Charles C. Rian-
According to the Philadelphia "Ledger" the liabili¬
ties are said to be less than $250,000, and the value of the
an
now
original
assets will
depend largely upon market
affairs of the firm
are
wound up.
statement to the effect
painting by Percy Moran and has as its central figure Gen¬
eral Washington leaving Federal Hall, at the head of Broad
have issued
Street, New York, now the site of the Sub-Treasury Build¬
inactive New York stocks which
ing, immediately after his first inaugural.
The calendar is
4
due
to
a
customers
conditions when the
The firm is reported to
that the assignment was
failing to provide sufficient
margin for
recently showed declines.
4
a
worthy addition to the familiar Colonial series issued by the
United States Mortgage & Trust Co.
membership in
The other members com¬
hard.
Mortgage & Trust Company's 1921 calendar, which is
distributed.
assignment
posing the firm
Susquehanna & Western Railroad.
4
being
Dee. 14 by the Philadelphia
Stock
time associated
was one
as
Mr. Stetson
An
An
made on
house of William
N. Baetjer of the law firm of Ven-
assignment for the benefit of creditors was
Dec. 14
by the Baltimore Stock Exchange
Schwarz & Son.
Harry
Dec.
CHRONICLE
THE
181920.]
able, Baetjer & Howard, has been named
The
trustee.
as
following is taken from the Baltimore "Sun" of Dec. 15:
The indebtedness of the firm is said to be chiefly in loans carried
banks and trust companies and others, though most of these
the day that they feel amply protected in the collateral they have
to
the loans.
cover
the Stock
Exchange,
The firm has no
with the
declared during
indebtedness with the
deposited
members of
its open accounts there will be taken care of between
as
the several brokers and the customers of the failed firm who will make per¬
sonal settlement for these individual accounts and take up
bought
or
the securities
deliver those previously sold for them on the floor of the Exchange.
The impression is that the failure was brought about by the slump
curity values both in this market and
The
in se¬
the New York Stock Exchange.
on
declines of the last fortnight may have caused a strain on
severe
credit and the
resources
of the firm which it
the
unable to withstand, this
was
3395
George M. Elworth, Chief Clerk, Assistant Cashier.
Rudolph G. Mueller, Trust Department, Assistant Cashier.
McKay, Auditor, Assistant Cashier.
j
B. B.
Lee W. Liberman, New Business Dept., Assistant Cashier.
Joseph G. Straus, Trust Officer and Vice-President.
It
decided that
was
graduated bonus be paid to employes
a
ranging from 5% to 10%.
The National
/
•
City Bank of Chicago has declared
extra
an
dividend of 2% on its capital stock, in addition to the regular
quarterly dividend of 2%, both payable Dec. 31 to stock of
record Dec. 31.
forcing the assignment.
About the time the deed of assignment was filed in the Record
Office, an
attachment against the firm was taken out in the Superior Court by Turner
The consolidation which is in process between the
National Bank of
Thomas, through Clagett & Thomas, attorneys.
It was alleged that the
plaintiffs ordered through the brokers 63 shares of stock of the National
Bank
Bank
tutions
of Baltimore,
for $180 a share.
of the purchase price of $7,740,
They paid the brokers $4,629.04
and have tendered the balance of $3,110.96,
they claim, but the brokers, it is alleged, failed to comply with their con¬
tract.
The attachment was for $4,629.04, the sum
The firm
his two
on
account.
and
established here in 1903 by the late William Schwarz
was
It became
Howard and Allen Schwarz.
sons,
paid
member of the
a
Baltimore Stock Exchange in the beginning, with Howard Schwarz as
After the death of William Schwarz the firm was re¬
Exchange member.
organized in 1918 by the two sons, who continued the business under
old firm.
It
located in the Abell Building at South and
was
the
the
Baltimore
streets.
was
Nov. 29.
on
the
It is
At
meeting of the directors of the Savings Bank of Balti¬
a
Dec. 9,
on
Frederick A. Hoffman
was
elected
Vice-
a
Comptroller will be completed
At present the
capital stock of the First National Bank is
Union National Bank is $500,000 and
the
tions, under the
of First National Bank, will be
name
million dollars, and
stock has not been made public.
Cradock
was
in the service of the bank for
Treasurer
and Mr.
Thefce officers have been
forty-six and twenty eight years,
it is
he
to become Chairman of
The officers of the
new
tenatively agreed that G. R. McCullough, President of
will be president.
National Bank of Carthage, Mo., (capita
The Carthage
With regard to reports that
The basis for the exchange of
bank will not be elected until after the consolidation, although
the First National Bank,
respectively.
one
it is probable that the surplus will be
increased to one-half million.
formerly
the surplus is
The capital stock of the consolidated institu¬
Mr.
Assistant Treasurer.
The capital stopk of
$500,000 and the surplus is $225,000.
tution.
was
the 31st, permitting
on
the two institutions to open as one bank on Monday, Jan. 3.
President and Thomas Cradock the Treasurer of the insti¬
Hoffman
ratifica¬
anticipated that this action and the approval of
$175,000.
more
A special stockholders meeting of each
bank has been called for Dec. 28, for the purpose of
tion.
First
Tulsa,
Okla., and the | Union National
approved by the directors of the respective insti¬
&
the Board of the Continental & Commercial National Bank
100,000) has been placed in voluntary liquidation effective
Dec. 4.
The business of the institution has been merged
of
with that of the Bank of Carthage.
was
Chicago, George M. Reynolds, its President, issued a
statement this week
as
follows:
Published statements that I have given up the
Presidency and become
Chairman of the board of directors of the Continental & Commercial Na¬
tional Bank
however, been under consideration for some
to
change in title has,
time and was tentatively agreed
premature and unauthorized.
are
by the executive committee
a year ago.
stockholders in January they will be
Such
a
At the annual meeting of the
asked to create the office of Chairman
office
of the board of directors, and I shall ask the board to elect me to that
and my brother, Arthur Reynolds, as President.
Chairman of the board of
our
three banking
nolds will be the President of all of them.
connection with the banks and to
holdings of the Government as the items stood
Nov. 30 are set out in the following. The figures are taken
entirely from the daily
Treasury for Nov. 30:
Liabilities.
$
$
Gold coin
652,581,336 00
265,025,602 69 Gold oertfs. outstanding
fund.
1,944.388,679 IS Gold settlement
-
bunion
Gold
affairs.
States
GOLD.
A$ifU.
active
give close personal attention to their
United
statement of the
CURRENT ASSETS AND LIABILITIES.
If this is done I shall be
corporations and Arthur Rey¬
I plan to continue my
CURRENT LIABILITIES.
TREASURY CASH AND
The cash
39
152,979,025 63
277,407,706 86
Fed. Reserve Board—1,226,446,213
Mr.
Reynolds has been mentioned
of the
as
the possible Secretary
Gold
Treasury in the Harding Cabinet.
this year to all employes except
bonus
of
Chicago, will give
officers and heads
The bonus will be in the form of
departments.
Note.—Reserved against $346,681,016 of U.
a
a
tion to the
Treasury.
•
SILVER DOLLARS.
Liabilities.
AtUU.
Sliver oerts. outstanding
%
Treas. notes of 1890 out.
172,762,189 00
Sliver dollar*
Available
This is in addition to the bank's contribu¬
employes' savings and profit sharing fund.
bank contributes semi-annually to
S. notes and $1,627,867 of Treasury
Treasury notes are also secured by silver dollars In the
*
plus
salary of 10% of the amount earned by each employe during
the year 1920.
notes of 1890 outstanding.
2,209,414,281 88
Total
2,209,414,281 88
Total
The Harris Trust & Savings Bank,
reserve
AvaU. gold in gen'l fund
silver
in general fund
this fund 5% of its net
GENERAL FUND.
Liabilities.
Aitett.
The terms
$250,000.
have not yet
the
on
making
$50,000,
which the
been announced.
new
a
plan to
the
total
stock will be issued
The directors have declared
regular quarterly dividend of 2 24%, payable Dec. 31
stock of record the
to
Chicago, has adopted
capital stock by
same
day, and
an
extra dividend of
above).
Available
(see
Fed. Res've bank notes.
extra dividend of
Dec.
Silver bullion
35,683,906 14
Subsidiary silver coin.—
3% payable Dec. 10 to stock of record
serve
Deposits In
acoount
extra dividend of
2% and voted
a
Chicago, has declared
2% in addition to the regular quarterly
of
Deposits In nat.
To credit Treas.
«
credit
To
The West Side Trust & Savings Bank,
declared
of
a
Chicago, has
$700,000 thereby maintaining the same annual rate of
Deposits
the regular
clared
of
1%.
quarterly \lA% dividend and
an
U
extra
.
Sons
Bank
&
Trust Company
of Chicago,
employes of the bank were elected officers:
the following
courts,
1,323,919 00
Ac
Deposits for:
Redemption
...
of
notes
and
265,878,621 11
bank
Reserve
Redemption
61,691,607 21
Fed¬
Reserve
(6% fund gold)
Fed¬
Redemption of
11,576,411 66
fund)
of
na¬
baDk
notes
(6% fund gold)
Retirement
of
addi¬
tional
notes.
Act May 30
11,005,576 83
Exchanges
23 707,096 98
circulating
105,110 00
1908
rency,
other
of
cur¬
16,436,640 29
coin, Ac
12,444.469 09
410,038,286 36
165,627,097 44
Net balance.
other
...
2,781,238 £2
575,665,383 80
Note.—The amount to the credit of
the retirement of outstanding
meeting of the Board of Directors of Greenebaum
Insolv¬
575,665,383 80
Total
disbursing officers and agencies to-day was
$1,036,758,595 80.
Book credits for which obligations of foreign
held by the United States amount to $35,736,629 05.
Under the Acts of July 14 1890 and Dec. 23 1913, deposits of
paid
a
8..
of
ent banks
Philippine
Government officers
♦
At
of
7,553,211 28
Treasury:
To credit of Treasurer,
Total
Directors of the Chicago Trust Company have de¬
in
creditors
41,234,975 25
banks:
.US.
Government officers
quarterly dividend of 3% on its new capitalization
12% which it paid on the old capital stock of $400,000.
The
U. S.
other
of
officers
Govt,
10% bonus to employes.
i
credit
4,052,534 31
of
the
Currency, agent for
tional
positaries:
To
7,550,907 38
(5% reserve)..
notes (5%
of
50.751,000 00
To credit Treas.,
System
Comptroller
eral
foreign de¬
Deposits in
Savings
eral
special de¬
sales of certificates
The Jefferson Park National Bank,
800,000 00
60,028,062 75
banks—..
positaries
1.
12,942,608 75
—
-
tal
Postmasters, clerks of
Deposits In Federal Re¬
Indebtedness
an
Board of trustees, Pos¬
Minor coin..—
notes...
464,446 68
17,250,991 85
Post Office Dept
6,962,414 00
18,203,857 00
4,094,172 05
13,130,554 68
43,003 17
3,691,931 33
1,049,288 70
National bank
Certlf'd cheeks on banks
$
out-
15,857.417 00
Federal Reserve notes-
(unsorted
currency,
Ae.)
Deposits In Federal Land
Irving Park National Bank, Chicago, has declared
checks
standing
Depos. of Govt, officers:
dollars
silver
above)
United Statee notes
banks...
an
277,407,706 86
Unclassified
5% payable Jan. 3 to stock of record Nov. 16.
The
15,857,417 00
172,762,189 00
Treasurer's
its
—
Total
172,762,189 00
Total
A.vail, gold (see
The Lawndale State Bank,
155,289,410 00
1,6'5,362 00
dollars
The
profits before paying dividends.
increase
$
Governments are
lawful money for
Bank notes are
receipts, and these obligations are made
of the public debt.
The amount of such obligations
national bank and Federal Reserve
into the Treasury as miscellaneous
under the Acts mentioned a part
to-day was $27,590,689.
$1,925,832 In Federal Reserve notes,
and are
~
i
n
T,
.
.
$3,018,337 In Federal Reserve Bank notes,
national bank notes are in the Treasury In process of
charges against the deposits for the respective 6% redemption
and $13,343,586 In
redemption
funds.
[Vou 111.
CHRONICLE
THE
2396
China.
Most of the buying has consisted of bear covering,
Indian account.
A rise of Id. took place today in response to a
from
STATES NOV. 301920.
DEBT STATEMENT OF UNITED
The
the public debt of the
of
preliminary statement
made
United States for Nov. 30 1920, as
up on
the basis
Decrease for period
Total gross
$789,751,524 55
677,104,953 37
112,646,571 18
-
-
-
$24,175,156,244 14
debt Oct. 31 1920—.———.—————
of the balance held by the Treasurer
deduction on account of obligations of
other Investments, was as follows:
Note.—'Total gross debt before deduction
free of current obligations, and without any
foreign Governments or
Bonds:
1
Consols of
1930
$599,724,050
118,489,900
48,954,180
25,947,400
50,000,000
28,894,500
11,612,160
-
Loan of 1925--
-
Panama's of 1916-1936
-
Panama's of 1918-1938
Panama's of 1961-----
-----
---------
Conversion bonds..
—
Postal Savings bonde
00
00
00
00
00
00
00
$883,622,190 00
—
First Liberty
—$1,952,377.600 00
Loan
Liberty
Second
3,323,448,900 00
.3,648,641,450 00
6,364,324,863 00
Loan
Third Liberty Loan
Fourth Liberty Loan
--------
bonds
Total
-
....
$16,172,415,003 00
4,227,023,355 00
Loan
693,166,000 00
-
Plttman
259,375,000 00
Act
receipts)--
(net cash
yet have reached the lowest
debt
—
5,817,610 26
227,780,320 82
-
Bazaar purchases of silver
(In Lacs of Rupees)—
in circulation
Oct. 31.
-1,598
i
gross
$24,175,156,244 14
debt
TREASURY CURRENCY HOLDINGS.—The following
compilation made up from the daily Government state¬
ments, shows the currency holdings of the Treasury at the
beginning of business on the first of September and October,
November and December 1920:
<
15,963
5,941
——
Silver coin and bullion out of India.
Gold coin and bullion in India..
Nov. 15
15,943
(?)
Nov. 7
5,941
'
-----
Silver coin and bullion in India
—
-
-
-
-
-
2,379
-----
-
6,807
834
6,807
835
6,807
835
Securities (Indian Government)
Securities (British Government).-;
-----
2,380
2,375
Gold coin and bullion out of India
Total
York yesterday
U. S. exchange on June 15—
level of London prices touched this year.
Notes
--.-$23,941,558,313 06
Debt
Non-Inter est-bearing
,,
world commodity prices and
INDIAN CURRENCY RETURNS.
774,684,505 06
———
Total Interest-bearing debt
—
on which Interest has ceased.—--———-——-
,
„
position of India as indicated by the course
—72 cents— calculated on the basis of the
2,767,435,450 00
War Savings Securities
.
would only cause further depression in Indain exchange.
It is worthy of note that the price of foreign silver in New
ere
32,854,450 00
issues
overlooked.
of rupee quotations, which—in view of lower
the unsatisfactory crops—betray uneasiness.
namely 394%—the date when the London quotation touched its lowest
record for this year—44d.—works out at only 40 %d. per standard ounce.
Were it not for the great appreciation of the dollar, doubtless we should
$1,782,040,000 00
Special
probably be little inclined to buy until the effects of the poor monsoon are
dissipated.
No vigor in the China export trade can be anticipated until
world stocks of Eastern and other goods are depleted to such an extent
that import merchants can buy with reasonable hope of profit.
The amount of demonetized silver likely to be sold by the Continent is a
doubtful factor.
The quantity has been heavy in the recent slump—
it may be scanty on a rise.
The possibility of Continental buying on
account of European Governments is doubtful.
Italy is to coin a nickel
lire, and France will obtain issues of nickel-alloy subsidiary coin through
her Chambers of Commerce.
Her Government is not disposed to alter
the material of the national coin, and meanwhile may allow subsidiary coin¬
age to remain in abeyance.
The trend of prices does not depend upon sentiment—nor to any very
great extent, upon the Pittman Act which simply lessens the pressure of
supplies; it must be decided by the balance of trade with silver using coun¬
tries.
If it be in their favor, then confidence will return to the silver market.
In this connection the possibility o f a loan by the Chinese Consortium must
The issue is clarified by the
Treasury Certificates:
Tax
assisted to rally the price and maintain it round about 52d. for some months,
but the Inevitable has happened since, and a heavy retrograde movement
has taken place.
The omens cannot yet be read as propitious.
The Indian Bazaars will
not be
15.288,792,813 00
Notes: Victory Liberty Loan
America, possibly on China account.
In our letters during the latter half of June, referring to the outlook of the
price of silver fell to 44d. on the 15th of that month, we
market after the
the
—-—--.$24,062,509,672 96
debt Sept. 30 1920
--PubllOKiebt receipt* Oct. 1 to 31 1920
Publio-debt disbursements Oct. 1 to 31 1920--
chiefly
natural
for
emphasized how precarious the future must be whilst China remained almost
only absorber of the metal.
Exchange speculation In that country
daily Treasury statements, is as follows:
of the
Total groB8
on
reaction after a long and heavy fall, and some purchases were made
No rupees were coined during the week ending 15th. inst.
The stock in Shanghai on the 20th. inst. consisted of about 37,300,000
ounces in svcee, 27,000,000 dollars and 500 bars of silver, as compared with
about 37,500,000 ounces in sycee,
on the 13th. inst.
27,000,000 dollars and 760 bars of silver
Shanghai Exchange is quoted at 4s. 7d. the tael.
—Bar Silver per Oz. Sid.—
Quotations—
Cash.
2 Mos.
Nov.
19
49 %d.«
i
49%d.
Nov. 20
—49
d.
49%d.
The
Bar Gold.
p. oz.
118s.
Fine.
4d.
--
-
Sept.
1920.
1
Oct.
1
$
Net gold coin and bullion.
Net silver coin and bullion
1920.
Nov.
1
1920. Dec.
$
$
1
1920,
$
417,771,523
410,961,469
435,891,220
430,386,732
35,367,057
39,163,110
51,541,323
7,019,239
9,292,769
46,219,329
8,181,712
16,042,540
20,618,823
Net Fed. Res. bank notes.
2,060,483
2,384,940
15,323,030
23,750,109
<>.680,824
13,130,555
Net Fed. Reserve notes..
19,309,339
25,177,030
6,138,595
15,977,881
4,105,920
3,141,698
14,619,044
10,856,142
547,044,064
Less gold reserve fund
517,188,615
152,979,026
152,979,026
♦542,045,885
152,979,026
Cash balance in Sub-Treas
22
24
Nov.
25
47Mid.
46%d.
47%d.
389,066,859
Net United
States notes.
Net national bank notes.
_
_
Net subsidiary silver
Minor coin, &c
48
d.
47%d.
46%d.
47Hd.
47Md.
23
3,691,931
14,034,901
528,821,147
152,979,026
Nov.
Nov.
Nov.
Holdings in
Sub-Treasuries.
—
—
Average
The silver quotations today for cash and
6,962,414
117s.
115s.
117s.
117s.
v
d.
lOd.
d.
7d.
48. d. Aver.ll7s. 1.8d.
forward delivery are respectively
47.875d.
-
„
3%d. and 3 %d. below those fixed a week ago.
18,203,857
4,094,172
FINANCIAL MARKETS—PER CABLE.
ENGLISH
*
Total cash In Sub-Treas
375,842,121
364,209,589
<>94,065,038
Acct certs, of indebt...
126,580,000
308,856,000
90,493,000
Dep. in Fed. Land banks.
Dep. in Fed. Res. banks..
Dep. In national banks:
5,950,000
5,950,000
5,950,000
50,751,000
800,000
90,773,536
82,169,919
58,536,317
60,028,053
12,583,688
10,777,913
12,835,618
14,092,560
11,005,677
13,114,515
12,636,455
12,444,469
23,361,601
2,152,773
7,060,830
25,950,133
26,729,015
as
London,
23,450,046
Dep. In
spec,
depositories:
To credit Treas. U.S..
*
To credit disb. officers.
quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
The daily closing
Week ending Dec. VI —
Dec. 11.
Sat.
Dee. 13. ,Dec. 14.
Mon.
Tues.
Dec. 16.
Thurs.
Dec. 15.
Wed.
Dec.17.
Fri.
Silver, per oz...—-_-.--.d- 40%
40%
40%
42%
41%
41
Gold, per fine ounce-118s.10d.U8s.9d. 118s.7d. 117s.10d.117s.6d. 116s.2d.
Consols, 2% per cents
44
44%
44%
44%
44%
44
British, 5 per cents
83
82%
82%
82%
82%
82%
British, 4% per cents
76%
76%
76%
77
76%
76%
French Rentes (in Paris(, fr. 57.5,5
57.50
57.60
67.40
56.70
57.20
French War Loan(InParis),fr. 85.20
85.20
85.20
85.20
85.20
85.20
,
Total
Cash In Philippine Islands
Deposits in Foreign Depts.
2,522,449
2,781,239
8,423,654
48,788,187
586,719,473
Deduct current liabilities.
631,720,861
373,974,233
Available cash balance.
257.746,628
434,961.005
Includes Dec.
1
$35,683,906.14 silver
same
day has been:
bullion
and
$14,034,900.62
165,627,097
minor
(cts.):
Domestic
99%
Foreign
795,740,878
360,779,828
*
the
410,038,287
203.652.027
on
675,665,384
383,067,446
price of silver in New York
Silver in N. Y., per oz.
/'
.Net cash in banks, SubTreasuries..
538,569
8,066,668
The
61%
-
99%
66
99%
62%
99%
62%
99%
64
99%
64%
©craraercial atxdHIisccllatieotts ^.eme
coins
etc., not included In statement "Stock of Money."
BANK NOTES—CHANGES IN TOTALS OF
AND IN
BONDS, &c.—We give below tables which
show all the monthly changes in national bank notes and in
bonds and legal tenders on deposit therefor:
DEPOSITED
THE ENGLISH
We
reprint
GOLD
AND
SILVER
MARKETS.
the
following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Circulation
Bonda and Legal Tenders
on
Nov. 25 1920:
Afloat
Under—
Deposit for—
1919-20.
GOLD.
Legal
Legal
The Bank of England gold reserve against its note issue is £122,329,435,
increase of £357,600 as compared with last week.
A fair amount of gold came into the market this week and was taken
Bonds.
Bonds.
Tenders.
Total.
Tenders.
ah
for New
York.
price for gold carrying
an
export licence.
New York reports that £17,650,000 in gold has arrived there from London.
Some weeks ago the quotation in Bombay for
gold rose as high as Rs.
28:1. per tola for ready and Rs. 28:7.
per tola for forward delivery: the latter
rate represents a premium of
75% upon the value of gold calculated at the
present legal tender ratio of the rupee to the sovereign in India, namely
,I'. V? these circumstances, it will be observed that, as the free export
gold is allowed, the Mysore mines enjoy a substantial bonus by being able
obtain a premium upon gold.
Similarly South Africa and Australia
profit bj selling gold to the best market.
It must be remembered that the
premium is more or-less offset by the higher cost of labor and materials in
»
of
to
the
respective countires.
in the
714,888,640
27,410,317
706,600,480
27,410,317
734,010,797
1920-
712,066,500
27,817,444
711,839,000
711,000,900
27,817,444
27,015,647
27.403.924
704.732,185
Sept. 30 1920.
699.461,435
698,592 128
27,015,647
27.403.924
732,549,629
726,477,082
725,996,052
698,099,990
689,327,635
686,225,000
29,710,095
31,039,887
Nov. 30 1920.
The Chancellor of the Exchequer has stated that the Bank of England is
belonging to the Esthonian Government, for which
there is an undisputed title, at Is. below the London
prepared to buy gold
United States also
It
are
is easy to understand
that mining interests
seeking some way in which they too may be
recouped for the increased cost of production, seeing that, whilst world
exchanges remain in favor of the United States of America, no financial
advantage comparable with the gold premium secured by South African
producers can accrue to them from exporting elsewhere.
According to the Bombay "Times' there is a school which advocates
Oct.
30
Aug. 31 1920.
July 31
1920-
June 30
1920-
May 31 1920.
Apr. 30
1920.
709,436,400
707,963,400
706,307,750
704,884,000
Mar, 31
1920.
703,000,000
Feb. 28
1920-
701.469,450
Jan.
Dec
Nov
31 192031
29
699,936,250
1919.
699,357,550
1919.
698,196.300
28,363,714
29,710.095
31,039,887
31,288,577
32,439.832
32,892,677
33.241.792
32,649,434
33,146.580
691,498,920
31,288,57V
32,439,832
689,748,578
32.892.677
692.104,195
699,866,398
33,241.792
691,689,258
32,649.434
688.995,580
$239,569,800 Federal Reserve bank notes
U. 8. bonds), against $263,022,880 In 1919.
The
28,363,714
33,146,580
outstanding Nov.
726,463,704
719,037,730
717,264,887
723,392,772
723,938,762
722,641,255
733,108,190
724,338,692
722,142,160
30 (all secured by
following shows the amount of each class of'U. S. bonds
on deposit to secure Federal Reserve bank
and certificates
notes and national bank notes on
that
the legal tender value of the sovereign should be made 20
rupees.
they declare will enable the produce of the country to be exported
bring back prosperity and contentment to India.
It would appear,
however, that India wants stability of exchange more than anything else.
Nov. 30:
U. S. Bonds Held Nov. 30 to Secure—
This
and
Official
alterations
of the
ratio between
Bonds
on
Deposit
to
meet
SILVER.
The trend of silver prices this week until today has been persistently down¬
The largest fall took place on the 22nd., l%d.
The heaviness of
this market has been owing to free Continental selling and lack of
sup port
Deposit
to
Secure
Total
National Bank
Held.
Notes.
temporary
raise the sterling value of the rupee above its intrinsic value, and thus to
enable the Government to provide the token currency vital to the trans¬
action of Indian internal trade.
Deposit to On
Secure Federal
Reserve Bank
NOV. 30 1920.
the
sovereign and the rupee in
difficulties may be unavoidable, but they are
certainly very undesirable from the trade point of view.
We refer, fo»
instance, to those taken during the war which had to be made in order to
order
On
Notes.
13,888,400
571.210,500
%
585,098,900
2,593,000
48,229,180
t
2s. U. S. Consols of 1930
$
2s, U. S. Panama of 1936
383,500
70,545,400
47,845,680
2s, U. S. Panama of 1938
285,300
25,287,060
25,572,360
259,375.C00
714,888.640
991.413,840
4s, U. S. Loan of 1925
2s
U. 8. 1-year Certs, of Indebtedness
259.375,000
73,138.400
ward.
Total
276,525,200
Dec. 18
The
1920.]
THE
following shows the amount of national bank notes
legal-tender deposits Nov. 1 and
afloat and the amount of
Dec. 1 and their increase
decrease
or
during the month of
November.
+
Nat onal Bank Notes—Total
Afloat—
Amount afloat Nov. 1 1920..
Net amount Issued
during November
...
Amount of bank notes afloat Nov. 1 1920
Legal-Tender Notes—
Amount
CHRONICLE
$732,549,629
1,461,168
Auction
Sales.—Among other securities, the following,
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:
not
Shares.
62 Metropolitan Surety_
1 Social Reform Club
V.v:
deposit tc redeem national bank
notes Nov. 1 1920...—
$27,410,317
STOCK OF MONEY IN THE COUNTRY—The follow¬
ing table shows the general stock of money in the country,
as
well
the
as
circulation
holdings by the Treasury and the amount in
given:
-Stock of Money Dec. 11620
in U.S.
.
Gold coin (including bullion
in
Dec. 1 1919.
$
$
k* ■■■■■*
■<■{■•
1
>
Treasury)...........2,761,338,519 430,386,732
Gold certificates
L.
Standard silver dollars.....
Circulation—
Money in
aHeld in Treas. Dec. 1 1920.
$
979,881,024
351.563,056
269,857,494
b879,529,142
415,692,081
15,857,417
97,095,305
82,416.283
155,289,410
157.6^2,692
262,917,134
1,615,362
Subsidiary sliver
Treasury notes of 1890....
United States notes
Federal Reserve notes
266,609,065
3,691,831
....
346,681,016
c3,663,592,795
239,569,800
Federal Reserve Bank notes
National Bank notes......
327,488,796
6,962,414
339,718,602
18,203,857 3,319,415,118 2.839,814,899
4,094,172
235,475,628
205,470,544
13,130,555
720,880,242
677,814,786
734,010.797
1....8,281,659,486 492.327,078 6,363,498,999 5,929,874,791
This statement of money held in the
treasury as assets of the Government does
not include deposits of
public money in Federal Reserve banks and in national banks
and special depositaries to the credit
of the Treasurer of the United States amount¬
a
ing to $183,017,285 20.
b Includes
Mines
Note.—On Dec.
Federal
1
notes
$898,841 309 gdld coin and bullion. $201,018,280
geld certificates and $325,973,820 Federal Reserve notes, a total of $1,425,833,409,
on Dec.
1
1920.
,
>
lot
Banks.—The following information regarding
national banks is from the office of the
Comptroller of the
Currency, Treasury Department:
i
Capital.
$50,000
President,
James H. Parker; Cashier, F. O. Wikoff.
Original organizations:
.' The Randall National
Bank, Randall, Kans
President, C. A. Crawford; Cashier, R. H. Parsons.
The Woodbridge National Bank,
Woodbridge, N. J...-.
President, John F, Ryan; Cashier, Thomas B. Murray.
Total
_
50,000
$125^000
.
APPLICATIONS FOR CHARTER.
#
Conversions of State banks and trust companies:
The Commercial National Bank & Trust Co. of
Laurel, Miss..$100,000
Conversion of The Commercial Bank & Trust
Co., Laurel, Miss.,
Correspondent, T. W. Yates, Laurel. Miss.
The First National Bank of Seaside, Ore
Conversion of The First State Bank of Seaside, Ore.
Correspondent: The First State Bank of Seaside, Ore.
...
50,000
Painted Post National Bank, Painted Post, N. Y_.
Correspondent: Charles Tibbetts, Hamilton and
25,000
Chemung
fits., Painted Post, N. Y.
The First National Bank of Fort
Lauderdale, Fla
Correspondent: Maxwell Baxter, Fort Lauderdale,
The Farmers National Bank of
Arlington, Texas
Correspondent: J. E. Voss, Arlington, Texas.
The First National Bank of
Falmouth, Ky
100,000
Fla.
50,000
60,000
Correspondent: Geo. W. Berger, Falmouth, Ky.
..$385,000
CAPITAL STOCK INCREASED.
i.
*•
'■
'•1
••r-
•
$150,000
$300,000
VOLUNTARY
LIQUIDATION.
Carthage, Mo
Capital $100,000
Liquidating Agent, W. E. Carter,
Consolidated with Bank of Carthage, Carthage, Mo.
The Carthage National
Bank,
To take effect Dec. 4 1920.
Carthage, Mo.
per share paid in liquid'n. $3
200 Mirror Films, Inc., pref...lot $20
1,100 Iona Gold Mining, Inc., lot $10
100 Plymouth
Oil
7%
pref.;
50 Plymouth Oil......lot $130
4,000 Loma Prieta Mines
lot $31
50 Sijur Motor Appliance, 2d
preferred..........
lot
19,500 The Petrogas Corp
lot
34H Stlllwell Building, Inc..lot
12,500 Rexollne Petroleum
lot
2,500 Rainbow Oil & Gas
..lot
25 Price-Campbell Cotton Pick¬
er Corp., pref.; 50 PriceCampbell
C.
P.
$6
& Co., Inc., pref.;
Waldes & Co., Inc.,
$100
C. Dlsbrow Co., Inc.,
pref.; 150 D. C. Dlsbrow
Co., Inc., com
lot $100
50 Southern A Atlantic Teleg..$15
100 Sixth Avenue RR
._$10H
$50-$51
35 Federal Utilities, com_...$3-$3^
15 Broadway & 7th Av. RR..S20
1920.
1919.
Canada—
Montreal.
Dec.
1918.
1917.
136.972 ,026 167,028,108
108,930 ,543 110,131,036
Winnipeg
106,626 ,003
20,209 ,320
..
Vancouver
_
Ottawa
...
_
Quebec...
12,570 ,145
7.439 ,815
—18.0 139.320,268
—1.1
75,477,598
53,681,685
63,081,116
+ 69.0
76,186,826
61.825,124
15,598,088
12,454,386
+ 29.6
11.978,265
12.323,401
5,850,473
+ 0.9
—8.0
4,094.883
6.857,302
+ 6.4
4,965,870
9.550.301
+ 8.3
8,020,597
3,288 ,059
Calgary
+ 22.0
5.480.300
7,289 ,368
10,339 .849
...
6,099,587
5,044 ,717
Halifax
Hamilton
—9.7
2,393,637
5,646.541
76,727,405
9.685.169
3,955,929
1,985,000
4,808,166
London
3,745 ,759
3,642.214
4,347.859
—13.8
3,249,222
Victoria
8,466,209
1,958,513
2,222.243
3.046 .755
2 444.075
+ 24.6
2,801.797
2.169.225
6.463 ,420
4.600,000
+40.6
3,972,023
3',344 214
5,336 .541
4,500,000
+ 18.6
4 683.403
3.776.384
1 042 .958
John...]..
Edmonton
__
Regina
....
Brandon
+
1,058.664
—1.5
Letbbridge
1.047 ,457
749.185
+ 39.8
816,181
884,821
Saskatoon
2,656 ,470
2,497,027
+ 6.4
2.425,149
1,998,091
Jaw
..
906,802
764,750
2,601 ,395
2.028,068
+ 28.3
2,554.387
1.506.170
1,662 ,992
2,102,640
1,000.312
—20.9
1.117,928
929,601
690.443
1 244 ,664
New Westminster
935 ,239
529,508
+ 76.8
728 ,916
589,256
+ 23.6
502,205
529.132
399.441
Medicine Hat
Peterborough
1,052 ,771
+ 19.8
949,614
608,262
Sherbrooke
1,175 .954
878,6*7
1,018.442
+ 15.4
798.199
Kitchener
1,441 .651
+ 2.4
756,404
3.550 ,337
1,407,646
2,200,000
540,895
684,597
+ 65.9
1.155.865
613,,729
580,553
+ 4.7
366,594
Brantford
......
.
William..
.....
....
Windsor...
Albert
Moncton
Total
Canada
897,,017 Not fncl. in
457,056.853 432,454,320
+ 24.4
Ferry
120 United Nat. Utilities, pref.,
with 60 shares common
bonus
300 Smith
lot $60
Motor
&
Truck
Corp.,
temporary ctfs.lot $25
Huneke
Co.
1,028,158
of
America
lot $10
712-5 Industrial Technics Corp lot $5
400 Splcer Mfg., common
$1
125 Splcer Mfg., pref
....$40
6,000 Wawa Company...
%
Toronto
St.
Grand
.$15-120
40 Martini
Inc. or
lot $100
100 Rock Island Co., pref
300 BlographCompany
106 Villa Park
Assn.
of
lot $2
$4
...
Great
Neck
lot
34 Elmhurst South Realty
$26
lot $6
25 Bronx Exposition, Inc., pref lot $5
250 Bronx Exposition, Inc., com lot $6
75 Sound Heights Corp
.lot $10
25,262 Amer. Silver Corp
555 Nina Mines pf.,
Mines common
lot $100
1,118 Nina
lot $100
10 Theatre Parisien, Inc
lot $2
91 Wilhurst Oil, Inc., com....lot $1
50 Wilhurst Oil, Inc., 1st pf.-lot $3
13 Reorg. Finance Corp
lot $1
500 Atlan. Coast Fish., 1st pf_.$2.10
250 Gum Cove Oil & Ref__
$1
1,298 Aime Dupont Studios, Inc.lot $35
250 W. W. Boyer Co., com
.$50
400 Federal Bakery, com
$10
50 Gallaudet
Aircraft
Corp.,
com
..lot $14
.
691.149
total.
+ 5.7 368,922,392 250.141,516
cum.
40 Gallaudet
Aircraft
Corp.,
preferred
lot $10
300 U. S. Chicle Refg., com...lot $40
75 Sound Heights Corp
lot $10
100 Amer. Auto Accessories...lot $13
20,000 Crews McFarlan Mg., Ltd.lot $10
592 R. L. Rose Co., pref
$1
500 Building Oper. Co., com..lot $15
80 Houser Royalty Synd
$5
pref
50 Savold Tire Corp...
lot $6
200 Caloris Mfg
.lot $6
lot $7
154 Renova Fire Brick
15 Cohansey Glass Mfg
lot $14
48 % Alaska Securities Corp
lot $4
900 Smith Motor Truck, com..lot $8
50 Anglo-Amer. Comm'l Corp.,
preferred.
v
lot $12
25 Trac. Service Corp., pref..-lot $1
25 Tractor Service Corp., com.lot $1
150 H. B. Claflin & Co., com...lot $5
900 Realty Trust Co., pref
210 Wasson Piston Ring
$10
lot $10
10 Nat'l Thrift Bond Corp. 4%
$10
preferred..
546 N. Y. A Nor. Shore Trac..lot $50
25 Coast & Lakes Contracting
$105
lot
Oil
...lot $25
1,000 Simpson,
lot $100
Crawford
1st pref., 59%
ation
.
1,000 Simpson,
2d pref
500 Simpson,
Corp.,
>
paid in liquid-
,
-lot $23
Crawford
Corp.,
Crawford
Corp.,
..lot $23
...lot $23
common.
preferred assented
A
Bowie
1,000 Snows Fountain Holding Corp. $1
100 Montana Farming Corp.,pf.$20
584 Nat. Tire & Rubber, com.. $1
St.
2,000
pref.;
$10
171,000 Crews McFarlan Mining-lot $65
80 Le Zacualpar-Htdalgo Rubb.lot $1
276 New England Fuel Oil, com.$13
1,625 Chalmers Motor Corp. ass'd $1
166 2-3 Chalmers Motor Corp.,
common
Week ending December 9,
Oil.
common
50 West Va. Trac. A Eleo. 7%
common
lot
RR
20
50 Mitchell Motor Car of N. Y.,
Inc
....lot $41
....lot $6
lot $17
50 Federal Utilities, pref
pref.;
InterOcean Submarine com....lot $50
600 Mays Oil; 100 Bowie Co.
$31
8 Units Producers Develop..lot $17
2,000 Amer. Record. Laborator's lot $ 19
21 42d
Clearings at—
glneerlng,
1,000 Dayton Coal, Iron & Ry.,
common
.lot $10
10 Inter-Ocean Submarine En-
$50
20 Christopher & 10th St. RR.$10
Canadian Bank Clearings.—The clearings for the week
ending Dec. 9 at Canadian cities, in comparison with the
same week in 1918,showan increase intbe
aggregate of 5.7%.
Securities
Corp. com.;
$1,120 90 Continuous Tran¬
$25
common, V. T. C____._lot $50
100 Acme Harvesting M., com.lot $3
975 Hughes Petroleum
...lot $50
100 Internat. Fur Exchange, pf. $5
50
...
sit Secur. Corp. note
Corp.,
120 Green Motors, Inc
200 Cornella-AJo Copper
lot $10
Speed A Traction
Continuous Tran¬
sit
$20
50 D.
Ami. of
Cap.when
JtictcdSBo: Increased
*
The Waltham National Bank,
Waltham, Mass..
75 Security Bank of N. Y., $10
50 Waldes
Total.......
'•
lot $45
pref., and
scrip
com.; 134
lot $100
5,864 Granville Mining, Ltd
pref
Original organizations:
Prince
$47 87
61 Multiple
$100
5 Ptolemy Corporation
lot $100
30,000 Triumph Gold Mining...lot $100
480 Tiffin Products, Inc
lot $150
+
25,000
*
Fort
4 San Luis Ry.,
$83 34 scrip; 14 San Luis
Southern
Ry.
com.,
and
3,000 Burknett Van Cleave Oil...50c.
1,000 Northern Texas Oil..
20c.
1,000 Mayfair Oil
10c.
150 New Haven Hotel.
National
CHARTERS ISSUED.
Conversions of State Banks and Trust
Companies:
The First National Bank of
Maroa, 111
(Succeeds The Citizens Bank If Maroa, 111.)
$3
r
common
250
com.;
Estates
6% s. f.
bonds, 1927; $390 Costilla
Estates
6% ser. B scrip;
$415 45 Costilla Estates 7%
ser. A scrip.
$100 lot
12 San Luis Construe., com.;
10 Theatre Parisien, Inc.,N.Y.Iot $5
53 Black Hawk Petrol., pref..
lot $85
Costilla Estates, pref.; $1,500
Costilla
Corp
$1
Co., Inc., pref.lot $5
Co., Inc., com.lot $5
12 SIbici
Corporation
lot $5
2,000 Wlnnemucca Mtn. Mining.lot $5
10,500 Cerro Gordo Mines
lot $110
Clarborne-Annapolis Ferry.25c.
lot $5
239 Costilla Estates,
llo.
267Black Hawk Petrol.,
1920 Federal Reserve banks and Federal Reserve agents held
Reserve
against $1,235,493,365
Moose
Co. pref
75 General Bond & Share
100 Protection
300
lot $210
1,000 Eastland Co. Royalty Synd.lot $7
3,500 Florida Plantations, pref.,
with 2,190 shs. com
$40
100 Connecticut Silica
:
Devel.;
Creek
ber Corp., com
common
lot $250
50 Denny-Renton Clay&Coal lot$100
2,000 Candelaria
Exten.
20 The Esta Co., pref.; 16 The
Esta Co., com
lot $5
10 Bestol Co. com.; 73 Bestol
405 Potts-Meeker Realty..
$25
50 The British-Am Oil, com..lot $50
$403,542,320 39 Federal Reserve Gold Settlement Fund deposited with
Treasurer of United States.
;+: ;
c Includes own Federal
Reserve notes held by Federal Reserve banks,
d Revised figures.
St.
•
100 Protection
Total
against
$1
1,000 Knick.-Wyoming Oil, pref.;
1,000 Knick-Wyoming Oil
1,702.266
Per share.
Butte
Chatham
Mines,
Inc., com.; 2 Chatham Creek
Mines, Inc., pref.; 1,500 Co¬
manche Co. Oil; 5 Tex-LaHoma Oil Corp., pref.; 10
Tex-LarHoma
Oil
Corp.,
com.; 4,000 Louisiana Cal.
Mg.; 100 The Republic Rub¬
$1
1,000 West Va. Consol. Oil
lot $30
50 Am.Forelgn Trade Corp.,pf.$15
250 Am .For. Trade Corp., com. $1
500 Welte Mlgnon Corp.
7%,pf.$46
119 Interboro Rapid
Transit...$43
241.951,420
Silver certificates..
3
$1
juato
lot $100
110 Ranger Royalties,
Ino., pf. $1
500 Magdalena Oil Corp.......25c.
Slocks.
2,000 No.
1 Automobile Co-op. Assoc.lot
$1 +
1,400 King Edw. Sliver Mines..lot $40 '
21 Waxement Co., Inc
lot
$5
1 Valsement
Co., Inc
lot
$1
50 Deep Well Water Co
lot $10
7,400 Quebec Devel., Ltd., of Can.$40
2,000 The United Mines of Guana¬
the dates
on
Shares.
$5
lot
*
"
.
on
lot
10 Water Wks. Construction .lot
10 Mehler Restaurant
lot
.
Amount
Per share.
Clay Mfg., pref .$57.50
400 Shawmut Clay
Mfg., com. $2.50
31 Oriental Bank..
lot $10
..$734,010,797
..
Stocks.
683 Shawmut
on
deposit to redeem national bank notes Nov. 11920....
$27,817,444
Net amount of bank notes retired
in November......................
'
407,127
3397
lot $5
One-tenth Interest In Cayuna Ex¬
ploration Co. Synd.,
par value
$7,500
Bonds.
M.
lot $500
Per cent.
-
$10,000
Carmen-Guanajuato
1st Is, coupons from
Gold
1911.$100 lot
$15,000 Guanajuato Consol. Mg. A
Mill.
7% deben. for their
conver¬
sion into stock; deposit receipt_$150 lot
$17,500 Bering River Coal 1st 10year
6s
$1,000 lot
$50,000 Cent. N. Y. Southern RR.
Corp. 1st A coll. trust bonds and
stock accompanying same deposit
receipt for subscrlp. receipt; 215
Cent. N. Y. Southern RR.
Corp.
pref. v. t. c. deposit receipt..$3,000 lot
$15,000 Laurel Coal Mg. 1st 6e,1946$50
$1,000 Int. Garden Club 5s, 1945.$50 lot
$6,000 West Caddo Oil Synd. 6%
note, 1922; May 1920 coupon on
.
with 60 shs. stock as bonus...$200 lot
Chicago Utilities 1st 5s,
1942, Oct. 1915 Coupon on...$150 lot
$24,000
$10,000 Union Dye A Chem. Corp.
5s, adj. mtge. 1923, Dec. 1918
coupon on; 52 Union Dye & Chem
Corp., v. t. c. and $8 75 scrlp__$30 lot
$15,992 Sound Heights Corp. 6%
notes
_$15 lot
$5,200 Metropolitan By-Products
3d 6s, Series A to I....
$75 lot
$17,500 Mexican Govt. 3% internal
silver bonds
10 K
$18,618 Sound Heights Corp. notes$l 5 lot
$5,000 National Co. (N. J.) frist lien
7s, 1925
90
$9,000 Metropol. By-Products Co.
pref., note, 6%, ccrtif. of dep..$10 lot
$47,000 Repub. of Panama 5s, 1944.$77
$50,000 County of Hudson, N. J.,
4% park bonds, 1959
$81
$4,000 United Pub. Utll. 1st lien 6s,
1943....
J 50
$15,000 Savold N. E. participating
33% paid, leaving balance of 67%
amounting to $10,050
$50 lot
$32,000 Raritan Refining Corp. 7%
participating 10-yr. gold bonds..$20
$6,000 Allegheny Valley Water first
5s, 1936
$40 lot
$11,000 Virginia Southwest. Coal A
Tinber first 5s, 1945
$15 lot
$1,000
Sunnlngdale Country Club
1967...
$21 lot
income 5s,
$700 Orange Lawn Tennis Club of
N. J. 2d 6s
$17 lot
$2,000 Orange Lawn Tennis Club of
N. J.
10-year 6s deb. notes
$38 lot
$5,000 Savannah A Atlanta Ry. 1st
1935
*10
$23,800 N. Y. A North Shore Trac.
Co. 1st 5s, 1954
$550 lot
6s,
$25,000 Coast A Lakes Contracting
Corp. 2-year 6% notes
$100 lot
marks German Govt. 5s,
dated 1915; Jan. '21 coupon on.$600 lot
50,000
[Vol. 111.
CHRONICLE
THE
2398
Bonds.
Per cent'
Per cent. 112 shs. Mass. Elec. Cos. pref. ctf.
Mass. St. Ry. ref. 5s,
dep. representing com. stock only
1948
25% flat
of reorganization
3 shs. East. Maes. St. Ry. ref. 6s,%
$7% $3.55 East Mass. St. Ry. Co. adj.
adj. stock
stock scrip*
lot
$34 Eastern Mass. St. Ry. ref. 5s,
6 shs. East. Mase. St. Ry. adj. stock $510
adj. stock scrip...—.
—,
83 she.East.Mass.St.Ry.opt.warr't.
lot
$5,000 Nor. Mass. St. Ry. pf. 5s,'43
$180 $11.04 East. Maes. St. Ry. optional
150 shs. Texas Gas A Elec., com...
warrant scrip
lot
200 shs. Texas Gas A Elec., pref...
$33.50 East. Mass. St. Ry. ref. 5s,
100 shs. Mase. Cons. Ry., pref
.
1948, Series B
10,000 rubles Russian War Loan
$1.08 East Mass. St. Ry. ref. 5s,
5%s, 1916
—.—$5 per M
1948, Series B scrip
Bonds.
By Messrs. Barnes
% per sh.
Stocks.
Shares.
& Lofland, Philadelphia:
Bonds.
Trust ($90 paid). 150
Bank of Camden.240
10 Nat. State Bank of Camden.214
150 Tlndel-M orris Co
%
42 Empire Title A Trust, $50 ea. 24
1 Insur. Co. State of Penna— 80
17% United Firemen's Insur.,
25 Norristown
7 First Nat.
10
Cemetery, $50
4 Chelten Hills
$36
each..
Cemetery, $2
lot
Phlla. A East on Elec. By.,
common
lot
Phlla. A Easton Elec. Ry
61 Mount Vernon
each
192
108
$1
$4
lot $17
preferred
Per cent.
City Tramway 1st
28
fl.OOO United Iron Works, Inc.,
s. f. 7b. 1936
—
21
13.000 St. Louis A San Fran. RR.
5% notes
lot $5
$10,000 Alaska Cons. Copper of
Ariz, and the Alaska Corp. of
Dela. 1st A coil. tr. 6s, 1927, with
1,000 shares common stock
lot $60
$4,000 RiversideTrac. 1st 5s, 1960 - 43
$5,000 Am. Public Util. 6s, 1936— 42
$3,000 Qulncy Gas, Elec. A Heat.
1st cons. 5s, 1936
45
$5,000 Dallas Cons. Trac. Ry.
1st cons. 6s
lot $32
$4,000 The Country Club of Harrlsburg, second incomes
lot $200
$10,000 Georgia Light, Power A
17,000 Denver
ref. 5s, 1933
11
10
$10 each
102 Philadelphia Life, $10 each..
6 Scranton Life Ins., $10 each.
$1,550 Eastern
Series B,
190
150
9
6
20
2
10
12
4
37
27
100
2
120
200
Hardart Automat of
pref
Horn A Hardart Automat of
100 Horn A
4
Illinois,
50
1
5%
18 Philadelphia Bourse, pref— 20%
10 Phlla. A Gulf Steamship—.lot $1
20 Thatcher Spinning
—100 %
7 Buck Hill Falls Co
100
100 Geo. B. Newton Coal, 1st pref .31%
425 Geo. B. Newton Coal, com..
%
20 Pa. A West Virginia Coal..-lot $10
1 Unit. Picture Theatres of Am.
5
1,200 Petroleum Corp. of Amer..lot $83
4 1-16 Western Land Assoc'n— 96
200 Pa. Ky. Oil A Gas. Refining.
%
100 Tenn. Agrlcul. Chem., pref..
%
25 Tenn. Agrlcul. Chem., com..
A
6,667 Weldon Gold A Cop. Mining. 10c.
25 Bond Sandstone Briok
lot $10
200 Standard Gas A Electric—lot $145
170 Edward G. Budd Mfg., pf.80%-82
12 The Autocar Co
96
60 UnionTrao. of Ind., 1st pref.
1
Illinois, common
4 Philadelphia Bourse,
com...
20 Falls Motor,
70
A Power
common (tr. ctfs.)
1%
50 Becker Milling Mach., pref. 45
66 Becker Milling Mach., com.
7%
$6,250 Staked Plains Trust, Ltd
A
(Liquidation Certificate)
(15% paid In llquld'n).lot $500
300 National Tool A Machine._
1
3 Columbian Nat. Life Insur. 115
200
400
160
20
200
$2,000 Pitts. Term. Warehouse
Transfer 1st 5s, 1936
gen.
$4,000 Chic. 111. &
6s, 1947
$3,000 H ouston Belt A
6s, 1937.
1st 6s,
3%
%
80%
1%
Deposit of Md—105
420 Woodburn Oil
1 Fidelity &
6 Standard Gas A
3%
Elec., com..
$400
$500
26,000 Pacific Tungsten,
St.
Incline
46
Ry.
2
84
60
500
lot $310
Vienna 5* lot $475
Republic of France,
gium 5s
200 000 Kronen City of
-
Third War Loan, 4s
—$42 per M.
Telegraph.
1
New Hampshire Elec., pref—
2% 70,000 rubles Russian Government
Internal 5%8, 1926_.$9%-$10 per M.
Grlscom Hall Association..lot
$5
Vulcan Motor Device.
-lot $4 100,000 rubles Russian rentes 4
per cent (1894).
lot $50
West Texas Sulphur
..lot $10
Nat. Underground Elec
lot $2
By Messrs. R. L. Day
& Co., Boston:
$ per sh.
Steam Cotton
195
240 U. S. Worsted, com., $10 ea_134
50 Boston Revere Bch. A Lynn. 42
300 Worcester Cons. St. Ry., 1st
pref., $80 each
10
200 Mass. Elec. Cos., pref. ctf.
dep. representing all sec. in
I
Shares.
Stocks.
Shares.
6 Naumkeag
3%~3%
Mass. Elec. Cos., pref. ctf.
dep. representing com. stk.
only in reorganization
1.15
Boston Athenaeum, $300 par.561
Hood Rubber, pref
93%
reorganization
167
1
63
300 Doane Tow Boat Co., $10 ea.
50 Becker Milling Mach., com.13 Kapo Mfg.
4
7a
10
Co
each 26%
500 Amer. Invest. Sec., $10 each.
1.13
63 Mass. Real Estate
35
6 Boston Belting pref., $50
75
1,000 Blockhouse Mining, Ltd., $10
each
.$10 lot
36 General Gas <fc Elec., con v. pf.
10 Dallas Electric, com
50 Quincy Mkt. C.
44 Rights Fall
2%
1
S. & W.,pf.76&dlv
River E.Lt—50c.-51c.
10
50 Kapo Mfg., v. t. c
111
10
1
20
20
100
40
150
25
55
f
lot
Hopkins A Allen Arms, pref.. 1 $5
Hopkins & Allen Arms, com./
lot
Lincoln A Parker Film, pref. 1 $10
Lincoln A Parker Film, com. f
lot
Nat. Society of Music, pref.. 1$1
Nat. Society of Music, com../
lot
Penn. Gasoline, pref., $10 ea.
1%
Roslyn Holding Co
$10 lot
Springfield Silver Black Fox,
preferred
$10 lot
Co., pref
Mot.Truck,temp.ctf_$10 lot
50 Stanwood Rubber, com
2
1,800 Shamrock Mining, trust ctf.$10 lot
100 Smith
tr.ctf. Class 3l$10
tr.ctf. Class4/
lot
100 Nat'l Tool A Mach. Corp...
1
10 U.S.Mach.Gun
1 U.S.Mach.Gun
Equitable Insur .$1 % lot
Assn., $1000
each..
650 flat
55 Carbon Steel, common
35
25 Becker Milling Mach., pref.. 45
42 New Eng.
27 Boylston Mkt.
85 Merrimac Chemical, $50 each
(ex-div.)
% per sh.
Slocks.
8 Clawfoot Co., comm
8 Clawfoot
80
10
50 Gorton Pew Fisheries, pref.. 50
40 Electric Bond A Share, pref—
16 Kalbfleisch Corp., com
pref—1$16
German Pub. Society, com../
lot
Rights Fall River Elec. Light. 51c.
250 German Pub. Society,
100
12
Mill.
50 Becker
with
pref.,
Mach.,
^
50 Somerset Hotel Trust..
50 Bay State Fishing, com
3 Gillette Safety Razor
$40 lot
52 flat
7
130
P.
50 Haverhill Gas Light, ex-div.. 51%
50
Bonds.
Per cent.
each.
3
$6,000 State of Jalisco, Mex., 6s,
8,000 Combination Divide Mining,
1928, coup. July 1914 and subse¬
preferred
$50 lot
8 Sirell & Simpson Biscuit, pref. 20
quent on.
$190 per M
434 Plymouth Rubber, com
$250 lot $3,000 Russian 6%s, 1919, ctf. dep. 13
$7,000 Eastern Mass. St. Ry. Ref.
150 MollieGibson M.&M., pref. 1 $10
20 Montpelier & Barre Lt. &
Co.,
pref
100 The Royalty Synd., $10
5s, 1948, Ser. B, coupon July 1
Molliepibson M. A M., com.} lot
1920 on
25% flat
Mining Co..J
$5,000 Boston & Maine RR. 4%s,
Hotel Trust
10
1929
62
50 The Pope Mfg., com
$1 lot
100 Smith Motor Truck Corp
$10 lot 500 shs. Fla. Soft Phosphate A Lime'
trustees certif. for common
}$10
10 No. Boston Ltg. Prop., pref. 70%
$5,000 Fla. Soft Phosphate A Lime
lot
100 American Motor Corp., com.
150
600 Carpenter-Cole
51 Oglethorpe
100 American Motor Corp.,
pref.}$10
lot
—J
A Dev..$5 lot
300 Big Drum Mining...
$5 lot
100 Bingham Copper Boy Min__$1 lot
10 Berkshire Magneto
$5 lot
2,000 Bingham Coalition Mines..$10 lot
25 Bay State Film, pref
$25 lot
5 Units Cushing Devel
$5 lot
5 Contin'l Mines,Corp.,Ser .A—$1 lot
100 Conn. Brass A Mfg. Corp..$25 lot
100 Chemical Copper, pref
1$15
200 Chemical Copper, com
/ lot
25 Amer. Motor Corp., pref.
ctf. full paid stock
300 Bisbee Copper Min.
int.
$5,200
1st 6s, 1929
75
$6,000 Cons. G., E. L A P. 4%s, '35 70
$5,000 Canon Reliance Coal 1st 7s,
Mar; 1 1929
...30 flat
$5,000 Nor. Ohio Trac. A Light 1st
cons. 4s, 1933
50%
$2,000 United Fuel A Gas 1st 6s, '36 82
$3,000 Utah Pow. A Lt. 1st 5s, 1944 75%
$10,000 Detroit Edison conv. 7s, '30 92%
$2,000 Worcester Gas Lt. 5%s,1939 83%
$2,000 Joplin & Pitts. Ry. 5s, 1930. 55
$500 Continental Mines Corp. deb,
$15,000 Boston Wharf 4s, 1941
Neb.
5
Commonwealth Power of
1st 6e, 1944 (Sept. 1920
coupons
20
on)
$4,000 Bay State St. Ry.
6% notes
(cert, of deposit)
$10,000 East. Mass. St. Ry. 5s,
7%-9%
'48. 25
Imperial Russian Govt. 36%s, 1919
1,170,000 franca N. Y. N. H. A H.
RR. 15-yr. 4% European loan,
$3,000
year
13
lot $51,000
5-year
lot $20,000
Deposit of
Bay State St. Ry. notes.-.lot $25,000
$10,000 Cucharas Land A Water
Corp. 20-yr. 1st 6s, 1935
50%
1922
$200,000 Rhode Island Co.
5% notes, 1921—
$240,090 40 Cert, of
been paid.
The dividends
announced this week are:
Per
Cent.
Name of Company.
Albany A Susquehanna
Books Closed.
When
Days Inclusive.
Payable
Canada
Southern——————
$10 lot
*1%
Jan.
♦Holders of rec. Jan.
Feb.
Holders of rec. Jan.
Dec.
Holders of rec. Dec.
23
Jan.
Feb.
Jan.
Dec. 18
to
♦Holders of rec. Jan.
16
*3%
Feb.
Holders of rec. Jan.
15
$5 '
$1 .25 Jan.
1%
18
Jan.
Feb.
Jan.
to
4
26
*$2
Jan.
♦Holders of rec. Dec. 31
*1%
Feb.
♦Holders of rec. Jan.
3
♦$2 .50 Feb.
Central
♦Holders of rec. Jan.
21
—
4
Jan.
1
Jan.
1%
Holders of rec. Dec. 15a
Jan.
*6
Rensselaer A Saratoga
Troy Union RR
Jan.
♦Holders of rec. Dec.
Francisco—
ctfs.(qu.)
Corp., pref. (qu.) —
K. C. Ft. S. A Mem., pf. tr.
Western Pacific RR.
Street and Electric
Railways.
pref. (quar.)'.
Dec. 25
3
Jan.
Jan.
1 ♦Holders of
1%
Jan.
3
(quar.)
Cleveland Ry., pref. (quar.)
♦1%
Eastern Texas Elec.
rec.
Dec. 20
Holders of rec. Dec.
16
Dec.
29
Dec. 30 ♦Dec.
23
to
1%
Jan.
1
Holders of rec. Dec.
15a
2
Jan.
3
Holders of rec. Dec.
20a
3
Jan.
3
Holders of rec. Dec. 20a
1%
—_
Co., com. (quar.)
Preferred
16
Holders of rec. Dec.
1%
—
2
22
Holders of rec. Dec.
*1%
Chicago City Ry.
31
Jan.
to
Bangor Ry. A Elec., pref. (quar.)
Carolina Power A Light, pref. (quar.)
Asheville Power A Light,
Jan.
1
Holders of rec. Dec.
—
;
pref. (quar.)
15
Ridge Ave. Pass. Ry., Phila. (quar.)
pref. (quar.)
Wash. Bait A Annap. El. RR., com.(qu.)
Pcwer A Light,
Holders of rec. Dec. 31a
2
Holders of rec. Dec.
10a
Jan.
1
Holders of rec. Dec.
15
Jan.
Holders of rec. Dec.
15
*$3
Bonus
8
Jan.
1
(quar.)
Ottawa Traction
Jan.
1%
1
Monongahela Val. Tr., pref. (quar.)
Northern Ohio Trac. A Lt., pref. (quar.)
Jan.
1 ♦Holders of
1%
Jan.
1
Jen.
37%c
•1%
(quarJ)
West Penn Tr. & W. P., prff. (quar.)
Yadkin River Power, pref. (quar.)
York Railways, preferred
1%
15
Holders of rec. Dec.
16
I
1
Ho Id err of rec. Dec.
18a
Feb.
1%
62 %c
rec.
15
Jan.
3
Jan.
31
Banks.
Holders of rec. Dec.
18«
Holders of rec. Jan.
Feb.
1%
Dec.
3
Jan.?
(quar.).--
Preferred
21
17
Holders of rec. Jan.
16
Holders of rec. Dec.
Hold
rs
of
rec.
2la
Jan.
16
3
Chase National
Holders of rec. Dec.
16
Jan.
Holders of rec. Dec.
27a
$2
(quar.)
Chase Securities Corp
Holders of rec. Dec.
Jan.
4
Extra
Jan.
3
Battery Park National
Jan.
Holders of rec. Dec. 27a
Colonial
♦Holders of rec. Dec.
8
Jan.
♦Holders of rec. Dec.
20
*3
Jan.
♦Holders of rec. Dec. 20
4
Dec.
*3
Coal & Ircn National (quar.).
*3
(quar.)
Extra
Columbia
2
Extra
Fifth Avenue
(quar.)
First Securities Co.
Drc.
Jan.
5
Jan.
10
(quar.)
Jan.
5
Extra
Greenwich
Jan.
*6
First National (quar.)
Jan.
3
T
Hanover National (quar.)
Jan.
1
(quar.)
Extra
Jan.
*8
Jan.
Holders of rec. Dec. 21a
Holders of rec. Dec. 21a
♦Holders of rec. Dec.
Holders of rec. Dec.
Mechanics' <!fc Metals Nat.
18
31a
3 Holders of rec. Dec. 31a
Holders of rec. Dec.
31a
Holders of rec. Dec.
20a
Holders of rec. Dec. 20a
♦Holders of rec. Dec.
18
Holders of rec. Dec. 23a
6
Jan.
*5
Jan.
♦Holders of r
*2%
(quar.)
(quar.)
Manhattan Co.. Bank of the
c.
Dec.
15
12
Mutual
National City
New Netherland
National
(quar.)
(quar.)
Jan.
to
Jan.
12
Jan.
Holders of rec. Dec.
24
Jan.
Holders of rec. Dec. 24
Jan.
Holders of rec. Dec. 24
Holders of rec. Dec. 24
1
Extra
National City Company
to
4
(quar.)
25
'Dec. 25
5
(quar.)
Extra
♦Dec.
Jan.
10
Extra
Jan.
*10
Metropolitan (quar.)
Public
3a
Holders of rec. Dec. 24
3
♦Holders of rec. Jan.
Jan.
*2
(quar.)..,
(quar.)
Pittsburgh A Lake Erie.
Utal
8
Jan.
$1.25
Northern Pacific
Illinois Traction,
3
reo. Jan.
♦Holders of
*1%
Mahoning Coal RR., common
Preferred
Louis-San
20
to
1%
Louisville & Nashville
St.
3
Jan.
Dec. 21
-
(quar.)——.
Kanawha & Michigan (quar.)
Little Schuylkill Nav„ RR. A Coal
Northern
♦Holders of rec. Jen.
Feb.
Dec.
2
15a
Holders of rec. Jan.
Mar.
*1%
25a
Dec.
"Holders of rec. Dec. 27
Jan.
*3
River Tunnel
Great Northern
Michigan Central
New York Central RR.
Dec. 20a
rec.
Holders of rec
2
preferred
Chicago Burlington A Quincy (quar.).—
Clev. Cin. Chic. A St. L., pref. (quar.)„
Detroit
Holders of
8
1
*3%
Atlantic Coast Line RR., common
Baltimore A Ohio,
Jan.
2
•-
(quar.)
Ashland Coal <fc Iron Ry.
—
7b, 1923
$4,000
St.
changed the method of
We have
West Penn Power, pref.
12 shs. com. stock as
bonus
lot
Per cent.
Bonds.
$33,000 Ports. Klttery A York
Ry. 1st 6s, ctf. of deposit
Railroads (Steam).
$13 perM.
of Berlin 4s. $ 13 per M.
50,000 marks City of Cologne 4s $12 per M
5,000 marks Kingdom of Bel¬
1 Pacific A Atlantic
80
$1 each,
lot $7,500
old stk.75c,
1%
DIVIDENDS—Change in Method of
City of Hamburg
60,000 marks City
10,000 francs
preferred...2 Boston Arena, com.,
6 Walker Potash
have not yet
85
marks
25
36
Power
1
100
No. Sprlngf. Water 1st 5s, '28 51
Springfield Water cons. 5s, '26 56
Sprlngf. Cons. Wat. 1st 5s, '58 36
85,000
4Mb
30
784
60
72%
A
$10,000 Colo. Wyo. A Eastern
gen. inc. 6s, 1944
$500 Buck Hill Falls Co. 1st 6s
$900
30
Reporting Same.
presenting our dividend
record.
We now group the dividends in two separate tables.
First we bring'together all the dividends announced the
current week.
Then we follow with a second table, in which
we
show the diviends previously announced, but which
of Venan¬
$1,000 Wilkinsburg A East Pittab.
St. Ry. 1st 5s, 1929
$19,389 Commonwealth Power Ry.
& Light 6% div. scrip
A
6,000 So. Am. Gold A Platinum.—
45 Congoleum Co., pref
80
-
1935
Plane 1st 5s,
Heat
1
1934
Seventeenth
$1,000
65
Terminal 1st
$6,000 Citizens' Traction
go 1st 5s, 1942
$5,000Logan
Co. Lt.
5
pref
West. RR. gen.
200
20 Gorton-Pew
76
75
5s, 1943
500
43 Rights
585 Petroleum
S3
34%-35%
All Sugar Products, $10 each
2
Logan Johnson, Ltd., com.,
$50 each
10
Carbon Steel, common
35
Exceptional Pictures, pref.l lot
Exceptional Pictures, com./$300
American Felt, pref
70
Saxon Motor Car Corp.,
Hawaiian
183 Am.
2,500 The
Gas
Allentown Bethlehem
$5,000
-
100 Wash. A Va. Ry.,
1940
$ per sh.
145 N. Bedf. Gas A Ed. Lt. Co. 144
3%
of deposit
55
76
$25,000 Hotel Adelphla 1st 5s, 1922 96
$5,000 Nat. Conduit A Cable 1st
6s, 1927
51
Line RR. 1st 5s,
41
Tenn. Ry.. Lt. A Pow., pref.
2%
Tenn. Ry., Lt. A Pow., com.
%
Standard Fuel., dom
lot $8
Frankf. A Southw. Pass. Ry.200%
Wash. A Va. Ry., com.(ctf.)_
2%
Wis., pref
cert,
$3,000 Amer. Gas deben. 6s, ser. A
$2,000 Macon Terminal 1st 5s, 1956
Pipe A Construction
Securities, pref
——
65%
pref
Mach'y..
Sheboygan Falls,
30
Brazil Companies
lot $60
Fall River El. Lt—.40c.
Fisheries, pref. 45
10 Commonw. Gas A Elec., pf. 62%
2,187 Aeolian Weber Piano A
Pianola, com. vot. ctfs.. 12%
1,558 Aeolian Weber Piano A
Pianola, pref
65
60 North. Conn. Securities
30
20 Ilium. A Pow. Securities, pf. 65
4 Ilium.&Pow.Securities, com. 10
30 Petroleum Heat A Power,
pref. (tr. ctfs.)..
lot $500
60 Amer.
310% The Laguna Co.,
600 Standard Concrete
20
Ry.
lot $25
RR.
10
$3,500 Delmar Water 1st 6s, 1933— 51
$300 Wildwood-Dela. Bay Shore
310
100 John B. Stetson, com
200
$2,000 Blanchard Ave. St.
(Flndlay, O.) 1st 6s
$10,000 Atlantic City A Shore
1st coll. tr. 5s, 1945
Trust
355
Stetson, pref.......125
5 Northwestern
35 John B.
$ per sh.
Worsted, com., $10 ea.1%-2
U. S. Worsted, 1st pref
54
Nyanza Mills
..104
East. Mass. St. Ry, 1st pf. 1
lot
East. Mass. St. Ry., com.)$l,180
E. M. St. Ry., opt. war't.J
Hudson A Manhattan RR.
common (V. T. C.)
lot 50c.
Mass.
Elec.
Co's., pref.
Stocks.
605 U. S.
National Bank...240
Ry. 1st 5s, 1941
56
Lincoln Furniture, pref
150
$1,000 West Phlla. Pass. Ry. 2d
Hallahan A Sons, Inc
65
5s, 1926
82
Girard Na tonal Bank
390
$29,000 Jamaica Estates 6s, 1920,
Philadelphia Na lonal Bank.316
and 60 shares stock
lot $100
Corn Exch. National Bank..380
Land Ti le A Trust
486% $2,000 Cin. Find. A Ft. Wayne
RR. 5% ctf. of deposit
lot $12
Pennsyl. Co. for Insur., &C.490
Real Estate Trust, pref
100% $3,000 Cleve. Elyria A Western
RR. 1st 5s, 1920
10
Fidelity Trust
.——413
$25,000 Ohio Syndicate
lot $22 %
West End Trust
j
150
Commercial Trust
275 % $1,000 Colorado Mid. Ry. 4s, 1947 lot $5
35 Sou bwark
Boston:
Wise, Hobbs & Arnold,Stocks.
Shares.
By Messrs.
Shares.
<quar.)_
Jan.
*2
•Tan.
*2
Jan.
Holders of rec. Dec. 24
Dec.
Holders of rec. Dec.
4
♦Pnldfr* of rec. Dec.
31
24
Dec.
181920.]
THE
CHRONICLE
Per
Name of
Banks
When
Boole Closed.
Cent.
Company.
Payable.
Dave Inclusive.
3399
Per
Name of
(Concluded)
When
Books Closed.
Cent.
Company.
Payable,
Days Inclusive.
Miscellaneous (Concluded)
Holt, Renfrew A Co., Ltd., prei. (quar.)
Home Bleach A Dye
Works, pref. (qu.).
1K
IK
Jan.
Holders of rec. Dec.
2 *
Howe Sound Co.
5c.
Jan.
Holders of
Jan.
2
$2
Jan.
Holders of rec. Dec. 23a
Jan.
2
Independent Pneumatic Tool (quar.)
Special
;
Holders of reo. Dec.
23a
Jan.
3
Indiana Pipe Line..
$2
Feb.
15
Holders of rec. Jan.
24
Internet. Agric.
Park, National (quar.)
IK
1K
/2
Jan.
15
Holders of rec. Dec. 31a
♦6
3
Jan.
♦3
Extra
3 ♦
Jan.
3
Seaboard National (quar.)
Standard
Tan.
♦6
Extra
♦1K
State...
6
Dec.
20
28
Dec.
16
to
Jan.
2
(quar.)
(quar.)
6
Extra
Jan.
3
Holders of rec. Dec.
20
4
Dec. 31
Holders of reo. Dec.
20
2
Dec. 31
Holders of
Dec.
20
4
Dec. 31
Hold<rs cf rec. Dec.
21
4
Jan.
Holders of rec. Dec.
21
Fidelity International (quar.)..
2K
Dec. 31
Dec. 23
Jan.
19
Fulton
5
Jan.
3
Holders of rec. Dec.
20
2
Jan.
3
Holders of rec. Dec. 20
4
Dec. 31
New York (quar.)
8
Jan.
Peoples, Brooklyn (quar.)
4
Dec. 31
Equitable (quar.)
...
Extra
Extra
Metropolitan (quar.)
10
rec.
to
Holders of rec. Dec.
Dec.
3
19
to
Holders of
rec.
17
Jan.
3
Dec.
30
Fire Insurance.
Continental Insurance
$2.50 Jan.
5
Holders of
Dec.
27
Fidelity-Phenix Fire Insuranoe.
15
Jan.
5
Holders of reo. Dec.
27
reo.
Miscellaneous.
Abltlbi Power A Paper, Ltd., pref. (qu.)_
Advance Candy Mfg., pref. (quar.)
Amer. Brake Shoe & Fdy., com. (qu.)._
Preferred (quar.)
Amer. Fruit Growers, Inc., pref. (quar.)
Amer. Gas A
Electric,
common
(quar.)..
Common (payable in oommon stock)
Preferred (quar.)
__
American-Hawaiian Steamship
American Lace Manufacturing (quar.)..
Am. La France Fire Eng. Inc., com. (qu.)
Preferred (quar.)
...
Amer. Power & Light, pref. (quar.)
Amor. Seeding Mach., com. A pf. (qu.)
American Type Founders, common (qu.)
Preferred (quar.)
....,
...
Anglo-American Oil
Jan.
3
Holders of
rec.
2
Jan.
rec.
2 K
f2.
IK
$2
2
Holders of
Holders of
rec.
Dec. 21a
Dec. 31
Holders of
rec.
Dec. 21a
Jan.
3
Holders of
rec.
Dec. 22a
Jan.
2
Holders of
rec.
Dec.
Jan.
2
Holders of
rec.
Dec. 17
Feb.
1
Holders of
rec.
Jan.
Jan.
IK
IK
1
Dec. 31
$1
3
Holders of rec. Dec.
Dec.
Dec. 31
16
to
Dec.
Jan.
15
17
15a
1
2K
Feb.
15
Holders of
reo.
Feb.
1
IK
Jan.
3
Holders of
rec.
Deo.
20
IK
Jan.
3
Holders of rec. Deo.
IK
18
Holders of reo. Dec. 31a
Jan.
15
♦1
Jan.
15
Jan.
10
*1K
(t»
Jan.
15
Jan.
10
Austin, Nichols A Co., pref. (quar.)
Avery Company, preferred (quar.)
Babcock A Wilcox Co. (quar.)
15
Jan.
1
Holders of rec. Dec.
22a
IK
Jan.
1
Holders of rec. Dec.
Feb.
1
•Holders of rec. Jan.
Dec. 22
Jan.
to
15
1
Holders of
rec.
Dec. 20a
Jan.
3
Holders of
rec.
Dec.
IK
Barnhart Bros. A Spindler—
First and second preferred (quar.)—
1
Jan.
2K
Baltimore Electric, preferred
Baltimore Tube, preferred (quar.)
Jan.
2
Jan.
1
Holders of
rec.
Dec. 20a
•IK
1
15a
(quar.)...
(quar.)
Feb.
1
20c. Jan.
1
Holders of rec. Dec. 20
20c. Jan.
Beacon Chocolate, first pref.
1
Holders of rec. Dec. 20
Jan.
26
Beatrice Creamery, common (quar.)
Preferred (quar.)
Billings A Spencer Co. (quar.)..
4
Jan.
3
Dec.
21
to
Jan.
2
IK
Jan.
3
Dec.
21
to
Jan.
2
5
Jan.
1
Holders, of
Boston
2K
Dec. 31
Holders of rec. Dec. 13a
IK
Jan.
3
Holders of
"Wharf
Brandram-Henderson, Ltd., pref. (qu.).
Brier Hill Steel, common
Preferred (quar.)
rec.
rec.
Dec. 18a
Dec.
la
60c. Jan.
(quar.)
Brunswick-Ba'ke-Collender, pref. (qu.)
Burt (F. N.) Co., Ltd., common (quar.).
Preferred (quar.)
California Electric Generating, pref.(qu.)
Canada Bread Ltd., pref. (quar.)
Canadian Car A Foundry, preferred
Canadian-Conn. Co.'s Mills, pref. (qu.)
1
Dec. 21
to
Jan.
2
IK
IK
Jan.
1
Deo.
to
Jan.
2
Jan.
1
Holders of
rec.
Dec. 20
w2K
Jan.
3
Holders of
rec.
Dec.
15a
Holders of
rec.
Dec.
15a
21
K
IK
Jan.
3
Jan.
3
Holders of rec. Dec.
IK
Jan.
2
Dec.
tol
x22K
18
to
18a
Jan.
1
Dec. 31
Holders of rec. Dec.
24
23a
Massachusetts Gas Cos., pref. (quar.)..
Mathieson Alkali Works, pref.
(quar.)..
Maverick Mills, pref. (quar.)
;
Mays Food Products, Inc., pref. (quar.)
McCrory Stores, pref. (ouar.)
Merchants Dispatch Transporta. (qu.).
Merck A Co., pref.(quar.)
...
Preferred
*1
Jan.
15 ♦Holders of rec. Dec.
31
♦75c. Jan.
15 ♦Holders of rec. Dec. 31
City Investing, pref. (quar.)
Cleveland Worsted Mills (quar.)...
Coca-Cola Co., preferred.
Holders of
rec.
Dec.
15a
Jan.
1
20c. Jan.
Columbia Sugar (quar.)
Extra
1
Dec.
21
to
Dec. 31
10c. Jan.
1
Dec. 21
to
Deo.
31
Dec.
30
Hclders of
rec.
Dec.
15a
Jan.
1
Holders of
rec.
Dec.
15a
*3K
....
.50c
Consumers' Gas, Toronto (quar.)
2K
Preferred
Shipbuilding,
(quar.)
Nov. 16
15a
15
Dec.
24
Dec.
26
Jan.
15 ♦Holders of rec. Dec. 31
Holders of rec. Dec. 18a
3
Detroit Edison (quar.)
Etd.. nref.
30c.
♦2
IK
Tan.
*IK
3K
Feb.
1
Jan.
15
Dominion Steel Corp., Ltd., pref. (qu.).
IK
Feb.
1
Donner
4
Dec. 31
Dominion Owners,
(quar.)..
Dominion Coal. pref. (quar.)
Dominion Linens, preferred
Steel, Inc., 1st pref
Douglas (W. L.) Shoe
Duluth Edison Eleo. Co., pref. (quar.)..
Duquesne Light, pref. (quar.)
Eagle A Blue Bell Mining
Extra (from reserve for depletion)
Emery A Beers Co., Inc., preferred
.....
...
Dec.
24
♦Holders of
to
rec.
Jan..12
Holders of rec. Dec. 31
Jan.
16
to
Feb.
1
Holders of rec. Dec. 20
3 K
Jan.
1
IK
Jan.
3
Holders of rec. Dec. 15
Holders of rec. Dec. 22
IK
Feb.
1
Holders of
10c
Dec. 23
15c. Dec. 23
rec.
Jan.
Holders of rec. Dec.
17a
Holders of
Dec.
17a
Jan.
1
15a
Dec.
Empire Steel A Iron, pref
Fairbanks, Mcrse A Co., com. (quar.).
Famous Plavers-Lasky Corp., pf. (qu.).
3
Jan.
5
Dec.
15
Holders of
rec.
Dec.
3
Jan.
1
Holder* of
rec.
Dec. 20
$1.25
2
Jan.
3
Feb.
1
16
rec.
2
Second preferred (quar.)
to
Holders of
rec. Dec.
Holders of rec. Jan.
10c.
*IK
Flint Mills
Feb.-
♦Holders of
rec.
Jan.
•IK
FiPk Rubber,
Dec. 31 ♦Holders of rec. Dec.
Deo. 25
Jan.
1
to
Jan.
Dec. 15 ♦Holders of
rec.
Dec.
*S2
Alpaca (quar.)..
Federal Motor Truck
1
(monthly)
1st pref. (quar.)
♦4
(quar.)
Jan.
1
3 ♦Holders of rec. Dec.
Dec. 25
to
Jan.
15a
14
20
1
21
la
15
♦Holders of rec. Dec.
15
♦Holders of rec. Dec.
Jan.
15
♦Holders of reo. Deo. 20
Jan.
Holders of reo. Deo. 22
Holders of reo. Deo. 23
Holders of rec. Dec. 24
Holders of rec. Dec.
2K
Jan.
Holders of rec. Dec.
Jan.
Holders of
rec.
♦Holders of
Jan.
♦Holders of rec. Dec.
31
Jan.
Holders of rec. Dec.
22
Jan.
Holders of rec. Deo. 27
♦Hrlders of rec. Dec.
15
Jan.
Holders of reo. Deo.
20
♦1K
*1K
Jan.
♦Holders of rec. Dec.
15
♦Holderp of rec. Dec
15
IK
Dec.
23
Jan.
10
$1.25
Jan.
Holders of reo. Deo. 18
Holders of
Dec.
17
2
Jan.
Holders of rec. Dec.
17
Holders of rec. Dec.
15a
Second preferred
(ouar.)
—
Screw,
27
27
Jan.
♦Holders of
rec. Deo.
18
Jan.
♦Holders of rec. Dec.
18
♦1
*$1
;.
Sullivan Machinery (quar.)
Symington (T. H.) Co., com.
♦$1
30 ♦Holders of
rec.
TToldurS Of
Tan.
Dec. 20
Jan.
♦Holders of rec. Dec. 20
Jan.
•Holders of
Jan.
♦Holders of rec. Jan.
rec.
15a
Jan.
Holders of rec. Dec.
15a
*3
(quar.)
Holders of rec. Dec.
Jan.
4
Tidewater Oil (quar.
TorHngton Co., common (quar.).
Preferred
$1.25
Dec.
Tan.
♦Holders of rec. Dec. 20
31
1
rec. Dec.
11a
Ho'ders of rec. Dec.
21a
Held
rt
of
Holders of rec. Dec.
10a
Holders of rec. Dec.
87 Kc Dec. 24
24
Trayior Engineering A Mfg.—
Common and
2
Trumbull Steel, com. (quar.).
Common
Preferred
(extra)
...
(quar.)
-
(quar.).....
Tuckett Tobacco, common
Preferred
(quar.)..
Underwood Computing Mach., pf.(qu.)_
United Cigar Stores, common
United Profit Sharing!
...
Extra
—
(qu.).
United Shoe Machinery, common
Preferred
U. S.
(quar:)
Jan.
♦50c.
preferred (quar.)
Jan.
♦Holders of rbc. Deo.
20
♦Holders of rec. Dec.
20
1
Tan.
Holders of rec. Dec.
31
IK
IK
IK
Jan.
Holders of rec. Dec.
31
Jan.
Holders of rec. Dec.
Jan.
Holders of rec. Dec. 31a
Holders of rec. Dec.
lKc. Tan.
lKc
♦Holders of rec. Dec. 20
♦Holders of rec. Dec.
Tan.
Holders of rec. Jan.
pref. (quar.)..
Universal Leaf Tobacco, pref. (quar.)...
Utilities Securities Corp., pref. (quar.)
Vanadium Corn, of Amer. (quar.)
Jan.
Holders of rec. Dec. 31a
2
Jan.
Holders of rec. Dec. 22a
IK
Holders of rec. Dec.
Dec.
TTo'df-n of
31
27
Holders of rec. Dec.
20
Holders of rec. Dec.
20
3
Dec.
Jan.
Jan.
2
Holders of
rec.
2
Dec. 20a
Jan.
2
Holders of rec.
Ward (Edgar T.) Sons Co., com.
Preferred (quar.)
Dec. 20a
Waring Hat Mfg., pref. (quar.)
*2
2
Jan.
1
Warren Bros., 1st
Dec. 31
♦1K
IK
Jan.
3
Deci. 16
pref. (quar.)
Second preferred (quar.)...
Welsbaeh Co., preferred
*1K
IK
Holders of rec. Dec.
Dec. 16
to
Jan.
Dec.
31
Jan.
1
Holders of
Western Union Telegraph
♦1K
Jan.
15 ♦Holders of
Jan.
1
IK
Tan.
Preferred
(quar.)
...
Preferred
(quar.)
Hall Lamp
Hanes (P. H.) Knitting Co.—
P* Preferred
(quar.)
Harris Bros. A
Co., cref. (quar.)
$2.50
IK
♦50c.
IK
•IK
3
17
Jan.
1
Feb.
1
Jan.
1
Holders of rec. Dec. 20
12
to
Jan. 30
Holders of rec. Dec. 22a
1
Dec. 28
2
Heath (D. C.) Co., pref. (quar.)...
IK
Jan.
1.5c
Jan.
Dec. 24 ♦Holders of rec. Dec.
Hartford Automobile Parts, pref. (qu.).
(quar.)
to
rec. Dec. 24a
Holders of rec. Dec. 24a
Dec. 28
♦Jan.
Hendee Mfg.. pref. (quar.)
to
Dec. 31
Holders of
Hillcrest Collieries, com. (quar.)...
Preferred
(one'*.)
Jan.
3
Jan.
15
rec. Dec.
la
Holders of rec. Dec. 20
Holders of rec. Dec. 30a
1
Hecla Mining
Jan.
15
Holders of
rec.
Dec.
30a
IK
Jan.
15
Holders of
rec.
Dec.
30a
IK
IK
(qu.)..
(quar.)
Kootenay Power A T,t., pref. (qu.)
Tan.
Jan.
Jan.
Jan.
DeC.
15
Jan.
♦Holders of reo. Dec.
24
Jan.
•Holders of rec. Dec.
*Holdnr<| of TOO.
Tan.
♦$1.75 Jan.
Westinghouse Air Brake (quar.)
Wheeling Steel A Iron, pref. B
Will A Baumer Candle
IK
IK
3K
....
West
$1
♦3
Virginia Tron Coal A Coke
9
(quar.)
28
1
2
Jan.
3
Jan.
IK
Jan.
2K
(quar.)
(quar.)..
Jan.
Dec.
22
to
Dec. 30
Dec.
23
to
Jan.
1
1
Dec.
22
to
Jan.
1
/50
IK
...
Youngstown Sheet A Tube, com. (quar.)
(ouar.)
Dec. 20
2
Co., pref.
(quar.)
Wilson A Co., Inc., pref.
Preferred
rec.
Holders of rec. Dec.
♦$2.50 Jan.
Young (J. S.) Co., common (quar.)
Common (payable in com. stock)
Preferred
Holders of rec.
24
Dec. 20
31 ♦Holders of reo. Dec. 31
-
Jan.
♦$1.50 Jan.
*1K
Jan.
Holders of reo. Dec.
18a
Holders of reo.
Williams Tool Corp.—
Preferred
17a
Dec.
♦Holders of rec. Dec.
Jan.
Great Lakes Transit, com. (quar.)..
3
Tan.
IK
IK
2
20
$1
Distributing Corp
U. S. Industrial Alcohol,
IK
IK
14a
18a
23a
Holders of rec. Dec. 23a
Jan.
♦50c. Jan.
*37 K
...
♦Holders of rec. Dec. 20
*12Kc Jan.
Jan.
*1K
Holders of
Gray A Dudley Co. (quar.)
Great Lakes Towing, common (quar.)..
1
Jan.
1
to
Dec. 20
50c.
2
(quar.)—
(quar.)
Tecumseh Mills
Dec.
Dec. 30 ♦Brifiors of rec. Dec.
IK
(quar.)
(quar.)
Extra-
Dec.
♦5
com.(quar.)
Jan.
Goodyear TireARub. of Can, pf.
Goodwins, Ltd., pref. (quar.)
Goulds Mfg., common (quar.)
Prfferred
(quar.)
21
2
IK
Jan.
2
31
*2 K
—
Preferred
Preferred
Jan.
♦3
......
Standard
rec.
*2K
pref.(qu.)
Standard Safe Deposit (quar.)..
Extra
to
Dec. 31
17a
Dec. 21
2
IK
Dec.
18
Jan.
3K
rec.
18
21
♦Holders of rec. Dec.
rec.
24
Dec.
Jan.
Garvin Machine, preferred
(qu.)
Dec. 22
Holders of rec. Dec.
•IK
Dec.
rec.
Dec. 21
Crow's Nest. Pass Coal (quar.)
Jan.
15
62
♦Holders of
Jan.
Jan.
Stover Mfg. A Engine
rec.
Dec, 15
Jan.
19
rec.
rec.
Holders of rec. Dec.
Jan.
Jan.
rec.
Holders of
♦Holders of rec. Dec.
IK
IK
to
Holders of
Holders of rec. Dec. 31a
2 K
2
Holders of
Jan.
Securities Company
10 ♦Jan.
♦Holders of
17
♦Holders of reo. Deo. 24
Jan.
Simpson Creek Coal, pref. (quar.)
Soden (G. A.) A Co., let pref. (quar.)..
Jan.
1
17
Dec.
IK
...
Safety Car Heat. A Ltg. (quar.)
Sheridan-Wyoming Coal
*1K
1
Dec.
to
♦25c. Jan.
S'eel A Tube Co., pref.
Farr
(qu.)__
(quar.)
19
31
to
1
2
Jan.
Dec.
1
Jan.
♦3
Prairie Pipe Line (quar.)
to
Jan.
31
Jan.
Jan.
♦3
Price Bros, (quar.)
2
Jan.
♦Holders of rec. Dec.
Jan.
25c. Jan.
(quar,).
Extra
10 ♦Jan.
IK
Jan.
15a
Holders of reo. Deo. 31a
IK
com.
(quar.)
Jan.
2
Deo. 31
♦3
Prairie Oil A Gas
*2
Dayton Rubber Mfg., pref. (quar.)
Detroit Creamery (quar.)
to
Jan.
2K
25c. Jan.
.......
Port Arthur
Southwestern Cities Elec. Co.,
Crucible 8teel, com. (quar.)
15
Tan.
Creamery Package Mfg., com. (quar.).
Preferred (quar.).
.
31 ♦Holders of rec. Dec. 23
Jan.
3
Dec. 31
Dec.
Jan.
*1K
Jan.
IK
Holders of rec. Deo.
Deo. 25
31
♦Holders of rec. Dec. 21
Jan.
Panhandle Prod. A Ref., pref. (quar.).. »$2
Penn Central Light A Power, pref. (qu.)
800.
1
Dec. 20
Jan.
♦1
Pacific-Burt Co., Ltd., com
Preferred
(quar.)
1
rec.
Jan.
♦1K
Feb.
Holders of reo. Dec. 27
Holders of rec. Dec. 20a
IK
♦1K
$T
♦75c. Jan,
Owens Bottle Co., com. (quar.)
Preferred
(quar.)
Feb.
3 ♦Holders of
15 ♦Holders of rec. Dec. 31
Dec.
31
Republic Motor Truck, pref. (quar.)
Rogers (Wm. A.), Ltd., pref. (quar.)
Dec. 31
17a
Jan.
rec.
25
21
Jan.
17
15 ♦Holders of
Dec, 31
Dec.
IK
Holders of rec. Dec.
Jan.
Dec.
Dec.
IK
Dec. 20a
Hclders of rec. Dec.
Jan.
Holders of rec. Dec." 20a
*2
Jan.
1
Extra
Cleveland-Akron Bag (quar.)—
Cleveland Automobile, pref. (quar.)
Dec. 31
rec.
2
(quar.)
3
15
rec.
♦Holders of rec. Dec. 23
2
Ottawa Car Mfg.
Bonus
3
15
27
20
Holders of
Jan.
Jan.
2
Dec.
Holders of
Jan.
IK
rec.
Holders of rec. Dec. 20a
12
Jan.
Jan.
Holders of
31
Holders of rec. Dec. 22
Jan.
Jan.
2
Dec.
Deo. 31
♦Holders of reo. Deo.
*$1.50 Jan.
Jan.
IK
Jan.
IK
*2 K
to
Jan.
Reo Motor Car
rec.
Dec. 21
3
IK
15a
rec.
Jan.
Dec. 24a
12
Dec.
Holders of
rec.
Holders of rec. Dec. 31
Dec.
Holders of
Holders of
rec.
Holders of
Dec. 31
Holders of rec. Dec. 22
2
.
Holders of
Dec. 31
Jan.
Jan.
Common and preferred (monthly)
Holders of rec. Dec. 24a
Dec. 31
IK
3
Reelcraft Pictures Corp., pref. A
Cities Service-
Dec. 31
IK
3
Ogilvie Flour Mills (quar.).
Old Colony Woolen Mills, pref. (quar.).
Oriental Navigation, 1st A 2d pf. (qu.)_.
15a
to
$2
Dec. 20a
Hold' rs of rec. Dec.
15
Holders of rec. Dec. 24a
rec.
2
10
31
♦Holders of rec. Dec. 31
Dec. 31
rec.
K
Transportation (annual).
reo. Dec.
♦Holders of
J
i
$1
Holders of
flK
Gas
.
23
15 ♦Holders of rec. Dec.
IK
Cincinnati Gas A Electric (quar.)..
Cincinnati
Jan
Deo.
15 ♦Holders of
Jan.
rec.
Jan.
15
Dec. 23
Dec.
2
...
Holderp •**! rec.
Dec.
2
Central Teresa Sugar, common
Preferred (quar.)
Jan
rec.
♦3
1
Central Coal A Coke, com. (extra)..
Preferred (extra)
*2K
*1K
H«dders of
♦3
........
Jan.
15
Deo. 31
lan.
Northwestern Yeast (quar.)
Extra
2
*1
Deo. 31
to
Holders of reo. Jan.
*1K
Canadian Locomotive,
^Preferred (quar.)
;
to
22
Feb.
Northwestern Electric, pref. (quar.)
Northwestern Power, pref..
Pond Creek Coal (quar.).
Extra
............
Extra
22
Dec.
25c
Phelps Dodge Corporation (quar.)
15
Dec.
Jan.
25c
Extra
Dec. 31a
Dec. 23 Holders of rec. Dec.
Dec. 23 ♦Holders of rec. Deo.
Holders of rec. Dec. 20a
Jan.
*8
Nipissing Mines (quar.)
Dec.
♦2
Dec.
IK
2K
National Fireproofing, pref
National Fuel Gas (quar.)
New York Oil
rec.
20a
20
18
Holders of rec. Dec. 23
♦50c
Monatignol Rubber Works, pref. (qu.).
Montgomery, Ward A Co., pref. (quar.)
Narragansett Elec. Ltg. (quar.)
rec.
Dec.
Holders of rec. Deo.
*2K
(quar.)....'
Holders of rec. Dec. 31a
rec.
Holders of rec. Dec.
Jan.
I?
♦2
,
Holders of
Holders of rec. Dec. 20
Holders of rec. Dec. 20
Jan.
$1.25 Dec; 31
(quar.)
Midwest Oil, common
Holders of
Holders, of
Holders of rec. Dec. 2Holders of rec. Dec. 31a
2
Maryland Coal
1
1
Holders of rec. Dec.
3
IK
15
1
♦Holders of rec. Dec. 31
Dec. 23
Jan.
IK
30
Jan.
Jan.
Jan.
2
Jan.
Jan.
2
♦Holders of rec. Dec. 31
50o.
Jan.
IK
14
2
Jan.
2
Jan.
Jan.
*1K
2K
.....
IK
(quar.)
to
IK
2
•;
19
Holders of rec. Dec. 24
IK
2
common
Dec.
$3
Canadian Explosives, Ltd., com. (quar.)
Preferred (quar.)
Castle Kid Co., Inc., pref. (quar.)
Cement Securities (quar.)
Jan.
$1.50 Jan.
12 K c. Jan.
Extra
*•
Dec. 24a
Holders of rec. Dec. 24a
Holders of rec .-Jan.
IK
Mac Andrews A Forbes, com. (quar.)...
Preferred
(quar.)
Magor Corporation, com. (quar.)
Common (extra)
Preferred (quar.)
Manning, Maxwell A Moore (quar.)
18a
rec.
24a
Dec. 31
Jan.
*2
Extra
Merrimac Chemical
Jan.
2
Holders of
Dec. 24a
Feb.
f 13K
Kansas Gas A
15
Jan.
rec.
rec.
2
...
Eight per cent pref. (quar.)...
Kaminlstiquia Power, Ltd
Elec., pref. (quar.)
Kerr Lake Mines, Ltd. (quar.)
Kidde (Walter) A Co., Inc., pref
Kolb Bakery, pref. (quar.)....
Laurentide Co. (quar.)
Lawyers Mortgage (quar.)
Library Bureau, common (quar.)
Preferred
(quar.)
Loew's Incorporated (quar.)
Loew's Tbeaties Co. (quar.)
Holders of
3
Island Creek Coal, com. A pf. (quar.)...
Johnston (R. F.) Paint, 7% pref. (quar.)
Dec. 20
*1K
IK
Astoria Mahogany, Inc., pref. (quar.)..
Ault A Wiborg Co., preferred (quar.)
Preferred
IK
Common (payable in com. stock).
Internet. Mercantile Marine, pref.
Inter-Coast Steamship (quar.)
Dec.
Jan.
$2
Chem., pref. (quar.)
International Harvester, com. (quar.)..
Trust Companies.
Brooklyn
Columbia
(quar.)..
20
Dec.
Holders of rec. Dec. 27
Jan.
1
1 ♦Holders of rec. Dec. 20
♦Holders of rec. Dec. 20
1
3400
Below
and
not
THE
we
CHRONICLE
[Vol.111.
give the dividends announced in previous weeks
paid.
yet
This list
does
not
Miscellaneous
announced this week.
Cent.
When
Books Chout.
Cent.
Payable.
Days Inclusive.
3X
3X
Dec. 29
Holders of
rec.
Nsv.30
Atlantic Gulf A W
Feb.
18
Holders of
rec.
Jaw.
Jan.
2
Holders of
rec.
Dec.
2X
Feb.
1
Holders of
rec.
Dec. 31a
Associated Oil
Preferred
Albany A Susquehanna.—
Atchison Topeka <fe Santa Fe, pre!
Beech Creek (quar.)
Boston A
2x
Buffalo & Susquehanna, corn, (quar.)
Common (extra)
Preferred
15a
3
Holders of
rec.
Dec.
Dec. 31
Holders of
rec.
Nov. 30a
50c. Jan,
Albany (quar.)
20
30
15a
IX
Dec.
3
Dec. .30
Dec. 16
to
Jan.
2
2
Dec.
Dec.
to
Jan.
2
Dec.
la
—
——...—
Canadian Pacific, oommon (quar.)—
Chesapeake <& Ohio
30
Dec.
16
to
16
2H
Deo. 31
Holders of
ree.
2
Chicago Indianapolis A Louisville, pref,
Chicago A Northwestern, oommon
2
Jan.
Dec. 31
Holders of
rec.
Dec.
3o
2
Preferred
Chicago Rock laid. A Pac., 0% pref.—„
Seven per cent preferred
Dec. 30
Holders of
rec.
2X
3X
....
Jan.
16
Holders of
rec.
Dec.
15a
Jan.
16
Holders of
rec.
Dec.
16a
Dec. 22a
3
Dec. 31
Dec.
11
to
Jan
3X
Dec. 31
Dec.
11
to
2
Jan.
2
3
Dec. 23
Holders of
rec.
Dec.
2a
3X
Dec. 23
Holders of
rec.
Dec.
2a
Colorado & Southern, first preferred..
Second preferred......
...——
2
Dec.
Dec. 19
to
Jan.
2
4
Dec. 31
Dec.
to
Jan.
2
Delaware <fc Hudson Co. (quar.)
Detroit A Mackinac, pref erred......
2X
Dec.
20
Holders of
rec.
Nov. 27a
2X
Jan.
3
Holders of
rec.
Dec.
15a
2
Dec.
31
Holders of
rec.
Dec.
10a
Cin. N. O. A Texas Pacific, common...
Common
(extra).......
_
Hocking Valley
Illinois Central, leased lines
•
31
19
Mobile & Birmingham, preferred
Morris & Essex..
2
Dec.
16
to
Jan.
2
rec.
Dec. 31a
Jan.
3
IX
Cotta, preferred..,
(in pref. stock).
Baldwin Locomotive Works, com. A pref.
Barrett Co., common (quar.)
Jan.
25
Holders of
Feb.
1
Holders of
rec.
Dec. 20
Holders of
Holders of
rec.
Dec.
10
rec.
Dec.
15fl
4
r4X
3X
2
Preferred
d\40
Dec. 31
Jan.
Dec. 30a
Jan.
3
Holders of
Holders of
rec.
Dec.
15a
Jan.
15
Holders of
rec.
Dec
30a
1
Dec.d3l
rec.
Dec.
4a
Holders of
rec.
Dec.
15a
IX
Dec .<131
Holders of
rec.
Dec.
15a
2
Jan.
15
IX
Jan.
3
Holders of rec. Dec. 31a
Holders of rec. Dec. 15a
Holders of rec. Dec. 15a
$1
(quar.).
com
(quar.)
Bell Telephone of Canada (quar.).,
Bethlehem Steel, com. A Com. B (quar.)
Seven per cent preferred
IX
Jan.
Eight per cent preferred (quar.)..
(quar.).
Boott Mills, common (quar.),—,.
2
Jan.
3
IX
Jan.
3
Nov. 21
IX
Jan.
3
Holders of
rec.
Nov. 20a
rtucyrus Co., preferred (quar.
Pref. (extras (acct. accum. divs.),
IX
hX
Jan.
2
Holders of
rec.
Dec. 20
Jan.
2
Jan.
(quar.).
Booth Mills, common
Pref.
(extra) (acct.
accum.
3
Holders of
rec.
to
Dec. 15a
Jan.
2
Holders of
rec.
2
Holders of
rec.
Dec. 20
2
Dec. 31
Holders of
rec.
Dec.
IX
Jan.
1
Holders of
rec.
Dec. 20a
$1
Dec. 20
Holders of
rec.
Dec.
10a
Holders of
rec.
Dec.
15
h3
diva.)
Buffalo General Electric (quar.)
California Petroleum .Corp., pref.
...
(quar.)
Calumet A Arizona Mining (quar.)..,..
Canada S. 8. Lines, pref. (quar.)...—.
IX
Jan.
2
IX
Jan.
10
IX
Canadian Car & Fdy., pref. (quar.).....
Canadian Consol. Rubber, pref. (quar.).
Dec.
31
Dec. 20
15
Holders of rec. Dec, 2,7
Holders of rec. Dec. 22a
Can. Crocker-Wheeler, com. A pf. (qu.).
IX
Dec. 31
Dec.
Holders of
rec.
Dec. 20a
Canadian General Elec..
2
Jan.
1
Holders of
rec.
Dec.
Holders of
rec.
Dec.
11a
IX
Jan.
1
Holders of
rec.
Dec. 20a
3
Holders of
rec.
Dec.
11a
Canadian Woollens, common (quar.)...
Preferred (quar.)
IX
Jan.
1
Holders of
rec.
Dec. 20a
rec.
II .25 Jan.
2
12
to
Jan.
4
Jan.
1
Dec.
2
Holders of
Dec.
9a
$2.50 Jan.
3
Holders of ree. Dec.
Holders of rec. Dec.
15a
Jan.
1X
2
2
to
Jan.
rec.
2
13a
15*
Dec.
18
Holders of
4
Jan.
10
Dec. 28
to
Jan.
10
15*
Jan.
3
Holders of
rec.
Dec.
10a
15*
Jan.
Nov. 30o
rec.
com.
(quar.)..
Carbo-Hydrogen of Amer., pref. (quar.)
Case (J. I.) Threshing Machine—
Preferred
(quar.)..
Case (J.I.) Plow Wks., 1st A 2d
Celluloid Co. (quar.).
Dec.
la
Holders of rec. Dec.
13a
Jan.
3
Dec.
17
to
Holders of
Dec. 31
Dtc.
31
Jan.
15 ♦Holders of rec. Dec.
Jan.
15 ♦Holders of
IX
Jan.
rec.
Dec.
17a
31
rec.
Dec. 31
4
Holders of
rec.
Dec.
10a
Central
rec.
Dec. 10
.11.50 Jan.
3
Holders of
rec.
Dec.
15a
Holders of
rec.
Dec.
10
Holders of
rec.
Jan.
18a
Central States Elec. Corp., pref. (quar.).
Certaln-teed Products Corp., com. (qu.)
Dec. 31
Feb.
$1
Jan.
1
Holders of
rec.
Dec. 16a
50c. Jan.
13
Holders of
rec.
Dec.
23a
First and second preferred (quar.)
Chandler Motor Car (quar.)
Jan.
IX
$2.50 Jan.
1
Holders of
rec.
Dec.
Dec. 20a
$1
Jan.
IX
3
Holders of rec. Nov. 80a
Dec. 30
Holders of
Jan.
3
Holders of rec. Dec.
Jan.
10
Nov. 30a
rec.
Dec. 21
to
la
31
Dec.
Leather, preferred (quar.).....
IX
3
Holders of
rec.
Dec.
Jan.
3
Holders of
rec.
Dec.
17
3
Holders of
rec.
Dec. 30
Holders of
rec.
Dec.
14a
Holders of
rec.
Dec.
14a
1
♦Holders of
rec.
Dec. 23
Dec. 31
Holders of
rec.
Dec. 30a
Dec. 16a
*1X
Common and preferred (monthly)
Jan.
1
Holders of rec. Dec.
15
Dec.
30
Common (payable In common stock).
Preferred B (monthly).
17
X
El Paso Electric Co., preferred
3
20a
City Invascng, common
Clafllns, Inc. (quar.)..
Jan.
10
Holders of rec. Dec.
$4.50 Jan.
1
Holders of rec. Dec.
la
15*
Dec.
31
Holders of rec. Dec.
18a
3
Jan.
...
Frankford A Southwark Pass, (quar.).i.
Manila El. RR. A Ltg. (quar.)
Second & Third 8ts.Paas.Ry.,Phlla.(qu.)
Springfield Ry. & Light, pref. (quar.)..
Twin City R. T., Minneapolis, common-
1
Holders of
Dec.
rec.
la
15*
Jan.
1
Holders of rec. Dec.
15a
3
Jan.
3
Holders of
Dec.
14a
15*
Jan.
3
Holders of rec. Dec.
14a
$4.75 Jan.
1
Holders of
rec.
Dec.
15a
$1.50 Jan.
1
Holders of
rec.
Dec.
10a
Preferred
(quar.)
Union Passenger Ry.,
Philadelphia
Union Traction, Philadelphia....
United Light A Rya., pref. (quar.).
15*
Va. Ry
<fe Power, pref. (pay. In pref stk.)
West End St. Ry., Boston,
preferred
West Philadelphia Passenger Ry
TO
$2
$5
rec.
Jan.
2
Holders of
rec.
Dec.
15a
Jan.
20
Holders of
rec.
Dec.
31 a
Jan.
3
Dec. 21
Jan.
1
Holders of rec. Dec.
Jan.
to
3
15a
Banks.
America, Bank of (guar.)
3
Jail.
3
Holders of rec. Dec.
Chatham <fe Phenlx National (quar.)
Commerce, National Bank of (quar.)...
4
Jan.
3
Dec.
3
Jan.
3
Holders of rec. Dec.
3
Jan.
3
Holders of
Jan.
d3
Extra
.........
Cuba, Bank of, In New York—.
Mechanics, Brooklyn (quar.)
6
18
18
Jan.
to
2
Jan.
1
Holders of
rec.
fix
Jan.
1
Holders of
rec.
X
Jan.
1
Holders of
rec.
Dec.
15a
39c. Jan.
1
Holders of
rec.
Dec.
15
Dec.
9
Dec.
Jan.
11
Jan.
3
9
to
Jan.
11
Dec.
31
Dec. 22
to
Jan.
1
Dec. 31
Dec. 21
to
Jan.
11
Dec.
Dec. 21
to
Jan.
11
Dec.
31
31
Dec. 22
Dec.
31
Holders of rec. Dee.
15*
Jan.
Lawyers Title & Trust (quar.)
Extra
Holders of
rec.
to
Dec.
Dec.
15a
Dec. 16
to
Jan.
3
to
Jan.
3
1
Jan.
3
Dec. 16
Jan.
3
Holders of
25
State"....
17
30
3
3
Manufacturers, Brooklyn (quar.)
Jan.
3
Holders of rec. Dec.
rec.
Doc. d20
I8ai
Miscellaneous.
Advance-Rumely Co.,
pref. (quar.)..__
15*
Company, preferred (quar.)
15*
Aeolian, Weber Piano A Pianola,pf.(qu.)
15*
Air Reduction
(quar.)__...
$1
Allls-Chalmers Mfg., com. (quar.).....
1
Preferred
(quar.)..
15*
Amalgamated Oil (quar.)
♦$1 .50
Amer. Agrlc.
Chemical, com. (quar.)
02
Preferred (quar.)
15*
Aeolian
....
Bank Note, pref. (quar.)
75c
Amer. Beet Sugar,
pref. (quar.)
Amer. Bosch Magneto
Corp.
15*
3
Dec.
16
to
Jan.
2
Dec,
20
Deo,
31
Holders of
Dec.
31
Holders of rec. Dec.
Jan.
15
Holders of
rec.
Feb.
15
Holders of
rec. Jan,
rec.
Doc.
Jan.
15
Jan.
15 ♦Holders of rec. Dec.
Jan.
15
Jan.
15
Jan.
3
Holders of
rec
Dec. 31
20
31
24a
Holders of rec. Dec. 24a
Holders of roc. Dec.
31
2Ca
Holders of roc. Dec. 20a
Dec.
15a
.......
Holders of
rec.
$2.50 Jan.
(quar.)
3
Holders of
rec.
Dec.
15a
Jan.
3
Holders of
rec.
Dec.
16a
15a
15*
Dec.
11 a
"
(guar.)...
(quar.).II.I...I"
Amer. Exchange Secur.
Corp. CI. A (qu.)
....
American Hide A Leather,
pref. (quar.).
American Linseed, pref.
3
Jan.
1
Holders of rec. Dec.
15*
Jan.
1
Holders of
15*
(quar.).......
American Express
(quar.)
Jan.
Jan
3
Holders of
rec.
Dec.
18
15*
Jan.
3
Holders of
rec.
Dec.
15a
18a
2
$2
(auar.)
......III.
pref. fquar.j
American Radiator, oommon
(quar.)
Jan.
1
Holders of
rec.
Dec.
3
Holders of
reo.
Nov. 30a
15*
15*
15*
15*
Jan.
Jan.
3
Holders of
rec.
Dec.
11a
3
.Holders of
rec. Dec.
15a
Dec.
31
Holders of
rec.
Dec.
13o
Dec.
31
Holders of
rec.
Dec.
13a
3
$1
Amer. Rolling Mill, oom. (in com.
stock)
American Rolling Mill, common
15a
Jan.
Jan.
15*
(quar.)........
rec. Dec.
Dec.
31
5
Feb.
1
Holders of rec. Dec.
10
Consolidated Cigar Corp.. com. (quar.).
Consol. G. E. L, &P„ Bait.,com.(qu.)
Continental Can, Inc., common (quar.).
$1.75
Preferred
(quar.)
Common (special)
Preferred (quar.)
Preferred
(quar.)
Draper Corporation (quar.)..
Drayton Mills, preferred
(quar.)
American Thermos BottleExtra (payable In Class B shares)
American Thread, preferred
American Tobacco, pref. (quar.).
American Wholesale Corp., pref. (quar.)
com.
Preferred
(quar.)
American Woolen, com. (quar.)..
Preferred
(quar.)
(qu.).
15*
Fan.
1
Dec. 22
Jan.
2
Jan.
3
Holders of
rec.
Dec.
la
35*
Mar. xl
Holders of
rec.
Feb. x 15a
2
Jan.
Holders of
rec.
Dec.
112
16
20a
10a
15a
Jan.
to
Jan.
2
Jan.
10a
rec.
2
Feb.
1
Holders of
Feb.
1
Holders of
Jan.
1
Dec.
Jan.
1
Holders of
rec.
Nov. 30a
Jan.
1
Holders of
rec.
Nov. 30a
Jan.
1
Holders of
rec.
Nov. 30a
1
Dec. 21
16
rec.
rec.
to
Jan.
20a
Jan.
20a
Jan.
1
3
Holders of rec. Dec.
15a
1
Holders of
rec.
Dec*
11a
Jan
1
Holders of
rec.
Dec.
11a
com.
$1.25
(quar.)
IX
...
Erie Lighting, pref. (quar.)
Fairbanks Co., pref.
(quar.)
Famous Players-Lasky Corp.,
Dec.
31
Dec. 31
Deo.
20a
rec.
Dec.
24
rec.
oi
Dec.
15a
reo.
2
Holders of
Jan.
1
Holders of
rec.
Dec. 20a
$2
Jan.
3
Holders ol
rec.
Dec.
Jan.
3
Holders of rec. Dec. 20
IX
IX
Jan.
rec
Dec.
15
15a
10c
Jan.
1
Holders of
rec.
Dec. 20
$1.50
Jan.
5
Holders of
rec.
Dec.
Ian
1
*1X
'
Jan
1
Holders of
rec.
Nov. 30a
Dec.
2
31
10a
X
Jan.
1
Holders of rec. Dec.
15
TX
Jan.
1
Holders of rec. Dec.
15
$1 .50 Jan.
1
Holders of
__
General American Tank
Car, com
Second preferred (quar.)
General Chemical, preferred
rec.
Dec.
15 a
IX
Jan.
1
Holders of rec. Dec.
15a
IX
Jan.
3
Holders of rec. Dec.
17a
IX
Jan.
3
Holders of rec. Dec.
24c
2
Jan.
15
Dec.
Dec.
19
e2
Jan.
15
Dec.
9
to
Dec.
19
Dec.
31
Dec.
16
to
Jan.
2
(quar.).
General Cigar. Inc.. deb. pref.
(quar.)..
General Electric (quar.)
Extra (payable In stock)
General Optical, common
$2
,
General Railway Signal, com.
(quar.)...
9
to
IX
Jan.
1
Holders of rec. Dec. 20
IX
Jan.
1
Holders of rec. Dec. 20
m
*IX
Jan.
1 dDec.
Jan.
1
Preferred
(quar.)
Oodcbaux Sucar, pref
(quar.)
Gold A Stock
Telegraph (quar.)..
Goodrich (B. F.) Co., common
(quar.)
Preferred (quar.)
Grasselli Chemical, com.
$1 50 Feb.lSr
20
to
Jan.
•Holders of rec. Dec.
Holders of
rec.
1
31
Feb.
4x
(quar)
Great State Petroleum of Texas
Great Western
com.
(quar.)
Holders of rec. Dec.
2la
Holders of rec. Dec.
15a
Dec. 31
Holders of rec. Dec.
Dec. 31
Holders of rec. Dec.
15a
3
.
Dec. 31
IX
(quar.)
8ugar,
to
♦3 X
Special
Common (extra)
Preferred (quar.)
to
21
2
com.(qu )
Gaffney Manufacturing
15a
15
to
19
Ian.
Holders of rec. Dec.
Holders of rec. Dec.
15
19
Dec.
Jan.
10a
Jan.
Dec.
Holders of
3
.
Holders of rec. Deo.
Holders of rec. Dec.
Jan.
25
50c. Jan.
(qu.).
Endlcott Johnson Co
Preferred
(quar.)..
Preferred
15*
15*
1
Jan.
Holders of
15a
1
Jan.
Holders of
Dec.
1
1
Jan.
1
rec.
Jan.
2
3
Common (extra)
Jan.
Jan.
rec.
Jan.
10a
15*
4
to
Jan.
Dec.
3
Dec.
19
4
rec.
15*
Holders of
Dec.
2
Holders of
Nov. 30
1
1
4
15a
Dec. 21a
1
Jan.
rec.
Holders
Holders of
to
Jan.
Jan.
Holders of
1
1
1 •Nov. 16
Holders of rec. Dec.
15
Jan.
3
2t
3
Jan.
IX
Jan.
Jan.
Jan.
Eteenlohr (Otto) A Bros., pref.
(quar.)..
Elder Manufacturing, pref.
(quar.)
Electric Light A Power Co of Abington
A Rockland
Elec. Storaee Batt.. com. A
pref.
*125*c Jan.
Jan.
15*
to
Dec.
1 aDec.
3*
21
rec.
Jan.
Jan.
Dee.
Holders of
IX
Holders of
15*
1
IX
15
2
15
Ian.
15
^referred
(guar)
Edmund & Jones Corp., com.
(quar.)
Preferred (quar......
75c. Jan.
15a
Dec.
2X
Holders of
15a
rec.
2X
(quar.)
Holders of
Dec.
Holders of
IX
Common (extra).
3
Jan.
1
Dec. 31
IX
3
Hol lers of
15
Jan.
to
8
Powd.,com.(qu)
(quar.)
Jan.
Holders of rec. Dee.
Dec.
IX
Eastern Rolling Mill, pref.
(annual).
Eastman Kodak, common
Jan.
1
rec.
IX
15*
31
Holders of
IX
2
Dec.
Dec. 22
Holders of rec. Dec.
1
IX
(quar.)..
Gas A Electrie Secur., com.
(monthly)
Common (payable in common stock)
Dec. 31
1
1
IX
Galena-Signal Oil, preferred (quar.).
Jan.
Jan.
Jan.
2X
du Poht de Nern. & Co., deb. stk.
(qu.).
m Pont (E. I.) de Nem.
14
30a
Dec.* 24
IX
(qu.)
Dec.
Dec.
rec.
Jan.
3
(Jam°8 H.) A Co., com.
First preferred (quar.)
3
rec.
Holders of rec. Dec. 24
*3X
Dunham
Jan.
10a
Holders of
3
IX
...
31
10a
3
IX
Dominion Iron A Steel, pref. (quar.)
Dominion Steel Corp. com. (quar.)..
Dominion Textile, common
(quar.)....
Preferred
10
Jan.
Jan.
IX
(quar.)
Second preferred
Dec. 20 •Holders o/ rec. Dec.
15a
IX
Dominion Glass, oommon (quar.)
Preferred
Jan.
1
31
Dec.
24
15a
14
Dec.
20
Dec.
31a
Dec.
rec.
10
Dec.
rec.
Dec.
3
rec.
Dec.
rec.
Holders of
Dec.
15 ♦Holders of ree. Dec.
22
rec.
Holders of
1
Dec.
15 ♦Holders of rec. Dec.
Dec.
Holders of
3
rec.
Farrell (Wra.) A Son. pref.
(quar.)
22
Dec. 20
Jan.
Jan.
rec.
Federal Oil, preferred
(quar.)...
Firestone Tire & Rubber, com. (quar.)..
to
10a
10a
rec.
Jan.
(quar.)
Amer. Sugar Refg., oom. A
pref. (quar.)
American Sumatra Tobacco, preferred..
American Telephone A Telegraph
Dec.
Holders of
15
rec.
15a
rec.
Holders of
15a
to
Dec.
Holders of
Holders of
31
Dec. 22
rec.
1
Jan.
15*
Holders of
1
Jan.
$4
3
15
♦15*
15*
15*
$1
15a
Jan.
Jan.
♦15*
American Stores, common
(quar.)
First and second preferred
Dec.
IX
Jan.
31
IIIIIIIII
Dec. 20
rec.
X
15 ♦Holders of rec. Dec.
Amer. Steel Foundries, com.
(quar.) II11
Common (payable In common
stock)
Preferred
(quar.)
Dec. 20a
rec.
2
Dec.
to
rec.
Holders of
Extra
Deo.
Dec.
Holders of
Dictograph Products Corp., pref. (qu.).
2
Dixon (Joseph) Crucible (stk. dlv.).._. ♦el 50
Dodge Manufacturing, com. (quar.)...
IX
Holders of rec.
to
3a
Holders of
IX
♦25c. Jan.
II
Jan.
1
4
.....
(quar.).I
rec.
Dec. 31
2
31
Smelters' Securities, pref. A (qu.)
Preferred B (quar.)
Amer. Snuff, com.
(quar.)I——Ill-
Jan.
Holders of
Holders of rec. Dec. 15a
Holders of rec. Dec. 20a
75c. Dec. 31
Dayton Power & Light, common
Preferred
(quar.).....
15 ♦Holders of rec. Dec.
Seven per cent preferred
(quar.)
1
Dellcn Tire A Rubber, pref. (quar.)
Detroit & Cleveland Nav. (quar.)
♦50c. Jan.
Amer.
3
IX
(quar.)
(quar.).
Common (extra)..
15
Jan.
Jan.
IX
...
Crowell A Thurlow SS. (quar.)
Crucible Steel, pref. (quar.).
Cuba Cane Sugar Corp., pref. (quar.)...
Holders of
reo.
Jan.
2
IX
.
10a
24a
Dec.
Jan.
Dec.
Jan.
Nov. 10a
18
5
$1
rec.
18
5
10a
Computlng-Tabulating-Recording (qu.).
Holders of rec. Dec.
Holders of rec. Dec.
rec.
Dec.
25*
1
Holders of
Holders of
I
Jan.
(quar.)
Holders of
Holders of rec. Dec.d26
.......
Italian discount <fe Trust
IX
Preferred
3
Trust Companies.
Guaranty (quar.)
Hudson (quar.).
Holders of rec. Dec.
Holders of rec. Dec.
10a
1
Jan.
Dec. 24
Holders of rec. Dec.
31
Holders of
1
Jan.
IX
Jan.
3
20
Dec. 22
1
25c. Jan.
(0)
IX
3
5
Extra
rec.
10
2
5
Yorkville (quar.)
Deo. 20a
Davis Mills
Jan.
to
rec.
17a
Jan.
3
Holders of
1
3
3
i
2
Jan.
3
Extra
Union Exchange National
Jan.
1
2
rec.
Cluett, Peabody & Co., Inc., pref. (qu.)
ColumbiaGraphophone Mfg., com. (qu.)
Common (payable In common stock)..
Dec.
Cuban-Ameiican Sugar, com. (quar.)...
Preferred
(quar.)
2
.........
♦6
Holders of rec.
Jan.
IX
...
15a
Dec. 20
5
Clifton Manufacturing
Dec.
17a
Dec.
rec.
Jan.
Cities Service—
Cities Service, Bankers' shares (mthly.).
Holders of rec. Nov. 30a
10
16a
Dec. 30
2
Jan.
Holders of
IX
Chicago Telephone (quar.)..
15a
15*
3
3X
Cbesebrough Mfg., common (quar.)
Preferred
(quar.)
Chicago Mill ALumber, pref. (quar.)...
Holders of rec. Dec.
GlassMach.,
Holders of
J
*1X
3
(quar.)
Dec. 31
IX
—
Jan.
com.
15
Jan.
2
1
Preferred
Dec. 31
*1X
Duluth-Superlor Tract., pref. (quar.)...
American Can, pref.
(quar.)
Amer, Car <fc Fdy., com.
to
IX
pf.(qu.)
$3
Extra....
North Side, Brooklyn
21
IX
Central Coal A Coke, com. (quar.)
Preferred (quar.)
Brazilian Tr„ L. & Pow., prof. (guar.)..
Continental Pass. Ry., Philadelphia....
Amer. Window
Jan.
Dec.
Southern Ry., preferred
2X
Union Pacific, common (quar.)
25*
United N. J. RR <fc Canal Cos. (quar.).
2X
Street and Electric Railways.
Boston Elevated, common (quar.)
I137H
Preferred
35*
Preferred
to
3
Second preferred (quar.)
Southern Pacific Co. (quar.)
Six per cent preferred
10a
16
2
12 12 A Jan.
littsb. McKee«p. A Yougbloghony
Reading Company, common (quar.)
(quar.)
Amer. Public
Service,
Dec.
Dec. 10a
Dec.
3
Plttsb. Ft. Wayne A Chic., com. (quar.)
Preferred
(quar.)
Locomotive,
3
Jan.
...
American
Jan.
Dec. 27
rec.
Jan.
Norfolk <fe Western, common (quar.)..
Northern Securities
American Cigar, pref.
rec.
IX
New York A Harlem, com. and pref
New York Lackawanna A West. (quar.).
Preferred (quar.)
American Chicle, pref.
Holders of
1
2
Lehigh Valley, com. (quar.)...
Preferred
(quar.
I Amer.
31
87>*c Jan.
Joliet & Chicago (quar.)
United
Dec.
5
...
I. 88. Lines, com
Auto Sales Corp., pref
Preferred
Holders of
Holders of
rec.
Dec. 31
IX
IX
(quar.)
(quar.)
Beaver Board Cos.,
Jan.
10c
Atlantic Terra
4X
Armour A Co., pref. (quar.)
Armour Leather, pref. (quar.)
Railroads (Steam).
Alabama Great Southern, ordinary—
Days Inclusive.
20C
3J*
Arkansas Natural Gas. com. (quar.)
Common (extra)
Per
Books Closed.
Payable
(Continued)
Apsley Rubber, preferred
Jfame 0/Company.
When
Per
Name of Company.
include dividends
Jan.
31
Holders of reo. Dec.
31
Jan.
3
Holders of rec. Dec.
15a
Jan.
3
Holders of
rec.
Dec.
15a
Jan.
3
Holders of
rec.
Dec.
15a
IX
IX
X
Jan.
IX
10
IX
lx
15a
Dec. 18
1920.]
CHRONICLE
THE
Per
Name of
When
Books Closed.
Cent.
Company,
Payable.
Days Inclusive.
Per
Tap A Dye, common (quar.).
(quar.) (No. 1).......
1
Holders of rec. Dec.
16
2
Jan.
1
1
Holders of rec. Dec.
15
Six per oent pref. (quar.)..
IX
Jan.
1
Holders of reo. Deo.
16
3
Holders of
rec.
Dec.
18a
5X% pref. (quar.)
IX
Jan.
1
Holders of
reo.
Deo.
15
3
Deo.
31a
rec.
Dec. 20
Quaker Oats, common (quar.)
Common and Class B Common (quar.)
Jan.
1
Holders of
37Xc Jan.
1
IX
1X
Jan.
20
Holders of
31
Holders of rec. Dec. 20a
$1
Dec.
rec.
Jan.
Jan.
3
Holders of rec. Dec.
Holders of rec. Dec.
15a
Jan.
3
Holders of rec. Dec.
13a
4
Jan.
3
Holders of rec. Dec.
13a
1X
Jan.
3
Holders of rec. Dec.
13a
IX
Jan.
3
Holders of rec. Dec. 20a
16
to
Dec.
Dec.
24
2
Dec.
24
Dec.
16
to
Jan.
3
Dec. 25
tc
Jan.
Jan.
3
Dec. 25
to
Jan.
to
Jan.
3
Dec. 25
Jan.
2
Holders of rec. Dec.
1
Holders of rec. Dec.
Dec.
31
Holders of rec. Dec.
10a
IX
Dec.
31
Holders of rec. Dec.
10a
First
2
Illinois Pipe Line
Imperial Oil, Ltd.—
Jan.
1
Holders of rec. Dec.
15a
Cum.
Dec. 31
10
Dec.
1
to
(31.50 Dec. 18
Victory bonds).
Dec.
Jan.
16
to
Holders of
3
rec.
Dec. 21
Deo.
Dec.
Jan.
1
Holders of
rec.
Dec.
Jan.
1
Holders of
rec.
Dec.
Jan.
3
Holders of rec. Doc.
Holders of
rec.
Dec.
15a
rec.
Dec.
15a
3
Holders of
25c. Jan.
3
Holders of Coup.
Jan.
3
2
Jan.
3
Holders of
IX
Jan.
1
Dec.
IX
Jan.
3
IX
rec.
16
to
Dec.
Jan.
1
Holders of rec. Dec.
50c.
Dec.
31
Holders of rec. Dec.
2
Jan.
3
Jan.
*1X
Holders of
rec.
Dec.
Holders of rec. Dec.
rec.
Dec.
15
15
1
1
Holders of rec. Dec.
Jan.
3
Holders of rec.
Dec.
Jan.
1
Holders of
Deo.
Jan.
2
Holders of rec. Deo.
10a
2
Jan.
2
Holders of
10a
IX
IX
Jan.
2
Holders of rec. Deo.
10a
Feb.
1
Holders of
15a
IX
Jan.
2
Holders of rec. Deo.
1
Holders of
Jan.
IX
Jan.j
1
Holders of rec. Dec.
Holders of rec. Dec.
3
1
Holders of
reo.
Deo.
1
Holders of
rec.
Deo. 16
Holders of rec.
Dec. 31
2
Jan.
1
IX
3X
Jan.
1
♦25c
preference (quar.)
.
Jan.
50c.
Jan.
5
Dec.
Jan.
1
Holders of
IX
11
to
rec.
Jan.
(quar.).
D°c. 31,
Holders of rec. Dec.
18a
Jan.
3
Holders of
rec.
Dec.
15a
Steel Co. of
IX
Jan.
3
Holders of
rec.
Dec.
15a
$1.25 Jan.
3
Holders of
rec.
Dec.
21a
Jan.
1
Holders of
rec.
Dec.
15
IX
4a
Holders of
rec.
Dec.
4a
Holders of
rec.
Dec.
20a
Manati Sugar, pref. (quar.)
IX
Jan.
3
Holders of
rec.
Dec.
15
Manhattan Elec. Supply, com. (quar.)..
Manhattan Shirt, pref. (quar.)
IX
Jan.
1
Holders of rec. Dec. 20a
IX
Jan.1
3
Holders of rec. Dec.
Holders of
rec.
Dec.
Jan.
10
Holders of
rec.
Dec.
Preferred
(quar.).
Jan.]
2
Holders of rec. Dec.
(quar.)
♦Holders of
Jan.
1
Jan.
1
Holders of rec. Dec.
1
.
Stock
Jan.
*ix
rec.
Dec.
.
f
Mountain Producers Co. (No. 1)
!
10a
.
Preferred
(quar.)
National Casket (quar.)
.
Holders of
rec.
Dec.
Holders of
rec.
Dec.
10a
Holders of
rec.
Dec.
20
Jan.
2
Holders of
rec.
Dec.
Jan.
2
Holders of
rec.
Dec.
14a
3X
Jan.
15
Holders of rec. Dec.
31a
.
•Holders of
rec.
Dec.
15
1
Holders of
rec.
Dec.
13a
IX
15
Holders of
rec.
Dee. 31a
$1
Jan.
1
Holders of rec. Dec.
15
ml 1-6 Jan.
1
Holders of rec. Dec.
15
*2
National Lead, common (quar.)...
National Licorice, pref. (quar.)...
Surety
.
.
.
Preferred
-
Transit
(quar.)
_
Niagara Falls Power, common (quar.).
Preferred (quar.)
.
)
Preferred
(quar.)
.
.
-
-
.
.
.
_
(quar.)
(quar.)
.
.
Preferred
(quar.)
(quar.)
.
.
Otis Steel, pref.
.
Pacific Telep. A Teieg., pref. (quar.)
Pacolet Manufacturing, common..
Preferred
.
.
.
.
.
1
to
Deo. 20
Dec.. 31
Deo.
12
.
10a
rec.
Dec.
31
Holders of
Dec.
16
Deo.
18
Holders of rec. Dec.
17
Dec.
13
Jan.
3
16
to
Jan.
Nov. 21
to
Dec. 20
Deo.
20
Jan.
1
Holders of
rec.
Nov. 26
reo.
Nov. 26
Jan.
1
Holders of
Jan.
1
Holders of rec. Dec.
16
Jan.
1
Holders of
rec.
Dec.
15
Feb.
1
Holders of
rec.
Jan.
Feb.
1
Holders of
rec.
Jan.
10
3
Holders of
rec.
Dec.
20a
12
Holders of
reo.
Deo. 20
Dec. 31
50c. Dec.
20
Jan.
1
2
10
Holders of rec. Dec.
la
Holders of rec. Dec.
7a
Deo.
Jan.
6
11
to
Dec. 31
Holders of
rec.
Dec.
10a
Mar. 31
75c.
elO
Holders of
rec.
Dec.
10a
Holders of rec. Dec.
10a
25c. Jan.
3
e20c. Jan.
3
Holders of
rec.
Dec.
10a
Dec. 31
Holders of
rec.
Dec.
11a
(quar.)....
4
Holders of rec. Jan.
27
Jan.
3
Deo.
20
Holders of rec. Deo.
Jan.
1
Holders of rec. Dec.
11a
Jan.
1
Dec.
21
IX
Dec.
18
2X
IX
Jan.
1
Holders of reo. Deo.
Jan.
1
Holders of
1
Holders of rec. Dec.
62XC Jan.
3
Holders of
rec.
Dec.
16a
Jan.
3
Holders of
rec.
Dec.
16a
$2
5c.
5c.
(quar.).
(quar.)
*2
preferred (quar.)..
♦75c. Jan.
Holders of rec.
16
Holders of
3
Holders of rec.
Jan.
IX
Jan.
3
4
Jan.
15
Holders of
100
(quar.).
Jan.
15
15
87Xc Mar. 15
.
rec.
reo.
la
Nov. 30
4a
Deo.
2 ♦Holders of rec. Doc.
,1 IX
50c. Jan.
Preferred
Dec.
to
5a
Dec. 20a
4a
8a
15
Dec.
lfa
Holders of rec. Dec.
16a
rec.
Dec.
20a
Holders of
rec.
Deo.
20a
Holders of
rec.
Dec. 31a
Holders of rec. Feb. 28a
2
Jan.
10
Holders of rec. Dec.
16a
f10
Jan.
10
Holders of
15a
8*
15
Holders of rec. Jan.
1
Preferred
IX
Apr.l5z
Holders of reo.
Apr.
Jan.
3
Holders of
rec.
Deo.
9
July 15x
Holders of rec.
July
Jan.
3
Holders of
rec.
Dec.
20a
IX
fb
Dec. 31
Holders of rec. Deo.
Dec. 24
Holders of
rec.
Dec.
2a
Dec.
31
Dec.
16
to
Jan
Dec.
16
to
Jan.
Holders of
2X
Feb.
15
rec.
Feb.
2X
Jan.
15
Holders of
rec
Jan.
4
Jan.
15
Holders of
rec.
Dec.
Dec.
(quar.)..
Preferred
(quar.)
U. S. Gypsum com. (In common Btock).
U. S. Gypsum, oom. (quar.)
...
15
Holders of rec. Dec.
15
Holders of
rec.
.
IX
Holders of
rec.
Dec. 31a
Dec.
20
Holders of
rec.
Dec.
4X
Jan.
1
.
Dec. 31a
15
Holders of rec. Dec.
Holders of
8a
3
Jan.
1
3
Jan.
21
Jan.
1
Holders of
rec.
Dec.
IX
Jan.
3
Holders of
rec.
5
Jan.
1
Holders of rec. Dec.
$4.75 Dec. 31
Dec.
.
15
.
Preferred
to
Preferred
Feb .x 16
Mayzl6
Feb
Deo.
18a
rec.
Dec.
17
3
Holders of
rec.
Dec.
1
20
31
15 ♦Holders of rec. Dec.
31
Jan.
$1
(quar.)..
Jan.
3
Holders of rec.
Dec.
16
$1
Jan.
2
Holders of
Deo.
21a
Jan.
IX
25c. Jan.
2
Holders of reo. Dec. 21a
3
Holders of rec.
Ian.
3
Holders of'Ac.
.
20c.
(quar.)....
(quar.)
_
IX
.
Dec. 31
Dec.
21
reo.
Dec. 2(a
Dec.
20
Jan.
to
50c.
.
(extra).
2a
Weber Piano, pref rred (quar.)
Coast Oil (quar.)
16
Holders of rec. Jan 31 '21
Holders of rec. A pr. 30' 21
Holdersofrec.July30'21
West
Western Grocer, common
Electric Co.
17
Holdors of rec. Dec. 31
17
Holders of rec. Dec. 3la
IX Jan. 27
Dec. 31
IX
.
_
Jan.
Jan.
15a
Mayxl5
.x
15 a
Holders of rec. Dec.
15 ♦Holders of rec. Dec.
Holders of rec. Apr 30 *21
IX
IX
IX
reo.
Holders of
_
Common
Dec.
Holders of
Dec.
Jan.
_
First and second preferred
Holders of rec. Jan 31 '21
2
Dec. 30
>
2
*1X
Walworth Mfg., pref.
Dec. 26
Holders of rec. Dec.
21a
Jan.
(quar.)
Wahl Co., com. (quar.)
Holders of rec, Nov. 30a
Nov. 28
to
Dec. 26
2
1
21a
Holders of rec. Dec.
IX
*15
Wabasso Cotton, Ltd., com.
13
Jan.
Holders of rec. Dec.
1
25c. Jan.
(quar.)
Victor Monaghan Co., pref. (quar.)
18
2
1
27
V. Vivaudou, Inc.
Holders of rec. Dec. 15
Nov. 28
31
IX
Dec. 15a
rec.
Dec.
Jan.
Jan.
$1.50 Deo. 31
.
la
15
1*
2
5
IX
(quar.).
Extra
Jan.
1»
16
3
(quar.)
U. S. Playing Card
5a
Jan.
rec.
IX
Preferred
5a
IX
1
.
20
AugxlS
50c. Jan.
1
Holders of
2
Jan.
1
Holders of
rec.
Deo.
Jan.
1
Holders of
rec.
Dec.
15a
IX
Jan.
15
Holders of
reo.
Dec. 31
Dec.
31
Dec. 21
to
Dec. 31
Dec. 31
Dec. 21
to
Dec. 31
Western
15a
IX
10
3X
reo.
Dec.
15a
$1.50 Jan.
10
Holders of rec. Dec.
Preferred
....
*1.50 Jan.
Holders of rec. Dec.
rec.
Dec.
5 ♦Holders of rec.
Dec.
Holders of
Holders of rec. Doc.
a
3ia
20
31
24a
Preferred
..........
*4
Jan.
1
*3X
Jan.
1 ♦Holders of rec. Dec. 21
2X
Jan.
3
Holders of rec. Dec.
IX
Jan.
3
Holdersjlof
31
rec. Dec.
Holders of rec. Dec.
13a
Dec.
15a
50c.
.
(quar.).
31
Jan.
3
Holders of rec. Dec.
20
Jan.
3
Holders of rec. Deo.
IX
Jan.
15
Holders of rec. Jan.
6a
IX
Jan.
3
Holders of rec. Dec.
20a
3
Holders of rec.
Dec.
20a
Jan.
3
Holders of rec. Dec.
$2.50
.
.
Weyman-Bruton Co., com.
,
Dec.
Jan.
(quar.)
.
(quar.)
.
White Motor Co.
(quar.)
Williams Tool Corp.. com. (No. 1)..
$1
-
.
18 a
Jan.
3
Holders of rec. Dec.
11
Jan.
<13 dDec. 24
to
4
Jan.
d3
Dec. 24
to
75c.
Jan.
1
Holders of
rec.
Jan:
2
Jan.
2
Dec.
)
Preferred
Holders of rec. Dec. 20a
Jan.
3
Holders of
rec.
Dec.
15
Dec.
31
Holders of
rec.
Dec.
15a
Dec.
31
Holders of
rec.
Dec. 15a
IX
Jan.
1
Holders of rec. Dec.
3
Holders of
1
17a
IX
Jan.
Jan.
1
Pittsburgh Oil A Gas (extra)..
2
Dec.
24
Holders of rec. Dec. 15a
Holders of rec. Dec. 20a
Holders of rec. Dec. 10a
2
Dec.
31
Dec.
16
to
Jan.
(quar.)
Preferred B (quar.)
Yale A Towne Manufacturing
/20
Dec.
31
Dec.
16
to
Jan.
2
•
Dec. 21a
t
10a
Jan.
1
Holders of
rec.
Dec.
15
1
Jan.
1
Holders of
rec.
Dec.
15
IX
Jan.
1
Holders of rec. Dec.
15
5
-
17
From unofficial sources.
Payable in stock.
/ Payable in
of accumulated dividends.
common
stock,
o
Payable in scrip,
h On account
(Payable in Liberty or Viotory Loan bonds.
York Stock
Exchange has ruled that Va. Iron, Coal A Coke be quotes
ex-the 10% stock dividend on Nov. 1.
k New
I Payable In Class B shares.
m
o
IX
\
.
13a
J The New York Stock Exchange has ruled that stool
will not be quoted ex-dlvldend on this date and not until further notice,
a Transfet
books not closed for this dividend,
b Lees British Income tax.
d Correction
2
rec.
A
♦Holders of rec. Dec. 21
la
Dec. 31
2
10a
Dec.
Jan.
2
-
Dec.
reo.
2
Pierce OH Corp., pref. (quar.).
(quar.)
rec.
Holders of
Dec.
Jan.
Preferred
1
Holders of
Holders of reo. Jan.
IX
(bonus)
Jan.
31
Jan.l7z
IX
Common
to
Dec.
Dec. 31
IX
IX
Pennsylvania Rubber,
Preferred (quar.)...
Provincial Paper Mills, com. (quar."
18a
3
Preferred (quar.)
IX
Common (payable in common stock)
15
Holders of
Dec.
2
to
4
.
Parke, Davis A Co.(quar.)
Extra..
Holders of rec. Deo.
Dec. 31
Jan.
10a
rec.
25
IX
Peerless Truok A Motor (quar.).
16
Deo.
Pan-Amer. Petrol. A Transport—
Common A and B (quar.)
Holders of reo. Dec.
IX
.
Orpheum Circuit, common (quar.)
31
Dec.
31
(quar.)
7a
Deo.
Jan.
31
Preferred
Dec.
Holders of
Dec.
Preferred
rec.
Dec.
Dec.
Preferred
Holders of
5
31
(quar.)
Common (quar.).
7a
Decd31
Jan.
Dec. 31
Ohio Oil
Extra
It a
Dec.
Dec.
Nunnally Co
Oklahoma Prod. A Refin., com. (quar.)
Ontario 8teel Products, com. (quai
13a
Dec.
rec.
50c.
United Dyewood Corp. com. (quar.)...
Preferred
(quar.)
21
IX
.
Gas (quar.)
Co., pref. (quar.)
North American Co. (quar.)
Northern Pipe Line
Dec.
rec.
Holders of
K50c. Jan.
United Fruit (quar.)
Extra (payable In stock)
2
_
.
New River
rec.
Holders of
IX
IX
.
Noble (Chas. F.) Oil &
Holders of
1
3
2X
.
New York Dock, common
22
Ian.
Dec. 20
♦Holders of rec. Dec. 21
to
Deo.
Jan.
Deo. 20
4
•Holders of rec. Dec.
1
20a
3
_
(quar.)...
Jan.
1
Dec.
2X
.
(quar.)
National Sugar Refg. (quar.)
New York
21
30
rec.
IX
.
National Oil, pref.
National
Dec.
Dec.
Jan.
Holders of
IX
Union Twist Drill (quar.)
United Drug, common (quar.)
First
3
Jan.
2
.
(quar.).
common
Oil
Preferred
Jan.
Preferred
31
IX
IX
14a
10a
Jan.
NationalGrocer,
Doc.
$1 .25 Jan.
TookeBro8„ pref. (quar.)
Underwood Typewriter, oom.
1
2
IX
.
20a
$1.50 Jan.
15
Dec. 31
Jan.
Dec.
10
(quar.)
Tonopah Extension Mining (quar.)...
Tonopah-Belmont Devel. (quar.).....
Jan.
♦2
rec.
3
Todd Shipyards Corp.
IX
.
Holders of
IX
2
-
(quar.).Corp., Class A (quar.)...
Montana Power, common (quar.)
Preferred (quar.)
31
(62 Xc Jan.
2X
.
Mill Factors
20
20
Dec.
2
(quar.)
(payable in stock)...........,
Tidewater
X
Extra
Midland Securities
Dec.
el50
dividend....
Extra
18a
3
)
Middle States Oil
to
Dec.
18a
2
.
10
5
4a
3
Dec
to
Texas Pacific Coal A Oil
15a
31
20
rec.
(quar.)
Texas Company (quar.).
Holders of rec. Dec. 31a
Dec.
Deo.
1
Swift A Co.
16
2X
Mergenthaler Linotype (quar.)...
to
Deo.
Superior Oil Corporation
3
Dec.
10
2
(quar.)..
Stromberg Carburetor (quar.)
3
rec.
Deo.
1
3
Holders of
15a
20
20
(quar.)..
!
Canada, common (quar.)...
Jan.
3
15 a
Deo.
IX
Preferred Class A and B
Jan.
Jan.
15a
Dec.
35
Jan.
IX
Dec.
rec.
He Id era of reo. Dec.
IX
1
15
rec.
Holders of
5
IX
Jan.
Holders of
31
(u)
Stutz Motor Car (quar.)
Submarine Signal..
$1
Dec. 31
2
Preferred
.
20
Deo. 20
Dec. 31
3
Holders of rec. Nov. 30a
1
Dec.
21
2
Dec.
rec.
Dec.
3
Jan.
Holders of
Dec. 20
rec.
IX
Common (extra).
IX
IX
(quar.).
22
rec.
Holders of
Dec.
25c. Dec
15a
3
Preferred
Dec.
Holders of
Mar. xl
25c.
(quar.).
2
2
Holders of rec.
3
Holders of rec. Nov. 30a
31
2v
IX
(quar.)..
South West Penn Pipe Lines
(quar.)
Standard Oil (Indiana) (In stock)..
Standard Oil (Kentucky) (quar.)
Standard Oil (Nebraska)
13
Dec.
15
Deo.
2
Preferred
Holders of rec. Dec.dl6
Libby, McNeil & Libby
15a
31
South Penn Oil (quar.).
10a
Jan.
IX
Jan.
rec.
15a
Dec.
IX
20a
Deo. 31
$2
Deo.
reo.
Jan.
60c. Jan.
conv.
Preferred
20a
rec.
rec.
IX
IX
IX
15a
Feb.
6
6
IX
Solar Refining
Extra
15a
Jan.
Jan.
Preferred
(quar.)
LackawannaSteel.com. (quar.)..
Lehigh Valley Coal Sales (quar.).
Luoey Mfg., class A (quar.).
Lyons Petroleum (quar.)
Holders of
6a
IX
(quar.)
3
IX
17a
1
Preferred
Jan.
Shell Transport A Trading
20a
3
(quar.;
Jan.
IX
2 ♦Holders of rec. Dec. 20
Preferred
Jan.
rec.
Shawmut Mills, common (quar.).
Preferred (quar.)
2
King Philip Mills (quar.)
Kirschbaum (A. B.) Co., pref.
Kresge (S. S.) Co* common...
Loose-Wiles Biscuit, 1st pref. (quar.)...
reo.
Holders oi
(quar.).
Savoy Oil (quar.)...
15a
Kennecott Copper (quar.)
Lindsay Light, common (quar.)
Holders of
15
Preferred
No. If
15«
Jan.
18
15
Jan.
Holders of rec. Dec. 20
Jan.o
Holders of reo. Deo.
Jan.
1
Holders of rec. Dec.
IX
(quar.)
4a
15
IX
Preferred
cum.
St, Joseph Lead
Extra
20
62 Xc Dec. 31
Extra
Dec.
20
2
20
IX
International Petroleum, Ltd.
International Salt (quar.)
rec.
Common (extra)......
Preferred (quar.)
17a
3X
International Cement Corp.
Holders of
18
sx
Preferred
18a
Dec.
IX
preference (quar.)...
Rltz-Carlton Hotel, preferred
Holders of rec. Dec.d21a
15c. Dec. 31
3
la
Dec.
1
Rookaway Rolling Mills (quar.)..
Indlahoma Refining (quar.)...
Ingeraoll-Rand Co., preferred
Feb.
rec.
3
common (quar.).
(quar.)
Reynolds (R. J.) Tobaooo, oom. (quar.)
Preferred (quar.)
Riordon Pulp A Paper, pref.
(quar.)...
Riordon Co., Ltd., pref.
(quar.)
20
75c.
(quar.).
rec.
Holders of
Preferred
15
Jan.
rec.
Holders of
25o. Deo. 31
Republic Iron A Steel,
2
Jan.
IX
IX
Holders of
28
Deo. 31
3
...III..
Rels (Robert) A Co., 1st A 2d pref.
(qu.)
Remington Typewriter, first pref. (quar.)
Second preferred (quar.)..
Preferred Series 8 (quar.)
2
IX
A Gas, pref. (quar.).
15
Feb.
2
......
(quar.jlHIII
2
IX
Associates
Reece Buttonhole Mach.
Reece Folding Machine (quar.)
Dec. 23
IX
Common (extra)
Preferred (quar.)
(quar.)..
Jan.
IX
(quar.)
Extra
23
Dec.
2
Common (extra).
Realty
16
IX
com.
Ray Consolidated Copper (quar.)..
15a
3
2X
Common (extra)
Preferred (quar.)
Preferred
Holders of reo. Deo.
2
(quar.)
Railway Steel-Spring,
10a
1.12>* Jan.
Hendee Mfg., pref. (quar.).
Preferred
Holders of rec. Dec. 2ia
2
(quar.)..
Harbison-Walker Refrac., prel. (quar.)
Hart, Scbaffner A Marx, Inc., pf. (qu.)
Haskell A Barker Car (quar.)....
Haverhill Gas Light (quar.)
Extra (pay in Canad.
Days Inclusive.
Jan.
2
Harblsbaw Elec. Cable
Preferred
Books Closed.
Payable.
Miscellaneous (Concluded)
Pure Oil, 8% pref. (quar.)
50c. Jan.
75c. Jan.
Preferred
Guantanamo Sugar (quar.)
Hanes (P. H.) Knitting Co.—
Huntington Devel
When
Cent.
Name of Company.
Miscellaneous (Continued)
Greenfield
3401
q
r
t
u
Two months' dividends.
At rate of five shares of common
on every
100 shares of common outstanding
Payable in 1934 Dominion of Canada Victory bonds,
Payable in
Preferred stook.
x
1921.
Payable to holders of record Dec. 31.
v Three shillings per share,
to Payable in
scrip and being in full of arrears of dividends.
Two shillings per share,
funds,
x
Payable in
New York
United
Railroad,
Slate. Mun.
Ate.,
A Foreign
Stales
Bonds.
Bonds.
Bonds.
17 1920.
value.
Par
Shares.
BOSTON CLEARING
HOUSE
MEMBERS
Dec. 11
.......
1,377,600
1,271,890
827,703
-_—....
793,868
66,426,800
$3,925,000
5,038,000
3,523,000
6,361,000
6,933,000
—
686,975
58,166,000
5,218,000
5,463,996 $459,873,100
Monday
$31,048,000
..........
Tuesday..........
Wednesday
Thursday
Friday
$40,662,500
119,509,500
109,231,500
65,881,300
505,960
Saturday
...
•
a sum¬
showing the totils for all the items in the Boston
Clearing House weekly statement for a series of weeks:
mary
forward from page 2406.
Stocks.
Week ending
Dec.
Clearing House Banks.—We give below
Boston
Exchange daily,
Transactions at the New York Stock
weekly and yearly.—Brought
[Vol. 111.
CHRONICLE
THE
2402
1,245,500
736,000
previous week.
18,192,400
Loans, dlsc'ts A Investments.
U.S. 423,278
Individual deposits, tncl.
4
Nov.
1920.
$
$
2,455 000 Dec.
583,181 000 Dec.
Circulation...
18,223,000
1,361,000
931,000
Dec.
Changes from
1920
$7,934,000
14,461,000
17,722,000
15,593,000
$400,000
1,200,000
$
8,000
27
1920.
.
2,463,000
2,463,000
1,330,000 584,511,000 593.987,000
2,900,000 426,178,000 434.367,000
1,047,000 100,101,000
97.260.000
000 Dec.
Due to banks
Week ending Dec.
Sales at
$5,873,500 $92,125,400
Jan. 1 to Dec.
17.
17.
22,167 000 Inc.
1,096 ,000 Dec.
18,171 000 Dec.
1,117,000
2,213,000
825,000
18,996,000
57,562 ,000 Dec.
3.236.000
60,798,000
Bank
and
52,110 ,000. Dec.
687,000
52,797,000
62,048,000
52,622.000
Federal Reserve Bank.....
6,785,000'Dec.
702,000
7.487,000
6,849.000
Exchanges for Clearing House
Due froru
York Stock
New
99,054 000 Dec.
Time deposits
United States deposits
Total
1920.
1919.
1920.
Exchange.
1919.
Cash In bank A in F. R.
Reserve
Stocks—No. shares—
Par value...
Bank shares,
220,530,728
307,881,598
5,426,105
5,463,996
$459,878,100 $484,378,000 $18,843,144,575 $28,056,718,930
$22,400
$92,125,400 $116,694,100
$2,650,919,900
6,598,000
329,696,900
23,350,500
750,480,500
$2,705,818,500
273,098,600
570,948,500
$129,046,900 $146,642,600
bonds...
Total bonds.'..
$3,731,097,300
$3,559,865,500
5,873,500
31.048,090
BOSTON,
THE
AT
TRANSACTIONS
BALTIMORE
PHILADELPHIA
Clearing House Banks
Companies.—The following de ailed statement
shows the condition of the New York City Cleari ig House
members for the week ending Dee. 11.
The figures for the
and Trust
separate banks are the averages of the daily results.
In the
of totals, actual figures at end of the.week are also given:
of the Equitable Trust Co, has been included in this
The return
Sept. 25.
statement since
Baltimore.
Philadelphia.
WEEKLY CLEARING HOUSE RETURNS.
NEW YORK
Week ending
Shores.
Dec. 17 1920.
Bond Sales.
Shares.
\Bond Salet.
22,280!
Bond Sales.
Shares.
8,321
28,975
$173,550
132,9-0
1,886
142.200
Tuesday.
70,154
26,689
340,000
3,288
76,000
HOUSE
Wednesday
79,331
797,450
24,161
272,400
4,635
MEMBERS.
Thursday
47,703
43,496
242,250
12,037
818,800
5,401
62,000
79,700
(.000
omitted.)
Nat'l.
38,000
7,216
50,000
3,530
12,000
Week ending
State,
41.769
Friday
25,272
112,399 $1,787,700
309,733 $1,468,510
Net
CLEARING
Cash
with
Net
Time
Invest¬
in
Legal
Demand
De¬
ments,
Vault.
Deposit
Nov. 15
15
posits. latiom
Deposits
tories
Ac.
Nov.
Members
Non-Member Banks and Tryst Com¬
panies.—Following is the report made to the Clearing House
by clearing non-member institutions which are not included
in the "Clearing House Returns" in the next column:
Average,
of
INSTITUTIONS OP NEW YORK CLEARING
HOUSE.
7,211
44,939
788
Co.
5,000
16.672
127,198
Mech A Metals.
10,000
208,974
3,063
10,232
Manhattan
Average
3,984
13,390
20,395
Average Atg i
$
29,677
$
$
2,000
98.786
152,993
«
$
2,946
13,781
3,865
Bank of America
5,500
57,989
2,019
7,149
52,556
1,420
National City..
4.0,000
66.103
572.935
14,106
57.313
*552,153
35,248
1,429
4,500
1,000
14,940
1,129
128,747
1,891
14,035
105,420
1,806
350
19,100
435
2.052
14,664
665
Nat Butch A Dr
300
161
4,460
138
664
4.444
62
298
Excb Nat
5,000
7,148
124,772
1,455
12,122
87,369
4,066
4,886
33,182
362.849
3,324 .31,972
3,380
1,900
240,326
3,347
Chemical Nat'l
-
.
NatBkof Oomm
o
5,000
271
124,122
5,517
15,366
110,260
13,619
3.000
20,410
115.763
1.089
16,382
110,576
Ped'l
Bank.
Res.
:
1,500
2,000
3.379
40,354
2,384
6,862
45,445
with
Demand
Time
Bank
Corn Exchange
6,000
9.471
149,652
7,105
23,254
148,765
3,878
18,589
1,590
29.547
27
51
142,188
2,059
5,431
10.944
934
Legal
De¬
De¬
Circu¬
Deposi¬
posits.
posits.
lation.
tories.
Imp A Trad Nat
National Park..
1,500
8,835
43,145
944
7,500
23,176|
198,152
1.358
East River Nat-
in
Ac.
.
1,000
846
11,515
443
Average Average Average Average Average Average
$
$
$
$
$
%
.. $
30
198
290
10.006
1,618
1,700 12,460
241
418
11,901
738 11,138
1,674
1,000
23.004
1.036
2,777
19,485
90
634
284,913
203,566
1,121
23,261
177,648
4,923
7.341
7,657
24,207
184,152
1.771
2,500
1,000
470
14,128
953
1.823
13,323
879
1,000
Irving National
N Y County Nat
600
721
6,556
438
798
7,299
147
1,035
5.916
100
372.023
6.224
35,766
261,659
8,736
19,511
.
Chase National.
500
1,162
7,340
4,162
1,088
W.R. Graoe A Co.
20
442
2,268
458
Fifth
Yorkvtlle Bank...
200
863
14,375
498
1,285
7,581
7,429
First Nat., Jer.
400
1,385
9,709
512
541
6,698
202
15,000
24,731
Avenue..
500
2,319
19,452
1,093
2,887
Commerc'l Exch
"395
50
4,597
Continental Bk
New Netheriand..
.
12,233
10,000 37,742
12.500 10.744
First National..
Mutual Bank
200
1,054
8.601
496
1,256
400
804
8,764
609
1,000
1,647
16,510
612
1,545
2,305
16,378
197
1,092
8,472
Commonwealth.
9,339
59
395
1,000
782
12,999
308
1,737
13,052
592
249
Seaboard Nat'l
1,000
4.688
1,173
6.185
46,342
822
65
Nat'l.
5.000
7,6-56
48,002
98,346
1,170
9.406
71,849
2,349
2,458
1.500
1,600
18,956
1,101
1,641
13,461
262
409
391
394
Garfield Nat'l.
Total.....
3,400
6,571
1,940
59,184
6,648
593
8,596
45,010
State Banks
Not Members of
100
Metropolitan—.
200
C.
4,592
Natl
Second Nat'l...
Battery Park Nat.
20,579
Net
Vault.
Nat.bks.Nov.15 Invest¬
Members of
1,710
Net
Cash
counts,
Tr. cos. Nov.15
11 192©.
Dec.
23,372
8.039
Nat'l.
240
Reserve
8tatebks.Nov.15 ments,
Week ending
1.000
7,000
Hanover
Dis¬
Capital. Profits.
CLEARING
NON-MEMBERS
Pacific Bank...
Chath A Phenl.
Loans,
758
i",66d
16.887
6,118
Amer
of dollars—that is, three ciphers [000] omitted.)
Average Average
t
$
$
Y.NBA
Bk of N
Atlantlc Nat'l.
Net
Bam
Circn
Tr.Cos.Nov. 15
Fed. Res. Bank
(Staled in thousands
Discount,
$430,000
New York City
EETURN OF NON-MEMBER
No
Reserve
Loans,
Capital. Profits
11 1920.
Dec.
...
[000] omitted.)
$58,100
6,532
{Staled in thousands of dollars—that is, three ciphers
$74,300
142,1 X)
174,360
__
Monday...
Total
6.971,000
18,687.000
case
AND
EXCHANGES.
Beaton.
Saturday
22.805.000
Statement of New York City
Bonds.
State, mun., AC., bonds
RR. and misc. bonds..
OAILY
bank
in
excess
22.053.000
$48,200
par
Government
other banks
114,000
National.
Fifth
Liberty
(he
Coal A Iron Nat
Federal Reserve Bank
100
450
3,563
479
221
3,691
600
1,568
16,000
2,152
1,437
Brooklyn Tr Co
1,500
2,741
38.750
873
3,823
20,928
28.069
5.173
Bankers Tr Co.
Bank of Waah Hte
Colonial Bank
20.000
19,612
53
286.581
1,372
28 865
*212,200
11.606
1,583
1.000
Union Exch Nat
17,297
623
19,143
2.824
U S Mtge A Tr.
2.000
5,143
60,019
825
7,055
50,163
10.129
Trust Companies
Guaranty Tr Co
25.000
36,114
527.396
2,728
48,409
*456,662
27,015
Not Members of the
Fldel-Int Tr Co.
1.500
1,593
19,134
482
2,351
18,452
659
Columbia Tr Co
5,000
8,010
77.262
71,756
3,781
1,500
1.958
32,576
1,331
1,432
9.610
Peoples Trust Co
3.265
32,396
1.163
New York Tr Co
3,000
11,719
84,782
594
7.804
58,711
1,685
Lincoln Tr Co.
2,000
1,121
23,558
623
3,320
22,669
489
Metropolitan Tr
2,000
3,435
31,944
661
3,427
25,374
1,163
Nassau
N.Bklyn
1,000
1,416
16,292
708
1,350
13,163
539
Farm Loan A Tr
5,000
114,989
1,640
13,250
*112,742
15,122
2,000
11,056
1,618
22.100
982
3,055
23,210
128
12.000
17.888
168,445
2,082
18,886
*166,017
12,552
Total
700
2,019
2,631
19,563
1,658
53
20,988
Federal Reserve Bank
Hamilton Tr, Bkln
500
1,012
6,076
751
395
7,900
599
Mechanics Tr, Bay
200
516
9,477
4 51
297
4,948
5,318
1,202
692
700
Total
Grand aggregate..
Comparison
prevlo
4,800
us
1,528
10,119
18,553
5,773
97,300
5,917
12,848
a78,846
•••
mm
m
593
14,566
+ 140
—333
week
8,998
•
—81
—363
—214
+2
Columbia Bank
Equitable Tr Co
4
4,800
10.119
97.633
5,633
9,079
a79.209
14,780
591
Gr'd aggr, Nov. 27
4,800
9,823
99.387
5,558
9.606
a80,158
14,953
591
Gr'd aggr, Nov. 20
4,800
9,823 100.910
5,707
9,458
380,979
14,981
50
589
Gr'd
aggr,
Dec.
Avge,
98.847 525,502 c3,870,089 208,527 34,969
11. 262,900 470,079 5,014,779
Dec.
97,370 524,217 c3,913,091 207,143 34,987
oo n|ditlon Dec. 11 5,017,912
96 649 529,851 c3.868.719 218 495 35,058
Totals, actual co ndltlon Deo. 4 5.018 090
Totals, actual co nditlon Nov. 27 5.041,750 101,568 509,641 c3.912.825 225,630 35,024
Totals, actual
a
U.
8.
deposits deducted $215,000.
Bills payable, rediscounts, acceptances
Exc es reserve, decrease $900.
and other liabilities, $4,204,000.
Not Ms mbers o I Federal
Banks.
State
Reserve
Bank
19,096
1,833
Greenwich Bank
Philadelphia Banks.—The Philadelphia Clearing House
for the week ending Deo. 11 with comparative
figures for the two weeks preceding is as follows.
Reserve
requirements for members of the Federal Reserve system
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank.
"Cash in
vaults" is not a part of legal reserve.
For t.ust companies
not members of the Federal Reserve system <-he reserve
required is 15% on demand deposits and includes 'Reserve
with legal depositaries" and "Cash in vaults."
statement
1,000
1,919
250
848
18,290
5,776
2,736
Bank-
719
344
2,615
73.361
3,616
2,210
31,896
5,383
State
Bank
co nditlon
97,427 ►
7,071
4,387
56,729
41,650
97,816
7.247
4,693
56.874
41,693
Totals, actual
co ndltlon Deo.
4
97,364
7,221
4.530
57,143
41,546
Totals, actual
co nditlon Nov. 27
96,616
7,335
4,331
56,750
41,469
1,430
Title Guar A Tr
N ot Mem bers of Fe deral Re
1,047
46,462
6,000 12,459
Lawyers R A Tr
4,000
Trust
Com pan y
Two ciphers
(00) omitted.
Members oj
1920.
Trust
F.R.Si/stem Companies
Nov. 27
serve
Ba nk.
27,859
24,753
877
1,456
14,990
377
10,000
Avge, Deo. 11.
3,147
6,333
18,793
71,215
1,924
4,603
42.849
1,807
ndltlon
Dec. 11
70,997
71,890
2,020
4,667
42,951
4
1,931
4,730
43.386
1,800
1.808
Nov. 27
74,118
1,957
5,209
40,049
1,702
co
Totals, actual
Dec. 4
41,597
Dec. 11
3,750
Deo. 11-
Avge.
Totals. actual
Totals, actual
Week ending Dec. 11 1920.
53
5,737
2.5Q0
Bowery
co nditlon Deo.
Totals, actual
co ndltlon
1920.
Gr'd aggr, avge 276,650 494,256 5,183.421 107.842 534,492 f3,969,667 251,984 34,969
—°33
—34,823 -13,574
+ 82
+ 851
-25,459
Comparison, pre vlous w eek
Total.
$33,225,0
90,614,0
$4,500,0
12,929.0
103,547,0
104,813,0
682.893.0
35,164,0
$37,725,0
103,543,0
718,057.0
$37,725,0
Surplus and profits
Loans, dlsc'ts A lnvestm'ts
721,883,0
734,222,0
Exahanges for Clear. House
25,763,0
376,0
26,139,0
28,379,0
26,248,0
Capital
Due from banks
Bank
deposits
Individual deposits
$37,725,0
17,0
102,183,0
110,152,0
112.666,0
Gr'd
act'l cond'n
Deo.
311,0
127,965,0
131,939,0
131,915,0
Gr'd
aggr,
act'l oond'n
Nov. 27 5,212,484110,860
18,284,0
527,391,0
532,248,0
536,545,0
Gr'd
aggr.
act'l cond'n
Nov. 2 0i5,225.839il05,759
Gr'd
aggr,
act'l cond'n
Nov. lo
deposits
deposits
331,0
646,371,0
9,941,0
9,964,0
9,742,0
18,926,0
665,297,0
674,151,0
678,202.0
1,128,0
4,403,0
1,863,0
1,285,0
2,094,0
53,404,0
52,861,0
52,681,0
9.610,0
Total
U. S. deposits (not incl.)_
"
1,863,6
Res've with legal deposit s
1,958,0
Cash In vault *
53,404,0
15,946,0
838,0
16.784,0
15,983,0
15,866,0
Total reserve and cash held
69,350,0
2,701,0
72,051,0
70,938,0
70,505,0
Reserve required
cash in vault
51,171,0
2,746,0
54,175,0
del.45,0
53,917.0
18,134.0
53,793,0
18,179,0
17,145,0
16,330,0
Excess rec. A
♦
g3,969,248(261,849 35,058
519,181 g4,014,624 268.801 35.024
534,984 g4.009,864 269,196 34.984
5.241,081! 104.986)559.13644.042.108 270.30734,684
5,187.344105.801 539,111
102,166.0
127,654,0
509,107.0
Time
Reserve with F. R. Bank..
250,636 34,987
aggr, act'l cond'n Dec. 11 5,186,725 106,637 533,577 g4,012,916
—71
+43,668 -11,213
5,534
—619
+ 836
Comparison, pre vlous w eek
Gr'd
Cash In vaults not counted as reserve for
Federal Reserve Bank members.
*
aggr,
4
Includes deposits in foreign
branches not Included In
total footing as follows:
National City Bank, $119,553,000; Bankers Trust Co., $4,226,000; Guaranty Trust
Co., $99,566,000; Farmers' Loan A Trust Co., $15,071,000: Equitable Trust Co.,
foreigh countries as reserve for such
$54,210,000; Bankers Trust Co.. $305,000;
Trust Co., $2,472,000: Equitable
Trust Co., $9,038,000.
c Deposits
in foreign branches not included,
e U. 8.
deposits deducted. $8,293,000.
f U. 8. deposits deducted, $8,408,000.
Bills
payable, rediscounts, acceptances and other liabilities, $1,273,800,000.
$24,079,000.
deposits
were*
Balances carried
National
City
in banks In
Bank,
Guaranty Trust Co.. $7,444,000: Farmers' Loan A
v
Dec.
STATEMENTS
POSITION
RESERVE
OF
3403
CHRONICLE
THE
181920.]
COMBINED
BANKS
OF CLEARING HOUSE
RESULTS
Reserve
in
Total
Reserve
Reserve.
Required.
Reserve.
$
%
%
S
Reserve banks
State banks*...
7,07~f,666
Trust companies.-.,.
Oct.
2.......
9............
Oct.
Oct. 16
$
,
525,502,000 525,502,000 509,367.380
10,211,220
11,458,000
4,387,000
16,134,620
6,427,350
99,650
1,924,000
*
Reserve in
Total Cash
in Vault.
6,033.985,500
4,734,688.600
122,518,100
6,049,015,800
6,104,585,900
6,066.267.200
4,722,031,500
4,786,338,000
125,787,400
121,362,100
6,527,000
4,603.000
1,246,780
Oct.
23
4,777.329,700
120,382,300
653,642,900
646,136,300
Nov.
Nov.
6_w....
...
13
127,970,600
637,344,000
124,345,700
625,891,600
132,040,300
630,326,008
623,231,100
4,681,334,600
4,631,533,300
4,622,925,700
4,612,716,600
4,601,927,100
4,566,593,800
5,938,526,500
5,882,990,000
5,871,526,800
5,828,684,300
8,995.000 534.492,000 54o,487,000 526.005,950
17,481,050
Nov. 27
9,389,000 533.641,000 543,030,000 530,992,930
9,234,000 539,382,000 548,616,000 533,554,810
9,115.000 543,777,000 552,892.000 533,403.410
Total Nov. 20
v
Demand
Nov. 20.............
Total Nov. 27....
IN
Deposits.
Depositariss
Surplus
Depositaries
Members Federal
4_._.
COMPANIES
a
Resent
in Vault.
11
TRUST
Loans and
Week ended—
Total Dee.
Total Dec.
AND
NEW YORK.
Investments.
Averages.
Cash
BANKS
OF
GREATER
AND TRUST COMPANIES.
12,037.070
15,061,190
Dec.
4
5,813,900,300
Dec.
11
5,787,304,000
19,488,950
*
......
This item includes gold, silver,
640,6*48.100
640,474,300
134,093,100
134,874,400
621,490,100
134,495,100
619,346,200
legal tenders, national bank notes and Federal
Reserve notes.
Actual Figures.
its Vault.
Depositaries
$
$
Reserve.
Bank of New York at the close of business Deo. 10 1920, in
$
comparison with the previous week and the corresponding
$
$
:
9,300,880
1,702,680
524,217.000 524,217.000 514,916.120
11,940,000 10,237,320
4,693,000
6,442,650
6,687,000
4,667,000
2,020,000
Reserve banks
7,247,000
Trust companies.
following shows the condition of the Federal Reserve
Surplus
Required.
Reserve.
Members Federal
State banks*
-—The
Reserve
Total
in
Reserve
Condition of the Federal Reserve Bank of New York.
b
Reserve
H: Cash
date last year:
Dee. 10 1920. Dec.
244,350
Resources—
Gold and
Total De«.
Total Dec.
11
4___-
Total Nov. 27___.
Total Nov. 20
*
11.247,910
9,267.000 533,577.000 542,844,000 531,596,090
9.152,000 539,111,000 548,263,000 526,281,960 21,981,040
9,292,000 519,181,000 528,473.000 532,558,500 —4,085,500
12,470.380
9.341,000 534.984,000 544,325,000 531,854.620
Not members of Federal Reserve Bank.
* This is the reserve required on net demand deposits in the case of State bank
and trust companies, but in the case of members of the Federal Reserve banks
Includes also amount of reserve required on net time deposits, which was as follows:
$8,806,550.
Dec. 11,56,255,810: Dec. 4,56.669,150; Nov. 27. $6,784,410; Nov. 20,
•nd
trust
Gold settlement fund—F. R. Board....
Gold with foreign agencies.
155,208,000
42,792,026
30,127,883
55,486,000
24,862,320
24,677,042
51,713,000
38,000,000
164,360,516
248,235,630
38,000,000
262,407,000
290,070,000
24,930,000
461,273,694
136,762,206
450 596.107
135,290,994
577,407,000
49,503,000
598,035,901
585,887,142
626,910,000
237,200,330
Gold redemption fund
Total gold reserves
Legal tender notes, silver, Ao..........
in the case of State bank
Total reserves
Bills discounted:
net demand deposits
Includes also amount of
Dec. 11, $6,214,290; Dec. 4, $6,554,850; Nov. 27, $6,768,900; Nov.
'
Secured by Government war obllg'ns:
For members
20. $6,783,840.
$
109,555,590
186,073,363
......
Total gold held by bank........
Gold with Federal Reserve Agent
oompanies, but in the case of members of the Federal Reserve Bank
reserve required qn net time deposits, which was as follows;
b This is the reserve required on
1920 Dec. 12 1919.
3
$
$
118,419,016
gold certificates
*
654,401,000
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 New York City not in the Clearing House, as
424,657,629
441,622,760
424,657,629
441 622,760
654,401,000
529,172,799
6,700,000
144,924,000
Less rediscounts with other F. B. Banks.
501,443,484
6,400,000
Bills bought In open market
495,043,484
92,898,684
522,472,799
89,924,030
144,924,000
147,030,000
1,012,599,798 1,054,019,589
1,467,145
1,467,145
50,000
50,000
72,120,500
61,656,500
946,355,000
1,257,000
50,000
68,154,000
All other:
For members
follows:
Total bills
TRUST COMPANIES IN GREATER
YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
SUMMARY OF STATE BANKS AND
NEW
k Dec. 11.
Differences )rom
previous week.
$603,883,000
Loans and investments
Dec. $1,137,300
8,098,600
18,555,100
51,919,100
49,600
Dec. '
95,300
Dec. 2,368,100
Currency and bank notes
Deposits with Federal Reserve Bank of New York..
Total deposits
.
Inc.
636,504,000
Dec.
3,503,200
positaries, and from other banks and trust com¬
panies in N. Y. City, exchanges and U. S. deposits. 596,926,800
Reserve on deposits
111,507,900
Dec.
Dec.
Total earning assets
premises
5% redemption fund against F. R. Bank
Quotes.,
*
Uncollectible Items and other deductions
All Other resouroes....................
510,300
3,040,600
reserve,
RESERVE.
State
Deposits in banks dc trust companies
Total
*
Trust Companies—
Banks
9,697,000
06.03%
$51,826:700
23,238,100
06.27%
22.66%
$75,064,800
20.25%
16.63%
$26,746,100
.
$36,443,100
Includes deposits with the Federal Reserve Bank
13.98%
of Now York, which for the
4,211,348
3,994,000
2,665;225
126,828,034
1,545,459
2,848,975
152,651,980
942,044
2,886,000
234,568,000
1,353,000
26,185,250
61,307,534
26,245,250
51,307,534
22,382,000
8,981,278
683,804,945
86,177,241
15,000,429
22,143,124
696,392,648
96,546,359
30,467,000
735,659,000
166,057,000
13,036,038
43,264,000
Total gross deposits..793,963,894
F. R. notes In actual circulation
863,559,710
828,118,172
873,359,630
36,989,500
47,514,638
975,447,000
778,170,000
55,347,000
21,259,000
Government deposits
Due to members—reserve account
Deferred availability items
credits
Other deposits, incl. foreign govt,
F. R. Bank notes In circulation—net llah
36,040,500
AU other liabilities
State banks and trust companies combined on Dec. 11 were $51,919,100.
1,863,534,724 1,885,527,000
Liabilities—
Capital paid In
Surplus
20.9%.
4,211,348
resources..................1,819,523^412
Total
'
Cash in vaults
1,086,237,443 1,117,193,235 1,015,816,000
Bank
Deposits, eliminating amounts due from reserve de¬
Percentage of
hand
U. S. Victory notes
U. S. certificates of Indebtedness..
{Figures Furnished by State Banking Department.)
■
on
U. S. Government bonds
....
48,466,522
32,922,000
k The
a
Equitable Trust Go. is no longer included in these totals, it having become
member of the Clearing House and being now included in the statement of the
Clearing House member banks.
Total liabilities
1,819,323,412 1,863,534,724 1,885,527,000
The change began with the return for Sept. 25.
Ratio of total reserves to deposit and
F. R. note liabilities combined.......
39.1%
41.1%
37.8%
In
against
Ratio of gold reserves to F. R. notes
Banks and Trust
Companies in New York City.—The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House, are as follows:
circulation after deducting 35%
deposit liabilities
Ratio of
reserves
47.2%
...
to net deposits after de¬
40% gold reserves against
F. R. notes In circulation-...........
37.9%
35.0%
Contingent liability on bills purchased
lot foreign correspondents.......
6,073,071
6,074,634
ducting
The Federal Reserve
Banks.—Following is the weekly statement issued by the Federal Reserve Board on Deo. 11.
given in the following table, and in addition we present the results for seven preced¬
ing weeks, together with those of corresponding week of last year.
The second table shows the resources and liabilities sepa¬
rately for each of the twelve banks.
The Federal Reserve Agents' Aooounts (third table following) gives details regarding
transactions in Federal Reserve notes between the Comptroller and Reserve Agents and between the latter and Federal
In commenting upon the return for the latest week the Federal Reserve Board say:
Reserve banks
The figures for the system as a whole are
Aggregate gains of 12.6 millions in gold reserves and of 14.2 millions in
liquidation of about 60 millions of discounted paper
Indicated In the Federal Reserve Board's consolidated weekly bank
total reserves, also net
are
statement issued
as
at close of business
on
Dec.
10
1920.
Net deposits
declined by about 5 millions, while Federal Reserve note circulation shows
merely
Banks'
a
reduction.
As a consequence of these changes
ratio shows a rise for the week from 44.1 to 44.5%.
nominal
reserve
the
of 8.6 millions in loans secured by United States
war obligations,
the Banks report a reduction of 68.5 millions in other
discounted paper on hand, while holdings of purchased paper were 1.6
millions In excess of the total shown on the previous Friday.
During the
week the New York Reserve Bank purchased from local memebr banks a
total of about 40 millions of Treasury certificates and sold over 30 millions
of certificates thus acquired to the Cleveland and Chicago banks.
The
effect of these operations was a corresponding gain of gold by the New
York bank in the gold settlement fund, and therefore a substantial improve¬
ment in the Bank's reserve position, besides a more equable distribution of
the certificates among the several Reserve districts in anticipation of their
redemption on Dec. 15.
Total earning assets stood at 3,316.7 millions, a
As against an increase
decrease for the week of about 17 millions.
Of the total of 1,169.2
millions of paper
secured by Government war
bonds,
17.6%,
obligations 641.7 millions, or 54.9%, were secured by Liberty
321.7 millions, or 27.5%, by Victory notes, and 205.8 millions, or
Combined Resources
and
Liabilities
of the
Dec. 10 1920.
RESOURCES.
Dec. 3 1920.
$
$
Geld ami gold certificates
194,869,000
Gold settlement fund, F. R. Board
410.917,000
Geld with foreign agencies
67,745,000
201,131,000
388,743,000
67,864,000
by Treasury certificates, as against 54.6, 26.9 and 18.5% of a
~
'
-
'
...
-
Louis
bank
redeemed
all
Its
paper
ceptances purchased from the New York Bank, as against
.
.
9.3 millions shown
b6for0«
deposits show smaller totals than on the previous Friday:
Government
deposits—by 32.3 millions; members' reserve deposits—
by 4.8 millions, and other deposits, comprising largely foreign government
credits and non-members' clearing accounts—by 1.2 millions.
On the other
hand, the "float" carried by the Reserve banks and treated as a deduction
from immediately available deposits shows a decrease of 33.3 millions.
The result is seen in a decrease of about 5 millions in the calculated amount
of net deposits.
Both Federal Reserve notes and Federal Reserve bank notes in circulation
show small reductions for the week, substantial decreases in note circulation
All classes of
reported by the New York, Chicago, St. Louis and Dallas Banks being
practically offset by the increases in circulation figures shown for the
Philadelphia, Cleveland and San Francisco Banks.
Federal Reserve Banks at the Close of
182,647,000
411,197,000
70,210,000
.
rediscounted with other Reserve
banks, and the total of discounted paper held on Dec. 10 by the BostonPhiladelphia and Cleveland banks includes 125.4 millions of paper dis,
counted for the New York Bank and five other Reserve banks in the South
and Middle West, as against a total of 152.7 millions held on the previous
Friday for 7 other Reserve banks.
Acceptance holdings of the Philadelphia
and San Francisco Banks are shown inclusive of 7.9 millions of bank ac¬
19
1920 Nov. 12 1920. Nov.
5
$
Nov. 26 1920. Nov.
$
corresponding
Du
St.
$
1920. Oct.
$
170,266,000
400,678,000
74,303,000
169,814,000
409,075,000
77,244,000
Business Deo. 10 1920.
29
1920. Oct.
$
22
1920. Dec. 12 1919.
$
$
174,702,000
164,849,000
161,438.000
243,148.000
417.984.000
416,163,000
389.069,000
404,066,000
77,514,000
74,686,000
80,441.000
140,910,000
788,124,000
630,948,000
655,698.000
670,200.000
656,133,000
645,247,000
664,054,000
Total gold held by banks..
1.152.346,000 1,175,118,000 1.203,240.000 1,188.343,000
Gold with Federal Reserve agents...... 1,210,563,000 1,194.204,000 1,197,681,000 1,205,746.000 1,177,689,000
160,423,000
119,821,000
172,504,000
179.127,000
174,856,000
157,117,000
170,733,000
151,177,000
162,181,000
Gslf redemption fund
673,531,000
Total gold reserve
657,738,000
2,003,320.000 1,994,611.000 2,096,288,000
2,035.271,000 2,022,675.0( 0 2,023,916,000 2,008,110,000 2,008,678,000 2.001,673,000
Dec.
10 1920.
Dec. 3 1920.
177,136,000
Lsgal tender no tee. silver, Ac
■
175,520,000
1920. Oct. 29
19
/ s
171,364,000
1920 Nov. 12 1920. Nov.
5
*
Nov. 26 1920. Nov.
S
$
[Vol. 111.
CHRONICLE
THE
2404
•
22
1920, Oct.
1920. Dec. 121919.
•
172,118,000
171,333,000
162.659.000
164,718.000
168.056.000
64,117,000
Total reserves.,*..*..............* 2,212,407,000 2,198,195,000 2,195,280,000 2,180,228.000 2,180,011,000 2,169,729,000 2,168,038,000 2,157,270,000 2,160,405,000
B Us discounted.
Secured by Govt, war
All other.
obligations
-
.....
In open market...........
B Us bought
Total bills on hand
Government bonds...
U. S.
......
U. 8. Victory notes..
.....
U. 8. certificates of Indebtedness
1,169.244.000 1 160.685,000 1,192,200,000 1,158,907,000 1,180,977,000 1,215,101.000 1,203.905,000 1.199,139.000 1,588,417,000
550,999,000
1,547,595,000 1,616,116,000 1,543,230,000 1,514,4e7,000 1,603,773,000 1,611,724,000 1,597,392,000 1,550,143.000
300.666.000
299,769,000
541,551,000
298,375,000
287.854,000
275,227,000
243,055.000
244,690,000
247,703,000
2,961.529,000 3.019.856,000 2,983,133,000 2,948,601,000 3,072,604,000 3,126,594,000 3,099,672,000 3.049.948,000 2,680,967.000
26.856.000
26.865,000
26,868,000
26,847.000
26,871.000
26,863.000
26,8o7,000
26,869,000
26,857.000
69,000
69,000
69,000
69.000
69,000
54,000
69,000
69,000
69,000
268,047,000
280,807,000
269,310,000
269,434,000
273,219,000
331,154,000
287.010,000
293,676,000
328,294,000
Total earning assets.........*.,.... 3,316,749,000 3,333.792,000 3,303,747,000 3,308,695,000 3,368,846,000 3,421,575,000 3.396.043.000 3.357,680.000 2,981,087.000
15.864,000
15.993.000
16,577,000
17,047,000
12.985,006
17,456,000
17,333,000
16,081.000
17,658,000
-
Bmk premises........
Uncollected Items and other deductions
from gross
666,505,000
11,387,000
8,332,000
deposits
5% redemp.f und agst. F. R. bank notes
All other resources
.....
734,523,000
709,401,000
787,960,000
742,976,000
825,588.000
11,541,000
804,424,000
12,376,000
772,277,000
12,197,000
7,716,000
12,090,000
12,059,000
6,030,000
6,790,000
6,032.000
12.854,000
5,703.000
12,953,000
7,278,000
983,527,000
12,961,000
8,276,000
5,232,000
6,233,038,000 6.303,879,000 6,244,580,000 6,328,800,000 6,356,591.000 6,413,436.000 6.341.607,000 6,374,687.000 6,159,241.000
Total resources
LIABILITIES.
f87.002.0d0
98,847,000
97,824.000
98,929,000
97,753.000
97,692,000
99,020,000
99,140,000
99,174,000
164,745.000
81,087,000
164,745,000
164,745,000
164,745,000
164,445.000
164,745.000
164,745,000
164,745,000
17,845,000
15,015,000
12,259,000
18,754,000
47,378.000
86,503,000
15,909,000
60i688,000
28.394,000
1.763.822,000 1,711,764,000 1,781,806,000 1,801,864,000 1,777,229.000 1,805.661.000 1.779,024,000 1,817,406,000
1,758,967,000
Due to members, reserve account
631.353.000
634.097,000
616,871,000
601,624,000
759,554,000
571.807.000
582,442,000
551,529,000
516,934,000
Deferred availability Items
21.307,000
103,488.000
25,708,000
26,923.000
26,228,000
21.929,000
22,927,000
25.742,000
24,511,000
Other deposits, lncl. for'n gov't creditsCapital paid In........———
—
Surplus
...........—
Government deposits....
—......
Total gross deposits..—........... 2,328,806,000 2,401,781,000 2,333,042,000 2,437,164,000 2,447,041,000 2,482,883,000 2.417,529,000 2,450.065.000 2,769,951,000
3,312,039,000 3,325,629,000 3,307,43.5,000 3,328,985,000 3,354,180,000 3.351.303,000 3,356,199.000 2,907,435,000
In actual circulation
.... 3,311,842,000
213,838.000
258,444,000
213,881,000
214.533,000
214,961.000
215,080,000
214,610.000
214.939,000
214,523.000
R. bank notes In circulation—net liab.
104,646,000
101 >893,000
92,048,000
55,322,000
99,271,000
111,235,000
107,534,000
95,316,000
113,948,000
AU other liabilities—.................
F. R. notes
F
Total liabilities.................—. 6,233,038,000 6,303,879,000 6,244,580,000 6,326,800,000 6,356,591,000 6,413,436,000 6,341,607,000 6.374.587.000 6,159,241,000
Ratio of gold reserves to net deposit and
44.1%
43.1%
43.9%
43.8%
42.3%
41.5%
41.9%
42.7%
44.7%
44.5%
44.1%
44.4%
44.1%
43.6%
43.0%
43.1%
43.3%
46.0%
49.2%
F. R. note liabilities combined
Ratio of total reserves to net deposit and
F. R. note liabilities combined
48.8%
48.9%
48.6%
47.9%
47.0%
47.2%
47.3%
52,8%
Ratio of gold reserves to F. R. notes in
circulation
after setting aside 35%
against net deposit liabilities.
•
$
%
$
Distribution by Maturities—
•
$
S
•
•
■
97,488,000
119,593,000
131.993,000
107,424,000
78,942,000
78,663,000
78,472,000
115,046.000
82,072,000
1,644,746,000 1,694,523.000 1,650,831,000 1,567,959,000 1,599,696,000 1,635,658,000 1.591,408,000 1.558,148.000 1,490,897,000
80,051,000
16,592,000
12.178,000
33,641,000
22,158,000
41,417,000
35,027,000
15,370,000
60,382,000
1-16 days U. S. certlf. of indebtedness.
62,281,000
64,595,000
77.329.000
67.390,000
62,111,000
68,556.000
128,987,000
73.439,000
60,706.000
18-30 days bills bought In open market.
116.113,000
306,981,000
301,964,000
277,975.000
304.552,000
262,847,000
296,096,000
300.671,000
264.308,000
16-30 days bills discounted
12,922,000
12,499,000
9,221,000
8,859, 00
22,045,000
12,597,000
8.100,000
5.650,000
10,216.000
16-30 days U. S. certlf. of Indebtedness.
96,948,000
83,612,000
90,601,000
187.068,000
89.841,000
76,589.000
88,171,000
82.560.000
86,765,000
11-60 days bills bought In open market.
508,238,000
515,532,000
504,721.000
498,665,000
501,627,000
497,629,000
322,128,000
512,062,000
483,727,000
•1-60 days bills discounted.
12,411,000
24,850.000
26,419.000
31,090,000
12,385,000
6,551,000
7,166,000
28,883.000
•1-60 days U. 8. certlf. of indebtedness.
14,398,000
18,510,000
20,054,000
16.328,000
27.330.000
27,742,000
22,631,000
147,024,000
16,882,000
15,147,000
51-90 days bills bought In open market.
234,289,000
338,166,000
235,181,000
375,876.000
269,328,000
365.967,000
191,451,000
368,446.000
61-90 days bills discounted......
268,111,000
4,921,000
3,920,000
8,947,000
10,927,000
14,993,000
8,630,000
4,999,000
14,135.000
81-90 days U. 8. certlf. of Indebtedness.
11,499,000
48,613,000
51,695,000
36,686,000
32,595.000
28.710.000
22,987.000
18,827,000
51,438,000
55,947,000
Over 90 days bills discounted..
220,849.000
220,299,000
206,422,000
224,569,000
195.443,000
205,926,000
226,659,000
Over 90 days certlf. of indebtedness
202,946.000
231,799,000
1-16 days bills bought
In
open
market.
1-16 days bills discounted..
—..
Federal Reserve Notes—
Outstanding
Held by
...
banks
3,677,562,000 3,664,949,000 3,653,281,000 3,657,488,000 3,660,033,000 3,659,448,000 3,666.170,000 3,663,725,000 3,148,740,000
350,053,000
327,652,000
352,910,000
331,048,000
305,268.000
314.867.000
307,526,000
241.305,000
365,720,000
3,311,842,000 3.312.039,000 3,325,629,000 3,307,435,000 3,328,985,000 3,354,180,000 3.351.303.000 3,356.199,000 2.907.435,000
In actual circulation.
Fed. Res. Notes (Agents Accounts)—
Received from the Comptroller
8,160,540,000 8,107,880,000 8,086,100,000 8,033,180,000 8.011,840,000 7.972,800,000 7.881.500.000 7,793.880.000 5,929,780,000
Returned to the Comptroller.......... 3,876,734,000 3,845,942,000 3,814,190,000 3,782,363,000 3,747,418,000 3,722,603,000 3,696,681.000 3.669,986,000 2,431,667,000
....
Amount chargeable to Fed. Res. agent
4,283,806,000 4,261,938.000 4,271,910,000 4,250,817,000 4,264,422,000 4,250,197,000 4.184,819,000 4,123,894,000 3,498,113,000
11 hands of Federal Reserve Agent
606,244,000
618,629,000
596,989,000
593,329,000
604,389.000
590,749,000
460,169,000
518,649,000
349,373,000
3,677,562,000 3,661,949,000 3,653,281,000 3,657,488,000 3.660,033,000 3.659,448,000 3.666,170.000 3,663,725,000 3,148,740 000
Issued to Federal Reserve banks
Hew Secured—
276,756,000
276,256,000
276,776,000
267,726,000
277,776,000
277,776,000
279.776,000
244,848.000
267,426,000
2,466.999,000 2,470,745,000 2,455,600,000 2,451,742,000 2,482,344,000 2,502,102,000 2,491,052.000 2,460,485,000 1.960,397,000
119,624,000
109,357,000
118,103,000
119,101,000
123,884,000
113.271,000
107,222,000
116,821,000
90,489.000
809,366,000
812,068,000
782,810,000
802,594,000
755.469,000
826,316,000
810,193,000 1 853,006,000
790.120.000
By gold and gold certificates
By eligible paper
Gold redemption fund.
With Federal Reserve Board
3,677,562,000 3,664,949,000 3,653,281,000 3,657,488,000 3,660,033,000 3,659,448,000 3.666,170,000 3,663.725,000 3.148,740,000
Total
Eligible paper delivered to F. R. Agent.. 2,898,604,000 2,929,842,000 2,889,663,000 2,859,901.000
•
Revised figures;.
2,974.263,000'3.048,546,000
3.000,640,000 2,970.906.000 2,615,646,000
'
>
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF
Two ciphers (00) omitted.
Federal Reserve Bank of—
Boston.
RESOURCES.
•
Gold and gold certificates
Gold Settlement Fund, F. R. B'd'
Gold with foreign agencies**..*.
__
New York.
PhUa.
i'f;
s
7,677,0
118,419,0
1,042,0
30,399,0
42,792,0
62,862,0
24,862,0
5,420,0
4,945,0
EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS DEC. 10 1920
Cleveland. Richmond
•
.....
5,434,0
89,953,0
5.555,0
Total gold reserves
Total reserves
Dallas.
San Fran.
S-'V
$
$
$
$
6,587,0
21,818,0
2.875,0
7,299,0
881,0
6,444.0
51,847,0
15,921,0
13,085,0
24,492,0
3,880,0
2,439,0
3,320,0
f
13.946,0
42,624,0
Total.
$
194,869,0
410,917,0
8,062,0
3,184,0
1,829,0
3,252,0
1.761.0
3,116,0
67,745,0
15,053,0 81,727,0
62,507.0 191,484,0
21,980,0
28,625,0
12,085,0
59,686,0
673,531,0
47,883,0
22,213,0
25,428,0
25,186,0
5,548,0
3,807,0
39,643,0
4,738,0
25,795,0 102,632,0 1,210,563,0
6,961,0
12,744,0
151,177,0
84,664,0 298,397,0
2,068,0 11,991.0
75,411,0
5,542,0
51,448,0
116,0
73.006,0
786.0
2,273,0
44,841,0 175,062,0 2,035,271,0
177,136,0
3,040,0
436,0
598,036,0 212,138,0 276,875.0
91,643,0
86,732,0 310,388,0
80,953,0
51,564,0
75,279,0
48,781.0 176.498.0 2,212,407,0
90,242,0
47,903,0
62,075,0
68,718,0 153,792,0
68,507.0 307,789,0
2,634,0 23,435,0
49,996,0
17,137,0
26,157,0
70,499,0
973,0
63,559,0
87,661.0
1,535,0
1,935,0
19,940,0 59,457,0 1,169,244,0
55,509.0 117,415,0 1,547,595,0
215,0 53,185,0
244,690,0
82,231,0 115,753,0
75,664.0 230.057,0 2,961.529.0
461,273,0 211,361,0 274,699,0
777,0
2,176,0
136,763,0
90,857,0
194,252,0
Legal tender notes, silver, Ac....
t0Ui8. Minneap. Kan.CUy.
6,027,0
10,268,0
17,846,0
:
2,447,0
32,802,0
Gold with Federal Reserve agents 133,385,0
Gold redemption fund.*.
St.
S
27,035,0
69,324,0 100,942,0
237,200,0 130,494,0 162,174,0
11.543,0 11,583.0
38.000,0
43,021,0
Chicago.
$
.
204,520,0
Total gold held by banks.
Atlanta.
186,073,0
51,938,0
6,117,0
7,104,0
Bills discounted: Secured by Gov¬
ernment war
All
obligations (a).
other
.....
Bills bought in open market (b)..
Total bills
on
hand
.....
U. S, Government bonds..
U. S. Government Victory notes
XJ. S. certificates of Indebtedness
Total earning assets
Bank
86,606.0
20,899,0
495,043,0
92,899,0
32,929,0 100,003,0
14,301,0
27,070,0
5,609,0
186,127,0 1,012,600,0 179,852,0 217.315,0 115.587,0 139,859,0 485,016.0 121,468,0
833,0
1,233,0
539,0
1,467,0
1,434.0
114,0
4,490.0
1,153,0
5
50
45,131,0
72,121,0
10
31,447",6
43,799.0
116,0
redemption
fund
8,867,0
3
12,262,0
16,168,0
3,979,0
2,632,0
26,857,0
8,300,0
11.301,0
328,294,0
69
1
49,612,0
16.851", 0
12,821,0
8,481,0
90,828,0 137,442,0
87.943,0 243,990,0 3,316,749,0
916,0
646,0
Items and other de¬
ductions from gross deposits..
5%
424,658,0 132,622,0
231,802,0 1,086,238,0 212,733,0 261,957,0 129.082,0 156,144,0 539,118,0 139,472,0
2,551,0
1,586,0
1,421,0
4,211,0
681,0
625,0
2,345,0
891,0
premises
Uncollected
78,622,0
1,554,0
231,0
17,658,0
53,408,0
43.513,0
43,496,0
666,505,0
11,387,0
8,332,0
'
48,635,0
126,827,0
56,372,0
63,433,0
58,196,0
27,749,0
1,072,0
936,0
2,665,0
1,546,0
1,300,0
938,0
1,140,0
787,0
451,0
377.0
83,354,0
38,859,0
476,0
949,0
623,0
544,0
916,0
586,0
665,0
207,0
1,023,0
498,0
231,0
306,0
916,0
567,0
22,663,0
against
Federal Reserve bank notes..
All other resources
Total resources..
489,516,0 1,819.523,0 434,162,0 605,778,0 281,170,0 271,933,0 937,177,0 261,296,0 166,476,0 268,267,0 183,293,0 464,447,0 6,233,038,0
LIABILITIES.
7,718,0
12,351,0
Capital paid In
Surplus
Government deposits
1,137,0
Due to members, reserve account 115,328,0
Deferred availability Items
—
Oth. deposits, lncl. for. Govt. cred.
Total gross deposits
F. R. notes in actual circulation.
37,443,0
521,0
154,429,0
289,134,0
26,185,0
8,493,0 10,352,0
51,308.0
13,069,0
13,712,0
8,981,0
1,482,0
1,709,0
683.805,0 109,089,0 147.637,0
86,177,0 46,298,0 52,484,0
409,0
15,001,0
1,279,0
5,285,0
4,023,0
13,901,0
8,067,0
7,050,0
1.312,0
23,917,0
2,150,0
59,428,0
43,598.0
240,0
4,364,0
5,884,0
1,880,0
3,398,0
5,178,0
47,674,0 239.815,0 "64,075,0
21,427,0 58,561,0 36,347,0
226,0
1,700,0
669,0
44,723,0
19,663,0
1,702,0
793,964,0 158,148,0 202,239,0 105,416,0 70,639.0 301,778,0 102,971,0
863,560,0 276,146,0 349,311,0 147,500,0 171,693.0 541,967,0 134,279,0
4,460,0
8,395,0
2,478,0
4,091,0
6,904,0
99,174,0
46,707,0
465,0
11,662,0
164,745,0
28,394,0
1,599,0
2,759,0
49,176,0 120.316,0 1,758,967.0
516,934,0
32,823,0 35,406,0
242,0
3,476,0
24,511,0
65,874,0 127,551,0
81,404,0 108,856,0
83,840,0 161,957,0 2,328,806,0
81,181,0 266,811,0 3,311,842,0
1,205,0
283,0
77,901,0
4,152,0
V. R. bank notes in circulation—
Net liability
AU other liabilities
Total liabilities
19,430,0
36,040,0
6,454,0
48,466,0
22,506,0
5,800,0
22,675,0
11,574,0
7,489,0
3,328,0
14,580.0
3.948,0
7,327,0
10,290,0
2,702,0
6,823,0
113,948,0
489,516,0 1,819,523,0 484,162,0 605,778,0 281,170.0 271.933,0 937,177,0 261,296,0 166,476,0 268,267,0 183,293,0 464,447,0
61,233,038
37,967,0
10,106,0
17,647,0
3,692,0
7,628,0
2,994,0
14,400,0
4,605,0
214,523,0
Dec.
Two dphers (00) omitted.
Boston.
$
Cleveland. Richmond
Phlla.
New York.
LIABILITIES (Concluded.)—
Batlo ef total reserves to net de¬
$
:;y
Atlanta.
Chicago.
$
$
$
$
$
2405
CHRONICLE
THE
181920.]
Dallas.
$
/;
$
San Fran.
Total.
$
5!/. Louis. Minneap. Kan.City.
$
$
$
*
posit and F. R. note liabilities
endors
as
47.1
40.4
9,831,0
35,912,0
784,0
576,0
56.7
56.1
39.1
51.8
combined, per cent
Memoranda—Contingent liability
44.5
45.6
41.4
41.1
40.1
15,166,0
40.8
28,265,0
29,808,0
432,0
768,0
416,0
40.8
er on:
Discounted paper rediscounted
with other F. R. banks
6,400,0
125,382,0
Bankers' acceptances sold to other
7,923,0
7,923.0
F. R. banks without endors't..
Contingent liab.
on bills purch.
foreign correspondents
(а)Includes bills discounted for
1,168,0
other F. R. banks, via
(б) Includes bankers' acceptances
17,796,0
bought fr
for
1,280,0
om
Collateral security for Federal Reserve notes
Gold and gold certificates
Gold redemption fund
-
-
outstanding:
Cleve.
$
$
Richm'd Atlanta
%
Board
172,247
13,880
required
'Excess amount held
—
Liabilities—
amounts returned for destruction
17,620
121,320
640,839 155,898
10,290
6,130
83,509 114,770
7,560
13,052
1,176
"3",283
11,200
36,360
75,127
449,355 108,015
13,443
35,653
58,081
15,453
Total.
$
t
4,292
36,031
"~8, 340
183,144
Net amount of Federal Reserve notes received from
419,272 1,166,294 325,582 397,612 180,232 239,267
237,200 130,494 162,174 51,938 62,507
133,385
979,893 170,836 215,833 114,139 139,845
186,127
Comptroller of the Currency
Collateral received from
Federal Reserve
(Gold
--
bank:\Eligible
paper
Total
...
40,526
S
303",776
3,677,562
606,244
15,280
86,115
267,426
5,331
116,821
5,230 i~7~, 474
826,316
15,234 85,158
60,320 201,144 2,466,999
431,605
15,344 19,470
-
„
93,799 120,900 101,395 303,776 4,283,806
25,795 102,632 1,210,563
25,428
39,643
73,534 115,653
75,664 220,614 2,898,604
305,632 1,002,794 287,902 365,712 154,083 176,532
6,583
4,839
16,401
11,756
139,234
16,498
Federal Reserve notes held by banks.
640,839 155,898
21,619
98,872
83,509 114,770
5,914
86,115 303,776 3,677,562
365,720
4,934
36,965
863,560 276.146 349,311 147,500 171,693
541,967 134,279
81,404 108,856
81,181 266,811 3,311,842
289.134
Federal Reserve notes In actual circulation.
Member Banks of the Federal Reserve
ITEMS OP REPORTING MEMBER BANKS IN FEDERAL RESERVB
OTHER REPORTING BANKS AS AT CLOSE OP BUSINESS DECEMBER 3 1920.
cates and of 24 millions in other loans and investments, are shown
liquidation of all classes of loans accompanied by large reductions
and other demand deposits, and a continued increase In
shows
an
13.3% of the banks' total loans and investments.
For the New York
City banks an increase of accommodation at the local Reserve Bank from
803 to 865 millions is shown, resulting In an Increase of the ratio of accom¬
modation from 14.5 to 15.7%.
v
Government deposits show a reduction of 70 millions, other demand
deposits (net) declined by 55 millions, while time deposits increased by
11 millions.
The New York City banks report decreases for all classes of
deposits as follows: Government deposits, 29 millions; other demand
deposits, 43 millions, and time deposits, 5 millions.
'
In keeping with the increase in accommodation at the Federal Reserve
banks, reserve balances of the reporting institutions went up 45 millions,
the New York banks showing an increase in this item of 30 millions.
Gash
in vault shows a^total reduction of 12 millions, nearly half of it in New
York City.
to
823 member banks in leading cities.
Holdings of Liberty bonds and Victory notes show but nominal changes
those of Treasury certificates declined by 37 millions, the Dec. 3
low record for the year.
Loans
supported by Government war securities declined by 5 millions, loans sup¬
ported by corporate securiites—also by 5 millions, while other loans and
investments, composed largely of commercial loans and discounts, show
a reduction for the week of 56 millions.
As a consequence, total loans and
Investments of reporting institutions were 102 millions less than the week
before.
For the member banks in New York City increases of 3 millions
in U. S. bonds and Victory notes of 2 millions in loans secured, by Govern¬
ment obligations and of 11 millions in loans supported by corporate securi¬
ties, as against reductions of 25 millions in the holdings of Treasury certifi¬
while
holdings of 276 millions constituting a
member banks In each Federal Reserve District at close
Cleveland. Richm'd.
Phila.
New York
of all reporting banks at the Federal Reserve banks
Increase for the week from 2,174 to 2,210 millions, or from 13.0
Accommodation
borrowings from the Federal Reserve banks are indicated In the Federal
Reserve Board's consolidated weekly statement of condition on Dec. 3 of
Boston.
reducing
the total loans and Investments of these banks by 33 millions.
Government
Federal Reserve District.
Definitions of the different items
liabilities of the Member Banks.
14 1917, published in the "Chronicle" Dec. 29 1917, page 2523.
STATEMENT SHOWING* PRINCIPAL RESOURCE AND LIABILITY
BANK AND BRANCH CITIES AND ALL
2,105
System.—Following is the weekly statement issued by the Federal Reserve
Board giving the principal items of the resources and
in the statement were given in the statement of Deo.
Data for all reporting
762,159 173,518
191,484
47,883
485,008 121,458
738,784 2,383,387 626,912 775,619 346,309 441,619 1,438,651 342,859 192,761 276,196 202,854 627,022 8,392,973
Fideral Reserve notes outstanding.._
♦
$
742,900 2,371,640 680,580 703,520 398,060 412,840 1,259,900 392,800 188,120 264,580 196,160 549,440 8,160,540
94,321 143,680
94,765 245,664 3,876,734
497,741 219,282
323,628 1,205,346 354,998 305,908 217,828 173,573
Federal Reserve notes received from Comptroller, gross
Further
7,923,0
6,917,0
738,784 2,383,387 626,912 775,619 346,309 441,619 1,438,651 342,859 192,761 276,196 202,854 627,022 8,392,973
Total
In
,
Dallas. San Fr.
K.City.
$
i>:«
$
22,775
3,500
3,207
16", 105 19,399 ~~2~, 938
15,000 114,389 120,000 49,000 55,800
765,594 157,408 203,538 102,145 114,025
12,295 11,994 25,820
13,428
214,299
105,000
Minn.
St.L.
Chicago.
%
209,608
12,592
5,600
22,785
-
Gold settlement fund—Federal Reserve
"■ l;'
•
163,500 37,680 31,900 26,149 62,735
113,640
305,632 1,002,794 287,902 365,712 154,083 176,532
Federal Reserve notes outstanding
Lisa
Phila.
$
%
«
AGENTS* ACCOUNTS AT CLOSE OF BUSINESS DEC. 10 1920.
Boston. New York
hand
Eligible paper:/Amount
•
FEDERAL RESERVE
(In Thousands of Dollars).
on
125,382,0
.
,
STATEMENT OF
16,201.0
736,0
88,920,0
1,006,0
Federal Reserve Agent at—
Resources—
752,0
1,004,0
other F. R. banks:
Without their endorsement
Federal Reserve notes
1,312,0
18,666,0
6,073,0
Three ciphers (000) omitted.
of business December 3 1920.
Dallas.
St. Louis. Minneap. Kan. City
Chicago.
Atlanta.
San Fran.
93
80
46
108
35
38
83
51
Total.
68
48
114
$12,610
$46,729
$11,347
$42,464
$29,008
$16,222
$7,571
$32,648
$269,101
30,460
61,873
33,916
53,691
13,810
9,942
22,650
63,145
613.933
85,999
9,637
20,158
6,775
36,454
2,723
1,020
$14,751
23,206
5,388
$19,573
252,879
$14,630
27,986
3,949
$21,548
20,375
5,866
3,174
15,136
196,279
14,975
127,310
15,452
13,882
7,175
6,771
47,176
3,652
1.683
6,828
5,431
25,810
276,145
53,826
512,917
66,896
138,377
76.874
53,336
158.869
36,407
20,216
50,173
50,828
136,739
1,355,458
427,243
47,037
193,980 1,283,742
10.318
34,091
900,878
202,294
328,906
111,460
799,918 3,991,070
Number of reporting banks
59
572,847
977,886
387,776
916,242 1,514,220
67,211
99,715
605,104
557.449 2.439,458
178,695
28,246
20.580
37.279
17,970
675,626
939,869
39,360
389,371
332,729
108,317
229
1,832
79,243
—
U. 8. bonds to secure circulation
Other U. S. bonds, incl. Liberty bonds..
U. 8. Victory notes
U. 8. certificates of indebtedness
...
e
Total U. 8. securities...
Including bills re¬
L fans and investments,
discounted with Federal Reserve Bank:
| Loans
sec. by
U. S. war obligations.
Loans sec. by
stocks and bonds
All other loans and Investments
69,051
74,205
30,886
Total loans and investments, including
1,094,761 6,214,972
635,798
78,398
27,011
125,817
775,521 4,836,695
444,210
158,630
rediscounts with F. R. banks
Riserve balances
with F. R. Bank
Cash In vault
Net demand deposits—
Time deposits
35,099
100,359
32,034
16,461
30,199
61,943
439,652
128,045
411,284 1,740,578
28,994
384,362
34,514
292,733
506,752
580,848
363,924
666,124
41,376
18,519
45,629
9,345
8,243
13,963
303,560
192,796
70,695
394,868
99,645
215,975
131,165
698
280
218
157
1,115
17,503
22,747
5,911
20,171
17,741
29,640
623,018
315
2,455
8,795
60,158
2,685
8,394
2,162
5,657
253,911
72.055
25.959
79,463
1,330,455
13,113
65,689
240,275 1,301.712
643,865
150.539
1,346
7.604
1,151
2,479
394
29.568
283,427
46,977
24,090
30,841
32,662
1,105
Secured by U. 8. war
Bank:
obligations——
10,662
17,004
71,718
255,651
36
All other.
Bills rediscounted with F. R. Bank:
obligations
"
All other
2.
18,018
131,154
37,370
7,925
77,137
Secured by U. 8. war
1
200
4,085
39,817
Government deposits
Bills payable with F. R.
1
519,855
28,460
42.280
Data of reporting member banks in
Federal Reserve Bank and branch
All F.
City of Chicago.
New York City.
R.JSank Cities.
Thru ciphers (000) omitted.
Dec. 3.
Nov. 26
Dec.
3.
Nov. 26.
Dec. 3.
287
Nov. 26
«
Dec.'6.
Nov. 26.
287
208
208
Dec.
3.
Nov. 26
Dec. 3 '20. Nov. 26 '20 Dec. 5
'19
329
823
824
796
$100,380 $101,010
$269,101
$269,707
$269,425
613.933
614,453
631,374
256,465
328
72
51
51
$37,862
$1,439
$1,439
$96,335
$96,335
$72,386
$72,362
219,653
Other U. 8. bonds, incl. Lib. bonds.
627,852 10,837,478
528,665 2.822,479
Total.
AllOther Refort. Bks.
72
U. 8. bonds to secure circulatiop
58,017
cities and all other reporting banks.
F. R. Branch Cities
537,862
Number of reporting banks
355,900 1,321,183 16,630,185
79,952 1,332,081
23,443
376,887
25,811
11,066
25
774
57,902
148,036 3,050,082
38,510
256,244 1.002,317 11,323,767
79,000
218,358
17,687
17,707
340.752
342,696
151,555
151,050
121,626
120,707
76,401
74,806
12,110
12,039
108,945
106,994
53,746
52,930
196.279
194.081
137,221
16,165
18,059
173,366
204.495
62,927
66,011
33,588
39,852
34,157
112,368
42,673
276,145
313,179
862,017
446,284
468,247
47,401
49,244
719,398
750,520
340,614
342,353
295,446
298,547
1,355,458
1,391,420
2,019,281
obligat'ns.
399,572 397,678
bonds.. 1,134,2911,123,224
investments__:3,515,362 3,539,739
69,244
Loans sec. by stocks and
327,911
334,531
.037,274
900.878
905,677
95,357
97,353
137,248
134.668
671,076
409,373 3,050,082 3,054,789
408,996
489,664
492,187
7,251,324 2,258,499 2,262,258 1,858,996 1,866,544 11,323,767 11,380,126
3,204,845
,021,271
670,853
2,148.899
7,206,272
2,155,752
All other loans and
(J. 8. Victory notes
U. 8. certificates of Indebtedness...
Total U. 8. securities
Loans and investments, incl. bills re
discounted with F. R. Bank:
69,927
Loans sec. by U. S. war
Total loans and investments,
incl.j5 ,495,509 5,528,888
redlscounts with F. R. Bank...
Reserve balance with F. R.
Cash In vault
128,464
116,409
37,716
,356,109 4,399.615
905,160
310,181
300,899
110,402
*
Net demand deposits
305,116
Time deposits
deposits.
Government
,466,510
561,804
591.941
Bank...
Bills payable with
7,270
36.526
1,016
248,621
.
265,205
22,687
16,630,185 16,732,012 16,178,518
,490,293 10,745,422 10.828,672 3,225,9683,231,523 2,658,795 2,671,817
1,206,946 1,406,193
152,939 1.332,081
154,660
192,937
199,406
941,070
127,106
978,015
395,987
388,105
375,887
87,158
85,920
72,479
73,962j
226,985
217,488
39,109
10,837,478110,892,122 11,203.994
909,917 7,565.313 7,621,141 1,719,534 1,707.165 1,552,631 1,563,816
611.790
610,199 2,822,479 2,811,123 2,270.678
910.516
916,077
298,592 1,294,612 1,290,408
415,063
17.503
87,799
6,196
1,192
15,120
3,157
13.154
66,483
5,382
F. R. Bank:
Secured by U. 8. war
25.382
396.243
418,494
All other
Bank:
obligations.
All other
151,590
86,240
89,686
623,018
659,770
1,109
1.010
960
2,455
2,069
4,942
208,649
918,156
29,494
31,980
13,880
13,511
253.911
254.140
320,170
183.195
210,537
986,400
178,940
177,368
165,115
162,523
1,330,455
1,258,047
419,428
7.9
12.0
12.2
12.5
12.6
10.9
11.0
11.9
12.1
19.1
128.353
129,322
9,357
9,694
487,805
Secured by U. 8. war
980,186
140,535
1,445
obligations.
Bills rediscounted with F. R.
1,348,277
9,606,115
408,739
170.670
14.7
15.0
7.9
Rati* »f U. 8. war securities and war
paper
to
total
loans and invest¬
rediscounts with
ments, Including
Federal
a
Reserve Bank, per cent..
Exclusive of rediscounts with
Federal Reserve banks.
THE
2406
CHRONICLE
Wall
Railroad
and
Street,
Friday Night,
Miscellaneous
pec. 17 1920.
Stocks.—The
week's
Monday when the transactions totaled nearly 1,400,000
included such
and
shares
well
known
issues
as
American
Locomotive, Am. Sugar Refining, Baldwin Locomotive,
Beth. Steel, U. S. Steel, Republic Iron & Slteel, Cruc. Steel
and
few of the oil and motor stocks.
It is
interesting to
note, however, that the railway list was scarcely touched by
this movement—St. Paul and Mo. Pac. only being repre¬
a
Railroad
Bonds.—No sales of State
reported at the Board this week.
The market for railway and industrial bonds has
again
been unusually active and operations at the
Exchange have
included a large number of issues.
It has behaved itself
somewhat better than last week, however, in that not all
the
bonds
different
exceptions
traded in have declined.
Among the
Reading and Atchison 4s, Bait. & Ohio 43^s,
are
St. Louis & S. F. Series A and
all of which
these few
a
some
of the
lower level.
United
Bonds.—Sales of
States
Government bonds
the Board include only the various
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
Daily Record of Liberty Loan Prices. Dec. 11 Dec. 13 Dec.
First
Sales j
STOCKS.
for
Range since Jan. 1,
Lowest.
Total sales in
Range for Week..
High est.
Highest.
$ per share,
j
$ per share $ per share.
87
Allegheny & Western 100
500
Dec 15
Dec
87
200
87
Dec 15
43% Dec 14
87
American Bank Note. 50
44
Dec 13
39
Feb
48%
Am Brake Sh&F.no par
300
47% Dec 16
48
Dec 15
44
Dec
60
American Radiator...25
1,000
66% Dec 16
81% Dec 17
67% Dec 14
94
Dec 11
66%
81%
Dec
73
Nov
American Snuff
Am Wholesale
Ann
100
700
pref_-100
100
20
90
Dec 14
90
Dec 14
89%
100
25
Dec 14
25
Dec 14
20
May
2
2% Dec 151
Dec 151020 Dec III 950
Aug
Arbor pref.
Assets Realization
10
Atlantic Refilling
100
Preferred
Atlas Tack
100
Corp..no
par
Auftln.Nlcbols&Conopar
Preferred
2% Dec 17
1,900
90 950
400 102 % Dec 13 103 % Dec 11 102%
500 17% Dec 15 18
Dec 11
17%
2,300
10% Dec 17
12
Dec 11
10%
64% Dec 14
66% Dec 13
100
200
Sales
50
1,400
Preferred
60
200
Barnet Leather...no par
Barnsdall class A
25
700
800
300
36
Auto
Class
B...........25
Barrett Co (The)....100
Dec 115%
Aug 95
34
6%
Dec 1570
Dec 114
82
June
Dec 14
23% Dec 16
Dec
93
Jan
Dec 15
36
Dec 11
33
Nov
Dec 16
36
Dec 16
35
June
Mar
Dec
82
Dec 100
Brunswick Terminal. 100
Buffalo Roch& Pitts. 100
1,800
3% Dec 13
4% Dec 13
3%
Dec
8%
Jan
Mar
65
Dec 14
65
Dec 11
50
Calumet & Arizona... 10
Canada Southern
100
1,300
42
Dec 16
43
Dec 15
42
600
Mprref.. 100
300
Jan 240
Nov
40
Doc 16 40% Dec 16
38
80% Dec 16 81
Dec 17
80%
1,600185
Dec 13 192% Dec 16 175
.200
100
500
Cluott, Peabody & Co 100
Preferred
100
1,500
Computing-Tab-Rec. 100
Davison Chemical
no
par
De Beers Cons M.no par
Eastman Kodak
100
Elk Horn Coal pref...50
Chem Cons ctfs dep..
Gen Chem pref...100
69
Jan
62
Jan
Feb
17
Oct
45%
Dec 106
Jan
100
85
Dec 16
85
Dec 16
85
Dec 104
Jan
600
34% Dec 14
25% Dec 16
35
Dec 13
34%
Dec
56
Dec 13
25%
Dec
40
Sept
Dec 11
15
15
Dec 14
17
Dec
Dec 16 510
Dec 535
Aug
Dec 16
35
Dec 16 z.32%
Dec
45
Mar
5%
97%
32%
71
Dec 13
Dec
29
Dec 16
6% Dec 17
98% Dec 13
Dec 14
43
Dec 14
78
3,000
100117
Dec 14 117
5%
Dec 15
97%
32%
Dec 15
71
Dec-
95
Dec 16
50
4
Dec 14
Dec
Mar
Dec 134%
Dec 100
Nov 100
Nov
Dec
Dec
16
95
4%
95
Dec 15
50
Dec
13
45
1.9% Dec 13
20
Dec 13
19
Dec
100
15% Dec 15
15% Dec 15
15
'Nov
20
500
78
Dec 14
82
Dec 13
78
Dec
88
100
00
Dec 14
60
Dec
14
57
200
70
Dec 13
70
Dec 13
70
Preferred
..100
Manhattan Shirt
Marlln-Rock
Martin
v
Oct
71
33%
Nov 60%
(Nov 118
Dec
Jan
Jan
Nov
Dec
Jan
Sept
Aug
Feb
Dec
Jan
200
73
Dec 11
73
Dec 11
73
Nov
91
Apr
700
40
Dec 13
40% Dec 11
40
Dec
95
Apr
97% Dec 13
97% Dec 13
100
93
Sept 102%
July 155%
Sept 100
700 131
Dec 11 131
Dec 11
129%
200
95
Dec 15
95
Dec 15
93%
500
200
10
Dec 17
11
Dec 11
10
Dec
45
52% Dec 15
53
Dec 16
49%
Nov
80%
Feb
Apr
Jan
Mar
Apr
25
300
16
Dec 13
17% Dec 16
16
Nov
33%
Jan
t c.no par
700
12
Dec 13
16
12
Dec
63
Feb
12%
Dec
30%
Jan
18
Dec
33
Parry
no
par
Mathieson Alkali
1,700
12% Dec 16
50
300
100
1,600
preferred
100
Ctfs dep stpd asstd.
800
4
800
3% Dec 11
Maxwell
Dec
78
3
95
Jan
Mar
Dec 192
Doe 14 117
500 117% Dec 13 1225* Dec 17 117%
100 84% Dec 17 84% Dec 17
84%
100 88
Dec 14
88
88
Dec 14
3% Dec 14
Feb 108%
Dec 43
200
Loose-Wiles 1st pref. 100
MalPson (HR)AConopar
Motor
First
18
Dec
13
2% Dec 15
Dec
14
Second pref erred.. 100
200
Ctfs dep stpd asstd.
MStP&SSM leased 100
600
100
55
Mulllns Body.
no par
Nashv Chatt & St L. 100
Nat Anil & Chem.no par
National Biscuit....
300
20% Dec 13
100] 1,000
Preferred
100
Norfolk Southern ...100
Norfolk & West pref. 100
Ohio Body A Blow no par
OtDSteelpref
100
Pacific
Mall SS___
Pacific Oil wi
5
Dec 16
5
Nov
38
Dec
3%
Dec
3% Dec 14
2%
Dec
%
Dec
^0%
Feb
60
Dec
51
1
55
Dec
2%
4
3% Dec 13
Dec 16
Dec 1
16
13% Dec 11
18% Dec 11
2% Dec 13
H Dec 15
45% Dec 14
Dec
13
Dec 16
Dec
16
21% Dec 13
105
Dec
20%
14 100
45% Dec 14
99 % Dec 13 103
50
Dec 14
63%
8
Aug 111%
44
Feb
97
Dec 125
86%
610 106% Dec 14 108
Dec 14 103% July 116
200 13
Dec 13
10
13% Dec 17
Feb 29
200 66
Dec 11 66
Dec 11
64
May 72
1,000 10
Dec 13
10
Dec 15
10
Dec 29%
100 76
Dec 14 76
Dec 14
76
Dec
82
800 15% Dec 16 15%. Dec 13
15% Dec 38%
7,000
Parish A Bingham no par
Penney (J C) pref...100
3
100 105
100
3,200
July
Apr
Jan
Nov
Jan
Dec
Jan
Jan
Jan
Jan
Mar
Jan
June
Nov
Jan
37% Dec 14
12% Dec 17
38 % Dec 17
37%
Dec
39%
Dec
14% Dec 11
12%
Dec
47%
Jan
86
98
86
Dec 14
86
Apr
400
10
Dec 13
10% Dec 14
9
June
700
30
Dec 13
30% Dec 11
30
Dec
68
Mar
100
100
70
Dec 14
70
Dec 14
70
Dec
Mar
Rand Mines Ltd.no par
Reis (Robt) A Co.no par
92%
1,800
21% Dec 13
20
Nov
29
June
First
preferred
100
100
21
Dec 16
200
7
Dec 14
1,400
65
Dec 16
8
Dec
Dec
14
no par
1,700
19% Dec 15
Tex Pacific Land Tr. 100
100 210
Third
900
Avenue Ry___100
Tidewater Oil
100
Rights..
Twin CRT pref
7,700
100
United Cig Stores pf.100
United Drug
Un
Dyewood
WeberAHeilbroner
White Oil
Wilson A Co pref
100
100
13
10 189
100
Dec
11
7
Dec
23
65
Dec
84
Dec
14
Dec
13 210
14% Dec 15
Dec 15 189
19%
9%
Dec 15
190
Dec 11
14% Dec 15
10
77% Dec 16
771% Dec 16
77%
99%
10
700 99% Dec 14 100
Dec 16 98
1,200 x94
100 z48
Dec
15 z48
no par
1,000
24,500
7% Dec 15
14% Dec 17
100
100
79% Dec 15
no par
30
13 210
Dec 14
18%
66% Dec 14
Sears, Roebuck, pref. 100
450 100% Dec 16 102% Dec 13 100%
Seneca Copper...no par 4,200 16% Dec 17
17% Dec 11
14%
Shattuck Arizona
10 1,700
5% Dec 14
5
5% Dec 14
Southern Pacific rights.. 106,290 22% Dec 13
23% Dec 17
20%
So Porto Rico Sugar. 100
500 70
Dec 17 96% Dec 13
70
Standard Milling
100
200 104
Dec 17 105
Dec 15 104
Submarine Boat_.no par 9,400
8% Dec 17
9% Dec 11
8%
Temtor C A FPcl A
Dec 14
Dec
11 z94
Dec
15 z48
8% Dec 13
17% Dec 15
79% Dec 15
7%
14%
79%
Dec 119%
Oct
23%
May
Apr
Apr
Apr
Mar
Nov
Nov
12%
Jan
Dec
24%
Dec
Dec310
Apr
Dec;160
Apr
Dec
14
Oct
Dec;
47
Apr
Dec|420
Aug
22%
May 229
Apr
Oct
Mar
Dec
16
For transactions on
bonds of
(Fourth 4%s)
169
■■'mm
New York,
Dec
80
June
Dec 111%
Jan
Dec 148
Jan
275
94.00
94.00
94.00
94.00
94.00
94.00
94.00
94.00
'
*•
.«*«»«»
m
mm m
94.00
9
10
85.30
85.40
85.12
85.24
85A2
85.06
85.10
84.94
85.12
85.02
85.20
84.94
85.20
85.00
-
mm.
mm
mm
m
m
85.18
1
85.10
27
12
11
85.44
85.34
85.30
85.40
85.60
85.20
Low
85.10
85.12
85.08
85.16
85.10
84.90
85.20
30
67
85.20
85.36
85.14
85.00
1,912
2,651
2,995
1,768
4,268
3,671
88.00
88.50
88.90
88.04
87.84
87.72
87.78
87.76
87.42
87.88
87.90
87.78
87.50
1,972
2,709
85.96
85.96
85.92
85.70
84.84
85.62
85.64
85.26
85.90
85.78
87.90
87.88
Close
88.00
87.98
1,134
1,539
2,919
High
85.96
85.98
Low
85.82
85.64
j
;
85.32
mm
High
Low
1933-38
85.20
88.08
Close
"«•
85.12
1,880
( Close
Total sales In $1,000 units.
85.94
1,988
5,324
6,387
3,871
1,833
6,538
95.42
95.36
95.88
95.20
95.10
95.04
95.30
95.10 > 95.10
95.00
95.00
94.98
95.34
95.20
95.12
95.00
95.02
1,125
1,549
1,601
2,130
1,965
1,452
95.42
95.30
95.20
95.12
95.08
95.02
95.30
95.10
95.10
94.98
94.98
Close
95.32
95.14
95.16
95.00
95.00
95.00
1,163
1,270
1,605
3,502
1,906
2,204
_
j
Total sales In $1,000 units.
m.mm
mm
85.98
85.82
85.50
95.00
94.92
Foreign Exchange.—The market for sterling exchange
and strong, with substantial advances in
price levels.
Continental exchange for the most part
followed the lead of sterling, though the improvement was
less pronounced.
has ruled active
To-day's
(Friday's)
actual
for
rates
sterling
3 43 %@
Paris Bankers' Francs—
High for the week (in cents per franc)
Low for the week (in cents per franc)
Germany Bankers' Marks—
High for the week.
6.02%
.5.71%
....
Low for the week.
.
....
___
6.11 %
6.12
5.79%
5.80
1.41%
1.30%
1.42%
1.31%
Amsterdam Bankers' Guilders—
High for the week..______
31.20
Low for the week
29 15-16
31.65
30%
31.75
30%
Domestic Exchange.—Chicago, par.
St. Louis, 15@25c. per $1,000
discount.
Boston, par.
San Francisco,
par.
Montreal, $186.25 per
$1,000
premium.
Outside
Cincinnati,
par.
Market.—Heavy liquidation at the beginning of
the week forced prices down and new low levels were reached
some instances.
A better tone developed subsequently
but prices did not materially improve.
Oil stocks were the
in
principal features.
Carib Syndicate sank from 9 to 7% and
sold finally at 7%.
Gilliland Oil Com. lost a point to 17.
Guffey-Gillespie Oil Com. after early loss from 26% to 25H
recovered to 26]% and closed
to-day at 26.
Internat.
Petroleum sold down from 16 to 15 and up to 16%, the final
figure to-day being 16%.
Maracaibo Oil at first receded
from 14 to 12%, but recovered to 13342.
Merritt Oil lost a
point to 11 and ended the week at 11^.
Ryan Cons'd
declined from 13 to 11 and sold finally ar 1124Salt Creek
Producers dropped from 28% to 26 and closed to-day at 26 %.
Industrials were without feature and business was small.
Mercer Motor sold off from 5% to 1 and closed to-day at 13^.
Wm. Farrell & Son Com. lost five points to 11, the final
transaction
the Com.
being at 12.
Willys Corp. issues were weak,
losing a point to 9 while 1st pref. dropped from
25>2 to 19.
The New Standard Oil (Calif.) 7% bonds were
traded in for the first time down 100 % to 99% and lat 99 %
Mar
finally.
Nov
first time in
11
were
days) 3 41% @3 44%.
Cotton for payment 3 49% @3 52% and grain for
payment 3 49 % @3 52 %.
To-day's (Friday's) actual rates for Paris bankers' francs were 5.95@
6.02% for long and 6.01@6.08% for short.
German bankers' marks are
not yet quoted for long and short bills.
Amsterdam bankers' guilders
were 30.85@31.20 for
long and 31.20(2)31.55 for short.
Exchange at Paris on London, 58.05 francs; week's range, 58.05 francs
high and 59.40 francs low.
*
The range for foreign exchange for the week follows: v
v
Cables.
Sterling, Actual—
Sixty Days.
Cheques.
High for the week
3 46%
3 54%
3 53%
Low for the week..
i
3 37%
3 45%
3 44%
Dec! 57%
Dec! 25%
Decl 98%
exchange
3 46% for sixty days, 3 50% @3 53% for cheques and 3 51% @3 4% for
cables.
Commercial on banks sight 3 49% @3 52%, sixty days 8 41 %(§>
3 44%, ninety days 3 39% @3 42% and documents for payment (sixty
Dec
Oct
Jan
Boston, Philadelphia and Baltimore exchanges
page 2402.
.
mm mm
mmm'rn
mm
mm mm
Victory Liberty Loan
High
4%% notes of 1922-23
j Low
(Victory 4 %s)
( Close
Total sales In $1,000 unlts.
3%% notes of 1922-23
High
Low
(Victory 3 %s)
Dec
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE,
DAILY, WEEKLY AND YEARLY.
see
4%%
Jan
100
no
Preferred
394
July
par
Peoria A Eastern
Phillips Jones
124
36% May
Dec 17 515%
35
par
K C Ft S & M pref..100
Kayser (Julius) A Co 100
Kelly Springf 6% pf.100
Kelsey Wheel Inc...100
Kresge (S S) pref.... 100
Liggett & Myers cl B. 100
77
-
j
Jan
28
Indian Refining
10
Internat Nickel pref. 100
Hydraulic Steel..no
160
m'm
1
(Third 4%s)
Dec
May
General Cigar pref... 100
General Electric rights.. 37,668
Havana ElRy&Lt._ 100
70
Homestake Mining.. 100
600
85.80
86.30
6
4% % bonds of 1928
Mar
42
Dec 101
6
36 510
41
Dec
Aug
40
100
86.12
High
Total sales in $1,000 unitsFourth Liberty Loan
Dec
Dec 13
1,200
100 1,000
100 60,300
Preferred...
100
General Chemical... 100
Dec 13
65
9% Dec 15
49
~
Dec 14
Emerson-Brantlng... 100
Fisher Body pref
General Asphalt
40
Jan
8% Dec 13
45% Dec 16
1,300
5,700
86.12
'
Total sales in $1,000 unitsThird Liberty Loan
118% May
1,000
Chicago & Alton
85.70
86.08
Close
j
43% May
39
100
86.12
86.28
Low
23
Dec 14
86". 10
86.20
86.00
86.28
-
4% bonds of 1927-42
(Second 4 s)
36
Dec 13 100
1
High
Converted 4%% bonds of i
1927-42 (Second 4%s)
Dec 13
86.02
86.00
Total sales in $1,000 units.
39
mmmm
86.20
Close
Jan
82
no par
4%s)
Jan
Dec 14
Certain-Teed Prod
Second
19%
Dec 13 100
mm
— m
86.12
Total sales In $1,000 unlts.
30%
Dec 13
mm
5
Second Liberty Loan
Dec
39
^
'
Dec
82
■
85.26
Lew
9%
100 100
■.
86.02
mm
mmmm
High
64%
2%
100
1,336
-
86,28
(First
Dec 13
100
89.96
1,662
86.28
4% %
1932-47
Dec 13
50%
89.82
89.90
Low
3
23
89.84
90.10
2,861
r
High
10
100104% Dec 13 108% Dec 11 102
Central RR of N J
Converted
bonds of
May
100
Case Thresh
Second
Feb
Dec
mm
Close
Total sales in $1,000 units..'mm
Mar
24
V 89.90
'
bonds of
Dec 14
2% Dec 14
10
100
Preferred
Low
17
90.00
Close
Sept
Apr
Nov
86.02
16 Dec.
90.14
1,711
1932-47 (First 4%s)
Apr
22%
89.90
90.08
1,413
!
Jan
100
Preferred
4% %
89.90
90.02
439
mmmm
15 Dec.
90.40
90.02
High
.
Converted
14 Dec.
90.10
90.00
mmmrnrn*
of
Total sales in $1,000 units.
Apr
Nov 154% June
Nov 111%
Jan
Brown Shoe Inc
bonds
Dec
Dec
Dec
4%
1932-47 (First 4s)
July
90.08
Low
81,000 units
'
Converted
$ per share.
90.16
at
Liberty Loan issues.
Close
(First 3%s)
Lowest.
Par. Shares
High
Liberty Loan
3%% bonus of 1932-47...
j——
Week.
industrial issues
fractionally higher than last week.
With
exceptions the tendency of prices has been towards
are
sented.
Week ending Dec. 17.
bonds
have been
record again shows a long list of active stocks which have
made new low record prices for the year.
This occurred
on
and
State
%<x\xhzxs7 (Sai^ette.
[Vol. 111.
Standard
Oil of N. Y. 7s also appeared for the
to-day's market and eased off from 100to 100.
N. Y. N. H. & Hart. 4s were down some 15 points to 50
at the
beginning of the week but recovered late to 62 and
closed to-day at 60.
A complete record of "curb" market transactions for the
week will be found
on
page
2416.
New York Stock
OCCUPYING THREE PAGES
during the week of stocks usually inactive, see preceding page.
For record of sales
PJ£K
Sates
HIOH AND LOW SALS PRICK—PER SHARE, NOT PER CENT.
Dec.
Monday
11
Dec.
9 per share
$ per share
80%
813g
7834
75
74%
534
75
6
6i4
78%
85
85
83
84
33%
34%
31
33%
48
48
45
48
9%
10
9%
6%
6%
112% 113%
57%
59
734
734
5
10
6%
6%
111% 112%
5534
57%
80% "81%
74%
74%
81%
74%
584
5%
84% 85
30% 33
4634 48
9% 10%
6%
6%
111% 113
55% 57%
6%
6%
5
7%
18
18
17
18
17
28
29%
4634
25%
25%
38
27%
41%
69
70%
42
70%
71%
108% 108%
107% 107%
75%
74%
74%
534
5%
5%
5%
9%
10
9%
6%
6%
112% 113%
6%
7
112%
6%
46%
9%
56%
38%
68%
5
107
107
7%
17
27
40%
268%
♦102
85
86
85
32
32%
47%
32
47
112
10
6%
112% 112%
2,400 Atlantic Coast Line RR
7%
17%
26%
42%
71%
108
17
39
40%
67%
102% 102%
51,200
23,600
800
"46"
215
218
1
1
1%
1%
3%
%
134
1%
2
3%
%
1%
%
1%
13%
12
12%
11%
13
12%
13%
12%
18%
19
17%
19
18%
19%
13%
18%
13%
%
%
1%
12%
71%
13
12%
13%
74%
13%
77
13%
74
72
74%
73%
74%
72%
25%
26%
25
25%
25%
25%
25%
26%
26
11
0
23
21%
84%
21%
84%
3%
86
3%
8%
19
45
45%
84%
14
14
26
26%
48%
49
100
100%
48
49%
11%
33s
8%
85%
3%
3%
9
9%
9%
18
3%
5
18%
38
39%
3%
*4%
5%
5%
70
71%
3%
10
.18%
43%
9%
21%
21%
84%
3%
10%
83%
3%
18%
19
43%
43%
10
13
18%
73%
26%
9%
72%
26
9,
9%
21%
84%
21%
82%
21%
84
3%
3%
4
10
10
18
18%
43%
44%
12
18%
*42%
*10%
18%
46
14
*11%
24
*19%
25
•22%
18%
16%
4334
11%
45
40%
13%
11
11%
12
24%
48%
25
23%
23%
24
52%
50
55%
53%
53%
53
54%
99
99%
99
99%
99%
99%
98
99%
49%
43
45%
47
49
47%
48%
46%
11
10%
11
10%
10%
11
68%
4%
11%
Dec
18%
Dec
91% Nov 5
75%
41% Marl9
17% Oct 4
31%
Iron
17
18%
16%
36%
39
37%
5
5
58
58
70
68%
4%
par
3%
"68%
70%
69"
69
53%
*51
64
*50
65
*60
67
♦57
65
*58
65
*58
62
*58
32
3034
73
,
85%
53%
56
55%
57%
1834
"23"
36
6%
17
17
93%
97
95%
74%
78
40%
77
40
76%
40%
39%
40%
75%
39%
40
39%
40
15
16
17%
16
17%
16%
16%
16%
55%
55%
55%
40
40
40
37
55%
37%
31%
30
32
30
37%
30%
16%
55%
37%
28
30%
30
.
15%
30%
•
31%
55%
31
Feb 13
Junel8
8%
65%
Oct
900 New Orl Tex A Mex v t C..100
Do
Do
Nat
54
4,400
,54%
56%
56
58%
6,700
24
21%
24%
~23%
36%
33
22%
35%
24""
32
35%
36%
36%
35%
36
35
6
6%
6%
6%
11%
11%
"ii%
11%
21
17%
17
17%
38
38%
18
36%
18%
57%
17%
57%
17%
36%
36%
36
40
9%
19%
7%
7%
20%
7%
64%
9%
9%
20
64%
65
64%
65
*9%
10
9%
10
20
64
10
20%
20%
7%
22%
20
15
13%
13%
*13%
10
10
10%
10
15%
16%
27
28
24
25%
"24%
69
68%
69
9%
68%
9
9
27%
68%
9%
15
16%
15%
16%
33
33
32
26%
15%
15%
49%
26%
49%
49%
30
15%
14
49%
•26
15%
49%
27%
24%
1
1
1%
48
55%
26%
15%
26%
15%
49
45
46
27
26
27
1
1
"27%
26%
28
1
1
%
1
1%
1%
1
1
%
1%
46%
47%
1%
1%
47%
47
48%
86%
85
87
"54"
29%
56%
29
30
71
28%
71
71
55%
79%
45%
57%
55%
50
75
59%
57
58
255%
57
r~~7h *7%
122
7%
7
24%
22%
79%
78
78%
122% 126% 2121% 123%
108% 108% 2106% 106%
17%
16%
16%
17%
*60%
7%
122
115
8
7
7%
*70
-
25
79
80
*115
83
*79
23
24%
22%
273
7%
115
7%
7%
120
6%
"7"
115
43%
41%
43%
42%
40%
40%
39
40%
39
39
39%
40%
35%
39%
36
38%
39
40
*50
'
•9
*9
9%
54%
53%
9%
53%
37%
38%
36%
9%
9%
54%
53
53%
8~1%
*99% 105
*101
*
z79%
9%
9
"79%
Bid and asked prices; no
82"
*99% 101
9
8%
80
38%
*70
75
—
56%
*77
49
m
70
55%
46%
75
55%
22%
23%
75%
56%
23%
73
—
9
82
*100
"7%
75
12
% 1221?
107
16%
82%
101
8%
sales on this day.
9
"7"
*111
116
41%
6%
36%
40
39
6%
56
107%
17%
9%
36"
81%
100% 101%
I Ex-rights,
9
38%
39%
9%
51%
9%
53
8%
6%
37%
9%
52%
*81
"81"
"7%
120
.
37%
90
*80
84"
70
79%
6%
7%
43%
53
"
120% 122
107% 107%
17%
17%
120
7%
42%
9%
30
67
8%
44%
55%
"29%
30"
71
49
83
47%
56
*70
*79
47
3,000
7,300
Feb
55
Dec
37
Dec 16
21%
Febll
16% Nov
*
67%
66% Aug 10
39% Dec
12% Jan
Mar
Febll
103
Nov 3
32% Mar 9
61
Octl6
33
33% Mar 9
65%
33% Dec
Feb 13
33%
23%
Janl4
48%
Octl6
Oct 4
Oct 2
11
Febll
40
Sept27
10% Dec
64%
15%
6
July
July
88%
Feb 13
12
Dec
91%
20%
52%
27%
29%
Nov
18
Febl4
Feb13
17
Octll
47
Mar22
27% June23
43
Oct22
Feb13
61% May24
110
7% Augl2
Aug 9
7
May20
19% Dec 14
Decl3
8%
Feb 13
129% Nov 4
54%
Dec
Dec
Jan
Dec
119% Aug
63
Jan 3
15
13
Oct25
Oct 4
34%
23%
Oct 5
Oct 8
20% Dec
Oct23
15% Sept30
40
Feb 5
20%
Dec
32%
OctlS
Sept27
78
Nov 9
July30
Dec
6%
69%
15%
Feb 13
11
Dec
23
50
13
Jan
20
Oct22
Oct 4
Oct 4
118% Nov 4
33% Oct 5
66% Oct 5
1
14
Dec
10%
20%
1
10
73% Dec
49%
11%
20% May24
......100
pref
25% Dec
27%
7%
7%
14
9%
Dec
Jan
Jan
Dec
Dec
Apr
16
Dec
17
Feb
52%
Feb
9
June23
16
Oct
May 20
28
Oct 5
17
Jan
100
200 Wisconsin Central.,
Industrial & Miscellaneous
25
MaylS
48
Oct 2
25
Dec
-100
100
Do
pref
100
AJax Rubber Inc
...
50
Alaska Gold Mines
10
Alaska Juneau Gold Mln'g. 10
25
Apr 1
29% Apr
1,200 Adams
2,200
1,6.50
4,000
5,400
13,200
15,400
Express
Advance Rumely
Allied Cbem A Dye
no par
100
100
100
Amer Agricultural Cbem..100
Do
pref
100
American Beet Sugar
100
Do
pref
100
Amer Bosch Magneto..No par
American Can
...100
Do
pref
100
American Car A Foundry.. 100
Do
pref
6,400 Allis-Chalmers Mfg
Do
pref
800
11,900
600
10,400
100
7.800
18,800
3,000
18,500
900
pref
100
8,500 American Cotton Oil...... 100
Do
100
pref
—
100
5,000 Amer Druggists Synd cate. 10
Do
100
100
Do
pref
100
10,100
100
1,300 American Ice
Do
pref
100
3i",6o6 Amer International Corp.-100
10
1,300 Am La France FE
100
3,900 American Linseed
700 American Express
3,900 American Hide A Leather.
100
American Locomotive
100
Do
pref
100
American Safety Rasor— 25
Do
82
14,400
100% 100%
400
8%
10.200
8%
Decl3
15
81%
81
Do
600
15%
16
100
Western Pacific..
8,300 Wheeling A Lake Erie Ry.100
Do
pref......
...100
1,100
900
"29"
75%
64
26%
1%
49%
64
15%
1
-
17%
35
28
75%
16%
*30
15%
*43%
47
17%
17
*26
50
114
17
15%
80
80
9%
26
50
22%
69
15%
*75
122% 124
26%
69
9%
17%
26
51
24%
79%
80%
124% 125%
26
69%
15%
80
56%
27~"
9%
—
♦70
60%
24%
1,900
15,500
15%
36
56%
80
10
*33
55%
•79%
50%
80%
13%
14%
«.
17
50
15,300
16,200
17
«
1,600
2,200
20
26%
69%
17%
1,200
44,100
4,500
10
"
■
100
..100
100
Twin City Rapid Transit.. 100
Union Pacific..j
100
Do
pref...
100
United Railways Invest... 100
Do
pref....
100
Wabash
100
Do
pref A
100
Do
pref B
100
Western Maryland (n«tc)._ 100
Do
2d pref
100
49,300 Southern Railway
Do
pref..
3,600
18,200 Texas A Pacific
19%
13%
26%
25%
1%
29%
*71%
58
82%
8
20
•»
"9% "9%
44%
86%
1
71
9%
1%
45
28%
*13
10%
32
26%
9%
114% 115%
65
64%
9%
8%
*19% 20%
7%
7%
14%
10%
7%
7%
7%
27
15%
20%
20%
19%
7%
19%
19%
69
9
Dec
97%
26
"83%
Dec
75
20%
17%
♦9
Apr
24
57
15
53%
39
98
18%
44
56
20%
17
8%
Feb27
Oct 4
39% Oct 2
84% Sept26
96%
20%
56%
"l3"
•115
68
58
14%
1034
17%
8
t c
99%
21%
15%
Nov
Deo
57
115
40
Feb19
97%
41
Oct 15
32
20%
117
70
Dec 13
57
115
41% May 4
15
21%
*35%
66% Dec
23% Sept
60% Deo
50
98%
116
OctlS
Dec
19%
112
Octl9
73%
77
67
113% 115%
63%
64%
65
95
95%
17%
z36%
Febl3
Aprl3
50
Oct 7
7
17%
23%
95% Nov 5
57
18
11%
84% Nov 5
44
98%
20%
6%
Feb 13
105% Nov20
56%
20%
32
7,500
4
Oct29
64%
66% Junel2
94%,
19%
|
17
9%
15%
32,400
2,500
Jan
37% May24
Do
pref
.......-.100
5,850
100
2,600 Seaboard Air Line..
Do
pref..
100
1,000
11%
100
98% '42,800 Southern Pacific Co
6%
;
14%
•108
v
Feb
8%
84% Junel6
35%
6%
pref
4%
22% Nov
37% Dec
4% Dec
28% Apr
37% Sept23
27% Oct 4
100
100
100
Reading
50
Do
1st pref
50
Do
2d pref
60
St Louis-San Fran tr ctfs.. 100
Preferred A trust ctfs...100
St Louis Southwestern
100
Do
Dec
6
100
18,500 Pittsburgh A West Va._
Do
pref..
300
59%
10
60
700
4%
Jan
Dec
90
.100
100
100
9,800 Pere Marquette v t c..—>100
Do
500
prior pref v t 0
100
56%
2134
1
16,800 Norfolk A Western...
64,200 Northern Pacific
39,514 Pennsylvania
54%
21
46%
97,000 NYNHA Hartford
7,600 N Y Ontario A Western
55
23%
10
1
preferred.
Second preferred
71%
83% 123,000
2~4~"
100
100
First
82
20%
pref trust ctfs
..100
33,500 New York Central
2,300 N Y Chicago A St Louis... 100
53
19%
64
27
pref....
Dec
19%
70
Oct 4
53
25%
9
37%
6
Febll
82%
31
Nov
95
36
53
21%
90%
.100
Rys of Mex 2d pref.. 100
81%
30
Febl3
Feb28
53%
24%
104% Aug
21
Feb21
85%
20
Jan 5
Oct22
Oct 6
Oct 4
112%
65%
Febl9
Missouri Kansas A Texas. 100
Deo
40% Dec
18
51
30
10
49%
pref....
Feb
Dec
Nov
40
56% Nov 3
38% July 2
9
Febl3
63
7
13
Dec
13
11
82
18%
24%
40
3% Mar
10
31%
54%
28
Febl3
Febll
85% Dec
Decl3
84%
18%
5212
Dec
Dec 14
73
20
May 19
30
Dec
52
71%
27%
Oct 2
Oct 4
Oct22
Nov 4
Oct 4
Oct 4
Opt 4
3%
80%
77
17%
8%
Jan
Sept
3
73
*73
6%
Decll
13% May 5
16
Dec
7
16%
83%
77
97%
Aug 4
40
13% Dec
........100
52
*73
Feb 13
3
80% June23
51%
"§0%
28
64
15%
'
17%
11634
9%
77%
27%
22%
39
7%
96%
76%
97
77%
17
95
20
115
20%
16%
97%
16%
57%
19%
21%
58
19%
3984
18
16%
60%
20%
98% 100%
2034
57%
15%
96%
17%
98
78%
17%
17
17
73
83%
16%
80%
100
66
16%
16%
17%
17
16%
16%
35%
8%
5% Apr
Oct 6
Decl6
39% May24
94
Aug 9
68
•60
24
50
39,300 Lehigh Valley
100
3,100 Louisville A Nashville
3,643 Manhattan Ry guar......100
100
4,597 Mlnneap A St L (new)
100
300 Minn St P A S S Marie
7,300
5
58%
68
68
40
100
...100
19,400
52%
55%
100
100
100
17%
58
58
Jan
7
100
37%
5
4%
4%
57%
39%
properties-No par
17
60
16%
Ore
36
17%
38%
55
1534
65% Junel2
25
Decl3
37,800 Missouri Pacific trust ctfs.100
68
40%
100
9,000 Illinois Central
10,500 Interboro Cons Corp..No
Do
pref
6,800
11,400 Kansas City Southern
Do
pref..
2,700
2,700
38
73%
17%May20
12% Feb 9
21%
11",000
•52
17%
....100
100
1,000 Gulf Mob <fe Nor tr ctfs—100
500
Do
Pref
100
3%
*60
9734
79*4
40%
1st pref
2d pref
Do
21,900
4%
54%
171
% Nov22
12%
4%
68
75%
172% Mar
3% Apr
6% Feb
2% Deo
Oct 2
3
♦58
9534
260% Septl5
9
Jan 3
Oct 2
4%
18
17%
91% Dec
21% Sept20
30% Oct 2
22% Sept20
3%
38%
15%
16%
93%
Feb
2
Oct
108
Feb 13
3
68
18%
45
9%
4
*60
17
Dec
Decl4
100
5
53
Dec
48
46
Feb24
3%
68
19
54
Oct2l
Oct 8
36%
Dec
8
3
16%
55%
Sept
12%
4%
36
69"
Feb
63
Dec
88
16%
3%
18
53%
32
Dec 9
4%
68
54
57
% Nov23
MaylO
pref
Do
37%
*67%
54
98%
47
10%
♦60
52%
Oct 4
Mar30
Sept28
5%
3%
5%
50
.
1684
5
Dec
55% Aug
3
3
4%
Jan
68
100
100
1,000 Lake Erie A Western
Do
pref.. .....
800
68%
"3%
3
22%
Octl9
35
100
38,800 Great Northern pref
14
98
42%
11%
8
Oct 5
Oct 4
100
25,200 Erie
Do
16,200
—
53%
10%
100
Dec
pref
Do
13,700
4,000
14
*13
10%
1634
59
59
9%
21%
84%
9%
71
11%
1%
12%
18%
26%
Q
3%
8%
18%
Augll
83% June29
165
FeblO
100
2,100 Denver <fe Rio Grande
1
1%
13%
19
13%
74
86
July 6
100
2d pref
Do
20
♦8%
46
1st pref
Do
Deo
34%
100 Dulutb 9 S A Atlantic
19%
*21
Febll
..
%
1%
1234
13
20
300 Delaware Lack & Western.
220% 220% *215
218
215
V,
1%
Dec
Dec
3% Dec
7% Jan
Mar
100
1,600 Colorado A Southern
3,200 Delaware A Hudson
95%
94
116
Deel7
26%
97
June28
98
61%
pref
Do
95
Nov
100
pref...
Do
100
9634
85
62
Do
46"
95%
Dec
91% MarlO
120
Jan 6
Dec 17
95
100 Chic St P M & Omaha
27
65%
72%
26%
25
48%
Decl3
Decl7
26
25
21
Decl3
38
Nov29
26
64
33% Oct
44% Nov
65
Oct 5
Decl3
25%
June26
300
64
17
89
62
*34%
3
Febl3
36
61%
64%
44
7
58
70
64%
44
98%
51% Deo
100
100
*62
58
Dec
8ept27
17% Sept27
14% Oct
15
4% Jan 10
300 Clev Cln Chic A St Louis.. 100
36
5734
Dec
5
70% Nov 5
Do
pref trust rects
Chicago Great Western
100
Do pref........100
Chicago Milw & St Paul... 100
Do pref
....100
Chicago <fc Northwestern..100
Do pref—100
Chic Rock Isl A Pac
190
7% preferred
100
6% preferred
100
Feb 11
36
55%
10
126% Dec
54
42
58%
Marl5
84%
71%
4,600
58
Octl5
17
Mar
13% Marl5
134
Jan 3
41
57
72
60%
6
87% Deo
28% Dec
38% Dec
5% Septl4
110
May20
Febl3
56%
70%
68%
58%
Highest
80% Dec
76% fDec
3
54
40% June28
9% Aug31
Febl3
8,200
26%
67%
97%
x82% Junel8
27% Feb 13
64
49,400
66%
25%
67%
25%
64
Jan
12% 6ept27
104% Oct 5
49% Oct 15
23%
25%
23%
98%
82
Febl3
6,500
46,700
65%
1919
\
9 per share s
90% Nov 5
Apr 21
Feb 17
4,400
Lowest
S per share
May20
5
4
65%
25%
6
9734
72
47
24%
2334
26
$ per share |
76
Feb 11,
100
2,400
8
17%
27%
26%
734
17%
27%
39%
41%
67% 68%
102% 103
24% 25%
66
6734
57
57%
68
27
.100
17,500 Chesapeake «fc Ohio
5"
*7%
Year
Highest
700 Chic A East Illinois trust rects
27
27
Par
54,950 Baltimore A Ohio
100
3,500
Do Pref
.-..100
6,500 Brooklyn Rapid Transit... 100
2,700
Certificates of deposit..
27,500 Canadian Pacific
100
56%
55%
"5"
"5
"5"
26
60
Railroads.
40,100 Atch Topeka A Santa Fe_.100
3,500
Do
pref
100
3,600 Atlanta Birm & Atlantic.,100
85%
32%
47%
47%
57%
56%
57%
6%
5%
7%
17%
28%
6
7%
17%
28
41
71%
7%
7%
74%
5%
5
7%
7%
75
6
85
33%
47%
10%
5%
84%
32%
Lowest
Shares
$ per share
79
80
$ per share
79%
80%
SMARM
Range for Presume
On basis of 100-share lots
Week
17
Dec.
PER
SMAtttS
Range since Jan. 1.
YORK STOCK
EXCHANGE
the
Friday
Thursday
Dec. 16
8 per share
S per share
80
75
*5%
Wednesday
Dec. 15
Tuesday
Dec. 14
13
8TOCKS
-
NEW
for
Saturday
2407
Exchange—Stock Record, Daily, Weekly and Yearly
'■■■
"
| Lees than 100 abaree.
pref.
• Bx-d«*.
and rights
4
Febll
42%
14
Dec 2
46% Mar29
45
Decl7
72
24%
Decl3
88*4 Jan 5
2% Mar24
1
Aug
9
Augll
44% Decl4
85
Dec 15
1
28
69
51
92% Nov 9
Jan
Jan
95
Jan28
87
Sept
96%
Janl6
x92
Dec
103%
Aprl6
62
Jan
Oct28
Decl6
3
5
84%
Jan
2
84% May
61%
Jan
3
42%
3
Jan
Apr 9
Feb 4
16%
Decl7
54%
61
Aug26
86
9
95
Feb 6
6%
36%
Dec 17
Decl7
AuglO
Jan
Jan
93
116%
Dec
81%
128%
147%
35%
30
Jan 3
6
Dec
101
53
Jan
1% Dec
1% Jan
53%
118% Nov 19
37
Jan
66
62% Septl7
105% July 7
7
Jan
66%
92
55% Dec 17
22% Nov20
*73
Mar31
21
Aug 9
Novl9
7tf% Decl6
38% Decl7
75
3
Janl2
7% Mar
15%
175
30%
122
Jan
3
Mar26
298
84%
113
Jan
Feb
Dec
Feb
JaD
39%
Jan
88
Jan
Jan 14
10% Nov
Mar 31
76% Sept
Jan
3
Jan
3
63% MarlO
13%
Jan
71%
Jan
37% Aug
Feb13
68
Jan 2
54%
Jan
Deel3
120%
Jan 3
62%
Feb
Novl6
14%
Jan22
Apr 7
Jan27
"44%
Mar
85
Mar
58
Jan
100
Jan
9
51
Nov20
80
Aug 3
*79% Decl3
96% June 1
8% Deel6
• E* dividend
95
99%
109%
107
Apr 8
Mar 9
17% JunelC
• Full paid
New York Stock Record—Continued—Page 2
2408
for record of sales during the week of stocks
usually inactive,
preceding page.
see
TER
LOW
AND
SALE PRICE—PER
SHARE,
NOT PER
Saturday
Monday
Tuesday
Wednesday
Dec. 13
Dec. 14
Dec. 15
Dec. 16
$ per share
% per share
$ per share
% per
% per share
9%
9%
•70%
share
9%
9%
8%
8%
69%
42%
84%
40
69%
42%
84%
81%
82%
81%
82
83
32
32%
31
32
30%
32
x28
83
83
69
69
39
41%
.
i
"83%
84
88
100%
100
100
70%
68
69%
85
79
81
98%
97%
98
70
*80%
98
110% 112
87%
88%
107% 110
64%
61%
114
114
88%
88%
110% 110%
66%
162%
107% 110%
66%
62%
93
34%
6%
6%
92%
33%
6%
6%
20%
52
52
42
10
10%
20%
20
..mrnm'm
mm'
"
mm
"9%
88%
85
85%
54
*98
18%
mm
m
53
m
101% 101%
100
4
Decl3
100%
14,500
Nov20
50
80
81%
85
87
"80%
115
88
63%
90
34
6%
31
37%
9
14
4
50
800
7
8
2,600
53%
87
89%
95%
*98
103
95
*85
52
51
80
81%
81%
4%
10%
8%
83%
5
4%
9
4%
10%
10%
8%
14
9%
81%
4%
10%
8%
13%
61%
23%
68
5
10%
9%
14
13%
14
61%
61
62
21
26%
62%
23%
25%
67%
68
67%
7%
68
13
63
•
7%
-
-
.
.
.
.
"37%
38"
6%
36%
6%
37%
36
36%
36%
37%
*88
91
88
89
87
87%
87
87%
26%
25%
26
25%
27
27
74%
72%
73%
72%
74%
67
63
63
63
8%
8%
18%
8%
18%
65%
8%
25%
73%
62%
18%
20%
18%
20%
55
20
21
20%
28
28%
26
26
18%
20%
25%
55%
55%
53%
10%
54%
53%
11
11%
63%
■
mmmm
m
»
-
«.
11
10
63%
63%
26%
10%
63%
.
8%
18%
20%
27%
54%
10%
63
*53
55
*53%
56
*53
55
*74
76
*73
75
*73
75
79
78
79%
6%
6%
'mm
....
60
77%
6%
18%
77%
6%
19%
6%
60
mm
60
78%
61%
18%
60
*98
5%
6
5%
64
5%
65%
63%
98%
99
98
29%
86%
30
89%
85
85%
28%
81%
84%
20%
21%
66%
28%
5%
65
66%
98%
29%
*96
19
60%
100
*72
77%
5%
20%
'mm
29%
27%
28%
82
79%
83
116,600
82
82
83
800
20
17%
19
20%
18%
66%
66%
*64%
65
54
61%
26%
26%
10%
15%
27%
60%
26%
64%
26%
26%
26%
27
10%
10
10
10%
10%
16
15%
15%
52%
15
15
119
119%
118% 119
49
14%
61%
61%
66%
13%
60%
61%
71
70%
61%
70%
60
71%
61%
71%
60
71%
69%
70%
39
40
38
39%
35%
37
33%
♦77
78%
76%
77
75
75
*18
20
18
18
*18
11
11
20%
66%
14
19*
20%
18%
18%
18%
18%
20"
"19"
32%
14%
32%
54%
14%
77%
9%
14%
15
79%
82
,10%
9%
10
6%
6%
95
94%
101
.......
48%
50%
29%
29
71
4%
3%
9%
84
45%
11%
48%
*29
1
95%
100
9%
6%
30
*10
46%
95%
101
10
6%
30%
18
46%
96%
101
18
6
30%
30
30
47%
49%
71%
22%
31%
21%
22%
71%
21%
31%
31
...
.
—
-
9
.
.
5
....
4%
3%
9
5
49%
71
71
21%
22%
30%
4%
31%
4
....
9
5
....
.....
20%
30%
4%
3%
8%
16%
16%
9%
16%
16%
16%
16
35%
37%
35
36%
16%
36%
16%
38
38
35%
*84
90
89
84
84
80
82
17%
7%
16%
17%
16%
17%
8
7
17%
17%
5%
6%
*84
17
*75
12%
48%
48%
49
71
'
30%
5
4%
3%
3%
8%
16%
36%
51%
51
50%
51%
49%
41%
40
41
41
41%
41
16
16%
16%
16%
17%
17%
16%
17%
59
100
9734 June22
Continental Candy Corp No par
Products Refining. .100
Corn
Do
pref
Cosden & Co..
No par
Sugar
Dome Mines, Ltd
Elk Horn Coal Corp
10
50
Endlcott-Johnson
Do
50
pref
100
Famous Players Lasky No par
Do
preferred (8%)
100
Federal Mining & Smelting 100
Nov20
80
89%
50%
Aug25
56
69
75
Nov
July
July
Nov
July
Oct
Oct
Oct
75%
95%
54
x78
93% Mar22
20% Jan 5
7834
5%
98
Apr26
Apr 9
30%
65%
10234
Jan22
100%
46%
Oct
113%
29%
50%
43%
91% Dec
Do
15
51%
8434
45
Jan
Aug
Aug
Dec
Apr
Dec
June
86% July
106% July
23
Oct
Feb
37% Nov
10334 June
Oct
110
June
261
Oct
Jan
105
July
Jan
55
Dec
87%
Dec
69% Mar
nl50
3
10%
Jan
2
23%
Dec
16% May
43
July
Decl7
28
Jan
Decl4
147
Jan
6
80
Decl3
104
Jan
3
101%
Aug
107%
Novl7
95
Jan
5
83
Dec
123
9
""'Dec
25
Dec
71T Novl7
June
150
Dec
Dec
July
91%
Dec 17
80
Nov20
134% Mar20
51 Decl 7
Oct
Jan «410
Jan
25
38%
Jan
23% July
48% July
°ct
1731
25
Cigar, Inc
Debenture
Feb
91
20%
7
Apr 14
Jan21
Aprl7
100
IOI4
Decl6
48
Jan
39% Nov
55
13%
Decl4
36%
Jan 5
31%
Dec
64% July
Jan
5
15
Dec
3834 July
49
JunelO
54
Nov20
77% July23
75% Jan 3
47
Jan
95% July
100
pref
—100
General Electric
100
General Motors Corp pref. 100
Do
temporary ctfs No par
Do
Novl2 n605
914 Mayl9
13
Apr29
Aps 7
..No par
pref
Fisher Body Corp
Fisk Rubber
Do
433s
9
Aprl5
16% Mar30
4434 Mayl4
1% DeclO
7914 May25
118
Dec 9
64*2 Novl8
1278 Novl9
19%
9434
172
893?
42
3
5
90
Dec
101
Jan
2
144%
Feb
176
Aug
Oct
Jan
3
82
Jan
95
June
82%
Feb
94%
Apr
56%
Jan
93%
Mar26
Decl4
85%
Jan
6934
Dec 15
94
Apr20
100
Goodrich Co (B F)
Do
Oct
Jan
60»
3334
Decl 6
85%
Jan
5
Deb stock (6%)... 100
Deb stock (7%)...100
6
Aug
109%
Oct
Apr
Dec
80
Jan
5
47%
46%
Dec
533, Nov
3
32%
Dec
47% July
49%
Feb
40
Feb
89% Oct
71% July
14*5 Decl3
30_ Novl9
20% Augl 7
16,724
2,100
Sugar...No
States Steel tr ctrs__ 100
Haskel & Barker Car.. .No par
Hendee Manufacturing
100
Houston Oil of Texas
J 00
Hupp Motor Car Corp
10
Indiahoma
Refining
Inspiration Cons Copper.
Internat Agrlcul Corp
5
_
Do
pref
Inter Harvester
Do
20
100
100
(new)
100
pref (new)
100
Int Mercantile Marine
Do
pref
100
...100
Internat Motor Truck.No par
Do
1st pref
-..100
Do
39,596
7,300
700
600
16
1,600
35%
6,900
8%
48%
40%
7%
50
1,500
600
33,400
15,200
13,500
40%
3,300
16%
2d pref
100
International Nickel (The). 25
International Paper
100
Do
stamped pref
Invincible Oil Corp
Iron Products Corp
Island Oil &
100
50
84%
Jan
102
8
54" Novl9
78% July 8
14%
Decl3
46%
70%
Dec 17
9%
Decl3
61%
10
Decl 4
27
45
Dec
8
88%
Novl9
88
100 ' Novl9
11%
Aprl9
116% Sept20
23% Apr 9
55? Augll
2934 Decl7
934
142%
Apr 6
Apr 8
Aprl4
Apr! 5
Aprl3
110%
115
Jan24
111
"42"% "Feb
"78%
10%
Jan
48
Jan
July
37% July
91
July
Jan
149% July
Dec
120
June
21%
Jan
67% July
92%
Feb
128% May
Apr 9
2634 Jan 7
9134 Marl 8
20% Dec
33% June
30%
Jan
82
Nov
62
Jan
80
July
Jan27
34
Dec
65
Nov
7% July 9
Jan 9
15
Dec
48
Mar
Decl7
5134
Jan
3
Novl8
111%
Jan
5
*
44
281'
170
Apr 7
Nov! 8
84
Jan19
5734 Novl7
71
68
Dec
9
No par
30% Decl6
Dec
DeclO
Do
pref
s
Jones Bros Tea,
8
51%
Jan 3
21%
45%
JanlO
38%
Dec
91
Mar
100
15
Nov30
30
Jan
5
24%
Dec
44
July
Kelly-Springfield Tire..25
Temporary 8% preferred 100
34
Decl 7
152%
Jan
5
68
Jan
164
Nov
80
Decl5
105
Jan21
101% Dec
Kennecott
16%
Decl 6
33%
Apr 7
27% Nov
534
Dec 13
48%
Jan
5
38% Dec
July
126% July
4678 Nov20
9134
Jan
5
62%
107% Nov
35
Aug 7
57%
Dec
DeclS
38%
Oct25
Jan 6
33
16
21
Jan
207
JanlO
195
Dec
109%
Jan31
107
Jan
36
Apr 12
100
Inc
Copper
No par
Keystone Tire & Rubber.. 10
Lackawanna Steel
100
Laclede Gas (St Louis)
100
1,350
*95
101
*95
101
700
Liggett & Myers Tobacco..100
Do
pref
100
10,000
79%
♦1
47% Julyl5
3
Lee Rubber & Tire
16%
Feb16
Decl6
4
2,000
16%
Nov26
70
2034
10
v t c__
130
{ Less than 100 shares.
45
Dec 14
100
Transp
§130
16%
12*8
Jewel Tea, Inc...
130
16%
1778 Nov 17
100
Can, Inc
130
16%
Decl5
9
par
8%
15%
41%
17%
DeclO
7378 July28
z6%
Jan
32% Feb
37% Nov
3434 Feb
39% Feb
Jan 5
Jan 14
Aug27
Jan
34
.
Bid and asked prices; no sales on this day.
Decl7
Nov20
74
65%
9234
Jan
1,600
7%
50%
41
63
52
Jan 2
Jan 3
67
38%
3,100
7
52%
-..100
40%
44%
4934
5"
17%
16%
Decl7
Dec
Decl3
3%
"
81
41%
Decl4
163?
17l2 Dec 17
17,200
81
52
10
Dec 6
MaylQ
21%
41%
11
22%
.
16%
7%
16%
102
-
16%
413?
135
*131
140
130% 130% *130
100
100
100
101% 101% *95
17
17
16%
16%
16% 17
-
85
6%
48%
131
71
22
.
16%
5%
48%
7%
12%
22
"
141% Nov
Apr
■
12%
....
50
Nov
68
25
58
48%
25%
90
Apr 8
Jan 3
Jan 3
100
72
*55
20
6712 July
Mar29
Gray & Davis, Inc
Greene Cananea Copper
25,500
*68
116% July
114
July
Jan
Jan
5,700
49%
58
Feb
Dec
Oct
31
3
700
72
56%
104%
3
10,600
30
5
Jan 5
Jan 3
Jan
11%
*55
16%
•
96%
*67
Dec 9
5%
1934 Junel8
Jan
101%
59
86% Sept
55%
1,500
4,700
74
Jan
10234
50
32
64%
DeclO
3,100
*54
87%
57%
Jan 6
Decl5
20,200
*68
54% May
Jan
Jan
18
11%
*30
Dec
48%
20%
74
30io
58
19%
3
100
11,200
2,600
73
Jan 6
Jan28
100
76%
9%
6%
30%
38
16%
15
*68
25
No par
100
pref
70%
49
12%
48%
Do
pref
Consolidated Cigar
78%
9%
48%
13%
..No par
*14%
49%
12%
48%
Coca Cola
100
Columbia Gas & Electric..100
Columbia Graphophone No par
14%
47%
12%
No par
Gulf
50
12%
100
Colorado Fuel & Iron
Guantanamo
11%
48%
Jan
37% July
16434
1,400
95%
85%
46
Feb
111%
2,800
1,600
101
28%
Octl5
No par
7214 Novl9
Chicago Pneumatic Tool.. 100
60
Nov27
Chile Copper
25 V 714 NOV30
C'hino Copper
5
176s Dec 3
2,900
12%
Aug 5
16%
Jan
14
11%
12
60
Act
3934 July
108%
61%
55%
12%
Janl2
Apr
17
Jan
1043?
.100
pref..
32%
11%
29%
166
Feb
16
6i2 Dec 9
35% Decl 6
8514 Decl7
Do
14
*46
6
75%
54%
29%
10%
9
Jan
Nov20
pref
100
Case (J I) Plow WkS—A7© par
30%
30% 30%
10%
10%
46%
46%
95% 96%
100% 100%
Jan
63
100
Do
54%
9%
111?
26
pref
Granby Cons M S & P
600
100
6
129
1538 Nov20
Petroleum
33
6%
Dec 13
414 Nov20
10i8 Sept24
8I2 Decl 3
California
17%
*50
31%
4%
•
5
*101
"is"
vi 1
^11
12%
13%
Dec
100
Butte & Superior Mining.. 10
Caddo Central OH & Ref__ 100
California Packing
No par
18%
14%
73
12%
47%
-
3%
9%
131
1,900
60
71%
22%
.
79
6%
*1 A
1
J.
800
76%
18%
18%
*56
13%
49%
...
82%
10%
*75
*58
■
74
22%
29%
15
46
95%
12%
14%
30%
10%
100
11%
60
49%
96
101
13%
51%
15
10
'
800
15,675
19%
84%
46%
118% 119%
75
15%
115
t c_.5
General
74
82%
Apr 7
v
...
1,100
74
14%
80
100
Butte Copper & Zinc
Butterlck
2,450
74
31%
Burns Bros
54
33%
14
May
86
34%
32
July
Aug
92
51
5,900
11,900
36%
14
30
14,515
2%
13% 125,200
60%
6,600
71
6,800
34%
15,600
31
11
10%
14%
13
15
30
750
70%
55%
45%
900
60
31%
13
200
71
14
46%
5
82
60%
30%
54%
9%
6%
1,400
13%
16
6%
30%
13%
.
70%
33%
32%
14%
79%
'5,400
*11,500
60
56%
15%
13%
3,500
68%
30
102
Dec
85%
67
56
Dec
41
Decl7
69%
13%
18%
14%
30%
*67
■
20
85%
Ocl23
54
119% 120%
119% 120%
*67
72%
13% 14
70
Apr
65
25
25%
50
54%
82
14
9634
*81
54
82
70
Oct 4
Sept24
Freeport Texas Co
No par
Gaston W & W, Inc
No par
Gen Amer Tank Car ..No par
49
54%
82V
25
54
10%
54%
July
Sept
116
Dec
10
10%
14%
82
Jan
11
101%
100
10%
15%
2%
51
1
10734 July
12
Oct
108
Do
pref..
Cuban-American
7,200
84%
*50
9
Jan
12,300
"3,300
"83%
54%
5
Jan
Jan
Dec
*52%
85%
52
Jan
15
2%
55%
593s
25%
81% 82%
118% 119%
66% 66%
12%
13%
114
DeclS
55%
90
Decl7
7
54
96% May 6
Jan 3
1714
28
52
May
2% May
Oct
45
100
*25
55%
119
Jan
Sept
278%
72%
56
Feb
1%
26
Apr 9
Dec 16
72
82%
110
32%
Cuba Cane Sugar
72%
82
105% Nov 5
1%
Jan 5
26I4 Dec 1
78'% DeclG
72%
54%
Nov22
J2 Aug20
214 Novl7
4834 Decl7
82
72
54
100
No par
Crucible Steel of America__100
Do
pref-...
100
20,800
71
86
July
Oct
72%
55
145
Oct
48
57
Jan
109% July
85% ^2,200
55
11178 June
103
Jan
52%
*56
Dec
Oct29
102
85
*82
100
130
Jan
51%
2%
Jan 5
Nov20
107
45%
71%
14
Oct
102%
102
Decl3
85%
2%
76% May
156%
98
49%
15
"Oct
192%
100
85
5
94% DeclO
7
Jan
15%
47%
25
Apr 9
99
53%
§82
10%
148%
Jan
60
72
par
Dec 13
1034 Sept
85%
2
Jan
85
46
53
2
Jan
Jan 5
75
Apr 14
85
14
Feb
64
64%
Augl2
DeclO
Aprl6
*48
2
92
20%
x5 3
14%
51%
15%
176%
80% May
105%
84%
2
2
7
Decl7
99U Nov26
Jan
Mar
DeclO
50
14
15%
Aug
Feb
7
Nov2Q
51%
84%
1%
15
Dec
82
58%
3
5
87%
10%
65%
61
Jan
62%
67,300
52
10%
13%
10%
14%
1%
17%
Jan17
7534
83
800
*19
52%
Jan
74%
Dec 15
31,400
100
21
10%
11
*57
*94
19%
54
67%
Decl5
48
Do
5~,400
July
July
Decl7
Continental
82
5%
65%
5%
64%
65
Brooklyn Edison, Inc
..100
Brooklyn Union Gas......100
"
27%
78%
I
29
Jan
18
3,900
62
110
Jan
21%
39
2,700
18%
62
*98
*5
10%
*58
m
84%
25%
85%
10%
50%
m
86%
85%
29%
m
61%
30
85
13
■m
10"
81%
90
94%
'
29
26%
---.
'
*82
*85
'
.
61
*98
4,500
30
"26%
30%
m
62
100
"Y, 700
5%
84%
84%
7
46%
5%
'
Jan
Dec 14
49%
pref
Consolidated Gas (NY)
100
Cons Inter-State Call Mg__10
Consolidated Textile..No par
79"
77%
5%
18%
78%
'
Feb
27%
Dec 13
Do
81
89%
*11
&300
*54
84%
28
6%
moo
57
63
57
75"
29
*5
10
63%
70
*55"
*72
98
*26
*15
34,150
55
6%
*87
*20%
10
11
10%
*
98
16
1%
2,700
98
15%
71
5,300
54%
10%
98
100
10%
73%
24,700
26%
5%
10
73%
20%
Jan
94%
3
100
9
26%
54%
45%
Jan
6is
No par
1,100
20%
2
Jan29
8% pref. 100
10,800
65%
10%
16%
53%
87%
20%
26%
54%
79%
cum conv
Booth Fisheries
75
49,900
12,400
Jan
Decl7
Feb24
63
18%
165%
105%
61%
3212
102%
63
8%
169% Dec
11034 June
69
Oct
Decl7
DeclS
z90
102%
63
18%
Jan
Aug 3
Cerro de Pasco Cop.
Chandler Motor Car
9%
Oct
106
Novl9
14,230
18%
20%
26%
54%
314%
Dec
51
26
8%
18%
Feb
93%
77% July
100
Central Leather.
9%
18%
20%
191%
7
June29
90
600
63
£
Jan
9734
.100
17,800
1,700
75
Jan
283
210
common. .100
8%
.
64%
■
Do
B
86%
.
25%
11
Corp
Class
pref...
35%
.
86%
120% June
May
54% Nov
..20
No
85%
25%
73%
m
6018
108% May
100
73%
mm'-
5%
28
52%
8%
35%
1,500
64%
66%
64
68
5%
66
87
68
68%
26%
9%
54
24%
5%
67
52
62
23%
65%
28%
15%
52%
84%
51%
13%
61
5%
20
16%
13%
62
24
25%
73%
55%
4%
10%
8%
8%
12%
36%
27%
4,100
4,800
1,200
6,500
4,700
3,900
12,700
81
4%
10%
68%
18%
10%
500
85
81
4%
35%
84%
*5%
18%
60%
*98
85%
84%
10%
16%
81%
10%
9%
75
53%
6%
mm
63
*72
79%
83
68
'
mm mm
95
800
21%
8%
3,500
Aug 9
100
Dec
40
pref
Do
T,706
3%
8514 May20
102
73
Aug
90% Dec
95
10634 Mar22
105
Aprl2
100% Marl8
Jan 9
2,300
102%
Decl3
Aug
Oct
May
Jan 9
No par
Do
3%
119
Apr 6
Steel
44,000
96%
148%
Jan
66%
Bethlehem
52
Jan
59%
Motors
50%
Dec
113%
Dec 9
Bethlehem
m
*100
3%
*83
61%
8%
18%
m
91
111%
Dec 17
Batopilas Mining
52
80%
mm
103
3
3%
52
....
Janl9
Aprl4
Jan26
2512
100
104
3,400
93%
35i8
400
*99
%
*%
2%
2%
50%
48%
52% I 51
"
8934 July
109% July
47
July
100
preferred
Atlantic Fruit
Do
Dec
50
100
5,700
104
mm
2d
94
25
pref
Anaconda Copper Mining.
Associated Dry Goods
Do
1st preferred
Do
61% Dec
33% May
11
1
109
51
mm mm
2%
*85
10%
Do
3
Jan13
Mar22
142%
11834
92% May22
HMI4 Aug 9
100
3
,100
109"
mm
......
21
♦64
Amer Woolen of Mass
100
Barrett Co Chem Ccns ctfs.—
Do
pref ctfs dep.
94%
108
%
2%
50%
61%
53
*51%
.•
87%
*98
%
3
*51%
54
54%
94%
B..100
Jan 5
Mar30
Jan
Highest
Decl7
Decl7
66% Novl9
79
-.100
Class
100
26,900 Atl Gulf & W ISS Line
106% 108
Do
pref
100
1,600
*54% 57
86% 87% 130,200 Baldwin Locomotive Wks.100
108
53%
85%
108
104
%
2%
1
53
'
114
3
8
7%
106
55%
3,800
18io
100
(new)
Lowest
I per share $ per share
26
Dec
47% Oct
79% Dec
94% June
DeclS
8312
99*4
—100
Do
pref
-.100
Amer Writing Paper pref—100
Amer Zinc Lead & Smelt— 25
400
18
18%
x 80
100
pref
Amer Tobacco.--——
500
65,200
40
61%
25%
73%
'mi
mm
50
53
8%
13%
mmm'
35%
40
21%
mmm m
Do
Amer Telephone & Teleg--100
pref
40
18%
95
4%
WON**
Amer Sumatra Tobacco
common
51
*108
95
36%
26
100
Do
2,400
3,200
No par
pref
Do
*38
61%
mmm
Do
4,300
73,200
,700
81%
-—-
4,485
36%
"m
mmrnm
mm
35%
19%
21
*
5,800
-
American Sugar Refining. -100
600
*50
101% 103
3%
3%
100%
10%
14%
7,100
14,850
50
80
9%
82
39
86
5
10%
69
-■
■mm mm
7%
7%
107% 110%
100%
51
m
3%
82%
4%
10%
68
*80
pref-—-----100
Fdry tern ctfs.33 1-3
Pref temp ctfs
3,200
97% 98%
98
97%
111% 114% 112% 112%
87%
87%
87%
87%
♦108
111
107% 109
60%
61% 63%
62%
92
90% 90% *89
33
33
32% 33
6%
6%
6%
.6%
53
*85
34,550
86%
99% 100
83
Do
Am Steel
600
mmrnm
83%
*80
86
95
....
99% 100
68% 70
39
89%
*88
52%
-
-V'
4,700
29%
19%
49%
mm
9%
*%
2%
3
mm
"51
95
3%
'■
_
53%
52%
*90
83%
28%
37
105% 110
1
♦%
2%
*50
83%
29%
112
94%
108% 110
106% 108
104
102% 102% *100
1
72
31
105% 110%
53%
54%
54
54
2%
83
Decl4
6%
m/mmm
8
9%
104% 107%
*%
Decl6
39
34
'
51%
■
2%
68
Amer Smelting & Refining. 100
*90
38
35%
18%
"
106% 109%
54
53%
89%
91%
Am Smelt Secur pref ser A. 100
33,000
70%
*62%
mm mm
38
51
42
500
40%
*
27%
37%
18%
38%
68%
39%
82%
82%
87%
6%
30%
68%
98%
113
34
Dec 17
68
82%
110
92%
34%
6%
26
....
"38%
93
34
—
34%
8%
Year 1919
% per share
40%
89
SHARE
Range for Previous
Highest
share
68
100%
69%
82%
97%
82%
98
97%
110% 114
87%
87%
par
& Comm Corp .No
per
39%
83 %
29%
83%
86%
70
68%
Am 8blp
19,700
8%
$
30
100
*78%
8%
Par
70
40%
x80
85%
100
89
8%
8%
Lowest
Indus. & Miscell. (Con.)
Shares
$ per share
PER
EXCHANGE
Week
17
SHAKE
Range since Jan. 1.
On basis of 100-share lots
41%
*68%
-
10034
86
100
1
9%
8%
73
43
Friday
Dec
STOCKS
NEW YORK STOCK
the
CENT.
Thursday
Dec. 11
Sales
for
HIGH
Loew's Incorporated
% Ex-rights.
a
No par
No par
Ex-div. and rights.
778 Sept29
127% Nov26
99
16%
June21
Decl 3
»Par value $100.
0 Old stock,
x
Jan
110%
Oct
43
83
40
Jan
Oct
250% Aug
115
Ex-dlvldend.
July
2409
New York Stock Record—Concluded—Page 3
week of stocks usually Inactive, see third page following.
For record of sales during the
PER SHARE
Sales
Saturday
Monday
f Per share
Dec.
13
% per share
Dec. 15
14
the
10
10%
10%
10%
10%
9%
10%
30
29%
*27%
*27% 30
*27% 30
103% 103% *103% 105% *103% 105% *103%
V:—
*128
132
129% 130% *128
101
101
100% 100%
101% 101% *98%
68
58
•57% 62
57% 57%
♦57
57
*57
57
57%
5934
66
70
70
70
70% 71%
♦70
65
69
70%
67% *65
74%
♦95%
*95% C*93%
*95% 98
16738 163
162% 170% 159% 163% 161
10%
*25
30
*25
131
127
127
102
99
200
200
99
2d
15%
12%
15
12
11%
31%
31%
50
51%
95
95
11%
30%
53
*50
"67"
"66*
66%
1,300
Manati Sugar
*65
70
*65
70
1,200
96%
*93%
68"
186,700
162% 166% #160% 163
168%
pref
Mexican Petroleum
*93
15%
15%
11%
12%
49%
49%
9,000
42,400
38,780
15%
15%
15%
12%
31%
11%
,v
12%
30%
49
1,500
30%
3078
30%
49%
93%
14%
28%
49%
49
30%
#49%
*92%
14%
28%
50
1434
14%
15
28%
28
48
4534
48
48%
28%
49%
84%
85
85
84
84
27%
28%
29%
293/
29
29%
*28
30
70%
2%
70%
*67
2%
71
200
3
5,300
15%
14%
14%
28%
28%
28%
48%
49%
87
87
46%
#84%
♦27%
30
*67
72
96
*95
96
93%
14%
28%
49%
48
900
48%
1,100
1
3%
48%
'"3% "3%
3%
3% &3vx;
3
47
49%
48
48
91
91
*88
68
68
68% 69%
102%
101% 101% *101
834
8%
8%
8%
82
82%
82% 82%
18
18
18
18%
3%
48
95
47
95
*88
*66
71
*66
*88
'
mm-m
50%
50%
51%
34
35%
33%
33%
31%
32%
12%
12%
12
12
12
12
3%
3%
41
4
•
25
3%
79%
76%
79%
76%
72%
71
74
70%
7%
734
3884
38%
8%
39%
37%
34%
29%
35
35
34
29%
29%
28%
20%
19%
20%
#73%
14%
34%
30
29%
19%
36
33%
28%
14%
46%
46%
14%
12%
1478
47%
47%
47%
38
38
38
88
85%
12%
13
13
80%
80
81
95
95
32
32%
82%
83
80%
10214
*98
102%
"11%
60%
63%
90
19
17%
18%
18%
63%
12%
49%
59%
13
52%
12%
334
3%
13%
18%
^61%
12%
384
15
*12
4
3%
14
15%
93
39%
40
36%
24%
23%
900
54%
16,500
1,400
72
70%
72
68%
70
69%
70%
7,100
61%
83
59%
61%
58%
*88%
93
83
87
20%
20
20
18
88%
18%
59%
8778
60,500
92
56%
55%
57%
54%
56%
57%
12
12%
12
12
11%
3%
3%
3%
3%
13%
14%
13%
3%
3
95%
94
39
23%
24%
3
13li.
3
3
92%
39%
95%
39%
24%
38%
24
24%
23%
51
12%
'
•78
13%
43
51%
85
80
13%
81
13%
42%
13
13%
13
42%
7%
41%
40%
36
39%
8
9%
8
49
50%
49
51%
*80s
83%
*80
8%
7
41%
39%
37%
9%
52
83%
8%
7
84
32
31%
32
31
31%
52
53%
52
54%
11%
12%
*11
12%
57
18
16%
65
•'
_
65%
'
m
■
—-'mm
■
'■mm.'--
"40%
40%
38%
39%
65%
62%
6434
100
31
'mm
39%
39%
80%
78%
79%
''
"79%
105% 106%
106% 106%
50%
9%
39%
50%
9%
92
87
88
8%
*52
85%
87
87
*52
58
82%
85%
2934
*91
58
*51
84
37%
71
*11
42
52%
13
37%
*66
20%
30%
Decl4
108%
23%
16
Jan
7734 Nov20
98
Jan 7
93
Dec
51%
72% Sept28
45
Feb
Sept24
68
Jan28
80
Dec
Decl7
124
Marl9
110
Nov
120
Apr 19
61
63%
93%
38%
61%
39
3
*92%
38
39
63%
65
80
39%
31
95
100
84%
997»
100
63
100%
33%
34%
32
41
41
40
48%
Aug 9
Dec 16
82%
Dec 9
80
78%
79%
%
61%
105% 106%
51
50%
9%
9%
36% 38%
30% 31%
106% 106%
50%
50%
8%
37%
30%
*91
9
40%
31
96
96
pref
Superior Oil
6,200
96
7%
8%
10
Times Sq Auto Supply.No par
Tobacco Products Corp..-100
Do
100
100
pref...
-No par
Transcontinental OH
36,200
37%
C tr ctfs.No par
(The)
25
Texas Pacific Coal A OH
35% 116,700
8%
2,400
50
8,600
1,400
Transue A Williams St.No par
Union Bag A Paper Corp..
300
Union
21,800
100
No par
OH
No par
United Fruit
100
United Retail Stores...No par
U S Cast I Pipe A Fdy
100
United Alloy Steel
6,600
1,100
Do
100
100
pref
U 8 Express
18%
18,100
U S Food Products Corp..
64%
93%
39%
19,200
U S Industrial
62%
32,200
32
2,200
106% 106
#48% 49
9%
30%
38%
31%
92%
93
8,300
7%
Do
1st pref
U S Smelting Ref A
Do
.
M
pref
United States Steel Corp. .100
Do
pref
....100
10
23,600
3,300
Utah
44,700
Vanadium Corp
11,110
400
100
No par
Virginia-Carolina Chem... 100
Do
800
9,300
Copper
Utah Securities v t c
100
pref.
100
Virginia Iron CAC_.
V
No par
Vivaudou
lOO
56
51%
55
52
52
83
83%
837*
90%
83%
82
83%
2,800
Western Union Telegraph.
91%
91
3,000
Westlnghouse
*51
100
100
100
100
50
—50
United States Rubber
700
79% 244,100
Alcohol
pref...
100
U S Realty A ImprovementlOO
Do
200
1,635
6%
pa
100
Superior 8teel Corp'n
8,800
37%
nc
.
Texas Company
31
9
100
100
Tenn Copp A
99% 100
"78%
pref non-voting
Wells Fargo
Express
93
93
89%
41%
40%
41
40%
41%
41
41%
4078
41%
41
92%
41%
16,200
Westlnghouse Elec A Mfg—50
34%
35%
34
34%
34
35%
34%
35%
34
34%
34%
34%
13,500
White
22
■V
95%
22
6%
5-%
5%
5%
5%
34,590
31%
5,700
38
3,900
100
32%
37%
37%
31
534
6
534
5%
5%
30%
32
32
33
38
37%
37%
107
107
1071*
108%
40
43
39%
41%
37%
6
31%
31
32%
37
5%
38%
,
-|
37%
32
38
31
37%
106U IO6I9
.
Wlckwlre Spencer
"43%
44%
*75
80
*55
60
I
*75
80
*75
80
*75
58
58
*56
58
*56
•Bid and asked prices; no
39
40%
39
39%
79
75
75
75
76
Do
58
55
56
57
57
pref (new).
pref A
100
100
tc„lOO
100
oref B
100
Woolworth (F W)
4,100
Worthlngton P A M v
300
400
5
25
100
WllsonACo.Inc.v t c—No par
1,000
Do
1
Do
pref
5
41%
46t*
AprlS
85
Dec
Feb
Mar
Mar25
Apr 8
86%
Jan
39%
Dec 17
126%
Jan
9
Dec 10
Feb20
92
Jan
34%
Apr 8
Jan31
Septl3
Apr 8
Mar31
Jan 2
July 7
JulylS
45%
76
95%
Jan 3
72%
Jan 7
Dec
11%
41
Dec
20%
60
13%
c57%
53%
13
48% Nov20
80%
51% Mar26
101%
7
Decl6
40% Aug 6
24
Dec 1
8
91% June24
Dec 16
106
7
Decl3
36% Decl3
62
Decl3
20% Dec 14
30% Dec 15
38%
66%
6
Apr20
16%
DeclS
Decl7
97%
84%
Jan
Dec
Dec
Jan
3
87%
Jan
75
Jan
63
Jan
6
961*
Jan
5
6
22478
Dec
Jan
Jan
51
Jan
9%
*184
38
176
Febll
Dec 16
10% Novl8
3978 Novl7
82"
Aprl4
127
Oct23
Jan
3
84% Dec
37% Jan
157
Feb
80%
Aug
25%
Jan 3
14
Jan
55%
Apr 7
Apr 6
42%
16%
Jan
Feb
37%
78%
Jan
5
116%
Jan
8
#97%
?Aug 6
3578 Nov20
58% Novl8
99% Decl7
29% Dec 10
39% Det'30
78U Decl3
103%
Jan
6
96%
Dec
Jan
69%
143%
Apr 8
17%
Jan
5
73
Jan
116%
Janl3
109
Jan
109
Jan
104% Junel5
*48% Decl7
115%
63%
90
Jan
Jan
76
3
66
43%
Apr
Jan
45
Jan
5
88%
Feb
Jan28
111%
Dec
47% Mar27
3
65%
Feb
7
Aug25
14
Oct23
Deol4
97
AprlO
8%
54%
Dec
35'4
80%
Aprl4
51
112% Jan 7
120% 8eptl7
110
Jan
54
Mar
29%
Decl4
91
Decll
76
Febl3
678 Decl7
46% Nov20
31%
Dec
19
Novl9
5%
9
80%
21
Jan
June
92%
Oct23
51% Nov
55%
82
Sept
8
94%
Jan
Jan
3
401*
Jan
69% Mar29
32% Sept20
45
Jan
23%
Jan
Jan
Jan
7
32
Jan
3
26
Dec
7
93
Jan
5
87%
37
DeclO
82%
Jan 5
05%
3
Julyl9
110%
June
Feb
Jan
Dec
100
103
Dec
7
Mar31
76
119
40% Junt
98i4 May
Aprl4
95
75
Decl6
93%
55
Decl6
76
120
Feb
Jan 6
112%
Dec
1171* July
50
Feb
117
Janl3
88
Jan
98i*
Oci
Jan
Dec 16
104% July
136% May
Jan27
145
39
* Less than 100 shares,
X Ex-rights,
a Ex-dlv. and rights
# Bx-div. a Reduced
present title July 1 1920 range In cl. prices from July I only; range for Ohio Cities Gas Jsn. 1 to
sales on this day.
Name changed from Ohio Cities Gas to
41%
Steel
Willys-Overland (The)
Do
40%
50
Motor
74
Jan
Jan26
118%
25
80% Julyl3
41
Dec
Jan28
113% Mar25
89% Novl9
40% Nov20
95%
:=
Feb
Decll
Novl3|
Dec 14
26
100
91
Jan
6% Mar
168%
94%
Air Brake—50
93
.94
79
Dec
12%
"63%
82%
IQ0%junel7
Jan
44% Sept
84
Aug
90%
48%
AuglO 1850
1600
Jan
71%
100
Aprl4
243
Decl3
.
100
Do
400
400
86%
8%
#8
32%
A Trading...£2
10,200
40%
79
86%
55
23%
100
19%
m'm W
Sinclair Cons Oil Corp.No par
Sloss-Sheffield Steel A Iron 100
92,700
21
Janl3
Decl7
Decl7
7%
70
21%
Dec 17
Decl3
Do
46
25%
83%
55%
123%
177*
Dec 17
3
Studebaker Corp (The)...100
7%
93% July 7
Decl3
12%
100
Aug
Dec
Jan 3
49%
11%
100
Standard Oil of N J
Mar
68
Janl3
Jan 2
MaylO
Aprl2
Junel8
Apr 6
100
preferred
Feb
19
Jan 3
124%
2%
Shell Transp
104
Jan 6
106%
16%
Apr
Feb
94
Decl7
Dec 9
87
Feb
Mar
"68%
63% Nov19
100
100
Feb
12%
100
22%
Feb26
34%
No par
_
66,900
7
93
t clOO
Stromberg-Carburet.. .No par
*6%
18%
65%
92% May 3
10
Nov18
27% Dec 13
..100
v
3,500
7
18%
pref
85% Mar
#69
*42% July 7
106% Aprl2
107
Nov 3
Decl4
89%
36%
600
93
80%
100
Stewart Warn Sp Corp.No par
42%
64%
k
Jan24
Jan 5
Aprl2
1041* Feb 2
91%
.27%
113%
40% Novl9
*30
Novl9
Steel A Tube of Am pref...l00
42%
94
9934
50
25
400
42
20
*6%
84
NJ...100
Company..
100
42%
84
Feb 13
Jan
Nov22
Sears, Roebuck A Co
36,300
66%
33
13
8
93
2,500
v
44% July 2
54
Replogle Steel.
12,300
198% 200
51%
52%
12
11%
65%
-»
Dec
10
Republic Iron A Steel
Do
pref..
5,000
7%
100%
80
932
30%
*6%
18%
"8%
85%
7%
7
44%
....
8%
8%
8%
35%
34
98
*80
*41%
105% 106
49% 50%
9
9%
40%
30
*90
3238
91
9%
39%
40%
32%
50%
9%
51
51
12%
39%
64%
•
"78%
54%
52%
49%
50%
80%
21
20%
30%
30%
196% 198%
32
30%
197% 199
*11
8%
7
42%
34%
8%
19
31
32%
37%
*66
20%
20%
80%
7%
36%
-
v
66
62%
31
7%
7%
'•■mm 'mm
39%
64%
30
49%
.
7%
43
6%
6%
1634
6434
634
12%
43%
*40
44%
*6%
20ti
56%
^
195% 200
193% 195
6%
83
70
31%
*6%
18%
51%
38%
21%
38%
7234
*41
50%
*80
68
20%
12
9%
38
21%
44
34%
8%
7%
20%
*42
37%
9
65
21%
12
34%
36%
62
19584 199%
54% 56%
42%
65
3634
72%
21%
72%
7%
44%
36-%
39%
*38
7
7%
42%
8%
43%
Jan
59
88%
101%
25
Jan 3
Jan 8
Jan 8
100
100
Remington Typewriter
500
7%
44
*8%
*79
13%
7%
37%
8%
81
4234
42%
50%
81
7%
42
7%
42%
•80
81
13%
1234
43
7%
85
12%
85
Jan
82%
Ray Consolidated Copper.. 10
Do
Jan
Dec 13
t
19,600
39%
23% 101,800
50
1,100
30,700
50%
48%
48%
49% 49%
4934
87%
*79%
87%
*82% 85
*81% 87% *81% 87% *81%
604
615
605
610
620
§601
622
6615
§601
§602
5610
§600
103% 103%
102% 103%
102% 10334
103% 103%
102% 103
103% 103%
*79
81
79
79
*79
81
79%
79%
79
80% 80%
79
27
26%
26%
26%
26%
26%
26% 27l4
2634 27
27% 27%
28
27
28
28
25
27
29%
30
27%
27%
29
31
42%
40%
39%
42
40% 42%
40% 42%
39%
40%
43
40%
•82%
Dec
19%
Saxon Motor Car Corp-No par
38%
23%
*47%
Jan
92%
Apr
4,400
3
67
Aprl4
Dec
Savage Arms Corp
92%
Aprl4
30
5,300
3
116%
32
4,200
12
22
27%
3%
82,400
3,100
58%
Dec
58% Dec
June22
Oct25
13%
1,800
—
89%
3%
93%
39%
24%
Do
Jan 5
61%
JanlO
7%
Republic Motor Truck .No par
Royal Dutch Co (N Y shares).
St Joseph Lead
10
San Cecilia Sugar v t c.No par
'mm J
3%
14%
900
■
46
Feb 13
65% Novl9
PublicServ Corp of
200
11%
33
Janl3
7134
Dec
Mar
100
Pure Oil (The)
*28
70%
Apr 8
1,100 Railway Steel Spring
#11%
Jan 2
45
pref
19,600
11%
78
Nov
Aug! 8
Dec 10
81
32
46
Nov20
32-%
11%
34%
Jan 2
77
81
*28
Jan 5
65
12
32
100
4178
10
32%
mm'
128"
100
31%
'
63
3
97
Do
5% Mar
28% Sept20
Aprl4
157
42%
Pressed Steel Car
200
Jan
Decl5
Punta Alegre Sugar..
91%
37%
39%
24%
50%
4,000
54
55
101%
51
3
99
13%
■
Apr 6
9%
Nov17
May20
37
pref.............. 100
80
•i'wi-'
46
5
584 Mar 8
Aug 9
30% AuglO
28% Decl3
pref
13%
87
Jan
Aprl7
111%
36%
Pierce OH Corporation.
Do
Oct25
77%
22%
No par
Pullman
12%
61%
44% Mar
47
Jan
No par
79%
70
3%
2%
3
98
Do
Feb
Feb
19%
Jan 3
Augl9
12% Dec 14
41% May20
100
Pittsburgh Coal of Pa
500
Do
pref
5,700 Pond Creek Coal..
57%
57%
60
1434
91%
27
1,200
*8934
70%
5
Jan 3
45%
t c No par
11,000
12
90
v
13,900
31%
Jan
48%
61
100
Penn-Seaboard St'l
46
100
117%
13% NovlO
3,600
99% 101
'
13% Nov
3% Novl9
23
60
41
83
5
Decl4
107
Jan
93
Jan
May20
100
7
17%
NovlS
17%
ClassB
49
11%
95
Do
46
31%
64%
9,100
m''
-
94
54%
11%
71
69,200
70
101
32%
83
78
Jan
110
40% Nov20
Pacific Teleph A Teleg_._.100
Pan-Am Pet A Trans
60
49%
32%
30
63%
Sept
Pacific Gas & Electric
70 *
io"i%
11%
71
27%
69%
1,900
49
28
30
mm
13%
81%
94
'•
n%
11%
30
*90
80
28
11%
Jan
182
Pacific Development
101
32%
82%
1103
1,400
-
*85
89
13
54
31%
84
7%
*85
85%
13%
79
33
13%
47%
57%
13%
83%
84
Jan 3
25
56%
80
;
Aprl2
Steel—.........No par
80%
12%
100% 10134
48% 49%
93%
Owens Bottle...
79%
79
50%
Otis
12,400
11,900
5,100
12%
80
5,100
3,300
10%
81%
49
14%
74%
10%
56%
10034 101
89%
102%
Jan 2
Novll
No par
10%
56%
„
45%
Dec
Feb
NovlO
Mining
75
77%
71%
7%
'
.
8%
66% Novl8
Orpheum Circuit. Inc
Otis Elevator
10%
57
*55
Ontario Silver
75
56%
51%
''■mm
400
11
57%
61%
1,100
3,400
73%
56%
85%
102
24,700
Pierce-Arrow M Car
80
Apr 7
88
100
Phillips Petroleum
79
13
100
12,100
78%
Jan
Dec
Decl4
100
19.6 )0
78
70
103
45
preferred
19%
74%
10'%
50%
32%
Do
29%
74
101
New York Dock
28%
19%
10
*55"
1,700
2,000
812
Jan 3
Janl3
100 #100% May21
8
Novl8
6
pref
Nevada Consol Copper
New York Air Brake
18,700
80
102%
100
29%
19%
73
m
Do
9
100
pref
National Lead
19%
11%
m
Do
Dec
Novll
2%
Nat Conduit <fc Cable-No par
Nat Enam'g & Stamp'g
100
4,000
74
•
66
11,600
10%
10%
27%
100
pref
7%
19%
....
Nov
Do
Decl5
100
National Cloak & Suit
34
72
*85
Jan
Sept
87
36%
11%
78%
86
45
33%
75
88
Oct 26
90% Nov 1
otfs dep
35
11%
•85%
12%
80%
59
84
preferred
34
73
60
45% Nov20
Do
38
20%
*58
Nat Anil & Chem Cons otfs
76%
20
78%
29%
75%
#69%
7%
30%
20%
30%
Nov
Marl9
47%
14%
45%
13%
47%
48
38
7%
100
Mar25
40
Decl4
4034
34
Jan 6
40
3%
47
35%
100%
Oct
Feb
Decl5
Oklahoma Prod <fe Ref of Am.5
70%
7%
Decl6
Docl7
75%
38
93%
Dec 17
*36%
7%
36%
100
Pref
10%
37%
77%
8
Nov
30
47
38
54
par
47
7%
Jan 7
100
37%
37%
34%
69%
Nunnally Co (The)....No
37%
7284
Decl7
North American Co
47
72%
49
Nova Scotia Steel A Coal.. 100
16%
70
100
1,166
16%
80%
40%
4,100
15
14%
Nov
32
Jan 6
1,300
47%
21
Jan 6
11%
3%
3%
Dec
71%
50
15
74%
Jan 6
99
52%
30
14%
78%
26
10%
3%
47
4634
Decl3
Jan
10
Aug 5
30t« Nov20
10
60
50
14
4634
37%
75%
15
5
Aug
60
Jan 8
30
46%
'
105
13
14%
'
Marl3
32%
48%
m — mm
Jan
51
14%
46%
14%
4712
14%
Jan
162%
88
June
130
Jan 3
31
*11%
3%
50
14%
104
48
*49
14%
Janl2
222
#63
Decl6
100
4
4
4
*4
4
4%
24%
24%
25%
#25%
25%
24%
125
*123
125
123
*123
123
2534
125
124
107
Aug 9
Dee
14%
2,500
42
Oct29
148
Jan
63
28
200
'
Decl4
50%
52%
#3%
4
4
4
126
126
#51
3%
3%
25%
25%
25%
128
mm
♦41
42
42
50%
v";''«.
'"
25%
•126
*40
42
42
46
*39
3%
"mm'''-'
68%
13
3%
88
68"
67%
69%
68%
*68%
102%
*100
102% *100
100% *100
102% *100
8%
83J
8%
884
8%
8%
8%
8%
82
82
81%
81%
81%
81% 82
82%
20
20
20
20
18%
17%
19% 19%
72
Apr
107
Mont Wd&Co Ills Corp.No par
National Acme
60
1,350
48
47%
49
88
95
35%
50%
35%
*12
3%
*47
48%
68%
43%
50%
41
•
Feb
Decl3
100
pref
Do
11,200
84%
48%
84%
5,900
147%
100
Montana Power
700
93%
14%
28%
93%
14%
*28
Feb
Jan 2
65
100
Miami Copper
Middle States Oil Corp
Mid vale Steel <fc Ordnance
900
71
98
15
94
66
100
_
Do
«•
Jan 19
9512
May Department Storm. .100
*93%
25%
40%
Dec
Jan 3
110% Jan 8
69% Jan 7
64% Mar22
151% Aprl4
137% Aprl9
561* Novll
100
98
31
*28%
Decl7
Jan 3
70
Aug25
57
70
15%
11%
11%
98
70
30%
15%
15%
15%
11%
__100
28
AuglO
pref
Do
31
125
Highest
115%
183%
Aug26
,._100
Do
pre!
Mackay Companies
Do
038 Nov20
29% Nov18
100
400
300
9 per share
102
Lorlllard (P)
300
$ per share
1919
Lowest
-.100
preferred
800
57
67
Do
Highest
g psr share
Indus. 8c Mlscell. (Con.) Par
Loft Incorporated..
No par
Loose-Wilea Biscuit tr otfs.100
11,500
30
103% 103%
125% 127%
*98% 102
Year
Lowest
Shares
$ per share
10
10%
105% *103% 105%
•*
-
10
10%
30
rnmmm
----
$ per share
$ per share
% per share
Week
17
Dec.
16
Dec.
Mange for Previono
EXCHANGE
Friday
Thursday
Wednesday
Tuesday
Dec.
11
Dec.
NEW YORK STOCK
PER SHARE
Range sines Jan. 1
On basis of lOOntAnrs lots
STOCKS
for
HIGH AND LOW SALE PRICES—PEE SHARE, NOT PER CENT.
60
Jan
81
dm
6
Oef
n Par 1100.
July31. 87: May 20. 50 TA Jan 8.
to basis of 825 par
3410
New York Stock Exchange—BOND
Record, Friday, Weekly and Yearly
1 1909 if,ie Exchange method, of quoting bonds was changed and prices are now—-"and interest"—except for income and defaulted bonds.
Jan.
'
Dec.
S.
Bid
Government.
Since
Last Sale
17
Ask Low
BONDS
Range
Range or
Friday
EXCHANGE
Week ending Deo. 17
II.
Week's
Price
BONDS
nr. Y. STOCK
Jan
No. \Low
High
Week ending Dec.
J
D
89.96 Sale 189.82
90.16 94171 89.10110.40
J
3«% of 1932 1947
Conv 4% of 1932 1947
Conv 4tf % of 1932 1947
2d conv 4M% of 1932 1947-..
D
80.02
J
D
85.50 86 70 86 02
85,80 Sale 85-26
6
83.00 93.48
10-yr temp secur 6s June.1929
--
84.00 94.00
Chatt Dlv pur money g 4s 1951
Mac A Nor Dlv 1st g 5s..1946
J
J
J
D
94.00 Sale
94.00
94.00
20
86.00 101.10
M
N
85.00 Sale
84-94
85.42
143
81.40 92.90
M
N
85.00 Sale
84-90
85.60 17265
8L10 92.86
Mid Ga A Atl Dlv 5s
M
S
87.50 Sale
87.42
88,90 12153
85.80 95.00
O
85.50 Sale
84.84
85.98 30941
82.00 93.00
fourth Liberty Loan—
95.00 Sale
94.84
95.88 9822
95.00 Sale
9492
95.42,11650 94.64 99.40
<11930
100%
*104
105
..—.—1925
.—.1925
10578 104
Pan Canal 10-30-yr 2s
98%
*1936
Pan Canal 10-30-yr 2s reg—1938
99
90
Panama Canal 3s g—
79%
1981 Q M
89
871
Registered
..—..1961 Q M
89
100
Philippine Islands 4fl
1914r'34 Q
81%
F
coupon.—
....
Foreign Government.
Argentine Internal 6s of 1909— M
Belgium 26-yr ext a f 754 s g.1945
1-year 6% notes—.-Jan 1921
6-year 6% notes.....Jan 1925
Berne (City of) • f 8s
1945
Bordeaux (City of) 15-yr 68.1934
Chinese (Hukuang Ry) 5s of 1911
Chrlatlanla (City) s f 8s
1945
Copenhagen 25-yr s f 554s..1944
105
100%
104
106%
Mar'19
M
N
J
D t
79%
80%
Mar'20
Feb '15
69%
2
137
29
49
87%
98
94
95%
59,
94
99%
92%
Sale
8
76%
1954 J
70%
80%
92%
77
1921 A
Switzerland (Govt of) s f 8s 1940 J
Tokyo City 6s loan of 1912
M
102
72%
Dec'20
61
74%
39
99
77
99
86%
90
92%
98
98%
84|
89%
126
100%
739
99
867„
97%
99% 102%
Guar Tr Co ctfs ofdepIIIII
Purch money 1st coa 15s. 1942
Chic A Ind CRy 1st 5s...1936
.
85
Dec'20
...J
85
95%
Chicago Great West 1st 4a__1959
75%
75%
341
69
82
Chlo Ind A Loulsv—Ref 08.1947
74%
75%
664!
67%
82
70
77
Refunding gold 5s
1947
Refunding 4s Series C....1947
56%
204
52%
71
79%
32
79
92%
79
93%
79
76
Jan'20
79
Sale
79
79%
13
J X 41
Sale
40
41%
130
33
Sale
30%
34%
58'
93%
1271
47%
92%
101%
138
102%
45
46
"j
M
N
97% Sale
F
A
83% Sale
F
O
88% Sale
F
A
A
O
94% sale
95% Sale
98
449
83%
97%
82%
88%
94%
95%
893
89
648
95
265
53
95%
Ind A Loulsv 1st gu 48—1956
29%
50
20
39%
88% 95%
100% 104%
45
92% 99
81% 90%
83
95%
89% 95%
94
Chlo Ind A Sou 50-yr 4a....1956
L ® 4 East
1st 4 H 8--1969
Ch M A St P gen g 4s ser A_el989
Registered
Gen'l gold 3Hs Ser B
General 4^s Series C
Gen Aref Ser A 4Hs
Gen ref conv Ser B 5s
01
99
el989
el989
a2014
a2014
Convertible 4Hs
Permanent 4s
25-year debenture
1932
1925
4s..I~~1934
Chic A L Sup Dlv g 5s
Chic A Mo Riv Dlv 5s
1921
1920
1921
C M A Puget Sd 1st gu 4s. 1949
City Securities.
N Y City—454s Corp stock. 1960
454s Corporate stook
1904
4 54 s Corporate stock
1966
454s Corporate stock July 1907
454s Corporate stock
1905
454s Corporate stock
1903
4% Corporate stock
1959
4% Corporate stock.....1958
4% Corporate Btock.
1957
4% Corporate stock reg..1950
4548
Fargo A Sou
85%
PI
85%
US
A
--
J
86%
80%
91
94%
O
--
D
90%
91
M
S
M
N
81%
M
N
81
PI
N
80%
M N
Sale
83%
Dec'20
84
84
90
57
24
82
40
81
81
2
82% Oct *20
91
90%
90% Sale
95
N
8
81%
87% Dec '20
93% Dec '20
93% Dec '20
90%
91%
81%
83%
81
N
Canal Improvement
4548-1904 J
Canal Improvement
87
82
N
1901 M
Canal Imrpovement 4s__.196l J
Canal Improvement 4s...1902 J
Canal Improvement 4s... 1900 J
87%
20
Sale
1957 M
N Y State—4s
85
80
454% Corporate stock...1957 PI
354% Corporate Btook...1954 M
90%
71%
2-3s..l991|J
5e deferred Brown Bros
ctfs... I -
82% 89
89% 100%
89% 100%
Dec'20
91%
assum g 6a_.
1924
Mllw A Nor 1st ext4Hs_.1934
Cons extended 4)<S—.1934
Wis A Minn Dlv g 5s
1921
Chic A N'west Ex 4s._. 1886-*26
Registered
1886-1920
General gold 3Hs
1987
Registered
...©1987
General 4s
1937
Stamped 4s
General 5s stamped
Sinking fund 6s
Registered
J
D
J
J
J
A
F
J
J
J
J
J
J
J
J
J
J
J
J
O
A
D
D
J
J
J
J
J
J
J
J
D
D
J
F
F
M
Q
M
M
M
A
A
J
A
A
N
F
N
N
N
O
O
O
O
O
O
N
N
D
8
O
J
—1987
1987
1879^1929
1879-1929
Aug'20
71%
81
Sinking fund 5s
1879-1929 A
Dec'20
90
90
89
89
Registered
Debenture 5s.
1879-1929 A
Sept'20
91
June'20
91
91
93
J
July'20
Nov'20
93
97
101
108
101
99
Mar'20
99
S
101" mi |102
May'20
100
....
1101
95
8
64%::::«71%
74% 75%' 75%
July'20
Oct
95
'20'
Registered
99
107%
95
71%
71%
50
75%
1921
1921
Sinking fund deb 5s
70%
11933
Registered
1933
10-year secured 7s g..
1930
Des Plalnes Val 1st gu 4Ms *47
Frem Elk AMo V 1st 0S..1933
Man G BAN wist
A
A
M
M
J
M
A
3H8.1941 J
JSlT A ™l8t Bu 3^8—1941 J
? West 1st
MHLS
a
*1990 Q
J
52
Sale
52
52
47%
Atchison Topeka A Santa Fe—
Gen g 4s
......1995 A
O
—..1995 A
74% Sale
O
Registered
Adjustment gold 4s
*1995
Nov
*1995
Stamped
Conv gold 4s
Conv 4s Issue of
1910—
East Okla Dlv lBt
Nov
73
75
74
Dec '20
68
69%
"14'
69
82%
67%
79
62
73%
68%
69%
43
62
74%
D
66% Sale
64%
67%
31
60
70%
D
80%
82
65
77%
91
83%
83%
82
89%
64%
71
J
06%
Trans Con Short L 1st 4S.1958 J
Oal-Arlz 1st A ref 4 54 s"A 1902 PI
66%
J
73% Sale
73%
76%
S
77
77
77
S
87
5 Fe Pres A Ph 1st
g 5s... 1942 M
Atl Coast L 1st
gold 4s
*1952 M
S
S
10-year secured 7s
1930 PI N
Gen unified 454s
D
1904 J
Ala Mid 1st
gu gold 5s...1928 M N
Bruns A W 1st gu
J
gold 4s. 1938 J
Charles A Sav 1st gold 78.1930 J
J
LAN coll gold 48
01952 M N
Sav F A W 1st
O
gold 6s
1934 A
1st gold 6s
1934 A
O
Bait A Ohio prior
J
354 s..
1925 J
1st 50-year gold 4s
*1925 Q
*1948 A
Registered
10-yr conv 454s
*1948 Q
1933
J
O
Refund A gen 5s Series A .1995 J
771- sale
101
Sale
71% Sale
90
go's
87% Nov'20
76%
77%
101
102
71%
91%
1'
■
5)
6
"52
19
72%
4
91»-
5
79% Oct '20
75%
107
67
77%
68%
82
82
15
87%
69%
80
95% 103%
68
78%
90% 92%
78
79%
129% Aug'15
67%
70
08% 60%
100% 104% 100% Nov'20
91
99%
Oct '20
79% Sale
79%
80%
79%
79 h
64% Sale
81
64
Apr'20
65%
65
60%
"73"
98% 101%
::d
91
91
78
85
81
81
J
64
65%
237
5714
88%
89%
187
81%
92%
112
Jan'12
N
"74% "77 "
81
Oot *20
61% Sale
60
75
75
Ohio River RR 1st g 5s__. 1930 J
General gold 5s
1937 A
Pitts Clev A Tol 1st g 6s..1922 A
J
Sale
85
D
82%
O
83
O
Tol A Cin dlv 1st ref 4a A. 1959 J
J
Buffalo R A P gen g 58
1937 M 8
Oonsol 4548
1957 PI N
88
Roch A Pitts 1st gold 68-1921
Oonsol 1st g 6s
1922
Canada Sou
cons gu
A 5s... 1962
s
f 7S..1940
oh *■ Ohio l«t JWV-vf A*
A
O
J
F
J
A
J
J
A
D
JW J
•No price
Friday: latest bid and
103
76
46
81
"
84
52
Sale
89
93
80
Spr A Col Dlv 1st g 4s
79
W W Va! Dlv 1st
g 4S
OI St L A C 1st g 4s
85
85
91%
90% Mar'20
91
91%
90%
90%
52%
92% Nov'20
4484
88%
58%
51%
80
92«4
73%
Jan'20
70%
73%
73%
85
79
Apr'20
85
85
99% Nov'20
99%
99
99
"83%
83
83
1
100
109,
83%
99% Sale
99%
D
73
74% Nov'20
74%
Jan
83%
9984100%
97% 10C
Nov'20!
O
a Due
84
83
94
95%
74% May* 19
90
May'18
97% Juae'17
Sept'20,
76%
85
Dec'20,
79
84
90
100%
"83"
97%
100%
84%
87%
88
90
90
93
90%
71
70% Sale
80% Sale
82
05
71%
65%
72%
69%
72%
68%
193 i
3231
70%
71%
79%
82 1
63% July'20|
82% May'19
78% Dec" 19
70
89%
57%
68%
61%
58%
75
72
44%
41
49%
35
69
June'19
70%
70%
Nov'20
88% Sept'10
45
Feb'15
43
Sale
95
82%
79
~6Q% "77%
72
113
65
43%
84
78%
69%
72%
Mar'17
86
*63
98%
"79" ~86%
78% June'20
Sale
99%
90%
97%
Jan*IS
Dec'20
"72%
d
34
"70"% "71%
29%
40
98
Feb'20
90
70
70%
04
98
73
77%
91
99% 100
09%
75%
4 Due April. «Due May.
79
Sale
79
80%
73
84
907! Oct
"77" Sale"
92
83%
78
34
Nov'20.
67
" "82%
41
41
93%
20%
34%
33% Dec '20.
19%
90%
92-%
93% Nov'20
.
87%
72%
72%
76
75%
.
68
80
84
-
50
84
85%
60
50
.
50
52
64%
85%
M N
J
J
J
D
J
D
50*4 Sale
93%
...
79
*79
J
M
1940 M
1940 J
J
J
N
S
J
F|
J
J
O
J
...1990
Apr
Cleve Short L 1st gu 4Xs._.1961 A
Colorado A Sou 1st g 4s
1929 F
Refund A Ext 4Xs
1935 M
Ft W A Den C 1st g 6s...1921 J
Conn A Pas Rlvs 1st g 4s__.1943 A
Cuba RR 1st 50-year Be g—1952
O
J
O
A
N
D
O
J
.
50
.
51
94
50
.
__
Mar'20;-
63
Dec'20,
97
80%
68
May'19,.
73
68%
91
79
94
Dec '20
68
72%
68%
72%
65% Sale
73%
68
~62% "73"
73%i
60
82
72
73%
5934
66%
92%
Feb'16,
~53% ~617«
57% Sale
57%
74% Sale
58% Sale
74%
76%
57
59
67%
52%
80
66
65%
64%
66
)
76
65
68%
79%
L
76
83
65%
65% Sale
73% Sale
60
Sale
97%
92
99% Sale
62%
64
58
73%
58%
67%
94%
99%
93%
94%
97h
93%
99%
"I
70
97%
93% Feb '20.
99
64
64
Sept'19
Nov'20.
.
76%
76%
97%
80
85%
85%
83
>
60%
97%
102
91
.
76%
76%
97% Nov'20
89%
81
73
Sale
94
Sale
76%
64%
~9~0~"
78
~
llL
79%
87
74%
70
94
84%
Apr*20
Apr'10
94% Nov'20
99
96
99
83%
Mar'19
91%
.
89%
*
99
94%
9°t2
94%
.
101
88
98
103
.
Feb'20j.
Dec'20.
,
98
" Sale"
99
.
90%
99% 104
90% Nov'20.
102
J2
81
70%
74%
99%
88%
88%
55
81
.
93%
94%
97%
77%
.
109%
"99 " IIII
75%
8i%
65Jb
Apr'19
99
96
" "80*
59%
July'20
73
J
94
.
85%
70%
65% Sale
102%
101% Oct'10
101% 102% 101% Dec '20
02
Nov'20.
59% 68
68%
99% Dec *20
»9%
76%
90%
.
"
161% 101%
.
62
62
98%
95%
1
...
99%
99%
....
91%
97%
98%
74
99% Apr'20
Sept'10
90% 100
98% 98% Dec'20
Sale
74
•74
88
86
69
Sale
68%
70
88
75
|
6534
63
87%
79
65
'
71
312
60%
95
~81 "
58
98
55
-
90
87
Sale
1 !
73
56
88
75% Sale
104
79
78
,
82
^
79%
101%
Sale
82
75%
65
21
Dec'20
67
90%
87%
65
,69%
May'18|
69%
"73"% IIII
ms.
85%
Nov'16!
100% 101% 101%
55% Sale
73%
71
Sf!"
Nov'20!
Nov'20;
74
118
67
77%
88
76%
71
70
Feb'19
82
64
62% 62
100
100% 100% Dec '20
79% Sept*20j
79% 86
80
Dec'20
81% 83
♦81
-
J
64%
Apr'20
62
100
23
35
—
Nov'20
G334
97%
♦81" IIII
I. J!~9~6~% 100%
|
Nov'20
71
98
103
64
52%
May'17
Mar'17
81
j
Jan'20,
65%
81
68
74
75%
88
Oct
87%
72
10
8
80
"79
90
88
*20|
89
75
69%
71
74
61
66
61%
Dec'20
56%
68
71% Dec *20
60%
75
74% Jan '19
84
Nov* 16
76
80
62
Nov'20
70
73
73%
"80% IIII
98
....
54
55
Nov'20
69"
82
82% Sept'19
Nov'20
88"
98
Nov'20
98
"|f"
98
74
F
Cin S A CI oons 1st g 5s...1928 J
C C C A I gen cons g 08—1934 J
Ind B A W 1st pref 48
1940 A
OInd A W 1st pref 5s...<11938 Q
Peoria A East 1st cons 4s. 1940 A
.
Mar* 17
79
88
1939 J
Dec'20
Nov'20
May'20
85% Oct '20
97% Feb'13
32
64% Sale
*1936 Q
Income 4s
*19'
I
76
30%
~64% Sale"
*1930 Q
Registered
l||
86% Sale
8
..1929
ClnWAMDlv 1st g4s—1991
St L Dlv 1st coll tr
g 4s
1990
69%
Mar'20
91%
D
asked
51%
67%
88
Aug'19
99% Mar'18
94
All A West 1st g 48
gu
1998
Clear A Mah 1st gug 58-1943
*60""
63
80
~91% Sale"
C Find A Ft W lat gu 4s
g 1923
Day A Mich 1st cons 4^s 1931
Clev Cin Ch A St L gen 4s__1993
1931 J
65
S
Consol 50-year 4s
ClnH AD2dgold4Hs
1993 J
N
O
88
84
80%
J
O
J
D
Q M
1952 J
J
1937 J
J
General 5s Series B
Ref A lrapt 6s Series A
Cairo Dlv 1st gold 4ri
7512
70%
J
Chic T H A So East 1st 5s..1900
Chic A Wast Ind gen g 6s._el932
20-year deb 4Hs
57%
J
8
A
8
J
8
J
O
C R I F A N W 1st gu U
1921 A
O
Ch Okla A G cons 5s
1952 M N
Keok A Des Moines 1st 5s 1923 A
O
StPaulAKCShLlst4Hs'41 F A
ChlcStPMAOcons0s
1930-1
D
Cons 6s reduced to 3Hs_. 1930 J
D
Debenture 5a
1930 PI
8
North Wisconsin 1st 0s... 1930 J
J
Superior Short L 1st 5s g.el930 M 8
60
35481925 M
Cent Ohio 1st o g
4548—1930 M
CI Lor A W con 1st
g 58-1933 A
J
74%
279
J
1988
Refunding gold 4s
1934 A
RI Ark A Louis l8t4Hs_.1934 w
Burl C R A N lsr v se
1934 A
60
PLE A W VaSyBref4s..1941 M
Southw Dlv 1st gold 3548.1925 J
1922 J
Registered
1988 J
57%
65%
88% Sale
p—gen 4s
167|
63
Sale
L
Feb'20
65% Sale
D
1929 J
Sale
60%
_
Pitts Juno 1st gold 6s
P June AM Dlv
1st g
58
I960 J
g 4S...1928 M
Temporary 10-yr 0s
Ext A Imp s f gold 5s
1929
Ashland Dlv 1st g 60—1925
1955 J
Rocky Mtn Dlv lat 4s... 1905 J
Registered
572
69% Sale
69% Sale
80% sale
83% 84%
66% 71
Canadian North deb
W
F
"
Mich Dlv ist gold 6s...1924 j
Mil Spar A N W 1st gu 4s. 1947 W
St L Peo A N W 1st
gu 5s 1948 J
g 0s_..1921
Rallroad,
Ann Arbor 1st g 4s
71%
—
F A
J
J
M S
J
J
J
J
J
<*
J
J
J
89
J
J
93
100%
89% 100%
88
100%
80
90%
79% 91
80% 90
J
4548-1965 J
Highway Improv 1454s._1903lM
Highway Improv t 454s__ 1965 SI
Virginia funded debt
95%
95%
—
90
J
75%
98% Dec'20,
97% Dec *20
81
J
A O
M N
el989 Q
Chic A P W 1st g 6s
of 95to£
State and
J
Stamped
84%
92% Sale
102
Sale
85
83%
45
1st consol gold 6s........ 1930
General consol 1st 5s
1937
U S Mtg A Tr Co ctfs of dep
75%
UKofGt Brit A Ireland—
are prices on the basis
87%
84%
937ft
86%
99%
55%
44
70
73
95%
89
Sale
J
Chic A E 111 ref A imp 4s glll955
U 8 Mtg A Tr Co eta of dep...
86
76%
603;
12
90%
*J t~56 "
S
bee Great North
Nebraska Extension 4s_
1927
113
89%
86%
Sale
O
78%
70
'""5
62
73
99%
84
High
92
Joint bonds
H N
Registered
H1927 * N.
General 4s
...........1958 "*
81
[Lets
High
92
82%
80%
98%
97%
35
50
Since
Jan. 1
99
J
A
J
J
99
84
N
J
Chic B A Q—Denver Dlv 48.1922 F
Illinois Dlv 3^8
1949 J
Illinois Dlv 4s...
..1949 J
1950
39%
75%
75%
D
Rails.ay 1st lien 3Xs
92
62
78%
75
Range
or
Last Sale
85
82
76%
"7l"%
39,
A
N
68
96% 101
98% 100
82
N
8
O
63'
A X
J X
1925 J
1946 J
34'
73% Sale
Sale
Craig Valley 1st g 5s
Potts Creek Br 1st 4s
73
71%
95
70%
100
J
1940 J
Sale
84
D
D
J
J
J
J
79%
"61% "62"
I
Registered
1992
20-year convertible 4H8..1930
30-year conv secured 6s—1946
Big Sandy 1st 4s
1944 J
41
70%
77
98% Sale
87% Sale
1939
1992
39%
Sale
89% Sale
80% Sale
1939
Registered..
92
Sale
76%
99
1st consol gold 5s
General gold 4Xs
82% Sale
D
78%
78% Sale
40
N Y A Long Br gen g 4s..1941
ChesaAOfund Almpt58—1929
con g 4s...1989 J
2d consol gold 4s
1989 J
Greenbrier Ry 1st gu g 4s. 1940 M
Warm Springs V 1st g 6s__1941 M
OhlcA
Alton RR ref g 3s—1949 A
97%
72
do
do
"German stamp".
Sterling loan 4s
1931 j"
Lyons (City of) 15-yr 6s
1934 M
Marseilles (City of) 15-yr 6s 1934 M
Mexico—Exter loan £ 5s of 1899 Q
New
A1987
R A A Dlv 1st
99%
90%
69%
A
...1926
5-year 554% notes
1921
20-year gold bond 654s.. 1937
10-year conv 554s..
1929
5-year conv 554s
pl922
Zurich (City of) sf 8s
1945
89%
87%
99%
87%
94'% Sale
Italy (Kingdom of),Ser A 654s'25 F
Japanese Govt—£ loan 4%s.l925 F
fj hese
Registered
92
89%
—
J
J
J
J
J
PI N
J
J
Q
J
J
J
M S
J
J
M N
PI N
M S
8
F A
A O
Coal River Ry 1st gu 4s..1945
July'18
Apr '20
94
N
do
do
...1931
2-yr 554s gold notes Aug 1921
10-year 554 s
1929
French Republic 25-yr ext 8s 1945 M
Gold debt 4s of 1904
Paris (City of) 5-year 6s
100% 101
July'20
Dec '20
96V
69%
M
Dominican Rep Cone Adm s f 5s 68
Dominion of Canada g 5s.. .1921
Second series 454s..
June'20
96% Sale
S
D
Kxter dt of 5a 1914 ser A..49 F
External loan 454 s
1949
do
101%
99% Sale
90% Sale
J
Cuba—External debt 6s of 1904. M
do
94.70 99.40
100
100% Nov*20|
2s oonsol coupon
4s registered
4s
1947
Mobile Dlv 1st g 5s
1946
Cent RR A B of Ga coll g 5s.1937
Cent of N J gen gold 5s
1987
Am Dock A Imp gu 5s... 1921
A
of 1933 1938
Liberty Loan—
Notes of 1922 1923
Notes of 1922 1923
2s oonsol registered
41930
4\i%
Victory
4H %
354 %
F A
M N
Range
17
Ask Low
Bid
Central of Ga 1st gold 5a__.j>1945
Coneo gold 5s
1945
86.30 1199
Second Llbcry Loan—
4% of 1927 1942
Conv 4>£% of 1927 1942
Third Liberty Loan—
4%% of 1928
Friday
Dec.
17
High
PI ret Liberty Loan
Week's
Price
N. Y. STOCK EXCHANGE
1
Nov'20
74
74
88
"55"".
47" "67"
"57"
27% Dec '20
13
27
82
83%
84
76%
77%
76%
77%
17
74
70
71%
37
66%
Sale
71
93%
92
"60 " ~63~%
07
92%
Due Jons. I Due Jtdy. tDot Am. (Dm Oet.
16
Dec'20
93
Nov'20
yDue Not. iDn Dee.
73
1
91%
55
89
85%
I®
»8
"63 ~ "73"
s Option
saU
New York BOND
BONDS
N.
Y.
Price
STOCK EXCHANGE
Week
ending Dec.
Del Lack &
Western—
6s
99i2 lOOM
90%
1923
89i2
*93
....
675s
99i2
75
1935
8314 Sale
10314 104
10-year secured 7s
__1930
Alb A Susq conv 3Ms
1946
Renss A Saratoga 1st 7s__1921
Den & R Gr— 1st
70i8
100
Improvement gold 5s
1st A refunding 5b.___
8314
8334
103i2
70i2
104
100
1928
1955
61l8
63
65i2
66I2
68
68
43
43U Sale
Trust Co certifs of deposit..
Rio Gr June 1st gu 5s
Rio Gr Sou 1st gold 4s
1940
40
__1940
*12
Rio Gr West 1st gold 4s_.1939
61
Mtge & coll trust 4s A
1949
Det & Mack—1st lien g 4s__1995
Gold 4s.
199o
Registered
73
8712
21
63
4912
2
39
Oct'20
405s
Chic A Erie 1st gold 5s.
1982
Cleve & Mahon Vail g 5s. 1938
Erie A Jersey 1st s f 6s.>.1955
77
Sale
76i2
10678
IIII "84""
35
Dec'20
365s
36i2
42l2
v 77
Jan'17
103
85
57
56
lOOM
"51" Sale"
73
51
78
81
29
30
95
34
5334
27
66V 85
Grand Trunk of Can deb 7s 1940
Great Nor C B & Q coll 4s. .1921
1961
Sale
88%
Dec'20
8934
91
8oi4
...
1st guar gold 5s.
.1937
Will & S F 1st gold 5S..1938 J
Mar'20
7634
82
99>2
97
Feb'20
97
99
...1951 J
Registered.......
1951 J
Extended 1st gold 3M8--.1951 A
Registered....
83
79%
83%
70
6234 June'20
84
f
15
70
1952 IV!
Purchased lines 3Ms...__l952 J
L N O & Texas gold 4s
1953 m
1953 m
15-year secured 5MS-.---1934
80
68
70
73
f
Sale
68%
n
65is
J
67
n
h
*
73
34
70
661'
68
Sale
66
68
60i2
8778 Sale
87%
62%
"40
Dec'20
.1
73
77
J
51
58
58
"2
J
63
63
63
10
Omaha Dlv 1st gold 3s.
fi
1951 F
St Louis Div A Term g 3s_1951 J
1951
Western Lines 1st g 4s... 1951
Registered..—...
Bellev & Car 1st 6s_
98
102
58
J
60
6212
66
J
J
65
F
fi
67
58%
62i2
J
......1951 J
Springf Div 1st g 3 Ms
fi
72l2
75
93%
83
60
6034
69
Dec'20
52
"
62
Joint 1st ref 5s Series A. 1963 T
7814
Memph Div 1st g 4s.__ 1951 J
Registered..
1951 J
6512
81
"
72
St Louis Sou 1st gu g 4s._1931 M
Int A Great Nor 1st g ext 7s. 1922 M
89
James Frank A Clear 1st 4s. 1959 J
88
Kansas City Sou 1st gold 3s. 1950 A
19
90
70%
69%
84%
69%
89
74
104
5278 Sale
52%
Apr 1950 J
70i2 Sale
69%
71
Kansas City Term 1st 4s...1960 J
Lake Erie A West 1st g 5s._1937 J
6914 Sale
69
6934
78
79
80
80
65
72
Nov'20
90
65
82%
78
49%
59
Aug'19
8278
8734
74
12
89
Dec'20
^Registered
"""Ref A impt 5s.
1950
78
A
...1941 J
North Ohio 1st guar g 5S..1945 A
Leh Val N Y 1st gu g 4Ms—1940 J
Registered
1940 J
2d gold 5s
*
No
89U
J
price Friday; latest bid and aoVcd this
78
o
53
55
1
82%
50
23
26%
45
39
Dec'20
28
53
58
57
Dec'20
45
60
55
Oct'20
55
55
60%
42
Dec'20
33%
67
48%
60
72%
62%
Oct'20
20
623g
30
51
Dec'16
37
Oct'20
...
N
S
12
79%
87%
79%
3
87%
38
82%
84
51% Sale
82
84
49%
52%
58
"52 "
80
71
85
85
102
69% Sale"
69
6634 Sale
66
80%
....
87
90
91%
893g
51
60
59%
"72"
"70" "79%
73
Aug'20
85
July'14
70
---!
..5
48
76%
87
80
95%
"66" "76 "
Oct'17
67
"52
63%
"72"%
80
"2
91
87
102%
Sept'20
97%
75%
74
Nov'20
75
72
Dec'20
68
80%
77
84
9734
17%
30
.
Jasper Branch 1st
J
O
4Ms. 1957 J
....
77
71%
92
97
92
Sale
99
1977 J
J
j
90
1
92
110% Mar* 17
23% Dec'20
J
NO A N'Elst ref A imp
conv
D
6s... 1923 A
g
IIII "25%
95%
64%
80
25
34%
Dec'20
25
40%
24%
O
13
3 4%
31
22
Dec'20
15
24
17
17
72
73
72
80
J
59
Sale
58%
60%
67
1925 J
D
90
90
9084
96
1935 A
O
56
91%
Sale
"i
56%
20
41%
64
N
90% Sale
86
9334
4MsA '52
73
..
deb 6s. 1935 M
..
S
101.
54
Sale
87%
100%
65%
A
66% Sale
O
73
Sale""
70%
Dec'20
56
90%
102
6684
.73
297
100% 103%
72»4
79
63
58.
69% 82%
147
New York Cent A Hud River—
...1997 J
J
66% Sale
65
67
93
1997 J
J
65
Sale
65
65
10,
1934 M
N
77
Sale
75%
77
....1934 M
Mortgage 3Ms..
Registered
N
Debenture gold 4s
Registered
66% June'20
.1942 J
J
"70* "
3Ms.—-1998 F
A
58%
..1998 F
A
57
Registered.
Mich Cent coll gold
3MS..1998 F
A
..1998 F
Battle Cr A Stur 1st gu 3s. 1989 J
59
7234
59%
D
Registered.
4s. .1936 J
J
1936 J
Registered
72
Beech Cr Ext 1st g
87%
Cart A Ad 1st gu g 4s
1981 J
Gouv A Oswe 1st gu g 5s__1942 J
guar
_
KaAAGR 1st *ni
Due June,
1936 J
gold 5s
h Dae July,
.•
1936 J
3Ms_ftl951 A
e
a
5s.. 1038 J
dm Sens.
D
J
57%
70%
67%
69
.."l
74
13
58%
41
821?
66%
76%
65
76%
55
66
52% May'20
52%
60
54
66
58
' 58
58
81
59
Aug'20
Feb'20
81
81
49%
82%
73
73
49
12
95% Nov'16
104
May'16
J
J
O
O
58
49
81
J
78
2d
60
73
61%
56%
59%
Sale
A
Registered.....
84
i
96%
97% Sale
83%
74%
D
76%
ft Due Feb.
Oct'20
79%
81
84
June'19
73
89
....
522
74%
Oct'18
68
59
"73 " Sale*
8
A
62%
'79"
29"% ~40" "
79%
81
87% Sale
J
J
68
St L A Cairo guar g 4s..l931 J
Nashv Chatt A St L 1st 5s. 1928 J
63%
Sent'19
Due Jan.
....
24
Dec'20
Nov'20
76%
72
67
23%
37
86%
51%
Beech Creek 1st gu g
Oct'09
136
36% Nov'20
26%
Nov'20
Lake Shore coll g
74%
93
68%
60%
60%
48%
25
80
30-year deb 4s
Dec'20
Oct'20
35%
30%
Nov'20
35
Ref A imp 4Mb "A",.....2013 A
88
46%
46%
17
26%
Consol 4s Series A.......1998 F
Aug'19
74
28% Nov'20
90
19-year coll tr 7s._______ 1930 M
Oct'20
74
27%
33%
64% Nov'20
N Y Cent RR
93
77%
23%
25
64
N O Tex A Mexico 1st 6s
Nov'17
75
11
33%
90
65
84
*52% "6~3%
56%
3334
137
32%
33
....
58%
Dec"*0
54%
33%
34
68%
Non-cum income 5s A
69% Sept'20
75
19.50 J
92%
Dec'16
61%
53
Mar'J 9
65
85
J
711927 J
Nat of Mex prior lien 4Mb.. 1926 j
1st consol 4s.
_.__.__1951 A
Nov'10
65% July'18
81%
80%
Dec'20
S
1st ext gold 6s
61%
88%
"ofij in:
85
89%
..1938 Q
Montgomery Div 1st g 5s. 1947 M
New Orleans Term 1st 4s._. 1953 J
88
1951 J
O
Guaranteed general 4s
June'16
73
....
Unified A ref gold 4s._.1929 A
Registered
1929 J
Nat Rys of Mex pr lien
80
54
117% May'10
88
1951 J
Ind 111 A Iowa 1st g 4s
68%
79% May'19
92
Chic St L & N O gold 5s__ 1951 J
3Ms
69
74
80% Nov'16
Carb A Shaw 1st gold 4s. .1932 IV!
Gold
781 ■»
68
58% Sept'20
Oct'20
1951 F
Registered
Oct,'20
65
...
1923 J
59.%
63
"32
91
A
J
.
91
82%
88%
62
....
O
General gold 4s.
Dec'20
67
S
A
.
88
43
"~6
N
St L Ir M A S gen con g 5s 1931 J
Riv A G Div 1st g 48
1933 J
Verdi V I A W 1st g 5s...1926 M
Mob A Ohio new gold 6s.
1927 IVI
50%
75
4 8«4
82%
St Louis Div 5s......... 1927 F
74%
62
"32 *65 "
74
1938 F
40
77%
N
.
D
3Ms—
62 84
July*09
J
Gold
72
62%
1950 J
Litchfield Dlv 1st gold 3s. 1951 J
Louisv Dlv A Term g 3 Ms 1953 J
Middle Dlv reg 5s
...1921 F
Cairo Bridge gold 4s
__
"
63%
Nov'15
95% Sept'12
C
S
Gen con stamp gug5s_. 1931
C
Registered
_______1952 A
1st refunding 4s._._
1955 m
....
78
Dec'20
56
25
50
D
2d extended gold 5s
Nov'20
49%
79%
....
S
D
Cent Br U P 1st g 4s.....1948 M
Sept'17
~70" Safe'
.1
1938 M
75%
34%
90% Nov'20
85
85
52
N
Pac R of Mo 1st ext g 4s__1938 J
Oct'18
Nov'20
"69 " II It
J
1951 IV!
Collateral trust gold 4s
92
C
1951 A
sterling
83
83'8
83%*.-.
1945 M
65%
42
2
82
60%
42
Sher Sh A So 1st gu g 5S..1942 J
Texas A Okla 1st gu g 5s__1943 M
Missouri Pacific (reorg Co)—
42%
5
55
68%
35%
70%
52
O
69
8178
?,
71
48%
36%
Mo K A E 1st gu g 5s
M K A Okla 1st guar 5S..1942 IV!
M K A T of T 1st gu g 5s. 1942 M
69
J
74%
51
7734
73% June'18
J
J
Sale
A
5934
69
Dec'20
N
68
7312
41%
Dall A Waco 1st gu g 5S..1940 M
Kan City A Pac 1st g 4s_
58%
IIII
97%
41
36
..
A
....
95
91
Dec'20
31
A
*66%
99
95
Sept'20
40%
70%
....
O
A
*6812
J
Gen sinking fund 4Mb....1936 J
Missouri Pac 40-year 4s
3d 7s extended at 4%
85
Mar'20
91
43%
refunding 5s Ser A_. 1965 F
17
July'20
43%
1st A refunding 5s Ser C..1926 F
General 4s.........
1975 1V!
Dec'20
Nov'10
99
95
....
70%
...
2004 M
Trust Co certfs of deposit
1990^
1942! A
85%
Mar'10
41
30%
1st A refunding 5s Ser Ba_1923 F
J
70
46
32%
1st A
fi
61
55% Sale
13
711?
65
95
73
71
85%
93%
76%
96
85%
64%
90% Nov'20
67%
43%
86%
..1944 M
"ext".. 1916
91
"98~ "98~
68
89
Mo Kan A Tex—1st gold 4s. 1990 J
2d gold 4s
171990 F
Trust Co ctfs of deposit....
notes
"88"
Oct'20
98
46
....
M S S M A A 1st g 4s int
gu '26 J
1st ext gold 5s..'.
1st A refunding 4s
Dec'20
97% May'16
...
99%
92%
67%
41%
«77
91%
71i4 Sale
88
95
Sale
..
1941 iv
M
7
68
69%
39%
M
55
85" "94"
70
9% Nov'20
C
1951
96% 106%
101
70
58
68%
Feb'05
70
91%
8
82
12
65%
40
74
70
72
41% Sale
13614 May'06
90is
OlM 90
93
9118 Apr'20
1955 F
.
*82" "83"
Dec'20
8912
3
46
4s int gu '38 J
f 4b
_
7634
....
80
68%
..
83%
78
1948 A
Houston Belt A Term 1st 58.1937 J
Illinois Central 1st gold 4s..1951 J
"76%
7812
"89"
D
76
88l»
80
92%
1934
1938
5% secured
98
Feb
.1999 J
92
Sept'19
101
7984
*94
Trust Co certfs of deposit...
St Louis Div 1st ref g 4s. .2001 A
99
83%
74%
Debenture ctfs "B"..._.
Feb
Gulf A S 11st ref A t g 5a..61952 J
J
Hocking Val 1st cons g 4M8.1999 J
J
Col A H V 1st ext g 4s
Col A Tol 1st ext 4s
99
83
1937
Green Bay & W deb ctfs "A
96% 105%
120% May'16
8034 Dec'20
80
100
Registered
81%
June'16
10234
Sept'20
Mont C 1st gu g 6s___„__1937
1st gold 38
8512
88
873s
....1933
1st gold 3M8--—
70
99
*101
~7o""
_
78
Dec'20
Pacific ext guar 4s £...1940
E Minn Nor Dlv 1st
g 4s. .1948* A
Minn Union 1st g 6s
.1922 J
_
96l4
82i2
Registered.......... 1937
_
9678
89
96
Mont ext 1st gold 4s.-.1937
Registered.
lo"o~%
9212
10114 10234 10234
1933
1933
Registered.
99%
56!
83
Reduced to gold 4Ms. 1933
;
105
527,'
95'2
7834
7712
104" "
63%
Mississippi Central 1st 5s... 1949 J
96is
lOOM
83
"s"o"%
4s._'._ _1933
"64"
9412
9978
9578
"77%
1961
Dec'19
51%
95
100% Sale
95*8 Sale
*■
Registered-___________ Jil921
Dec'20
76
Galv Hous A Hend 1st 5s...1933
101%
Aug'20
75
92
s
54
76
1
77
refunding gold 4s.__1949
con g
45%
60%
3
...
99
1st A
1st Chic Term
75%
96% 100%
84
89
Ref A ext 50-yr 5s Ser A..1962
Des M A Ft D 1st gu 4s__1935 J
Iowa Central 1st gold 5S..1938 J
1st cons 5s
75%
66%
104
...
75%
60
M St P A S S M
90
100
84
98%
78
73V 80
100
95% Nov'19
95
48
Dec'20
105
66%
90"
Refunding gold 4s.....1951
99
81%
68% Sale
78
67
9l"
85
Dec'20
7034
79
55
67
84%
84""
83%
Stamped guaranteed..... 1977
Midland Term—1st s f g 5s. 1925
Minn St Louis 1st 7s.
1927
Pacific Ext 1st g 6s......1921
Aug'10
64
r59v*63
72
91
*81%
72
99% 103
Dec'20
993s
52
64%
June'12
92
5184
88%
66%
.
1st consol gold 5s
37
Feb'20
99%
79%
62
60
"l
99%
71%
50-yr 5s...1963
Jan'17
7634
7712
100% 100
A1952
cons gu
104%
70
1987
Lex A East 1st 50-yr 5s gu 1965
LAN AM AM 1st g 4Mb 1945
L A N-South M joint 4s__1952
Registered
75
91%
99%
87% 100
62%
6
8638 Sept'20
99%
73%
La A Jef Bdge Co gu
g 4s.. .1945
Manila RR—-Sou lines 4s...1936
Nov'19
95
" II—
104
88
....
83%
Kentucky Central gold 4s
80
87
99%
5184 Sale
86
Nov'11
77
92
N Fla A S 1st gu
g 5s.
1937
N A C Bdge gen gu
4Mb.. 1945
~
87
Mex Internat 1st cons g 4s. .1977
Nov'20
*40
1930
Pensac A Atl 1st gu g 6S..1921
SAN Ala cons gu g 5S...1936
91
Dec'20
108
Sull Co Branch 1st g 5s__1930
Florida E Coast 1st 4Ms.__1959
86
99%
92%
81% Sept'19
89
104% Sale
1930
36
*70%
78%
87
68%
99%
Gen
Sept'20
Fort St U D Co 1st g 4MS-.1941
Ft Worth A Rio Gr 1st g 4s. 1928
1931
79
51
90
....
37934 Sale
80%
65
99% Nov'20
90
40
67
92%
78%
56
"89"" "97"
1st gold 6s__,1923
Registered..
50
-
Sept'20
2312
1942
Registered
38
30i8
IIII
Atl Knox A Nor 1st g 5s__1946
Hender Bdge 1st s f g 6S..1931
58i2
Dec'19
65
*87" "89"
90% June'19
67%
92%
1940
N O A M 1st gold 6s_.
2d gold 6s
60
Jan'18
72
55
Ev
Registered
47
68
86
45
Nov'20
92
.....1940
__
67
Jan'll
~64%
Paducah A Mem Div 4s__1946
St Louis Div 1st gold 6S..1921
2d gold 3s
1980
Atl Knoxv A Cin Div 4s__1955
Dec'06
60
....
51
73%
87
IIII "88%
10-year secured 7S.......1930
L Cin A Lex gold
4Mb
1931
;
,
7934
47
4612
Feb'20
It" "77"
Wilk A East 1st gu g 5s. .1942
& Ind 1st cons gu g 6s. .1926
Evansv A T H 1st cons 6s__1921
921-
61%
95
1937
Registered
Jan'18
91
5s.
Collateral trust gold 5s.
67%
155
5s
Unified gold 4s
IO8I2 Sept'19
Dock A Impt 1st ext 5s__1943
1st consol g 6s_.____
91
"77l2 "79" "
58i2
118
8378
83l2 Nov'20
f 6s._1957
Registered
Gold
86
8378
St Paul M A Man
9312
June'16
72i2
35
1st A ref 4 Ms Series A
80
9278
96
....
IIII *65"
Nor Sh B 1st con g gu 5s.ol932
Louisiana A Ark 1st g 5s
1927
Louisville A Nashv gen 6S..1930
93
Sale
p m deb
69
76
Dec'20
9434 Nov'15
98% Aug'19
51*8
50
4l5g
Mt Vernon
56
92
Sale
gold 5s
48
"63" "63" "
91%
Sale
general
68l2
80
36
1st
58
Dec'16
Nov'20
42
Terminal 1st gold 5s...1943
Mid of N J 1st ext 5s._._1940
1932
74
4s Series D..1953
.1940
72%
91
91%
Oct'06
65% Nov'20
68%
Gen
gold 5s
79
64%
Oct'20
60
Sale
General
77
May'20
72%
J91%
99%
67
36
t:
75
98%
Sale
99%
55
79
....
67
50-year conv 4s Ser A.. 1953
do
Series B
1953
N Y Susq A W 1st ref 5s.. 1937
2d gold 4M8.____
1937
73
~92~
refunding gold 4s...1949
73
N Y & Green L gu g 5s... 1946
80
1938
Registered........
1949
N Y B A M B 1st con
g 58.1935
N Y A R B 1st gold 53.__ 1927
92
...
.A1931
_....
4s..........
Guar
"
80
88
84%
15
5812
6s. .1922
73
Oct'20
"15""
93l2
40% Sale
s
Jan'20
Dec'20
84
1928
cur gu
"83% "87"
gold 5s__ftl931
74
Oct'20
Long Dock consol g 6s.>.1935
87%
1945
cons
59%
Jan'20
"72"" "75 "
Coal A RR 1st
73
90"
98%
"77 " IIII
65
Dec'20
1996
Genesee River 1st
~ 103"
91%
Dec'20
91% Sept'20
93
June'20
__
92
Oct'13
Dec'20
80
...
conv
22
Dec'20
65
99
1st consol gen lien g 4s. 1996
98%
97%
92%
105
Ferry gold 4Mb.........1922
Gold
Mar'12
72%
92
Registered
1996
Penn coll trust gold 4s__1951
Sale"
73%
64
8818 Nov'20
...
50
98%
9234
.
j
.1933
1st consol gold 4s.
General gold 4s
56
88
1996
95
60
10512 Mar'08 —H
78
Nov'20
1920
Registered
8912
66
9312
Yt EA W 1st gfd7s__ 1920
Erie 1st cons g 4s prior
83
92% Nov'20
93
113
Unified gold 4s.......... 1949
84V 96
N
69
1937
76
85%
80
38
60
5
Debenture gold 5s.......1934
Dec'20
82
....
1937
4th ext gold 5s....
5tb ext gold 4s
44
Registered
Long Isld 1st
High
16
77%
20-year
49i2
~75~% "76""
93
9978 10514
65
7212
15 100
100U
78
5834 68
11
6278 7278
1
63
7412
8
Low
No
68%
77%
89
1st int reduced to 4s.____1933
Leh A N Y 1st guar g 4s
1945
2|
High
66
75
49
NY & Erie 1st ext g 4s_._1947
3rd ext gold 4Ms
1923
.
20
■i
133
63
Elgin Joliet A East 1st g 5a__1911 IV!
Erie 1st cods' 1 geld 7s
1920
■
8612
Registered
Ask Low
68%
77% Sale
68
54
6058
....
Dul Sou Shore & Atl g 5s.-.1937
'
96%
67
Since
Jan. 1
39
Sale
63
Det RIv Tun Ter Tun 4M8.1961
■
9434
Range or
Last Sale
70is
15
47M
.
Dul Missabe & Nor gen 5s. .1941
Dul & Iron Range 1st 5s
1937
N
94
Range
Week's
Friday
Dec. 17
17
701s July'20
6ii4 Apr'11
46
"72"" IT—
1939
Guaranteed
100
Sale
Dec.
Registered
1941
Leh Val RR 10-yr coll 6s__nl928
Leh Val Coal Co 1st gu g 5s. 1933
90
103i2
70i2
72
65i2 Sale
68
Sale
63
4s_1936
1936
cons g
Consol gold 4Ms.___
76
ending
'
Dec'20
75% Sale
Price
STOCK EXCHANGE
Week
Bid
Feb'08
957s
....
Y.
Lehigh Val (Pa) cons g 4s..2003 IW
General cons 4Mb
2003 M
Leh V Term Ry 1st gu g 5s. .1941
a
72i2
39.
10218
1922
5s
conv
.
High
63
2411
2
BONDS
N.
Since
9878 lOOM
9212 9734
Nov'20
_____1943
1st & ref 4s
4
9212 May'20
91
Range
Jan. 1
No. Low
High
6734
Dec'20
9578
Delaware A Hudson—
1st lien equip g 4mb..
30-year
Ask Low
6734 Sale
Term A Improv 4s
1923
Warren 1st ref gu g 3M8—2000
i*
Range or
Last Sale
Bid
Morris A Essex 1st gu 3Ms2000
N Y Lack A W 1st 6s
1921
Construction
IS
Week's
Friday
Dec. 17
17
Record—Continued—Page
55%
73
66
June'20
75
83%
# Due
Oct.
$
OptJonfsaie.
New York BOND Record—Continued—Page 3
Since
Jan. I
Low
4HRRK {Con)—
09
06
Non-conv deben 4a
1955 J
Non-conv deben 4a...... 1956 M
Oonv debenture 3Ha—..1956
1945 J
1945 J
60 V
03VI 252
56V
43V
48V 1037
39V
Dsc'20
95~"
98
71V
71V
52
60
General gold 6a
53
60V
St L A S F RR cona g
92V
1
82
70V
45
44
N
40
Sale
40
39
40
40
60
Sale
A
1
M
mm
m
1
1
—
m
'65
54'2
J
S
55V
Sale
35
61
74
74V
51V
77
76
101
....
100
....
73 V Sale
102
74
"74V Sale'
i02V Safe*
76
Sale
III! "73"
74
84V
81
89
Nov'20
68V Sale
08
74V Sale
97V Sale
72V Sale
74
D
J
77V
76
J
J
76 V
37V
106
81V
10-year Secured 7a
AlJeg Val
1942
8
78 V
87V
103V
78V
80 V
A
77
85
83
98V
98V
59V
Sept'20!
75
89
81V
81V
83
75V
88V
83
78V
88V
73
82
104 V
101
78V
09V
Aug'20
D
66V
O
77V
80
79V
guar 4s ctfa Ser E. 1952 M
Gin Leb A Nor gu 4s g__.1942 M
N
73V
75V
77
CI A Mar lat gu g 4Ha... 1935 M
CI A P gen gu 4Hs Ser A.1942 J
Series B
1942 A
N
A
O
60
Jan'20
73V
--
80
86V
86V
Feb'20
-
84V
Dec'20
—
104
96V
86
Western Dlv lat g 5a
60
81
General gold
90V
88V
Feb'17
75
...
...
J
J
69V
1940 J
J
J
69 V
..
J
74V
...
S
N
87V
III
1933
1942
P O O A St L gu 4Ha A..1940
1942
1942
Series D 4s guar
1945
Serlea E 3Hs guar gold.1949
Series F guar 4a gold...1953
Serlea G 4a guar
1957
4H8.1903
1970
Ml M*«l
761a
80V
II
Sept'20
80
80
93
|| Union Pacific
Mar'10
85V
88V Sept'17
85 V
85 V
84
»5V
84V
84
85
84V
84
80V
74V
80 V
80 V
84V
80
a
...
...
82
—
86
Sale
oua/au
Ulster A Del 1st
lat refunding
cona g
g
5a
4a
lat g 4a
86V
88V
II
1947
20-year conv 4a
1927
lat A refunding 4a
02008
10-year perm secured 6a._1928
Ore RR A Nav con g 4a.-1946
Ore Short Line lat g 6a—1922
lat conaol g 5a
1948
90
79V
90
80
82V
78
80
Guar refund 4a
72V May'20
72V
84
Utah A Nor gold 5a
82V
82V
82V
82V Nov'20
76V June'20
73V
82V
76
88 V
80
74V
86
82
S l>ue Fab.
1947
Registered
74V
Apr'20
1928
1952
» Da.-Mao.
lat extended 4s
-L.1929
1920
1933
Vandalla
cona g 4a Ser A
l955,.,
Conaola 4s Series B
1957|M
Vera Crna A Plat gu 4H8..1934 J
iDu.Jalp.
«8mAo..
D ie Oct.
90
Nov'20
Nov'20
Nov'20;-;—!
61V
70V
88
21
67
2
89V Dec '20
85V
90
53
97
'20,
'2Qj
55V
69V
98V
91V
84V
86V
"98"
60
63V
86V
91
97
53
100
96
97V
80V
90V
Feb
~8V\ "91
*20|
60
60
"88V "95
104V Dec '10!
87
Nov'20
"84V "90
82
63V
8912
79
Dec'20
85
55
SOU June'20
70
80V
80V
70
Oot '20
70
70
83
Sept'20!
79
83
80
Dec '20
80
62V
87V
74V
81
86
75V
85
35
85
82
80V
66
70
63
92V
90
Aug'19
66
---
80V
67
79V
102V June'll| —
88V Dec '20 .:
82
82
69
60 V
46V
Nov'20
05
81V
897a
90
2
Nov'20
Dec
86
74V
81V
89V
80 V|
Dec
7634
55
S
87V Nov'20'
81
76
76V Sale
35
"65V ~70V
70
67
July'20
78V
35
Nov'20
70
70
100V Nov'04
"90V IIII
83V
"93~U
75V
80V
65
82
02V
73
90V
Dec'20
83
75V
Nov'20,
65V
65V
68
64V
65121
Dec'20
89
84
50
36
80V
49V
81V Oct *20
30
15
19
15
Nov'20
15
15
63
65
Nov'20
64V
88
77V Sale
77V
77V
77V
85V
52
52
74V
85V
77
79
64
"38"
3H8.1925JJ
84V
84V
Oct '20
80
J
J
62V
71*8
65V Dec '20
81V Mar'10|
67
65
;
80V May'20
1917|F
Apr'20
79V May'19
70V Apr'20!
86V Oct '20
87V Nov'19
J
1927
1917
50-year gold 4a
1950, *
Coll trust 4a g Ser A
Trust co ctfa of deposit
1 --Tor Ham A Buff 1st g 4a__*1940 J
80
...
1990
A
54
50
90
1935 J
2d 20-year 5a
Tol P A W lat gold 4a
Tol St L A W pr lien g
Dec'12
69 V
69
5s__1935
1935 A
5a
Kan A M 1st gu g 4a
84V
Feb'12
70
A
1931
5s
W Mln W A N W 1st gu 5sl930 F
J
Tol A Ohio Cent 1st
80
84V
85
1953
4s
67""
82V
F
84V
i
160
18
65
65
g
71V
73V
80
1924
cy gu 4a
g
Dec'15
N
5a..2003
J
90
85V
St L M Bridge Ter gu g 5a. 1930 A
D
Texas A Pac 1st gold 5a
2000 J
2nd gold Income 5s
02000 Mar
J
La Dlv B L lat
96V May'18i
...
..
1920 M
1936 M
73V
77
90
75V
....
1926 M
gu
Dec'20j--
J
1945
Spokane Internet lat 9 5a
1955 J
Term Asan of St L lat g 4Ha 1939 A
1st cona gold 5a
1894-1944 F
J
Gen refund s f
Nov'19
Nov'20
97
W O A W lat
97V
69V
77
96V
93V
1st cona 50-year 58,-1958 A
98V
71
J
Va A So'w'n lat gu
84V
93V
95V
73V
52
General 5s
105
95V
68
4714
Series F 5s
86V
92V
98V
70!
o
Serlea E 5a
78V
93V
83V
97V Oct *20
69V Mar'20
73V
1946
Virginia Mid Ser D 4-5a._1921
75
82
66V
N
Rich A Dan deb 5a stmpd. 1927
Rich A Meek lat g 5a
1948 M
M
103V 108
02
70V
05
90
86V
S35V Sale
87V
1956
1938
Ga Pac Ry 1st g 0a
1922
Knoxv A Ohio 1st g 08—1925
Mob A Blr prior Hen g 5s. 1945
83
66 '8
Sale
Mortgage gold 4a
83
A
62
67
E Tenn reorg Hen g 6a
Oct* 19
—
66
59
J
62V
85
Ga Midland lat 3s
83
69
81
59/
S
79*4
69
80
J
J
08
78
J
Cona lat gold 6a
82
75
85
o
4a
83
73 V
Sale
81
1948
2d
Dec'10
Feb'20
D
J
D
96
80 V
July'19
67V
Atl A Yad 1st g guar 4a..1949
E T Va A Ga Dlv g 5a
1930
-
72V
85
A 5a ..1943
cons
96
60
64V
77
Dec'20
93
D
83
J
80 tg
69V
63
.1951
....
67V
Dec '20
78V
D
O
St Loula dlv lat g 4a
J
57V Sale
Sale
58
09
68
S
s
87
70
97 V
o
85V
90
81V
J
1958
Ser A
86
80V Aug '20
83i2
84V
84V Oct '20
50V
59
57V
59
85
Nov'20
83V Sale
76V
65
J
!
gen 4s
Sale
69
J
Nov'20;
1930 A
N
Registered..
"7414 Sale
J
69 V Sale
J
J
Develop A
100V
98V
O
1994
1994
Mar
93V
937i
85
4H31944
90
1908 J
O
1950
5a
cona g
Mob A Ohio coll tr g 4a
1938
Mem Dlv lat g 4 H 3-53—1996
Feb'19
81V
J
91
82V
l3t 39-year 5a Ser B....1944
Atl A Danv lat g 4a
1948
June'20
~92~V ~93'
1943
1955
97V
91V
87V Sale
91V
Ala Gt 8ou lat
96
08
gold 5a
J
N
Atl ACharl A L lat A
97
70
95V
Southern—1st
102V
85
95V
91V
77
82V
00 V
87
95V
99 V
95'2
88V
98V
97 V
97V
83
69
Nov'20
93
83
98V
49V
85V
82V
93»4
82V
94
Sau Fran TermI 1st 4a..
74
78V
~69~"
84V
81V
85
J
Jau'20
77
84V
Aug'20
O
81
Nov'19
Nov'18
N
80 Pac RR lat ref 4a
94V 105V
'20;«! 72
82V
74V
1921
gold 4a Int guar
J
Oct '20
64
97
60V
Oct '20
84
85V
Tex A N O con
70
85
95
97
82V
"84 ~ Safe"
84V
J
82
104V
70
54
"
J
J
70
74
Waco A N W dlv lat g 6a *30
A AN W lat gu g 5a
1941
100V 103
67V
80
—
'
70V
73V 81V
93V 117
65V 78
Sept'10;
82V
O
74
440;
99V; 377
72%! 213
74
74V
69 V
69 V
,100
Oct '18
84V
1921
99 V 100
100
70V
N
Louisiana West 1st 08
83
93V
J
N
No of Cal guar g 5s
1938
Ore A Cal lat guar g 5a...1927
So Pac of Cal—Gu g 5a
1937
55
•
73
70V
N
62
82
D,
61V
70V Oct '20
75V
84 V
60
53V
76V Sale
70 V
92
69V
97
N
80 Pac Coast lat gu 4s g..l937
76
53V
"80"
92
87V
72V
Dec
Sale
General 5a
84V
Dec'20
77V Sale
87V Sale
103V Sale
I.M b.1
74V
M
63
71V
76
87V
70 V
**!«■
Dec'20
O
64V
100
104
88V Sale
General 5s Series A
51
Dec'19
75V
98V
81V Sale
cons guar
86
82V Oct '20
89
Oct '20
79V
A
57
70
101V
A
Series T
Dec '15
A
48
74V
Dec'20
74V Sale
54
N
Serlea O guar
A
D
5912
Mar'20
96V
N
Series B guar
69
98
73V 74V
69V Sale j
Gen
101V
76
1960 F
1985 J
Series O 4s
F
S
D
51
51V
70
75V
77 V
67
90
D
M
Hous E A W T lat g 59.-.1933 IVI
M
lat guar 58 red
1933
H A T C lat g 5a Int gu_..1937
Oct '20
74V
4 Ha
Genera! 4 Ha
4Ha
D
J
2d exten 5a guar..
1931
Gila V G A N lat gu g 53..1924 M
Oct '20
72V
49
Nov'20
Through St L 1st gu 4a. 1954
Nov'10
81V
Series B
34V
Dec'20
122
45
38
62
90
92
Mort guar gold 3Ha_.51929 J
Dec'19
101V 109V 101V
M
1949
Registered
01V
69V Nov'20
67
Oct '20
50
30
64
60V
61
64
78
20-year conv 5a....
..1934
Cent Pac lat ref gu g 4a._1949 F
00 V
59
64V
55
493g
May'20
74V
86V
J
Feb'14
02 V
N
Tol W V A O gu 4Ha A..1931
Registered...........51949
...01929
Dec'13
Sale
----
70
82 V— 101
1943
20-year conv 4a__
Nov'20
88 V
Ml
Ohio Connect 1st gu 4a... 1943
Pitta Y A Ash 1st cons 5a .1927
60
Sept'17
45
99V
1943 Wl
1st gu g 4Ha_1941|
64V
44
37
70
"41V
D
3Ha B..1940
69
64l2
J
J
N
Paoflo Coast Co 1st g 5a...1940 J
Paduoah A Ilia lat a f 4H8._1955 J
....1950
62 V
July'14
Aug'13
83
64V
86V
71V
64
...
Gold 4a (Cent Pac coll)-.fcl949
O
M
ex
87V
Sale
G H A 8 A M A P 1st 5a.1931
"36
J
Wash Cent lat gold 4a
1948 Q
Nor'Pac Term Co lat g 0a.. 1933 J
Oregon-Wash 1st A ref 4a... 1981 J
lr R A T
1st land grant ext g 5a.. 1930
106V May'15
mm
-
98
Erie A Pitts gu g
Series C__
56
50
Conaol gold 5a
81V
Southern Pacific Co—
68V Dec '20 —
64V Nov'20,-57V Nov'20,
87
64
55V
64
'
r
O
89
F
39V Sale
64
Fla Cent A Pen lat ext 6s. 1923
....
F
194S M
67V
Dec'20
98V Jan '13
59V
60
66V
60V
50V
50V
32V
3o V
33V
40
60V
90
100
Oct'19
A
3Ha—1942
49
...
g 4a—1949
49
J
| 40-year
61
60 V
Caro Cent 1st con
July'18
F
Guar 3Ha trust ctfa C...1942 J
Guar 3Hs trust ctfsD...1944 J
Guar 15-2.5-year gold 4a.. 1931 A
60V
58V
59V
Sale
59V Sale
67V
50V Sale
1950
00
Q
Guar 3 Ha coll trust reg A. 1937 M
Guar 3 Ha coll trust BerB. 1941 F
00
39V
48V
58V Sale
Ga A Ala Ry 1st con 5a..ol945
Q
...1921 J
66
£5
39V
40
Dec'20
63
55
56
44
67
92V 100
56V
70
Sale
48V
40V
41
Dec'20!—
94
55
34V Sale
52V
46
92V
67
61V
81V
64V
Adjustment 5a.....
.01949
Refunding 4a.........
1959
AtlA Blrm 30-yr lat g 4s.cl933
40
45V
60
85
Sale
40
40
Sept'20
70
102
66
Ga Car A No 1st gu g 5a..l929
Seaboard A Roan 1st 5s.. 1926
J
M
62V Sale
1950
Jao'12
Registered certificates.. 1923 Q
it Paul A Duluth lat 6a..1931 Q
Int reduced to
Seaboard Air Line g 4a
79
Oct* 17
A
Series C 3 Ha
Series D 3Hs
"97V
50
it P A N P gen gold 6a...1923 F
Registered
94V
05V
91V
111 1 1 1
111
94
50
40
Northern Paclflo prlof lien rail¬
way A land grant g 4a
1997 Q
Registered
...1997 Q
D R RR A B'ge lat gu 4a g 1936 F
Pennsylv Co gu lat g 4 Ha.'. 1921 J
"94 " Safe
Gray'a Pt Ter lat gu g 5a. 1947
S A A A Paaa lat gu g 4a
1943
99V Feb'19
97 V June'20
75 V
76V
38
"47"
—
-
69
95V
82
May'17
lat terminal A unifying £■. 1952
40
4a..1989 M
.1948
90
70
J
1929 M
.1968 J
07
73
O
77V
91V
81
x
66V
64
46
64V
62V
44
86V
Oct '20
04V
Nov'20
41
84
90
52
HO
,
86V
K C A M R A B 1st gu 5a.1929
Jan'09
40
75V
96
86V Sale
95V
Sale
40
S
43
93V
"n" "88"
Oot '20
57V
Sale
96
St L S W lat g 4a bond ctfa..1989
2d g 4a Income bond ctfa_pl989
Conaol gold 4a
...
1932
8
A
J
Oct
.1931
43—1996
Gold 4a stamped
Pocah C A C Joint 4a.. .1941 J
O O A T lat guar gold 6a..1922 J
gen guar g 4a...
51960
Income Serlea A 6s
71
95V June'20
67 V
70
\
1
t
40
93V
72
60V Sale
St Loula A San Fran gen 6a. 1931
93V
82
Oct '20
130 V
71V
IIII ~64"
K C Ft S A M cons g 08.1928
K C Ft S A M Ry ref g 48.1936
1 t I l_
76
A
4s.....1932 M
4Ha.. .1938 M
Oonaol
71
Nov'16
90 V
J
1990 A
Dlv'l 1st lien A gen g 4a. 1944 J
10-25-year conv 4a
1932 J
g 4a.. 1923
02V Sale
4714 Sale
84
Southw Dlv lat g 5a—1947
....
95V
Registered
Pennsylvania RR lat
Oonaol gold 4a
Oonaol gold 4s
Cum adjust Ser A 0s..—51955
Dec '20
87V
58
93V Apr'20
97V Dec 'L7
78
79V
84V
67
Improvement A ext g 0a._1934
New River lat gold 6a
1932 A
1st consol gold 4a
71V
60V
71V
84V!
Nov'10
68V Sale
1931 M
General Hen gold 3s
a2047
Registered
a2047
Ref A Imp 4H* aer A....2047
it Paul-Duluth DIv g 4s..1990
70V
84V
92V Nov'20
"99"
F
gu g
Sale
84V Sale
82
1955 J
Solo V A N E lat
1950
Prior lien Ser C 6a__._.—1928
101
92V
Norfolk Sou 1st A ref A 5a..1901 F
Norfolk A Sou lat gold 5a..1941 M
10-25-year conv
10-year conv 0a
Prior lien Ser B 5s—
103
W A Con Eaat 1st 4H9—1943 J
Y O A W ref lat g 4a
gl992 M
Registered $5,000 only__0l992 M
conv
94
Nov'20
Aug'20
60V Nov'20
Providence Term lat 4a.. .1956 IVI
10-20-year
92V
40
80V
75V
66
St Loula A San Fran (reorg Co)—
60
Prov A Springfield 1st 5a. 1922 J
4a..1990
1950
97
98
:
63V
Providence Secur deb 4s.. 1957 M
oona g
Prior Hen Ser A 4a
91V
80V
92
89
St Joe A Grand Isl 1st g 4s_.1947
69V
May'15
85
J
NYW'cheaAB 1st Ser 14Ha *40 J
Boston Terminal lat 4a...1939 A
N A W Ry lat
09V
Nov'17
113
.
orf A West gen gold 6a
64
1997
1997
Registered
36V
34
84V
76 V—79
Sale
Jersey Central coll g 4a—.1951
Atlantic City guar 4a g_..1951
J
W Y Prov A Boston 4a.__1942 A
General 4a....
81V
81V
71V Oct '20
72
65
Houaatonlc Ry cons g 5a.. 1937 M N
Naugatuck RR lat 4a
1954 Ml N
5a
Reading Co gen gold 4s
67V
94
IIII "00
Harlem R-Pt Ches lat 4s.l954
cons
72V
72
J
B A N Y Air Line lat 4s..1955
Cent New Eng 1st gu 4a..1961
Hartford St Ry lat 4a....1930 M
Conao! 4a
63V
79*8
80V Sale
66
Sale
1950
1st Series B 4s
09V
F
Non-conv deben 4a....1955
Non-conv deben 4a
1956
New England
Nov'20
77
79V
-
71V Nov'20
{
-
Philippine Ry 1st 30-yr s f 4a 1937
Pitts Sh A L E 1st g 6s
1940
1st consol gold 6s..1943
81
51921
Pere Marquette 1st Ser A 68.1950
2d gold 4Hs
Feb'10
97
Conv debenture 0s......1948!*
Cons Ry non-conv 4a....1930
Non-oonv deben 4a
1954
77
60V
69 V
....
80V
80V
91V
60
90
69
09
90
Registered
....2301 ■»
NYC Lines eq tr 5a.. 1920-22 M
M
A
80V Nov'20
91V Oct *20
80V Sept'20
7912
81V
66V
891a
J
A
Pitts McK A Y 1st gu 69.. 1932 J
2d guaranteed 0a
.1934 J
West 8hore lat 4b guar...2301 J
1947 ™
83
93V
"0912
Utica A Blk Rlv gu g 4a..1922
Pitta A L Erie 2d g 5a...al928
Non-conv deben 3 Hi
1947
Non-conv deben 3HS—..1954
'93
Jan
74
80V
75V
*08% ~69~
91V
67i2
High
96V 99
82V
78
93V
85
RWAO con lat ext 5a..61922
Kntland lat con g 4H3...1941
OgAL Cham 1st gu 4a g.1948 J
Rut-Canada lat gu g 48.1949 J
St Lawr A Adlr lat g 6a... 1996 J
2d gold 0s
.1996 A
Non-conv deben 4a
102
Low
May'20
09
Dec'20; —
77
77^2
79
77
F
M
A
A
J
A
J
Equip trust 4Ha-.1920-1925 J
NY Connect lat gu 4^8 A..1953 F
N Y N H A Hartford—
78
70
...
75
.........1937 A
1931 M
N Y A Pu lat cons gu g 4a.l993
Pine Creek reg guar 6a...1932
84V
High
Alt Low
965g Oct *20
94V
66V Mar'20,1
J
M
M
A
4a..1937 A
N Y A Harlem g 3Hs
2000
NY A Northern lat g 5a. 1923
74V
Since
Jan. 1
93V May'20
99 V Aug'17
98i| NovT8i
82
Nov'19
74*4 Sept'20
-
Debenture 4a
81
84V Nov'19
Registered
....1940
JL&Slatgold 3*8... 1951
lat gold 3 34 s
1952
20-year debenture 4a..-1929
Registered
87V
83
79
Range or
Latt Sale
| Bid
Pennsylvania Co (Concl.)—
C St L A P 1st cons g 5fl..1932
Phlla Bait A W let g 4B..1943
Sod us Bay A Sou 1st g 5a. 1924
Sunbury A Lewis 1st g 4s. 1936
U N J RR A Can gen 4s__1944
Peoria A Pekln Un 1st 6s g..l921
69
Aug'20
81V
Michigan Central 6a..... 1931 M
Registered
1931 Q
4a
1940 J
N J Juno RR guar 1st 4a..1936
69 V
65
Week ending Deo. 17
High
71V
High
08V
1997
1997 *
\ Debenture gold 4a
1928 M
25-year gold 4a....
1931 JJ
Registered—.......1931 I*
Mob A Mai let gu g 4a...1991 M
Mabon C'l RR 1st 5a
1934 J
Ranoe
Week' 1
Price
Friday
Dec. 17
EXCHANGE
N. Y. STOCK
Range or
Latt Sale
Lake Shore gold 3Hs
Registered
•
N Y Cblo A St L 1st g
BONDS
Range
Friday
Dec. 17
EXCHANGE
Week ending Deo- 17
N Y Cent
Week'e
Price
BONDS
w. Y. STOCK
50
52
79V
80V Sale
79
...
84
1
80
85
74
81V
427|
06
15
15
Feb '19
Dec'20
15
Sept'20
81
Dec'20
80V Sale
79
81
78V
72V Sale
99 V Sale
72
74
60
81
99^4
100V
95
103
76VSale
76V
77
98V
88V
77V Sale
88V 88«4
74V
97 V
88V
88V
82
78
74la
85
88V
88V
98V
88
76V
9784
81
66V
96*4 101
88V
84V
92V
89
93
Feb '18
80V Dec '19
nil "70""
80V June'18
22
25
oue
flov.
(
22
Dae Dec.
• Option sale.
New York BOND
3ti
f»ONI>8
N. Y. STOCK
EXCHANGE
Week ending
Dec.
17
80% Sale
Wabash 1st gold 5s
1939 M
84%
89
2d gold 5s
1939 F
73%
79
Debenture series B
1939 J
79%
84%
mm
•"«'
1941 A
49%
ol A Ch Div g 4s
"69""
1941 M
Wash Terml 1st gu 3^8
1st 40-yr guar 4s
1945 F
70%
1945 F
71%
Western Pac 1st
Wheeling A L E 1st
85%
59%
1943 A
pl943| Nov
5a._1946,M 8
5s
19261A O
g
1928'j
Wheel Div 1st gold 5s
Exten A Impt gold 5s
1930 F
Westchester Ltd gold 5a
A
S
RR 1st oonsol 4s
88%
88%
Dec'20
50%
~55~%
66" "72"
Aug* 18
5312
86
85
85
10
64
63
81
Dec'20
'17
Oct
"45
92
54
50%
80%
63%
76%
89%
86% Nov'20
86
84
Oct'20
84
~47~% "47"%
48%
53% Sale
53%
No.
Oct'19
66
s
f 6s
Sale
63
82% Sale
69% Sale
21%
20%
227
125,
73%
62%
84%
85%
""28
82%
Feb'18
71%
A
1927 A
guar tax ex_.1900
Chic C A Conn Rys s f 5s
Chic Un Sta'n 1st gu 434s A.1963 J
1st Ser O 6^s (ctfs)
1963 J
82%
82%
69%
71
71
71%
1955 J
69%
63%
1952 A
Consol 5s
16
75
62%
90
Braden Cop M coll tr sf0s_.1931 F
65
11
9
69
.
74
74% Sale
55
17
15
56%
15
15
1926 A
4
16
55%
15
71%
73%
58
76% Sale
Mar'18
"88"
751-
77
92%
84
45%
Dec'20
50
57
~60%
61
Sup A Dul div A term 1st 4s '36 M
66%
70%
64%
J
J
N
70%
66%
70%
68%
72
66%
61
69
71
60%
74
61
7434
Nov'20
Railway.
Brooklyn Rapid Tran g 5s.. 1945 A
1st refund conv gold 4s...2002 J
3-yr 7% secured notes..*1921 J
of
29
3
33
J
29
2912
40
41%
41
Sale
37
41%
38
Sale
37
38
deposit stmp'd
Bk City 1st cons 58.. 1916-1941 J
Bk Q Co A
J
73%
mmmm
23
64
80
82%
"70% 83%
92
104%
8
100
91
91%
66
90
64% Sale
64%
65%
256
63
80%
80
82%
13
114
92
May'20
88
95
Apr'20
Oct'20
f 6a—1941 J
a
81
GranbyConsMSAP con6aA1928 M
Stamped
1928 M
84%
77%
Sale"
75
78
Sale
80
81
47
71%
71%
f 4Mb
1939 J
21
38
21%
33
35
50
61
34%
49
10
31%
45
61
66
5
64
83
May'18
1951 F
Niagara Falls Power 1st 5s..1932 J
Ref A gen 6s
ol932 A
Nlag Lock A O Pow 1st 5s..1954 M
N
A
60
Sale
60
60%
55
66%
Stamped guar 4-5s
1956 F
Kings County E 1st g 4S..1949 F
Stamped guar 4s
1949 F
A
65
60
60
60%
55
68
A
52
53
52
Dec'20
50
60
Wash Water Power 1st 5s.. 1939
A
51
52
53%
Nov'20
50%
56
20
18
Dec'20
18
28
56
58%
56
68
03
68%
64
86
87
85%
93
Oct'20
81
Dec'20
81
Sale
75
76%
78
65
64
Nov'20
59
60
60
27
Nov 20
64 '
76
:
03
88
85
93
76%
Wilson A Co 1st 25-yr s f 68.1941 A
Sale
63
90%
Pub Serv Corp N J gen 5s..1959 A
Tennessee Cop 1st conv 6s
1925 M
83%
71%
JuDe'16
90%
Nor States Power 25-yr 5s A 1941 A
Ontario Power N F 1st 5S..1943 F
Ontario Transmission 5s_._. 1945 M
8 con gu g 5s.. 1941 M
Bklyn Q Co A 8 1st 5s
1941 J
Bklyn Un El 1st g 4-5S...1950 F
62%
87%
84
3
Apr'14
94
N Y Dock 50-yr 1st g 4s
435
108
86
88
90
95%
94
05
83% 89
75
05%
76*4 86
325
81
71% Sale
s
84%
106
80
Great Falls Pow 1st s f 5s
1940 M
Int Mercan Marine s f 6s...1941 A
Montana Power 1st 5s A
1943 J
2!
2912
41% Sal6
82
71
91% Sale
104% 104% 104%
1
29
J
Certificates of deposit
Certificates
21%
20
O
79%
67
Chile Copper 10-yr conv 7a. 1923 M
Coll tr A conv 6s ser A
1932 A
Mtge Bonds (N Y) 4s aer 2.1966 A
10-20-year 5s series 3
1932 J
Street
"93"
05
r
Morris A Co 1st
Winston-Salem S B 1st 4s,. 1960 J
Wis Cent 50-yr 1st gen 4s
1949 J
67
High
Low
Nov'19
88
15% Sale
15%
1925 M
1926 M
Armour A Co 1st real est 4%s '39 J
Atlantic Fruit conv deb 7s A 1934 J
Building 5s
90% Mar'17
S
High
87
71%
Compnting-Tab-Reo
•81U
82
80%
Ask Low
96
73
1948 M
Conv deb 6s series B
Bush Terminal 1st 4s
47" "5954
58
36
Adams Ex coll tr g 4s
Alaska Gold M deb 6s A
Booth Fisheries deb
Nov'20
80% Sale
J
D
1950 J
Miscellaneous
69%
23
Since
Jan. 1
84
69%
70
Range or
Last Sals
Bid
Lt—(Cencl.)
Utloa Qaa A Elec ref 5a.....1957 J
91
72
Dec'20
82
mm m
m
Gas & Electric
86%
79
74% Oct '19
mmsmm
J
Refunding 4Hs series A_.1966,M
1949 M
High
Range
Week's
Friday
Dec, 17
17
72%
Aug '18
50%
69
53% Sale
1952 A
1937 J
A
ser
Low
17
69% Oct'20
88% Mar'20
80
Aug '12
"50"
63
West N Y A Pa 1st g 5s
uen gold 4s
Income 5s
102
85
72
85
Det A Ch Ext 1st g 5s
1941 J
Dea Moines Div 1st g 4s.. 1939 J
West Maryland 1st g 4s
No.
80%
V
Week ending Dec.
97% July* 19
equip a Id g 5s
1921 M
1st lien 50-yr g term 4s... 1954 J
t
High
-'
•v.
90
*st lien
Pries
N. Y. STOCK EXCHANGE
Ask Low
Bid
Virginian 1st 6s series A...1962 M
Om Dlv lstgSHs
BONDS
Sines
Jan. 1
Week's
Friday
55
Deo. 17
Range
Range or
Last Bale
Price
Ss
3413
Record—Concluded—Page 4
70
85%
75%
70%
Nassau Elec guar gold 4s. 1951 J
Chicago Rys 1st 5a
1927 F
Ry A L 1st A ref g 4)4s 1951 J
,onn
Stamped
guar
1951 J
4lis
J
m
59
J
55
A
1990 A
f 5s. .1953 M
Metropolitan Street RyBway A 7th Av 1st c g 58.1943 J
Col A 9th Av 1st gug5s..l993 M
Lex Av A P F Istgu g 5s..1993 M
Met W 8 EI (Chic) 1st g 4s. 1938 F
O
52% Sale
60
52% Sale
50
S
30
27
54
Adj income 5s
al960 A
Third Ave Ry 1st g 5s
1937 J
f 5s.. 1923 A
Undergr of London 4J4s
1933 J
s
95
92
71
71
Sale
67
60
61
....
67
J
...
57
"if" "24%
N
68
77
66
75
67
July'19
16%
1578
54
65
1927 J
Cons Gas ELAP of Bait 5 yr 5s'21 M
Detroit City Gas gold 5s
1923 J
Detroit Edison 1st ooll tr 5s. 1933 J
O
25% Sale
76
J
24
Sale
75
88%
86
O
88%
Jan
65
Sale
65
28
Dec'20
64
68
Oct'20
Sept'l5!
75%'
74
85
"80% Sale
80%
81%
81%
85
80%
87
Sale
92%
*87 "
97%
79
99
87
90
90
8
90
94
"59" ~69%
N
O
10
Union Bag A Paper 1st 5s..1930
84
93
50
75%
50
J
94%
85
87
100
100%
Nov'18
72
73
82%
70
79
3
*81
86
80%
89
80
87%
1926 J
Debenture
5a
Cababa C M Co 1st gu
96%
102"
1
2
Dec'20
78%,
91%
91%'
96%
88
Oot'20
Sale
88%
87
88%
88%
89%
83
90
89
Sale
87
98
891?
90%
74%
97%
89%
87%
88
5
91
97%
88
96*4
32
83
93%
14
88%
82%
90%
72%
57
89%
90
26
91
93%
94
96
96
88%
15
85%
973»
34
76
89
64
74
86%
85%
851«
76"%
65
ii1*
7*
70
76
94%
Sale
77% Sale
75% Sale
76
100
101
D
"77" "78"
76%
92%
448
93^
"
93
Dec'20
1943|F
gu__1934(F
J
A
65%
67%
65
D
66
73%
75% Nov'20
65%
Cons Coal of Md 1st A ref 5s 1950
95
Elk Horn Coal conv 6s
1925|J
D
86%
98
76%
90
Illinois Steel deb 4Mb
O
77% Sale
77%
78
87
91
1940|A
1952jM
N
87% Sale
86%
95
11
87%
D
Lehigh C A Nav a f 4M A..1954
o
"81%
I4--
81% Sept'20
80%
o
85%
92%
95
92
Dec'20
85
92
Dec'20
J
84%
s
73" Sale"
90
Pleasant Val Coal 1st s
J
70
J
74%
Pocah Cdn Collier 1st s
72%
^4
83%
35
92%
45
73%
74%
43
Aug'20
"90%
73%
J
Midvale Steel A O conv s f 5s 1936
M
f 5s. 1928 J
f 5s. 1957 J
Feb'19
83%
73
S
97%
96
96
93%
....
91% Sale
O
101
5
Dec'14
Col Indus 1st A coll 5s
"77" "85%
95%
91
79
91
Sept'19
92% Dec *19
106
92%
__
95%
1926| J
Lackawanna Steel 1st g 5s..1923! A
1st cons 5s series A
.1950 M
98%
97
10
56
91%
93%
95%
8234
Indiana Steel 1st 5s
95
91
A
Colo F A I Co gen 8 f 6s
84%
96% 103%
'2421
87%
94% Sale
S
88
74
90
,
93%'
88
87
86
87
37
99%
93%
90
85
77%
76%
74%
75%
93% July'19
85% Nov'20
Sale
91
93
81
Dec'20
97
Sale
97
....
D
76
Sept'20
72%
89%
110
100
Dec'20
79
97%
99%
111
33
86% Nov'20
80
J
77
86% Nov'20
81
N
99%
i
84%
86%
81
77%
81
J
Jeff A Clear C A I 2d 5s
Oct'20
99%
87
D
95% 100%
U4|
""s "72"
104%
79
10
97
88
O
1936 j J
1932 J
al926 M
6s.. 1922 J
f 5s
81
91
N
20-yr p m A Imp s f 5s
Buff A Susq Iron a
70%
23
15
82%
91
60
Jan'20
80
05%
88
1
79*2'
72% Sale
1942 M
1st A ref 5s guar A
A0°
96
103%!
77% Sale
A
Beth Steel 1st ext s f 5s
100%
74
102%
77%
104% 106
West Electrlc.lst 5s Dec....1922 J
60%
89%
79
8
Nov'20
„
~Loul*
290
34
78%
97%
'89%
Oct 20
88% No.v'20
65%
65%
103
102
80%
A
Westlngh RAM 7a
1931 M
Wiokwire Spen StI 1st 7s... 1935
75
99%
J
70
82%
74
80
D
35
79
96
J
J
73% Dec'18
89% Sept'20
92
Nov'20
Sale
77
1930 F
conv
87
,:r 75
86
A
08.1926 F
10-year 7^s
2i?'
88%
72% Sale
1947 J
1st A ref 5s series A
97
68
87
100
1922 J
U S Rubber 5-year sec 7s
73
90%
70
88%
N
J
81%
73
92%
73
65% Sale
86
Sale
N
N
99?4
89%
72%
70
83
A
100
75
117
75
1930 J
Stamped
Union Oil Co of Cal 1st 5s..1931
Va-Caro Chem 1st 15-yr 58.1923 J
Conv deb 6s
el924 A
Feb *18
77
1930 M
33%
35%
79
Apr '20
95% Apr '20
"87%,
j
80%l
81%!
June'19
6S..1938 M
conv
89%
70
89% 92
89% 92
79% Sale
D
1942 M
87%
5
Sale
A
J
N
J
J
O
O
11
74%
82%
77%
S
80
92
87
O
D
D
A
179
08%
06%
Oct'20
117
69%
A
N
N
J
97
Dec'20
117
O
1944 A
1951 F
(P) 7s
5s
37
75
90%
Coal, Iron & Stool
18
Nov'20
8
1937
Lorillard Co
63
73%
83
F
1997
Liggett A Myers Tobac 7S..1944 A
5s
1951 F
20%
75
*1940 M
Purchase money 6s
A... 1947 J
N Y Air Brake 1st
21
103
Sq O L N Y 1st oons g 5s.1932 M
Kings Co El L A P g 5s
conv ser
Standard Milling 1st 5s
'21%
75
N
1922
f
U 8 Smelt Ref A M
76
75%
77
g 5s.
s
80
June'17
86
(Mo) Gas 1st
1st A ref
5034
47%
Dec'20
26
99
A
1935 J
Int Paper conv s f g 5s
37%
19%
63'4
27
25%
28%
J
1949
Feb 1940 F
20-year deb 6a
U S Realty AI conv deb g 5s 1924
28
27
50
63%
J
1952 F
68
"50""
66
47%
77
Kan City
45
87%
Sept'20
86
Havana Elec consol g 5s
Hudson Co Gas 1st g 5s
8
7%
59%
3%
May'19
77%'
1st A ref 6s series B
10
76
21
J
186
27
50
69%
35%
40
J
79
Dec'20
73
O
J
1952 M
5s
80
'20
76
A
3
31
59
7
45
8
ser
15%
32
July'17
50
J
J
Debenture
1st g 58.1927
conv
National Tube 1st 5s
*1940 M
1st A ref 5s
1934 M
J
A
E I du Pont Powder 4V£s___ 1930 J
General Baking 1st 25-yr 0s.1930 J
Gen Electric deb g 3Mb
1942 F
Distill Sec Cor
95
80
D
J
N
Stamped
g 5s
9034 Feb '17
Elsctrlc Light
Columbus Gas 1st gold 5s..1932 J
Oonsol Gas 5-yr conv 7s
1925 Q
f
Cuba Cane Sugar conv 7s..1930
Nat Enam A Stampg 1st 5s. 1929 J
Nat Starch 20-year deb 5s..1930 J
42
J
16%
Dec '19
65
O
80
Oct'20
25
1927 J
68
49%
68
43% Sale
J
Jlncln Gas A Elec 1 stAref 5s 1956 A
64
17
49l2
J
Equit Tr (N Y) Inter ctfs
Columbia G <k E 1st 5s
Consol Tobacco g 4s
55
N
J
J
5s. 1945 M
26
19
25
Atlanta G L Co 1st g 5s
1947
Bkly Edison Inc gen 5s A .1949
g 5s..1925
Ingersoll-Rand 1st 5s
1935 J
Int Agric Corp 1st 20-yr 5s__1932 M
July'19
4%
...
Fa Ry Pow 1st A ref 5s... 1934 J
Loco Works 1st 6S..1940 M
77
J
O
cons g
Nov'20
4%
51%
A
United RRs San Fr
Bklyn Un Gas 1st
94%
68
N
f 4s...1927 A
A
1951 F
1931 M
92
4%
N
United Rys Inv 5s Pitts Iss..l920 M
United Rys St L 1st g 4s
1934 J
St Louis Transit gu 5s
1924 A
Union Tr (N Y) ctfsdep
Cent Leather 20-year
Apr '20
3% Sale
47
49%
4
O
1948
.'
60
60%
42
273
Sale
1931 F
27
74
91%
Cent Foundry 1st s f 0s
Corn Prod Refg a
Dec'20
72%
N
75
Baldw
40
25
N
A
23%
58
15%
78
Sale
73% Sale
75
77
2434
15%
88%
75
88%
88%
68
11
67
88%
90%
90%
90%
O
A
A
J
10
40
82%
O
O
41%
361«
80
A
Am Tobacco 40-year g 6s...1944 A
Gold 4s
...1951 F
Am Writ Paper s f 7-6s
1939 J
49%
4934
lbA7
Dec '19
90
16% Sale
St Jos Ry L H A P 1st g 5s. .1937 M
Bt Paul City Cab cons g 58..1937 J
i'hird Ave 1st ref 4a
1960 J
Gas and
36%
15%
A
Certificates of deposit..
a
21
22
s
J
Portld Ry LtA P 1st ref 5s. 1942 F
Portland Gen Elec 1st 5s. 1935 J
78
Oct '19
37
12
S
J
1930 M
73
1931 M
1st 25-year s f 5s
N Y Rys 1st R E A ref 4s... 1942 J
4^8.1962 M
I 429
18W,SB
36
D
J
Portland Ry 1st A ref 5s
!
53
75
Am Sm A R 1st 30-yr 5s ser A '47
,
52%
O
Am Cot Oil debenture 5s
63%
25»4
90% July'19
85%
87
96
84%
96
Industrial
68
13
194
49%
J
al942 A
15
11
Refunding A exten 4^s._ 1931 J
Montreal Tram 1st A ref 5s. 1941 J
Income 6s.
11
Am Agric Chem 1st c 5S....1928 A
Conv deben 5s
1924 F
53%
"Il2
23
45
Manufacturing
70
68
77% Nov'20
12% Sale
68%
60%
&
90
80% Sale
58%
69%
53%
85% Sale
6s. 1928 J
conv s f
I®1*
63
"150
Dec'20
86
60%
10
60
21%
10-year
61
94
....
J
60
'20
47% Sale
New Orl Ry A Lt gen 4^s..l935 J
N Y Munlclp Ry 1st s f 6s A. 1966 J
Certificates of deposit
80-year adj Inc 5s
Jan
57%
14% Sale
O
"j
A
Trl-Clty Ry A Lt 1st
58
....
74
A
Milw Elec Ry A Lt cons g 5s 1926 F
N Y State Rys 1st cons
60%
58% Sale
Certificates of Deposit
s
Dec'20
59
22% Sale
F~
interboro Rap Tran 1st 5s.. 1966 y
Manhat Ry (NY) cons g 4s. 1990 A
Manila Elec Ry A Lt
60
47
66% June'20
60
59%
J
1957
Stamped tax-exempt
40% Dec '19
66
A
A.... 1957 F
interboro-Metrop coll 4^3.1956
90
J
Hud A Manhat 5s
1932
mmmm
m
56
S
Adjust Income 5s
N Y A Jersey 1st 5s
m
16%
J
A
Det United 1st cons g 4^s._1932 J
Ft Smith Lt ATr 1st g 5s... 1936 M
ser
-
71
73%
78
"89%
73,8
!
304
Nov'20
8318
71
Uu
85%
80
....
"
80%
"
821*
98
go
j*
98
78
89%
92
48.1939
J
74
81%
73% Nov'20
7384
77
Repub IAS 10-30-yr 6s s f.1940 A
o
Lac Gas L of St L Ref A ext 5s '34
o
70
71%
71
69%
82%
St L Rock Mt A P 5s stmpd.1955
J
Milwaukee Gas L 1st 4s
80%
84
75%
87%
J
Tenn Coal I A RR gen 5s. .1951 J
U S Steel Corp—/coup
dl903 M
a f 10-60-year 5sjreg
<fl963 M
N
N
91%
Dec'20
88
jjgj
99 4
1931 M
N
80
Oct'20
80
89
52
70
Mar'19
83
83
83%
Convertible deb 6s
Ed El 111 Bkn 1st
1925
;
con g
8
1927
N
Newark Con Gas g 5s
1948
80%
D
W YGELHAPg5a
....
72
Dec'20
104% Apr '17
Sale
1948
D
81
80%
81
Purchase money g 4s.z:--_1949
Ed Elec 111 1st cons g 5s..1995
A
62% Sale
62
63
J
85%
85
NYAQ El LAP 1st con g 53.1930
A
78%
78% May*20
N
85%
76% Sale
28
Corp unifying A ref 5s...1937 M
Pacific G A E gen A ref 5s..1942 J
J
International Series
Pat A Passaic G A EI 5a
1930
1949
1943
1947
Cb G-L A Coke 1st gu g 5s 1937
Con G Co of Ch 1st gu g 5s 1936
Ind Nat Gas A Oil 30-yr 5s 1936 M
Mu Fuel Gas 1st gu g 5s..1947 M
Philadelphia Co conv g 5s..1922
Stand Gas A El conv s f 6S..1926
Syracuse Lighting 1st g 5s._1951
Syracuse Light A Power 58..1954
Trentou G A El 1st g 5S..1949
Onion Elec Lt A P 1st g 5a..1932
Refunding A extension 5a. 1933
United Fuel Gas 1st s f 6S..1936
Utah Power A Lt 1st 5s
1944
Utica Elec L A P 1st g 5a... 1950 1
76
40
76
105
Utah Fuel 1st s f 5s
89
Victor Fuel 1st s f 58
1953 J
81
Va Iron Coal A Coke 1st g 5s
1949
79%
90%
72%
83
,
"II "75"
88
84%
87%
;
70
63%
Nov'20
100
*84" ~ "89
15
90
87
85
....
75
85%
80
70
"74" "80_"
Nov'20
July'19
Oct'20
89
76% Sale
75%
77%
95
77
Mar'20
"79"" "94%
19
7O84
81%
95
95
Northwest Tel
and aakeo. a^ueJan. M>ue April. «Due May. yDueJuu*.
73
80%
99
85
79
80
31
77%
75%
77
374
72%
Sale
74%
Dec'20
mmmm
78% Sale
169
92
102%
174
85
03
mmmm
94%
101%
85
95%
81,4
93
64% Aug'20
68% Jan'18
79%
78%'
2
®4%
70
8914
82
o*
99
81%
99%
88 4
88
98
83
86
82
82
N
74
Sale
73%,
75%
290
72%
F
A
85
Sale
85
86%
126
84
803< Sale
J
M
81
28
81
81%
62
78
78%
9
75
78
77
N
M
80%
81% Sale
J
J
-5I
78% Sale
J
Sale
N
g..1934 J
/iJJueJuJy. *DueAu*. ooueOci.
•
-
•
-
767,
78%
7A1.
851«
861*
38
101% 8ept'17
99
.
v
9384
997»
102%
60
44
M
Apr* 10
87
62%
92
73%
85
2397
f 4 Hs. 1939
30-year deben s f 0s.Feb 1949
Pacific Tel A Tel 1st 5s
1937
South Bell Tel A T 1st s f 58-1941
West Union coll tr cur 5s—1938
Fund A real est g 4Mb—1950
Mut Un Tel gu ext 5s
1941
N Y Telep 1st A gen s
80
65
Keystone Telephone 1st 5s..1935
70*4
88%
82
93% Sale
Mich State Teleph 1st 5S...1924
70«4
07%
1
638
63%
102% Sale
Cumb T A T 1st A gen 58... 1937
98% Oct '17
82
91%
76
Cent Dlst Tel 1st 30-year 5s. 1943
91
89
90
80%
...1933
1946
7-year convertible 6s
.1925
Bell Teleph of Pa s f 7s A..1945
92
89
73% Sale
20-year conv 4Mb
85
89%
61
.1936
80%
88
Nov'20
5
81
Telegraph & Telephone
coll tr 4s... 1929
Registered
71
J
S
Am Teiep A Tel
4s
52
71
Sale
90% Sale
Commercial Cable 1st g 4s..2397
May'19
86
.
70%
70
67% Aug '20
70
57
Mar* 17
75
M
85
72%
85
J
30-year temp coll tr 5s
70% Nov'20
75%
77%
Aor *17
89
90
70
N
Dec'20
62%
N
75%
July'17
84
~89
"62% Sale
Refunding gold 5s
price Friday: Uteel bid
79
....
Peop Gas A C 1st cons g 6s.
o
84%
77
71%
78%
6
58%
Convertible
Pac Pow A Lt 1st A ref 20-yr
5s
83%
75%
"74% "85
84
Nov'20
Pacific Q A E Co— Cal G A E—
83%
38
85
68%
85
-
94
Nnv'16
pDueNov. ,L)ue Deo. tUption sale.
24U
BOSTON
for
WFuesday
Monday
11
Dec.
Dec.
13
Dec.
16
Dec.
Dec.
14
Friday
Thursday
Wednesday
121
122
61
62
120
120*4 121*2
123
122
122
121
120*4 121
60*8
6I84
62
80
80
20*4
20*4
639
121*2
60*2
61
*1111
"
130
6U2
80
80
20
20*4
61
80
21
20*4
20l2
20
20*2
30
20
6U2
80
30
♦25
30
29
29
*25
30
*25
30
40
130
130
130
130
*125
128
128
128
30
*_i..
62*4
61*2
i
1
mmmm
mmmm
"*".10
1
1
4*2
4*2
*130
"68*2
135
*130
*4
135
mmmm
1*2
1*4
mm+w
Last Sale
35*2
188s
17
35l2
1534
Lowest.
*
355g
16*4
17*2
36
35*2
3712
17
17
175g
*75
'mmmm
157g
17
Last Sale 78
*71
78
*75
85
65
66
65
65
"65"
*15
*16
20
*16
20
Nov'20
Last Sale 21
*75
*75
75
75"
*75
*75
38*4
38*2
37
37
38"
49
49
49
50
49*4
*
'm
♦75
80
3734
38
*50
75
38"
10
65
64
65
3734
*50
*
75
mmm
302
mmmmrnm
40
37*4
38
1,231
50
....
pref
Febl7
60
80
100
Boston A Maine
Do
pref.....—...i—.lOO
Boston A Providence
100
no vor
Dec
62
Dec
85
Dec
Sept 14
Oct 21
28
40
Oct
130
Sept
68
50
225
Nov
8912 Nov
40
29
Dec 15
49
124
Jan 28
143
20
25c Oct
1
Dec 13
7
Mar
3
Nov 18
11
Mar
8
5
130
Jan 30
132
Jan
8
65*2 Dec 17
86
Jan
2
68
Jan 12
35
Dec
100
1578 Dec 17
72
9
3
78
77
July 21
89
64
Dec 17
86
Rutland
15
Jan 20
70
100
Vermont A Massachusetts. 100
60
Do
pref
37
60
West End Street
48
Dec
Mar 30
Sept 27
37*4 Sept 24
86
Jan "
75
Norwich A Worcester pref. 100
Old Colony
100
pref
Jan
10c |Deo
3ia Nov
2*s Nov
132
Oct
84
Feb
993s Mar
100
N Y N H A Hartford
116
9
134
19*2 Dec 17
Do
pre!
no par
Bost A Wore Elec vre.no par
Maine Central
3
Oct 25
Marl5
25s
Oct 20
May 25
Feb 18
Northern New Hampshire. 100
Dec'20
78
80
6883
•15
60
1,678
6,141
16*4
"80"
119
100
Elevated
Do
100
Do
pref....
100
Georgia Ry A Elec stampd.100
Do
pref
100
....
*68
100
...100
Boston A Albany
Boston
Chic June Ry A U 8 Y
Mar'20
....
78"
"70"
145
65*2 65*2
10334 Oct'19
36
353g
16**
""904
45g
Lowest.
Highest.
Railroads
Boston Suburban Eleo
mmmm
70
"
•
36
2,550
Nov'20
Last Sale 72
35
20*4
45g
Last Sale 130
mmm m
25
Oct'20
♦4
m m m
*65
*65
68*2
"l*2
1*2
"4*2 "4*2
19*2
Last Sale *4
"
1,569
mmmm
Urn
mm
Year
Week
17
Range for
STOCK
70
Mar
5978 Deo
25U Dec
86
Dec
July
94
Oct
*71
Dec
15
Dec
June 16
Apr
27U Oct
893s Nov
82
Oct
Dec 13
45*4 Jan
7
55*2 Jan
July
.
8
3
38ia Sept
Sept
47
Miscellaneous
•.05
.05
1*2
1*2
8
8
.46
.03
.10
.05
1*2
8*2
98*4
15g
8*8
975g
1«4
8*4
98
lh
7*2
7*2
*8
98
98«4
97*j
71
71
71
72
71
71
71*4
71*2
"25
*.04
.10
*12
.10
.10
1284
18*4
♦4
5«8
18*2
4*2
6*4
1784
55#
*.80
.95
.90
.90
4*2
5
S78
*.87
1
*.80
1
*.90
*4
1
1278
1278
5
.10
6
.09
12
*12
17«4
18*8
4*4
4*4
6*4
57g
.90
1
72*4
17
18
18*4
.
1284
6*8
4*4
57g
.60
.75
.90
.90
1234
4
4
4*2
*3*2
23*2
24*2
24
2412
23*4
24
17
16
16i2
16
J7
17
17*8
75
*72
16*4
9
9
*83d
328/
35
2:34*4
21
21
2:203s
*15«d
9«4
35*4
35*2
22 *2
22*2
*8*2
35*4
20*2
7*2
7*4
28
28
*28
478
4*4
11*2
478
11*8
1134
75
16
91,
35*4
22
7*4
153*4 155
*1534
16*4
152
,
7
*28
35
5
11
1134
5*4
12
90
80*2
59*2
59*2
122*4 1223#
80
80*2
79
80
79
79
59
60
595s
595a
59*4
59*2
*120
120
24
25
9612
97*2
*10
11
*9
26
255s
•147
*25*4
148
10
13*2
13
•19*4
20
19*2
■'
770
Eastern SS Lines Ino
1,894
323
7*2
2884
1,518
10
19*2
*1834
20
*1884
19*2
19
85
"6*2 "684
6*2
634
*55
57
55
22
21.5s
215g
33*2
*23*4
*50
55
♦21*2
.6
34
33
34
24
24
24
15*4
16*8
1534
16
16
17*2
1734
17
17*4
*15*2
14*2
17
15*2
17
17*4
16*2
1434
*27"
30
"27"
27
*20*2
28
*22
25
15
15
*
28
15
101
55
*21
55
215g
33*2
2384
•
100
9912 100*4
215g
345g
-
-
-
120
174
19
2478
"13*2
35
3,835
......
2,060
6*4
'
45l2
*.50
.75
.70
15
6*2
9*2
.05
200"
18*-
18*4
18*4
2U
2*2
12
13*4
*7
*7
8
27
26*2
.05
200"
205
1234
26*8
33d
334
5*4
7*2
584
778
334
534
7*8
*2*4
2*2
*2*4
3
2*4
1*2
3
206
6*4
6
91-
*93«
.03
.03
200"
207
12
*6
7
*6
7
26*.
26
2634
37«
384
5«4
78d
5%
7*2
77S
5*2
75g
2*2
2*4
2*4
2*4
3
3
1%
1*2
3
1*4
51*8
51*2
51
5134
77
75*2
751-
50l2
7512
177s
17*2
18
17
27«
2*2
1^8
2*2
138
1*4
17g
2
♦1*2
13*8
384
534
1*4
'mm
mm
*2*2
1*4
178
6
9*8
*9*4
9*2
460
.05
.03
.03
1,734
13
26
*384
3
3*#
1,830
1
l*/«
2,200
.50
.50
150
1,668
52
53*4
52
53
52
525g
7612
76
76
77*8
77*8
78
78
17*2
234
17*8
18
17*2
*2*2
1*4
17*2
234
17*8
17*2
234
4,850
1*4
1,750
1*4
*2*2
*1*4
17g
158
2
27g
1*2
2
1*2
4
2
15
.75
.80
*.80
1
*.80
4234
4234
43
*4284
82
82*2
82
83
82
4
3*2
134
4334
14*2
42l2
7*8
2*2
44l2
4
1
-
-
1*4
1*4
2
*134
1*4
1*2
1*4
2*2
-
82*2
37g
4*x«
1,884
2*?
45
1,125
14l2
14*2
14*2
.78
.75
*4284
82
82
7*4
7*2
7*2
75s
78g
75s
7*2
10*8
95g
97g
95s
934
9*2
.50
*.25
.50
Last Sale .25
1*2
2
25
I584
23*8
15l2
22l2
20
27
Bingham Mines
Butte-Balaklava
10
6
Copper
10
Calumet A Hecla
Carson Hill Gold
25
Centennial
25
Copper Range Co
Daly-West
25
Davis-Daly Copper
East Butte Copper MIn
10
Franklin
25
Hancock
Consolidated.... 25
1
20
Keweenaw
l
75
17
6
25
Mason Valley Mine
Maaa Consol
5
25
Mayflower-Old Colony
Michigan
25
v
.
25
5
5
New River Company.....100
Do
pref
100
25
Lake
"16 OJibway Mining
22*2
2212
36
36
3634
36
36
23
36*2
439
36
23*2*35*8
24
36
345
29
30
30
30*8
*29
29»4
293#
20*2
715
*17*4
1734
*17
*17
17*2
*17
17*2
17*2
17*2
910
.80
.85
.85
.75
.80
2,820
5
Quincy
30
•
2
"".04
*3
<
.04
.80
*
.90
*17
.75
"*.02
.04
mm mm
3
3
1*2
1*2
1*2
.75
.85
2*4 *_..
4
1*2
173g
2*4
m
3*2
1%
mmm
3*2
"*.03
*3
1%
18X,
.75
1*2
*
.90
Last Sale 2
.04
4
.6
*3
1*2
1*4
Oct'20
mm mm mm
25
25
25
25
St Mary's Mineral Land.. 25
Seneca Copper Corp
no par
1
10
.75c
South Lake
25
10c
5
.95
4.390
Trinity
.40
.35
.35
3,100
Tuolumne Copper
5
33o
2*2
2% 2%,
1,556
Utah-Apex Mining.......
5
1
3*2
3*2
3*4
3
3
3
3
27g
3*4
3*4
2,845
Utah
1
*.92
.95
.75
.90
10*2
10*2
10*2
10*2
*.25
.50
*.25
.50
•
BM and asked prfoss.
10
11
*.25
.50
10
*.25
10
.50'
9 Ex-rtock dividend,
.40
10
6U Apr
7
l>8May
6is Mar 31
20c
Feb
60c
Mar
82
38
5
June21
Jan
Mar 24
214 Jan
478 Apr
318 Jan
3
3
Jan
3
Jan 21
55s Jan
3
11*4 Jan
7ia Jan
2
2
Mar 27
Jan
5
7ia Jan
8
48
Oct 16
95
Sept 27
12ia Jan 3
2Ua Apr20
6
Feb
30la Mar
58
Jan
45
Mar
65
Jan
3
52
Mar
58
Jan
5
40
Mar
Nov 11
13
Jan
23
2
Jan
7
2ia Apr 15
25c
6
134 Jan 16
4
1*2 Mar
40c
Jan
Dec
1*4 May
7*2 Jan
1*4 Jan
1*4 Mar
33$ Jan
5
Dec
3
3ia Jan
8
25c Sept
9
2
Jan
7
834
Wolverine
25
10
Oct 26
23
Wyandotte
25
15c
Oct
15
Ex-dlvldend.
1*4 Dec
71c
9*4 Feb 20
23
42c Nov 18
278 Dec
1
Jan
Oct 21
25
•
9
Feb
Mar
May
Feb
Mar
Jan
Apr
37ia Jan
25
h Ex-rights.
Jan
Feb
Mar
Winona
$ Assessment paid,
2
2*2
49*2
14*4
6ia
878
5734
8*4
2&s Jan 26
Victoria
and rights.
Feb
75c
236
i Ex-divlden
Apr
Apr
4
25c
500
Nov'20
2
2*8
Jan 27
80c
12,255
25
Oct
3
1*2
Last Sale.
Jan
7
.90
10
Apr
3*2
Mar
.50
10
Apr
78
24
99c
*1
10
42
5
*.40
1
May
5
Jan
1*2
Utah Metal A Tunnel
4
Feb
Feb
>4 Jan 14
60
Sept 22
4
.40
.80
Mar
234 Jan 19
75o Nov
.90
.40
*1
8
7
25
.85
.40
1*2
3
11
2
II4 Dec
.90
.95
Jan
Mar
•
Dec
10
2'4
3*4
.50
16
4
•X.Aug
Superior A Boston Copper.
25s
.75
2
39
Mar
3,819
.40
*1
3
5
1
1%
.85
*.35
Mar
5
5
47b Mar
14U Jan
6ia Jan 29
1*4
1
1*2
12
48&8 Jan
16
18g
3
.90
Mar
12U May
Mar
.40
.50
16ia Jan
Jan
350
8c
11
0
25g
.85
3
Feb
Nov
4
Dec
.40
*1
Jan
401s Jan 10
6
7
Dec
3
.85
*.35
2
Jan
4c
25
1
1*2
409
Jan
Jan 10
South Utah MAS
Superior
.37
.92
MarJO
Apr
1034
7
745
27g
.40
Dec
700
234
27g
1*2
32*2 Dec
20c
17
10
21i2 Dec 14
3434 Dec 4
29
Nov 20
12itMay24
.37
.86
Dec
15*4 Dec
1
.40
7
24
Shannon
Consolidated
10c
Jan
40c
20
8
12
79
Feb 16
7
Dec 10
9*2 Dec 13
14 Oct 14
Apr
62*a Mar
6
4ia Apr 7
1534 Jan 5
1078 Apr 27
Dec
Mar
.50
i2 Jan
12*4 Nov
75c
21
3
1*4
Sept20
1'4 Feb 27
Jan 3
1
Dec
3
3
32
13
14
15
17
.08
*.04
3
Jan
72
.35
.35
11
Feb 13
Nov 11
Dec 14
3
6
Jan
35
16
1
.35
Aug
3*8
.
Feb
26
Dec
27g
*1
Jan
Jan
15
20
134 Dec 15
.35
1
Feb
38
li4 Dec
41
Aug
9
2*4 Dec
3*2 Nov
25
_
28
Mar
15s Dec
99c
Jan
May
15
*2 Dec
1*4 Dec
25
Oct
16
17
2
Copper....... 25
Jan
25*8
7«4
37
25c Nov
25
44
21
514 Nov
39
Jan
33
6
5*4 Dec 2
6i2Marl8
2c
Oct 2
200
Dec 11
10*4 Nov 23
67g Dec 16
25^4 Dec 17
334 Dec 10
2
1
Lake Copper Co
La Salle Copper
Jan
52ta
39iftJunel8
17
13
Oct 20
Nov 19
25
Do
pref
Isle Royale Copper
Kerr Lake
15*2 Dec
32*2 Jan
115
Dec
25
...
Jan
Dec
20
7l2 Nov 20
50o Aug 11
234 Dec 8
1
Aug 17
10
Helvetia
Indiana Mining
Island Creek Coal
30
17*2
20
7
4412 Jan 26
23U Apr
42
25
29*2
24*2
28
2
Mar 19
.
13
26
15
3,050
9
Jan
Feb 11
19
I8I4 Dec
Allouez
Arcadian Consolidated
Arizona Commercial
North
1534
2
77
North Butte
15*2
Jan
26
19
9
Nlplssiag Mines
16
17
Dec 9
Dec
49
10
37
23
16
23
11
Aug
29
*35*8
15*2
19
15
Dec 13
Nov
1,730
1
1
6
8
4934 Apr
43
Old Dominion Co
Osceola
16
1*2
25'2 Apr
40c
*1*4
15*2
23*2
355g
*1*4
15*2
Dec
25c June
♦1*4
15*4
21*2
1*2
30
25
9,485
m
7
25
New Cornelia Copper.
New Idrla Quicksilver
—
3U2 Jan
Algomah Mining
635
7*2
93.4
July
Ah meek
4,105
Dec'20
35
133
14i2 Dec
60
.80
374
3
13
227# Sept
12U Feb
pref..
60
Do
2d pref
50
WIckwIre Spencer Steel
5
Mining
Adventure Consolidated.. 25
14*4
*83
"
Manufacturing. 20
Mohawk
925
Jan
Feb
Apr 13
1st
753
*4234
—
95g
*.25
15*2
49
*134
4384
7*2
*1*4
100
214
4*8
97S
2
2,420
17/«
2*4
44*8
2*4
.50
*1*4
915
2
41
9*2
.50
100
1*4
.80
3
233
.78
184
•
*212
*23g
*.25
10
633
"sY"
44*2
14*2
73»
2#X« 2%
1*2
*1*4
7*8
934
734
-50
.90
*.25
7*2
3
1*4
_
734
2,980
2,135
3
1*2
_
5*2
450
.50
2*2
_
5,178
4*4
5*2
*1*4
2*4
_
85
26
1*2
*.90
....
7
7
3*2
1*2
*.50
1*8
15
2584
*334
4*4
55g
2*2
2*2
15
26*8
5,117
13*2
2*2
2l2
384
1434
13*4
2*4
*1*2
.75
835
215
13*2
67S
8
*.95
15
209
212
4,775
5*2
7*2
1*8
.75
-
♦93s
*
1*2
*14
-
370
1*?
2
-
1,525
234
284
3%
4
2*2
2*2
45
445g
44
-
-
25g
6
*.90
4
-
18*4
3*2
4
"""906
44*4
Nov'20
2*2
*578
.99
45
Dec'20
44*4
45
550
20
18*4
.99
378
*2*2
20
90
3
♦234
45
Warren Bros
10
18*2
678
378
55g
*3
*.50
Walworth
100
*2l2
57g
*18
207"
211
12l2
26 •
7*2
26*2
334
*.50
2
209
13
828
Last Sale .25
9*2
.05
13
147g
25
Last Sale .50
44
453g
6
1*8
1*2
2*4
.70
45
*93g
*
rn^'mm
•
*.50
2*2
6*8
*.50
♦75*2
1734
*2*2
♦1*4
26
Jan
65
MarlO
15
2088
14
76
100
......
2
28
16*2
Nov'20
93
Jan
Nov
16
Do
145
Jan 12
16
Nov
16*2
20
47ia Nov
83
8ept
99
21
15
1478
Jan
36<s Jan 3
3418 Mar 30
1761# Jan 19
65
10
Last Sale 30
Nov
4
5
Waldorf System Inc
25
13
Dec 3
17
18*2 Dec 2
19iz Sept 7
6
Nov 19
13
__
1,071
18*2
212
9*2
85
17
.25
ei2
Dec
15
■
18
Nov
17
*.10
*
10
24
147
17
20
28*8 Nov
8^8 Feb
90
Feb
Jan 26
Nov
25
Watch
July
6*4 Dec
130
17*4
*_...
75
53
33
15
19
7
8ia Apr 8
317a Apr 8
12ij8eptl5
IOU2 Jan 10
101
United Shoe Mach Corp... 25
Do
pref
25
Ventura Consol Oil Fields.
6
25
Mar
2
Oct
9
Jan
80ia Feb
13812 Jan 21
653
26
May 25
29U Oct
17
8
Dec 8
4,970
*1 II"
60
45
Dec
17
25
Oct
Apr
Nov 19
34*8
15
14*2
26*2 *__
28
18
24
Waltham
3
823sMay
97*2 Nov
650
23ia
June
118
1678
mm mm
2
26
Dec
33*2
■'mm mm''
36i2 Jan
66
16*2
145s
17*2
Jan
Apr
4
6714 Nov
24
25,374
6
39
138
Nov
164
1
32*1 Sept 10
Union Twist Drill
4ia Jan
8Hs Dec
8
Simms Magneto
5
Stewart Mfg Corp.....no par
Torrlngton
Dec
Ndv
Swift A Co
100
Dec
6
63*4 Nov
17
.25
3
25
14«48eptl7
6*2 Mar 23
3612 Jan 3
283gMay 7
88
Apr 8
7
2ia Deo
88
34*4
.70
18*2
ShawmutSS
5
Jan
8
24*4
45*2
*2*2
6*8
*9*4
Root A V Dervoort CI A no par
7
6
16*2
45*4
18*4
10
20
17
23
14
33s Jan 3
Apr
35U Apr
10
Apr
127s Apr
Feb
June
57
3334
*.10
3
1,625
Reece Button-Hole
5
68*4 Feb
24
*.50
19
56
mm'mm
22
22
9ij Apr 30
Nov 15
90
16*2
.35
185s
100,
Mexican Investment Ino.. 19
New England Telephone.. 100
Nov 30
4*4 Mar 4
10*s Nov 16
24
46*2
*212
6*4
9
mmmm■'
45*2
.25
•
55
22
*.10
46
*.20
55
*21
"l",730
100*4 10034
25
34*2
"26"
*.50
9984100
Apr 14
6*2 Nov 30
17
16*4
17*4
«
m
Linotype
165 Ohio Body A Blower...no par
2,590 Orpheum Circuit Ino
1
229 Pacific Mills....
5 Plant (Thos G) pref
100
792
19
534
6*2
Mergenthaler
2,815
150
*1234
19
100
10
10
150
13*2
pref
Dec 14
16
10
20*4
99*2
247g
25*2
Do
Theatres
9
Dec
3234 Dec 14
34*4
2334
163s
2334
'
m m
10
Llbby. McNelU A Libby.. 10
895
22
25" *1111
-J
Island Oil A Trans Corp..
79*2
595s
55
♦
26*2
100
Loew's
Last Sale 33i2 Sept'20
101
pref
McElwaln (W H) 1st pref. 100
Massachusetts Gas Cos
100
Last Sale 20*2 Sept'20
"
Greenfield Tap A Die
26
Internet Cement Corp.no par
Internat Products
no par
358
85
.
9
361
120
149
85
16
60
Corporation
Do
334 Feb 14
Nov 17
Aug 10
May 15
12
483
Jan
62
90
59
17ia
140
7834
10
148
1,492
38
100
12
18
*25
11*4
Deo
Nov 24
90
98
*12«4
100
34
22*4
11*4
Jan
16
no par
34
995
78ia
Jan
100
22*4
684
5
79
Jan 13
19
16
pref
Elder
250
Apr 20
83
26
Gorton-Pew Fisheries
98
10
Do
110
mm
167
22
Edison Electric Ilium
240
mho
9
1138
25*4
5
962
Nov 26
6
Manufacturing
9
•
5
mmm m
75
161
156
22l2
13*4
"658 "65s
*70*2
75
158
♦1234
100*2 101*2
459
17
13*2
""6*2 "678
I234
17
19
•
mmmm
Century Steel of Amer Inc. 10
17*4
97
85
*13
Boston Mex Pet Trusteesno par
1,240
Dec
Nov 12
4*4 Dec 15
5
Dec 8
60c Nov 10
90c Dec 14
12
Nov 18
10
1134
9034
79
79*2
5912 5912
120
121*4
•
mm •
1,600
10
*13
m'm
1
Jan
2ia Apr
9c Dec 16
_
Dec 15
Eastern
25
x25
70
17
East Boston Land..
11«4
'
70
Atlas Tack Corporatlon.no par
Beacon Chocolate
10
10
Dec
95
Nov 24
.90
....
97l2
10
10
255g
Apr 30
10
Blgheart Prod A Refg
5
55c
13*2 Nov 5
100 34 Sept 16
10
Art Metal Construe Inc
Connor (John T)
148
149
100
Amoskeag Mfg
no par
Do
pref
no par
Anglo-Am Comml Corp.sc par
80
Amer Telep A Teleg..
992
934
2534
147*2
25*4
Feb 10
714 Marl5
3*2 Nov 4
Feb 24
5
400
12 34
*90
123
22*2
9678
1
50
pref
2334
13
147
12*2
270
26
Do
23*4
11
12
90
120
.90
3,305
3o Dec 14
10
Amer Pneumatic Service..
4
47g
1138
12
90
97
*.60
1
.90
28*2
478
111 2
25*4
13,759
35
90
122*2
6*8
6
*28
35
12
96*2
4*4
22*2
73g
9034
25
6
175#
35
12
122
2,020
584
34
90
97
.10
4*4
*21*2
7*4
7
12
25
160
175g
9
90«4
25
221
4*4
18
16
12
96*?
5,381
1234
*12
I284
16
90*4
80*2
.09
34*2
11*8
11*2
72
.10
♦8
5
4%
98*4
72*4
21*2
*28
5
35
72
mm
154
9
6*2
7*4
375
23*8
128s
1234
*70*2
7084
*15«4
16«s
7
7034
151
*8*4
16
75
152«4 153
153
m
4,795
Am OH Engineering
23*4
*16*2
*70*2
4
24*4
153
"
1*2
72
72*4
'm
18,295
4
4
*12*2
*334
127g
4
127S
97*%
*.60
.90
t
24*4
•16*2
♦70*2
1284
983g
98
*72
12
18
*12
*12
8
I84
8*8
8
*784
98*4
.10
.10
"1*2 "ih
15g
977g
*72*4
*71*2
72
71
*70
eia4
1*2
.10
1*2
.15
Previons
1919.
EXCHANGE
fthe
Shores
*80
Mange tinco Jan. 1.
STOCKS
Soles
PER CENTUM PRICES
an ARB PRICES—NOT
Saturday
Dec.
sJSSL.
BOSTON STOCK EXCHANGE-Stock Record
Jan 10
liaMar22
«
Half-paid.
50c
Jan
15
Mar
40e
Mar
Highest
Dnc.
2415
CHRONICLE
THE
181920.]
Sales
Friday
Outside Stock
Last
Exchanges
Boston Bond Record.—Transactions in bonds at Boston
Stock
Exchange Dec. 11 to Dec. 17, both inclusive:
for
of Prices.
Low.
High.
■V
High.
Low.
100.00 Jan
89.84 90.10 382,600
lst Lib Loan 4a_. 1932-47
89.04 May
200
82.04 May
93.04
85.04 85.04
85.84 86.10
Jan
50
82.04 May
92.34
Jan
1st Lib L'n 4%8_1932-47
2d Lib L'n 4^3—1927-42
85.84 86.26
13,350
82.14May
93.80
Jan
84.94 85.86
45,450
81.60 May
92.98
Jan
3d Lib Loan 4%s...1928
87.54 88.16 143,750
86.00 May
94.96
Jan
4th Lib L'n 4 Ms. 1933-38
85.54 86.04 263,550
81.74 May
92.98
Jan
95,650
94.84 May
2d Lib Loan 4s..1927-42
Victory 4%s
......
1922-23
......
Am Tel & Tel coll 4s._ 1929
94.84 95.50
99.30
Jan
Mar
81
90
99
5,000 <72 H
Apr
73 H May
4,000
68
Aug
61,000
90
Nov
15,000
77
77 H
17,000
74
July
84 M
64
64 M
60
May
75
Gt Nor—C B & Q 48..1921
1934
95 H
95 H
7,000
1,000
93 M
July
99 %
65
65
63
Sept
70
Mass Gas 4%s
77 M
77 M
1,000
1,000
72
Sept
83 H
Jan
Collateral trust 5a.. 1946
.
Atl G <fc W I SS L 5a-1959
4s
._
69 M
Carson Hill Gold 7s_—1923
Chic June & U8Y 5s. 1940
90 H
1940
_
KCM&Birm inc
1931
74
74
77
....
.
77 M
69 M
69 M
82
Jan
81
Jan
150
Jan
Jan
May
Jan
Nov
4MB
1929
Miss River Power 5s..1951
85
85
86
14,000
80
July
91 H
Mar
75
75
75 M
30,000
69 M
Mar
77
Nov
N E Telephone 5s
1932
Pond Creek Coal 6s.—1923
80
79 H
80 M
Aug
85
Mar
96
92
Jan
96
Oct
81H
11,000
8,000
37,000
77
96
Dec
93 H
Jan
78 M
17.000
77
84
Jan
—
Low.
Dervoort—(*)
89%
.100
98 %
89%
Dec
243
Apr
100
100%
Dec
118%
Feb
63
3,430
54
Dec
90
Apr
18 %
755
15
Nov
18%
Dec
11
11
100
11
Dec
26%
Jan
26H
26%
50%
Apr
100%
27 %
10,815
26
Nov
101%
99
7,375
96
Nov
25%
26%
Nov
55
Jan
20
31
8,330
1,830
23
21
20
Dec
49
Mar
24
24
300
23
Dec
52%
Mar
49
79%
79%
38%
37
48%
9
11
50.
13
48%
34,400
%
100
17
Dec
23
Apr
36%
Nov
56
May
91%
Drc
116
Jan
Dec
40
Mar
Nov
24
Nov
37
Dec
76
Mar
70
Nov
81%
Apr
94%
Dec
14,000
59
Dec
97%
72%
Feb
7,000
15,000
34
Feb
45
Oct
57
May
70
Mar
Dec
40
3,945
...
37%
37%
71
50
70
1,105
Armour A Co deb 7s. .1930
94%
94%
$1,000
Chicago City Ry 5sL._1927
Chic City A Con Rys 5s '27
Chicago Railways 5s__1927
59
60
34
35
57
57
29%
29%
14
10,700
9%
-
-
«.
70
Apr
14
8%
Bonds—
4s, Serl es 'B"
.1927
1,000
29%
1944
81H
Western Tel <k Tel 5a._1932
77 M
81M
77 M
81M
June
Pittsburgh Stock Exchange.—Record of transactions at
Pittsburgh Stock Exchange Dec. 11 to Dec. 17, both in¬
clusive, compiled from official sales lists:
Sales
Friday
Last
Week's Range
Sale.
Stocks—
Par.
High.
Low.
89
89
89
3,000
89
Dec
97%
Commonw Edison 5s.. 1943
79%
79
79%
27.000
77
Aug
67%
67%
5,000
65
|Nov
75
63
5,000
61
Dec
63
81%
82
81%
Dec
*
87
Jan
92%
Feb
Peoples Gas Lt A Coke—
Chic Gas L A C 1st 5s '37
81%
14,000
fJan
Dec
"
Jan
(*) No par value.
Baltimore Stock Exchange.—Record of transactions at
Stock Exchange, Dec. 11 to Dec. 17, both in¬
Baltimore
Range since Jan. 1.
for
clusive, compiled from official sales lists:
Week.
of Prices.
Price.
Oct
Oct
Chicago Telephone 58.1923
63
Swift <fe Co 1st 5a
Mar
203
15%
25
42
2,680
9%
Wrigley Jr, com
Jan
74%
105%
93
9%
14%
Doc
Dec
79%
25
17
92
Western
Dec
9
5,225
79%
40
17
10
Wahl
Co
---(*)
Ward, Montg A Co, pf.100
When issued
20
Knitting Mills. (*)
Wilson A Co, com
(♦)
Jan
128
25%
100
System, Inc
14,770
16
Union Carbide A Carbon. 10
United Iron Wks, v t c__50
Waldorf
52
54
25
com....
Jan
Dec
11
U S
Steel,
High.
18
150
16
Swift International
15
Temtor Prod C A F"A" (*)
com
89 %
Low.
Shares.
55%
Stew Warn Speed, com.100
Swift A Co
...100
Thompson, J R,
18
100% 100%
100
com
High.
18
(*)
Rights..
Standard Gas A Electric.50
Week.
Price.
Price.
Shaw W W, com
Range since Jan. 1.
Week's Range
Sale.
Bonds-
Root A Van
Par.
Preferred..
Last
Range since Jan. 1.
for
Week.
of Prices.
•
(Concluded)
Sears-Roebuck,
Sales
Friday
Week's Range
Sale.
Stocks
Shares.
Low
High.
•
Sales
Friday
Range since Jan. 1.
Last
July
16%
13
13
20
Araer Wind Glass Mach 100
106
109
505
106
Dec
135
Jan
85
85
850
85
Dec
95
7
Dec
45
Jan
Arundel Corporation
50
46
Apr
Atlantic Petroleum
Apr
Bait
Week.
10
45
for
of Prices.
Low.
High.
Jan
21,652
Week's Range
Sale.
Apr
Amer Vitrified Prod com 50
100
Preferred
Arkansas Gas com
10
7H
7
8H
36
33
36
300
33
Dec
36
Barnsdall Corp class A..25
Class B
25
35H
36
664
34
Aug
2H
5
Carnegie Lead A Zinc
1
26
Guffey Gille8pieOil(no par)
100
50
Indep Brewing com
-mm-m
Lone Star Gas
25
Mfrs Light A Heat
50
Middle State Oil...
10
Nat Fireproofing com
Preferred
Celestine Oil
3H
Aug
11^
Jan
Cent Teresa Sug, pref... 10
Consol Gas E L A Pow.100
Apr
Aug
5%
15%
2%
45%
61%
6%
38%
1
Nov
Nov
1H
Dec
1,25b
24H
48 H
2%
Dec
July
12
80
Dec
...1
A
Cosden
«*
50
—5H
28
-
—
1
Pittsb A Mt Shasta Cop__l
Pittsburgh Oil A Gas.
100
Pittsburgh Plate Glass
Pittsb Stk Exch membership
"12 H
U S Steel Corp com
"79 H
.90
6
10
10,220
510
Dec
67
"T%
Jan
Jan
90
5
84%
Dec
3.40
Dec
11
Jan
Nov
90M
939
82 M
84
308
74% June
30
182
28
84 %
Apr
Nov
.85
Dec
103 H
89
45 H
SH May
4%
25 H
Dec
Dec
77
78 M
490
67 M
May
I Benesch, com
Mar
Jan
27
Houston Oil, pref tr ctfs 100
Jan
May
44 H
16M
26
93%
Apr
Apr
Jan
no par
23
23
165
23
Nov
23 M
Dec
......25
23
23
650
23
Nov
104 H
Feb
50
18
18
100
18
Dec
50
15 %
16
23
14M
Feb
17 H
Jan
58
60
111
58
Dec
95
Jan
164
5%
July
9%
Apr
Monon Val Trac, pref.-.25
13 H
19 %
1,535
10 H
Nov
19%
Apr
Mt V-W'db'y Mills-
380
18H
Dec
34%
Mar
47
1,085
28 H
Feb
44
Feb
1,575
28
Dec
2
2
710
2
Dec
5H
6
1,260
5%
Dec
55%
52%
8%
18%
57
700
51%
Mar
72
25c
53c
Jan
Preferred
Motor
Lincoln
Preferred
Jan
46 H
28
3c
4c
10,000
3c
Dec
36c
3,500
5,150
30c
Aug
13
10 H
2 2500
pref...100
-~xo
70
35
Pittsburgh A Benn Tr 5s
Pittsburgh Brewing 6s 1949
West Penn Rys 5s
1931
61
61
69
78
94 H
4,434
3,259
Sept
Dec
18
Mar
172
Apr
Jan
Dec
107%
Jan
Nov
118%
Jan
78%
90
Apr
Apr
Dec
110 xll5
835
■"
Apr
Mar
Nov 5750
10 H
142
2500
80
69
67
10
1,140
xll5
41
.85
2,140
1,445
6%
78H
90 H
40 H
West'house Elec A Mfg.50
2M
3%
50
2500
92
4M
Dec
16M
23,681
■
115
Feb
1%
29%
2%
34c
4c
Pittsb-Jerome Copper
2%
100
28
83
50
12%
57
Pittsburgh Coal com... 100
3,400
1%
5M
*85"
Jan
40
3%
Corpn
2H
18H
50
Oct
16M
Chemical_.no par
12 y8
18H
46H
25
20M
25 %
5
Elkhorn Coal
Jan
High.
Low.
300
24
3M
67
.85
no par
Preferred
Davison
Apr
Jan
100
Co
Apr
Jan
Coal
Consolidation
5H
25
and stock
Jan
3
51
Pittsb Brewing com
Cash
102
225
50
2H
Oklahoma Nat Gas
x
Jan
July
Mar
280
51
......
Ohio Fuel Supply
West Perm Rys
Bonds—
Jan
39
93
6,863
26
11
100
Westlnghouse Air Brake.50
66
25H June
53
23 %
3%
Baltimore Tube, pref.. 100
Jan
1H
13 H
.
Jan
5
3H
1
_
3%
16
50
Preferred
Dec
Dec
25
24 H
50
Ohio Fuel Oil
1
3,170
1H
23%
Shares
1%
2H
26 H
3H
Price.
Brick...
210
55%
25
5
Marland Petroleum
m.
3H
1H
..1
Kay County Gas
mm
1H
__50
Preferred
mm
1
450
100 H 100 H
55 %
26
Columbia Gas A Elec. .100
Harb Walk pref
%
4H
%
5
Preferred
i
Par.
Stocks—
200
5
Carbo-Hydrogen com
9H
.
40%
Dec
55
Jan
65 %
July
79
Jan
61
Deo
61
Dec
69
$1,000
7,000
66H
July
75%
Jan
78
1.000
73
Nov
78
Dec
41H
t
v
100
t r..
*77%
"T%
Wash B A Annap
74
Feb
84 H
Nov
11%
Penna Water A Power. 100
Seaboard Air Line, pref 100
United Ry A Elec
50
11%
75
11 %
Dec
9%
2,149
9M
16 H
15
Nov
9M
20 H
Jan
*77%
13
50
81
13
13
Oct
36
Jan
July
86
Mar
Mar
50
28
28
50
Bait Elec stamped 53.1947
80
80
$3,000
79
Preferred
.....
.
....
Jan
240
Dec
May
28
Bonds—
80 M
1,000
Oct
83
Dec
70
Dec
95 H
50
Aug
63
85 M
Aug
96
Jan
72
Dec
83
Feb
72
Dec
81
79%
56
80 M
58%
24,000
56
City A Suburban 1st 5sl922
94%
94 %
1,000
94
City A Sub(Wash)lst 5s '48
Consolidated Gas 5s..1939
63
63
14,000
87%
72
87%
72 M
72%
93
93
1,000
92 M
June
95%
93
93
5,000
93
June
96
97
97
1,000
96%
96 M
96 M
3,000
Bait Spar Pt A C
4Ms. 1953
1927
Chicago Ry 1st 5s
General
5%
56 M
72
1954
4Ms
Cons Gas E L A P 4Ms '35
72
notes
6% notes
7% notes...
Consolidation
....
2,000
13,000
8,000
H
Jan
Jan
Nov
Jan
Nov
Jan
July
100M
Jan
96
Jan
98 H
Apr
Nov
Coal—
1923
Convertible 6e
dividend
58
Feb
Cosden A Co conf s f
Chicago Stock Exchange.—Record of transactions at
Chicago Stock Exchange Dec. 11 to Dec. 17, both inclusive,
compiled from official sales lists:
Last
Sale.
Par.
Stocks-
Price.
Week's Range
Week.
of Prices.
High.
Low.
Range since Jan. 1.
for
Shares
Low.
High.
85
65
64
68
544
64
Dec
100
83%
83
87
7,58f
83
Dec
15
12 %
12%
13
1,267
12%
Dec
100
89%
89%
92%
313
88 %
_.(*)
32%
32%
35%
500
32%
Nov
Dec
440
3%
Dec
13
%
Jan
Nov
74
^
Jan
75
Preferred
Beaver
Board..
Booth Fisheries, new—(♦)
Preferred.100
Briscoe,
(*)
common
Case
(*)
Chicago City Ry..
100
Chic City & Con Ry pt sh
Common
..(*)
Preferred
(*)
(J I)
T%
25
Inland
Lindsay Light
Preferred
Mitchell
%
%
5
4
750
4,250
%
Par.
Dec
3%
Dec
1% June
11% June
Alliance Insurance
7,000
85
Dec
68 %
11% June
American
100
225
63
Dec
11
280
10
Dec
20
Jan
Pipe A Construction
American Railways, pf.100
205
65
200
May
215
Feb
American Stores
101% 102
7,975
100
Nov
108
Jan
Cambria Iron
Feb
Consol Trac of N J
.
6
21
110%
13 %
Apr
1,000
68 H
Dec
91M
76 H
Dec
102
Dec
125%
Feb
Mar
Jan
61
May
58
55
60
2,163
55
Dec
92
Jan
69%
63
70
1,080
68
Dec
105
Jan
1,075
8
Dec
8%
10%
10,720
65
68%
130
64
45 %
45%
100
45%
9%
10%
11%
5%
6
9%
9%
8,485
89
Mar
Dec
280
Jan
Nov
5
May
5
May
11
Aug
25%
36%
39
11
20%
10%
68
68
68
82%
83 %
85
85
340
16%
20
2,230
36
Dec
40
Jan
91
100
5,015
91
Dec
141
34%
Dec
120
Jan
74
Dec
193
Jan
27%
47%
79
27 M
29 M
J G Brill Co
50
54
100
50
Preferred
Oct
22%
900
20%
Dec
50 %
Jan
Philadelphia Traction
12%
5,190
10%
Dec
Sept
16%
Dec
28
Mar
39M
34 H
30
no par
Feb
8,570
1,518
1,751
Nov
57
j
60
50
50
...50
...
21M
8j
27M
25
Phlla Rapid Transit
Jan
35
68 M
40M
34M
31M
51M
Mar
Mar
Sept
40
35
90
29
65M
45
98 %
Jan
38
40
Dec
Dec
13
11
Phlla Electric of Pa
Dec
Dec
43
Phlla Insul Wire
85
7
42
Jan
82 %
34
42
65M
27
27M
14M
14
16
52
50 M
22M
52M
83
84H
56
56
2d A 3d Sts Pass Ry
177
177
15th Sts Pass Ry..
Tono Belmont Devel
1
187M 187M
1 5 161M
Reading
2d
preferred
13th A
1 7 16
Jan
90
60
pref...
Jan
975
Mlnehill A 8 H
Lehigh Valley
70
48
Oct
8M
30 M
"8M
50
.50
Feb
Aug
Aug
666
50
100
Nov
2,088
29 H
8
40
Midvale Steel A Ord
Lake Superior Corp
Lehigh Navigation
Pa Cent Lt A Pow,
Feb
7
500
29 H
8M
71M
55H
31M
Jan
July
8M
50
Apr
79 %
1H
76 M
15 H
43
34 H
10
Keystone Telephone
Preferred
35%
65
92
100
Preferred
24
610
Jan
61
47
100
200
1,175
64%
56%
36
44
Dec
Dec
36
45%
7%
Dec
100
Dec
4%
8%
Jan
4%
Feb
Dec
24%
5,450
11,879
5
7%
24 %
64%
Nov
40
Jan
4,414
Dec
4
June
Insurance Co of N A
Apr
Jan
28
482
35
Jan
120
9%
9%
Jan
528
37%
22
15
4%
32
Apr
23
10
Pennsylv Salt Mfg
50
Pennsylvania
50
Philadelphia Co (Pitts) ..60
Pref (cumulative 6%).50
15
24%
17%
23%
Dec
25
7%
"83%
6%
Dec
355
4%
21
9%
18% May
Dec
1,369
General Asphalt
96 %
4M
High.
Low.
18%
36
Electric Storage Battery 100
89
"17M
29
50
36
Jan
155
4
18 %
50
no par
Feb
105
18 H
28
Range since Jan. 1.
Shares.
17%
42
98
29
Sales
545
101
33
is
Jan
20
49
Dec
Dec
'Th¬
Jan
17 %
46 H
Dec
90
8
Gas
Amer
Nov
89
Price,
10
300
24%
86
Nov
Oct
Philadelphia Stock Exchange.—Record of transactions
Philadelphia Stock Exchange, Dec. 11 to Dec. 17, both
inclusive, compiled from official sales lists:
3%
10
—
65 H
at
64%
100
Quaker Oats Co, pref..100
Motor
10
Jan
4
Aug
Orpheum Circuit, Inc...
Reo
Mar
1941
63
Co....(*)
People's Gas Lt A Coke. 100
Pick (Albert) A Co
(*)
56
for
25
Piggly Wiggly Stores, Inc(»)
Pub Serv of Nor 111, com 100
Preferred
100
100
69
Week.
17
Libby. 10
...10
...
Motor
64
of Prices.
Low.
High.
20
100
National Leather
64
Week's Range
25
.....
Middle West Util, com. 100
Sept
Last
525
68%
10
49M
Sale.
17 %
"9%
Preferred
Mar
Friday
21
10
L bby, McNeill A
42
60%
Jan
17%
—100
Steel
Feb
20
10
Hupp Motor
Illinois Brick.
43% 129,000
Nov
96 %
(*)
Corporation.. 100
May
45
50%
Holland-Amer Sugar
55
870
45
100
Godschaux Sugar, com.(*)
Jan
87,000
Apr
1,635
89
Dec
62
Sept
Oct
205
100
86 M
80 M
60
17%
3,385
Hartman
6% notes
Wash B A A 5s
10
102
Aug
Jan
Nov
42%
60 %
24%
59
100
1949
1949
1,305
3%
"63"
64
80 M
1940
6%
%
4
76 M
69 M
Dec
Mar
Mar
58
Sept
91H
85
Penna WAP.5s
United Ry A El 4s
Nov
21
Great Lakes D A D
95 %
Jan
eiM
64
Nov
5%
Jones
110%
17%
Sept
82% May
1,000
2,000
Nov
21
Edmunds
12,000
64
6
56%
100
65M
64
9
5%
Match
65 M
12
56 H
21
Deere & Co, pref
1842
Monon V Trac 5s
100
10
Diamond
4,000
2,305
Cudahy Pack Co, com .100
Cobn,Inc(*)
Feb
88 M
6%
5%
Motors
Jan
80
88 M
Stocks—
.
Decker (Alf) &
95 H
Ga Car A Nor 1st 5s.. 1929
9%
45
Chicago Rys Part Ctf Ser 1
Chicago Title & Trust. 100
Continental
97%
May
73
12%
9
Chicago Elev Ry, pref. 100
Commonwealth Edison. 100
460
May
89
2,000
12%
9
—
Chicago Pneum Tool... 100
25%
25
10
Bunte Bros
4
3%
83
7,000
75
Funding 5s, small..1936
Mar
100
Armour &
Armour Leather
15,000
90M
75
Income 4s
American Radiator
Co, pref
91%
90%*
FraJ A Clarks Trac 5s. 1938
Norf A Ports Trac 5s.. 1936
Sales
Friday
91 %
Elkhorn Coal Corpn 6sl925
655
390
8,253
125
572
135
5,414
1,158
8,455
790
75
200
7
20
63
Oct
22
Mar
June
80
Nov
40% May
56
Nov
7%
30%
40
39%
63%
51%
Jan
May
50
Jan
Sept
43%
Jan
Dec
Nov
37% Aug
31% Aug
29% May
50% July
20%
Sept
25
Sept
12%
July
76
Jan
44
Oct
42%
36%
53%
25%
Jan
27%
28,
Nov
Jan
Oct
Jan
Jan
Oct
63
Jan
65
Feb
103
Nov
33%
Feb
49%
177
187%
2,920 1 1 16
61%
Oct
Dec
195
Mar
Mar
190
Mar
Sept
3 1 16
Jan
(Concluded) Par.
Week's Ranye
for
of Prices.
Low.
High.
Week.
Price.
29
34
169
60
100
United Cos of n j
29k
60
Traction
"27k
United Gas Impt
170
92
ik
27 k
Corporation—100
28k
49 k
80
7k
49 k
78k
Warwick Iron a Steel... 10
7k
Preferred
u s Steel
Shore.50
60
West Jersey & Sea
York Railways, pref
Low.
Shares
High.
July
37
Jan
185
Jan
u s Light a Ht, com.r..10
Preferred.r
-.10
ik
July
67
Jan
u s Ship Corp.r
27 k
86
49 k
Dec
Oct
890
78k
7%
2k
Dec
Dec
60
Wayne Coal
Jan
Willys Corp com.r. (no par)
First preferred.r....100
Oct
187
35
Jan
40
Feb
31
37
29
Aug
32
Jan
89.80 Sept
85.90 Dec
84.80 85.60 123,300
84.80 Dec
86.12 86.32
85.00 Aug
83.20 May
2,150
84.90 85.44 113,450
87.50 88.10 190,700
2007
2007
1934
Baltimore a Ohio 6s.. 1929
Amer Gas a Elec 6s
69 k
Consol Trac n j 1st 5s. 1932
69 k
82
Apr
68 k
91.91
SePt
Oct
70
400
82k
Oct
Dec
2,000
84 k
Dec
65 k
84 k
69,200
97
Oct
102 k
41 k
41x
50
50
64
27,000
41k
Dec
Dec
50
Dec
Jan
Sept
Bigheart Prod a Ref
Boone Oil.r
26
26
4,000
25
Oct
Keystone Telep 1st 5s. 1935
64
64
6,000
64
Dec
Corp 5s. 1924
45
45
6,700
43
Dec
84 k
84k
3,000
80
Aug
Lehigh can cons 4Kb '54
Lehigh Valley coll 6s.. 1928
Annuity 6s...
98
98
107
30 k
Jan
May
85
Jan
63
92k June
Lehigh Val Coal 1st Ss.1933
93
93
1,000
85
July
99
Jan
Market St Elev 1st 4s. 1955
71k
71k
2
104
104
10,000
3,000
13,000
1960
88
88
10,000
84
1948
83
83
10,000
82 k
97 k
97k
79
81
1966
83 k
83k
Pub Serv Corp of n j 5s '59
59k
60
.1997
United Rys Invest 5s. 1926
79
79 k
66 k
67k
Consol
Consol
4kb
4s
1921
p w a b ctfs 4s
Phlla Electric 1st 5s.. 1966
small
do
79k
Reading gen 4s
Dec
.
Par.
1
Aetna Explosives-r (no Par)
Coal.r
r.100
Automatio Fuel s.r
Ordinary
16c
6k
Dec
85
2,500
5k
Dec
10k
7-16
9,100
k
Nov
ik
10,100
h
Aug
2k
2k
50
7k
8k
8,700
11-16 ik
15,500
20 k
20
6
00m r_5
7-16
ik
"8k
IK
5k
k
1
1,200
1-16 Dec
2k
9,300
ik
12k
13 k
1,200
5
Feb
ji
18
3,300
17
Dec
Apr
12,000
65
June
Low.
High.
9K
5,000
7
H
Nov
Apr
1-16 3-32
2
...5
Fensland Oil
(no par)
Gilllland oh
(no par)
com.r.
Preferred _r
...100
"17
26
105
107
107
Hercules Petroleum.r_._10
~~~K
Dar
16 k
Invader Oil.r
k
15
1.80
Lyons Petroleum.r
k
ik
12k
13k
Marland Oil
22
22
24
Mexican Panuco Oil
2k
"iiK
Midwest-Texas
Oil.r
1
11
15 k
"y-ie
k f,Mar
4kj Jan
Oct
60k IJan
8k
jan
16k
16
39 k
8
Apr
ik
18
Apr
Jan
Jan
148
Jan
k
Dec
2k
Nov
ik
Dec
41
Jan
29
July
Dec
22
May
Dec
40
Sept
5k
Juna
10,000
2k
Dec
10 k
15 k
Aug
Dec
22K1 Jan
100
ik
Nov
21
850
145
>.-16 5-16
7
k
18,400
36,100
128
Aug
May
4c
44
fJan
Jan
4h
k
July
Jan
Jan
190
Jan
Noble Oil a Gas
1
k
13-16
39,200
1 5-16
Apr
Aug
49
Jan
North American Oil.r
5
ik
2k
4,050
ik
Dec
36
Jan
Northern Texas Oil.r
5
"~~K
k
k
9,500
k
Dec
5k
4k
Feb
17 K
9
100
16
Nov
40
Jan
Omar Oil a Gas
10
2k
2k
3,700
2k
Aug
7k
Panhandle par com.r.(t)
Pennock Oil.r..
10
6 4
2k
ck
400
6
June
5
6
2,800
5
Apr
9k
Jan
Producers a Ref .r ——.10
Red Rock Oil a Gas.r...
4k
4k
7,200
4k
Dec
10 k
Jan
3,900
k
k
May
2,900
9k
Nov
40 k
Nov
56
11K
July
9
Dec
9
Dec
27
Dec
68
Apr
30
30
39
£00
30
Dec
76 K
Nov
4
12 K
Mar
Jan
5
1,100
67K
68
1,000
Sept
68
Dec
82
82
10
82
Dec
108
July
Ryan
79 K
79 K
11
79
July
91
July
11K
12K
13,300
11K
Dec
iiK
11K
100
iiK
Nov
28K
28K
Salt Creek Producers_r..25
Salt Creek Producer new.r
Nov
142
Dec
IK
Aug
K
Dec
5K
Jan
14 K
July
44 K
Jan
4K
"l'lK
45 K
8
2K
K
2K
1,800
K
7K
2k
8
2,700
1,800
Dec
Sept
Mar
14
25
25 K
150
East Coast Fish com.r.10
Aug
25
Dec
Potash pref.r_.__
1
Dec
15K
Jan
15
15
Dec
15
Dec
1
50
1
Dec
1
Dec
14
10
14
Dec
100
2K
1,800
14
Dec
6k
6k
80
11-16
k
K
k
Dec
Jan
9k
Jan
Dec
8k
Jan
Dec
2k
Apr
15k
July
Corp.r..(f)
ik
ik
6,000
Alaska-Brit Col Metals..1
Alvarado Min a Mill.r._20
7-16
k
k
k
9
16
4,800
11
54
Apr
20
72
Dec
98
16 K
Dec
29 K
3,000
35
Dec
130
Jan
Big Ledge Copper Co
6
4,700
4
Oct
34
Jan
Booth.r
1
4
132
June
Boston a Montana Dev..5
42c
41c
July
Caledonia Mining..*
1
17c
16c
Apr
Candalaria Silver.r
1
llKc
10c
Mar
Cash Boy Consol-r
1
16
Mar
17K
1,400
14K
2k
2K
2K
1,700
2K
Nov
3K
3K
1,300
2K
Nov
28
3K
7K
28 K
1
IK
65K
140
16 k
Inter Products com.r..(t)
7
100
ik
64 K
65
Llbby McNeill a Llb.r.10
7K
lkc
lc
lkc
18,900
Mar
33
America Mines r
...1
Arizona Globe Copper...1
Atlanta Mines.r
1
Belcher-Divide.r
10c
2Kc
2Kc
3Kc
20,200
July
Belcher Extension
10c
4c
3c
4Kc
5-16
7-16
24,500
18,100
Jan
20
Consol Virginia Silver.r .6
Oorte*
25
7
Dec
23
Oct
25
28
Dec
49
July
5,900
1
Dec
65
Dec
82
2K
Apr
Nov
Silver.r
1
Creason Con Gold mam.l
Divide Extension
1
el Salvador Sliver Mln
1
11K
11K
300
10
Nov
32
Apr
100
60
66
275
60
Dec
92
Mar
85
85
25
75
Apr
96
Jan
Lincoln Mot Co cl a.r..50
19
20
1,910
15
Dec
53
Jan
Forty-Nine Mining.r
Mercer Motors.r..(no par)
Meteor Motors.r..(no par)
1
3,700
1
Dec
39
Jan
Goldfield Consol'd r
15
5K
16 K
3,400
15
Dec
16 K
Dec
Goldfleld
Munson Furniture.r
14
14K
1,800
12
Oct
14K
Deo
Gold
Nat Flreproofing pref_r_50
Nat Motor Car a Veb.r (f)
13K
14
300
Dec
20 K
Apr
Great Bend.r
3
100
3
Dec
17
n y
26
400
24
Nov
3
Shipbuilding, (no par)
Nor Am Pulp a Paper..(f)
Peerless Tr'ka Mot.r..50
26 K
UK
4K
10
5
7,400
3K
Aug
18K
20
400
18K
Dec
IK 1 3-16
Plggly Wiggly s tores _r
Prlntz Biederman Co.r.25
4,100
85c
13
900
11K
24
500
20
K
K
1,300
1
IK
1,400
10
8K
9K
900
Badlo Corp of Amer.r.. (f)
Preferred.r
6
IK
2K
17K
2K
9,200
2K
6,900
17K
IK
400
1
10
Republic Rub.r._(no par)
Reynolds(rj)Tob b_r..25
100
Stand Gas a Elec com.rSO
25 k
25
7k
6
Dec
Dec
70
2k
183,500
3-16
Aug
1 15-16 Jan
7,800
9-16
Feb
1 15-16 Apr
k
Nov
4
46c
k
k
4 3-16
Blosscm.r
4k
8,560
2k
2k
2,500
100
10c
Butler.r
4
3—16
1
17c
1
5c
Kewanus.r
1
2c
k
1.320
~35~X
27c
4Kc
5Kc
13c
Jan
Sept
lc
2c
17,600
Kc
July
15c
Jan
Aug
Oct
15c
Jan
8c
Oct
10c
8c
7c
8Kc
39,400
4c
4Kc
4c
4Kc
30,000
4c
1
k
Mining.r.j.l
1-16
17
16k
17k
2,100
16 k
Dec
39
Apr
Jan
Copper.r._
6c
8c
24.900
6c
Dec
82c
20c
7c
5Kc
20c
2,000
17c
Dec
65c
5Kc
5Kc
3k
1,100
3k
400
New Jersey Zinc.r
Nipls8ing Mines
Ophir Silver Mines.r
5
7k
7k
6,700
1
7-16
k
7-16
3,200
Prince Consol
2
5-16
k
5-16
3,300
135
135
70
137
7
5c
5c
5c
1-16
1-16
20,100
35 K
25 K
100
35 K
Dec
66 K
Apr
1
k
k
k
3,400
1
Aug
3K
Jan
Silver King Divlde.r
1
7K
Nov
Jan
South Am Gold a Plat.r 10
Pick Cons'd.
r
1
Jan
3,000
Jan
Silver
97c
3-16
1-16
19
May
3-16
1
12,100
k
3,000
1
8K
Nov
k
1
7K
k
k
3-16
Roper Group Mining
Bt Croix Silver
7k
7-16 Feb
Aug
July
Rex Consolidated Mln
9,300
Feb
4c
Ray Verde Copper
IK
3-16 Sept
4k
100
Jan
lSg
Oct
Feb
Dec
17,350
Jan
IK
6
20
2k
..1
100
Mar
Nov
7
Knox Divlde.r
1
Jan
4KcMar
65c
15-16 Jan
Lone
Star.r
Oct
15,050
Jan
Nov
K
KcJuly
12c
17c
15c
Jan
78
Sept
Jan
25c
78
K
2k
2,000
Dec
15,000
Mar
16
23,000
49
155
K
Mar
2c
300
72K
5-16
Oct
8k
25c
50
70
%
k
8,200
49
72 k
Jan
3,700
30,800
Jan
32
2k
9-16
2c
Jumbo Extension
Arcadian
650
1 15-16 Jan
19c
Honduras Amer Synd.r (t)
Howe Sound Co
1
New
Sept
July
Nov
24c"
1
Mar
59
k
19c
36,250
10
150
0?8
62c
3,800
Jan
Oct
Jan
June
26 K
Ma*
10
Dec
Aug
Mar
44c
i
6
17,100
Jan
12c
ik
30c
1 7-16 1 9-16
k
McKinley Darragh Sav_.l
4,700
8
ik
1 1-16
4KcJune
10c
June
Motherlode
Nov
64c
550
11c
May
1,000
21,700
55,500
June
Dec
7c
3k
23c
7
Aug
13c
19c
45
IK
Jan
23c
Dec
22
Aug
42o
Feb
Nov
10K
92c
Oct
15o
Marsh Mining
15,500
Mar
15c
15c
Jan
10K
2K
26 K
30c
18,550
15,500
Dec
5
117
50,500
18c
Dec
Magma Copper
1,000
Jan
42c
lc
Apr
6
7c
5c
MacNamara
Sept
4c
16,200
18,300
Jan
3K
Juna
25,850
4K
30
ik
37c
Jan
k
6c
Louisiana Ccnsol
1,500
2k
38c
Jan
49a
2Ke
Jan
29
k
......
Mar
880
lc
3
Dec
ik
4o
June
5c
IK June
IK May
Dec
27c
10
2c
2Kc Aug
3-16 May
2Kc Dec
2c
Mar
IK
Dec
62c
15-16 Juna
5c
13
K
64c
1 3-16 Mar
Oct
May
k
1
Zone Divide, r
Heel a Mining
Iron
3k
Dec
k June
10c
Devel.r
Harmlll Divide.r
Jim
5Kc
ik
28Kc
1
Dec
1,500
100
Dec
June
6c
3k
2Kc
9
10
Nov
2,996
2K
Jan
13
36
1
1
1
3K
10K
2k
5K
Dec
"3c"
k
500
1
5—16
...
8K
145 K
145
Mar
Sliver
Eureka Croesus Mln.r
Eureka Holly .r
Dec
32 K
IK
3K
7K June
Emma
K
17K
IK
30
Roy de France Toilet ProdS
Jan
50
47
June
11K
23 K
1
Oct
July
k
,
100
10
1,360
11
73
Indian PackCorp r (no par)
1
8,900
9k
11
15 K
9
27.100
18K
Heyden Chem_r__(no par)
5,600
2,800
ik
72
Dec
7-16
Mining Stock*—
73"
Dec
Jan
10 k
Firestone Tire a r, pf.100
Gardner Motor Co. (no par)
iiK
Jan
Jan
Mar
♦2k
Dec
21
ik
ik
Dec
Dec
1,000
Apr
4
Nov
17
UK
13k
k
19
21
85
Dec
Dec
6,600
Dec
4K
7k
k
k
1
July
11K
Nov
Aug
80
k
7K
21
Jan
Dec
13 K
Goodyear tar
Dec
Nov
1,100
5
Oct
2k
73 k
k
4,800
Goldwyn Pictures r(no par)
50,400
14k Mar
7k
jan
10
k
17
36
K
Dec
Jan
Feb
7,500
19
Gen Asphalt, com.r...100
10,100
6k
Mar
Mar
1
13K
575
1
10 k
k
9
19
16K
37 K
50
22,500
Dec
ik
3
k
1
10
(t)
Farrell(Wm)ASon com r(t)
16 K
35,200
7k
Empire Tube a Steel
Dee
7k
81
"*7k
9k
4Kr May
5k
Aug
ik Aug
Jan
Jan
26
5
Woodburn Oil
60
14
Preferred ,r
7k
26
Nov
Jan
10
Vulcan Oil.r.
1
r
100
7k
1
us Oil Corp
Victoria Oil.r
1
.
*
1,400
4k
5
Tex-Ken Oil Corp.r
Texon Oil a Land _r
United Tex Petrol.r
15
1
15
_r
1,700
10k
10
Jan
50
28 k
5
Skelly Oil.r
Jan
July
26
9k
slmms Petroleum r(ijo par)
Sinclair Con Oil pref.r. 100
Jan
IK
k
13
4k
10
9-16 June
5,800
1
k
11
6
Settled Prod.r
4
91
K
k
K
UK
26 k
2
45
1,200
K
11-16
5
Cons'd.r
Apr
29
ik
Jan
Jan
Rickard Texas Co.r
Sapulpa Refining.r
Savoy Oil
Dec
(t)
Feb
Nov
Mar
Nov
Candy.r
Dec
Mar
5
6
United Profit Sharing..25c
United Retail Stores
k
2k
12 k
5,600
100
7
ik
144
60
Dec
Jan
UK
7k
6,600
2k
11
7
'•"Ik
1.78
4,100
755
15 k
10
10
3
Dec
Nov
Nov
100
k
13 k
Marland Refining, r
5
Merritt Oil Corp.r
..10
Mexican Eagle Oil.r—,
k
14
10
Nov
35
11
Triangle Film Corp v t c.15
Union Carbide a Carb.r(t)
United Motors.r..(no par)
1.81
1
(no par)
k
1,000
Manhattan Oil.r..(no par)
Maracalbo Oil Explor.r(t)
3
Dec
23,900
16,200
3,500
105
Dec
Nov
Jan
Jan
ik
1,050
1,500
(t)
Todd Ship Corp, new.r.(f)
ik
7-16
16k
k
1
r new—no
150
Nov
3
Mar
1,140
3,050
Tobacco Prod Exp.r
6k Aug
1
May
36,000
IK
Sweets Co of Amer.r..100
Swift International _r
15
Oct
25 k
6K
Singer Mfg.r
2
3,000
12
Motor Car.r
20
26k
1
Reo
4
25k
6
Mfg.r
6
Guffey-Gilleeple Oil.r.. (t)
Shares.
Jan
July
Clashing Petr Corp
«
Dec
Jan
Range since Jan. 1.
7k
ik
7k
ik
86 k
76
11
Preferred _r
ik
ik
66
10
Pyrene
Apr
72
Crude Chemical, com.r
Davles (wm) Co, Inc.r.(t)
Profit Sh c a r s.r
Apr
13
ik May
1,000
Perfection t a r.r
90
Dec
4k
45
com.r
Nov
6
7,600
44
Preferred.r
65
2,600
44
Lima Locom
100
500
5k
for
Jan
14,300
5k
6
2k
Cleveland Auto Co
_r
45
Jab
6k
65k
Tradlng.r
Inter Petrol
15-16
Dec
4k
5,500
Lehigh Coal Sales;
6k
Nov
4k
31K
1
12c
Grenada Oil Corp cl a.r 10
31
Preferred.r
19c
Nov
31k
•
'
167,000
1,550
7k
13c
86
Cities Serv Bankers shs r(t)
Kay County Gas.r
Dec
May
79 k July
59 k.July
300
%
_
75
480
2
200
__
com r 100
Griffith (d w) Inc cl a_(t)
Hercules Paper.r. (no par)
dec
Dec
2k
Jan
Mar
68
10
we
355
Jan
320
Glenrock Oil.r
3K June
29 K
Aug
40
Sept
Eastern
Aug
■
4.319
Dec
43
East Coast Fish Prod com
350
Nov
400
Preferred
300
388
564
71k
68
320
86
45
Continental Motors.r
230
315
303
330
98
43
Conley Tin Foll.r
| Sept
Dec
Preferred .r.100
(t)
(t)
372
79
1,600
25
Nov
95k May
35
Chicago Nipple Mfgcl a 10
240
Federal Oil
34
Chalmers Motor
10
Esmeralda Oil a Gas
100
Car Ltg a Power.r
s Jan
245
Oct
31
com.r
278
Jan
28
£1
Carbon Steel
Aug
May
6K
9
07 k
Brlt-AmerTob ord bear -£1
65
195
Nov
27
..100
Preferred ,r
Aug
273
10
245
5
28
100
Co com.r
44
45
90
2,100
40
37
Amer Writ Paper com. 100
Borden
420
198
17K
6
Amalgam Leather com.(f)
Am Chicle com.r__(no par)
Amer Hawaiian s s.r—10
47
288
5K
38
Packers, r.. (no par)
Aluminum Mfrs
45
280
198
286"
92
1
9K
Air Reductlon.r..(no par)
Allied
2 Feb
gMar
Jan
6
Week.
.
High.
K
Jan
143
63
Elk Basin Petrol.r
Sales
.
100
Dec
Apr
Duquesne Oil.r
Industrial & Miscell.
Acme
Dec
Dec
90
32,000
Week's Range
Low.
83
30
Dec
Engineers Petrol Co_r__
Nov
Jaa
45
90
105
400
31
18k
84
Apr
1,000
Jan
Mar
K
k
Mexico Oil Corp
Midwest Refining.r
Price.
17k
85
Nov
180,000
Friday
Stocks—
2,740
Jan
100
Dec
Dec
7k
Jan
v'i v:V-V
of Prices
Dec
K
27,200
Jan
.
Last
10
20,100
Hudson Oil.r
Sale.
19
1,000
K
30
give a .ecord of
the transactions in the outside security market from Dec. 11
to Dec. 17, both inclusive.
It covers the week ending Friday
Week ending Dec. 17.
1,255
k
June
New York "Curb" Market.—Below
afternoon.
Jan
7k
80
Dec
71k
1k
100 %
2
Jaa
26 K
k
Denny Oil.r
Apr
Jan
5H
Dec
t'ik
g'arlb
110
4K
Dec
6
...
Cosden a Co, com.r
May
Nov
9
Oil.r..i
Jan
Jan
105
Natl Properties 4~6s__1946
Penn rr 10-year 7s.. 1930
Boston-Wyoming
Jan
109
1
2K
17 k
10
Carib Syndicate.r
90 k
102 k
3,000
26,000
2,500
90
90
Atlantic Gulf Oil Corp. 100
71
65
53
Dec
11
Dec
49 k
Dec
Oct
l
Other Oil Stock*
Allied Oil.r
1
Arkansas Natural Gas.r. 10
4s. 1945
Lake Superior
Dec
Dec
Standard Oil (Calif).r. 100
Standard Oil (Ind) new..25
Standard Oil of n y.r.100
64
2,000
54
Jan
Dec
25
50
11,000
1,000
64
Jan
82
65k
Inter-State Rys coll 4s. 1943
Elec a Peop tr ctfs
Jan
Jan
6
4,400
7,900
83
Prairie Pipe Line.r.... 100
South Penn Oil.r
100
Oct
2,000
4m
64
Ohio Oil.r
15,000
70
65k
84 k
101k 102
Chic Great West 4s... 1959
Jan
Jan
79
84 k
1945
Bklyn Rapid Tran 78.1921
Jan
92.88
29,000
70
Bell Telep of Pa 7s
94.60
93.10
80
k
Jan
4
20
25 k
80
£1
99.34
96,500
65 k
Atlantic Fruit 7s
19
19
3K
Nov
550
ik
2k
10
9
Feb
Sept
K
Subsidiaries
OMay
70
79
1
2,500
65
Former Standard oh
Anglo-Amer oil.r
Buckeye Pipe Line.r.._50
Eureka Pipe Line.r
100
Galena Sig Oil com.r..100
79
95.00 95.42
Jan
90.40 Apr
91.78 Apr
82.30 May
94.70 May
85.16 86.10 196,000
small
do
86.
100.00
1,200
High.
Nov
27
1
ik
2k
Second preferred_r__ 100
World Film 2d pref.r._
Low.
1,925
K
ik
k
k
10
6
Jan
8k
37
89.80 90.10 $16,650
85.90 85.90
1,500
u 8 Steamship
50 k
108k
Range since Jan. 1.
Shares
ik
1H
20,069
1st Lib Loan 4s. 1932 47
4kb1932-47
2d Lib Loan 4kb 1927-42
3d Lib Loan 4^8... 1928
4th Lib l'n 4ks.1933-38
Victory 4kb
1922-23
Allegheny Vail gen 4s. 1942
29 k
1
23
163
2d Lib Loan 4s..19 7 42
1st Lib Loan
High.
Feb
Aug
*
for
Week.
Low.
29
36
47
Price.
29 k
Bonds—
u s Lib Loan 3ks-1932
(Concluded) Par
of Prices.
V 8 Distributing com.r.50
30
31
Stock*
Week's Range
1
13,050
1,890
IK
Tonopah Mining
Union
Last
Sale.
Range since Jan. 1.
Last
Sale.
Salts
Friday
Sales
Friday
Stock*
[Vol. 111.
CHRONICLE
THE
3416
ik
1
ik
7,800
3,500
4
6komay
2k
4k
135'
Nov
Dec
Dec
7
k May
k Aug
15-16
4c
Dec
Dec
300
12 k
ik
Nov
Apr
Jan
Feb
1 3-16 Jan
ik
12c
Oct
Jan
1-16 Mar
k
Jan
Nov
ik
Sept
k
lc
2,000
lc
4c
6c
16,600
2c
3k
4k
3,300
Jan
4KcMar
lc
""5c
Jan
3k
Oct
14c
Jan
Jan
80c
Mar
Dec
8k
Jan
Dec. 18
Sales
Friday
Last
Week's Ranee
ef Prices.
Low.
High.
New York City Realty and Surety
Range since Jan. 1.
for
Sale.
Mining (Conduced)—Par
Week.
Price.
3417
CHRONICLE
THE
1920.]
All prices dollars per
High.
Low.
Shares.
l
3-16
2c
lc
Sutherland Dlvlde.r—
1
Tonopah Belmont Dev...1
Tonopah Dlvlde.r
]
Dec
7c
Jan
HcJune
12,800
2c
1 7-16
1 5-16
IX
1,982
IX
1 1-16
IX
19,750
1 5-16 17-16
2,760
Tonopah Extension
1
Tonopah Mining.r
l
IX
1X
IX
7c
Jan
2 7-16
2 5-16
2H
11,670
X
4Xc
X
2,000
United Mines of Mexico
U S Continental MlnSa.r.l
Victory Dlvlde.r
__iOc
4c
4Hc
3X
Jan
Aug
4X
Jan
2 15-16
1 5-16 June
July
3X
Dec
Dec
AX
X
6,000
4c
4c
lie
10c
lc
lc
lc
7,000
10c
6e
5Hc
7c
23,500
l
lc
lc
2c
16,700
lc
IX
IX
*
5
Allied Pack
X
7,545
dehOs r'39
8c
95 X
91
IX
Mar
Oct
12o
Jan
50X
Sept
98 X
Jan
95
Nov
90 H
Nov
96 X
93
Nov
21,000
91
Nov
"93 H
93X
94X
89,000
92 X
Aug
97 H
Jan
1924
92 H
91X
93
60,000
96 X
Jan
89 X
89 X
91
214,000
91X
89 X
Dec
Anaconda Cop Min 7s_r'29
6% notes Ser A ...1929
Dec
9ex*
Oct
80
82 X
0% notes.
Anglo-Amer Oil 7Ha r.'29
Armour A Co7% notes r'30
99
X
31,000
94 X
93X
95 X
105,000
95
Bergen (City of) Norw8s, '45
Beth Steel Eq 7s.r
1935
98X
95
~94X
"100 X
101
93 X
Dec
98
Oct
94
Dec
98
Nov
94 X
10,000
90,000
95X
Nov
26,000
86
62,000
99 X
Sept
99 X 475,000
99
92
86
Canadian Nat Rys 7s. 1933
I Can Northern Ry 7s. 1933
Columbia Graph Mfg 8s '25
Aug
98
Jan
Mar
88
94 X
Brazilian L & Tr 6s
98 X
Dec
80
67,000
"99 X
5,000
89
100 X
100
99
89
94
Oct
Dec
91
Dec
Nov
Dec
102 x
100 X
Nov
Dec
99 X
Aug
Dec
100
Cons Gas of N Y 8s_._1921
98 X
97H 100
890,000
97 X
Dec
Cons Textile deb 7s —1923
Denmark (Klngd of)8s.l945
93 X
92
94
46,000
92
Dec
\7%
97.
97 X 140,000
97
Dec
10,000
100
Nov
100 X
Oct
Oct
90X
Oct
Dec
85*
Nov
97 X June
Oct
101
Diamond Match 7Hs.r '35
Duquesne Light 6s... 1949
100
87
87
5,000
Empire Gas A Fuel 6s.r_'24
83
83
5,000
41
72,000
40
Nov
62
June
50
15,000
50
Nov
77
July
59
59
10,000
59-
Dec
59
Dec
93 X
93 X
22,000
93
80
86
94
94H
~07
66
70
89
89
91
19,000
86
86
SQ
26,000
French Govt 4s_r
:;v4i'-v
:MS0^
41
French Govt 5s.r_
French Govt 6s.r
Galena-Signal Oil 7s.r.l930
Goodrich (BP) Co 7s. 1926
83 X
Heinz (H J) Co 7s_r__1930
Interboro R T 7s.r._.1921
Kennecott Copper 7sr. 1930
Laclede Gas Light 7s.r
Lorlllard (P) 8s
Lukens Steel 8s.r
85X
83
3X
Nov
X
99
Dec
Apr
80 f
95
Nov
Aug
76
Jan
89
Dec
86
Dec
98 X
94 X
Nov
Dec
100 X
Dec
Dec
170,000
Dec
56 X
15,000
Dec
94
108,000
lUU'j
UCi
Dec
98X
Aut
1,000
2,000
100 h 100 x
100h
_
100 X
100 X
95 X
Jan
1940
99 X
Morris A Co 7Hs.r_.1930
Nat Cloak A Suit 8s_r 1930
95 X
96
2,000
99 X
100
40,000
95
Sept
1
0
Of
National Leather 8s.r
99 H
99 X
99 X
55,000
99 X
Nov
100
D"c
N Y N H A Hart 4s.r 1922
60
50
62
83,000
50
Dec
84
Oct
Norway. Klngd of, 8s r '40
Ohio Cities Gas 7s.r..l921
99 X
99 X
99 X 120,000
99 X
Dec
1924
92
92
92
90
92 X
92
Dec
92
Nov
10,000
13,<*)0
92
93 X
Sept
June
90
Dec
96X June
wiX
Dec
94X
9X
Dec
38
Pan Amer Petrol A Tr 7s'20
Russian Govt 5Hs_r_1921
9X
X
18,000
380,000
10
..
97
•'.:
Sept
400
420
•82
84
Cbesebrough Mfg new...100
190
100
100
50 ♦27
Cumberland Pipe Line
100 ♦125
Eureka Pipe Line Co
85
100
44
Galena Signal OH com...100
29
Preferred
new
Continental OH
Chic St Louis a n o 5s
7-50
Chicago a n w 4h8-
92
96
Chicago ria Pac 4ha, 5s..
7.00 0.35
7.75 6.76
153
158
Colorado a Southern 5s
8 00
7.00
8.00
7 50
6.76
7.00
6.35
163
90
Solar Refining..
38
Louisville a NashvHle 5s
7 00
6.35
480
200
6 -87
7.50
6.25
195
Michigan Central 5s, 6s
Minn St p a s 8 m 4xe
350
375
100
Missouri Kansas a Texas 6s.
8.25
7.25
235
240
Missouri Pacific 5s.
8.00
7.00
Southwest Pa Pipe Lines. 100
58
62
7.50
6.76
310
315
7.15
6.50
Standard OH
(California) .100
70
Norfolk a Western 4ha
6.90
0.25
600
Northern Pacific 7s
7.12
6.40
Standard Oil (Kentucky) 100
425
450
Pacific Fruit Express 7s
6.87
6.40
Standard OH
(Nebraska) .100
410
430
6.87
0.35
Standard OH of New Jer.100
600
610
103
104
6.87
6.89
6.35
100
Pennsylvania rr 4 h a
Equipment 4s
Plttsb a Lake Erie 6X
Standard OH of New Y'k.100
335
345
Reading Co 4hs
6.90
6.37
Standard Oil (Ohio)
100
405
420
St Louis Iron Mt a Sou 5a.
8.00
7.00
Preferred
100
102
105
St Louis a San Francisco 5s
8.00
7.6«
Swan A Finch
100
45
60
Seaboard Air Line 5s
8.00
Union Tank Car Co
100
100
100
104
94
97
100
280
290
10
♦30
35
..
Preferred
Preferred
Washington OH
86
Dec-
91X
92 X
17,000
91X
Dec
wStandard Oil (Calif) 7sr'31
wStand Oil of N Y 7s.r.'25
Bwedlsh Gov 6s June 15 '39
iod"
99 X 100 X 319,000
99 X
Dec
6.80
035
Virginian Ry 6s
7.60 6.75
Public Utilities
Oct
Tobacco
Par
Bid
Ask.
Jan
v85
90
Dec
American Cigar common. 100
Preferred
10<
80
83
160
Araer Machine A Fdry__100
Jan
American Tobaooo scrip
96
*1114
12
8,000
97X
Nov
7X
Nov
Brit Amer Tobac, bearer.£1
*1138
m
85,000
79 X
Dec
Jan
Conley FoU (new)...no par
*11
13
99 X May
101X
Oct
95X Dec
99 X
Apr
Helme (Geo W) Co, 00m .100
150
160
100
89
93
97 X
79 X
SOX
97%
97 X
97 X
280,000
16,000
97X June
37,000
93
Aug
July
95 X
96
20,000
OCX
95 X
97
98 X
80.000
96 X
Preferred
8
*73s
German Government and
Imperial Tob of G B A Ire
Johnson Tin Foil A Met. lOf
95
110
MacAndrews A Forbes.. 10(
Dec
100
110
100
78
84
Porto Rioan-Amer Tob.. 100
90
100
Preferred
Marks
16 H 150,000
16 X
Aug
12H 157,000
12
Dec
Oct
27
12
28
June
4Hs.r
13
13
75,000
13
Dec
29 H
June
4s.r
12
13
7,000
12
Dec
29 X
June
12
12
5,000
12
Dec
27
June
4Hs.r
Frankfort 48—...........
80
90
25
*80
87
25
100
*30
33
97
100
87
92
150
160
Scrip
Reynolds (R J) Tobacco.
B common stock
Preferred
Tobacco Prod Corp
scrip
31
*June
Dec
31
June
Weyman-Bruton Go, 00m 100
Preferred
-100
12
13
10,000
12
Dec
June
Young (J 8) Co
13
13
2,000
13
Sent
27 x
28 X
14X
85,000
9X
.....
Nov
14
10,000
9X
14X
14X
German Govt 4s.r
9X
June
Rubber
value.
92
142
85
90
Stocks
the Stock
84
Firestone Tire A Rub,com. 10
100
7% preferred
100
Gen'l Tire A Rub, 00m...100
% Dollars per 1,000 lire, flat,
as
prospect.
J Listed
where additional transactions will be found,
o New stock,
issued,
z Ex-dividend,
y Ex-rights,
z Ex-stock dividend.
par
1 Listed
88
135
10(
—100
Preferred
a
on
6% preferred...
82
__
75
300
400
100
80
I 90
Goodyear Tire A R, com. 100
k Correction.
26
27
Preferred
New York City Banks and Trust Companies
All
price* dollars
share.
per
Bid
Atk
Banks
Bid
Ask
Trust Co's
America •
190
200
Industrial*...
190
205
New York
Amer
240
250
Irving Nat of
Exeb_.
Atlantic
215
Battery Park.
170
Bowery*
450
mmmm
180
|
ny
Liberty
...100
100
Mohawk Rubber
Banks—N Y
I
5312
Preferred
Miller Rubber
Bid
Ask
90
100
55
'7434
20
Portage Rubber, com
Preferred
221?
208
215
Bankers Trust
327
333
330
340
Central Union
325
335
50
r
Cent
195
202
Columbia
296
305
Am Cot OH 6s
1924..MAS2
88i2
150
ieo
Meoh a Met.
302
310
Commercial..
140
150
Amer Tel A Tel 6s 1924.FAA
Boro*.
105
125
Mutual*
490
Empire
300
9u2
9278
145
165
Nat American
150
Equitable Tr.
280
290
Park*
145
nat city
304
New
309
Farm l a Tr.
330
840
Butch a Drov
32
30
Neth*„
160
170
Fidelity Inter.
200
210
195
205
;New York Co
135
145
Fulton
260
270
Chase
320
330
New
460
480
Guaranty Tr.
295
305
Chat a Pken.
245
255
Pacific »
160
Hudson
165
165
Chelsea Exoh*
125
145
Park
430
440
Law Tit a Tr
110
120
Anglo Amer OH 7 Xs '25 AAO
Arm'rACo7sJuly 15*30 JAJ 15
Chemical
535
545
Public
225
255
Lincoln
Trust
156
165
Beth St 7s July 15
245
Republic*
Bryant
Coal a Iron..
165
235
Colonial*—
350
Columbia*...
150
Commerce-
210
Oomm'i
York
mm
mm
110
210
..mmm-
Common¬
210
wealth*
7s
1929
Series B
JAJ
'22.JAJ 15
Mercantile Tr
280
306
7% notes July 15 *23 JAJ15
Seaboard
•
600
625
Metropolitan.
240
250
21
33
Cities Service Co com...10<
251
254
64
65
Preferred ..........„.1cx
Colorado Power com
450
460
Mutual (West¬
210
225
State*...
200
Tradesmen's*
200
220
Union Exch—
170
chester)
■
m
105
125
n y Life Ins.
mm mm
a
mmm
Trust
n y Trust...
176
490
510
690
615
Continental..
130
United States*
155
165
Title Gu a Tr
285
295
Corn Exch*..
318
328
Wash h'ts*__
350
425
u s Mtg a Tr
390
400
Cosmop'tan*.
110
120
YorkvUle*
375
425
United
810
Cuba (Bk of).
140
160
East River—.
170
•
mmm
9912100
09 '2 100
79i2 80?4
89'4 89^
9834 99i2
94'2 95
97
9734
Brooklyn
States
Brooklyn
Brooklyn Tr.
830
94
!
1923-MAN15
86
Lehigh Pow Sec 6s 1927.FA A
LlggettAMyersTob6s'21 JAD
Penn Co 4Ha 1921...JAD15
Pub Ser Corp N J 7s '22.MAS
8
48
75
80
11
13
58.
62*
74h
75»4
6
10
20
30
44
78
74
70
75
66
70
77
78i2
141?
17
64
68
6
8
18
Tennessee Ry l a p com.
Preferred
preferred
Western Power Corp
98
1u2
33
6(
5(
*101?
10<
10<
lOf
10(
10(
h\
*30
l
uj!1
18
50
3
| 22
, 52
17'2!
181$
59
10(
Preferred
8712
94
10'
Preferred
21
86
10'
com..10'
...
Preferred
61
Industrial
and Miscellaneous—Pe
r
shar e
165
100
161
American Chicle com.no par
27
.100
62
64
100
133
136
Typefounders com. 100
38
41
American
Brass
Preferred
American Hardware
Amer
2784
100
w) Co, new
Preferred
83
85
90
93
68
70
Celluloid
94
95
94i2
83
•22
127
•50
60
83
du Pont (e i) de Nemours
93
80
1
50
Preferred
88
15
5
44
10'
Standard Gas a el (Del).
buss (e
Laclede Gas 7s Jan 1929 FAA
Nov
84
10'
South Calif Edison
1st
33
79
Light—.10'
Republic Ry a Light
Preferred
12
32
...
93
92
6s
"9"
...
9434
MAN
Goodrich (B F) Co 7s '25 AAO
Hocking Valley 6s 1924MAS
Interboro R T 7s 1921 MAS
K C Term Ry 4Ha 1921.JAJ
Federal Sug Rfg 6s 1924
82
Preferred
10'
Com'w'th Pow Ry a Lt—10*
Preferred.
10'
Elec Bond a Share pref—10<
Federal Light a Traction 10'
Preferred
10'
Great West Pow 5s 1946. ja.'
Mississippi Riv Pow com. 10'
Preferred
10'
First Mtge 6s 1951—-ja.
Northern Ohio Elec Corp. (t
Preferred
10'
North'n States Pow com. 10'
Preferred
10'
North Texas Elec Co 00m 10'
Preferred
10'
Pacific Gas a Elec 1st pref 10(
Puget Sd Pow a
Preferred
11
»10
10'
99^100
Canadian Pac 6s 1924.MAS2
Second
23d Ward*...
—
Ex*.
mmrn-rn
MAN
MAN
7% notes 1922
7% notes 1923
AnacondaCop Mln 6s'29.JAJ
92
10
18
30
9314
Bronx Nat-..
6% notes 1922
A AO
Am Tob 7% notes 1921MAN
50
62
n
10'
89i2
Broadway Cen
Gent Meroan.
45
United Lt a Rya com
Bronx
Manhattan *.
a Lt com...10'
...10'
Public UtUltles com 10<
Preferred
70
60
-100
Preferred
Short Term Securities—Pe
78
Carolina Pow a Light com 10<
50
Swlnehart Tire A R,oom_100
American
Preferred
Amer
100
100
94
76
com
Preferred
"99"
British Amer Tobac ord__£l
36
92
Trac
Amer Power
Dec
Dec
99
*34
10'
10'
Preferred
Amer Lt a
*97
5(
5<
Amer Gas a Elec com...
Sh are.
Stocks—Per
Oct
97
97H
6.75
7-60 8.75
Union Pacific 7s
97 X
79 X
6.40
7.50
144
Dec
97X
6.85
Equipment 7s
Southern Railway 4Hb..—
0.40
100
Dec
93 X
6.95
4ha.
350
25 *90
100 325
...50 *142
<
1921
Dresden
Southern Pacific Co
6.75
77'4
Switzerland Govt SHs.1929
7 12
8.00 7.12
Equipment 4 ha
7-50
£0
100
20,000
38,000
6.40
Toledo a Ohio Central 4s..
Other Oil Stocks
99
94
...
Equipment 5s
93
16H
7.00
*68
34,000
12X
7.75
580
$25 par value stock
82,000
78 X
7.10 6.40
Standard OH (Kansas).-.100
240,000
100 X
..
n y Ontario a West 4Hb.—
99X
Badische Anil Soda 4Hs—
Berlin 4s.r
New York Cent 4ha. 5s
Equipment 7s
New stock
94 X
77 X
...
Mobile a Ohio 4x, 5s
Standard OH (Indiana)-.100
X
UjOX
100 X
7.37 6.50
Equipment 5s a 7s
97
....100
South Penn OH
88 X
99
96
6.75
Southern Pipe Line Co.. 100
93
Municipal Bond*
(Dollars per 1,000 Marls)
7 37 6.60
*35
460
100
..100
Prairie Pipe Line
88 X
Apr
7.00 6.35
6.75 6.40
...
25
94
98 X
7.00
Kanawha a Michigan 4ha..
July
98
—
Equipment 4hs
Equipment 7s
95
287
5s
100
Prairie OH A Gas
BinclairConOll7Hsr._. '25
Bolvay A Cie 8s.r.... 1927
Southern Ry 6% notes 1922
When
46
93
.100
Penn Mex Fuel Co
Imperial OH
w
6.75
6.50
8.50 7.50
97
158
Magnolia Petroleum
Midwest Refining..
Unlisted,
7.50
25 *283
Oct
r
7.50
95
135
New York Transit Co...100
Oct
f No
6 50
8.50
25
Oct
this week,
7.10
-
*23
98 X
lots,
6.40
Equipment 6s..Chicago a Alton 4x9, 5s —
Chicago a Eastern iu 5Hb—
Cblc Ind a Loulsv 4ha
National Transit Co...12.50
99 X
•Odd
Chesapeake a Ohio 0hs~6.75
111
Hocking Valley 4Hs, 5s
Illinois Central 5s
64
Exchange
100
Erie 4X,
Nov
Hamburg 4 Ha.r
Leipziv 4'Xs.r
97
108
16*4
Nov
Cologne
6.87
*1612
Dec
Bremen
7.50
International Petrol,(no Par)
Ohio OH Co
6.40
7.00
Central of Georgia 4hs
85
Northern Pipe Line Co.
6.37
205
*83
""X
"97X
6.35
«
100
50
93
x
6.35
6.95
6.90
Canadian Pacific 4hs a 6s7.37
100
new
Indiana Pipe Line Co
93
Va-Caro Chem 7Hs.r.l932
Western Elec conv 7s.r.*25
6.75
6.95
Preferred
Illinois Pipe Line...
66,000
Dec
7 60
Equipment 4s
Equipment 6s
7.75
/.
100 X
c^.l Basis.
Buff Rooh a Pittsburgh 4xs
100
47,000
91
160
Baltimore a Ohio 4hb._——
Preferred old.
94 X
77X
85
150
Carol Cllnchfleld a Ohio 5s..
Crescent Pipe Line Co
97X
Aug
rr. Equipments—Per
18
Co
100
Buckeye Pipe Line Co... 50
Borne Scrymser
Vacuum OH
Nov
■'
Ask.
105
46
H
s
♦1712
102
X
1925
75
"and Interest" except where marked *'f.'
100
Preferred
93
99 H 100
160
a
1000
97
100
150
West a Bron*
950
40 X
Texas Co 7% notes, r. 1923
Union Tank Car eq 78.1930
u 8 Casualty.
us Title Guar
120
Bid.
Par
94 X
6s. r
192
110
Per shar
Anglo American Oil new. £1
Atlantic Refining....
100
97 X
100
186
Title
y
Mortgage..
Standard Oil Stocks
45
100
n
Quotations for Sundry Securities
Bears,Roebuck A Co 7s r'21
7% ser notes.r.Oct 15 '22
7% ser notes.r-Oct 15 '23
Swift A Co 7s.r
Surety..
Nat
All bond prices are
Seaboard Air Line 6s
99 X
106
Assoc
Realty
Title a m g
Feb
92
1926
7s_r
98 X
97 X
92
1923
7«.r.
Oct
Oct
1,000
92
97X
94
5,000
92
7s.r
t>t
3,000
98
95
1922
10 .h
2,000
98
95
7s.r
85
Apr
5,000
95
Aluminum Mfrs 7s.r
Amer Light & Tr 6s.r.l925
Amer Tel 4 Tel 6a.r—1922
53
65
75
Jan
20o
(Dec
X
225,000
51X
51X
196
67
Preferred
Jan
$
conv
190
City Investing
■
1,200
Bonds—
100
Mtge
2 7-16 Jan
lc
May
5Xo Dec
Yukon Gold Co.r.*.
Ask
(Brooklyn).
Lawyers Mtge
70
Apr
29o
July
Dec
White Caps Exten
White Caps Mining
Wilbert Mining
H
Bid
80
80
65
Jan
Nov
6
15-16
Ask
115
75
70
Amer Surety.
Bond A M G.
Jan
Aug
X
West End Consol'd
l
Rid
108
Alliance R'lty
Jan
2X
1
y
21,400
AXc
H 5c
Aug
I 3-16
1
2,200
Mining..1
United Eastern
1 7-16
Jan
X
Nov
X
lo
11,870
2c
;
lc
IHc
4,400
3-16
3-16
1
Bond..
Ask
Bid
Standard Silver-Lead
Success Mining
Companies.
share.
6412
65'2
97u
9834
82
100
80
82
.100
140
150
..100
Preferred
Company
161
165
100
76
78
100
1
100
4
6
1st g 5s June 1 1922. .jad
Intercontinen Rubb com. 100
f45
56
International Salt
561?
/68
a Co, 00m
Debenture stock
Havana Tobacco Co.
9734
98
100
Borden Company com
Preferred
7
hi
9
Coney Island*
140
155
480
600
Fifth
150
165
First
205
215
Hamilton
260
270
First.
920
940
Green point—
160
180
630
660
Reyn (R J) Tob 6s '22.FAA
Sloes Sbeff 8 A I 6s '29-FAA
Garfield
220
230
Homestead*..
80
100
Kings County
Manufacturers
195
203
Southern Ry 6s 1922...MAS
92
9234
International Sliver pref. 100
♦85
Gotham—...
190
205
Mechanics'*—
85
92
People's
275
290
Swift A Co 6s 1921...FAA15
97i2
98
Lehigh Valley Coal Sales.
74
250
Montauk*
85
95
93
931?
60
100
Royal Baking Pow com.. 100
*70
Greenwich *..
Phelps Dodge Corp
160
175
105
110
100
x78
80
Singer Manufacturing—100
Singer Mfg Ltd
£1
147
151
Fifth Avenue*
910
930
«
.*
««
Hanover
795
810
Nassau
225
Barrlman
3-50
360
North Side*..
195
205
Imp a Trad..
505
515
People's
RJdgewood—
150
7% notes Oct 15 '25 AAOI5
100
•
Banks marked with
«h!s week.
(•)
I New stock.
Texas Co 7s 1923
rnrnmrn
|
200
State banks,
t Sale at auction or at Stock Exchange
« Ex-dividend,
s Ex-rights.
are
MAS
-£>614 "9634
85
97i2
87
98
U S Rubber 7X* 1930—FAA
97
80
82
West Elec conv 7s 1925. A AO
98
9834
Preferred
9734
Utah Sec Corp 6s '22.MAS 15
1st gold 5s
•
6 Basis.
Per share.
/Flat
price.
■
Nominal.
Ex-dlvldend.
aao
*284
mmmm
71*1
90
3u
accrued dividend
« New stock.
» Ex-rights.
v Ex-50% stk. dlv.
4 Purchaser also pays
»
1951
100
2418
[ttucstwcut aiul ItaxXrcrail
RAILROAD GROSS EARNINGS
The
earnings of various ST GAM roads from whioh regular weekly or monthly returns
.ran 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
%te brought together separately on a subsequent page.
I
following table shows the
gross
Latest Gross Earnings.
ROADS.
Week
or
Month.
Latest Gross Earnings.
Jan. 1 to Latest Date.
Current
Previous
Current
Prevoius
Year.
Year.
Year.
Year.
Alabama. & Vicksb
.
—
October
332,685
247,273
2,869,816
2,287,577
-
October
328.564
277,564 4,153,364 3,906,677
6,395,511 5,539,216 59,866,284 51,815,734
25015394 18917768 187589266 151527692
239,443 1,814,512
281,168
1,658,242
671,776
482,540 5,450,151 4,204,215
13,559
10,499
100,120
85,255
Belt By of Chicago. October
556,647
389,627 3,739,607 3,111,865
Bessemer Sc L Erie.. October
2,156,030 1,244,327 12,660,178 11,226,250
39,232
163,777 1,333,766 1,010,966
Bingham & Garfield October
63,098
47,672
520,878
480,310
Birmingham South- October
Boston Sc Maine..-. October
8,713,545 7,224,195 71,722.728 59,675,321
130,539
98,363
969,659
854,158
Brooklyn E D Term October
Buff Roch & Pittsb. 1st wk Dec
465,483
312,847 21,576,515 14,128,433
October
Buffalo A Susq
335,927
245,034 2,515,210
1,941,829
Canadian Nat Rys. 1st wk Dec 2,678,306 2,050,134 101563465 87,174,673
Canadian Pacific... 1st wk Dec 5,215,000 3.797,000 190108000 153865000
Can Pac Lines in Me October
220,570
176,490 2,312,338 2,189,933
Caro Clinch & Ohio. October
789,394
571,717 6,124,904 5,168,798
Central of Georgia.
October
2,246,462 1,952,520 21,135,712 17,690.512
Central RR of N J_.(October
5,650,965 4,077,471 41,836,692 36,973,106
Cent New England. October
900,117
765,560 6,025,184 5,617,335
Central Vermont...'October
559,887 5,913,471
725,475
4,827,338
Charleston Sc. W Car October
300,328
296,008 2,869,512 2.507.730
10075590 6,771,577 73,044,113 60,445,039
Ches & Ohio Lines.. October
3,112,400 2,429,236 24,675,201 21,120,093
Chicago Sc Alton... October
18919313 16281562 151668275 128485759
ChlC Burl Sc Quincy. Octoberl
3,198,029 2,583,423 24,893,896 20,942,490
Chicago Sc East 111.. October
2,426,957 2,246,305 19,799,260 18,354,865
Chicago Great West October
Chic Ind & Louisv.. October
1,643,681 1,295,341 13,150,147 10,274,609
387,193
358,786 2,852,242 3,056,317
Chicago Junction.. October
Chic Milw Sc St Paul October
17499(474 14798636 138776613 125060892
17739415 14252588 136952506 116365240
Chic Sc North West- October
Chic Peoria & St L. October
286,947
231,919 2,273,328 1,453,415
13199480 11372558 112620286 91,777,948
Chic RI & Pacific.. October
Chic R I & Gulf.. October
683,752
572,534 5,482,458 4.042,612
Chic St P M & Om. October
3,184,708 2,818,819 26,282,971 22,682,130
Chic Terre H & S E. October
716,932
532,395 4,847,536 3,600,532
Cine Ind & Western October
417,486
307.126 3,699,177 2,563,301
656.670
Colo & Southern... 1st wk Dec
497,865 28,951,661 23,800,353
>
Ft W & Den City October
1,330,621 1,059,220 10,542,919 9,089,144
Trin Sc Brazos Val October
303.671
146,812 1,690,147 1,105,615
Wichita Valley... October
172,192
159,748 1,420,013
910,952
Colo & Wyoming—. October
876.724
57,282
107,619
837,889
116,710
97,687
814,618
845,860
Copper Range..... October
Cuba Railroad
September 1,194,589 11094,970 9.257.083 8,388,647
140.629
Camaguey & Nuev September
143.127 2.326.084 2,072,289
Delaware Sc Hudson October
4,219,250 3,354,154 35,734,658 28;997,866
Del Lack & Western October
8,836,825 6,401,622 64,840,464 59,376,607
Deny Sc Rio Grande October
4,055,959 3,477,549 32,090,329 27,020,629
Denver & Salt Lake October
349,649
292,153 2,371,081
2.396.731
Detroit & Mackinac October
247,274
196.524
1,723,348
1,380,352
Detroit Tol Sc Iront. October
598,053
430,830 4,230,907 3,149,024
Det & Tol Shore L.
October
214,027
225,198 1,589,484 2,044,421
Dul Sc Iron Range.. October
1,414,918
603,653 10,065,045 7,397,771
Dul Missabe Sc Nor. October
2,819,900 2,229,239 17,813,621 18,698,783
Dul Sou Shore & Atl 1st wk Dee
113,988
67,845 5,457,376 4,425,921
Duluth Winn Sc Pac October
269,609
176,270 2,033,012 1,588,630
East St Louis Conn. October
157,832
109,587 1,202,569 1,009,936
2,809,343 1,151,891 20,279,448 16,128,294
Elgin Joliet Sc East. October
El Paso Sc Sou West October
1,399,749 1,168,006 11,949,886 10,460,981
Erie Railroad
October
11579587 8,751,988 87,664,561 76,050,004
Chicago Sc Erie.. October
1,499,825
954,229 10,490,954 8.620.445
N J Sc N Y RR... October
133,253
102,969
937,212
1,102,335
Florida East Coast. October
1,078,116
812,119 10,959,368 8,260,140
Fonda Johns Sc Glov October
123,049
102,589 1,192,659 1,042,374
Ft Smith Sc Western October
252,573
209,552 1,600,972
1,340.391
Galveston Wharf... October
256,604
726,766
101,989 1,484,109
Georgia Railroad... October
662,870
723,781
5,535,072
5,177,735
Georgia Sc Florida.. October
162,905
91,636 1,251,063
818,535
Grand Trunk Syst— 4th wkNov 3,086,777 2,352.615
Atl Sc St Lawrence October
333.339
213,091
2",485"580 2.538" 128
OhDetCanGTJct October
213,034 1,535,038 1,761,178
148,794
Det G H Sc Milw. October
440,541
518,560 4,004,149 3,677,046
Grand Trk West October
1,727,088 1,275,346 14,368203 11,491,544
Great North System October
13261977 11790299 102049090 89.025,304
Green Bay & West. October
132,208
135,403 1,050,083 1,007,439
Gulf Mobile & Nor. October
461,075
306,827 3,276,222 2,298,000
Gulf Sc Ship Island. October
223.412
326,073
2,525,124 2,021,332
Hocking Valley.... October
2,131,704 1,418,374 13,702.047 10.001,359
Illinois Central.... October
14671029 10774863 118706595 89,670,631
Illinois Terminal
October
115,079
788,160
90,033
887,432
Internat Sc Grt Nor. October
2,442,224 1,364,461 15,757,190 11,742,020
Kan City Mex & Or October
148,593
1,137,714
178,849
1,378,071
K C Mex & O of Tex October
221,944
145,091
972,009
1,558,628
Kansas City South. October
2,126,779 1,463,259 16,190,922 12,360,549
Texark Sc Ft Sm. October
255,349
163,624
1,762,657
1,234,948
Kansas City Term.
October
165,345
146,045 1,327,192
1,156,457
Kan Okla & Gulf... October
313,894
211.767 2,168,011
1,232,474
Lake Sup Sc Ishpem. October
204,543
97,442 1,520,067
920,784
Lake Term Ry
150,373
93,372
1,141,834
930,184
October
Lehigh & Hud River October
364,533
309,462 2,460,422 2,256,903
Lehigh & New Eng. October
566,422
449,423 3.796,112 3,219,201
Lehigh Valley
8,486,513 6,210,026 60,202,479 53,379,837
October
Los Ang Sc Salt Lake October
1,930,409 1,577,112 16,871,749 14,080,585
Louisiana & Arkan. October
401,291
178,348 3,464,236
1,712,103
Louisiana Ry & Nav October
459,170
328,597 3,506,563 2,911,687
Louisville Sc Nashv. October
11592764 10450909 103636597 89,043,902
Louisv Hend Sc St L October
300,356
280,294 2,598,201
2,445,883
Maine Central..... October
2.239,932 1,594,679 17,220,614 14,447,154
Midland Valley.... October
511,965
391.768 4,061,555
3,269,221
Mineral Range.
1st wk Dec
9,913
12,539
640,792
708,999
Minneap & St Louis 1st wk Dec
404.234
227,914 15,940,033 12,511,061
Minn St P Sc S S M. October
5,382,988 4,483,018 39,357,891 35,162,854
126,984
Mississippi Central. October
103,975
904,147
843,511
Atlantic City
Atlantic Coast LineBaltimore Sc Ohio..
B & O Ch Term..
October
October
October
Bangor Sc. Aroostook October
Bellefonte Central.. October
_ .—
.
.
...
_
AGGREGATE OT GROSS
Current
4th
1st
2d
3d
Weekly Summaries.
Sept
week
week Oct
week Oct
week Oct
4th week Oct
1st week Nov
2d
week
3d
week
4th week
1st week
♦
We
Nov
Nov
Nov
Dec
no
Year.
/
(13 roads)
(13 roads)
(15 roads)
(18 roads)
(20 roads)
(20 roads)
(19 roads)
(20 roads)
(19 roads)
(16 roads)
-
Previous
Year.
$
*
$
.
Increase
19,550,180
17,548,585
18,221,855
19,594,760
27,081,898
19,138,392
18.754,798
18,862.044
24,998,832
15,925,478
13.253.628
13,670,975
14,822,387
21.930.629
14,230,219
14,264,410
14,919,321
19,207.734
15.876.023
12,573.390
Year.
Year.
Missouri Kan Sc Tex October
3,970,639 3,235,979 32,951,581
2.725,980 2,429,787 20.020.665
220,006
162,936 1,708,545
Missouri Pacific.... October
11715985 9,398,504 95,660,483
October
368,731
3,460,398
Monongahela
545,893
272,967
198,814 2,603,617
Monongahela Conn. October
Montour
October
224,391
165,111
1,308,530
Nashv Chat Sc St L. October
2,307,002 1,858.640 20.415,596
Nevada Northern.
October
78,867
158,679 1,430,475
8,946
6,285
381.650
Nevada-Cal-Oregon 1st wk Dec
19.435 11,469,560
Newburgh & Sou Sh October
211,148
New Orl Great Nor. October
266.218
191,846 2,233,281
N O Texas & Mex.. October
332,247
229,789 2,401,380
Beaum S L& W„ October
1,818.769
234,092
134,376
St L Brownsv &M October
746,439
537,216 6.287,055
Octooer
New York Central.
38219521 29205871 302245348
Ind Harbor Beit- October
1,126,767
644,338
7,480,658
Lake Erie A West October
1,134,863
995,284 9.612,857
9,106,911 7,819,647 72,691,226
Michigan Central October
ClevGC&St L— October
8.989.923 7,468,981 73,440,786
October
Cincinnati North
447,097
268,544 3,044,449
Pitts Sc Lake Erie October
4,655,112 2,286,073 27,630.835
Tol Sc Ohio Cent. October
1,544,746 1,018,873 10,591,491
Kanawha & Mich October
577,427
477,400 4,325,116
N Y Chic & St Louis October
2,492,529 1,957,582 22,979,249
Mo K AT Ry of Tex September
„
....
_
.
.
N YNH & Hartf— October
N Y Ont Sc West
October
22418216 18602495 173106957 147795463
Pennsylv RR & Co. October
Bait Ches & Atl— October
Cine Leb Sc Nor.
October
Grand Rap & Ind October
_
Long Island..—. October
Mary Del Sc Va_. October
N Y Phila & Norf October
Tol Peor & West. October
W Jersey Sc Seasb October
Pitts C C & St L_ October
Peoria & Pekin Un. October
Pere Marquette
Perkiomen
October
October
Phila Beth & N E„ October
Phila & Reading.
October
„
Pittsb Sc Shawmut— October
Pitts Shaw Sc North October
Pittsb & West Va_. October
Port Reading
October
October
Rich Fred & Potom. October
Quincy Om & K C—
October
„
St Jos Sc Grand Isl'd October
St Louis-Sah Fran
October
Ft W & Rio Gran October
St L-S F of Texas October
St Louis Southwest. October
StL&S W of Tex October
Total system1st wk Dec
St Louis Transfer.. October
San Ant Sc AranPass October
San Ant Uvalde & G October
Seaboard Air Line.. October
South Buffalo
October
Southern Pacific. I October
Atlantic SSL nes October
_
Arizona
Eastern. October
Galv Harris & S A October
Hous Sc Tex Cent. October
Hous E & W Tex. October
Louisiana West'n. October
Morg La Sc Texas October
Texas Sc New Orl. October
Southern Railway__ 1st wk Dec
Ala Great South. October
Cin N O & Tex P. October
Georgia Sou & Fla
Mobile & OhioNew Orl Sc Nor E.
North'n Alabama
October
1st wk Dec
October
October
October
South Ry in Miss,
Spokane Internat.. October
Spok PortI Sc Seattle October
Staten Island R T__ October
Tenn Ala & Georgia 1st wk Dec
Tennessee Central-. October
TermRRAssn of StL October
St L Mer Bdge I
October
Texas & Pacific,... 1st wk Dec
Toledo St L Sc West. October
Ulster Sc Delaware.
October
.
_
Union Pacific
system
Oregon Short Line October
4,529,174
3,145,810
1,286,361
212,550
439,671
October
2,058,217
October
6,282,610
1st wk Dec
460,168
October
1,744,342
October
242,083
October '
2,032,726
230,737
September
October
2,042,009
Ore-Wash RR&N October
Union RR (Penn)„ October
Utah
October
Vicks Shrev & Pa
October
__
Railroad.
Wabash RR.....—
Western MarylandWestern Pacific..
Western Ry of Ala.
Wheel & Lake Erie.
_
Wichita Falls&NW
Yazoo & Miss Talley
+3,624,702 10.25
30.02
+4,550,880 33.28
+4,772,379 28.05
+5.151.569 23.48
+4,908,173 34.49
31.49
+3.942,723 26.43
+5,791,098 30.15
+3.302,633 26.27
+4,490,388
3.951,560
2,825,629
683,211
138,113
325,254
1,363,915
5.185,113
1293,810
1,780,853
213,812
1,324,427
252,745
2,315,003
37,197.148
27,676,513
8,790,473
1,612,594
3,704,544
14,555.288
48,556,405
18,650,724
13,399.769
2,325,270
14,491,915
1,977.831
23,834,664
Current
%
*
Monthly Summaries.
Mileage.
+4,019.303
19,665.068
October
Northwestern Pac_. October
Oahu Ry & Land Co September
Pacific Coast——— October
Virginian
8,111,224
64,737,873
60,561,108
2,425,489
23,594,509
7.869,533
3,681,965
October
Northern Pacific
October
Minn Sc Internat. October
Total
330.111
1,067.249
1,914,440
1,660,897
1.103,000
4,506,214
258216642
5,447.281
1,145,641
893,950 10,589,315 9.285,770
490,830
360,072
3,741,635 3.230,886
5,353,564
699,721
666,483
6,544,356
9,336,496 7.459,599 69,019,932 63,482.642
12032973 10703040 91,649.489 83.240,512
109,465
883,061
83,190 1,060,376
802,853
673,861
5,463,239
6,722,210
225,656
1,292,336
114,603
1,620,369
553,404
628,089
60603 431 47112824 456155 874 412147998
167,010
1,360,231
143,724 1,388,746
144,976
141,699
951,778
1,044,027
981,489
812,170 7,881,007 6,834,117
2,325,876 1,854,252 21,805,205 20,902,802
128,533
1,146,273
122,034
1,115.849
741,306
735,792 6,693,888 6,834,622
200,374
1,372,806
169,326
1,677,039
1,349,427
900,029 11,985,623 10,397.484
11636306 8,930,380 87,111.428 77,920,045
158,263
151,131
1,298,562
1,018,199
4,332,742 3,539,290 33,888,564 28,966,321
121,430
913,020
99,137
1.026.709
138,581
689,183
76,336 1,116,762
10583897 7,277,754 74,869,827 61,042,066
209,723
994,737
132,435 1,443.597
180,948
973,211
138,999 1.284.765
291,663
1.145.167
139,347
2,010,264
207,774
194,895
1,541,283 2,097,422
141,137
915,994
103,438 1,114,423
914,261
969,543 9,201,084 10,429,724
607,246
445,546 4,087.634 3.974,858
425,231
280,368 2,849,594 2,451,135
9,412,726 7,662,183 76,911,535 64,363,484
205,907
185,795 1,605,552 1,321,553
187,914
138,792 1,443,928
1,265,353
2,033,979 1,236,245 17,494,977 10,876,734
995,426
663,972 7,590,818 5,457,185
618,354
499,543 30,305,873 20,457,929
133,595
925,180
116,191
1,145,222
813.368
437,229 4,852,855 3,649,245
135,606
909,946
71,283 1,281.385
4,334,067 3,657.284 40,428,691 33,950,086
195,784
830,821
52,820
1,280,551
20860067 1756^996 166400434 139322831
1,094,742
8,520,726
694,766 5.303.766
370,704
362,119 3,369,652 3,077,953
2.974.924 1,917,813 21,252,092 17.540,860
1,373,543 1,023,432 9,620.229 7,584,751
336,012
1,943,634
219,268 2,453,495
508,203
408,315 4,378,567 3,390,485
59,389
767,957 8.475.710 6,333,768
985,986
751,761
8,104,727 6,046.996
3,855,366 3,543,149 159505174 13^821825
1,035,860
939,701 9,482,184 8,489.661
1,879,814 1,382.590 17,211,269 13,295,154
486,889
389,804 4,404,868 3,567,683
365,994
324,631 17,347,580 14,442,890
618,062
530,322 6,390,299 5,311,828
145,030
960.795
118,375 1,250.122
190.797
201,752
1,518,662
1,458,681
140,388
137,041
948,300
1,280,584
927,553
724,015 7,594,078 6,124,342
219,129
182,775 1,984,577
1,897,671
2,104
133,190
4,310
169,888
291,882
219,271
2,099.194
2,449,480
511,368
414,507 3,894,986 3,247,076
507,994
367,391 3,522,204 2,554,056
898,835
821,761 38,567,704 33,420,452
1,118.618
827,617 9,404,873 6,650,029
153,019
140,953 1,249,172 1.032,760
14743231 11825305 108233295 92,571,714
N Y Susa Sc West- Octo jer
Norfolk Southern- October
„
1,135,514
16,284,729
1.264,313
12407604 10346762 103107731 87,075444
Norfolk & Western- October
Rutland
28,328,571
18 117,970
1,308,023
76.882,429
2,989,540
1,515,524
31,619,028
237604,752
6,523.312
1,003,430
2,733,079
9.992.168
39.912,316
t12655377
11,140,097
2,095,349
10,843,043
1,593,145
20,315,648
EARNINGS—Weekly and Monthly.
$
longer include Mexican roads in any of our totals,
Previous
Year.
Mo & North Arkan. October
or
Decrease.
"
Current
$
Arbor:
1st wk Dec
122,662
113,757 4,870,984 4,164,041
20612086 18025518 176553299 144822598
Atch Topeka & S Pe October
Gulf Colo & 8 Fe. October
2,968.629 2,349,412 21,927.617 17,226,312
Panhandle S Fe_. October
914,358
701,129
7,624,251
5,121.281
Atlanta Birm Sc Atl. October
527,620
455,211 4,816,548 4,156,670
Atlanta Sc. West Ft. October
243,216
254,615 2,523,843
2,256,464
—
to Latest Date.
Previous
Year.
$
Ann
Jan. 1
Current
Week or
Month.
ROADS.
Curr.Yr.
February
232,210
231,017
212,770
220,918
211,040
208,598
218,918
199.418
224,922
229,935
-231,304
.213,434
April
.221,725
May
-213.206
June
-213.525
July
.220,459
August
-199.957
September. -226,955
October
231,439
March
...
Year.
494,706,125
421.180,870
408.582,467
387,680,982
387,330.487
430.931,483
392,927,365
348,749,787
347,090,277
372,828,115
348.701,414
369.225,761
Increase
or
Decrease.
%
Prev.Yr.
.2132,511
January
Previous
Year.
t Comparison with 1917 figures, not 1919.
+101778760 25.90
+72,431,089 20.77
+61,492,190 17.72
+12,852.867 3.45
+38.629.073 11.08
+61.705,722
16.99
407*351.544 401.376.485 +65.925.059 16-43
441,423,158 367,865,628 +73,557,530 19.98
594.192,321 480,408,546 +113783775 23.68
633,852,568 503,281,630 +130570938 25.94,
DEC. 18
1920.]
THE
34191
CHRONICLE
Latest Gross Earnings by Weeks.—In the table which
follows
separately the earnings for the first week
of December.
The table covers 16 roads and shows 26.27%
increase in the aggregate over the same week last year.
we sum
up
First Week of December.
1920.
'"A
■
S
Ann Arbor....
——.
Buffalo Rochester & "Pittsburgh
Canadian National Railways
Canadian Pacific.,
Colorado & Southern
Duluth South Shore & Atlantic.
Mineral Range..
Minneapolis & St Louis
1
Iowa Central
j
,
2,050,134
3,797,000
497,865
67,845
12,539
227,914
6,285
499,543
3,543,149
8,946
618,354
3,855,366
365,994
2,104
898,835
460,168
St Louis Southwestern
Texas &
■■'■■■
113,757
312,847
Current
Company.
Month.
2,626
1*7*6*326
140,231
109,344
31,003
171,151
123.916
108,544
89,766
347.736
242,370
353,234
Gaiv-Hous Elec Co— October
General Gas & El Oo. October
.
Pacific
Western Maryland
324,631
4,310
821,761
*293,810
June
e Great West Pow Sys. October
Barrisbur* Railways
June
Havana El Ry, L & P October
2,661
118,811
*2*206
7*7*674
—
Haverhill Gas Lt Oo. October
Honolulu R T & Land October
Houghton Co Elec Lt. October
Houghton Oo Trac Oo October
166,358
Hudson 8c Manhattan June
Total (16 roads)
Net increase (26.27%)
*
15,876,023 12,573,390 3,307,465
3,302,633
4,832
Hunt'g'n Dev & Gas. October
d Illinois Traction
Comparison with 1917 figures, not 1919.
October
Interboro Rap Tran—
Total system
June
Kansas Gas 8c Elec Oo July
Earnings Monthly to Latest Dates.—The table
following shows the gross and net earnings with charges and
surplus of STEAM railroad and industrial companies re¬
ported this week.
...
Gross from
Net from
Railway.
Railway.
Net after
Taxes.
Net after
Equip.Rents.
$
Bellefonte Central Co Oct'20
mos
922
1,033
1,166
10,582
9,205
1,643,681
*19
1,295,341
'20 13,150,147
245,971
155,686
455,993
'19 10,274,609
10
13.559
10,500
100,128
85,255
1,606,655
1,205,366
624,332
34,930
4,705
10,262
defl6,501
24,309
def3,881
def58,628
def81,518
def6,056
def69,079
def85,489
'19
'20
'19
Oct'20
Chicago Ind &
Louisville
10
mos
8,063
78,133
197,302
21,822
108,196
def26,568 def956,267
25,407
'19
Detroit & Toledo
Shore Line
Oct '20
'19
10 mos '20
*19
214,027
225,198
1,589.484
2,044,421
63,696
93,687
553,013
1,014,300
53,696
85,787
440,651
922,098
32,184
50,080
114,346
845,478
Fonda Johnstown
Oct '20
123,049
102,589
1,192.659
1,042,374
35,407
29,419
433,048
376,494
30,332
24,519
382,648
27,200
23,228
392,841
322,494
332,333
29,288
'19
132,208
135,403
1.050,083
1,007,439
22,260
27,053
13,154
38,150
21,688
23,888
22,387
36,336
Oct '20
2,131.704
431,364
450,949
292,499
400,449
477,305
1,680,166
1,453,946
1,656,147
def3,309
26,690
def9,318
15,156
def54,410 def337,489
197,569
def39,000
263,880
189,073
1,778,654
2,012,642
10
Oct '20
19
'20
mos
& Gioversville
10
mos
'19
'20
'19
Oct '20
Green Bay &
Western
'19
10
Hocking Valley
10
Kansas City Term
mos
mos
'20
'19
'20
*19
mos
10
mos
10
mos
10
mos
Superior &
Ishpeming
'19
'20
'19
386,218
222,232
104,012
40,542
734,238
340,710
99,078
36,670
685,422
305,885
102,403
37,176
700,514
309,984
459,170
328,597
3,506,563
2,911,687
50,857
55,615
312,869
159,654
34,857
170,748
11,452
def2,411
25,523
def34,417
def87,897
'20
'19
Oct '20
Oct '20
'19
Quincy Omaha &
Kansas City
1,235,135
2,147,113
204,543
97,442
1,520,067
920,784
'19
Louisiana Ry &
Nav Co
82,062
165,345
146,045
1,327,192
1,156,457
Oct '20
Lake
31,473
82,839
'19
1,418,374
'20 13,702,047
'19 10,001,359
Oct '20
10
1
*20
*19
37,588
def2,000
1,267
141,137
7,082
def24,713
defl9,973
defl6,914
103,438
1,114,423 def292,913 def333,253 def380,259
915,994
def98,429 defl28,937 defl61,450
St|Louis-San Francisco System
def62,732
205,907
Oct '20
Ft Worth & Rio
10
St Louis San Fran
& Texas
ELECTRIC
mos
def66,690
def86,736
'19
'20
185,795
39,733
36,741
32,667
1.605.552 def622,382 def660,972 def878,864
'19
Grande
1.321.553
Oct '20
'19
10 mos '20
'19
76,807
46,029
11,448
187,914
def42,058
def43,946
def79,881
138,792
8,900
7,265
defl 1,699
1,443,928 def381,045 def404,019 def734,492
1,265,353
74,253
58,539 defl40,416
RAILWAY
AND
PUBLIC
1046,019
828,144
179,549
570,379
146.244
1017,031
42,024
74,069
23,282
1863,982
571,237
118,990
53,179
123,980 1,327,857 1,137,881
99,391 1,083,410
882,129
27,578
296,773
237,409
141,605 1,554,571
1,272,473
457,893
107,026
460,677
62,137
730*674
75,399
623*454
297,350 2.258,288
1.912.108
104,719
1,254,242
712,085
254,514 3,132,336 2,556,893
834,083
691,751
1,589*326 1,329*461
131,650
951,118
661.195
420,450
*861*948 *775,573
128,634
9,329,356 7,596,468
871,621
370,445
38,271
310,352
693,992
63,504
623,770
264,194
21,813
243,579
1602,692 16,909,154 14,095,468
481,397 3,131,010 3,014,543
88,052
39,855
322*565
388^912
4733,162 4280,838 44,453,920 38,499,354
233,289 181,116
1,904,527
I,510.300
31,057
27,052
293,492
256,874
Keystone Teleph Co- November
144,404 139,634
1,688,600 1,490,515
Key West Electric Oo October
20,484
211,823
19,650
186,429
Lake Shore Elec Ry
298,950 232,645 2,550,788 1,940,763
September
Long Island Electric. June
148,892
34,223
26,360
113,180
Louisville Railway
June
347,818 346.565 2,039,798 2,014,593
Lowell Electric Corp. October
102,794
84,545 1,021,516
798,924
Manhattan 8c Queens June
24,277
127,064
23,883
129,523
Manhat Bdge 3c Line June
22,763
13,095
132,244
77,248
Metropol'n Edison Co October
273,474 206,666
eMilw El Ry & Lt Go October
1690,571 1295,458 15,484*441 II,937*647
Miss River Power Oo October
237,865 211,194 2,240,665 1,902,752
Nashville Ry & Light October
314,598 269,205
Nebraska Power Oo.
July
221,549
174,154
Nevada-Calif El Corp October
265,888 189,261 2,643,440 2,180,008
New England Power- September
558,811 382,672 4,405,940 2,922,423
New Jersey Pow & Lt October
43,275
33,326
NewpN&HRy.G&E October
233,653 226,048
2,304,607 2,385*123
New York Dock Co.. October
529,665 419,391
4,816,144 4,285,237
N Y & Long Island.. June
49,229
236,519
52,408
269,151
N Y & North Shore- April
5,767
12,442
21,120
45,752
NY & Queens County June
106,709 101,105
551,300
520,656
6N Y Railways.—.. June
677,418
(3,889,190
& Eighth Avenue.
June
96,099
1,087,557 \
460,684
6 Ninth Avenue
June
38,400
165,952
Nor Caro Pub Ser Co August
87,967
67,171 1,025,099
837.858
Northern Ohio Elec.. October
899,926 796,765 9,308,961 7,528,102
North Texas Electric. October
370,034 &31.-137 3,276,895 2,758,069
NorthwOhioRy&PCo October
43,254
34,955
Ocean Electric (L I)
June
26,182
7 90469 "*7*2*767
29,308
Pacific Gas & Elec Co October
2947,200 2187,326 28,193,764 21,175,342
Pacific Power & Light July
214,682 185,911
Penn Cent Lt&P&Sub September
186,806 144,808
169.204
Pennsylv Util System October
217,471
Philadelphia Co and
Subsid Nat Gas Cos October
1062,727 731,806 12.048,576 9,839,708
143,052 123,925 1,470,076 1,025,246
Philadelphia Oil Co._ October
Phila & Western. October
76,666
63,785
665,552
609,973
Phila Rap Transit Co October
3 336595 3165,553 31,191,329 29,160,984
Portland Gas & Coke July
166,994
200,473
1,434,011
1,214,525
Porto Rico Railways. October
95,171
935,477
123.917
1,151,240
Port (Ore) Ry, L&P Co October
862,267 725,035 7,794,072 7,101,729
881.636 772,894 8,137,792
Puget Sd Pow & LtCo OctoberReadingTrans&Lt Sys October
254.716 224,473
730,761 497,446
Republic Ry & Lt Co. October
Richmond Lt & RR__ June
61,092
50,350
256,536
285,907
Rutland Lt & Power. October
48.352
43,684
St L Rocky Mt & Pac October
392,88
490,671
4,275*522 3,406*342
63,907
48,087
Sandusky Gas & Elec October
168,106 142,411
175*02*298 1,3*62*966
Schenectady Ry Go— October
Second Avenue..
51.821
42,662
183,803
158,918
April
17th St Incl Plane Co October
4,058
37,270
34,258
4,571
Southern Cal Edison. August
1528,108 972,974 9.147,564 6.856.625
Southwest'n Pow & Lt October
979,792 592,464
1,199", 699 1,02*7",795
125,948 111,991
Tampa Electric Co.. October
October
Tennessee Power
221.817 183,930 2,030,530 1,787,528
TiTenn Ry, Lt & P Co October
558,248 467,507 5,293,559 4,561,787
Third Avenue System_ October
1151,994 1030,115 10,276.967 9,437,616
Twin City Rap Tran. 4pr!l
1017814
882,221
4.135.038 3.500.724
United Rys of Bait- July
10046665 8241,055
Utah Power & Light. October
571.387 487,491
Utah Securities Corp. October
748.717 640,704
990,504 811,308
Virginia Ry & Power. October
Wash Bait 8c Annap.. June
156,083 203.115
932,270 1,175,052
West Pow Co of Can. October
42,301
47,462
Western Gas 8c Elec.
185.818 154.315 2,288,712
August
1,925*247
62,413
456,917
303,133
47,934
Youngst & Ohio River September
Keokuk Electric Co
October
_
_
,
1,071
9,472
116,710
97,687
814,618
845,860
Copper Range Co
Previous
Year.
v
...
Net
Year.
$
Eastern Texas Elec— October
Edison El of Brockton October
JElec Light & Pow Oo October
eEl Paso Electric Co. October
Georgia Lt. P 8c Rys. June
312,217
41,363
Current
Year.
Year.
Equitable Coke Oo.. June
Erie Ltg Co & Subsid
September
8,905
152,636
628,172
1,418,000
158,805
46,143
Jan. 1 to Latest Date.
Previous
Fall River Gas Works October
Federal Light & Trac. June
Fort Worth Pow 8c Lt July
Decrease.
$
$
or
Great Nor Pow On
Nevada-California-Oregon
Southern Railway
Mobile & Ohio
Tennessee Alabama & Georgia.
$
122,662
465,483
2,678,306
5,215,000
656,670
113,988
9,913
404,234
.....
Increase.
1919.
Latest Gross Earnings.
Name of Road
UTILITY COS.
.
[7,264,767
.
.
Latest Gross Earnings.
Jan.
1 to Latest Date.
Current
Previous
a The Brooklyn City RR. Is no longer part of the Brooklyn Rapid Transit
System, the receiver of the Brooklyn Heights RR. Co. having, with the
Year.
Year.
approval of the Court, declined to continue payment of the rental; therefore,
Name of Road
or
Current
Company .
Month.
Year.
,
Previous
Year.
since Oct. 18 1919.
the Brooklyn City RR. has been operated by Its owners.
Eighth Avenue and Ninth Avenue RR companies were formerly
Railways Co., but these leases were terminated on
July 11 1919, respectively, since which dates these roads have been operated
b The
Adirondack El PowCo September
dabama Power Co.. October
Atlantic 8hore Ry.., July
Jangor Ry & Electric October
Barcelona Trac,L&P October
iaton Rouge Elec Co October
TracCo
(inghamton Lt, H & P
llackstone V G & El.
Brazilian Trac, L & P
iklyn Rap Tran SysoBklyn City RR—
aBklyn Heights RR
Coney laid & Bklyn
Coney Isld & Grave
Nassau Electric—
South Brooklyn—
New York Consol.
Bklyn Qu Co & Sub
Jape Breton Elec Co.
leaver Valley
_
October
October
October
f October
June
June
June
June
June
June
June
June
October
Jent Miss V El Prop. October
Jhattanooga Ry & Lt
Jities Service Co—
Jitizens Traction Co.
Jleve Painesv & East
Jolorado Power CoColumbia Gas & Elec
October
November
September
October
October
October
Jolumbus (Ga) El Co October
Jom'w'th P, Ry & Lt October
Jonnecticut Power Co October
Jonsiun Pow (Mich). October
JumbCo (Me) P& L October
)ayton Pow 8c Light. October
! Detroit
Edison—_ November
)uluth-Superior Trac
luquesne Lt Co subsid
light 8c power cos—
Cast St Louis &Sub—
Cast Sh G & E Subsid
eastern Penn Ry Co.
October
435,405 332,583
394,420 275,142 3,398.719 2,363.801
119.582
93.030
21,89i
29.161
1,013,652
879,608
98,274
114,824
2795.106 2215,217 21,344,299 16,092,969
380,528
298,668
33,257
39,069
500,465
52,026
595,869
63,077
46.959
77,002
294,174 257,733 27686*636 2,236,706
13442000 9980,000 110107000 93,539,000
929.385
f 5,135,865
7,571 j832,184 \
41,467 14,614,845
1,196,530
968,173
204,937
239,544
44,408
14,834
15.611
37,271
571.858 505,128 3,121.347 2,660,462
83.374
432,318
85,005
382,474
7.008.850
1763,610 1464.144 10,461.584
137,402
912,349
729.943
165,114
50,591
520,223
477,084
63,255
341,776
37,261
402,399
42,764
93,714 1,093,583
823,346
115,747
1942,230 1613,081 22,871,546 18,219,928
62,642
82,421
673,880
65.261
56,770
577,993
91,474
108.488
939.758 11,801*515
9.525*602
1212,999
1,298,028 1.070,067
128,819 ,128.697
2702,796 2289,807 25,335,042 20,929,618
137.558
112,770 1,215,381
1.025.126
1242,914 1016.947 11,554,365 9,161,804
266,639 241,017 2,566.872 2,267.147
259.176 2,974.517
2.302.455
325,091
2176,859 1615,615 19,660,624 14,746,417
163,844
1,598,985
154,513
1,598,771
leased to the New York
separately,
c
all sources,
e
Includes Milwaukee Light, Heat 8c Traction Oo.
Includes constituent
October
September
July
1352.188
427,476
34.978
151.891
971,527 12,200,527
330,532 3,509.003
25.366
9,684,754
2,614,775
813",470
1.436*848
129 238
d Includes
/Earnings
gven In Light 8c Power Co., the Nashvilleonly, h Includes Tennessee
a Subsidiary companies Railway & Light Co., the
ailway, mllreia.
Tennessee Power Co. and the Chattanooga Railway 8c Light Co.
both
subway
k Given
and elevated lines.
J Of Abington
&
i Includes
Rockland (Mass.).
in pesetas.
Electric Railway and Other Public Utility Net Earn¬
ings.—The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
Gross
Earninqs
Net Earnings
Current
Previous
Current
Year.
Companies.
Year.
Year.
Cities Service Co.
Jan 1 to Nov
Nov 1,942.230
30——22.871.546
Havana Elec Lt&Pow._Oct 1,017,031
Jan 1 to Oct 31— 9,329,356
Western Power Co of Can Oct
47,462
Jan 1 to Oct 31—
528,926
—
1,880,792
1,613,081
18,219,928 22,231,677
871,621
444,176
4,568,463
7,596.468
28,221
42,301
312,017
468,900
Gross
Net after
Fixed
Earnings.
Taxes.
Charges.
$
$
S
Detroit Edison Co
Nov '20
'19
2,176,859
1,615,615
11 mos'20 19,660,624
'19 14,746,417
Nov '20
Keystone Telephone Co
*19
11 mos'20
'19
October
subsidiary companies.
or
Pacific Gas & Elec
Co
Oct'20
'19
10 mos '20
*19
■
602,275
401,517
3,831,198
3,757,033
144,404
139,634
42,334
49,429
1,588,600
1,490,515
2,947,200
2,187,325
28,193,764
21,175,342
529,302
491,559
750,830
591,050
8,444,992
7,328,745
241,598
154,892
2,207,606
1,562,722
37,003
34,562
397,468
328,014
542,093
478,969
5,153,117
4,539,224
Previous
Year.
1,557,869
17,577,681
469,079
3,950,920
26,677
290,240
Balance,
Surplus.
3$),677
246,625
1,623,592
2,194,311
5,271
14,867
131,834
163,545
208,737
112,081
3,291,875
2,789,521
[Vol. 111.
CHRONICLE
THE
2420
Director-General of Railroads estimated at $350,000,
maintenance under the terms of the Fed¬
of
railroads, street railway and miscellaneous companies which
have been
on
he is liable for such deficiency in
claim against the
eral Control
Reports.—An index to annual reports of steam
Financial
a
as
FINANCIAL REPORTS.
published during the preceding month will be given
each month. This index will not
Meanwhile every effort is being made to correct
Act.
STATISTICS FOR CALENDAR YEARS.
1919.
1918.
1917.
OPERATING RESULTS AND
the last Saturday of
include reports
in the issue of the "Chronicle" in which it is
The latest index will be found in the issue of
published.
The next will appear in that of Deo. 25.
Nov. 27.
&
Baltimore
Ohio
Railroad.
(Income Account Years Ending Dec. 31
INCOME ACCOUNT
(1920 partly est.)
(1920 PARTLY EST.)
YEARS END. DEC. 31
1919.
1920.
Net income (see note)
Other income
-
—
Interest, rents, taxes, &c—
438
424
402
918,906
674.570
549,699
19,308,501
15,058,994 12,543,940
Aver. amt. received from each pass._ 61.754 cts.
63.21 cts.
61.53 cts.
Aver. amt. per pass, per mile
2.9 cts.
2.8 cts.
2.7 cts.
Tons of freight carried
1,197,196
1,247,951
1,346,153
Tons of freight carried 1 mile
111,074,724 125,774.952 137,285,504
$1.4968
$1.3835
Average amount received per ton
$1.76468
1.48 cts.
1.36 cts.
Average receipts per ton per mile.—1.90 cts.
carried:.
[Disregarding Standard Return or Tentative Federal
$7,898,700
2,354.531
3,500,000
Balance,
$4,428,089
$2,044,169
surplus
$5,010,592
2,354,531
$2,656,060
accruals for January and
February under the contract with Director-General and estimated accruals
under the guaranty for the six months to Aug. 31 1920, and the net railway
operating income for the 4 months to Dec. 31 1920 is partly estimated.
In 1918 and 1919 the net income shown is the Federal compensation.
miscellaneous
The
deductions in
1920 include
an
426,398
86.445
43,529
37,500
338,234
95,141
26,845
Total operating revenue
$2,823,506
Operating expenses—
Maintenance of way, and structures
$637,502
Maintenance of equipment
686,546
$2,418,292
$2,322,650
$431,541
557.449
56.228
$311,491
399,371
51,816
999,168
270
123,415
717,340
166,515
Cr.12,172
—-
1
Transportation
r
1,298,091
38
Misccl. operation
.
General expenses
1
»
Transportation for investment
$2,168,070
$250,222
202,159
$1,589,401
$733,249
141,140
_.def$207,399
$48,062
$592,102
11,285
21,748
43.497
34,139
5,517
18,724
153,514
15,922
4,396
12,705
...defl27,094
8,831
$149,940
$778,640
1,350
36,716
15,164
1.350
20,602
1,588
..defl89,156
$122,861
$772,011
tax accruals, &c
Railway
operating income....
period had been certified by the Inter-State Commerce Commission as
$558,338.
The Commission has, however, since revised the company's
Standard Return to $489,444, on account of a divergence from the Com¬
test
prescribed accounting practice during the test period.
special compensation over and above the Standard Return
were considered by the Director-General
and on Oct., 24 1919, he advised
that the only item thereof which would be allowed was special compensation
at the rate of 5% per annum on the sum expended on the Blodgett Branch
prior to Jan. 1 1918, such special compensation amounting to about $15,000
Income from unfunded sec. & accts..
Income from funded sec. & accts
effective on Nov. 1 1918 (effective date claimed to be Aug. 17
1918), the date of the beginning of regular operation of the Branch.
As
considered this allowance inadequate, the Director-General was requested
to reconsider its claims.
The company's representatives have since been
given several hearings, but no final decision has been rendered.
We are now advised that Federal control having terminated, the DirectorGeneral will make no further contracts, but will dispose of all claims of the
carriers (including claims for special compensation) in final settlements of
account.
The necessary data in connection with the company's final settle¬
ment of account is now in course of preparation.
Results.—The corporate income account statement, based on income from
of road (Standard Return), $504,550;
Standard Return, $489,444;
income
equipment, &c
debt
Rent for
Miscell. income charges
Balance
surplus
(Standard Ret.)
Due from Administration
($2,436,095)-
Standard return 1918 & 1919..
$796,513
Assets, Dec. 31 1917, collected
Agents' balances Dec. 31 1917.
.
_
_
151,425
424,885
Corporate transactions.
27,624
Expense prior to Jan. 1 1918..
Cash Dec. 31 1917.
V
•••
\3 r-'V..
Changes.
1918.
13,262 Inc. 30,766
66,379 Dec. 33,279
44,028
33,100
-
-
vV.
"I
—-
'
■
"
mm
"
.11.1
$427,422 $478,097 Dee.$51,275
..
22,401 Inc.
35,648
Non-operating income
13,247
$463,071 $501,097 Dec.$38,026
Int. on funded debt
1,350
1,350
Int. on unfunded debt—................
39,759
15,473 Inc. 24,286
Miscel. income charges
—
16,452
47,801 Dec. 31,349
Gross income
-—$405,509 $436,473 Dec.$30,964
Surplus....
Federal Statistics—
$2,823,506 $2,418,292 Inc.$405,214
130,270
44,655
x$207,768 Inc.$293,383
10,257 Dec.
5.758
$90,114
deficit—
Total
Interest, rentals, &c
xl27,704 Inc. 257,974
80,064 Dec. 35,409
$85,615
4,499
j.
income
Other
193,762
Revenue prior to Jan. 1 1918..
28,702
283,198
37,292
134,739
Net operating deficit.
x$197,511 Inc.$287,625
Income.
756,244
Equipment &c., net replaced..
Deprec. on road & equipment.
4,872
42,712
Passenger mileage suspense...
Advance by Corp. 1918 & 1919
Mater'ls & supplies Dec.31 '17
Liabilities Dec. 311917, paid..
x
GENERAL BALANCE SHEET—DEC. 31.
'
Liabilities—
$
$
24,797,488 24,003,322
equip
59,095
59,095
631,915
68,991
Miscell. phy.prop.
Netbal. in favor of U. S. RR. Administrat'n, Dec. 311919
The above
accounts do
not
include
interest
$103,977
due the
Administrance
paid out during Federal control to the company or for its account,
or interest due the company on the cost of additions and betterments com¬
pleted during Federal control and on deferred installments of compensation.
The above and other adjustments in respect of materials and supplies turned
back to the company on Mar, 1 1920, and the company's claims for de¬
ficiency in the maintenance of its property during Federal control, will be
taken into account in the final settlement.
Payments on account of compensation in the amount of $200,000 were
received during the year, reducing said credit to $796,512:
The debit "Additions and Betterments" reflects the amount applied by
the Administration to construction work, principally the Jackson Extension
and Blodgett Branch, during Federal control.
The debit of $400,000 for "Cash advanced corporation for construction
expenditures" is a loan from the Director-General for construction purposes
and is offset by the credit "Cash advanced by corporation for additions
amounts
and
other invests...
Cash....
631,441
212,076
925
.■-
Specia I deposits...
835
Loans and bills rec.
2,345
5,500
18,163
22,339
rec.
3,475
Int. & div. receiv.
58,431
4,152
15,213
Other cur. assets..
........
2,269
Deferred assets...
761
261
Government 2,436,095
1,741,559
71,762
103,164
Trafric &c balances
Miscell. acc'ts
U. S.
1918.
1919.
1918.
1919.'
Assets
Road &
Affiliated cos. and
*
Common
.
:>
$
$
10,972,500
Preferred stock
11,494,400 11,494,400
M.J.& K.C.bonds
27,000
27,000
stock...11,072,500
M. & M. Ry. Co.
260,000
Trust notes
Notes
70,000
Loans & bills pay.
Acc'ts & wages pay
744,122
9,817
65,830
Miscellaneous
1,304
12,741
5
925
129
3,149
1,556
3,049
Interest matured-_
8
Interest accrued..
Deferred
288,000
liabilities
U. S. Gov't
debits
2,540,073
1,873,565»
reserves
33,100
49,500
deprecla.
611,434
546,323
Unadusted credits.
Unadjusted
35,396
38,086
1,513,167
1,160.775
Operating
Accrued
Profit & loss
Total
.28,149,359 26,801,318
-V. HI, p. 2324, 2041.
Total
28,149,359 26,801,318
betterments."
Sherwin-Williams Co., Cleveland.
Capital Stock.—An increase of $100,000 during the year in the Common
stock outstanding, is represented by Common stock, issued to the City of
Jackson, Tenn., in consideration of its subscription for same at par.
New Lines.—The Jackson Extension, 40 miles in length from Middleton,
Tenn., to Jackson, Tenn,, was placed in operation on Sept. 3 1919.
The
total cost of this project to Dec. 31 1919, was $1,970,250.
There still
remains some ballasting to be done on the Extension before heavy freight
traffic can be operated over it.
During 1919 an additional 2.2 miles of track was laid on the Blodgett
Branch, making the total mileage in operation on Dec. 31 1919, 24.2 miles
from McLain Junction, Miss., on the main line to Piave, Miss., the terminus
of the Branch.
A total of $684,577 had been expended on this project as
of Dec.
31
1919.,
■»•?.+
-
2
• •
•'
■
•• •*,
P Effect of Federal Control.—Below is a comparative summary*of operating
operating expenses and net railway operating revenue;
1919
compared with 1918, both years under Federal control, and 1919 compared
with 1917, the last year of private control:
****"'
1
*"
Rjj.Oper.
''"'S2K3P*
1919
1918. Inc. or Dec. P. Ct.
$
$
Op.rev.2,823,506 2,418,292
Op exp.2,803,550 2,154,808
Net
19,956
$
'
1917.
+405,214 16.75 2,322,650
+648,742 30.11 1.589,401
263,484 —243,529 92+2
733,249
■
■Mil
Inc.
$
or
see no reason
—
713,292
Cottingham
says
in substance:
why there should be any immediate let-down in the sale
of
65%, and since the new year started Sept. 1 there is an increase of 20%
over the record figures for the same period last year.
This indicates an
active,
consumer
demand.
ending Aug. 31 totaled $75,952,000, which rep¬
gain for the entire company of $22,000,000 over 1919, which also
was a banner year.
Sales for the American companies alone were $51,817,000, compared with $36,992,000 or a gain of 40%.
During the year a stock dividend of 50% was declared so that the surplus
account shows'$4,481,667 this year, compared with $7,175,311 a year ago.
Sales for the fiscal year
Dec. P. Ct.
9^27
increase in operating expenses as compared with the
in operating revenue was general throughout the country, as a
result of Government policy.
As explained in the 1918 Reports the ditortlons in traffic, rates and expenses, resulting from Federal control make
The extraordinary
comparisons during this period of little value.
Upon the adjustment of
rates as provided in the Transportation Act and after the period of transition
from Federal to private control is passed, it is the belief of the management
that the operation of the railroad can be profitably conducted.
Claim for
Inadenuate Maintenance.—Notwithstanding the fact that
expenditures for maintenance were substantially increased, the property
returned to its owners on Mar. 1 1920, with its operating efficiency
considerably impaired by inadequate maintenance.
This will be the basis
President Walter H.
We
of paints and varnishes where the unsatisfied demand is still great.
In our own retail stores for the year just closed we showed a gain
BALANCE
$
+ 500,856 21.56
+1,214,149 76.39
Increase
was
(Annual Report—Year ended Aug. 31.)
resents a
revenues,
''
144
178,022
Cash advances for construe
,
4,896
•3
*
.$504,550 $558,337 Dec.$53,787
;
income
Net
—
Deficit after taxes....
400,000
5,128
1919.
Corporate Data—■
Inc. fr. lease of road
General expenses
Taxes
V—
Special compensation Biodgett Branch, $15,106; show a surplus after inter¬
charges of $405,509.
Account with U. S. RR. Administration.—Below is this account:
Due to Administration—($2,540,073)—
;
INCOME ACCOUNT FOR YEARS ENDING DEC. 31.
Operating revenue
Additions and bettrements___$l,516,179
,
Interest on funded
lease
est
9,264
8.000
30,006
Interest on unfunded debt.
Our claims for
we
equipment, &c
Miscellaneous
Gross
75
109,308
^
$2,847,579
def$24,072
183,326
Total operating expenses
Net operating revenue
control and operation was relinquished
Standard Return.—In the 1918 annual report you were advised that the
per annum,
71,060
i
i
I
Net
Standard Return, or average net railway operating income for the three-year
mission's
1;
revenue
Traffic
Rent from
Mobile, June 30, wrote in subst.:
Presidend I. B. Tigrett,
End of Federal Control.—Federal
at 12:01 a. m. Mar. 1 1920.
^...
Hire of freight cars
(Third Annual Report for Year Ending Dec. 1919.)
1917.
$1,862,430
$1,867,949
567,466
99,834
Passenger
Mail, express, &c
amount of $686,689
Gulf Mobile & Northern RE. Co.
Compensation.]
$2,112,677
Operating revenue:—Freight...
Note.—The net income for year 1920 represents
covering revenue and expense items applicable to period prior to Jan. 1
1918 settled for account of the corporation by the U. S. Railroad Admin¬
istration.—V. Ill, p. 2040.
ACCOUNT FOR
CORPORATE
1918.
1919.
Incidental
Net income.
Preferred dividends (4%)
Additions and betterments
CORPORATE AND FEDERAL INCOME
1918 AND 1919, COMPARED
WITH
ACCOUNT FOR 1917.
COMBINED
YEARS
$28,283,387 $27,748,824 $27,744,740
5,175,968
5,399,388
5.200,951
$8,532,620
2,354,531
1,750,000
i"
Average miles operated
Passengers
Passengers carried 1 mile
1918.
..$33,459,355 $33,148,212 $32,945,691
25,560,655 24,615,592 27,935,099
Total income
this
operating condition.
ties, bridge material, piling
and ballast during the test period, compared with the years 1918 and 1919
under Federal control, represents deferred roadway maintenance estimated
at approximately $308,000 (shown in detail in pamphlet report).
situation and restore the property to an efficient
A memorandum of the average application of
SHEET AUG. 31.
1920.
Plant &
$
equlpm't.11,957,208
Pat'ts, trade-mks.
1920.
1919.
$
Assets—
122
Liabilities—
6,842,609
81
1
$
1919.
$
Preferred stock
15,000,000
4,014,000
stock
14,868,600
9,595,300
Common
Notes payable
3,024.000
payable- 2,506,010
1,503,500
992,855
509,906
Llbertybonds, etc.
739.211
656,081
Accounts
Notes receivable..
269,595
104,598
Unpaid dividends.
241,986
1,107,712
61,460
Accts. receivable..
9,298,087
565,849
5,233,725
Deposits,
officers
and employees..
486,133
418,203
15,814,260
Securities owned.. 1,891,371
Empl. loans, &c._
133,394
7,738,860
Accrued
336,761
2,996,641
Deferred
Cash
Prepaid purchases.
Inventory
Deferred
...
1,280,112
515.084
-V.
22,923
113,056
Res've, Fed. taxes 1,376,724
1,170,734
517,567
Contingencies
578.337
4.481,667
7,175,311
42,942,067 25,228,212
Ill, p. 2145.
159,066
41.846
Surplus
Total
taxes
Total
42,942,067 25,228,212
Due.
181920.]
THE
(Julius) Kayser & Co.,
CHRONICLE
(Glove Mfrs.), New York
Curtiss Aeroplane & Motor Corporation.
(Report for Fiscal Year Ending Aug. 31 1920.)
Pres. Edwin S.
{Statement for Fiscal Year Ended June 30 1920.)
provision for depreciation and
taxes> amoimted to $1,007,354.
Labor troubles existing in some
company's mills in 1919 continued, to a large extent, during 7 month
or the
year s °P.eration8.
i
basis which they consider conservative in view of market con¬
now and considering the values it is thought will obtain
This has always been our policy, but in the present
instance, it involved a very large amount, and it is thought, therefore, that
during
they exist
as
the
year.
net results, after making these adjustments, and
**
P.& L. surplus June 30
shown by the
as
attached balance sheet and
profit and loss account, are very satisfactory.
1 his action
places the company in a position where the earnings for the
fiscal year 1921, should not be
seriously affected by any downward trend
of values of those
materials, supplies and goods in process which are repre¬
sented in the inventories on hand as at
Sept. 1 1920, and on the basis of
which operations are now
being conducted.
'19$l,714,412JFed'l
Net loss for year 1919-20.
exc.
prof. & inc. tax.$l,804,300
1,055,349[Deficit June 30 1920
Assets—
1920.
Property account
766,923; total
.
Accts.
&
1919
$1,112,354
105,000
150,000
15,341
Miscellaneous
First pref. divs
Second pref. divs...
f
\
(7%)126,897
(7%)
6,212
(8%)528,390
Common dividends.
1918
$1,585,631
600,000'J
150.000
12,682
I
175,000
150,000
39,299
(7)141.394
5271200 (8H)564^900 (7^)450,000
(7^ 48.650
Total deductions.
$931,840
$1,430,150
$869,195
$1,004,343
Balance, surplus x__
180,514
625,683
716,436
901,854
x Total surplus
Aug. 31 1919, $5,041,172; add: excess reserve for 1919
Fed. taxes on income, $149,018, making total surplus $5,109,190, as of
that date.
Total surplus Aug. 31 1920 amounted to $5,370,704.
1920.
Assets—
143,827
Liabilities—
$
$
$
Lands, bldgs., Acx2,949,571
Patents,
trade-
3,008,961
1st pref. stock
2d pref. stock
1,716,900
83,500
100,000
► marks, Ac
5,644,000
338,321
Common
6,611,500
6,595,000
5,644,000
Other Investments y2,864,678
Materials & supp's 8,058,496
Marketable
appl. in redemp. of pf. stk. 1,400,000
3,860,955
Accounts payable. 1,539,020
43,810
x3.493,825
i accounts
P able...
2,062,224
296,686
361,717
108,664
Notes payable
Dive,
accrued
Ac.,
receiv-
Other accts. receiv.
157,262
Cash.
591,622
Customers
1,859,600
drafts.
109,464
Sundry debtors...
85,869
Deferred charges..
50,945
(6) plane account, $1,190,000
(a) Accounts payable, $515,715;
—
1919
$6,000,000
yl,090,300
4,000,000
2,173,687
(5) due Curtiss
Eng. Corp., $222,410; total
_
738,125
Customers' initial payments
Provisions for Federal and State taxes
557,058
545,772
225,000
143,244
1,353,852
500,000
600,000
300,000
def. 1,145,238sur2,271,020
Surplus appropriated to retire Preferred stock
Surplus or deficit
Total
1,250,000
$9,646,690 $16,072,230
'
Trade accept, pay.
36,537
Liabilities
1920 ' *
Pref. stock ($5,463,100 less $187,300 in treasury)..$5,275,800
Common stock
yl,090,300
Initial payment by U. S. Govt. acct. amortization
U. S. Govt, (a) material & machinery, $983,687;
Sur.
5,572,473
stocks
►v and bonds
Customers,
stock...
217,324
x Including in 1920:
Land, $83,672; buildings, $421,897; machinery and
equipment, $429,902; tools and equipment, $508,631; deUvery equipment,
$32,568; office furniture and fixtures, $111,984; less reserve for deprecia¬
tion, $1,086,543; total, $502,111.
(a) bank, $300,000; (6) due Curtiss
Eng. Corp., $245,772; total
J—
Advance payment by The Burgess Co
1919.
1920.
1919.
$
360,400
2,858,391
$9,646,690 $16,072,230
Notes payable
SHEET AUGUST 31.
BALANCE
2,740,744
253,450
111,005
...
Total
$1,906,197
150,000
4,906
134.047
15,342
(7)133.006
(7)_ 7,263
610,540
785,165
1917
$2,055,833
and exc. prof. tax.
Red. of pref. stock..
342,000
(U. S. Govt., $572,198; other
reserve, $200,000)
Investment in United States bonds
Cash in bank and on hand
-
1920
Profits (after dep.).
Deduct: Fed. income
$6,589,370
2,353,461
5,010,963
notes rec.
$412,967; less
„
1919.
$502,111
1,933,045
907,126
x
Good-will....
Investments: (a) In sub. cos., $674,701;
(5) in
affil. cos., $127,600; (c) miscell., $104,825; total.
Inventories: (a) Raw materials, work in process and
finished, $3,244,039; (5) U. S. Govt, planes, $1,-
Prepaid ins. & taxes, $44,650; adv. to New York
sales department, $99,177
INCOME ACCOUNT FOR FISCAL YEARS ENDING AUG. 31.
1,145,238
-
BALANCE SHEET JUNE 30.
The directors have caused the inventories to be
valued on a
ditions
PROFIT AND LOSS STATEMENT YEAR ENDED JUNE 30 1920.
Bayer, N. Y. Dee. 11920, wrote in sub.
,n?t operating profits, after making
„
2421
■
401,944
2,060,346
No
11,431
108,664
value carried at nominal value $5
par
per
share.—V. Ill, p. 1855.
350,000
10,502
109,464
y
on
pref. stock
Customers' drafts.
Canadian Car & Foundry Co., Ltd., Montreal.
(11th Annual Report—Year Ended Sept. 30 1920.)
Miscellaneous
174,376
66,160
Reserve for change
in prices of silk..
59,572
25,677
500,000
500,000
prof.tax.
105,000
738,134
approximately $27,000,000, as compared with $33,000,000 for preceding year.
res. acct...
500,000
500,000
5,370,705
5,041,172
After charging operations with the cost of maintenance, depreciation and
bond interest, and after maing proper provision for all known contingencies
Res.
for
A exc.
Special
Fed.
President W. W. Butler, Nov. 18, wrote in substance:
Results.—The aggregate output of the
inc.
Profit and loss
combined companies amounted to
of the
Total
After
x
Total
24,042,269 17.522,106
deducting $1,323,166
reserve for
24,042,269 17,522,106
depreciation,
y
Investments in
aEd J^nces to affiliated companies: partially owned $31,000; wholly
27^™ 52,833,678. These companies report inventories of a value of
$1,073,547.
2
After deducting reserve for cash discount.—V. 110,
Imperial
Tobacco
Co/of Canada,
p.
1192.
Ltd.
{Ninth Annual Report—Year Ending Sept. 30 1920)
Directors M. B.
Davis, and D. C. Patterson, and Secretary
in brief:
0. S. Perrault, Nov. 25, report
Results —During the year ended
6 %% were
Sept., 30 1920, dividends amounting to
paid upon the Preference shares and four interim dividends aggre-
paid on the Ordinary shares, leaving a balance of $4,224,674 (£868.084) as follows:
The net profits for the year after deducting all
charges and expenses for management, &c., and
were
'o which for
?rovidingmustincome war tax (1920) were.
be added—
$3,386,150 (£695,784)
Amount brought forward from last year_$3,129,960
Less final Ordinary dividend of 1% for
ended Sept. 30 1919, paid Dec. 30
year
nature of bad debts, rebuilding of furnaces, etc., there remains,
subject to Government taxes, a profit of $539,397 as compared with
$1,887,635 for the preceding year.
The business done during the year was all in our regular lines, but it was
carried on under most difficult conditions, due to internal labor difficulties
the congestion in the American steel mills, American railroad embargoes,
At no time were your plants able to operate to anything approaching
capacity, owing to shortage of materials.
Operations.—The high cost of labor and materials caused the 1920 equip¬
ment program of the Canadian railroads to be considerably curtailed.
In
order, therefore, to keep the various plants operating during the earlier
months, we undertook substantial contracts for repairs to cars at a relatively
low margin of profit.
Inventories, Etc.—Retarded operations caused by delay in the receipt of
materials was especially responsible for the accumulation of large inventories
etc.
and for the Increase in current liabilities.
This condition of affairs, however,
but temporary, and the execution of the business remaining unfilled
Sept 30, will, it is considered, satisfactorily restore the liquid capital and
materially strengthen its resources.
Unfilled Orders.—The value of the orders unfilled Sept. 30 1920 amounted
is
to
approximately $26,000,000,
Oct.
certain
270,025
Total.
2,859,935 (£587,658)
$6,246,085(£1,283,442)
Deduct divs. paid 6%
on Pref. shares
6% on Ordinary shares
Leaving available balance of
$401,262
1,620,150
_.
..
(£415,358)
$4,224,674
l
2,021,412
(£868.084)
out of which the directors recommend the payment of a final dividend on
the Ordinary shares of 1% absorbing $270,025 (£55,485) and that the
balance of $3,954,649 (£812,599) be carried forward.
The above figures do not include the company's proportion of undivided
profits of the associated companies, and which they have not thought fit
COMPARATIVE
Sept. 30 Years—
dividends
Ordinary dividends
Preferred
Approximate output
Net profits
—
Depreciation
Bond interest (net)
Balance, surplus
Profit & loss, surplus
$1,094,713
$4,224,674
$548,744
$1,252,513
$83,249
$2,920,719 $2,581,216 $1,328,704
charges and income war tax.
x
After all expenses,
y
Includes four interim dividends of 1 ^ % each charged to the net profist
and 1 % extra each year charged to profit and loss.
of the year
BALANCE
1920.
$
Assets—
SHEET
SEPTEMBER
30.
1919.
$
Real est. A bldgs..
2,235,426
1,666,018
Plant, mach'y, Ac.
1,847,814
1,433,678
trade
patents.26,816,801 26,816,801
will,
1920.
Liabilities—
S
shares
240,836
2,027,581
2,300,000
101,579
1,198,114
14,755,963
9,356.205
4,723,393
General
447,958
104,903
389,517
Stock
in trade and
leaf funds
$
240,826
Sundry debtors, Ac 5,697,346
447,958
Cash
1919.
Preference shares. 8,030,000
8,030,000
Ordinary shares...27,002,500 27,002,500
Premium on pref.
Sundry credit, Ac. 3,515,168
Bills payable
6,600,000
Capital surplus...
101,579
Reserve funds
1,388,455
Sb's in assoc. cos..
reserve.
—
Profit and loss..!.
803,000
4,224,674
803,000
Int., &c.,
Int.
ENDING
SEPT.
30.
__
1.
1920
Cumulative 6% preference shares of £1 each (con¬
verted at the statutory rate of 4 86 2-3 per £)
$9,733,309
$8,030,000
Ordinary shares of $5 each
30,000,000
27,002,500
The profit and loss surplus Sept. 30 1920, $4,224,674, is shown before
deducting the final ordinary dividend of 1% ($270,025, included in the
7% in foregoing earnings statement.
Allowing for this dividend leaves
the surplus to becarriedforward$3,954,649.—V.110,p.2661; V.Ill,p. 1187.
$1,231,386
$2,990,110
$1,413,009
5,830,172
2,840,063
1,427.054
$6,243,603
$7,061,556
$5,830,171
bonds outstanding, $477,025; less interest on
bank balances, etc., $17,510.
x
Interest
118,331
Sept. 30
sur.
on
$2,840,063
investments,
y After deduction of Government taxes to Sept. 30 1918; adjustments In
respect of the liquidation Rhodes Curry Co., Ltd., and Standard Steel Co.,
Ltd., and further settlements of Russian shell contract claims.
CONSOLIDATED
BALANCE SHEET SEPT.
30.
Unci. Can. Car & Fdy. Co., Ltd., Can. Steel Foundries, Ltd., and Assoc. Cos.)
1920.
$
Ac
Liabilities—
8
Preference stock..
ings, machinery,
patents,
1920.
1919.
$
Assets—
Issued.
-
...
Balance, surplus.—def $116,853
Surplus Sept. 301919— y6.360.456
Total p. &
50,019
deb. notes.
43,206
145,913
dividends...(8^)656,250(8^656,250(3^)262.500
on
Real estate, build¬
$35,032,500.
Authorized.
YEARS
1919-20.
1918-19.
1917-18.
1916-17.
$27,000,000 $33,000,000 $45,233,000 $25,000,000
$1,515,712
$2,993,471 -$4,617,391
$2,572,884
516,800
568,719
711,563
467.610
x459,515
493,910
507,305
523,915
bank loans, &c._
on
Preferred
3,129,960
Total (each side)51,906,212 44,833,570
Capital Authorized, $39,733,309; Issued,
FOR
(Incl. Can. Car & Fdy. Co., Ltd., Can. Steel Foundries, Ltd., and Assoc. Cos.)
INCOIME ACCOUNT.
1919-20.
1918-19.
1917-18.
1916-17.
x$3,386,150
$2,920,719 $3,624,487 $2,455,224
(6%)401,262 (6)481,800
481.800
481,800
(7%)yl,890,175 (7)1,890,175
1,890,175 1,890,175
Net profits....
ACCOUNT
INCOME
to declare as dividends.
mks. A
compared with approximately $8,500,000,
1 1919
a
...
1919
Good
as
This large amount of unfilled business practically makes
steady output for some time ahead.
The outlook is encouraging.
Although financial conditions may delay orders, there is admittedly a serious
shortage of equipment on Canadian railways, and your directors are not
neglecting exportpossibilities.
Improvements, Etc.—In connection with the steel foundries some import¬
ant alterations have been carried out.
Several new branches of work inci¬
dental to car building have also been undertaken which, It Is considered, will
add materially to the earnings of your main producing company.
Russian Shell Contracts.—As a result of further settlements made through¬
out the year, the final adjustment of all matters at issue on a satisfactory
basis has been brought considerably nearer.
Liquidation of Two Subsidiaries —The Standard Steel Co., a subsidiary
company which was acquired solely in connection with munition require¬
ments of the Canadian Government and the Rhodes Curry Co., Ltd., also
a subsidiary company, have been liquidated.
on
22,954,205 22,373,964
7,500,000
Ordinary stock— 4,975,000
Can. C.&F. 1st M. 5,028,147
Can.
Inv. for red. Mont.
1919.
$
7,500.000
4,975,000
5,223,133
Steel F'drles
—
100,000
Material, supplies,
Ac. (at or below
Sugar Company.
{Report for Fiscal Year Ended July 31 1920.)
President A. W. Gieske, dated at Baltimore,
Md., Nov. 22 1920, together with the income account and
The report of
comparative balance sheet, will be found under "Reports
and Documents" in last week's "Chronicle."—V. Ill, p.2232.
2,125,176
604,500
742.000
Craig St. Mtge...
100,000
Bank loans, Ac— 6,250,000
100,000
14,788,961
7[394,226
1,339,621
1,903,298
4,105,888
2,326,184
Cash in banks
485,714
814,916
Deprec'n reserve.. 4,078,055
Special reserve
500,000
Operat'g, Ac.,fund
454,868
Deferred
164,562
104,848
Profit and loss
cost)
Bonds
and
Dividends payable
other
securities
Central Teresa
,
1st M. A collat.
Mont.St.W.lst M.
St. Wks. bonds.
Accounts, bills re¬
ceivable, less re¬
serve
items—
43,828,951 35,017,436
Total
As to payment in
-V
11
f.
n
Total
scrip of accum. Pref.-
695.
131,250
Acc'ts, Ac., pay'le. 6,714,230
Interest accrued..
124,122
2,217,643
262,500
1,661,162
150,986
3,561,255
500.000
6,243,603
1,062,201
7,061,657
43,828,951
35,017,436
dividends see news item below
Birmingham Ry. & Light Co.—Seeks Higher Fares.—
GENERAL INVESTMENT NEWS.
Federal Judge William I. Grubb,
applied to the Alabama P. 8. Commission for permission to increase
Receiver Lee C. Bradley, by order of
has
fares
General
ELECTRIC
INCLUDING
RAILROADS,
ROADS.
Railroad and Electric Railway News.—The
following table summarizes recent railroad and electric rail¬
way news of a more or less general character, full details
concerning which are commonly published on preceding
under the heading "Current Events and Discussions"
(if not in the "Editorial Department"), either in the week
the matter becomes public or shortly thereafter.
pages
Commerce," Dec. 17, p. 9.
Rates.—ka) Court of Appeals orders N. Y. Central RR. to
from
passenger fares to 2 cents a mile between Albany and Buffalo.
This charter rate, it is held, was not revoked by temporary increase in rate
restore
to 3 cts.
10 1918 to Sept. 1 1920.
See
and "N. Y. Times" Dec. 11, p. 3.
(b) Judge Has-
by the Federal authorities from June
N. Y. Central below
$210,000
(f) Attorney-General Price of Ohio on Dec. 31
England through rates,
filed at Columbus, O.,
suit to restrain the steam railroads operating in that State from putting
Into effect Intra-State rates and fares in excess of those prescribed by the
a
State,
(g) A press report from Bismark, N. D., on Dec. 15 reports refusal
by State Commission to permit the increase in Intra-State rates ordered by
I.-S. C. Comm. for freight, passengeis, milk, cream and Pullman service.
Seven States have agreed to carry intra-State rate issue to U. S. Supreme
Court, if necessary.
German State R R. Ownership Doomed.—"Journ.
of Com. " Dec. 15,P. 9
Why RRs. Do Not Buy More Equipment.—Letter by Geo. D. Dixon, Vice"Iron Age" Dec. 16, p. 1628.
Pres. Penna. RR.
Miscellaneous.—(a) How operating costs absorb the higher rates.
I.-S.
N. Y. Times" Dec. 12, p. 23.
(b) Daniel E. Willard.
capital needs of U. S. RRs. at a billion yearly.
Idem Dec. 11, p. 19.
(c) Railroad operation on besis of "Equated loco¬
motive day."
Boston N. B." Dec. 11.
(d) Norfolk & Western train¬
men on Dec. 9 voted to strike for higher pay, &c., conductors in mine ser¬
vice asking advance from $6 44 to $6 96 for 8 hours; leaders summoned befor RR. Labor Board for violation Of RR. Act in issuing call for strike
referendum.
"Wash. Post" Dec. 10; N. Y. "Times" Dec. 15, p. 6.
te) RR. labor situation.
V.-Pres. Atterbury of Penn. RR. nRy. Re¬
view" Dec. 11, p. 892 to 897.
(f) Shall branch line traffic be abandoned to
motor trucks.
C. A. Morse, Chief Eng. Ch. R.I & P. Ry.
Idem Dec.
C. Commission.
Pres. B. & O., places new
(g) Railway valuation, p. 898 to 901.
(h) Canadian
Commission will, early in 1921, undertake general inquiry into
"Times" Dec. 15, p. 21.
(i) U. S. executives
oppose rule as to subordinate officials.
"Post" Dec. 16. p. 9.
|
Matters Fully Covered in " Chronicle" of Dec. 11.—(a) RR. gross and net
earnings for October, p. 2272 to 2275.
(b) Finances of Swiss RRs., p.
2277.
(c) Lehigh Valley RR. coal properties, separation from RR. ordred by U.S. Supreme Court, p. 2292.
II, p. 888 to 901.
Railway
Canadian railway rates.
Albany & Susquehanna RR.—Special Dividend.—
A
special dividend of 2% has been declared on the $3,500,000 capital
(par $100), payable Jan. 8 1921 to holders of record Dec. 20 1920.
regular semi-annual dividend of 4*4% was also declared, payable
stock
The
Jan. 2 1921 to holders of record Dec. 15 1920.
Special Dividends Paid.—30%
Nov.
1917 and 1918; 1*4% in Jan. 1920.
1909; 3.25%
-V. 109,
p.
The combined
1922.
Red. on any int. date at 101 and
100M and int. thereafter.
Int. payable
Dated Nbv. 1 1920, due Oct. 1
int. during the first year, and
Chicago.
Prin¬
cipal payable at office of First National Bank, New York.
Denom. $1,000,
$500 and $100 (c*).
Continental & Commercial Trust & Savings Bank,
Chicago, trustee.
,
For description of property, &c., and offering of $1,400,000 1st & Ref.
7}4s, see letter of Vice-Pres. Otto E. Osthoff in V. Ill, p. 1948, 2227. I
Atlantic Quebec & Western Ry.—Default—Meeting.—
The holders of the 1st M. 5% Debenture
Bonds
were to
vote Dec. 7 on—
(1) Authorizing the trustees to execute a further supplemental trust deed
giving extended powers over the investments; (2) The policy to be puisued
by the trustees for the protection of the bondholders, having regard to the
failure of the company to pay the interest on the bonds which became due
on June 30 1920; and
(3) if it should be determined by the bondholders
that the company should for the present be permitted to carry on its rail¬
way
undertakings
as
heretofore, of considering
a
further resolution authoriz¬
ing the trustees, at the request of the company, to sell all or any part of the
investments specified in the schedule to the supplemental trust deed of
June 30 1917, and to pay the proceeds to the company for such purposes
as the trustees and the company may consider necessary.—V. 109, p. 1985.
receivership.
The railway department is chiefly
Earnings of Railway Department Year ended Oct. 31 1920.
$3,012,263
Gross revenue
Oper. eyp., $2,279,106; taxes and license (50% of total), $184,247;
Renewal and replacement reserve (50% of total), $230,157;
♦Tidewater rental, $75,000; *Tidewater operating deficit for
the
period, $7,555
Net
operating income
*
so
treated
2,776,066
„
-
$236,196
— - - —
....
Tidewater bond is in its practical effect a
in the operating statement shown.
.
Interest on the
it is
rental, and
operating income of the entire property for the year was $807,465,
total value of only $11,535,200.
The book value of the entire property of the company is $24,096,421.
The total net operating income for the year yielded a return on
the total book value of only 3.3 %.
Assuming the railway to represent onehalf of the total investment, the net operating income from the railway
Net
which is an annual return at the rate of 7% on a
department yielded a return of only| 1.9% on its
3.3% on its taxable value.—V. 110, p. 2657.
Boston
The
book value and of only
& Maine RR.—Bonds Authorized.—
Department of Public Utilities has approved the
Massachusetts
General Mortgage bonds:
(1) $1,212,500 6%, due Jan. 1 1929, to pay in part for 37 freight and
switching locomotives; estimated cost of new engines, $2,425,000.
A loan
of $1,212,500 is expected from the United States Treasury on security of
proposed issue, balance of cost to be later financed by an equipment trust.
(2) $5,443,979 10-year 6% bonds, to pay for betterments and improve¬
ments.
Estimated cost, $5,443,979, of which there had been expended to
Sept. 30, $1,445,618.
A
loan from United States has been arranged to
meet cost of work on security of this issue.
(3) $609,000 10-year 7% bonds for cancellation at maturity, Jan. 1 1921,
of $319,000 Boston & Lowell RR. 3H% bonds, and $290,000 Connecticut
River RR. 3M% bonds.
Compare v. Ill, p. 2227, 2323.
issuance of the following
Buffalo & Depew Ry.—May
Abandon Line.—
rehabilitation of the road, applica¬
permission to discontinue service be¬
tween Buffalo, Depew and Lancaster and junk the property.
A plan of
rehabilitation and reorganization has been prepared by C. P. Franchot,
attorney for William B. Cutter, receiver.
For almost two years the line has been operated by the receiver at a big
deficit.
The U. S. Government holds receiver's certificates for $45,000
and banks hold receiver's certificates for $13,000.
In addition there are
several thousand dollars of receiver's notes outstanding in the hands of the
public.
The Government financed the construction of a double-track
addition to the company's property between Depew and Lancaster during
the war, to facilitate the transportation of war workers.
The Government
was paid in receiver's certificates.
The plan of reorganization and rehabilitation calls for the holders of the
[$305,000] 1st Mtge. bonds to turn in their securities.
These would be re¬
sold for about $80,000.
Purchasers would in addition receive a bonus of
Common stock.
[Wm. B1. Cutter, the receiver, owns about 75% of the
$305,000 stock and the entire $305,000 1st Mtge. 5s due Jan. 1 1931.]
Unless $80,000 is subscribed for the
tion will be made by the receiver for
Under this
plan there would be sufficient money raisod to pay off or
compromise all outstanding debts and allow a reserve fund for improve¬
ments.
The new owners would then reorganize the company and the re¬
ceivership would be terminated.
If this plan fails the company plans to
carry on negotiations with the International Railway, Buffalo, with the
view of having the International acquire the property.
("Electrie Railway
Journal.")—V. 79, p. 2695.
each in Jan. 1916,
M. & N. (last coupon payable Oct. 1 1922) in New York or
properties have earned slightly less than pond interest and
responsible for the deficit as shown on the receiver's cash statement.
Up to
Sept. 4 1919 this department operated with a 5-cent fare.
On that date a
6-cent fare became effective.
Chesapeake & Ohio Ry.—Government Loan- dec.—The
loan of $3,759,000 to
2262.
Arkansas
Valley Ry., Light & Power Co.—Notes
Offered.—H. M. Byllesby & Co., Inc., New York, Chicago,
&e., are offering at 99 and int., yielding over 8.5f>%, $600,000
Bond Secured 8% gold notes.
A circular shows:
advanced by Sloss-Sheffield Steel & Iron Co. for the construction
sinking funds during the
<
{t. 31.Dec. 16. p. 31; Boston N. B. Dec. 17. p. 11.
dem
(e) Hearing at Washington as to New
cents.
obligations of the receiver.
Compare V. Ill, p. 2227, 2323, and
(c) U. 8. Judge Ray at Binghamton, N. Y., on Dec. 13 granted the Erie
RR., N. Y. Ontario & Western and other roads an order returnable at
Norwich, N. Y., Jan. 12, requiring the N. Y. P. S. Commission and Attor¬
ney-General Charles D. Newton to show cause why they should not be
enjoined from interfering with the putting into effect in N. Y. State of the
20% increase in passenger fares ordered by the I.-S. C. Commission.
"N. Y. Times" Dec. 14. p. 30.
(d) Hearings on the refusal of the railway commissions of seven States to
permit railroads to increase intra-State rates to the same level as Inter-State
rates were begun at Washington, D. C., on Dec. 13 by the Inter-State Commerc
Commission.
The States are Ohio, Illinois, Indiana, Michigan,
Nebraska, Utah and Florida.
"N, Y. Times" Dec. 14, p. 30 Dec. 16,
7
of the new by-products gas main; or $49,518 advanced by electric consumers
for extension to be repaid from future earnings
They are, however, all
brouck at Kingston, N. Y., on Dec. 11 continued the injunction restraining
the RRs. in N. Y. State from increasing their intra-State rates 20%, as
ordered by I.-S. C. Commission.
"N. Y. Times" Dec. 12, p. 12.
6 to
The receiver in his application to the Court for permission to apply to the
Commission for higher fares, reported a cash deficit of $1,435,101.
This
does not include $179,203 advanced by the city for new track and paving,
Anti-Strike BillPassed by Senate.—"Journalof
Intra-State
[Vol. 111.
CHRONICLE
THE
2422
I.-S. C. Commission has approved a
the company to be used in purchase of
equipment (see below).
The Commission has authorized the company to issue $4,500,000 6*4%
Equipment Trust certificates, Series "S."
Dated Dec. 1 1920, maturing
annually Dec. 1 1924 to 1935.
Denom. $1,000.
Div. payable J. & D.
Commercial Trust Co., Philadelphia, trustee.
The certificates will be secured on equipment costing $8,118,050 (est.) as
follows:
20 Mallett superheater freight locomotives at $89,990 eatch.-$1,799,800
5 10-wheel superheater switching locomotives, at $63,650 ea.
318,250
1,000 100-ton steel cars, at $6,000 each
6,6o6,000
The certificates are to be issued at not less than 95 and div., and It is
-
understood that arrangements have been made with
National City Co. to underwrite the issue.
Kuhn, Loeb & Co. and
Applications Made to I.-S. C. Commission.—The following
application to the I.-S. C. Commission for
permission to issue bonds, notes, &c.:
roads have made
Chesapeake & Ohio for authority to guarantee 6% 10-year prom¬
issory notes of Southern & Jeffersonville Bridge & RR
Chicago & North Western RR. and Chicago Milw. & St. Paul
Ry. for authority to guarantee 6% 10-year promissory notes
of the Indiana Harbor Belt RR., each for
Chicago & North Western RR. for authority to issue and sell;
(a) under its Gen. Mtge. of 1987, $440,000 bonds bearing int,
at 5% p. a.; (6) under its 1st & ref. Mtge. dated May 1 1920,
Sl.OOO.OOO bonds at 5%; and (c) $416,000 bearing int. at 60.
I
$54,000
116,000
The money is to be used to reimburse the treasury for moneys
expended in the
retirement
of certain
underlying bonds re¬
served
Barcelona Traction, Light & Power Co., Ltd.—Deben¬
Offered.—The London County Westminster & Parr's
Bank, Ltd., London, recently offered at 94, £1,050,000 8%
secured debentures (auth., £1,100,000). A prospectus shows:
tures
Denom. £100 and £500 (c).
Interest payable J. & J. at offices of Baring
Brothers & Co., Ltd.
Red. at 106 within 20 years by means of a cumulative
annual sinking fund, beginning July 1 1922.
Capitalization—
Authorized. Iss'd
or
Sold.
7% Non-Cum. Participating Preference shares
$12,500,000 $8,483,500
Ordinary shares
$30,000,000 $27,450,000
Prior Lien "A" 7s (£343,100 deposited as collateral
for 6% 6-year bonds;..
£2,000,000
£1,656,825
Prior Lien "B" 6s (£225,000 deposited as collateral
for 6% 6-year bonds)..
£3,000,000
£2,000,000
1st Mtge. 5ks (£1,538,000 deposited as collateral
for 6% 6-year bonds, &c.)
£10,500,000 £7.505.000
6-year bonds
5k % income bonds.
6%
Ps.30,000,000ps20,000,000
*£2,372,136
*
Issued or to be issued in satisfaction of funded interest.
Security.—Secured by trust deed as a first specific charge on £1,915,500
6% Prior Lien B bonds.
The interest on these ionds, viz.: £114,930, will
be sufficient to provide the interest on the above issue, viz., £84,000, and
also the sinking fund necessary to redeem the debentures.
The abovementioned Prior Lien B bonds were issued in 1915 to French banks and
other creditors, and the decline in the French franc enaDles the company
purchase the bonds [for £907,966] by means of this issue and so to reduce
of the bonds
The only securities ranking ahead of
£2.000,000 7% A bonds.
[The payment on Dec. 1 is announced of the full interest on the prior lien
A bonds, together with a distribution of 1% on the 5*4 % first mtge. bonds.]
—V. 110, p. 2487.
to
its liability in respect
the B bonds are
for in those mortgages, and for moneys expended in
permanent improvements and additions
Fernwood Columbia & Gulf, for authority to issue Ref. Mtge.
1,856,009
bonds dated Jan. 1 1921, to capitalize improvements heretofore
made out of income and to be available as security for an equip¬
ment and a loan from the United States
300,000
Fredericksburg & Northern Ry. for permission to execute a note
to cover money advanced by directors and stockholders for__
36,935
Indiana Harbor Belt RR., for authority to issue 5% 50-year
Gen. Mtge. bonds of 1907 and payable 1957---579,000
Interstate Rr. of Virginia for authority to issue capital stock,
proceeds to be used for purchase of new equipment
385,000
Lake Superior & Ishpeming Ry. for authority to capitalize earned ,
surplus (amounting to $2,690,407) to the amount of $2,000,000
by the declaration of a common stock dividend of
2,000,000
Michigan Central RR. for authority to guarantee 6% 10-year
promissoty note of Indiana Harbor Belt RR., payable to the
Secretary of the Treasury for
-----—
—
D3,006
Milledgeville Ry. for authority to increase capital stock (for the
purpose of retiring its 1st Mtge. bonds), from $30,000 to
60,000
Minneapolis & St. Louis RR. for authority to issue notes for
purchasing new equipment to the amount of
203,000
New York Central RR. for authority to guarantee 6% 10-year
promissory note of Indiana Harbor Belt RR., payable to the
—
Secretary of the Treasury, for
Southern Ry. for authority to issue
—
—V.
Ill, p. 2323.
174,000
Develop't & Gen. Mtge. 4%
bonds, payable April 1 1956, and, when so issued, to pledge
them as security in part for a loan of $3,825,000, to be used for
the purchase of equipment
.
Western Maryland Ry. for authority to issue 6% marine equip¬
ment gold notes to be sold at par to finance one three-track
26-car capacity steel car float now being constructed by
Bethlehem Shipbuilding Corporation
5,900,000
225,000
Dec.
181920.]
THE
CHRONICLE
Canadian National Eys.—New Officer.—
Fernwood Columbia & Gulf RR.—Bond
Application.—
P. Brady, Gen.
Mgr., has been appointed Assistant to the Executive,
with offices
Central
Albert C.
elected
Toronto.—V.
in
of
Ill, p. 2139,
See
Mann, Vice-President of the Illinois Central RR., has been
and supplies, with head¬
a
Central Pacific Ry.—Purchase
of
The company has Increased the
wages of its employees 7 cents an hour to
maximum of 64 cents an hour.—V.
110, p. 2387.
Fredericksburg & Northern Ry.—Note Application.—
See
European Bonds.—
Ry.—Receivership.—
John Maxwell of Waco, Texas, has been
appointed receiver of the cornby Judge H. M. Richey of the 74th District Court, on the petition of
any
1472.)—V. Ill,
p.
Chesapeake & Ohio Ry. above.—V. Ill,
Interstate
See
Chicago Great Western RR.—Government Loan.—
Chesapeake & Ohio Ry. above.—V. Ill,
p.
1 1921].
Chesapeake & Ohio Ry. above.—V. Ill,
p.
2227.
Chicago & Western Indiana RR.—Bonds Called.—
Chesapeake & Ohio Ry. above.—V. 106.
Supreme Court
suit
p.
929.
a
modified
Coai Co. have filed with the U. S.
petition asking that its decision in the recent anti-trust
so
p.
as
omit the requirement that the Lehigh Valley
Delaware Susquehanna & Schuylkill River RR.
to
the
\
2324.
P.
end of the Queensboro Bridge to Elmhurst and the second zone is from
Elmhurst to Jamaica.
It is estimated that the increased fare will yield an
additional $106,000 a year.—V. ill, p. 1278.
Michigan Central RR.—Note Guaranty.—
,
»
& Dayton Traction
be
S. Commissioner Alfred M. Barrett on Dec. 7
signed an order per¬
mitting the receivers of the company to divide the route of its trolley line
into two zones and charge 5 cents for a ride in each
zone, thus doubling the
fare for long trip passengers.
One zone is to extend from the Manhattan
11099, 11100, 12191, 13018, 13810 and 13850.—V. Ill, p. 2227.
See
Co.—Receivership.—
Chesapeake & Ohio Ry. above.—V. Ill,
p.
2140.
Michigan Elev. Ry.—" Monorail Seeks Rights in Mich
George P. Sohngen, Pres. of Hamilton Dime Savings Bank, Hamil¬
ton, Ohio, has been appointed receiver by Judge Clarence Murphy.
The
original action was started by the Citizens' Savings Bank & Trust Co.,
See "Electric Railway Journal" Dec.
Midland Terminal
v
11,
was heard last July.
In Sept. the court rendered a decision
of the points in dispute, but held in abeyance the naming of a
Meanwhile Judge Murphy has been considering other questions
p.
—
1205.—V. 110, p. 2487.
Ry .—Correction.—
See Colorado Midland RR. above.—V.
Argument
receiver.
1802.
Manhattan & Queens Traction Co.—Fare Increase.—
Notice was given Nov. 8 that 125 ($125,000) General
Mtge. bonds of
1882 would be payable Dec. 1 last, at 105 and int. at J. P. Morgan & Co.,
N. Y.
The following are the numbers of bonds
previously drawn for re¬
demption but not yet presented for payment: 3600, 4686
5402, 11073,
some
p.
The company and the Lehigh
Valley
2323.
Chicago & North Western Ry.—To Guarantee Notes.—
on
1949.
Lehigh Valley RR .—Seeks Modification of Decree.—
Compare V. Ill,
Cleveland.
p.
Application.—
2227.
separate itself from
Cincinnati
Va.—Stock
Superior & Ishpeming Ry.—Stock Div. Application.
000 Chic. & Pac. Western Div. 5s, mature Jan.
See
of
Chesapeake & Ohio Ry. above.—Y. 105,
Lake
See
RR.
Chicago Milwaukee & St. Paul Ry.—Government Loan.
—The I.-S. C. Commission has approved a loan of $25,340,000 to aid the company in meeting
maturing debt [$25,334,See
^
2324.
Indiana Harbor Belt RR.—Bond Application, &c.—
See
The I.-S. C. Commission has
approved a loan of $1,929,373 to enable
the carrier to provide itself with rebuilt
freight train cars and betterments
p.
.
7% Sink(See offering in v. Ill,
GoId Debenture bonds due Oct. 1 1940.
g,
p.
Bruyers of Waco, who, it is stated, alleges that the company is in¬
solvent and is indebted to him in the sum of $4,800.
This company was organized to build an interurban line from Waco to
Temple, and recently awarded a contract for the construction of the first
six miles of the line to
the Central Texas Construction Co., a subsidiary.
roadway and structures.—V. Ill,
2010.
p.
Canada.—Listing.—
The Stock Exchange has admitted to the list Grand Trunk
Ry. of Canada
—William A. Read & Co. interim
receipts for $25,000,000 20-year
H.
to its
Chesapeake & Ohio Ry. above.—V. 106,
Grand Trunk Ry. of
See Southern Pacific Co. below.—V.
Ill, p. 1948.
i.
1949.
p.
Fitchburg & Leominster Street Ry.—Wage Increase.—
Vice-President.—
Vice-President in charge of purchases
quarters at Chicago.—V. Ill, p. 2323.
e
Chesapeake & Ohio Ry. above.—Y. Ill,
1948.
Georgia Ry.—New
Central Texas Electric
2433
Ill, p. 2229,
Milledgeville Ry.—To Increase Stock, &c.—
See
establishing the rights of holders under various liens.
On these matters
ruled as follows: The property purchased for private right-of-way
between Cincinnati and Dayton is covered by mortgages on the original
Chesapeake & Ohio Ry. above.
he has
right of way; the second track on Central Ave., Court St. and North B St.,
Hamilton, comes under the mortgages; the mortgagees can have personal
judgment against the Cincinnati Dayton & Toledo Traction Co."; the trans¬
mission lines are a part of the power house and are nt covered by the mort¬
gages.
("Electric Railway Journal" Dec. 11.)
See V. Ill, p. 1565.
Collins & Ludowici RR.—Receiver's Sale.—
Pursuant to a decree of the Superior Court of Tattnall County, Ga.,
M. S. Lewis and J. V. Kelley, receivers, will sell the entire
property for
cash on Jan. 4 1921 at Reidville, Ga., at the upset price of $85,000.
Colorado
Midland
RR.—Liquidating Dividend.—
Nearly $1,COO,000 has been received from the sale and rental of property
during the period of receivership.
The greater portion of the rental fund
has been paid by the Midland Terminal Ry. for the use of
trackage from
Colorado Springs to the Divide, the only portion of the road recently in
operation.
Out of the funds so
received, A. E. Carlton, receiver of the Colorado
Midland RR., on Nov. 27 announced a dividend of $900,000 in
liquidation,
being, it is said, half the investment of the present stockholders, who bid
in the property of the old Colorado Midland
Railway at foreclosure sale on
April 21 1917 for $1,425,000.
Much of the property of the Colorado Midland RR. has been sold under
an order of Court, including
large sales of locomotives and rolling stock to
Mexican rail interests, to lumber companies in the Northwest, and to
sugar
companies in Cuba.
{Item from "Denver Rocky Mountain News" of
Nov. 27, revised to accord with the facts as now understood by the "Chron¬
icle."
The Midland Terminal Ry. is controlled by the
Cripple Creek Cen¬
tral Ry. Co. and is neither in receivership nor
liquidation.]—V. Ill, p.
1566, 1471.
Detroit United
Ry.—Proposals of Company to Lease City
City of Detroit.—The proposals of the company for
the leasing of its city lines to the city of Detroit follow:
Lines to
(1)
Term.—Lease to the city for a term of 30 years of tne street rail
in Detroit.
(2) Rental.—The rental under such lease to be 6% per annum on the fair
value as of Jan. 1 1921 of the property referred to.
Payment to be made in
equal monthly installments out of the revenues accruing from operations.
(3) Maintenance.—The city shall continuously maintain each class of
prop.
operty up to the standard of the physical condition thereof on Jan. 1 1921.
(4) Valuation.—The fair value to be determined by board of arbitrators of
7 members, two to be chosen by the city, two by the company and these four
to choose the other three.
The basis of determining fair value to be the cost
thereof as of Jan. 1 1915, plus additions thereto since that date.
The cost at Jan. 1 1915 shall be ascertained as to labor, materials,
&c.,
at the average prices prevailing Jan. 1 1910 to Jan. 1 1915, and as to addi¬
tions, since Jan. 1 1915, either at the cost as shown by the books of the
company or at the market prices prevailing at the date of the expenditures.
The existing depreciation would, of course, be determined
by the board as
an incident to determining the fair value.
(5) Taxes.—All taxes to be paid by the city.
(6) Insurance.—Insurance in amount usually carried, to be maintained
and paid by the city.
(7) Purchase Option.--r-An option giving to the city the right to purchase at
the end of any cajendarlyear at the fair value so determined as of Jan. 1 1921.
(8) Default.—In the event of the default of the city in paying the rental,
taxes, insurance, or maintaining the property, and such default continuing
90 days after notice, the company to have the right to re-enter and to
op¬
erate the property until the default is made good.
(9) Right to Surrender.—The city also to have the right to surrender
possession to the company at any time on six months' notice, In which event
the company shall operate for the benefit of the leasehold estate during the
balance of the term of the lease upon and subject to all the terms and condi¬
tions of the lease including the same as to the rate of fare.
(10) Right to Sub-Lease, &c.—The right to be given the city to assignor
sublet to a responsible corporation with experienced managing officials.
(11) Sinking Fund to Enable Purchase by City.%—A sinking fund of 2%
per ann. on a fair value to be created by paying into the Sinking Fund
•Commissioners of the city, out of the revenues of each month, H of said 2%.
This to be invested by the Sinking Fund Commissioners In bonds yielding at
least 4%.
Interest to be added to the fund.
This will accumulate sufficiently to pay for the property at approximately
the end of the term, at which time the sinking fund shall be turned over to
the company (to the extent of the fair value of the property), and the
system and property will belong to the city.
(12) Company's Right to Do Interurban Business.—The company shall have
the right to run its interurban passenger and freight cars substantially as
at present, for not less than 6 nor more than 10 years.
(13) Fares.—The rate of fare to be fixed in accordance with the city char¬
ter.—V. Ill, p. 2323.
way system
Eastern Massachusetts Street Ry.—Interest Extended.—
public Trustees announce that the interest on the Series A and B
Mtge. bonds, amounting to $408,285, payable Jan. 1 1921, will be
The
Minneapolis & St. Louis RR.—Note Application.—
See
2140.
Rotan, 269 miles.
The line will bo operated as a part of the Houston &
Central, with which it connects at Waco, should the pending trans¬
be accomplished, it is semi-officially announced.
The acquired road will be an important addition to the Southern Pacific
system, as it will be the means of giving it an entrance to a part of western
Texas which Is undergoing rapid agricultural development.
It is now con¬
sidered probable that the Southern Pacific will carry out the original plans
for extending the Houston & Texas Central west to Roswell, N. M.
The
line was built and operated for several years as an Independent railroad.
("Railway Review.")—V. Ill, p. 2229.
Texas
action
Missouri Oklahoma & Gulf Ry.—New Receiver.—
A Miller, general counsel, of the Kansas Oklahoma &
Gulf Ry. with
headquarters at Kansas City, Mo., has been appointed Receiver, succeeding:
Alexander New.—V. 109, p. 776.
National Properties Co.—Time for Deposit Expires.—
The
Randolph Committee has decided to grant no further extension of
deposits under the reorganization plan and will go on with the re¬
financing immediately.
No announcement has been made of the number
of bonds deposited in the refinancing plan on which the owners had paid
the 17% assessment, nor of the amount the banking syndicate underwriting
the plan have been called upon to take up.
These assessments, however
have been paid in and the entire amount/approximately $900,000, trans¬
ferred to the American Railways Co. to pay off its debt to the banks and
time for
other current liabilities.
Settlement of these obligations originally was
scheduled for Oct. 1, but delays resulted while the differences between the
two committees were being adjusted.
Owners of approximately $5,750,000 par value of National PropertiesAmerican Railway 4-6% bonds, out of a total of $6,533,000, agreed to the
plan.
Included in the assenting bondholders are $1,150,000 out of a total
of $1,450,000 who had deposited their holdings with the Robinson commit¬
tee, but who agreed to turn their bonds over to the Randolph committee.
(Phila. "News Bureau.">V. Ill, p. 2229.
New York New Haven & Hartford RR.—New
Mortgage.
—The company has executed and delivered to the Bankers
Trust Co., trustee, its First & Refunding Mortgage dated
Dec. 9 1920.
This, as already stated in the "Chronicle,"
1942, 2041), is an open mortgage under which
pre-existing obligations are equally secured with the
present $95,000,000 bonds authorized to be issued to the
(V. Ill,
p.
all
U.
S.
The
Government.
aggregate principal amount of bonds which
at any time may be
issued and outstanding Is limited to an amount which, together with all
other then outstanding bonds, notes and other evidences of indebtedness,
not exceed twice the amount of the then outstanding stock
(now
$157,117,900), plus premiums paid in thereon (to date $19,282,887 50),
which at the present time would limit the amount to $352,801,575.
A total of not more than $95,000,000 of new bonds is authorized, to
be presently issued, of which not exceeding $80,000,000 Series A 6s, dated
Nov. 1 1920 and due Oct. 31 1930. are authorized to refund company's
Indebtedness .to U.1S. Government incurred during period of Federal con¬
trol; and not exceeding $15,000,000 Series B 6s, due Oct. 31 1935, are au¬
thorized to be Issued for security to the United States for loans that may bo
made to the company for equipment and betterments.
Bonds to the principal amount of $180,274,000are reserved to refund all
debentures and underlying mortgage
bonds including, with others, the
following,
shall
Pre-existing Debenture Obligations
Secured Under
This Mortgage.
Amount.
Maturity.
Mar. 1 1947
$5,000,000
5.000,000
Mar. 1 1947
do
do
10,000,000
3M% debentures
April 1 1954
do
do
15,000.000
4% debentures
-.July 1 1955
do
do
9.765.450
3M% convertible debentures. .Jan. 1 1956
do
do
15,000,000
4% debentures
May 1 1956
do
do
27.582.692
4% (European loan)
April 1 1922
do
39,029,000
do
6% convertible debentures
Jan. 15 1948
234,000
Naugatuck RR. Co. 3H% non-convertible debs..Oct. 1 1930
165,000
Hartford St. Ry.reg. deb. 3H% (M)
Jan. 1 1930
New Haven Sta'n 5% debs, (lettered D, E, F & G) Nov. 1 1921-24
400,000
Bonds—
N. Y. N. H. & H. 4% debentures
do
do
33^% debentures
Ann
Prior
Consolidated
Railway
Company
extended in accordance with
>
p.
Ry.—May Sell Road.—
It is reported that the company Is negotiating with the Southern Pacific
for the sale of its Texas Central division, which runs between Waco and
Ref.
the provision of the mortgage.
In September a board of arbitration awarded a 20% increase In wages to
employees, which
amounted to about $1,400,000 annually.
Nearly
$500,000 in back wages must be paid employees, the award being retroactive
to May 1.
The full amount of retroactive wages will be paid by agreement
Jan. 7.—("Boston Herald.")—V. Ill, p.) 2324.
Chesapeake & Ohio Ry. above.—V. Ill,
Missouri Kansas & Texas
Indebtedness
Conditionally
Secured
by
New
4% 50-year debentures
July
4% 50-year debentures
Jan.
3, 3 Yt & 4% 25-year debentures ..Feb.
4% 50-year debentures—
April
[4% 50-year debentures
Jan.
nnn
Mortgage.
1 1954
$4t255100q
2,309,00
1 1955
972,000
1 1930
1,340,000
1 1955
2,011,000
1 1956
The mortgage secures the Consolidated Railway debentures aggregating
$10,887,000, while and so long as they are not secured by a direct mortgage
the property owned by the Consolidated Railway Co. on the date, and
in accordance with the terms recited on the face of those debentures.
on
provides that the N. Y. N. H. & H. 4% Debs, of 1957
exchange for the Providence Securities Co. 4%
included under or entitled to the benefits of the indenture.
Further data another week.
Compare V. Ill, p. 1279, 1567, 1852, 1942,
1950 2041, 2140.
The mortgage
Issued
or
to be Issued In
Debs, shall not be
.
Central RR.—Rate Decision.—
New York
Dec, 10 handed down a decision declaring that
live up to its original franchise agreement and reduce its
fare between Albany and Buffalo to 2 cents a mile.
The company is given the right to appeal at a special term of the Supreme
Court, to have the order modified, or vacated, to permit introduction of
evidence of the proceedings before the I. S.C. Commission.
An injunction granted Nov. 7 restraining 61 railroads operating In N. Y.
State from increasing their intra-State passenger rates 20% as ordered by
the I.-S. C. Commission, was continued in effect by Supreme Court Justice
Hasbrouck at Kingston, N. Y„ Dec. 11.
The case, which constituted trial
of the facts as set forth in the State's petition for the injunction, was taken
under consideration and decision reserved.
Judge Ray of the U. S. District Court at Albany on the application of
certain roads operating within the State of New York, on Dec. 13 issued an
order requiring the State authorities to show cause why they should not be
restrained from interfering with the putting into effect the 20% increase in
The Court of Appeals on
the company must
passenger
.
f
fares in N.Y. State.
Chesapeake & Ohio Ry. above.—V.
passenger
See
Electric Ry.—Disintegration.— /
writing to the "Chronicle" Dec. 14, says that
while there has been certain publicity given to the plan of disintegration of
the company into Ohio Electric Ry. and Indiana Columbus & Eastern
Ry., no definite arrangement has been worked out up to the present time,
and indications are that nothing definite will be done for some months to
Ohio
Vice-Pree. J. H. McClure,
(б) Additions, improvements
and other purposes, remainder.
6% Bonds, Series "C" are dated April 1
The aforesaid General Mortgage
1920, due April 1 1970.
Int. A. & O.
Secured by a first lien on the prop¬
erty.
Total auth. issue, $225,000,000, viz.: Outstanding, $175,000,000
Series "B"; Series "C" (pledged $50,000,000).
_
The Phila. Bait. & Wash, pledged bonds are described below.—V. Ill,
^
^
2229. 2041.
&
Peoria
Be Placed
Not to Be Se-
Pekin Union Ry.—Endorsement to
Extended Bonds.—Additional Interest Rate
cured by Mortgage.—
The $1,495,000 1st M. 6% bonds due Feb. 1 1921 will, when extended at
7% interest until Feb. 1 1926, bear the following endorsement:
Pursuant to an Extension Agreement dated Feb. 1 1921
.
.
.
The
Railway Company agrees to pay said principal on Feb. 1 1926, together
with interest tnereon from Feb. 1 1921 at the rate of 7 % per annum (paya¬
ble Q.-F.)
.
.
.
The principal of this bond as so extended with in¬
terest thereon at the rate of 6% per annum is secured by the Trust Inden¬
ture or Mortgage of said Railway Company to Central Trust Co. of N. Y.,
dated Feb. 1 1881, as modified by said Extension Agreement, and the addi¬
tional 1 % Interest on said bonds is the obligaion of said Railway Company
not secured by said Trust Indenture or Mortgage."
,
The Railway Company also agrees that it willpay the principal In TJ. S.
gold coin of, or equal to, the present standard of weight and fineness,
together with interest thereon from and after Feb. 1 1921 at the rate of 7%
p. a., payable quarterly in like coin, "without relief from valuation or ap¬
praisement laws and free from all taxes on interest up to 6% per annum,
as provided in the original bonds."
In case default shall be made in the
payment of the principal or interest up to 6% per annum of any of the
bonds, then the mortgage may be enforced as to same, but in case of default
in the payment of the interest in excess of 6% per annum, then, in any such
event, the holders " shall be entitled to recover judgment against the Rail¬
way Company for the amount of the interest then in default."
Similar provisions are made as to the $4,500,000 4}4% 2d M. income
bonds extended at 7% till 1926, except that in this case the additional in¬
terest which is .not secured by mortgage is 2H% and the tax exemption
applies only to the principal and the original rate of Interest, of 434%*
Compare V. Ill, p. 2325.
Philadelphia Baltimore & Washington
KB,.—Mtge.—
Bonds referred to above under Penn. R. R. are
April 1 1960.
Int. A. & O.
Trustee Commer¬
Total authorized Issue, $15,000,000, all issued
Pennsylvania RR. Co. In part payment for advances.—Y. 109, p. 1074,
The General Mortgage 6%
dated April 1 1920 and due
cial Trust Co., Phila., Pa.
to
Public
Service Ry.
of New Jersey.—Fare Increase
Suspended.—Income Figures.—The ^New Jersey P. U.
Commission has suspended until April 1 next the proposed
increase in fares to 10 cents which the company sought to put
into effect
on
Rev. from
1920.
2 Mos. Est.
1919.
Actual.
1918.
Actual.
1921 Est10c. Basis
transp.17,970,893 19,154,097 22,384,870 26.006.910 30,427,162
592,000
592,043
536.520
460,262
506,633
Other ry. oper.__
Total—
18,431,156 19,660,730 22,921.390 26,598,953 31,019,162
Ry. oper. deduc.12.551.341 14,857,379 18.590,942 22,080.449 24,876,976
5,879,815
11,517
4,803.351
9,409
4,330.448
4,518.503
7,627
6,142,186
6,655
5,891,332
inc..,
217,688
4,812,760
184,255
4,337.104
186,560
4,526,130
205,732
6,148,186
4,997,014
5,001,837
4,523,6b
Inc. deductions..
6,109,020
4,972,063
4,731,862
5,165,370
6,332,920
5,237,731
Net Income—
1,136,956
4,822 def 622,169 def 433,508
1,095.189
86,081 def 301,717 def 589,999 def 424,654
1,095,189
Ry. oper. inc..
Auxil. oper. inc.>
Total oper. inc.
Non-oper.
Gross
Net inc.
Income.
or
def
5,145,832
6,000
184.734
dec. in
surplus
—V.Ill, p. 2325.
Rapid Transit in N. Y. City.—New Subway Bond Issue
Planned.—New Extension, &c.—
Transit Construction Commissioner
mitted to
John H.
Delaney
on
the Board of Estimate an application for a new
Dec. 10 sub¬
bond issue of
$25,981,000 to provide for carrying on construction work upon
owned rapid transit system during
the City-
1921.
$11,000,000 is for the Interborough system and over
$14,000,000 for the New York Municipal Railways Co. (B. R. T.).
The chief item for the Interborough is the extension of the
Steinway
Tunnel route from Queens westward from Lexington Ave. under 41sb to
7th Ave. for which $4,300,000 is asked and also for the acquisition and
construction of storage yards and repair shops in Brooklyn, Queens and the
Bronx $4,250,000.
,
.
Of this amount over
«0
The work
planned for the B. R. T. includes $8,200,000 for the subway
building south under Nassau and Broad Sts. to White¬
for the Bushwlck-East New York section of the 14th
from the Municipal
hall and $6,100,000
St. Eastern Subway line.
San Juan Light & Transit Co.—To Be Dissolved.—
The stockholders will vote Dec. 24 on dissolution.
Seaboard Air Line Ry.—Feb. 1 1921 Interest.—
'
Coupons Nos. 43 and 44 for $12 50 (2J£%) each on its 5% Adjustment
Mortgage gold bonds will be paid on and after Feb. 1 1921 at the office of
Blair & Co.. 24 Broad St., New York.—V. Ill, p. 2230, 1184.
Southern Pacific Co.—May
Acquire Roadt &c.—
actively in purchasing the
offerings made in London and Paris of Central Pacific Ry. European Loan
4% bonds of 1911, due in 1946.
At the beginning of the current year
Southern Pacific had obtained 128,000,000 francs of the original issue of
250,000,000 francs.
The amount in the hands of the public at that time
was 122,000,000 francs, par value, but this amount is said to have been
greatly reduced.
("Financial America.")—V. Ill, p. 2325.
Railway.—Bond Application.—
Chesapeake & Ohio Ry. above.—V. Ill, p. 2230.
Tennessee Alabama & Georgia
RR.—Receivership.—
Federal Judge
E. T. Sanford at Knoxvilie has appointed Charles Hicks
receiver on petition of the estate of the late Russell Sage.
from Chattanooga, Tenn., to Gadsden, Ala., about 91H miles.
Gen.
Mgr.,
Road
runs
Toronto
B&ilw&y,—Details of Company's Sale of Certain
Properties to Hydro-Electric Commission and to
City of Ontario—Properties Included in Sale.—The details
of the sale by the company of certain of its interests in and
about Toronto to the Hydro-Electric Power Commission of
Ontario and to the City of Ontario (subject to the ratifica¬
tion of the Ontario Government and the approval of the
ratepayers of the City of Toronto) as summarized by R. J.
Fleming, Mgr. of Toronto Ry. are as follows: (The Toronto
Railway proper is not included in the deal.)
Electrical
Properties
Included.—"The
Toronto
Railway
will
sell to
the
Hydro
Electric Power Commission of Ontario:
"(a) All of the issued $3,000,000 stock of the Toronto Power Co., Ltd.
"(b) All of the issued capital stock of the Toronto & York Radial Ry. Co.
"(c) All of the issued capital stock of the Schomberg & Aurora Ry. Co.
"These three companies control the property commonly known as the
Toronto Power Co., Ltd., the Toronto-Niagara Power Co., the Electrical
Development C o. of Ont., Ltd., the Toronto Electric Light Co., Ltd., and
the Toronto & York Radial Co., also the Schomberg & Aurora Ry. Co.
"The sale if made, to take effect as from Dec. 1 1920, as of which date
all taxes, insurance and other necessary adjustments are to be made.
Purchase Price—Method of Payment.—-"The consideration to be $32,734,000, payable to the Toronto Ry. Co. as follows:
"(a) Approximately $6,971,295 in 6% 20-year bonds of the corporation
of the City of Toronto, dated Dec. 1 1920.
"(b) Approximately $2,375,000 of 20-year 6% bonds of the Commission
dated Dec. 1 1920, seemed by first mortgage on the properties of the Toronto
& York Ry. Co., outside the city of Toronto, which bonds are to be guar¬
anteed by the Province of Ontario as to principal and interest, and issued
under the terms of the Hydro Radial Act.
"(c) Approximately $612,528 of 20-year 6% bonds of the Hydro Commis¬
sion, dated Dec. 1 1920, guaranteed as to principal and Interest by the
Province of Ontario."
Securities Assumed.—"(d) The assumption by the Commission of the
underlying bonds and the interest and sinking funds thereon of the Toronto
Power Co., Ltd., as follows:
"(1) First mortgage 5% bonds of the Electrical Development Co. of
Ont., secured by trust deed, dated March 1 1903, now outstanding in the
hands of the public, $4,335,000.
"(2) 414 % 30-year debenture stock or bonds of the Toronto Power Co.,
Ltd., now outstanding, amounted to $13,558,917.
"(3) 5% mortgage bonds of Toronto Power Co., Ltd., maturing July 1
1924 (secured on preferred stock) of Electrical Development Co., Ltd.,
$4,103,200.
"(4) Three-year 6% promissory notes of the Toronto Electric Light Co.,
Ltd., secured by the deposit of $1,000,000 of first mortgage bonds of that
company on which there is due for principal $840,000.
"(5) Outstanding shares of Electrical Development of Ont., Ltd., $13,100.
"Total, $22,850,217, less sinking fund, aggregating approximately $75,040, $22,775,177."
w Summary of Purchase Price. &c.
Total purchase price
$32,734,000
Obligations to be assumed
22,775,177
to
be
9,958,823
delivered
No Immediate Cash
held on Jan. 13.
of actual and estimated
earnings with the Commission with its application for the Increased fare.
Account for Years 1917, 1918 and 1919 and Year 1920 (with Nov. and Dec.
Est.) and Estimate for 1921 on 10-Cent Fare Basis.
1917.
25.37 miles via the east side subway,
During the present year, over 15
additional miles of rapid transit lines have been placed in operation, with
an indicated increase 1919 year of 60,000,000 passengers.—v.
Ill,p. 589.
present in Brooklyn, Junius St. is
and 26.19 miles via the west side line.
Bonds
Jan. 1.
Public hearings on the proposed rates will be
The company submitted the following table
Actual.
The distance from 241st St. to the last station In
use at
See
Issue.—
The $50,000,000 10-year 7% Secured Gold Bonds, dated April 11920, due
April 1 1930, placed in'April last (V. 110, p. 1527) are secured by pledge of
$50,000,000 Gen. Mtge. 6% Gold Bonds, Series "C" of the Penn. RR. Co.
and $5,000,000 Gen. Mtge. 6% Bonds, Series "A" of The Philadelphia,
Baltimore & Washington RR. Co.
Glrard Trust Co., Philadelphia, Pa.,
trustee.
The proceeds were to be used as follows:
(а) To retire the following obligations:
Phila. & Erie RR. Co. 6% Gen. M. bonds (paid July 1 1920)..$19,823,000
Pennsylvania General Freight Equip. Trust Certificates,
1,774,553
Pennsylvania RR. Consol. Mtge. bonds (paid Sept. 1 1919)...
4,983,000
Mortgage on real estate canceled and satisfied of record—.
772,000
on
,
the terminus of the line.
Southern
come.—V. Ill, p. 2325.
p.
The Court of Appeals has sustained the contention of the Interborough
Rapid Transit Co. against the order of the P. S. Commission that it should
not be compelled to change the present construction of the stations on its
line In Queens so that the cars or the Brooklyn Rapidi Transit Co. can oper¬
ate over the same tracks.
Under the dual contracts it was provided that
the extensions in Queens should be built by the Interborough, but that
trackage rights should be accorded the B. R. T.
On Dec. 13 the Interborough Rapid Transit Co. extended operations of the
White Plains Road branch of the subway division to the 241st St. station,
See Missouri Kansas & Texas Ry. above.
It is reported that the company is engaged
Ill, p. 2229*
Pennsylvania RR.—Particulars as to Bond
[Vol.111.
CHRONICLE
THE
2424
Payment.—The terms of the purchase provide for no
the part of either the Ctiy of Toronto or the
i mmediate cash payment on
Hydro Electric Power Commission.
'
City of Toronto's Obligation as to Said Purchase.—The''Mon¬
etary Times" of Dee. 10 says:
Toronto will purchase that portion of the
York Radial Co. within the city
Toronto &
Metropolitan division of the
limits for $585,000, which is
considerably less than the portion of $790,000 given to Mayor Church some
time ago, which included $40,000 indemnity to the county of York for the
services guaranteed by be company under its franchise.
The city will assume $840,000 6% bonds of the Toronto Electric Light
Co., due $30,000 every three months until 1922, when the balance matures,
and will issue 20-year 6% bonds for the balance.
The total cost of the distribution system and the Metropolitan division
will be $7,811,295.
To this must be added $2,735,000 for the Scarboro,
and Mimico divisions, the balance of the Metropolitan division of the
Toronto & York Radial Ry. which brings the total obligations of Toronto
to $10,546,295.
In respect of the acquisition of the Scarboro, and Mimico divisions, the
City of Toronto will deposit its bonds with the Hydro-Electric Power Com¬
mission and the Commission will issue Its bonds, guaranteed by the Province
of Ontario.
It is provided in the agreement of purchase that any of the
municipalities through which either the Metropolitan, Scarboro, or Mimico
divisions pass may have the option of becoming partners in the scheme, and
may substitute their securities for those of Toronto.—V. Ill, p. 2141.
Toronto & York Radial Ry.—Proposed
Toronto Railway above.—V. 108, p. 974.
Sale.—
See
Union Traction Co. of
Six
($6,000)
1st Mtge. 5%
Kansas.—Bonds Called.—
sinking fund gold bonds of 1907 have been
at 105 and int. at the Warren
1921.—V. 109, p. 2264.
called for redemption for the sinking fund
Trust Co., trustee, Warren, Pa., on Jan. 1
United Rys.
of the Havana &
Regla Warehouses.—
At the general meeting held on Dec. 2 resolutions were to be submitted:
(1) To sanction the respective schemes of arrangement of the Cuban Central
Railways, Ltd., and the Western Railway of Havana, Ltd., for the purposes
of effecting an amalgamation with this Company as mentioned in the issue
of Sept. 25, p. 1280.
,
.
..
,
„
The meeting also adopted other resolutions, notably as follows:
(a) That the capital be increased to £11,015,000 by the creation of 55,000
additional Preference shares of £1 each (to be converted as and when fully
.
umulative Preference stock and shares.
Slid into stock) ranking In all respects pari passu
„
with the existing 5%
Due. 18
1920.]
THE
CHRONICLE
Article 23 of the Articles of Association
there be substituted
iw?fu?LorJ?guIS ^760.000" the
^ Board s power without
£!
amount or figure of 44£2,000,000"
the sanction of a General meeting,
°?ey by way of loan for temporary purposes.
^"111 only necessitate the issue
by the United
Company of £767,591 5% Cum. Pref. stock and
£20.436 Ordinary stock.
rVOutstanding Capital Stock and Debenture
yJQi afS\U$??£e?lral Co' and treatment Under Jerger Plan.
Hv.
Issues.
Mortgage Debentures
redeemable (by annual drawings
par) by a cumulative Sinking Fund of 1% callwiTvufl!??? £887,300 Debentures originally issued. [Issue to be assumed
*£im?ntkL * '* an<?
fund bicreased to 1H%, thus retiring the entire
amount by
Aug. 1 1939 instead of 1944.1
A-k
.ZrJzi
HI 1D3iT\V
,Y°7° Debenture f Tonna which is irredeemable
stock,
f)T)Til
f". f t A OX.
except at the
S
ATI H
4/h V\/% AonnvMA/1
nt<MlrIvh/w
1 /"
option at 110%.
[Issue to be assumed, with sinking fund of X
rate increased from 5 to 5
ri^rvf nnn f
and Interest rate increased from 5 to 6 H % •]
%•]
7° cumulative Pref. shares [of which the United Company
nii
^ Cumulative Jfref.
Col.^^.,
2-190: baluioe outstanding
£697,810.
Each £100 thereof to be
f-110 United Company's 5% Cum. Pref.J
-9 Ordinary shares, of which the United Company holds all except
Each £100 thereof to be exchanged for £71,105 Ord. stock.
i?Knn,nn^f1}
Havana and Treatment Under Plan.—
fonn
nnn
A
rtfin
/m
w
«,vwXf
'
Debenture stock, which is irredeemable,
.
except at the
To be assumed with sinking fund of X of 1%
s
option, at 120%.
to call at par and interest.
——o
*}4^9;o 2oPrdinary shares,
of which the United Company holds all
£13,780 which will be exchanged share for share ror Ord. stock.
zvotc.-—in case of
liquidation of the United Company for reconstruction
S£JMualgamation, the Debentures and Debenture stock of the Cuban
Central Co. are to be
paid off at 110% and in the event of the security for the
tl Stv."1 Company s Deb. stock hereafter becoming enforcable, such stock
Is to be
repayable at 120%.
(c) United Rys. of H. & Reg. W. Ltd. Authorized and
Issued, June 30 1920.
(V109, p. 1893).
'
except
Authorized.
Ord.stk.&shrs
Issued.
Authorized.
Issued.
£6,860,000 £6,536,410 5% Irre. Deb _>_£6,605,738 (2)£6,037538
600,000
(1)494,757 4% Redeem. Deb. 1,323,100 (3) 1,281,455
5% Cum.Pref.stk. 3,500,000
2,786,671 4>$%
do
957.367
957.367
ML Further £94,303 available for
exchange of Havana Central RR.
Common Capital stock still
-
Deferred Ord .stk.
outstanding.
2. Further £119,100 available for
redemption of £119,100 bonds of old
company and £4,027 for payment of Ordinary dividend No. 21, unclaimed.
w£*. Further £7,217 available
First
for exchange of Havana Central RR. 5%
Mortgage Gold bonds still outstanding.—-V. Ill, p. 1567.
Virginia Railway & Power Co.—Valuation.—
,,_The ''Electric Railway Journal" of Dec. 11 in its second article
on the
Norfolk Traction Situation"
presents the following figures of valuation
from the report of A. Merritt
Taylor and Charles B. Cooke Jr.:
Summary of Reproduction Costs
at 1914 and at 1920 Prices.
Stone & Webster Inventory
Taylor & Cooke
and Appraisal.
1914.
.
A
Construction &
Organization
prior
582,017
223,269
317,515
97,960
$6,109,067 $10,652,067
-—$11,343,399
of power
plant
chargeable to railway
on basis of
16% use—
Grand total*..
Est. omission (note
being
$5,651,014
«
$472,000
11,815,399
$259,604
6,368,671
$472,000
11,124,067
$259,604
5,910,618
*),
in¬
complete
175,000
♦Excludes portion of transmission line between Norfolk and Richmond.
For further details see the aforesaid
"Journal," p. 1186 to 1188.—V.
Washington Baltimore & Annapolis RR.—Dividends.—
on
Dec.
16
declared
dividend of 1% on the Common
stock, along with the usual quarterly dividend of 1 y2 % on the Preferred
stock, both payable Jan. 15 1921 to holders of record Dec. 31 1920.
The
payment on the Common stock is the same as was made in
April, July and
Oct. last, though the
company does not specify this as a quarterly dividend.
—V. Ill, p. 790.
\
a
Western Maryland Ry.—Equipment Trusts.-—
See
Chesapeake & Ohio Ry. above.
See V. Ill p. 2326.
The Wisconsin RR. Commission has authorized the
company to
fares in Green Bay, Wis., to 10
increase
cents, with strip tickets or 10 rides for 75
cents, and monthly individual commutation tickets 50 rides for
$3.
Chil¬
dren from 5 to 12 will be charged 5 cents and
children under 5 ride free.
Rates between De Perre and Green Bay are continued at
the present sched¬
ule of 50 rides for $5 25.—V. 94,
p.
INDUSTRIAL
Industrial
AND
and
1697.
MISCELLANEOUS
Public
Utility News.—The
following table summarizes recent industrial and public
utility news of a general character, such as is commonly
treated at length on
preceding pages under the caption
"Current Events and Discussions
Department"), either concurrently
after the matter becomes public.
(if not in the "Editorial
or as
early
as
practicable
Steel and Iron.—The"Iron Age" of Dec. 16
reports further slowing down
a
many independent steel plants and remarks that work is
being rearranged to save the overtime resulting from the basic 8-bour day;
wage cuts of 15% and in some cases more will be made on Jan. 1
by some
important independent companies.
The Steel Corporation has increased
to 90% of steel works capacity, its shipments
being reported about 50,000
tons a day, while new bookings are not far from
5u% of shipments.
(See
unfilled orders, V. Ill, p. 2299.)
The country's steel capacity as an
entirety is estimated by the "Age"
to be 65 to 70% active.
Pig iron No. 2 x Philadelphia was quoted on
Dec. 14 at $34 79, against $44 79 Nov. 16
and forgings. billets, base
Pittsburgh, $51 against $60 Nov. 16.
of business
While the
independent plants
are quite commonly reducing their scale
orders, and are understood to be planning
Corp. holds to its price list and wage scales.
Coal.—(1) Royalties increase anthracite costs," "Coal Trade Jour."
Dec. 15, p. 1397.
(2) Williamson, W. Va., coal operators report 83 out
of 88 mines producing, with output 87% of normal.
"N. Y. Sun" Dec. 15,
p. 1.
(3) Coal matters before Congress.
"Times" Dec. 15, p. 17.
Profi¬
teering denied.
Idem Dec. 16, p. 18.
Prices.—New minimum (wholesale) prices for the year are
reported as
follows: (a) Foreign silver at N. Y. on Dec. 10, 59X agst. $1 37 on Jan.
11;
(b) tin, Dec. 14, 32 cts., agst. 65M Jan. 11; (c) lead, Dec. 13, 4.85 cts.,
agst. 9.50 cts. Mar. 15; (d) refined sugar, Dec. 17, 7.90cts., agst. 23 cts.
July 12; (e) Porto Rico raw sugar on Dec. 15, 4.63 cts., c. i. f.; (f) crude
rubber,' 17 cts.; (g) farmers report tobacco at lowest price in 5 years.
of operations, owing to lack of
to reduce wages, the U. S. Steel
"Journ. of Com." Dec. 13, p.
1.
Hogs were quoted at Chicago on Dec. 14 at $8 80 to $9 10, said to be
the lowest prices in four years.
See Armour & Co. below.
Tea (wholesale)
is also reported at the pre-war level.
On Dec. 15 leading bakeries in N. Y.
reduced 20
oz. loaves from 17 to 15 cts.
N. Y. wholesale food markets, see
*'N. Y. Times" Dec. 12 (Sec. 2, p. 7) and Dec. 19.
Also compare "Com¬
mercial Epitome" on a subsequent page for closing and other prices.
"Boston Evening Record" reduces prices from 2 cts. to 1 cent.
Wages.—(a) Textile mills in Maine, R. I. and Conn., and Lawrence,
Lowell, New Bedford, &c., Mass., employing 100,000 or more operatives,
notably Amoskeag, Pacific, B. B. & R. Knight, Arlington, Acadia mills,
have posted notice of wage reduction of 22M %.
"Journ. Com." Dec. 14,
B l.
ec.
Jan.
cation
of the Amer. Tobacco Co. dissolution decree.
See that company
below and "Jour, of Comm." Dec. 16,
p. 2.
(c) Danish commission orders
arraignment of last company for profiteering.
Idem. Dec. 17, p. 1.
Miscellanous.—(a) Washington Vanderlip's three-billion-dollar orders
from
Dec.
Nov.
Idem
The American Woolen Co.'s mills are not included. "N. Y. Times"
14, p. 19.
(b) Cleveland Mills of Cleveland will reduce wages 15%
1.
(c) Atlanta builders propose reductions of 16% to 40% Jan. l.
Soviet Russia in abeyance.
"N. Y. Times" Dec. 12, p. 1, and
13 and Dec. 14, p. 3. Dec. 15.
(b) War Dept. from Jan. 1 1918 to
1 1920 settles war contracts for $473,415,993, saving $2,912,465,899.
Dec. 13, p. 23.
(c) Building investigation, indictments, &c.
N. Y.
daily papers, Dec. 11 to 18.
(d) Farm crop values drop from $14,087,995,000 in 1919 to $9,148,419,000 in 1920 (Agric. Dept. figures).
Idem,
Dec. 15, p. 17.
(e) Farm relief schemes.
Idem Dec. 11 to 18.
(f) N. Y.
housing law upheld by U. S. Court; Appeal proposed.
"Sun" Dec. 16, p. 1;
Dec. 7, p. 32.
(g) Charles M. Schwab's optimistic speech Dec. 11.
"Wall
Street Journal" Dec. 13, p. 11.
(h) Conditions at Passaic Mills condemned by Consumers League.
"N. Y. Times" Dec. 16, p. 19.
(i) Soldiers' bonus before U. S. Senate.
Idem, p. 16.
(j) Kansas Industrial Court considers "boycotts."
"Fin.
Amer.'
Dec. 15, p. 7.
(k) Why railroad equipment orders are limited.
"Iron Age" Dec. 16, p. 1642.
(1) Fertilizer manufacturers warned on
Dec. 11 from Washington to lower prices.
"Jour, of Comm." Dec. 13, p. 2.
Dec. 15, p. 17.
(m) Move to protect dye industry.
"Times" Dec. 12.
Matters Fully Covered in "Chronicle" of Dec. 11.-—(a) Foreign Trade Fi¬
nance Corp., V. Ill,
p. 2264, 2278.
(b) Nitrate and copper affect Chilean
exchange, p. 2278.
(c) War Finance Corporation, benefits from proposed
revival, Eugene Meyer Jr., p. 2278.
(d) Aid to farmers, p. 2281 to 2286.
(e) Secretary Houston's tax plan, p. 2289.
(f) Textile wages, proposed
22reduction, p. 2292.
(g) Cancellation evil, U. S. Chamber of Com¬
merce, p. 2293.
(h) U. S. Tariff Commission's recommendations, p. 2294;
(i) Unfilled orders of U. S. Steel Corp., country's steel production, Lake
Superior ore shipments, p. 2299.
Adirondack
Steel
Foundries
Corp.—Stock Offering.—
See Dominion Foundries & Steel, Ltd., below.
Aetna Explosives Co., Inc.—Time Expires
Dec. 20.—
J. S. Bache & Co., depositary, announce that the last day upon which
deposits of stock will be received under the plan of sale to the Hercules
Powder Co. is Dec. 20
(see advertising pages).
....
Up to Dec. 14 1920 the depositary had deposited with them, or definitely
committed to the plan and about to be deposited, a total of about 375,000
shares of Common stock.
The balance necessary for delivery to the Her¬
cules Powder Co. under the agreement of sale amounts to less than 60,000
shares.
will be
From present indications, the announcement states, this amount
deposited before the end of this week.
Allied
Chemical
&
See V. Ill, p. 2326, 2043.
Dye Corp.—Chartered—Directors.—
Incorporated in New York Dec. 17 with a capital of 373,264 shares of
Preferred stock (par $100) and 2,143,455 shares of Common stock
(without par value).
7%
Directors: W. H. Nichols, W. H. Nichols Jr., Eversley Childs, William
Hamlin Childs, Orlando F. Webber, William J. Matheson, N. Y. City;
L. Pierce, H. H. S. Handy, Syracuse; Rowland Hazard, Peacedale,
R. I.; Armand Solvay, Emanuel Janssen, Brussels, Belgium, and Roscoe
E.
Brunner of Norwich, Eng.—V. Ill, p. 2326.
Allis-Chalmers Mfg. Co., Milwaukee.—Orders.—
"To date there has been no let-up in the volume of business being received
by the Allis-Chalmers Mfg. Co.
If orders for December come in at the
same rate as during the last month, the company will carry over into next
year^approximately $18,000,000 of unfinished buisness''4 'official' —V.111,
Wisconsin Public Service Co.—Fare Increase.—
General
&c.
Fifteen large concerns claim to be running full force.
17, p. 19; "Eve. Post" Dec. 13, p. 7; Dec. 14, p. 6.
Anti-Trust Cases.—The Industrial Commission proposes: (a) Reopening
case against Interenational Harvester Co.
(see that co. below); (b) modifi¬
"Times" Dec.
100,000
Ill, p. 2326.
The directors
piece work,
$584,039
4.651,500
853,849
223,269
Total.
or
The unemployed
"N. Y. Times" Dec. 17.
Immigration Bill Passed by House, 293 to 41.—The bill as passed restricts
Immigration for one year with exceptions in favor of brothers and sisters of
alien residents.
"N. Y. Times" Dec. 14, p. 5.
;
N. Y. Clothing Workers' Trouble.—Numerous workers stand out
against
000.
to
construction.
Working capital
Portion
Ref. Co.
1914.
$730,049
9,116,732
439,968
97,960
$1,149,549
equipm't
9,116,732
inventory
1920.
$919,639
4,651,500
1920.
_
Land
(d) Pheips, Dodge & Co., Chino, Ray, Nevada, Utah and other mining
announce wage cuts of from 60 cts. to $1 25 a
day.
(d) Am. Sugar
10%.
(e) Steel cos., see below.
Revolutionary circulars are reported as being scattered throughout the
mill districts of
Lawrence, Mass.
Operations Suspended, &c.—Among the numerous plants reported aa
temporarily closing or largely curtailing are (a) United Shirt & Collar Co.
at Troy, closed till after Jan.
1; (b) Eastern Steel Co. at Pottsville closed;
(c) Stewart-Warner Speedometer discharges half its 2,500 workers; (d)
Ariz. Com. mine to close; (e) Pacific and
Amoskeag mills closed for 10 days.
cos.
Modification
.
2435
Amalgamated Leather Co., Inc.—No Pref. Dividend.—
The Preferred dividend due Jan. 1 next has not been declared and will be
on
that date.
Quarterly dividends of IX % each have been
omitted
paid during the four quarters of 1920.—V. Ill,
p.
1185.
American Blower Co.—Revised Statements
This company, manufacturer of mechanical draft equipment, fans, motors,
etc., a New York corporation with main office at Detroit, Mich., and
plants at Detroit, Mich, Troy, N. Y., and Cincinnati, O., has increased
its capital from $1,500,000 consisting of $750,000 Common stock and
$750,000 6% cum. Pref. stock (par $100) to $3,750,000 to consist of $1,500,000 Common; $1,500,000 1st Pref. 7% cum. and $750,000 2nd Pref.
6% cum.
Subscription blanks will be issued shortly to present stock¬
holders.
The holders of the old 6% Pref. stock will be allowed to exchange
for new stock.
Only part of the increased capitalization will be issued
at the present time.—V. Ill, p. 2327.
American Blower & Furnace Co.—Sale Confirmed.—
The sale by auction of the property was confirmed on Nov. 24
in the
U. S. Equity Court at Boston with the exception of some small Item.
The
$255,000 while the claims against the company aggre¬
gated over $500,000.
Company went into the hands of a receiver in 191$
("Financial America.")
property brought
American Gas Co., Philadelphia.—Sub. Co. Pref.
See Philadelphia Suburban Gas & Electric Co.
American
Gas
&
Electric
below.—V. Ill,
Co.—Stock
p.
Stock.
2043.
Dividend.—
A 2% stock dividend has been declared on the
Common stock in addition
quarterly dividend of 2 X %, both payable Jan. 2 1921 to holders
of record Dec. 17 1920.
The regular quarterly dividend of 1^% on the
Pref. stock will be paid on Feb. 1 1921 to holders of record Jan. 15 1921.
A like amount was paid in Common stock in January, April and July last;
no extra was paid in October last.—V. 110, p. 2569.
to the usual
American-Hawaiian SS. Co .—Earnings.—
The earnings for the 10 months aggregating $6,484,736, will be found is
last week's "Chronicle"—V. Ill, p. 2327.
American Lead Pencil
Co.—Capital Increase.—
The company has filed notice with the Secretary of State at Albany, N.
an increase in capital from $2,200,000 to $3,208,000.—V. 100 p. 644
Y. of
American
Safety Razor Corp .—British Subsidiary.—
A London
cable says that the British-American Safety Razor Co., Ltd.,
capital of £400,000, is issuing an additional £200,000 of stock.
It
has acquired from an American corporation selling rights of the Ever-Ready ,
Gem and Star razors for the United Kingdom, Europe, Africa. India and
Australia, paying £165,000 in shares of stock of the corporation for the
good-will, trade-marks and patents.
Compare V. Ill, p. 1945.
with
a
American Stores Co.,
Philadelphia.—Sales.—
1920.
Four weeks to Nov. 27
Eleven months
$7,699,944
94,193,908
1919.
$6,386,526
68,900,232
Increase.
$1,313,526
25,293,676
—V. Ill, p. 2231, 2044.
American Tobacco
Co.—Dissolution Decree, Etc.—
The Federal Trade Commission has recommended to the Department of
Justice that because the dissolution decree in the tobacco trust case Is be¬
lieved to have been violated
be modified.
by the larger tobacco companies, the decree
principally recommends: (1) That the provisions of thp
declaring the use of common agencies by the various
companies named as defendants in the original proceedings relating the
use of common agencies in the purchases of leaf tobacco, which expired by
limitation Nov. 1915, be revived and made permanent; and
(2) That the provision relating to the defendant companies doing busi¬
ness under any other than their own corporate name or that of a subsidiary
corporation controlled by them be made specific, so as to include the pur¬
chase of leaf tobacco through agencies not disclosed to the trade.
(See
also "Jour, of Comm." Dec. 16, p. 2.)—V. Ill, p. 1854.
The Commission
decree
dissolution
American Woolen Co .—Stock Syndicate Closed.—
announced on Dec. 13 that the syndicate (consisting
It was formally
Chase Securities Corp., Hayden, Stone &
which underwrote the $20,OCX),000 stock
of
Co. and Brown Bros. & Co.),
offered for subscription to the
last July has been closed.
reported that notices sent to participants in the underwriting,
termination of the syndicate, indicated that allotments to
subscribers amount to about 97.3% of their subscriptions.
If correct, this
means that practically the entire issue of $20,000,000 was left in the hjinds
stockholders
It
was
announcing the
•f the underwriters.
offered to the stockholders at par.
The underwriters, it is
stated, received 5% commission for underwriting the success of the under¬
taking which means that the stock now left in their hands, cost them $95
a share as against the present quotation of about 62%.—V. Ill, p. 1952.
The stock was
Anglo-American Oil Co.—Petroleum Concession.—
according to Washington official advices, has obtained from
Government a 50-year petroleum concession for the entire
eastern half of the Province of Harrar, Abyssinia, including provisions for a
five-year period for prospecting.
The terms include a substantial royalty
to the Abyssinian Government in the event of production of petroleum.—
The company,
the Abyssinian
V. Ill, p.
387.
.
official statement issued on or about Dec. 10 says:
"Lower prices for live stock which have resulted from declines
stuffs and from excessive receipts of stock in all markets have had
Influence on the wholesale selling price of all meats, resulting in a
prices which are below the prices that obtained April 1 1917, and
the prices that ruled in 1914 in many instances.
"Fresh beef carcasses were offered to the retail trade at prices
in feedmarked
level of
also below
that aver¬
low as in 1914. Light
pork cuts, sold for 21
eents as compared with the pre-war price of 22 to 23 cents.
Lard was
offered at 6 cents a pound under the price April 1 1917, which was 20 cents.
The average price of sweet pickled and cured pork products was 17 cents
aged between 14 and 15 cents a pound, pricesalmost as
pork loins, the price of which is the index of all fresh
this morning, that being 3 cents under the
"The market value of hides, 14% cents in
price of April 1917.
the aggregate of the ten grades,
dropped 6 cents a pound from the normal price that existed in 1917,
and is at this time 1 cent a pound lower than the price that obtained in 1912.
Subnormal values of by-products from cattle, of which bides is typical, have
had a tendency to hold up the price of fresh beef carcasses, and had the
market for the by-products held reasonably stiff, the beef meat prices would
have effected further declines by this time."
[The permanent notes of the $60,000,000 7% Convertible gold notes
dated July 15 1920, are now ready in exchange for temporary interim cer¬
tificates at the Continental & Commercial Trust & Savings Bank, Chicago,
•r the Chase National Bank, N. Y. City.]—-V. Ill, p. 2327. 2231.
has
Associated Oil Co .—Tenders—Regular Dividend.—
of San Francisco, trustee, will until noon Jan. i5
receive bids for the sale to it of First Eef. Mtge. 5% gold bonds of
1910, at not exceeding par and int., to an amount sufficient to exhaust
$913,900, now in the sinking fund.
The regular quarterly dividend of 1%% has been declared on the out¬
standing capital stock, par 8100, payable Jan. 26 1921 to holders of record
The Union Trust Co.
1921
Dec. 31 1920.—V. Ill, p. 2327.
Atlantic City
The company was
City Gas Co.
Atlantic Coast Co.. Boston.—No Dividend.—
directors decided to omit the quarterly dividend usually due in
The
January on the outstanding $3,000,COO capital stock, par $100.
dividends of 2% % have been paid tip to and incl. Oct. 1920.
A
interest is owned by the Crowell & Thurlow SS. Co.—Y. 110, p.
Quarterly
controlling
2195.
Refineries, Ltd.—Bond Issue Reported.—
reports a trust mortgage from the company to
the Eastern Trust Co., Ltd., on the property of the company to secure
an Issue of bonds to the amount of $3,000,000 under registration date of
A
commercial
agency
Compare V. Ill, p. 2231, 2327.
Dec. 6.
Chemical Co.,
Atlas
Butterick Company.—Enormous
Applies in Greater or Less Degree to
the
In
gone
Co.,
Toledo.—Merger, &c.—
Ardmore,
Pa.—Capital—Sales.—
which $4,200,000 was
date the stockholders
before Aug. 16 to $800,000 ad¬
authorized capital stock is $10,000,000, of
Issued and outstanding on July 27 1920.
On that
were
given the right to subscribe on
stock at par ($100).
or
ditional
before Sent. 20 and
additional issue was
paid for by subscribers, making a total paid-in capital as of that date of
$4,839,600.
The balance of the offering has been duly subscribed and it is
expected, will be paid in by Dec. 20, the date for the final payment, bringing
the total outstanding up to $5,000,000.
Cash dividends of 10% have been
paid for several years and for the first six months of 1920 5% was paid
(2% % Q.), and it is expected the same rate will be continued.
During the first six months of 1920 net factory sales amounted to
$5,800,000, compared with $4,100,000 for corresponding period of 1919,
an increase of over 40%.
The new money derived from the sale of this
$800,000 stock will be used for the handling of increasing business, including
the manufacture of a new heavy duty model, for which a large demand
exists.—V. Ill, p. 1371. 1280.
Autosales Corporation.
New York*—Earnings
—
Profit, after taxes, for the nine months ending Sept. 30 1920 is reported
$126.636.—V. Ill, p. 2231. 1474.
William Black formerly Vice-President, has been elected President,
succeeding Charles F. Huhlein who becomes Chairman.—V. 110, p. 2490.
"Barrett Company.—Dividend Dates Changed.—
of
the Preferred stock up to and incl. Dec. 31 1920 to
a quarterly dividend on
holders of record Dec. 15
1920 of $1 46 per share, payable Jan. 3 1921.
The quarterly dates upon
which the dividends of the Pref. stock shall be paid in the future shall be
changed from Jan.
15, April 15, July 15 and Oct. 15 to Jan. 1, April 1,
Ill, p. 2142, 1371.
July 1 and Oct. 1.—V.
Bell
Telephone of Pennsylvania.—Bonds Approved
The stockholders have
—
approved the plan creating a 1st & Ref.Mtge.of
$150,000,000 under which will be issued the $25,000,000 7% 25-year bonds
recently offered and sold.
Compare V. Ill, p. 1372, 1474.
Black & Decker Mfg.
Co., Baltimore.—Stock.—
Company has recently increased its capitalization to
000,000 of which is 8% Pref. cum. stock.
The first lot
$2,000,000, $1,of $250,000 was
the benefit of employees and was oversubscribed.
For this
second block for $250,000 was opened up, both of which lots have
been fully subscribed, $368,500 of the new Pref. stock being taken by
issued
for
reason a
employees, and the balance of the $500,000 being taken by outsiders.
It is understood that in the near future an adidtional block of $150,000 will
be put out in order to take care of a number of friends of the Company
located throughout Baltimore County who were unable to secure stock of
price of coated paper ha
1914 to approximately fifteen cents in 1920.
annual cost of $1,200,000
for 1,200 tons of super.
typical of all other paper costs; even the Manila wrappers
of the Butterick Company the
case
from five cents a pound in
and super from three to nine cehts—involving an
for 4,000 tons of coated paper and $2,160,000
These increases are
up 200%.
As for the second
are
fundamental, labor, the Butterick Company's printing
payroll alone in 1916 was $1,200 a week—today it is $3,600 a week.
The
union system of shop practice, established during the war, necessitates
i n the case of the two-color presses a man to each press in place of one man to
two presses; which under the new wage scale results in an increase of 233%.
in the case of the men who handle the
to $32 a week; and the men who bale
$26.50. As to the third fundamental,
transportation, the postal rates have gone up 280%, freight rates 100%,
and express rates 60%.
As a concrete example the increased postage for
roll paper on the sidewalk, from $14
the printing house waste, from $10 to
$78,000 a year.
advertiser some idea of where his advertising
the "Delineator" alone amounts to
These figures give the
ncreased about 200%, while
foes. And when we considerthe increase in
that the cost
dollar
of making the agate line has
price to the advertiser is only
publisher is up against a situation
50%, it becomes evident that every
which he cannot long afford to maintain.
[From report by "Business Digest Service" 241 W. 37th St., N. Y.;
based on an article of 2,600 words in "Printers Ink" V. 113, No. 4, p. 3.]—
V. Ill, p. 1281.
Calumet & Arizona Mining Co.—Copper Output
Decrease.) 1920—11 Mos.—1919.
3,236,000
4,466,000
1,230,000 37,566,000
41,948,000
1920—Nov.—1919.
—V.
(in Lbs.)
Decrease.
4,392,000
Ill, p. 1952, 1474.
Cambria Fuel Co.—Bonds Called.—
($56,000) Purchase Money Mtge. 6%
Fifty-six
15-year gold bonds of
and int. at the Bank¬
City.—V. 109, p. 2266.
1910 have been called for payment Jan. 1 1921 at par
ers' Trust Co., 16 Wall St.. N. Y.
&
Car
Canadian
Foundry
Co.,
Ltd.—To
Liquidate
Dividend Arrears Amounting to 22%%—An. Report.
Pref.
The directors
on
liquidate the 22%% dividend ar¬
of 6% negotiable
The distribution will be made Dec. 31 to hold¬
14 decided to
Dec.
the Cumulative Preferred stdck through the issue
rears on
scrip maturing In 7 years.
ers of record Dec. 24.
Statement by Pres. W. W. Butler on Dec. 13 to
"Montreal Gazette.**
company's affairs have gradually adjusted themselves to its regu¬
peace-time production of railway cars and the various specialties in
connection therewith, and although the earnings for 1920 have been some¬
what disappointing because of the interruption to continuous work caused
by the difficulties in obtaining necessary materials, the full 7% dividend
upon the Preference stock has been earned and paid.
"The improved position of the material market and better labor condi¬
tions are now exerting a favorable influence on the operations of the com¬
pany; the unfilled orders at this date amount to approximately $20,000,000,
and railway requirements are such that a reasonable amount of additional
business is anticipated.
The directors have, therefore, reached the con¬
clusion that the time is opportune for some action to be taken with regard
to the Preference share dividend now in arrears, and they have been advised
that if such arrears be distributed before the end of the year shareholders
will benefit by this distribution of surplus without liability under the
income tax
law."
See under annual reports
above.—V. Ill,
Canadian Woollens,
p.
2328, 695.
Ltd.—Common Dividend No. 2.
has been declared on the outstanding $1,$100, payable Jan. 1 1921 to holders of record
dividend of 1%%
A second
par
Carib
The
paid in Oct. last.—
Syndicate, Ltd.—New Pass Discovered.—
announces that a new pass, through the mountains of
company
Colombia, has been discovered by explorers for the company, which
possible the laying of a pipe line to rich petroleum lands in the
See N. Y. "Times" of Dec. 8, p. 25.—V. Ill, p. 1755.
makes
Andes.
Coke Co.—Extra Dividend.—
Central Coal &
and % of 1 % have been declared on the Common
respectively, in addition to the regular quarterly divi¬
dends of 1 % % on the Common and 1 % % on the Preferred, all payable
Jan. 15 1921 to holders of record Dec. 31 1920.
In July last an extra divi¬
dend of 1 % was paid on the Common stock.
Capitalization: Authorized and outstanding, $5,125,000 Common and
$1,875,000 Preferred stock, par $100.—V. Ill, p. 192.
and Preferred stocks,
Central Hudson Gas & Electric
Co.—Capital Increase.
The company has filed notice at Albany of an increase in its capital from
$2,600,000 to $3,500,000.
We are officially informed that "this increase in
stock is made for the
purpose
of providing for future
conversions of out¬
standing debenture bonds."
.
$2,600,000 in connection with
the sale of $750,000 convertible 7% debentures, due Jan. 1 1929, and the
present increase, it is understood, marks the sale of additional convertible
The stock
was
increased in March 1919 to
debentures.—V. 108, p. 2125.
Cerro
de
Pasco
Copper
Corp.—Bonds Offered.—Esti¬
for 1920.—The bankers named below are of¬
fering at 100 and int., to yield 8%, $8,000,000 10-Year
Gonv. Sinking Fund 8% gold bonds.
(See adv. pages.)
Bankers Making Offering.—J. P. Morgan & Co., First National Bank.
National City Co., Bankers Trust Co., Chas. D. Barney & Co., Wm. Amated Results
(B. F.) Avery & Sons, Inc.—New President, &c.—
The directors have authorized the payment
Increase in Costs That
All Publishers.—
Extra dividends of 1 %
Payment was to be made either in full or 50% on or
balance Dec. 20.
Up to Oct. 31 1920 $639,600 of this
as
capital
$7,000,000.—V. Ill, p. 1854.
750,000 Common stock,
Chemical Co. have been merged
under the above name with a capital of $2,000,000.
The plants of both
companies furnish artificial gas to the Overland plants.—V. 105, p. 292.
Autocar
Increase.—
filed notice Dec. 6 at Columbus, Ohio, increasing its
Dec. 20 1920.
An initial dividend of like amount was
V. Ill, p. 1186.
The Atlas Chemical Co. and the Empire
The
reports it is likely that the whole merger
Buckeye Steel Castings Co.—Capital
The company
from $4,500,000 to
Canadian
Atlantic Sugar
Steel Corp.—Outlook for Merger Uncertain.
British Empire
According to the Canadian press
plan will be recast and that there will be considerable alteration in the finan¬
cial arrangements, and also of the figures at which certain of the companies
shall be included in the merger.
It is also stated that the Canada Steamship Lines and a few of the other
smaller concerns will be withdrawn from the merger and that itfwill be com¬
posed finally of Dominion Steel, Nova Scotia Steel and Halifax shipyards.
—V. Ill, p. 2231.
lar
holding company will vote Dec. 28 on dissolu¬
incorporated in 1910 in Delaware to take over the
and other properties, but none others were ever
added.
The company has $5,000,000 Common stock authorized and out¬
standing and $1,000,000 Pref. auth., of which $900,000 outstanding.
No dlvs. have been paid since 1914.
It intends to distribute the stock of
Atlantic City Gas Co. (99% owned) among its stockholders.—V. 99, p. 896
*
Boston Rubber Shoe Co.—Obituary.—
President, died Dec. 9.—V. 88, p. 161.
Col. Harry E. Converse,
"The
Company.—To Be Dissolved.—
The stockholders of this
tion.
Atlantic
$900,000
Equally startling are the increases
An
»
issued.
[Stock outstanding: Common
$25.]—V. Ill, p. 2045,1281, 1086.
the first and second lots
Pref. $600,000, par
for tne same work.
Chicago.—Fall in Wholesale Prices.—
Armour & Co.,
[Vol. 111.
CHRONICLE
THE
2426
Read & Co. and Spencer
Trask & Co.
Dated Jan. 1 1921, due Jan.
1 1931.
Int. payable J. & J. in New York*
$1,000 (c*&r*).
Red. by operation of sinking fund on any int*
date after 60 days' notice at 105% and int.
Convertible until and inch
Jan. 1 1931, or, if called for red. after 60 days' notice, then until and incl.
the redemption date, into stock at rate of 30 shares of stock for each $1,000
of bonds, equivalent to a price of $33 1-3 per share of stock.
Columbia
Trust Co., New York, trustee.
,
„
>
A semi-annual sinking fund is provided of 20% of net earnings before
int. charges and depletion, but not less than $840,000 p. a., to purchase
bonds in market at not exceeding 105% and int., or to their redemption
Denom.
If subsequent mortgage be placed on the real property now
if any pledge be made of any of the stocks or securities of the
at that price.
owned,
or
Cerro de Pasco Ry. or of the Sociedad Minera Backus
this issue Is to be secured by a prior lien thereto.
Data from Letter
of
Pres.
L. T.
Company.—Incorp. in New York Oct. 26 1915
and
other
properties
in
y
Johnson del Peru,
Haggin, New York, Dec. 14 1920.
and owns copper mines
Peru.
Authorized capital 1,000.000 shares (no
shares outstanding.
These bonds constitute
the entire capital stock of Cerro de Pasco Ry.
par value), of which 898,230
he only funded debt.
Owns
Dec.
181920.]
Purpose.—Proceeds
THE
CHRONICLE
will be used to reimburse
corporation for expenditures
on the
construction of the new smelter at
Oroya (estimated cost $10,000,000)
and to provide funds
for its completion, part of the cost of
the smelter being
met from current
earnings.
It is expected that this smelter will be in oper¬
ation early in 1922.
x
Production of Smelter Prior
mno^ni'r Organization
•—r--
Coast Valleys Gas & Electric Co.—Bonds
Approved.—
The California RR. Commission has
authorized the company to issue
$375,000 1st mtge. bonds at not less than 80 and
$220,000 10-year 8%
notes at not less than 94.
The moneys obtained
through the sale of the
notes are to be used to pay the cost of plant
extensions.—V. Ill, p. 1854.
to
in 1915.
—-
Since Organization
in 1915—
and Since Organization in 1915.
Copper, Lbs.
Silver, Ozs.
Gold, Ozs.
340,000,000 19,802,000.00 154,200.000
Coca-Cola Co.—New Director—Dividend.—
69,657,067
71,243,548
70,516,400
57,028,288
4,209,659.62
29,891.677
5,556,735.33
30,068.924
5,051,900.04
28,210.902
ioon7—
5,325,320.93
28,361.217
1920 (partly
estimated)
52,334,308
5.959,084.70
22.092.722
x
Excluding production of Sociedad MineraBackus
y Johnson del Peru,
y Net Income Available
for Int., Federal Taxes, Deprec. & Depletion, Cat. Yrs.
•o V8PM
1917.
1918.
1919.
$3,614,217
$12,726,311
$8,866,428
$5,777,417
Earnings for 1920, partly estimated, should be not less than
$4,000,000,
as
compared with $1,440,000 interest and minimum
sinking fund require¬
ments on
-
-----
Ill, p. 2142, 1755.
Commonwealth
these bonds,
Does not include undistributed
profits of subordinate companies, which
annually for years 1916-1919,
inmdends.—Since its organization has maintained
regular dividends of
$4
annual report for
1919 in V.
divs.
of $1
75 in
1917 and $1
in
1918.
and
int.; thereafter at par and int.
York' trustoo'
i*-.v
v.
v..' ■
lnn1^
See
110, p. 1847.—V. Ill, p. 2046.
was
Passaic and Warren in
public and private use,
own
modern
Union, Morris and Somerset
Counties.
«
Earnings.—Net earnings for the past 5 years have averaged well
sinking fund gold bonds deposited with the trustee.—V. 94,
p.
over
5%
1510.
Computing-Tabulating Recording Co.—Tenders.—
The Guaranty Trust Co. of N. Y., trustee, will, until 10
a. m., Dec. 29,
6% 30-year sinking fund gold bonds of 1911,
int., to an amount sufficient to exhaust $100,000.—
receive bids for the sale to it of
atnot exceeding 105 and
V. 110, p.2294.
Conley Tin Foil Corp.—Dividend Omitted.—
Co.,
The directors have omitted the declaration of the dividend due Jan.
An initial dividend of 50 cents per share was
paid in July
next.
last;
amount
was
also
paid Oct. 1 last.—V. 110,
Consolidated Textile
p.
a
1
like
2490.
Corp.—Listing.—
The New York Stock Exchange has authorized the
listing of 70,620
additional shares of Capital stock (no par value) on official notice of is¬
suance
upon con version of its 3-year
7% sinking fund convertible debenture
due April 1 1923 (V. 110, p. 1529) and 535,274 shares on official
notice of issuance making the total applied for946,894 (auth.
1,000,000).
The purpose of the additional issue of 535,244 shares is to
provide funds to
acquire (through an existing holding company, B. B, & R. Knight Corp. of
notes
Chicago Pneumatic Tool Co.—Earnings.—
r Sept. 30 '20.
$392,515
June30'20.
$379,994
Mar. 31'20.
9 Months.
$253,304
$1,025,813
Net earnings, after taxes and
charges, but before dividends.
V. Ill, p. 1952.
a
Del.) all the outstanding common stock (100,000 shares) no par value of
1375) and for other purposes
matter.—Compare V. Ill, p. 2046, 2232.
B. B. & R. Knight, Inc., of Mass. (V. Ill, p.
in connection with the
Compare
Consolidated
man
President B. E. Sunny writing to the
"Chronicle" Dec. 9 1920, says:
"There will be no new
financing in connection with the purchase of the
Central Union properties in Illinois
by the Chicago Telephone Co.
The
[$15,500,000] 5% notes delivered to the Central Union will
probably be
turned over to the American
Telephone & Telegraph Co. to satisfy its
debt or a portion thereof.
"The Chicago Telephone Co. has
upwards to $20,000,000 First Mortgage
Bonds outstanding which mature Dec. 1
1923, at the same time these 5%
and
Wm.
—The committee named below in circular of Dec.
1 says:
The company was organized in 1904 with
$4,000,000 (Common) stock,
mainly to speculate in real estate.
Messrs. Flake &
Dowllng became the
chief executives, but Mr. Flake died in
1905.
Dividends were paid on the Common stock until
May 15 1907, but since
then only 2% in 1918 with a further
5% recently declared (payable Dec. 20
1920), while this committee was being formed.
Operations to date have
netted heavy losses
notwithstanding two periods of great prosperity.
The City Investing Building, 165
Broadway, was opened May 1 1907.
The land, building and contiguous
property cost over $11,000,000; $5,000,GOO of this was borrowed on first mortgage on 165
Broadway, $1,250,000
Broadway and contiguous
property were sold for $10,000,000, netting a loss of
nearly $800,000.
The annual report of April 30 1920 shows an
operating profit of over
$686,000.
But against this was charged about
$796,000 losses accruing
on the books
during that year, leaving a net loss of $109,000.
According
to our best Information the
aggregate losses in various operations have been
over
$2,000,000, recouped in part by some fortunate
speculations, but
largely from the surplus income of 165 Broadway.
In our opinion the time has now arrived for
liquidation.
The book value
of the assets is substantially as follows:
j Cash & marketable
3,460,000!Total......
$600,000
--$5,850,000
securs_
The above mortgages provide for liberal amortization
payments.
Prac¬
tically all of the real estate is subject to mortgages, and all but
$55,000 of
the mortgages owned are subject to
prior mortgages.
With care we think the Pref. stock can
speedily be paid in full (unless
the quick assets are previously tied up), and the Common
stock paid off,
we hope,
at over $100 per share.
The present nominal market
prices of
thestock on small sales are about 75 for the Preferred and
60 for the Common.
The undersigned already represent a large
proportion of both
classes
of stock.
If we secure the support of a
majority of the stock, directors
will be elected to carry out an economical
liquidation, payments on account
to be made from time to time.
[Signed by committee, Francis K. Pendleton, Chairman, ex-Justice Su¬
Court; Henry S. Thompson, Vice-Pres. Globe & Rutgers Fire Insur¬
Co.; William C. Cox, Vice-Pres. Guaranty Trust Co.; Lorenzo M.
Picabia, William R. Stewart, Pres. Rhinelander Real Estate
Co., and
Frederick J. Middlebrook, with Louis M. Ogden,
Secretary, 25 Broad St.,
New York City.]
[President Robert E. Dowling, the largest stockholder, opposes liquida¬
tion, claiming that "the assets are worth $1,000,000 more than the
amount
of indebtedness"; that no properties have been bought since
last winter;
that in the last seven years no money has been lost by speculation in
prop¬
erty; that next year $500,000 wi'l be coming in from mortgages by reduction
and that he expects considerably more than par for his Common
stock.
("Wall Street Journal" Dec. 15.)
The Pref. divs. have been regularly
paid, the usual 1 % % being advertised for Jan. 3.j—Y. 109, p. 2359.
*• "* "*r-*
I
<
•
a
i
•
V-:-' ■.
,
j
Earnings.—Earnings of the subsidiaries, year ending June 30 1920:
Gross, $690,878; net, after taxes, $220,207; total interest charges, $81,341;
annual interest on $250,000 8% notes, $20,000; balance,
surplus, $118,866.
Security.—Secured by deposit of $370,000 underlying mortgage bonds as
follows: $220,000 Kansas Electric Utilities Co. 1st 5s, 1925, and
$150,000
Miami Valley Electric Co. 1st & Ref. 6s, 1945.
Consolidation' Coal
Co.—New Offices.—
The company, it is reported, leased the 18th floor of the 25-story office
now being constructed
by the Munson Steamship Line at Wall
and Pearl Sts.. N. Y. City.—V. Ill, p. 2046; V. 110 p. 1293,
building
1191, 1180.
Cosden &
on
second mortgage, and to clean
up construction bills, the company in 19081909 issued for cash at par $1,000,000 of Pref. stock.
This last was taken
by the stockholders.
In February 1920 165
Co .—Notes
Ross &
Callable at 105 and int. on 30 days' notice.
Commercial Trust & Savings Bank, Chicago, trustee.
Organization.—Incorp. Nov. 26 1915 in Delaware.
Owns and controls,
through stock ownership, Kansas Electric Utilities Co., Union City Electric
Co., Miami Valley Electric Co. and United Lighting Co., serving exclusively
electric light and power to 20 cities and adjacent
territory in Kansas, Indiana
Ohio and Pennsylvania.
Purpose.—Proceeds are to be used to pay the cost of extensions and bett/CnriOTi t'8 *:'•'
City Investing Co., N. Y.—-Committee Seeks Liquidation.
L.
Continental &
"If the market is favorable in
1921, the Chicago Co. may do some fi¬
not been very seriously discussed thus
far."
Co.
Current Assets—
Cash
(of Del.).- Current Assets, &c.—
Oct.21'20.
Current. Liabil.— Oct.31'20. June 30'20.
Jwnt.30'20.
payable,
$1,678,139
4,513,355
Material & supp-. 2,855,365
2,887,090
Notes & acc'te ree. 3,870,318
4,017,281
Notes
U.S. Lib. bonds--
Int., accr. taxes &
$2,531,051
Inventory
,
-
4,474,197
24,156
22,950
Total
Results
for
$599,620 $2,022,852
2,505,747
2,748,349
Acceptances dlse'd
Total
41,974
Fed.taxes
-
Ten Months ending Oct.
705,000
-----
Dividends
$13,755,087113.118.815
—
—
Accounts payable
res. for
21,735
940,619
800.360
-.$4,330,562 $6,055,694
31
1920:
Net Income, after deducting operating expenses, interest, &c_.$12,627,587
Reserve for Federal taxes
602,880
Balance, surplus, applicable to dividends
$12,024,707
See earnings by months in V. Ill, p. 2233, and compare V. Ill,
p. 1288.
reported as saying that "the company's entire gasolene out¬
put has been sold to the Standard Oil Co. of Indiana up to March 1921, and
that the refinery is running at capacity and is experiencing no
difficulty in
obtaining crude."—V. Ill, p. 2233.
An official is
Crane Company,
Chicago.—200% Stock Dividend.—
A 200% stock dividend has been declared on the $13,530,500 Common
stock, par $25.
This distribution will increase the outstanding Common
stock to $27,061,000.
The company, it is reported, will also distribute $2,200,000 cash
among
its employees.—V. 110, p. 2196.
preme
Creamery Package Mfg. Co.—Dividend Increased.—
ance
Co.
Dated Oct. 1 1920. due Oct. 1 1925.
Int. A. & O. in Chicago and New
York without deduction of normal Federal income tax up to
2%.
Denom.
nancing, but the matter has
—Compare V. Ill, p. 2232.
(cost) _$1,790,000
&
$1,000, $500 and $100 (c*).
notes mature.
.....
Utilities
Offered.—CounselCo., Inc., Chicago, are
offering at 98 and int., to yield about 8%%, $250,000
5-Year 8% Coll. Trust Gold Notes.
A circular shows:
Chicago Telephone Co.—Issues $15,500,000 5% Notes
for Central Union Properties—Possible Financing in 1921.—
real est.
"
twice the entire interest charges.,
;
k
.1
Security.—Each $1,000 note is secured by $1,300 1st & Ref. Mtge.
V. 110, p. 2079.
Equities In
Mortgages
$2,395,000.
ships of Chatham,
Chicago, are offering at 100, to net 6%, $320,000 6% 1st
Mtge. Chicago Real Estate Gold bonds, secured
by land
and building
occupied by The Channell Chemical Co.
The
bonds are a direct personal
obligation of the owner of the
property, Chas. A. Channell, President of the company.—
Quarters ending
Net earnings.
over
The Commonwealth Electric Co. furnishes current from its
The
a
New
*«
Sower plant, for domestic, commercial and New Providence and the Town¬
ghting in the City of Summit, Borough of public uses, including all street
company has severed all connection with the O-Cedar Mills
Co., and
on the bonds of this
comoany has been amply protected.
Purpose.—To provide funds to enable
company to take care of its rapidly
expanding business, both at home and abroad.
Trust
.y...■
come.
Its guaranty
&
Co.,
•
notes
supply
enable it to cater to the
English demand and, in fact, supply from this
point all British possessions.
The company has acquired the Aladdin
dye
soap.
Bank
■.v
trust
is drawn from wells in the Canoe Brook and
Baltusrol Valleys, where the
company owns reservations aggregating 1,145 acres,
enbracing undeveloped
sources of supply to take care of the
increasing demand for many years to
months ending July 31 1920 were
$269,875,
dividend requirement of $6 per share on the Class
giving effect to present financing.
Estimated earn¬
ings, before taxes, during fiscal year about
$600,000.
Sales to Sept. 1
have been
$2,375,000; estimated sales for full year, $5,000,000.
Company.—Manufactures the "O-Cedar" polish, used in decorative
cleansing polish for furniture, floors, woodwork, &c.
This polish is sold
over.
The company is now
doing in England a business of $1,000,000 per annum, and plans to establish a
factory in London which will
Sons
Trust
t■
miles of water mains, 11,000 water
meters, 1,100 hydrants, 1,200 acres of
land, office buildings in Summit and West Orange,
power houses, pumping
machinery, and 40 or more driven and artesian wells.
The water
Earnings for the 7
Offered.—Greenbaum
&
.*
The Commonwealth Water Co. furnishes
water for
orover the entire annual
A
shares, without
Bonds
,i..
including fire service in the City of Summit, the Towns of Irvington and
West Orange, the Borough of New
Providence, and Townships of South
Orange, Millburn and part of Springfield.
It owns approximately 175
(40,000 shares) and Class
B"
shares)—both having voting powers—with no
bonds, mortgages
or preferred
stock outstanding (it
being the intention to retire the present
Preferred stock).
The Class "A" Common stock shall have
preference
oyer the
B
shares, both as to assets and dividends, and shall
participate
equally with the "B" stock in the further
profits of the company after $6
per share has been paid on both classes.
;
Earnings.—Total net earnings for the 9 years
1911-1919, incl., were 260%
or the
outstanding capital stock, or average net earnings of more than
40%
per annum.
•• y-.
(incl.
(6%) stock $190,000; 2nd Pref. (7%) stock,
$300,000; Common stock, $500,000.
Properties.—The company owns all outstanding bonds and stock (except
directors' shares) of Commonwealth Water Co. and
Commonwealth Electric
Co. which companies serve without
competition a population of about
60,000 and 25,000 respectively.
The value of the properties in 1920, as
approved b> the New Jersey P. U. Commissioners for rate
making purposes,
of Common stock Class 'A"
(ou.UUu
Farmers' Loan
Capitalization.—Mortgage bonds, $969,000; collateral
this issue), $400,000; 1st Pref.
Channell Chemical Co. of
Illinois, Chicago.—Stock Of¬
fered,—P. A. Brewer & Co.,
Chicago, are offering at $62 50
per share, to yield on regular divs. over
9^%, 40,000 shares
of Class A Common
stock of no par value.
A circular shows:
Capitalization.—Upon the completion of the present financing capital
/on
&
Notes— Dated Dec. 1 1920.
Due Dec. 1 1935.
Denom. $1,000 (c).
Int. payable J. & D. in New York.
Company agrees to pay the U. S.
normal income tax up to
2%.
Red. on any int. date on or before Dec. 1
1926, at 110 and int., and between Dec. 1 1926, and Dec. 1
1932, at 105
r2 ^Jen*ged approximately $1,000,000
extra
Water
Light Co. of N. J.—Note
Offering.—F. M. Ckadbourne & Co. of Newark, N. J., are
offering at 953^ and int. netting about 7lA% $200,000
15-year Collateral Trust 7% Gold Notes of 1920.
y
and paid
V.
Charles Hayden of Hayden, Stone & Co. has
been elected a director.
regular semi-annual dividend of
3K% has been declared on the
$10,000,000 Preferred stock, payable Jan. 1.—V.
The
_____
per share
2427
A quarterly dividend of 2% has been declared on the outstanding $3,000,000 Common stock, par $100, payable Jan. 10 1921 to holders of record
Jan. 1 1920.
Quarterly dividends of 1 % % were paid during 1920, Including
an extra dividend of
5% paid in January.—V. 110, p. 363.
Crompton & Knowles Loom Works.—Obituary.—
President Lucius J.
V. 110, p.
*
Knowles died In
2079.
London, England,
on
Nov. 26.—
.
<
:
Crucible Steel Co. of America.—New Director.—
John H. Fulton of the National City Bank of N. Y.. has been elected a
j
director.—V. Ill, p. 2329, 2233.
Dec. 31
Dodge Bros.,
President Horace
Detroit.—Obituary.—
value) of
The
.
Compare
The
East Bay
Water Co.—Voting
Trust Ends.
Branch,
Mining
Eagle & Blue Bell
Set receipt, upon payment and in lieu thereof will be issued a non-negotiale the aforesaid which this dividend and such further dividends, ir any,
out of the small sum reserved for unadjusted claims, &c., will be paid
promptly by check.
Digest of Circular from
Co.—Dividends.—
has been declared out of earnings, to¬
gether with a dividend of 15 cents per share out of reserve for depletion,
as a
"return of capital" payable Dec. 23 to holders of record Dec. 17.
In April last, a dividend of 10 cents per share was paid; compared with
dividends of 5 cents each paid in March and Sept. 1919.
This makes a
total of $1.75 per share paid in dividends since Feb. 11913.—V. 110, p. 1645.
A dividend of
10 cents per share
Edison Elec. Ilium. Co., Brooklyn.—Final
See Brooklyn Edison Co. in last week's "Chronicle."—V.
Distribution.
83, p. 215.
Electrical Development Co. of Ontario, Ltd.—
See Toronto Ry. under "Railroads" above.—V. 104, p. 955.
Elizabethtown (N. J.) Gas Light Co.—Rate Increase.—
P. U. Commission has revised its order of May 12 1920,
of the company from 90c. to $1 15, and issued an order
permitting the company to charge $1 40 per 1,000 cu. ft. for gas.
When
the company was granted the $1 15 rate, after applying for a charge of
$1 50, it appealed to the Supreme Court.
Justice 8wayze held that the
rate was Insufficient, which led to a reconsideration of the case, with the
The New Jersey
Empire District
to
of the first
Approved.—
Preferred
Pound.—
on Dec.
15.—
Rubber Co.—Earnings.—
showing: Sales,
of $9,396,912,
current liabilities,
losses, $8,-
Body Corp.—Take
Over Ohio Corporation.—
exchange one share
Ohio Co. Common
share of the latter
Common.
The former also agrees in connection with the purchase of the
latter through this exchange, which directors of both companies have
approved to issue dividend charges of Fisher Body Ohio Co. Preferred and
to pay off the accumulation of back dividends on that issue [amounting to
$8 a share for 1920] within 18 months. 1 ("Boston News Bureau.").
The Fisher Body Corp. (controlled by the General Motors Corp.) has a
controlling interest in the Fisher Body Ohio Co.'s 100,000 authorized and
issued shares of Common stock of Jdo par value (Compare V. 109, p. 1612.)—
Body Corp. of New
York has offered to
of its Common stock for every 5 shares of Fisher Body
stock and to pay in addition $2.50 per share upon every
V. Ill, p. 2143.
Ohio Co.—Probable
Fisher Body
See Fisher Body Corp.
Acquisition.—
above.—V. Ill, p. 1756.
Chicopee Falls, Mass.—Omission of
of Both Pref. Dividends—Status—
Outlook.—President H. T. Dunn in circular of Dec. 13 says:
Dividends.—The general situation due to trade and credit conditions
throughout the entire country is such that the directors feel it advisable
to conserve the cash resources and in consequence voted to omit the quar¬
terly dividend of 76 cents a share on the Common stock which would have
Fisk Rubber Co.,
Common Dividend—Payment
during
payable Jan. 1, notwithstanding it had been more than earned
the year.
The regular dividend of \%% on the 2d Pref. stock payable
Dec. 15 to stockholders of record Dec. 1, and the dividend of 1 % % on the
First Pref. stock payable Feb. 1 to stockholders of record Jan. 21 will be
paid.
No comment is necessary as to the trying situation all industry has found
Itself in during the last few months, for it is apparent to all, but our faith
been
in the future of our country, our company
and the direct industry
continues
*
to be
unbounded.
Sales—Status.—Our sales for 1920
as
compared with $43,600,000 for
jPflities8 thoroughly
will run approximately
1919.
stock now held.
letter to the stockholders states that when
selling of motor cars stopped as though over night the company took im¬
mediate steps to stop incoming materials but before this could be accom¬
plished, inventory increased in excess of $500,000.
Based upon spring and early summer demand the inventory could have
been quickly liquidated, but with the almost complete stoppage of sales, no
such liquidation is possible.
As a result the company now faces the neces¬
sity of financing a big and valuable inventory, until the resumption of buy¬
ing which will rapidly provide funds for all requirements.
Interests identified with company early in 1920 acquired control of H. J.
D. A. Shaw in a
President
Cleveland, manufacturer of automobile engines.
The
60,000 of the 100,000 shares outstanding, according
Walker Co.,
chase covered
pur¬
to a
Hopkins, V.-Pres. of the Grant Co.
H. J. Walker,
Norman Walker and W. C. Dunn, officers and directors of the H. J.
Walker Co., are succeeded by D. A. Shaw, Ben. S. Hopkins and George
Salzman, as Pres., V.-Pres. and Treas., respectively.
Mr. Salzman also
will serve as Gen. Mgr. of the H. J. Walker Co., of which F. W. Treadway
is Sec.
These officials with A. R. Fraser of the Guardian Savings & Trust
Co., Cleveland, compose the board of directors.—V. 109, p. 1613.
statement by Ben. F.
The annual report for year ended Oct. 31 is quoted as
$114,980,969, against $91,078,514 in year 1918-19; profits
against $9,306,978.
Current assets Oct. 31, $73,732,503;
$32,684,568.
Provision out of year's earnings for inventory
151,749.—Y. Ill, p. 2233.
Fisher
of
stock and $2 of Common
392.
The Fisher
liens for the expenses
Grant Motor Car Corp.—New Note Issue.—
The company is offering to stockholders an issue of short-term notes
bearing 8% int. and maturing on or before Nov. 1 1921.
The notes are
being offered at 95, on a basis of $20 a share for each share of
106, p. 1342.
Firestone Tire &
the small profit
order, there resulted
reserved $37,443 against
thereof to be distrib¬
Court costs, &c.,
balance of $1,234,035,
less H of 1%
the committee.—V. 111. p. 497.
plant and securities and
realized from operating the property under court
total of $1,304,382, from which the Court has
claims filed but not finally adjudicated, any balance
uted to the bondholders.
There was also allowed for
the sum of $32,904.
After these deductions there is a
which is now to be distributed as a dividend in liquidation,
Relations has granted the company
Federal Sugar Refining Co.—Sugar at 8c. a
The company quoted refined sugar at 8 cents a pound
V. Ill, p.
liens.
sale of the property,
From the
and our failure to purchase
of reorganization dated July 26
competitive bidding, the liquidating
35% to 41%, or $410 per $1,000 of
rendered inoperative the plan
As a result, however, of our
value was raised from an estimated
1920.
right to issue at 88 $1,725,000 1st Lien & Gen.
Nov. 1 1939.
The bonds will be issued to redeem obligations now
ing and unpaid, of which a large part have been due
On July 26 1917 the Court granted the company permission to
bentures amounting to $491,000, and on Oct. 27 1917 approved
additional debentures, and another issue of $842,000 on May
These represented short-time borrowings at ordinary rates
("Topeka Capital.")—V.
free for deposit.
chiefly by the cash made
approximately 70% of the bonds
the property
the
Mtge. 8% gold bonds, due
outstand¬
since 1917.
issue De¬
$368,000
11 1920.
of interest.
The company showed the Court that it had been able to find a market for
only $106,000 of these obligations.
About the time of the last bond issue, permission was also granted to
Issue $2,000,000 of short-time notes.
The Court's order provides that this
issue shall be withdrawn.
Company is controlled by Cities Service Co.
of Industrial
The Kansas Court
Nov. 30.
At the foreclosure sale our bid was limited
available by the bondholders and stockholders,
See V. Ill, p. 993.
allowed.
Electric Co.—Bonds
Bondholders' Committee, William J. Casey,
Chairman,
bondholders deposited their bonds, aggregating $1,574,830 of
first liens, out of a total of $3,070,038.
As there were many bonds held In
Germany and by trustees, the bonds actually deposited with us amounted
About 500
First Mortgage
Sale.—
in increasing the rate
result that the $1 40 rate was
Calvert and Redwood streets,
to pay to the holders of the fol¬
allowed thereon in the fore¬
closure proceedings in the U. S. District Court for the Dist. of Md., viz.:
(a) $410 for each $1,000 1st Mtge. 4% bond of 1901, with coupon due March
1 1920 and all subsequent coupons attached; (6) $414 02 for each $1,000
6% Coupon Funding bond of 1914, with coupons due March 1 1920 and all
subsequent coupons attached; (c) for unfunded coupons of earlier matur¬
ity than March 1 1920 upon said 1st Mtge. bonds, at the same rate as upon
the 1st Mtge. bonds, with allowance of interest to March 1 1920.
The securities named must be surrendered for cancellation in order to
certificates may on Jan. 1 1921 exchange same for shares
stock at the Mercantile Trust Co.'s Savings Union
cor¬
ner Grant Ave. and O'Farrell St., San Francisco.
The new certificates will
be ready for delivery on Jan. 25 1920.—V. Ill, p. 1953.
Holders of trust
Mercantile Trust & Deposit Co.,
gives notice that it is prepared
named securities the dividend
Baltimore,
lowing
In 1919.—V. Ill, p.
of capital
circular, &c., V. Ill, p. 2329.
Gottlieb-Bauernschmidt-Straus BreWing Co., Balti¬
more.—Payment of Dividend Allowed in Foreclosure.—
with $489,555
$725,544 in 1920, compared
Rubber Co—Monthly Sales.—
against expected sales of $250,000,-
circular cited last week shows, as
following:
,
_
Sales Aggregating $204,856,159 for 12
donths Ended Oct. 31 1920.
Mar. 1920—$21,589,341 July 1920._$17,000,138
Nov. 1919—$11,921,330
April 1920— 17,690,389 Aug. 1920— 18.872,791
Dec. 1919— 16,318,189
Jan. 1920— 19,208,951 May 1920._ 20,468,593 Sept. 1920— 13,659,718
June 1920— 19,470,597 Oct. 1920— 11,132,878
Feb. 1920— 17.523.244
•
and loss surplus,
2142.
17.
j
000, the
—Earnings.—
Dominion Glass Co., Ltd.1920.
1919.
Sep*. 30 Yrs.—
1920.
1919.
Pref. div. (7%)..$182,000 $182,000
Profits
$757,988 $631,724
Com. div. (4%).. 170,000
170,000
Bond Interest.
i20,000 120,000 Balance, surplus.$235,989 $109,724
Sinking fund
•_ 50.000
50,000
Total profit
1665.
Goodyear Tire &
Sub. Co. Stk
Dominion Foundries & Steel, Ltd.—Offers
The stockholders were recently offered the right to subscribe to $800,000
7% Cumulative Pref. stock of the Adirondack Steel Foundries Corp. at
par ($100), with a bonus of 3 shares of Common stock (no par
the subsidiary company for each share of Pref.
The terms are 10% with
subscriptions and the balance within 30 days.
The time within which
subscriptions were to be received was originally fixed for Dec. 10 but has
been extended to Jan. 5 1921
.
The Dominion Foundries built the Adirondack Steel plant and owns all
its issued stock less a small amount sold. Production was started in August.
The Adirondack corporation owns 29 acres of land and a large modern
steel casting plant under construction and in partial operation, located at
Watervliet, N. Y.—V. 108, p. 2244.
will be made to holders of record Dec.
This distribution
1920.
Ill, p.
—V.
/
10,—V. Ill, p. 77.
E. Dodge, died Dec.
[Vol. 111.
CHRONICLE
THE
2428
$42,000,000 net
The financial position of the com-
sound, with quick assets in the ratio of 2 to 1 to its liar
while larger than during normal times are composed in
standard salable sizes; 87 % of all tires consumed are
4 in. and under, and this percentage prevails in our stock.
The company intends to mark down its stock of cotton fabrics, rubber and
other materials at the end of the year to sound values and will be able to
effect such readjustment out of 1920 earnings and without drawing on the
Our inventories
the finished stock of
Western Power Co.
Great
of Calif.—Bonds
Offered.—
Cyrus Peirce & Co. and Bonbright
& Co. are offering at 100 and int. yielding from 10.75% to
8.35% according to date called by lot, $1,500,000 (Second
Series) Gen. Mtge. Conv. 8% Gold Bonds.
Auth. and
issued, $5,000,000.
Dated Aug. 1 1920. Due Aug. 1 1930.
E. H. Rollins & Sons,
A circular shows:
|
Sinking Fund.—Beginning Aug. 1 1922, company will pay an annual
sum to retire bonds by lot at 105 and Int., sufficient, when paid annually to
and including 1930, to retire the entire issue.
This sum will amount to
$583,333 and int. on Aug. 1 1922, if $5,000,000 bonds are outstanding.
Collateral Security.—To be later secured by the pledge of an equal par
value of new Series "B" 7% bonds when issued under company's 1st & Ref.
shall have been
of Gen. M. Conv. 8%
equally with the $6.000,000 Series "A" 6% 1st & Ref. M. bonds now outstanding.
No addi¬
tional bonds may be issued under the 1st & Ref. M. until there shall have
been pledged Series "B" 7% bonds to the full par value of the Gen. M.
M. dated March 1
1919, and after
$3,500,000 of said bonds
pledged as security for the first series of $3,500,000
bonds. (V. Ill, p. 899).
The Series "B" 7s will rank
Conv. 8%
bonds outstanding.
price of par and interest
Fund at 105 and interest.
1926
1927 1928 1929 1930
8.89% 8.71% 8.58% 8.48% 8.41% 8.35%
Capitalization as of Nov. X 1920.
Yield which these Bonds
will Return at the purchase
if Drawn for the Sinking
1925
1923
1924
10.75% 9.67% 9.18%
1922
Called
Yield
Common
$27,500,000
3,865,684
stock
Cum. (incl. $1,992,700recently underwritten)__
Debentures, 1925
General Mortgage Conv. 8% Gold bonds [in two series of $3,500,000 and $1,500,000.
Both series will ultimately have same
security, but the Second Series will not be additionally secured
by the pledge of Series "B" 7% bonds, or be convertible into
them, until after Series "B" bonds shall have been pledged for
Pref. stock, 7%
6%
the security and
conversion of the First
8% bonds]
Series of $3,500,000
—_
4,177,600
$5,000,000
6% bonds, Series "A," due Mar. 1
1949 [$5,000,000 new Series "B" 7% bonds ranking equally
with these will when issued be pledged as security for and into
which the Gen. M. Conv. 8% bonds are to be convertible]
6,000,000
Underlying Divisional Mortgage 5% bonds
-——
First Mortgage 5% bonds, 1946 (closed mortgage)
Purpose.—To reimburse the treasury for expenditures already made on
the company's distributing system, and to provide funds for
betterments to the company's system during the next 12 months.
First & Refunding Mortgage
3,287,200
20,519,000
additions and
based
1921.(est.)
Gross
excl. of int. during constr. $5,154,258
$5,745,888 $6,750,000
Operating exp., taxes, rentals, &c
2,268,148
2,886,691 3,000,000
Net earnings
$2,886,110 $2,859,197 $3,750,000
Annual int. requirement on all outstanding mtge.
bonds of the Co., including this issue.
—
1-951,080
1,951,080
Annual int. requirement on all outst. debentures—
250,656
250,656
Surplus over Interest charges
$657,461 $1,548,264
This surplus is shown without benefit from proceeds of recent financing
General American Tank Car Corp.—Dividends.—
and exclusive of $464,230 interest during construction ordinarily included
A semi-annual dividend of $1 50 has been declared on the outstanding
in earnings.
Compare full description of bonds of first series with com¬
Common stock, no par value, payable Jan. 1 to holders of record Dec. 15.
previously accumulated surplus.
Outlook—The prospects for spring business are very encouraging, our
orders to date comparing most favorably with the same period a year ago.
We believe that the motor industry will have a revival by spring but we are
not dependent on that source for our principal outlet, as less than 25% of
our total sales are sold to manufacturers for original equipment, more than
75% being distributed for resale to the ultimate consumer by over 40,000
dealers supplied from our own wholesale branches.
The regular report for year 1920 will be rendered as usual early next year.
—V. 110, p. 2074.
Common
dividend record: $1 50
incl.; May last, 50 cents per
quarterly from Apr. 1919 to Apr. 1920
share, and July last 50
Co.—Dividend Date Changed.—
the date of payment of the regular
1>£% on the Preferred stock, from Jan. 3 1921 to
General Chemical
The directors on
Dec. 13 changed
quarterly dividend of
cents.—V. Ill, p. 1954.
Earnings (Reclassified)
with Estimate for
on
12 Months Ended Oct.
31—
Year Ending Oct. 31 1921
present rates.
1919.
1920.
earn.,
plete description of property,
Guantanamo Sugar
James
and O. G.
George R.
Gage, Second
Co.—New
899.
„
Officers—Annual Report.
elected President to succeed the late William
Bunker has been elected First Vice-President
Vice-President & Gen. Mgr.
H. Post has been
Moore Carson.
&c., in V. Ill, p.
Dec.
181920.]
THE
CHRONICLE
munder "Financial Reports" and "Reports and Docu¬
in last week s
"Chronicle"—See V. Ill, p. 2322, 2330, 2335.
ments
Gulf States Steel
Co.—Earnings.—
earnings for November after
.
the usual deductions for
taxes,
deprecia-
w?«?^oarwKun^SJL!10 *50,655, and for the eleven months ending Nov. 30
p?2143.
compares with $110,603 in Nov. 1919.—V. 111.
Hadfield-Penfield Steel Co. (formerly American
Clay
Machinery Co.).—Bonds Offered.—Central Trust Co. of
5r22~ u.pklcag°> are offering at 100 and int.
51,000,000 8% Coll. Trust Gold Bonds:
to
yield 8%
JSSa1 ^.
Maturing $250,000 each Sept. 1 1922 and 1923
and $500,000
Sept. 1 1924.
Denom. $100, $500 and $1,000.
(c*).
Int.
payable M. & S. at Central
Trust Co. of Illinois, Trustee, without deduc¬
tion for Normal
Federal Income tax at 101 and int.
Data from Letter of
President R. C. Penfield, Nov. 29 1920.
Business .—The business record of
company, through one of its constitu¬
ent corporations, extends
as far back as
1860.
The present corporation is
a
consolidation, in 1906, of two long established
companies, pioneers in
the manufacture of
clay working machinery in the United States.
Business
has steadily increased
since consolidation, until now it is
generally regarded
as the most
prominent manufacturer in its
line, producing substantially
50% of the clay working machinery manufactured In
this country and dis¬
tributing its product throughout the United
States, Canada, West Indies,
8outh America
bo
and the Orient.
In addition the
company has gradually
that at present its
developed
a
number of other lines
We
can only
repeat our previous denial of collusion with
any competitor
regarding prices.
No one connected with the
company having the slightest
authority regarding prices has ever had
any understanding with any com¬
petitor concerning prices.
We
contend the Commission has
acted without warrant or justification
in seeking to
revive the Government's suit.
That subject was not men¬
tioned In the Senate resolution
calling for this report and its discussion and
recommendation in the report
appear mere volunteer criticism of imp°rtant department of Government
by a minor bureau.
This report presents no
new fact on this
subject except its distinct find¬
ing that the company's
percentage of trade in lines which the Commission
accuses it of
dominating continues steadily to decrease.
As record shows and as
we have
previously stated, the Federal Court's
definite period in which to make certain changes
period has not expired and there is no intimation that
faithfully carrying out the terms of the decree.
decree gave this
company a
In its business.
That
the company is not
2% Stock Dividend—Buys Plant Site
at New Orleans.—
A 2 % stock dividend
has been declared on the Common stock
($90,000,000
outstanding, par $100), payable Jan. 25 1921.
The
regular quar. div. of
14%,
yas also declared on the Common
to holders of record
Dec. 24 1920.
A
stock, payable Jan. 15 1921 both
12)4% stock distribution was made
September last, increasing the
outstanding Common stock from $80,000,-
in
000 to $90,000,000.
•
The company has
purchased a site for the erection of a twine factory and
export warehouse at New Orleans,
La., at a price stated to be about $3,000,000.
The site contains 26 acres with
600 ft. river frontage.
The com¬
pany has also arranged with the Dock Board
for the erection of docks to
cost about $250,000.
Pres. Harold F. McCormick
says:
"It is not possible at this time to
state exactly when construction will
begin or how extensive the first units
product comprises: clay working machinery, cement
working machinery, Diesel engines, gasoline
locomotives, marine equipment,
general and special
machinery including crane and brick handling apparatus,
spare parts and extras for above,
gray iron and steel castings, projectiles.
English Co. Acquires 40%
p.
amount of .work for the U.S.
Government and in connection with this work
into close touch with the
management of Hadfields Ltd., of England*
The English corporation
being desirous of establishing a permanent Ameri¬
can
on
Interest.—During the
war company
did
a
large
of the
plant will be.
However, it is our desire to utilize this very for¬
tunately situated property as soon and as
fully as possible."—V. Ill,
1756.
International Mercantile Marine
Co.—Pref. Dividend.
came
connection, an agreement was entered into
whereby Hadfields Ltd.
acquired a 40% int. in the American
Clay Machinery Co. (V. 110, p. 2569),
giving in return to the American
company practically an exclusive license to
use its patents and
processes in the United States, and
arranging for direct
co-operation in the installation and
working of such processes.
Changes Name.—To indicate its control of the Hadfield
process in this
country and for the further reason that the American
Clay Machinery Co.
had so broadened its
manufacturing lines as to make its name somewhat
misleading, It was thought best to change the name to above title.
This
was effected in
April 1920 (V. 110, p. 2571).
Purpose.—By reason of the depreciation in sterling exchange at the
time Hadfields Ltd. acquired its
interest in company, deferred payment
was arranged, the
English company giving in lieu of cash, its 2H,
3H and
4)4
bearing
year interest
In view of the
notes.
>
rapid increase in the company's business in all departments
and the magnitude of its present
contracts,—a single contract with the U.S.
Navy Department alone involving
over
$3,000,000—the management has
felt it advisable to increase its
working capital immediately through antici¬
pation of the payment of the Hadfields notes.
The proceeds of the bond issue are to
be used for the
following
purposes:
(1) To retire an underlying bond issue of $300,000.
together with two small
mortgages upon recently acquired property,
(2) To red uce bills and accounts
payable.
(3) To increase working capital.
«
Security.—Secured by deposit with trustee, of
$1,166,7005% notes issued
by Hadfields Ltd., payable in U. S.
currency in New York, dated Jan. 2
1920 and maturing $250,000,
July 1 1922; $250,000, July 1 1923 and
$667,700, July 1 1924.
Income Account Year ending Dec. 311919 and
6 months ending June 30 1920.
1919.
Net sales
$1,290,682
653,799
$376,167
36,071
$401,091
11,875
$412,238
profit
$412,965
Net profit from sales...........
Other income, lees adjustments
Net profit before interest
1920(6 mos)
$2,879,706
718,339
.........
Gross factory
....
Net earnings before interest are at the rate of
over 5 times maximum
interest charges for 1919 and for the first 6
months of 1920 were likewise
in excess of 5 times total annual interest
charges.
Capitalization after this Financing—
7% Cumulative preferred stock
Authorized.
...
Common stock (no par value)
8% Collateral notes (this issue)
Issued.
$20,000,000
100,000 sh.
$793,000
1,000,000
Plants.—Permanent manufacturing plants are located at
Bucyrus and
Ohio, combined floor space, 275,900 sq. ft.
The plants
of the company's subsidiary organized In connection
with its war work
and located at Kensington, 111., and South Plant
Bucyrus and Mansfield,
a floor area of 335,400 sq. ft.
These latter plants, however, will
have
the
to
Government upon the liquidation of the
company's claim.
Officers.—Pres/, R. C. Penfield; V.-Pres. & Treas., L. W.
Penfield;
Sec. & Res. Mgr., R. O. Perrott;
Vice-Pres., J. P. Penfield; Asst. Sec.,
E. A. Baker; Sales Mgr.. C. B. Sharer.—V.
No extra disbursement
on
declared.—V. Ill, p. 2047.
was
account of arrears,
which amount to 42 %,
International Motor Truck Corp.—Sales.—
Sales of "Mack" trucks in Nov.
showed an increase, it is stated, of 43%
Oct. last; for the 3 months
period ending Nov. 30, sales showed an
increase of 18% over 1919.—V.
over
Ill,
p.
1857.
Interstate Window Glass
Co.—Merger.—
Incorp. in West Virginia (on or about Oct. 23
1920], representing a
glass plants in Pa., W. Va., Ohio and Okla.
The
soon after Jan.
1.' This merger is said to
covering the use of patents against several
independent concerns won by the American Window Glass Co.
American
merger of from 12 to 15
merger will become effective
be the outcome of
litigation
Window Glass Co. machines are to be used on a
royalty basis by the new
company, and production will be largely increased.
The companies merged include
Pennsylvania Window Glass Co., Kane
(Pa.) Glass Co., plants of Consolidated Window Glass Co. at Hazelhurst
Jewett, Pa.; Empire Glass Co., Shinglehouse, Pa.; Smethport (Pa.)
Glass Co., Gamp Glass
Co., Huntington, W. Va.; Crescent Glass Co.,
Weston, W. Va.; Tuna Glass Co. ana West Fork Glass
Co., Clarksburg,
W. Va.; Columbus Glass
Co., Lancaster, O.; Okmulgee (Okla.) Window
and Mt.
Glass
Co.
Officers.—H. J. Walter, Bradford, Pa., Pres.; T. W,
Camp, Smethport,
V.-Pres.; W. S. Calderwood, Kane, Pa., V.-Pres.; F, D.
Gallup,
Smethport, Pa., Sec. & Treas.
Directors.—H. J. Walter, Bradford, Pa.; T. W.
Camp, George W.
Mitchell, Smethport, Pa.; T. F. Koblegard, Weston, W. va.; Henry Mo
Sweeney, Atlantic City, N. J.; Charles Wandless, Lancaster, O.; Charles
L. Surh, Oil City, Pa.; A. H.
Gacney, R. A. Hill and W. S. Calderwood.
Kane, Pa.
("Manufacturers' Record," Dec. 2.)
Compare annual report
of American Window Glass Co. in V.
Ill, p. 1748.
Pa.,
Island Creek Coal Co.—Dividend Increased.—
A quarterly dividend of $1 50
per share has been declared on the out¬
standing Common stock, payable Jan. 1 1921 to holders of record Dec. 24
1920.
Dividend record:
On Common Stock—
*12. '13-'14. '15-'16. '17. '18. '19. '20. Jan. '21.
$4
$8 p. a. $8 p. a. $9
$9 $4.50 $4
$1 50
Regular
Extras
—V.
$3
...
Ill,
p.
$3 p. a.
$2
__
—
$2
...
2144, 1284.
Jones Bros.
Tea
Co.—Dividends.—
While customarily the directors meet for dividend action
on the third
Thursday of December, it was learned
on
the Common
stock
to-day that the
but an adjourned meeting instead will take
place on Jan. 10.
It was said semi-officially to-day that It was quite
likely
that no Common stock dividend will be declared in
view of the general
business situation.
The quarterly dividend of 1M
% on the Preferred stock
will be paid on Dec. 31 to holders of record Dec.
22. i "Financial America"
Dec. 17.—V. Ill, p. 2144.
meeting
110, p. 2571.
was not held this year,
Kaministiquia Power Co., Ltd.—13^% Stock Dividend.
Hamilton, Harris & Co., Indianapolis.—Merger.—
A
It is stated that the directors have decided to
increase the capital stock
from $500,000 to $4,000,000 (to consist of
$2,000,000 Pref. and
$2,000,000
Common),
16 declared the usual semi-annual dividend of
3%
1921 to holders of record Jan. 14
stock, payable Feb. 1
1921.
100,000 sh.
1,000,000
Willoughby,
revert
The directors on Dec.
the Preferred
1314% stock dividend has been declared
on the capital,
payable in
Dec. 23 to holders of record Dec. 17.
This distribution
the outstanding capital stock to
approximately $2,500,000.
Common stock
will
increase
and to merge the following Indiana tobacco concerns:
—v. 106, p. 194.
Vigo
vJ
Tobacco Co. of Terre Haute and Vincennes; O. H.
Dailey & Co. of Kokomo, *
and the Dailey Cigar Co. of South Bend.
L. O. Hamilton and E. W. Har¬
&
ris of Hamilton, Harris & Co., it is
The holders of the $500,000 1st Mtge. 7s dated
stated, are large stockholders in all of
July 1 1920 will vote
the companies involved in merger and are directors of each.
Dec. 29 on authorizing the company to issue
$1,000,000 additional bonds
under a new mortgage and to exchange the present issue of
$500,000 bonds
Hartford Automotive Parts
for a like amount of new bonds bringing the total amount of bonds to
be
The company has filed a certificate of an increase in
issued under the new mortgage up to
$1,500,000.—See V. Ill, p. 697.
capital stock by
Kaministiqua Pulp
Paper Co., Ltd.—Bonds.—
Co.—Capital Increase.—
$500,000 (par $50) making total capital $2,000,000.—V. Ill, p. 593.
Hazel-Atlas Glass
(George E.) Keith Co.,
Co., Wheeling, W. Va.—Stock Div.—
President George E. Keith died
A 20%
stock dividend was payable yesterday, Dec. 17, increasing the
outstanding capital stock, par $100, from $7,992,300 to
$9,590,760.
The company also has outstanding $850,000
6% gold bonds, dated
June 1913.—V. 110, p. 365.
Hillcrest
Collieries, Ltd.—Bonus of 1% in Cash.—
A bonus of 1 % has been declared on the
outstanding $1,000,000 Common
stock, par $100, in addition to the regular quarterly dividend of
1)4%,
both payable Jan. 15.—V. 107, p. 1290.
Holt
Manufacturing Co., Stockton, Calif.—Obituary.—
President Benjamin Holt died
Dec.
6.—V. 110, p.
2492.
Houston
(Tex.) Lighting & Power Co. 1905.—Bonds
Offered.—Halsey,Stuart & Co.,New York are offering at 82
and int. yielding 7^% $500,000 1st Mtge. 5%
Sinking Fund
Gold Bonds of 1911.
Due April 1 1931.
A circular shows:
Capitalization—
Authorized.
First Mtge. 5% Sinking Fund Gold bonds
Outstanding.
$5,000,000
$2,403,000
Capital stock
2,000,000
2,000,000
Purpose.—Proceeds will be used to reimburse the company for expendi¬
-
enlargement and extension of property.
Earnings—Years Ended—
Dec. 31 '18. Dec. 31 *19. Oct. 31 '20.
$1,024,866
$1,301,612
$1,530,575
347,684
410,935
636,523
Annual int. on $2,403,000 1st M. 5%
requires
120,1553
Valuation.—Based on appraisal of independent engineers in 1914 (pre-war
prices) plus additions ana improvements to Oct. 31 1920, the replacement
value of physical property exceeds $5,000,000.
Compare V. 107, p. 2192.
—
International Harvester Co —No Justification for
Urg¬
the Reopening of the Government's Anti-Trust Suit.—
Chairman Harold F. McCormick, commenting on the action
ing
of the Federal Trade Commission in
urging that the Govern¬
ment's anti-trust suit against the company be reopened
that competitive conditions can be restored, said:
so
Dec. 9.—V. 109, p.
1796.
Keystone Tire & Rubber Co.—No Dividend—Earnings.
The directors have decided to omit the
quarterly dividned usually
Jan.
paid
1 in order to conserve cash resources and make it
possible for the
company to take advantage of present low prices of crude rubber and cotton
fabric.
Dividends of 3% have been paid
quarterly from Jan. 1917 to
Oct. 1920, incl.
Stock dividends of 15% each, were paid in Dec. 1918 and
in May and Sept. 1919.
Statement of Income for Six Months Ended June 30 1920
(Latest Furnished)
Gross
profit on sales, $482,591; other income, $10,878; total.*
$493,469
Selling, administration and general operating expenses
232,162
Interest, losses, etc
60,053
Dividends 3% quar
(6%) 182,303
Balance surplus..
$18,951
The Balance Sheet, June 30 1920, shows
(a) current assets, $4,951,632,
incl. chiefly cash, $141,264; accounts and bills
receivable, $4,108,249;
merchandise inventory, $694,711;
(&) current liabilities $1,256,394; (c)
capital stock outstanding (no bonds) Pref., $100 Common $3,039,195;
total, $3,039,295; P. & L. Surplus, $1,233,592 —V. 110, p. 365.
King Motor Car Co., Detroit.—Sale.—
tures incurred in the
Gross earnings (incl. other income)—
Net after maintenance & taxes
Campello, Mass.—Obituary.—
on
Circuit Judge Marschner in the Wayne County (Mich.) Court on Dec. 13
granted a petition of the Union Trust Co., receiver, to Charles A. to sell the
usiness, machinery and assets of the company for permission Finnegan
of
Buffalo, N. Y., for $500,000—V. Ill, p. 1666.
King Philip Mills, Fall River, Mass.—Div. Decreased.—
A quarterly dividend of
2% has been declared on the outstanding $2,250,000 Capital stock, par $100, payable Jan. 3 1921 to holders of record Dec.
20 1920.
In October last, a quarterly dividend of 3% was paid, compared
with 10 % in July last and
5% in March last.
A 50 % stock distribution was
made in Sept. last, increasing the outstanding stock from $1,500,000 to
$2,250,000: this compares with a dividend of 50% paid in Liberty bonds in
March last.—V. Ill, p. 1284, 1188.
(S. S.) Kresge Company.—November Sales.-—
i920—Nov.—i9i9.
$4,651,861
$4,020,456
—V. 111. P. 2048, 1570.
Increase. I
1920—11
Mos.—1919.
$531,4051$43,421,836
Increase
$36,0o6,309 $7,382,527
<
Co.—25% Stock Dividend.—
Libbey-Owens Sheet Glass
Dec. 8 declared a dividend of $6 25 (25%) on each
share of outstanding Common stock, payable in Common stock, at par, on
Dec. 31 1920 to stockholders of record Dec. 21.—V. Ill, p. 2321.
-
The directors
on
Liggett's International,
Chairman Louis K.
You will recall
Its actual sales
figures.
S37.000.000.
months were in excess of $20,500,000. and with its largest
volume months, Oct., Nov. and Dec., yet to come.
I feel I am very con¬
servative in stating that the volume of sales will exceed $41,000,000.
In our original estimated figures It was expected that the company would
earn approximately 14% for its Common stock.
I am of the opinion that
this will be exceeded, and this after providing for an increase in English
taxes not contemplated at the time of our original estimate."
for its first six
Compare United Drug
Co. below.—V. Ill, p. 1088, 901.
Incorporated.—Earnings—Dividend.—
Loews,
first
Total admissions to theatres
the 12 weeks ending Nov. 21 1920, or the
Earnings statement for
the current fiscal year, shows:
quarter of
operated, 17,564,149; gross box office receipts, $5,349,784: Loew's share of
net profits after estimated Federal taxes amounted to $670,209, including
estimated net profits of the Metro Pictures Corp. for four weeks.
President Marcus Loew says in substance: "The peculiarly strong posi¬
tion occupied by this business is reflected in the fact that during the past
few months, in the face of drastic reductions in most lines of business, the
operations of the various enterprises of your corporation have shown a
healthy increase over corresponding periods of previous years.
Past
experiences have shown that even in periods of severe financial and indus¬
trial depression low-priced amusement enterprises such as ours have con¬
tinued to do business profitably when most other businesses were at a
standstill.
There is every indication that the ensuing year will be one of
continued and Increasing prosperity for Loew's Inc."
The directors have declared the regular quarterly dividend of 50c. per
share on the outstanding stock, payable Feb. 1 1921 to holders of record
Jan. 15 1921.—V. Ill, p. 1756.
(Canada),. Ltd.—Consolidation.—
Loew's
proposes immediately to acquire the real and
following Loew enterprises in Canada, namely,
Ltd.,
Montreal; Loew's Metropolitan
(Montreal) Theatres, Ltd.; Montreal;
Loew's Ottawa Theatres. Ltd., Ottawa and Loew's Windsor Tneatres.
Ltd., Windsor.
This consolidation it is said will include all the Loew
above corporation
The
personal property of the
Marcus Loew's Theatres,
,
(par $10) will be common
on
a
and will be exchanged for the existing common
basis of earnings.
Co.—Capital Increase.—
Lone Star Gas
The stockholders have
ratified the proposition to increase
$10.000.000 to $11,000,000 anci to issue
stock to stockholders at par.
The new stock is
from
capital stock
the additional .$1,000,000
to be paid for by Jan. 20,
subscribe expires Dec. 18.
Directors ore given the power to dispose of new stock not subscribed
the stockholders as they may see fit.—V. 11}, p. 2234.
'
'
and the right to
McCrory Stores
for by
Increase. I
1920—11 Mos.—1919.
$102,083 $12,086,556 $10,033,331
1920—Nov.—1919.
$1,223,767
$1,121,684
1955.
Increase.
stock
Com,
and of 1% % on the Pref. stocks, all payable Dec. 31 to holders of record
Dec. 24.
An extra dividend of $2 per share has been paid on the Commofl
1918.
The stockholders will vote Dec. 21 on increasing the stock
to 54,000 shares, without par value.—Will, p. 1188.
stock in each quarter since Jan.
from 7,500
Preliminary Statement for Fiscal
Operating profits
Year ended Oct. 31 1920.
$3,778,060
42,871
Add—Interest on current accounts..
'
Deduct—Taxes
$3,820,932
$566,800
;
7% dividend on Preferred
Reserve for depreciation
....
245,000
stock (10%)
1,000,000
shares
Dividends paid on Common
586.000
the year...
at Oct. 31 1920.
$1,423,131
$2,939,611
Balance carried to surplus for
Balance in surplus account as
-
Colonos of the company, were
$5,019,867, against current liabilities, $1,227,984.—V. 110, p. 2486, 2492.
The current assets, including advances to
Manning, Maxwell & Moore, Inc.—Extra
Dividend.—
been declared on the capital stock, along
dividend of 1 J4%. both payable Dec. 31 to
A like amount was paid extra in March last,
An extra dividend of 1 34 % has
the
regular quarterly
holders of record Dec. 31.
compared with J4 of 1% In Feb. 1913 and 134% each in
1916, June 1918 and March 1919.—V. 110, p. 2662.
Manufacturers' Light & Heat
a
Dec. 1915, June
been declared on the outstanding
Capital stock, par $100, in addition to a dividend of 2%,
Jan. 3 1921 to holders of record Dec. 20—V. 108, p. 385.
$2,000,000
both payable
Metropolitan Edison Co., Reading, Pa —Bond Offering.
—Iialsey Stuart & Co., New York, &e., are offering at 95.82
and int. yielding 8K% $1,000,000 Ref. & Improv. 8% 15-
Gold bonds, Series A.
A circular shows:
Due Nov. 1 1935.
Dated Nov. 1 1920.
Int. payable M. & N. 1
in New
York without deduction for Federal income taxes now or hereafter deducti¬
ble at the source not in excess of 2%.
Denom. $1,000. $500 and $100
lied, all
c* & r*).
in
or
1921 and
part on any int. date, upon 30 days' notice, at 10734
^ of 1% less per year during each year thereafter.
Tax refund in Mass. and Penn.
Free of Penn. State tax.
Company.—Organized in Penn. as a consolidation. Furnishes electric light
and power service in Reading and Lebanon, Pa., and 64 other communities,
and supplies practically all of the current used by the Reading Transit
& Light Co.
At present time, about 70% of the gross earnings is derived
from sale of electrical energy for power purposes.
Population (est.) 500,000.
Security.—Secured by a direct mortgage lien on all of the physical propertv
now
owned or hereafter acquired.
Upon retirement or the 1st & Ref.
bonds, due Aug. 1 1922 these bonds will be secured by a first lien on part of
the property, and by a lien subject only to $2,614,500 of underlying bonds on
the remainder.
Valuation.—The replacement value of the property as of Oct. 31 1920
amounts to $11,198,238.
The inclusion of investment in securities of
affiliated companies gives an aggregate figure of $14,937,144, as compared
with the total bonded debt outstanding with the public of $8,564,500. -
Capitalization after this financing—
Common stock
Preferred stock 7% cumulative
Metropolitan Electric Co. 1st 5s, due
gage.
Authorized. Outst .with public.
$3,000,000
5,000,000
$3,000,000
2,500,000
1,000,000
4,950,000
1939
Closed
2,614,500
Issuance of additional bonds restricted by the provisions of the mort¬
(b) $5,200,000 1st & Ref. bonds will have been issued upon comple¬
Ref. & Improv. 8% bonds (this issue) __
First & Ref. 5% Gold bonds, due 1922
(a)
,
,
Association owns
approximately 66% of the
107, p. 1388.
Missouri
Utilities Co., Mexico,
Mo.—Bonds Offered.—
Chicago (111,) Trust Co. are offering at par and int. $250,000
1st Mtge. 8% Series "A" Gold Bonds.
Circular shows:
Dated Nov. 1 1920.
Due Nov. 1 1935.
Interest M. & N. in Chicago.
Optional at 105 after May 1 1922.
Denom. $1,000, $500 and $100. Chi¬
cago Trust Co., Chicago, and Jacob J.
Frey, V.-Pres.Central National
Bank, St. Louis, trustees.
Company agrees to pay the Federal normal
2%.
income tax up to
j
...
heating and
and power
earnings
Company owns and operates the electric lighting, power, gas,
water-works system in Mexico, Mo., and the electric lighting
business in 11 additional towns within a radius of 25 miles.
Net
three times interest
charges on all outstanding
Mohawk Mining
1920—Nov.—1919.
760,567
1,033,322
Ill, p. 2048, 1666.
bonds.
Co.—Production {in Lbs.).—
Decrease. I
1920—11 Mos.—1919.
272,755(9,190,460
11,837,488
Decrease.
2,647,028
Montreal Light, Heat & Power
Harris Forbes & Co. are
Mtge. & Coll. Trust
ill,p. 2144.
V.
Co.—Bonds Offered.—
$150,000 1st
at 105.—
offering at 81 and int. a block of
434s of 1902.
Due Jan. 1 1932 but callable
1
Vernon-Woodberry Mills, Baltimore—New Notes.
Trust & Deposit Co., Baltimore, Md., has purchased $1,Debenture notes dated Jan. 1921 and due Jan. 1 1922.
Data from Letter of President Howard Baetjer, dated Dec. 8 1920Purpose.—The proceeds will be used to retire $1,000,000 6% notes
Mt.
The Mercantile
maturing Jan. 1 1921.
Security.—No mortgage debt may be placed upon the property during
which together with the outstanding $500,000 6%
due Jan. 1 1922 are secured on all of the property conservatively
valued at $12,000,000, or 8 times the amount of the total outstanding notes.
Quick Assets.—Upon completion of this financing, company will have an
excess of current assets
(cash, merchandise, goods in process, accounts
receivable, &c.) over current liabilities, after setting aside Federal taxes,
as well as proper reserves to cover losses arising from the decrease in the
price of cotton and from cancellations, of more than $5,000,000, or over 3
times the amount of the outstanding notes.
Company has a cash balance
of over $1,000,000 at this time.
Earnings.—Net earnings for the past 5 years, 1916 to 1920, will average
in excess of $900,000.
Int. on the outstanding notes, incl. this issue,
amounts to only $90,000 p. a.
Manufacturing Plants.—Company is one of the largest manufacturers
of cotton duck and similar fabrics in the world.
Property includes three
groups of mills, situated in Baltimore, Columbia, S. C., and Tallassee, Ala,
[Holders of the notes due Jan. 1 1921 were offered the opportunity up to
Dec. 15 to exchange their notes for the new issue at 9834 and int. yielding
about 7.85%J—V. Ill, p. 195.
the life of these notes,
notes
Nashville (Tenn.) Gas & Heating Co.—Rate Increase.—
Commission has authorized the company to increase
this being an in¬
The! Tennessee P. U.
subsidiary, has declared a 50% stock
Ill, p. 2048.
An extra dividend of 3% has
and int.
paid; none since.
The Salt Creek Producers
was
stock —V.
Co.Subsidiary Co. De¬
Maryland Coal Co. of W. Va .—Extra Dividend.—
year
of 234%
holders of
50% Stock Dividend.—
The Natural Gas Co. of W. Va., a
dividend.—V.
Oil Co.—Common Dividend No. 2.—
2% has been declared on the Common stock, along with a
the Preferred stock, both payable Jan. 10 1921 to
record Dec. 31 1920.
In Jan. 1914. an initial dividend of 2%
Midwest
A dividend of
dividend
000,000 one-year 6%
Manati Sugar Co.—Earnings.—
clares
Miami Copper Co.—Decision.—
U. S. District Court of Appeals, Philadelphia, has
an opinion affirming the decision of the District Court of Delaware
refusing to issue an additional injunction against the company to restrain
it from all variations of the flotation process in treatment of its ore.
After the U.S. Supreme Court decided the three patents owned by Miner¬
als Separation Co., Ltd., covering use of the froth flotation process in the
concentration of ores were valid and have been infringed by Miami Copper
Co., the Delaware Court Issued an injunction against further use of these
processes by Miami, and ordered an accounting of damages to be taken
before a master of chancery.
In the course of this accounting it developed
that Miami was using, according to testimony, eleven variations of appara¬
tus, and processes in flotation of its ores.
•
Contending that these were equivalents to the processes which Miami
had been enjoined from using, Minerals Separation applied for further
injunction against Miami.
The present decision refers to this supple nental
application.
("Wall Street Journal").—V. Ill, p. 2331.
Judge Woolley in the
filed
Dividend to Inc. Stock.
$2 per share has been declared on the Common
quarterly dividends of $1 per share on the
In addition to the usual
with
!
Mexican Eagle Oil Co.—New Stock.—
Joseph Walker & Sons, 61 Broadway, N. Y,, yesterday reported the
receipt of a cablegram from London stating that the company had officially
announced its intention to offer shareholders the right to subscribe for one
new share as to every two shares held by .them,
respectively.—V. Ill, p.
1955.
;
v:fcvy
■,:: /.
—V.
Magor Car Corporation.—Extra
An extra dividend of
__x$2,815,189
rentals and taxes.
855,557
Annual int. on total mortgage debt inci. this issue, requires
458,225
x Does not include any income of Pennsylvania Utilities Co.
system,
practically the entire common stock of which is owned.
Increase in Earnings.—Since 1914, gross earnings of the company have
increased 236%, and net earnings 109%.
For the 12 months ended Oct. 31
1920, gross earnings of Pennsylvania Utilities System amounted to $2,139,238 and net earnings to $524,009.~V. Ill, p. 2234, 1857.
Net after oper. expenses,
over
$2,053,225
Ended Oct. 31 1920.
earnings (including other income)
Gross
Corporation.—November Sales.—
—V. Ill, p. 2048,
further
bonds may be issued except upon pledge under said mortgage.
Purpose.—Proceeds will be used to retire bond secured notes, due Dec.
15 1920, to reimburse the treasury for expenditures made and for other
1st & Ref.
Ltd., Toronto; Loew's Montreal Theatres,
enterprises in Canada execpt one in Hamilton.
The new corporation is to guarantee the $600,000 Marcus Loew's Thea¬
tres, Ltd., 1st Mtge. 6% serial gold bonds dated July 15 1919 and will also
create an new issue of $600,000 8% secured notes.
The consolidated company, it is stated, will have an authorized capital of
$20,000,000 of which $5,000,000 will be 8% pref. and will be issued to
replace the present outstanding 7% issues.
The balance $15,000,000
shares
collateral
tion of present financing, of which $250,000 will be deposited as
under the mortgage securing the Ref. & Improv. bonds, and no
corporate purposes.
,
Earnings for 12 months
Ltd., Inc.—Sales.—
Liggett says in substance:
"The company is running true to its estimated
that its first year's volume was estimated at
[Vol. 111.
CHRONICLE
THE
2430
(a)
(b)
its rates for gas to $1.90 gross or $1.80 net per $1,000 cu. f.t,
crease from the present rate of $1.20 gross and $1.10 net.
Three estimates of the value of the property made by experts were;
(1) Historical cost lass depreciation, $2,508,665.
(2) Cost to reproduce new,
depreciation based upon average prices for 1915-16-17-18-1919, $3,569,990.
(3) Cost to reproduce new less depreciation based upon present
prices, $4,655,380.
The Commission ordered that the investment upon
which a fair return shall be allowed to the company shall be $2,650,000 as
less
of
April 1 1920.—V. 109, p. 277.
Nashville
(Tenn.) Industrial
Corporation.—Purchase
of Old Hickory Powder Plant from U. S. Government—Industrial
Development Proposed.—This corporation, composed of busi¬
ness men of Nashville, Tenn., have purchased from the U. S.
Government the "Old Hickory" Powder Plant at Jackson
the navi¬
described
XXIII of "Chronicle" for Aug. 14.
ville, Tenn., located 12 miles east of Nashville on
gable Cumberland River.
This plant was fully
on
adv. pages
XXII and
An authorized statement
just issued says in substance:
The purchasers plan to develop this immense war undertaking into a
large manufacturing centre, having available immense housing and manu¬
facturing buildings and facilities.
,
.
. ^ „
The village had a population of 35,000 when the plant was closed in
and is
now
completely equipped with
all necessary public utilities,
banks, club houses, &c., and offers many attractive inducements
industries or those desiring a change in their location.
|
1918
schools,
to new
manufacturing undertaking during the
war, costing over $87,000,000.
It occupies 5.100 acres of land, has a water
filtration system capable of supplying a city the size of Boston, one of the
largest steam power plants in the world, a double track railroad connecting
with trunk lines, 35 miles of industrial track connecting manufacturing
buildings, an immense refrigeration system, complete water works, sewer¬
age system, fire departments, concrete and macadam roads.
A great
quantity of surplus material in the manufaturing area will be dismantled
This
was
the largest Government
and sold.
The officers are:
_
President, H. G. Hill; V.-Pres.,
W. R. Tate; Director of Sales,
Paul M. Davis; Sec.,
Nashville, Tenn.
„
„
_
G." E. Bennie; Treas.,
B. P. Morse. Office,
Dec.
181920.]
THE
CHRONICLE
[Compare
reiK)rt of E. I. da Pont de Nemours &
Co. in V. 108, p. 1072;
106, p. 931.]—Y. Ill
.p 1956.
V.
National Fireproofing Co.—" Christmas"
Dividend.—
v
dividend of 1% has been declared
^J:J'?P0'522 deferred
tj/Pt
on
stock, par $100, payable Dec. 31
dividends at the rate of 4% p. a.
V60/ 2,3*- Quarterly
■
Ksafl
rp?A, ^14.
wWoiT
the outstandto holders of
were paid
a
bill in
Salt Creek
equity in the Federal
Ill,
p.
2332.
An issue of £300,000
Offering.—
8% 5-year notes were recently offered in London
Denom. £10, £50, £100 and £500.
Red. at £115 on or before Sept.
1925.
Capital issued and outstanding £1,500,000
par £1.
No de¬
bentures or debenture stock.
..••
v:;,'
The company was incorp. in England Dec.
31 1909 and through its
Mexican subsidiairies operated
successfully the Santa Gertrudis Mine in the
Pachuca District of Mexico,
having treated 2,572,602 short tons of ore
at 98.
30
containing
184,647 ozs. gold and 34,259,517 ozs. silver resulting in an
operating profit of £1,995,940.
For the year ended June 30 1920, net
operating profit after depreciation amounted to £361,600, 1919
£274,552,
1918 ■£213,407. -V..In 1919 was instrumental with
others in forming the Mexican Corp.,
Ltd., and subscribed for £250,000 shares out of a total issued
capital or
£1,000,000.
The Mexican Corp., Ltd., has secured
through the medium
of a local Mexican
company (the Mexican Corp., S. A.) an interest in two
important mining properties in Mexico, viz., the Fresnillo Co. in the State
of Zacatecas, and the Teziutlan
Copper Co. in the State of Puebla.
F. W.
Baker, Chairman 341 Salisbury House, London
Wall, E. C 2.
(Full
details in the London "Statist" of Nov. 13,
1920.)
'
^
-.
both old companies.
disposing of the New York company's petition fixed
as the fair value of its
property on June 30 1919.
Upon that
basis the board found that the
earnings of the company for 1919 yielded a
return of more than
8%.—V. Ill, p. 1571.
Nipissing Mines Co., Ltd,—Extra Dividend.—Cash,&c.—
declared on the stock in addition to
botn payable Jan. 20 1921 to holders
July 1919, and in Jan. and Oct. 1920
Sears, Roebuck & Co.—February Dividend Assured.—
Vice-Pres. A. H. Loeb says: "Feb. div. is as much assured as
any div.
be in the sense that, barring unforeseen
contingencies, it will be paid.
Nobody can foresee the future far ahead but we know enough about our
figures to know this div. can be paid and to believe it should be, therefore
can
Lr
Showing Total Cash,&c., $4,6,42.854.
Cash In bank, incl., Canadian & XT.
S. war bonds
Bullion and ore in transit and at
it will
be paid in regular order unless
something calamitous happens.
"Business is about as poor as ever (Dec. business running
30% to 35%
a year ago) and we have had
scarcelj enough time yet to feel the
benefits from cold weather, but we are hopeful still. —V. Ill,
p. 2236.
$3^323^584 $Sy38
smleter,&c.
1,319.270
1,623,000
Hugh Park. Mgr., says:"During Nov.
company mined ore of an estimated
value of $190,219 (as
compared with $184,578 produced in
Oct.—Ed.)
and shipped bullion and residue
from Nipissing and cuscoms ore
of
mated net value of $232,526.
an
less than
Sheffield Iron Corp., N. Y.
esti¬
The silver value of the month's
production
was estimated at
69c. per oz. compared with 82c. in
Oct."—V. Ill, p. 1477,
1285.
";\/V;..>v^
■
Producers Association, Inc.—Dividends.—
Ill, p. 2322.
same rates that were approved in the case of
New York Telephone Co.
r
The Commission
disapproved the application of the Delaware & Atlantic
company to consolidate its property with the
property of the New York
company (the latter company owning or
controlling the stock of the former)
by the creation of a new
company, which would take over the properties of
Financial Statement
district, will be located at
Jersey City office will be discontinued.—
Santa Gertrudis Co.,
Ltd., London.—Note
£°mpany A? ma!le effective the
the
extra dividends of
5% each were paid.
City> kut
Santa Cecilia Sugar
Corp.—Dividends Omitted.—
a temporary receiver be appointed.—V. Ill,
An extra dividend of
5% has been
the regular
quarterly dividend of 5%,
of record Dec. 31 1920.
In Jan. and
£621,347
The regular quarterly dividends of
25 cents per share on the outstanding
105,000 shares of Common stock, no
par value, and 1 %% on the Pref.
stock, usually
paid Feb. 2, will be omitted on that date.
Owing to the
unsettled conditions of the
sugar industry in Cuba and elsewhere, and to
the uncertainties of the financial situation
generally," the directors believe
that all dividends should be
withheld until "the conditions referred to shall
have righted themselves."—V.
New Jersey P. U. Commission
has approved a schedule of
telephone
charges put Into effect in Jan. and
May 1919, by the Postmaster General
in so far as
they apply to the New Jersey district of the
company.
At the
&ame time, the Commission
dismissed a petition of the Delaware & Atlantic
telegraph & Telephone Co. for various rate
increases, but authorized the
$34,700,000
•
See Midwest Oil Co.
above.—V.
New York Telephone Co
.—Rates—Consolidation Denied.
The
•oT^omraission,in
lll°r St395*'
V
Co.—Receivership Sought.
attorney has filed
Decrease.
£32,622,138
company announces the removal of Its general offices to the new
plants
located at Dixwell and Putnam
Avenues, New Haven, Conn.
The execu¬
Increase.
stou' asking that
1956
P
an
1377.
1920—11 Mos.—1919.
£139,5841 £32,000,791
tive offices and sales
office for the northeastern
$1,522,000
New Idria Quicksilver
Mining
p.
Safety Car Heating & Lighting Co.—General Offices.—
The
Cordelia Copper Co.—Production
(in Pounds).—
Percy A. Guthire
Decrease.1
€2,740,250
£2,879,834
Ill, p. 2049, 1571.
Pr°P®rty of the company located at
Rochester, Nev., has been sold
?
-Anglo—California Trust Co., trustee, to satisfy the bonded debt to
aficenzie °f,?an Francisco. This is one of the properties that was to
gf.juto tne consolidation recently formed and known as the Rochester
cr
Corp., the latter owning about 1,000,000 shares of
Nenzel Crown
Point
stock.—(San Francisco "News Bureau.")
1920—11 Mos.—1919.
$30,000.—Compare V. Ill,
—V.
Nenzel Crown Point
Mining Co. —Foreclosure Sale.—
$1,566,0001$38,130,000 $36,608,000
cost nearer
Mines, Ltd.- -Valuations of Transvaal GoldJOutput.—
1920—Nov.—1919.
.
n
$2,670.000
£4.236,000
ill, p.1956,1477.
doubtedly
Rand
depend entirely upon the results of the future
operations of
the
company."—V. Ill, p. 1088.
—V.
RR. in statement "Why the RR's are not
large buyers of
equipment" published in "Iron Age" of Dec.
16, p. 1628 j The 7,700 cars
o^nt£n y tae company on Dec. 31 1919 cost it an average sum of about
$17,500 each (the book value however
allowing for depreciation reserve
being about $9,500) but at the
present time these cars new would un¬
for
®tock from Jan. 1910 to Jan. 1915, incl.; none since.
* Keasbey sajs:
"The year 1920 has proved to be one of the
eerupany's history and the stockholders should participate in it.
nif
° n°t be construed as meaning a resumption of dividends,
Decrease. |
2431
Vice-Pres., Penn.
y'Yr'H-Vv'cV
Northwestern Power Co,—Dividends Resumed.—
:
City.—Receivership.—
Judge Knox on Dec. 17 appointed Roger S. Wood and James L. Weeks
receivers for this company, with offices at 71
Broadway, on the petition of
Harbison-Walker Refractories Co.—V. 110, p. 2392.
;
,
dividend of 3% has been declared on the
outstanding
$3,600,000 Preferred stock, par $100,
payable Jan. 1 1921 to holders of
record Dec. 20 1920.
A dividend of lj^% was
paid on the Preferred in
July 1916; Jan. 1917, 4H%;andin July 1917 a semi-annual
dividend of 3%
was paid; none since.—V.
107, p. 408.
^
Sheridan-Wyoming Coal Co., Inc.—Dividend No. 2.—
The second dividend of $ i .25 per share has been declared on the Common
stock, no par value, payable Jan. 10.
An initial dividend of like amount
was paid in Oct. last.
All of the stock of the company is owned by the
United States Distributing Corp.—V. Ill,
p. 1190, 1089.
Northwestern Yeast Co.—Usual Extra Dividend.—
Southern Counties Gas Co. of Calif.—"-Bonds Offered.—
Gervin & Miller, San Francisco, are offering $400,000
10-year
Collateral Trust 8% Gold bonds.
Autli. $1,000,000.
O-Cedar
The bonds are convertible into long term 1st Mtge. 5H% bonds at par
for 85 for the first 5 years, and par for 90 for the last 5
years, giving a yield
for the 1st Mtge.
5H% bonds, under the convertible privilege, of from
6.90 to 7.60.
'
An extra dividend of
3% was payable on the stock Dec. 15 to holders of
record Dec. 12, along with the
regular quarterly dividend of 3%.
An extra
dividend of 3% has been paid
quarterly since Sept, 1914.—V. Ill, p. 1189.
Co.
_
Mills
Co.—Connection
Severed—Guaranty
on
with Channell
Bonds Amply Protected.—
See Channell Chemical Co. above.—V.
Chemical
Ill, p. 994; V. 110, p. 2082.
—
For the year ending Oct. 31 1920 bond interest,
plus the int. require¬
ments of th'ff present issue, is $332,363 while net earnings were $626,896.
The Toronto Stock Exchange has authorized
the listing of the
company's
securities as follows: Common stock,
$2,000,000; Preferred stock, $750,000,
bonds $600,000.—V .111,
The new $400,000 8% bonds are secured by deposit with the trustee of
$525,000 1st Mtge. 5H% bonds, which, in turn, are secured by ail absolute
1st Mtge. on all the property of the company.—V. Ill, p. 2145.
:
Ontario Steel Products
Co., Ltd.—Listed at Toronto
P.J799.
,
__
Pacific
Development Corp.—Rights to Additional Stock.—
The Stockholders of record Dec. 20 are
given the right to subscribe on or
before Jan. 10 1921 at $25 per share to 64,388 shares of
capital stock (no
par value) to the extent of one new share for each four
shares held.
Com¬
pare V. Ill, p. 2144, 2331.
Pacific Portland Cement Co.—Extra
Dividend.
Extra dividends totaling 3%
p. a. were
ncl.—V. 108, p. 84.
monthly dividend of
paid from 1917 to 1919
Paragon Refining Co.—Earnings—New Director.—-
Net
profits, after taxes and other expenses, for the fiscal
year ending
Oct. 31 1920 were $1,515,963;
gross profits were $12,108,627.
h P. J. Hurley, Vice-President of the Gilliland Oil
Co., has been elected
a director.—V. Ill,
p. 1285.
(J. C.) Penney Co.—November Sales.—
1920—Nov.—1919.
$4,975,546
$3,23^,313
Ill, p. 2049,
—V.
Increase. I
1920—11 Mos.—1919.
Philadelphia
Increase.
$1,742,2331$37,718,645 $25,479,776 $12,238,869
1667^.
Ga3
&
Electric
Co.—
It appears that in May last the company arranged to
issue $800,000
7% Cumulative Pref. Capital stock, part of a total authorized
issue of
$25,000,000 (none of which had theretofore been issued) and to turn
the
same over to the American Gas Co.
(owners of all the
outstanding capital
stock) in exchange for this company's $800,000 outstanding 6%
Cumulative
Pref. stock.—V. 110, p. 83.
'
of 23^%.—
t
"""Pond
Creek Coal Co.—Extra Dividend
^
■
An extra dividend of 2lA % has been declared on the
outstanding $2,129,par $10, in addition to the regular
quarterly dividend of
2H%, both payable Jan. 1 1921 to holders of record Dec. 24 1920.
Divi¬
dend record: Initial quarterly dividend of 50 cents
per share (5%) paid in
Julv 1917, which rate was maintained to and including Oct.
1918; 3%% in
Jan. 1919; April 1919 to Oct. 1920, inclusive, 2Yx% quar.—V.
Ill, p. 2145.
200 Capital stock,
"""Prairie Oil
& Gas Co.—Extra Dividend.—
An extra dividend of $3 per share has been declared
capital stock
on
$18,000,000
an
$5 In April last, $7 in Jan. last; in Jan. and Oct. 1919; extras of $5 each and
1
April and July 1919 $2 each.—V.
Producers
Results for
&
Refiners
Ill,
p.
1190.
Corp.—Earnings, &cJ—
1920 without
Taking into Account Depreciation and Depletion.
Gross Inc.
Expenses.
Net Income.
$629,555
$196,335
$433,220
October 1919
408,790
205,968
202,822
Net income in 1920 by months; June, $407,030; July, $412,469;
August,
$419,389; Sept., $430,285; October, $433,220-—V. Ill, p. 2145..
October
1920——*
,
—
Pullman
Company.—New Cars.—
"The Pullman Company is building 500 Pullman cars this
year, none
having been built during the period of Federal control." [Geo. D, Dixon,
Standard Gas Co., Atlantic Highlands, N. J.—Comm.
no Power over Rates when
Company is in Receivership.—
has
Vice-Chancellor Backes of New Jersey, sitting in Newark on Dec. 8,
asserted that the Chancery's prerogatives in case of a receivership supersede
the jurisdiction of the P. U. Commission.
He directed the receiver of the
company to ignore the Commission's order suspending increased rates until
March 1 and put them into effect at once.
He also directed the Board to
rescind its order interfering with the receiver's schedule.—V. 108, p. 282.
Standard
Oil
named
Co.
below
and int. $25,000,000
Bankers
(Calif.).—Debentures
this
week
Offered.—The
offered and sold
100
at
10-year 7% Gold Debs, (seeadv. pages);
Making Offering.—Wm. A. Read & Co., New York; The Anglo
& London Paris National Bank of San Francisco, Continental and Com¬
mercial Trust & Savings Bank, Chicago; Blair & Co., Inc., and
Equitable
Trust Co., New York.
.
„
.
Dated Jan. 1 1921.
Due Jan. 1 1931.
Int. payable F. & A. in New York
and San Francisco.
Denom. $1,000.
Red. as a whole on any int. date on
30 days' notice at 105 and int., if redeemed on or prior to Aug. 1 1921, and
thereafter at M of 1% less for each half year, or part thereof, elapsed after
Aug. 1 1921.
Equitable Trust Co., New York and Anglo-California Trust
Co., San Francisco, Trustees.
,
Data From Letter of President of Company to the Bankers
Company.—Is producing from its
own
wells in
the United
States over
100,000 bbls a day, and as such is the largest producer of crude oil in this
country and is one of the largest lefiners and distributors of petroleum and
its products in the world.
the
(par $100), along with the regular quarterly dividend of $3
Ser share, both payable Jan. 31 1921 compared with $3 extra 21 July last,
ct. last
extra of $5 was paid,
to holders of record Dec. in 1920. In
In
Ninety-three ($93,000) First Mtge. 6% 20-year sinking fund gold bonds
at par and int at the
of 1907 have been called for payment Jan. 1 1921
Girard Trust Co., Phila., trustee.—V. Ill, p. 800.
bankers
,
Suburban
Go.—Preferred Stock Increased—
Spanish-American Iron Co.—Bonds Called.—
An extra dividend of 1% was
paid Dec. 5 last on the outstanding $6,000,000 capital stock, par $100, In addition to the
regular
H of 1%.
Southern Power
The company has filed a certificate in New Jersey increasing the author¬
ized Preferred stock from $6,000,000 to $10,000,000, par $100.
There is
outstanding $4,000,000 of an authorized issue of $5,000,000 Common stock,
par $100, and also $6,000,000 Preferred stock.—V. Ill, p. 1957.
Security.—Will be direct obligation of company which has issued no mort¬
During the life of these debentures company
having priority over this issue.
Market Equity.—Company has outstanding $99,373,310 common stock*
at present quotations representing a market equity of about $320,000,000.
Sinking Fund.—A nually, $500,000 commencing Jan. 1 1922, for the
purchase of these debentures at not over 100 and int. and If not so purchas¬
able during the year, to revert to the general funds.
Maintenance of Quick Assess.—Company must at all times maintain quick
assets equal to 150% of the outstanding debentures.
•
Property Valuation.—The depreciated replacement value of the company s
assets, including its properties in Calif., Ore., Wash., Alaska, Nev-, Ariz.,
Colo., and the Hawaiian Islands, and excluding its assets in the Philippines
and Central and South America, according to an appraisement now being
completed by Ford, Bacon & Davis, will exceed $400,000,000.
Earnings.—For 1919 net income after Federal taxes, etc., was equal to
about 18 times int. requirements on this issue and for the past 5 years
average net income equal to over 10 times int. on these debentures.
Earngage and has no funded debt.
must not issue any .obligations
,
,
ings for the 10 months ending Oct. 31 1920, are In excess of the earnings
for entire year 1919. (Compare V. 110. p. 1080.)
Dividend Record.—Company has paid regular cash dividends of not less
since 1912. This year cash divs. of 14% have been paid.
% was paid, incl. 2H % in U. 8. Liberty bonds.
In addition,
declared from time to time.
Purpose.—Proceeds will be used to provide funds tor its 1921 program of
extensions and improvements, incl. additions to its marine equipment,
enlargements of its refineries and acquisitions of oil producing properties;
also to increase working capital.
[See Annual Report for Calendar year
1919 In Y. 110, p. 1080.]—V. Ill, p. 1758.
10%
than
p. a.
In 1919, 13H
laree stock dividends have been
Standard Oil Co. of Indiana.—New Director.—
V
director succeeding Seth C. Drake.
Jackson was also elected Fifth Vice-President in charge of sales;—
Allan Jackson has been elected a
Mr.
V. Ill, p.
2332, 2236.
Dated Jan. 2 1921, due
Offered.—
Read & Co.,
Equitable Trust Co., Blair & Co. and Wm. A.
thi 8 week offered and sold at
100 and int.,
7% Serial Gold Debentures.
$30,000,000
$4,000,000 each Jan. 2 1925 to 1930, inclusive,
$6,000,000 Jan. 2 1931.
Denom. $1,000, $500 and $100 (c*).
Red.
all of part on any Int. date on and after Jan. 2 1925 at 105 and int., if less
than the entire issue should be called for redemption, the longest outstand¬
ing maturities to be called first.
Int. payable J. & J. at office of Equitable
Trust Co., N. Y., trustee, or Blair & Co., Inc., without deduction for
Federal Income tax not exceeding 2%.
and
Letter of President H. C.
Folger, Dec. 15 1920.
Security.—The direct obligations of company and will constitute its sole
The indenture provides that company will not create any
mortgage on (except purchase money obligations) or pledge of its properties
unless the debentures shall be equally secured.
Earnings.—Net earnings for 1920 before Federal taxes are estimated at
$60,000,000.
Net earnings before taxes for the four years ended Dec. 31
1919 averaged 20 times the annual Interest on these debentures, and for
1919 were nearly 28 times such annual interest (for 1919 see V. 110, p. 2083).
Equity.—Has outstanding $75,000,000 capital stock on which dividends
of 16% p. a. are being paid.
At present quotations stock represents an
equity of about $250,000,000.
Current Developments.—Is engaged in adding to its refinery capacity,
marine equipment, &c., the earning capacity of which expenditures, and of
the proceeds of this issue, will be reflected in future operation.
Capital
requirements have been supplied almost entirely from earnings.
In the
fire years ended Dec. 31 1919 about $115,000,000 from surplus earnings
have been reinvested in the business.
funded debt.
Comparative Balance Sheet.
[1919 Inserted by Editor.]
June 30 '20.
Dec. 31 '19.
$
Dec. 31 '19.
June 30 '20.
$
Liabilities—
Assets—
75,000,000
75,000,000
162,916,406 142,583,873
Capital stock...
Real est., plants,
J
Surplus
vessels, Ac... 99,224,294
85,969,617
13,204,575
114,722,993
U. S. Lib. bonds 19,664,272
3,554,551
Res've for insur.,
98,232,303
bad debts, Ac.
33,781,937
Res've for Fed'l
78,054,182
Current llabil's.
Deferred assets.
Inv. of mdse
Cash
A
78,987,493
325,803,628 299,592,590
Total
—V.
taxes
current
assets
Standard Parts Co.,
Sufficient progress has been
so
9,301,533
Total
15,165,067
70,305,114
(est.)
7,863,493
58,980,157
325,803,628 299,592,590
Cleveland.—Amend Plan.—
made in the reorganization financing, it is
effort will make the
that one more determined, co-operative
An extension of time to Dec. 17 has been granted by the
Court in order that stockholders may make up the difference that still
exists in the amount of money they have been asked to raise.
Investment dealers, brokers and many of the banks have expressed a
willingness to work together to push the deal to successful completion in
order that the large plant may be saved.
The stockholders have been ad¬
vised that up to Dec. 7 the amount subscribed by them aggregated $1,830,000.
The sum they are required to subscribe is $2,000,000.
With that
done, the investment dealers and brokers through an amended program
hope to arrange for sufficient funds to lift the company from receivers' hands.
An amendment to the plan provides for the increasing of the amount of
prior lien stock from $3,000,000 to $4,200,000, while the amount of Class A
Preferred was reduced from $6,500,000 to $5,300,000, making the total
$9,500,000.
(By Guy T. Rockwell in Cleveland "Plain Dealer.")
Com¬
pare V. Ill, p. 1758, 1957.
plan operative.
Screw Co.—Dividend Reduced.—
dividend of 5% has been declared on the outstanding $3,500,000 Common stock, par $100, payable Jan. 1 1921 to holders of record
Dec. 18 1920.
Quarterly dividends of 6% were paid from July 1917 to
Oct. 1920 incl.
A special cash dividend of 20% and a 40% stock dividend
Standard
A quarterly
were
last.—V. Ill,
also paid in October
Suncrest Lumber
p.
1089, 996.
Co., Sunburst, N. C.—Tenders.—
The Union Trust Co., 7 So. Dearborn St., Chicago, will, until Feb. 2
1921, receive bids for the sale to it of Series "Bll" Second Mtge. 6% gold
sonds of 1918, to an amount sufficient to exhaust $10,557, now in the
sinking fund.
Sunday Creek Coal Co. of Ohio.—
Chairman, has purchased all
Pres.
This is the result of
negotiations which have been going on for some time.
A year ago Mr.
Winder brought suit for a settlement of certain stock and an accounting,
but was defeated in the courts.
Mr. Winder resigned as President July 18
and Harry B. Arnold was elected in his place.
The present board is composed of J. S. Jones, C. C. Cook, George K.
Smith and Harry B. Arnold.
At the same time announcement was made
that Mr. Jones has disposed of his interest in the F. C. Stedman Co., of
Athens, a store concern, which has been taken over by Mr. Winder.
"Coal
Trade Journal."—V. 108, p.
Swan & Finch Co.,
1724.
New York.—Pref. Stock Offered.—
The Common stockholders of record Nov. 10 are offered
the right to sub¬
scribe at par ($25) to 18,062 shares of new 8% Cumulative Pref. stock on
the basis of one share of pref. for each share of common stock of $100 par
value held.
On or before Dec. 24 warrants will be mailed to stockholders
subscriptions are payable in New York funds at the Columbia Trust
Co., 60 Broadway, N. Y. City, on or before March 1 1921.
The authorized amount of pref. stock is $1,000,000 and the
authorized
outstanding.
Compare
common
V.
stock $4,000,000, of which $1,806,200 is
Ill, p.
1748,
1849,
1957, 2050.
.
Fruit Products Co.—Company's Divi¬
Deferred—Official Statement.—The directors on Dec. 14
announced that the quarterly dividend payment of $1 per
share on Class "A" and Class "B" stock had been deferred.
Temtor Corn &
dends
The statement issued by the board says in substance:
Earnings.—The earnings for the ten months ended Oct. 31 1920, after
charging off all expenses incidental to organization and setting aside $50,000
for Federal Income tax payable in 1921 and $47,394 for losses
in inventory,
$1,701,604
surplus as of Jan. 1 1920, made a surplus as
of Oct. 31, before deducting dividends, of $1,810,400.
Dividends paid
during the year on Best-Clymer Preferred and both classes of Temtor
stock amount to $816,825, leaving a [profit and loss] surplus as of Oct. 31
amount
by any material declines, and the company was particularly for¬
cleaned out of sugar when the drop occurred in that com¬
Stocks on hand at the Granite City plant when it was taken over
in Oct. 1920 were accepted at their market value as of that time, a time when
prices were at a low ebb.
Higher Freight Rates Affect Competitors.—Freight rate Increases have put
competitors from 10 cents to 15 cents a case out of line in the large terri¬
tory tributary to St. Louis and statistics show that this is the largest con¬
suming territory in the United States.
[Signed M. G. Clymer, President.]
—V. 110, p. 1297, 1194.
affected
tunate in being
modity.
Teziutlan Copper
Co.—Santa Gertrudis, Co, Acquires Int.
to___
This amount, added to the
$993,575
Dividends.—Although the earnings of the company would justify the
declaration of the usual dividend, the board believes in view of existing
unsettled conditions in this country that it is best that the resources should
be conserved and that, therefore, the quarterly dividend should be deferred
on the Class "A" and Class "B" stock.
The regular dividend of 1H % has been declared on Best-Clymer Preferred
payable on Dec. 31 to stockholders of record on Dec. 28.
Operations.—The Davis St. plant is running full capacity, with plenty
of orders ahead.
It will take until February to clean them up and pros¬
pects for new business are getting brighter every day.
The Granite City
plant is running 50% capacity but prospects are good that it will be running
of
full time within the next few weeks.
Ltd., above.
Tiffany & Co. (Jewelers).—History, dec.—
Latest recorded sale of
stock of Tiffany & Co., which has recently in¬
par value to 12,000
autcion for $6,500 a
creased its capitalization from 2,400 shares of $1,000
shares of no par value, was in 1912, when block sold at
share.
It has always beenl very closely held.
Charles Lewis Tiffany, founder, came to New York in 1837, and with
John B. Young, borrowed capital of $1,000, established a stationery and
fancy goods store at 259 Broadway; gradually the jewelry business became
important; in 1847 manufacture of gold jewelry was begun.
A year later,
the price of diamonds dropped 50%.
Tiffany sent word to his partner,
then in Paris, to buy all the diamonds he could.
Young bought, and the
firm made a fortune.
In 1851 the firm name was changed to Tiffany & Co.
and branch established in Paris.
In 1868 the firm was incorporated and
two years later moved to Union Square.
In 1870 a branch was opened in
London and a watch factory in Geneva.
Present location at Fifth Ave. and
37th St., N. Y., has been occupied since 1905.
Profits have been large and dividends conservative.
Dividends in recent
years have been paid as follows: 1914, 35%; 1915, 25%; since then, 50%
each year.
Earnings have been much larger than dividends.
For the
fiscal year 1920 they were reported as $2,311,273, or practically 100%.
("Boston News Bureau.")—V. Ill, p. 2333.
Toronto Electric
See Toronto Railway
Light Co., Ltd.—Proposed Sale.—
108, p. 2336.
under "Railroads" above.—-v,
Toronto & Niagara Power Co.—Proposed Sale.—
under "Railroads" above.—V. 95, p. 301.
See Toronto Ry.
Toronto Power Co., Ltd.—Sale of Properties.—
"Railroads" above and compare V. Ill, p.
See Toronto under
Trumbull Steel Co., Warren,
An extra dividend of H of 1%
2333.
O.—Extra Dividend.—
has been declared on the
Common stock,
1
Sar $25,1921addition to the regular Dec. 20 1920. Extra2%, both payable
in to holders of record quarterly dividend of dividends of 1%
an.
was
paid in Jan.. April and July last and also in
paid in Jan. 1919.
It is reported unofficially
Ill, p. 1573.
April 1919, while 2M%
that H of 1% was paid
in October last.—V.
Union
Ba& & Paper Corp.—Dividends for
1921.—
authorized the creation of a fund of $1,200,000 for
of payment of dividends in 1921 at rate of $8 per share on
$15,000,000 capital stock outstanding.
The company's business outlook,
the officials believe, warrants the setting aside of this amount in order to
continue the present dividends on the shares.—Y. Ill, p. 2237.
The directors have
the purpose
United Drug
Co.—Sale of $7,500,000 Six
Months9 Notes
Notes—Status—Balance Sheet.—
The company has sold to Kidder, Peabody & Co., F. S.
Moseley & Co. and Chase Securities Corp. $7,500,000
6 Months' notes, payable in New York, discounted at 8 %.
-—Convertible Into
6- Year
15 1920, maturing June 15 1921.
Convertible at any tune
1921 Into 8% notes dated Dec. 15 1920, maturing June 151926
Dated Dec.
up to June 1
and bearing
int. from June 1921.
Notice of such conversion must be given,
however, by the bolder of any note on or before June 1 1921.
Coupon
notes, $1,000, interchangeable into registered notes.
Int. payable J. & D.
Sinking Fund.—Sinking fund of 7% of the amount of notes issued will
be set aside beginning Dec. 15 1921 to retire notes by purchase in the open
market up to 105 and int.
Thereafter each year, on Dec. 15 until the
maturity of the notes, such sum as has been expended in the purchase of
these notes in the previous year shall
each year there shall be available 7%
be added to the sinking fund, so that
of the amount of notes issued for the
purchase of these notes at the above price and interest.
Safeguards.—Company will covenant through an indenture with American
Trust Co., Boston (a) that no mortgage shall be put on any of the property
except after acquired property during the life of these notas. without In¬
cluding these notes; (ft) that it will maintain at least 125% of quick assets
in proportion to its floating debt, accounts payable, and debenture notes
and (c) in case quick assets fall below this figure the company will stop
payment of the dividends on the Common stock until this ratio is restored.
Data from Letter of Pres. Louis K. Liggett, Boston, Dec. 10.
Business.—The company's business is unparalleled and unique.
In its
laboratories and factories in Boston, New Haven, St. Louis and
modern
places it produces drugs, pharmaceuticals, toilet preparations, rubber
goods, hospital supplies, and a variety of other merchandise required by
drug stores.
These products are protected by trade-marks and distributed
chiefly through its 8,000 stockholder agents, called Rexall stores, situated
in nearly every place in the United States of over 1,000 population, and also
through 222 Liggett's drug stores, of which all the capital stock is owned.
Boots Company.—Operates a large manufacturing establishment and 632
retail stores in England; was bought by Liggett's International, Ltd., Inc.,
and is doing a very profitable business exceeding $40,000,000 p. a., and
other
The company announces that J. S. Jones,
of the interests of John H. Winder, former
and
other concerns in the same
were
8,280,574
Ill, p. 995.
believed,
affected more than any other product which the
handles, but the directors believe Temtor is better off than any
line, some of which are shut down.
Inventories.—Raw stocks are inventoried at a figure which will not be
Syrup.—Syrup has been
company
See Santa Gertrudis Co.,
Standard Oil Co. of New York.—Debentures
Data from
[Vol. 111.
CHRONICLE
THE
has turned out
a
most fortunate
1
purchase.
New Plants.—During the past year we have built in St. Louis a new
manufacturing plant equalling our present plant in Boston, a new rubber
plant at New Haven, and a new fruit syrup plant in Boston.
These were all
demanded by the increased growth of the business, and will all, through the
more economical handling of the business, furnish additional profits.
Purpose.—These notes are issued to take care of notes payable caused by
the growth of our business; proceeds, together with natural liquidation
during the next 6 months, should substantially accomplish that result.
1917.
1918.
1919. 1920 (Dec.est.)
:__$40,716,290 $51,028,336 $58,338,834 $70,000,000
3,156,007
4,579.922
5,275,004
Figures for 1920 do not include the volume of business or the profits of
Liggett's International, Ltd., Inc. (see that co. above).
Said company,
whose entire voting stock Is owned by the United Drug Co., operates not
only the Boots Co. in England, but a profitable manufacturing and retail
Earns. Cal.
Years—
Sales
__
Earns, (before Fed. tax.)
business in Canada
as
well.
Business for 1920 to date has shown an increase in excess of 30%; during
the so-called dull months of Sept., Oct. and Nov. it has continued at this rate
[1919 Inserted by Editor.]
Balance Sheet Sept. 30.
1920.
1920.
1919.
$
Assess—
$
5,470,378
Impts. A leaseb'ds 2,483,385
Fum., mach., Ac. 7,646,612
Real est. Abldgs..
Liabilities—
2,742,539
1,585,832
5,554,321
788,300
2,009,900
companies
6,378,014
Pat., tr.mks., Ac.21,877,365
2,278,357
Common
Accounts
stock
7,677,192
Notes receivable..
payable
4,694,838
Notes
4,019,741
Stock of allied cos.
411,043
Total
—V.
Ill, p.
78,460,508 57,181,803
1378.
Total
United Profit Sharing Corp.,
A semi-annual dividend of
14,095,780
595,000
436,300
2,635,184
115,770
5,511,117
78,460,508 57,181,803
N. Y.—Extra Dividend.—
of 5% have been declared on
25 cents), both payable Jan. 15 1921 to
In June last an extra of 5% was paid.
5% and an extra
the outstanding capital stock (par
holders of record Dec. 23 1920.
2,522,762
29,411,900 27,990,500
payable. 7,637,609
3,003,264
stock
716,200
155,048 Deprec'nreserve.. 2,987,371
Bad debts reserve125,149
Liberty bonds
66,078
606,850
687,846
Inventories at cost 22,187,312 12,489,668 Other reserves
5,265,453
Adv. A defd items 1,984,773
941,217 Surplus
Accts. receivable..
%
472,906
11,889,100
Second pref.
1,471,671
22,920,078
1919.
First pref. stock..16,221,900
do
subscrip
Holdings In outside
Cash
$
523,000
Real estate mtgea.
Dec.
181920.]
compared with 15% extra in Dec. 1919 and 5% in June 1919 and Dec. 1918.
—VT 111, p. 1958, 1573.
U.
R.
S.
company has opened 14 stores in N. Y. City, one in
Philadelphia and one in Newark, and is doing in these 16 stores an annual
business of over $3,000,000.
The company states that other stores will be
open this week in these cities.
[The United Retail Stores Candy Co., Ltd., was incorp. in Canada under
Companies Act, in Nov. 1920, with a nominal capital of $1,000 (par
$100.1—V. Ill, p. 800. 700.
2.—
A dividend of $1 per share has been declared on the outstanding $5,000,000
Common stock, par $50, payable Jan. 15 1921 to holders of record Jan. 3
1921.
See
An initial dividend of like amount was
paid in October last.
Sheridan-Wyoming Coal Co. above.—V. Ill,
U. S. Food Products Corp.—No
The directors
1190, 1090.
p.
dividend of
%
usually paid Jan. 15.
United States Realty & Improvement
Income Account for November and Seven Months
1920—Nov.—1919.
Gross profit
Net
$662,657
$448,815
49,708
_____
Net
income
$221,511
$113,679
49,708
$399,107
earnings
Debenture bond interest-
$63,971
No dividends have been paid since Feb.
Co.—Earnings.—
ending November 30.
1920—7 Mos.—1919.
$2,338,553
$1,458,963
$1,451,422
$789,043
347,958
347,958
$1,103,464
$441,085
Capital stock is $16,162,-
1915.
800.—V. 110, p. 2656.
United States Trucking
assume
his duties
been made. The
strengthened by
ratio of approxi¬
this program.
At the present time quick assets are in the
mately two to one of liabilities.
Authoritative
Statement
"New
from
Tribune,"
York
Dec.
11.
Liabilities.—Current liabilities
on Nov. 30, including bank loans, accounts.payable, trade acceptances and obligations to note brokers, stood at
approximately $26,750,000.
This marked a reduction of about $18,000,000
as shown by the balance sheet of
April 30 last.
4
An arrangement has been made with banks holding the company's obli¬
gations by which at least part of these debts will be liquidated in an orderly
way
When conditions are more favorable it is believed that the remaining
bank loans will be refunded by some sort of security.
Assets.—Total assets of the Willys-Overland Co. on Nov. 30, exclusive of
good-will, patents and deferred charges, amounted to $125,000,000.
Cur¬
rent assets on that date were close to twice the amount of current liabilities,
compared with a 1.3 to 1 ratio on April 30.
Of our current assets approxi¬
mately $4,500,000 consists of cash.Business.—Our business has fallen off along with other automobile com¬
panies, but figures at hand show the volume of business don
by our re¬
tailers last month was about 65% of normal.
Including cars sold by deal¬
ers and those exported, the number of our cars moved last month was
about 5,000.
The personal affairs of John N. Willys are in no way involved in the
obligations of the Willys-Overland Co.
Mr. Willys has made it a policy
for several years never to give his personal indorsement to a note of his
company, and his stock market operations, at no time important, would
if liquidated at the present time show a balance in his favor.
See V.
Ill, p. 2334.
Corp*.—New Chairman.—
The Governor says:
Jan. 3 1921.
on
establishment of the utmost manufacturing and mer¬
To that end several changes in executive personnel have
financial position of the company has been considerably
Winnisimmet Shipyards
Governor Alfred E. Smith has been elected Chairman of the Board, and
will
and
chandising efficiency.
.
Dividend.—
Dec. 16 decided to omit the quarterly
See V. Ill, p. 2333.
on
Until the period of readjustment in the motor industry now in progress
has been completed and abnormal credit conditions relieved the company
will pursue a conservative manufacturing programl ooking toward reduction
of inventories
Candy Stores, Inc.—Stores in Operation.—
l-r»JlfJn5e,*£?,y ^ last»
United States Distributing Corp.—Dividend No.
3433
CHRONICLE
THE
trucking corporation brought out and merged the business and
equipment of 28 of the largest trucking firms existing in Greater New York.
a result, it has more than 2,000 employees, 2,500 horses, 2,000 trucks,
300 motors, immense equipment for stevedoring work, the hauling of struc¬
tural steel and building materials, and other special facilities fitting it to
handle everything from needles to locomotives.
"My association with the Trucking Corporation involves a personal
association also with the controlling interests of the United States Dis¬
tributing Corp., which also owns the Sheridan-Wyoming Coal Co., Inc.,
one of the largest coal mining companies in the West, and the Tongue
River Trading Co., which does a substantial merchandising business in the
same territory."
*
On the directorate of the Distributing Corporation are: George F. Getz,
its President, and Frank S. Peabody, two prominent Chicago business men,
as well as Harvey
D. Gibson, President of the Liberty National Bank,
Grayson M. P. Murphy, Vice-President of the Guaranty Trust Co.: E. V.R.
Thayer, President of the Chase National Bank; and H. E. Ward, President
of the Irving National Bank.
Capitalization: Authorized and outstanding, 20,000 shares of Pref. stock,
par $100, and 80,000 shares of Common stock, no par value.
See the United States Distributing Corp. and also the Sheridan-Wyoming
Coal Co. above.—V. Ill, p. 1090.
"The
Co., Inc., Chelsea, Mass.—
E. K. Arnold and W. R. Green, receivers, have been given permission
by the U. S. District Court to issue $50,000 receivers' certificates at not
more than 7%.—V. Ill, p. 2237.
As
Utah-Idaho
Sugar Co —Dividend Omitted.—
regular quarterly dividend usually paid Dec. 31 will be omitted on
The company has been paying quarterly dividends of 2% from
March 1920 to Sept. 1920; this compares with a quarterly of 3% paid in
Dec. 1919 and 1^% each paid in June and Sept. 1919.—V. Ill, p. 80.
The
that date.
Wolverine
195,379
—V. Ill,
were paid in
April, July and October last, making total dividends paid
during 1920 $4 50 per share.
President J. Leonard Replogle, Dec. 15, said in substance: "While
earnings were in excess of the previous dividend requirements and cash
position as strong, it was deemed advisable in view of the general condition
of business to conserve the cash resources of the company so as to permit
continued heavy shipments of ore from Peru, which will put the company
In a particularly strong position to meet future normal demands."—V. Ill,
p. 500, 80.
!
permission to issue $2,000,000 5-year 7H% gold notes to be redeemable at
prices ranging from 103 after the second year to 101 after the fourth year.—
V. Ill, p.1958.
i
In
a large majority of creditors have agreed to the extension
indebtedness, as requested by the committee.
Sullivan, Secretary of the Committee, has been elected Treas¬
urer of the company, succeeding Isaac S.
Smyth, who remains as VicePresident.
See plan in V. Ill, p. 2146.
Yukon Gold Co.—Tin
The shareholders voted Dec. 9 to increase: (a)
the 50,000 shares of stock
value each to 250,000 shares of no par value, of which each
will receive two new shares, ho par value, for each share
held; (6) to authorize the issuance of 50,000 shares ratably at
an early date to the then shareholders on favorable terms, to provide for the
cost of new extensions recently made and new machinery recently purchased,
and also to provide- additional working capital.
The remaining 100,000
common shares will only be issued when it may become necessary or advis¬
able in the company's interests.
The shareholders also approved the
moving of the head office from Montreal to Three Rivers, Que.—Y. Ill, p.
par
present shareholder
of $100 par
1861.
•
■;
White Eagle Oil &
quarter ending—
Earnings before taxes,
—V. Ill, p. 1090.
Oil
Refining Co.—Earnings-
deprec'n and depletion..
Account for
Harris Forbes & Co., discussing the application of the Water Power
to the fact
call attention
Sept.30'20.
$6,793,815
Net earnings
.$1,355,069
Total misc. income (net)102,997
--
been filed with the new
all the
June30'20.
$4,082,523
$1,220,721
51,685
donths.
projects acted upon in all their history by the three Government
"Development
unavailable
opening
his
up
Mar.31'20.
QMonths.
$2,182,628 $13,058,966
$90,840 $2,666,631
20,727
175,409
$1,272,406
$111,567
$2,842,040
86,367
43,905
281,603
profit (inv. at cost) $1,306,735
$1,186,039
$67,662
$2,560,437
net
-
Net
Add—Excess of market value over cost
storage on
of inventories of oil in
tremendous scale of hydro-electric powers heretofore
practicable through
Important and
most
the
—
$3,521,168
eliminated.
The company's subsidiary, the Crown Oil Co., with refineries at Pasa¬
dena Cal., and in Texas, has contracted to delivery during the year 1921
approximately 8,100,000 gallons of lubricating oil to the Standard Oil Co.
of Indiana.
About 99% of the stock of the Crown Oil Co. is owned by the
White Oil Corporation.—V. Ill, p. 1759.
Inter-company sales not
attractive field,"
very
Power" just issued by the firm for distribution to
Statement Dated Dec. 15 1920.
Notwithstanding that the Preferred dividend has been earned for the full
year by a very wide margin, the directors consider it to the ultimate ad¬
vantage of the company to conserve cash resources until normal conditions
again prevail In the industrial and financial world.
Act,
thus
says
a
booklet "Water
investors.
In an analysis
potential maximum
horse-power availably less than one-sixth, or 9,823,420, have been
actually developed to date.
booklet describes
The
the methods of utilizing water power In hydro¬
development and
opportunities for the conservation of the
the
made possible through it, especially in the
country's natural resources,
saving of coal and labor.
The point is made that the utilization of the
approximately 50,000,000 available and undeveloped water horse-power in
this
per
would be equivalent to saving about 275,000,000 tons of coai
country
annum—half our present consumption—and would release a whole
of
army
men
and one-third of the freight cars now used In transporting
that amount of
coal,
"■/<
—Lane, Piper & Jaffray, Inc., of
that
beginning
Dec.
Minneapolis and St. Paul, announce
investment securities
15 it will conduct a general
associated with the company: Glenn
&
following
men
will be
W.#Traer Jr., formerly of A. B. Leach
White, Grubbs & Co., and
Co.; Norman Nelson, formerly member of
—Miller &
formerly of A. B. Leach & Co.
issued
an
Interesting list
comparative statistical data.
of investment suggestions
They say:
liquidation of the security market,
prices,
120 Broadway,
Co., members New York Stock Exchange,
together with
"We believe that the thorough
accompanied by drastic declines in
continue for
offers an opportunity to investors that should not
long."
—Charles Wesley, formerly Vice-President of
Inc., has severed his connections
Hollister, White & Co.;
with that firm and will continue In the
general investment business at the same address, 92 Cedar St., N. Y.,
Inc.
Mr. Wesley will retain
the entire former
—The
organization.
Columbia Trust Co.
has been appointed transfer agent by the
Associated Bankers Corp. of an issue of 50,000 shares of
and
a
like amount of Common, and also has been
Preferred stock
appointed trustee by the
Trepok Realty Co., Inc., of an issue of $600,000 Adjustment
Mortgage
6% gold bonds.
,
—William
N.
1
Wyant and Wiley W.
Glass announce that they have
(Dec. 15) formed a co-partnership to deal in investment
Willys-Overland Co.—Preferred Dividend Omitted—Status.
omitted the declaration of the
regular quarterly dividend of 1%% on the $14,044,800 7%
cum. Preferred stock, owing to the uncertainties in connec¬
tion with the automobile trade.
—The directors on Dec. 15
Official
of the
passage
under the name of Charles Wesley & Co.,
960,731
Sept. 30 1920.
Total
a
on a
made
is
to investors wider opportunities for the investment of funds In
of available resources it is shown that of the 59,360,000
have
.$1,458,067
&c_
151,332
Total
applications for pemits for water power,
that
Federal Power Commission, an amount greater than
Departments involved.
very
Int. charge, discount,
—
Act,
projects involving from 2,000,000 to 3,000,000 horse-power have already
Announcement is made at the same time that the
Oct. 31 1920. July 311920.
$632,000
$555,977
Quarters and Nine
Quarters ending—
Sales.a
NOTICES
CURRENT
—HARRIS,FORBES & CO. ON WATER POWER DEVELOPMENT
business, in addition to that of commercial paper and bankers' acceptances.
Corp.—Earnings—Important Contract.—
Income
a special report in which he states
purchased tin properties in the Malay States, and
properties in the new Mayo district, Yukon Territory, Can.
On the Malay tin project, the company has expended to Nov. 1 approxi¬
mately $1,200,000.
On the Mayo silver-lead claims, approximately $150,000.
Further expenditures on the Malay tin project between now and
June 30 will amount to approximately $700,000, and further expenditures
on the Mayo silver-lead and other projects between Nov. 1 and Aug. 1 will
approximate $800,000, all of which will be met by the present resources of
Yukon Gold Co. and the Yukon-Alaska Trust combined.—Y.llO.p. 1543
George F. Piper,
White
Properties, &c.—
President William Loeb Jr. has issued
that the company has
also silver-lead
electric
Wayagamack Pulp & Paper Co., Ltd.—Recapitalization.
Decrease.
1,413,176
4,355,468
the company's
water
Co.—Capital Increased.—
It is reported that a company with this name has filed a certificate
New Jersey to increase its capital from $7,000,000 to $30,000,000.
/
1920—11 Mos.—1919.
2,942,292
Albert J.
.
Washington Gas Light Co.—Note Application.—
The company has applied to the Wash. (D. O.) P. U. Commission for
132,591
Young, Smyth, Field & Co., Phila.—Plan Approved.—
A dividend of $1 per share has been declared on the stock, payable Jan. 15
Three quarterly dividends of $1.50 per share
of $100
p.
America, Inc.—Dividend Decreased.
Vanadium Corp. of
Decrease.1
327,970
2050, 1669.
It is stated that
on
to holders of record Dec. 31.
Wateree Electric
Copper Mining Co.—Production {in Pounds).
1920—Nov .-1-1919.
firm
name
—S.
of .Wyant & Co.,
P. Julien Ravenel, In charge of the
Bond Department of Samuel
Goldschmidt, has just returned after being absent for
which time he was identified with the
—"The
securities under the
with offices at 108 So. La Salle St., Chicago.
History and Business, Capitalization,
Record of Mac Andrews & Forbes
several years, during
Federal Reserve Bank.
Earnings and Dividend
Co." is described in a
circular issued by
Stone, Prosser & Doty, 52 William Street, New York.
—West & Co., members New York and Philadelphia Stock Exchanges
have
prepared a special analytical circular on
Pennsylvania RR. Co#
2434
THE
CHRONICLE
textile
(fivpimzvcwl
ginues.
glue
Veto York, Friday Night,
the country.
is
quiet for
the
Retail trade is better
of the Christmas
too
high and the people are economizing.
factories
early in January.
Christmas
time,
Prices
was a year ago.
closing down,
already
are
it
are
Many mills and
not
to
until
reopen
It is customary to take holidays around
but this year the holidays are unusually
long.
That is one of the significant signs of the times.
Wage reductions continue in various branches of business.
They
most noticeable in the textile business, but they
spread to other branches, and it is understood that
are
have
they will shortly reach the iron and steel
of
favorable
the
in
factors
the
situation
industry.
is
that
One
of
costs
production have been
reduced throughout the country.
It
takes less capital to do business than it did a year ago, or
six months ago.
In fact, within two months capital
requirements have been notably reduced.
It costs less for
even
labor and
fibres,
The great
materials, like cotton, wool,
raw
well
as
decline in prices, of
tary situation.
Probably it
undoubtedly
was
other
a
strain
continue to increase.
has eased the
course,
came
too soon,
none
mone¬
for there
the credit resources of
on
nation like the United States.
even
a
It is significant that failures
During the last week they have been
past.
There has been a complete re¬
the largest for years
versal of conditions in this respect.
ing the
silk and
pig iron and fuel, both soft coal and coke.
as
and after failures
For
a
long period dur¬
far below those of pre¬
But for the past week they have reached the
war
vious years.
ran
unpleasantly suggestive total of 414, against 837 last week,
125 for this week last year, 139 in 1918, 200 in 1917, and
285 in 1916.
Textile trades in New England contemplate a
cut in wages
of 22%%, and it is believed that in
this reduction has
unions
trade
a
in
some cases
There is talk among
section
of the country of contesting
textile councils in New Hampshire
that
and
cut,
wage
already been made.
two
have
already given notice that if it is made they will strike.
But the time is not propitious for strikes, for trade is dull
and
unemployment
is
spreading
throughout
country.
Manufactures throughout the country are dull.
are
noticably quiet.
Collections
Iron and
slower.
are
And
further decline in the stock
welcome,
at
time
one
market certainly has been
if it has not been of the violent sort that
even
so
conspicuous
a
feature.
The commercial
munity is gratified to notice, however, that
in
financial
the
for
rates
world
dropped to 6%.
the main
of
At
money.
as
has
been
passed
with
time,
one
a
indeed,
call
com¬
no
rise
loan
in
rates
Merchants regard the money situation in
more
favorable, despite the fact that
a
default
$25,000,000 to $30,000,000 in the final payment of
some
income taxes is said to have taken place here.
The trades
which were hardest
hit, according to these figures, were the
silk, textile, garment, grocery and automobile lines.
There
is talk in
Congress of granting 60 days'
in the matter of
grace to
delinquents
wool.
raw
Talk of
an
turned out to be somewhat larger than
The
condition of winter wrheat just planted
average
has
for 10
years
doing
increase in tariff rates and equali¬
zation of exchange rates have had some effect.
crop
The cost of
past.
some
The wheat
was
recently.
expected.
for
the
week
not
are
was
an¬
time
since
it
Rock, Ark., have
At Chicago representatives
in the
steel, packing and other
plants, have voted to accept wage reductions of 15% for
skilled and 10% for unskilled labor.
The American Sugar
Co.
will
reduce
of
wages
bread
10%.
labor
common
bakers
reduced
Boston
and Chicago newspapers and one
one
and
two
cents
a
New
York
loaf.
Some
New York maga¬
zine have cut prices.
Four Ohio Valley plants of the Wheel¬
ing Steel Corporation have cut wages from 46c. to 38c. per
all
for
hour
laborers.
One
of
the
largest manufacturing
wholesale clothing establishments in Toronto has
and
sus¬
pended, it is stated, owing to the recent big decline in wool
woolen
goods.
Three Bridgeport plants, employing
5,500 workers, have closed until after Jan. 1, viz.: The Rem¬
and
ington Arms-Union Metallic Cartridge Co., the
machine
sewing
manufacturers
(until
Jan.
Singer Co.,
15)
and
the
Bassick
Co., metal workers.
Los Angeles dispatch states that
A
one of the largest
manufacturing establishments in the city, making trousers,
overalls and wholesale furnishings, was ousted from the
Merchants & Manufacturers Association Dec. 16 for violat¬
ing the avowed open-shop policy of the city.
York
open-shop clothing fight both
and
large
so
a
In the New
sides claim
contracting firm in Philadelphia advertised
25 men,
gains.
A
Dec. 16 for
on
crowd responded that police had to
be summoned to maintain order.
Applicants for work
were
asked to call at 7:30 a.m., but they began to gather at 4 a.m.
Prices of fresh eggs,
owing to unusually
this time of the year,
warm
dropped 5 to 8 cents
a
weather for
dozen in New
Dec. 16, representing a decrease of about
York
on
from
prices quoted
a
week
15 cents
Refined sugar is down to
ago.
7.90c.; hogs at Buffalo, to $9 75, the lowest since November,
1916.
Soft coal fell in Pittsburgh on Dec. 16 from $8 to $5 50
per
Twenty-five hundred employees of the American
ton.
Sugar Refining Co.
of
House
in Brooklyn have been laid off.
passed the Immigration
The
Bill,
Representatives
ban of one year on the entrance of foreign¬
which places a
Unemployment is increasing in Oklahoma, according
to the State Commissioner of Labor, and it affects practi¬
industries there.
all
cally
nounced
A
from
dispatch
in Chicago
is increasing.
much
under
10,000.000 bushels, and the total thus far is 75,000,000 bush¬
els larger than up to this time last year.
It is gratifying to
in
Co.
an¬
prices of its products.
Okla., announces that
Okla., has been closed.
Muskogee,
First National Bank of Morris,
torium of 60 to 90 days,
Boiler
Kewanee
The
of from 10 to 20%
cuts
Farmers there wanted
but it was refused.
a
the
Six
mora¬
Unemployment
During November there were 159
registered applicants for every 100 places open.
A leading
thread mill at Warwick, R. I., has announced its first wage
cut
in
Steam
The Naumkeag
Co., of Salem, Mass., has posted a notice of
And the Arizona Cop¬
reductions in all departments.
wage
per
amounting to 32%%.
forty years,
Cotton
Co. has made
cut of $1 a day in the wages of the
a
higher-priced miners, and it, is understood other copper com¬
panies will make similar reductions in existing wage scales.
At the auction sale of woolen goods here prices were 601
to 75% lower than the last sales in January.
In St. Louis
applied for every 45 positions, whereas a year
25 applicants for every 300 places.
At Providence, R. I., the
Jenckes Spinning Co., said to be the) largest producer of
tire fabrics in the world, has suspended work in most de¬
ago
there
is
Here
a
were
only
complete somersault.
mony
Eggs are 15 cents per dozen cheaper
Refined sugar is down below 8 cents.
And
exports
workers
partments until Jan. 3.
Cotton is lower.
There is a
big export business in wheat, and cash wheat has been at a
high premium over futures, owing to a keen demand from
The
from 6 to 10%.
negro
kinds of foods
coffee is gradually declining.
Europe.
300,000
Five mills in Little
is close to the
been declining.
than
of
300 persons
income tax payments.
On the other hand, there was rather more business
in
founded in 1837.
reduced wages
closed in that State of late.
un¬
was
eventful week
an
and New York,
ers.
the
When men wait for a job from 4 o'clock in the morning, as
they have been doing latterly in Philadelphia, it means that
the worker is seeking the job nowadays.
>
steel
New England
The United Textile Workers of America
ting goods plant at Plainville, for the first
was
over
as certain that it is
as
any means as
all
usual at the approach
as
holidays, but it is quite
not
large by
part
in
13.
declare labor will resist the threatened wage reduction.
A
textile company at New Britain, Conn., will close its knit¬
Dec. 17 1920.
most
workers
nounced Dec.
~OMMERC™LEPYTOME
Wholesale business
[VOL. 111.
from
It is grim testi¬
different shape
nothing of two years
And so it goes.
to the fact that business is in very
what it was
a
to say
year ago,
ago.
In Brazil
financial
the Department of
situation
Commerce reports state the
with serious failures
is growing worse,
occurring at Sao Paulo and Pernambuco and
minor failures
serious failures feared at Rio de Janeiro.
Madrid cables that German manufacturers are sending to
occurring
Spain
and
such
woolen goods at vastly
Spanish factories that
likely to be adopted for home protection.
large
of
quantities
notice, too, that sterling exchange is the highest for three
months past.
Taking the country as a whole, business is
quiet, but with declining costs of production American
cheaper prices than those charged by
trade is
Continent, 18c.; South American, 18Mc.; Brazil in kegs,
19Ha.
Futures declined in response to a fall in hog prices,
dulness of the cash trade, depression in Wall Street and
drawing nearer to a normal basis.
A sharp fall in
prices would give this movement notable impetus.
retail
Bread in New York City will be reduced
loaf and 2 cents
on
a cent per 14-oz.
prices being respec¬
The National Biscuit Co. has re¬
the 20-oz.
tively 10 and 15 cents.
duced
prices
on
its
loaf,
new
in
some
products
cases
20%.
The
Loose-Wiles Biscuit Co. has reduced prices from 2 to 5 cents
A big hardware company in Southington, Conn.,
has laid off a number of hands, owing to business conditions.
a
pound.
The
help.
Noiseless
Typewriter Co.
has discharged 25%
of
its
To-morrow woolen mills of the Niantic, Conn., Manu¬
facturing Co. at Flanders, and the Bathgate Mill at Water-
ford, Conn., will close for an indefinite period.
Shoe fac¬
tory workers at Marlsboro,
wage
reduction of 10%.
Mass., have voted a voluntary
Two cotton mills in St. John, N.B.,
have announced that they will start on a
stead
of 5%
duction
of
days because
about
22%%,
four-day week in¬
of lessened trade.
A wage re¬
affecting approximately 100,000
measures
are
LARD lower;
prime Western, 14.05@14.15e.; refined to
the
throughout the country and finally liquidation.
On the
declines
packers, however, have been buying.^To-day
prices advanced but they end lower for the week.
DAILY
CLOSING
PRICES
Sat.
January delivery—cts_13.92
May delivery
13.97
OF
LARD
Mem.
13.77
13.60
FUTURES
Tues.
13.65
13.70
Wed.
13 §0
13.37
IN
CHICAGO.
Thurs.
13-17
13.45
Fri.
13 42
13-65
PORK quiet and lower; mess $29@$30; family $40@$45.
short clear $33@$38.
January closed at $22 80, a rise of
30c. for the week.
Beef quiet;
mess $10@$20;
packet
$21 @$23;
family $27@$28; extra India mess
No. 1 canned roast beef $3 25; No. 2 $8 25.
$46@$48;
Cut meats
dull and lower; pickled hams 10 to 20 lbs. 17@18^0.;
pickled bellies 10 to 12 lbs. 24@25e.
Butter, creamery
extras
55@55%c.
Cheese,
gathered extras 76c.
flats
20@28e.
Eggs,
fresh
Dec.
THE
181920.]
CHRONICLE
COFFEE oil the spot declined; No. 7 Rio 6^@6%c.;
.No. 4 Santos 9H@10c.; fair to good Cueuta 11]4@11%g.
Futures declined here with falling cost and freight prices at
Rio and in sympathy with declines at times in stocks and
cotton.
Liquidation was occasionally somewhat peremp¬
tory.
The buying was mostly by the shorts and trade in¬
terests.
Rio has a stock of 535,000 bags against 454,000 a
year ago, and Santos 2,996,000 against 4,674,000 at this time
in 1919.
The quantity in sight for the United States is
1,598,414 against 1,386,043 last year.
There is evidently
no lack of coffee.
And the demand is sluggish.
There is
some quiet
speculative buying on declines, however.
To-day
prices advanced but they end lower than a week ago.
A
Coffee Exchange membership was sold at $5,250, a decline
of $250.
Closing prices were as follows:
December.. 6 2206 25|M*y
7.1907.201July
7.5107.52
March.
..
..
I
6.82(5 6.851
September...7.7407.75
SUGAR
lower; centrifugal 96 degrees test, Cuban and
Porto Rican 4.63c.
Refined declined; granulated 7.90c. to
8.50c.
Futures have declined in eompany with spot raw
and refined.
Some 250,000 tons remain in Cuba and must
come on the market some time.
It overshadows the situa¬
only
that
grinding may be slow to start this year partly owing to
recent heavy rains, partial dismantlement of some of the
centrals, low prices, &c.
The crop is generally estimated
at around 3,500,000 tons.
Mills of the South Porto Rico
Sugar Co., according to advices from San Juan have com¬
menced the 1921 grinding season, being the first on the Island
of Porto Rico to begin work.
Despatches from Washington
state that the Ways and Means Committee of the Housd
has appointed Jan. 18 and 19 1921 as dates scheduled to hold
hearings in regard to the sugar schedule.
Lamborn & Co.
have advices from London stating that consumption in
tion.
It is true that Cuban advices say that there are
6 Cuban Centrals grinding against 32 a year ago and
November was 91,000 tons compared
during October.
The International
Institute at Rome, Italy, says that the sugar beet crops
of Prussia, Belgium, Spain, Finland, Italy, Netherlands,
Sweden, Switzerland, Canada and the United States have
Great Britain during
with
80,000
tons
is 36% more
Fabricants de
Sucre 58 factories are now working in France, whereas 34
were in operation in 1919.
Production in refined to October
31 was 61,683 tons compared with 20,583 in 1919.
The
estimated production in refined value is 244,260 tons.
Production in Germany during Sept. totaled 308,122 tons
with consumption of 66,505 tons.
Stocks at the end of
Sept. were 22,262 tons.
Licht's latest estimates of the
European beet crops point to a yield of 3,770,000 tons, i. e.
in Germany 1,200,000 otns,
Czecho Slovakia 725,000,
France 300,000 tons.
Russia and Ukraine are estimated
at 50,000 tons.
Today prices declined slightly and end a
amounted in 1920 to 22,200,000 tons, which
than in 1919.
According to the Journal des
Beet root is 7.90c. for
shade lower for the week.
Eastern
territory and 7.80c. for Chicago and the West.
December.. 4 20">4 30IFebruary ...4.2804.3O|M»y
January_..._4.1904.29lMarcb..
4.3904.40! July
...4.5404.55
4.6704.70
Inquiries of late have been more
numerous, but there has been very little actual buying.
On
the other hand, offerings have been heavier.
DecemberJanuary carloads 84@86c.; less than carloads 86@87e.; five
barrels or less 93@95c.
Ceylon, barrels 13 @13 He.; Cochin
llH@12c.
Olive $2 75@$2 90.
Cod, domestic, 75@76c.
Newfoundland 80 @82c.
Spirits of turpentine, 78c.
Com¬
mon to good strained rosin $8 75.
OILS.—Linseed quiet.
.
PETROLEUM steady; refined in
barrels 24.50 @25.50c.;
bulk 13.50@ 14.50c.; cases 26.50@27.50c.
Gasoline steady;
steel barrels 33c.; wood barrels 41c.; gas machine 50c.
The
"Oil City Derrick" report says last week's field reports were
fairly favorable, although there were no startling develop¬
ments.
Reports from Kansas state that activities in the
Mid-Continent have decreased noticeably, and it is expected
December operations will show a marked decrease from
preceding months.
Supplies are plentiful, and producers
show no anxiety to resume operations for the present.
North Texas produced a few new wells of gusher size.
Oklahoma brought in several at about 1,000 barrels each.
Extensions and new pools were reported from Texas, Okla¬
homa, North Louisiana and Wyoming.
North Louisiana
reported a producer in the Woodbine sand, Pine Island dis¬
trict, at a depth of 2,875 feet, flowing at 1,000 barrels.
that
the
O a bell
Somerset,
and
32
*3 83
$6 10 Indiana
4 25 Princeton..
4 46 Illinois
Pennsylvania.
Corning
Plymouth
deg.
above.....
4 50 Kansas
Sc
2 60
Wooater
4 05 Oorsiqana. light
3 73 Corslcana, heavy3 63 Electra.
South
Lima
aji.J,,**
RUBBER
w
qiiiet
$3 00
3 25
2 76
......
Henrietta
Okla¬
homa
Ragland
North Lima
Strawn
3 77 Thrall
3 77 Healdton
3 48 Moran
3 00
3 50 Caddo. La., light.
3 00 Caddo, crude
1 75
De
3 00
Soto
3 25
2 50
3 40
3 50
and lower; smoked ribbed sheets 16
17c.; first latex crepe 17He. brown crepe, thin, clean, 15c.
Para, up-river, 19 Me.
Banks are not eager to make loans
for the present, and this fact caused much anxiety among
holders, whose obligations are nearing maturity.
OCEAN FREIGHTS have
remained quiet.
Grain rates
reported steady; coal rates weak. Most of the business
coal and lumber, with the demand for coal
rapidly dwindling. Large quantities of American coal are,
it is said, freely offered to French buyers at $14 per ton
cost and freight.
Coal carriers at Southern ports can be
had, it is intimated, at low rates.
Export coal business is - in
a chaotic state, partly from British competition, following
are
.s
in grain, flour,
2435
the
settlement of the troubles in the Welsh region.
Big
cancellations have hit American coal trade hard.
There
was at one time too much
speculation.
.Charters included coal from Atlantic range to Antwerp
or
Rotterdam, $5;
if French Atlantic port, $5 50
December; 25,000 quarters grain from Atlan¬
Kingdom, Antwerp or Rotterdam, 8s. 6d. Jan. 15-31;
steamers 64,000 quarters grain from a Gulf port to Mediterranean, not
of west Italy, lis. 6d. Dec. and Jan. loadings.
tic range to United
two
east
TOBACCO
has
remained
generally
dull.
in
Buyers
these times of flux and declining prices for most commodities
hold aloof or buy only when they have to and then in small
quantities.
They believe prices must eventually give way,
they have much of late or note.
In general prices
are called more or less weak or nominal.
Supplies however, of
whether
the
more
desirable kinds
are
declared to be rather small here.
Some too, think trade will brighten after the turn of the year.
Meanwhile supplies elsewhere are evidently burdensome.
Offerings in Kentucky recently were not freely taken; some
55% had to be withdrawn even with the average price at
Owpnsboro, Ky., 7 23 per pound
There are loud com¬
plaints there over the fact that prices are the lowest in five
In fact a despatch from Ownesboro, of Dec. 12 said:
years.
"The
Green River Tobacco
Growers'
Association
was
or¬
meeting of about 1,200 farmers of
the Green River Tobacco district which includes Daviess,
McLean, Hancock, Breekenridge and Ohio Counties, Ky.
The Association will endeavor to pool the tobacco crop, and
work for higher prices.
Under the proposed marketing
plan the pooled tobacco would be offered for sale at a certain
price.
If not bought at this price, it would be stored until
ganized here Saturday at
there
was
a
better
a
market.
Local
interests have offered
financial aid to the growers
in the move, according to or¬
ganizers of the Association. Meantime managers of the
warehouses announced that they will continue to receive
and sell tobacco."
/
COPPER
quiet and slightly lower; electrolytic 13H@14o.
Sentiment is mixed and there is very little interest manifested
by the trade, which is due largely to the recent break in
London.
Large sellers contend, however, that conditions
are sound and emphatically deny having done any business
below 14c.
They believe that with a stronger tendency in
the British market the domestic demand
will increase.
Tin
early in the week declined to 32 He. on the continued weak¬
ness of prices in London.
But later it was announced that
the Malay Government had fixed the minimum price of
Singapore tin at £243, and this lifted the price at New York
to 33H@34c.
Lead, like other metals, declined in sym¬
Spot New York was quoted at 4%@
pathy with London.
5c.
Zinc declined with other metals on the break in London.
Trade is very
Spot St. Louis was quoted at 5.65o.
quiet.
PIG IRON has remained dull and more or less depressed;
The output in England of iron
Some American furnaces have
as
well as steel is falling.
reduced prices, it is said,
nearly to the level of re-sale quotations.
Some, it is inti¬
mated, have named quotations close to production costs.
Production of both iron and steel is falling.
New business
is exceedingly small.
In the Mahoning Valley production
said to be on the basis of only about 50% of capacity.
is
Production is steadily falling,
is said that French steel is selling
and German in the case at least of
billets.
It is declared that French billets have sold at
£12 10s., whereas British cost of production is at least £18.
Wages, it^seems, are to be cut in the Youngstown, Ohio,
district, possibly 20%.
Cutting prices in the Birmingham
district elicits no response from buyers.
Prices are weak
but nobody seems to want to buy.
Of course dulness is apt
to exist at this time of the year.
It is said, too, that while
independent corporations have reduced output a big concern
has increased its working capacity to 90%.
But this is ex¬
ceptional.
In average prices it is stated there has been a
fall this week from $54 24 to $53 57.
New business and
STEEL is duller than
ever.
here and in England.
It
below the price of British
are very small.
WOOL has sold rather more
specifications
freely in this country at lower
Last week nearly 4,000,000 lbs., it is asserted, were
sold at Boston.
The next U. S. Government wool auction
will be on Dec. 30, with offerings of 3,400,000 lbs., including
3,000,000 similar to the low wools offered recently and 400,00Q lbs. of three-eighths and high quarter-blood grades, the
latter including chiefly second clips and fleece South Amer¬
ican combings and carding wools, which will be used more or
less as a test of the market for these better grades.
Include^
in the sale will be 330,000 lbs. of pulled, 50,000 lbs. of gray
and black domestic, 1,309,000 lbs. of South American comb¬
ing, 1,065,000 lbs. of South American carding and 646,000
lbs. of scoured wools.
Samples of these wools will be
prices.
sl},own at the army base on Dec. 27.
Cables from South
America on Dec. 13 reported superior second clip wools 1H
cents per lb. higher.
At London Dec. 13 the auctions of the
Government's Colonial wool were resumed, with offerings
down to 7,400 bales.
But only 1,500 bales were sold.
The
best Sydney greasv merino realized 28d.; Queensland 27Hd.;
West Australi a 23 Hd J and Tasmania 29d.
Victorian greasy
comeback was 2Id.; crossbred 20d.
New Zealand greasy
crossbred ranged from 15 to 19 Hd.
In London on Dec. 14 offerings were of 8,600 bales and
•
barely 2,500 bales were sold.
But competition was more
Prices did not improve, but a rather larger percent¬
active.
of the offerings was sold than heretofore.
Greasy comb¬
ing merinos sold the most readily.
The best Sydney realized
23Hd.
Queensland 21d. and Tasmanian 28 Hd. Victorian,
age
Zealand
New
and
Australian
West
mainly
were
[Vol. 111.
CHRONICLE
THE
2436
good quality this week. But at London the sales
will be concluded to-day.
River Plate cables report that
market firm at advances early in the week.
It is intimated
that rather large orders for quarter and three-eights combing
wools for one of the larger worsted mills outside New England
to be of
having been cabled to Buenos Ayres during the past week
in addition to fair quantities of spot wools.
At London the wool sale on the 15th inst. 8,000 bales
offered met with little demand, about 75% of the quantity
the week ending this evening reach a total1
The exports for
greasy
crossbred, for which there was no demand, except for the
best New Zealand at a range of 14 ^d. to24M<L Boston wired
that advices from the auction in Melbourne, Australia,
indicated a declining tendency on the 13th inst. and buyers
showed less interest.
The offerings at Geelong are reported
121,935 bales, of which 40,166 were to Great Britain,
to France and 81,769 to other destinations.
Below
of
week and since Aug. 1 1920:
the exports for the
are
Week ending Dec. 17
From Aug. 1 1920 to Dec. 17 1920.
1920.
Exported to-
Exported to—
Exports
Great
Great
from—
Other.
Houston
76,968
3,300
22,807
Total.
54,161
Britain. France.
Galveston- _
Texas City.
3,300
454,969
8,980
2,709
44,111
127,259
..
Other.
195,243
Total.
528,180 1,178,392
6,373
18,062
62,023
233,393
650
Arthur
Port
France.
Britain.
650
San Antonio
"¥,244
El Paso...-
177
<
PortNogalez
Jacksonville
have been well maintained on the
best wools.
Cables from
the sale in Brisbane indicate lower prices or about 10% under
800
11,682
84*482
196,909
give
The selection was a very indifferent
of the French combing type are
understood to have cost about 65c. to 67c., clean-landed basis.
950
341,784
3,925
6,957
Mobile
The best Sydney greasy. merino sold at
34d., Queensland at 24d., West Australian at 21 lAd., Vic¬
torian and New Zealand, chiefly greasy crossbred, only a
few lots sold, the best at 20 lAd. and 20d., respectively.
Tasmanian greasy comeback sold at 37 Ad.
It is reported
that no sales have been scheduled in Australia next month
apart from the sales in Tasmania, which are usually of wools
very suitable to the United States.
At London on Dec. 16
9,892 bales were offered.
The trading was quiet and with¬
out feature.
There were frequent withdrawals of crossbreds.
Cables from Geelong on Dec. 16 showed easier prices; the
best combing dropped 5 to 10%, with Americans the largest
buyers, the selection being good.
At the Brisbane sale
prices also fell on that day, with heavy withdrawals. Later
cables from the auction at Geelong state that prices there
177
950
195,983
39",880
105",921
15~855 33",214
"17",359
New Orleans
8,244
New York.
being withdrawn.
Sydney prices.
last
701
a
7,427
Brunswick
Charleston
701
35*206
77,221
__
7,427
"2", 800
27",661
1,378
6,126
1,378
400
New York..
400
•"V,065
2,272
37,736
119
349
Boston
Baltimore..
37,700
10,075
28,119
4,000
4,000
Norfolk
5,399
37,700
2,599
.
Wilmington.
1,246
Los
559
10,647
2,697
2,697
Angeles
Francis
100
100
"lb",647
Seattle
1,100
1,100
5,877
5,877
Tacoma
1,475
1,475
4,600
4,600
Total
1919. 124.550
33,205
Total
1918.
24,104
#
831,789
329,504
993,305 2,154,598
79,310 237,065 1,323,543
938,296
48,811 116,301
255,890
933.033 2.511,466
536.055 P742,654
81,769 121,935
40,166
_
Total
43,386
218.303
In addition to above exports, our telegrams to-night also
us the following amounts of cotton on shipboard, not
cleared, at the ports named.
We add similar figurea for
'
On
Shipboard, Not Cleared for—
!
Ger¬
Other
Coast¬
Britain. France.
many.
Cont't.
wise.
Great
Leaving
Total.
Stock.
253,838
71
92,168
66,152
19.200
"Y.000
Dec. 17 at—
1,000
COTTON
Galveston
Friday Night, Dec. 17 1920.
THE MOVEMENT OF THE CROP, as
indicated by
New
our
For the
telegrams from the South to-night, is given below.
this evening the total receipts have reached
189,642 bales, against 210,301 bales last week and 231,762
bales the previous week, making the total receipts since
Aug.201920 3,110,707 bales, against 3,392,954 bales for the
same period of 1919, showing a decrease since Aug. 20 1920
of 282,047 bales.
week ending
44,230
16,444
8,000
Orleans.^
Savannah
Tues.
Wed.
16,350
25,043
11,915
Total.
Fri.
s.
11,874
1,226
84.547
"8,317
7,218
11,778
935
588
7,218
63,747
4,826
78
7,316
Galveston
78
"1,206 "2,008
1,433
10,058
12,049
City
1,226
Houston
Port Arthur, &c.
New Orleans
"9,245
9,896
12,368
960
353
684
"MOO "l~,218
Mobile
2,793
150
150
457
285
380
251
147
922
288
209
560
627
1,486
1,929
738
1,393
2,304
2,680
8,482
12,143
1,306
"6", 721
Mobile
Norfolk
New
Jacksonville
Savannah
Brunswick
Charleston
147
Wilmington
711
Norfolk
1,653
1,283
■
1,535
York
New
'""152
Boston
"""575
6
425
50
Baltimore
""""69
21,964
441
61
380
Totals this week.
32,005
28,343
43,552
25,459
38,319 189,642
total
The following shows the week's total receipts, the
since Aug.
last year:
47
1,535
1,277
1,026
1,026
Philadelphia
#
47
:
N'port News, &c-
with
1 1920 and the stocks to-night, compared
18,486
14,708
8,000
19,036
25,593
1,200
Total
Total
*
11.830
a2,884
500
500
82.595
.
20,677
20,240
1919.- 163,864
77.924
1918..
Estimated,
a
2,000
200
3,000
1920.
800
2,000
200
Other ports
Total
"2",223
3,500
4,000
York
42.146
43,694 51,513
9,616 131,047
33.325
in
cotton
at times has been
68,035
22,051
62,211
5.071 203,550 1.202.523
6.503 331,270 1,237,601
16,900 170,295 1,221,588
future
for
higher, with
a
delivery
has
been
of
It is true that Liverpool
better demand.
been calling for the lower grades there,
creased.
4,500
1,700
7,000
402,738
138,832
245,030
9.788
2,484 for Japan.
moderate volume at lower prices.
The Continent has bought
India has
and sales have in¬
futures there.
Private
dispatches have said that the tone in Liverpool was better,
that the
Pensacola
6,916
9,336
2,000
Charleston
Speculation
Thu
Man.
Sat.
Receipts at—
Texas
5,678
4,024
559
Philadelphia
San
41,310
3,287
2,429
better wools
The
one.
Savannah
offerings
ing" cotton to
ter
were
some
small, and that the trade was "call¬
reported yarns quiet
was
something
print cloths
new.
was
On the 16th instant Manches¬
extent.
but
The word "steady"
steady.
At the same time a better demand for
reported here.
Spot markets in the Caro-
latterly been
Mill stocks
of raw cotton in some parts of the country have become re¬
duced after a prolonged period of inactivity in the actual
staple.
At times, too, the price at Alexandria, Egypt, has
advanced quite sharply on the January delivery.
Liverpool
and Japanese interests have bought here, especially the lat¬
Georgia,
linas,
firmer.
The
ter at times
Texas
and
Oklahoma
have
basis, it was said, was hardening.
on
a
noticable scale.
So have trade interests.
They have been buying January in some cases and transStock.
1919.
1920.
Dec.
This
17.
Since Aug
Week.
Galveston
Texas City
Houston
Port Arthur, &c-„
New Orleans
Mobile
1 1920.
84,547 1,533,242
13,509
1,226
233,393
7,218
14,940
63,747
678,751
4,826
42,923
This
Week.
Since Aug
1 1919.
74,489 1,112,109
152,474
20,099
23,319
""73
45,846
3,648
Pensacola
78
"l",0i3
"696
10,058
336,067
8,624
37,874
46,834
118,737
55,220
2,000
8,241
3,975
11,552
969
79
Jacksonville
Savannah
150
Brunswick
Charleston
2,304
2,680
8,482
Wilmington
Norfolk
47
N'port News, &c_
New York
1,535
1,277
1,026
Boston
Baltimore-
-
441
Philadelphia
19,463
514,717
164,918
11,170
7,961
754,672
92,800
167,911
88,342
193.114
1,556
11,765
time
1920.
1919.
346,006
2,575
322,961
90,038
468",890
465*303
19,982
21,618
"
"2". 137
7*092
158,032
2,249
40,711
72,535
355,905
19,500
64,212
45,883
95,429
246.030
6,434
291
23,751
62", 129
16.070
18,138
3,389
245
9,820
12,016
1,070
56,142
10,701
3,369
3,877
5,133
11,427
837
6.154
189,642 3,110,907 228,361 13,392.954 1,406,073 1,568,871
Totals
In order that comparison may
we
be made with other years,
give below the totals at leading ports for six seasons:
Receipts at—
1920.
1919.
1917.
1918.
Galveston
84,547
74,489
TexasCity,&c.
8,444
63.747
20,172
51,857
5,067
49,001
7,962
34,255
30.221
"6", 889
5.761
595
10.222
2.680
Norfolk
8,482
11,552
3,351
10.435
47
79
78
Brunswick
Charleston
N'port N., &c.
60,237
12,600
31,090
3,707
13,758
487
44,310
902
1,766
1,000
3.500
2,741
1,382
11,115
1915.
90,100
9,825
53,777
3,344
19,631
3,000
5,396
2,509
15,621
287
4,357
All others
Total this wk_
Since Aug.
4,826
10.058
150
2,304
1916.
214
Wilmington..
45,846
3,648
55,220
2,000
8,241
3,975
OrleansMobile
Savannah
New
3,139
2,462
11.521
"8",513
8,488
189,642
228,361
171,357
122,999
148,643
211,978
1_ 3,110.907 3,392,954 2,529,152 3,302,575 4,475,451 3,857,774
January at one
There is
said to be quite a large short interest in January, largely
for Liverpool account, though the short interest is not by
any means limited to that market.
It will be recalled that
January showed very striking strength a year ago. In fact,
the strenuous experience of the short interest in January
and March, May and July is still fresh in the remembrance
of the trade, as outstanding features of the season of 191920.
As the case now stands, there is said to be under 8,000
bales of certificated cotton here.
Quite a little of the cotton
sent to New York recently, it appears, has been rejected.
And concededly the present cerificated stock is a slender
basis for a big short interest.
And the evidence seems to
multiply that the South is determined to cut the next acre¬
age very sharply.'
The decrease talked of is 33 1/3%.
Some would not be surprised if such a decrease should be
fering their hedges to March and
Receipts to
increased
its
May.
premium over other months.
approximated unless there is a very
sharp improvement in
cost of production, in one way or another,
should be considerably reduced.
The idea is that cotton
the price or the
farmers, like farmers in every other part of the country,
spent money with a free hand in the flush times, as did the
working population all over the country, and that they are
now hard hit by the big drop in prices.
Therefore it is
believed to be easily possible that there may be a big reduc¬
tion in acreage,
unless, as already intimated, something in¬
change his mind.
Meanwhile
tervenes to make the farmer
^
getting into better shape. The price of cotton
has fallen since July nearly 65%, wages are to be cut 22^%,
and soft coal has recently been declining.
In a word, the
the mills
overhead
are
charges of the
duced and may be
mills have been considerably re¬
another at no
cut further in one way or
,
Dec.
very distant
have been
day.
All of which
means
market
for
He has been out of the
unavoidable inference from this, according to very many, is
that before long the mills have got to buy to increase their
But
to
on
while
a
sentiment
in
the preponderance
quarters has been
some
few
a
are
Range
Range
more
hopeful,
Closing
Range
Range
Range
Range
until Jan. 3 1921, or Jan.
5.
Things are so bad that in
in
40 years have cut wages, even reducing them 33%%.
No
one pretends that there is any real activity,
either in the
spot markets or at the South.
Many business men found
it impossible to pay their final installment of the income
The trades that were hardest hit were
tax.
silks, textiles,
There has been a
owing to the bad times, 30
days be allowed to delinquents.
Meanwhile thousands face
the Government penalty, regretting that they did not pay
last March when money was relatively plentiful.
All this
is a sign of the times.
It certainly does not indicate a
gratifying state of business, to put it mildly.
But there
are those who think that the turn in the long lane has been
reached.
They look for no spectacular rise, but they do
look for a gradual improvement in the price, based on the
economic law that the price of a commodity cannot remain
garment, "grocery and automobile lines.
below the cost of production.
And the last
crop did cost the South, it is estimated, something like 30
cents per pound.
Of course the cost varied according to
the section of the belt, but the rough average it is believed
of 30 cents is sufficiently accurate for practical purposes in
Range
3.35 on
2.80 on
Middling ftir
Strict good middling——■
Good middling
....2.20
1.13
Strict low middling..
2.30
Low middling
—————4.68
♦Strict good ordinary———6.43
♦Good ordinary.
......8.00
Strict good mid, "yellow" tinged.0.39
Good middling "yellow" tinged..1.03
Strict, middling "yellow" tinged..2.08
Strict middling.—
— ..
—
on
on
off
off
off
off
otf
off
off
♦Strict low mid. "yellow" tinged.5.53
♦Low middling
15.10
—
15.50
—
15.50
—
15.77
15.62
15.40
—
—
15.40-.70 15.00i.ll
15.40-.44
15.70
15.25
16.05
—
15.45
—
15.55
—
15.64
—
—
15.45
14.95-.00
—
14.95-.70
15.45-.75 15.08 i.20
15.98-.20 15.28-.95 15.08-.65 15.48-.85 15.5516.10
15.30-.33 15.60
—
15.58
16.10
15.30
—
15.60
—
15.58
15.43
_.
—
15.35
—
15.43
—
15.70
—
—
15.45-.47
15.64-
...
..
15.64
—
15.50
—
15.80
—
15.76
16.10
—
15.67
—
—
15.82
—
15.60
—
15.35-.80
Range...
16.10-.20 15.35-.93 15.10-.60 15.50-.80 15.60-.79 15.50-.72 15.10i.20
Closing
16.05-. 10 15.30
_.
I 16c.
—
15.60
—
15.57
—
15.72
—
15.50
—
/15c.
THE VISIBLE SUPPLY OF COTTON to-night, as made
by cable and telegraph, is as follows.
Foreign stocks, as
as the afloat, are this week's returns, and consequently
up
well
all
brought down to Thursday evening.
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.
foreign figures
But
are
the
make
to
total
1918.
1917.
937,000
829,000
305,000
430,000
3,000
93,000
11,000
153,000
16,000
75,000
21,000
26,000
993,000
396,000
477,000
180,000
7,000
38,000
31,000
67,000
153,000
3,000
76,000
45,000
434,000
256.000
101,000
250,000
1,467,000 1,249,000
497,000
14,000
355,000
727,000
1920.
December 17—
Stock afc
Liverpool
.bales..
Stock at London
Stock at Manchester
Stock at Ghent.
1,033,000
14.000
Stock at Bremen
Stock at Havre
170,000
17,000
1919.
112,000
Total Great Britain
Stock at Rotterdam, &c
Stock at Barcelona..
Stock at Genoa
•
1,000
64,000
30,000
21,000
12,000
Stock at Trieste
Total Continental stocks......
Total European stocks
India cotton afloat for Europe
43,006
84,000
37,000
,
691,857
256,000
Europe
651,933
55,000
48,000
96,000
Egypt, Brazil, &c., afloat for Eur.
63,000
239,000
320,000
361,000
Stock in Alexandria, Egypt
183,000
521,000
*445,000
*570,000
Stock in Bombay, India.i.......
886,000
Stock in U. S. ports
1,406,073 1,568,871 1,391,883 1,282,097
Stock in U. S. interior towns
1,640,145 1,347,767 1,390,823 1,259,429
5,949
4,570
15,995
U. S. exports to-day.
—
16,831
Amer. cotton afloat for
..6,356,982 5,772.490 4,633,655 4.427.096
Total visible supply..
Of the above, totals of American
and other descriptions
American—
U. S.
•
off
81,000
364,000
651,933
to-day
16,831
........—
199,000
691,859
42,000
*85,000
355,000
256,000
1.282.097
15,995
4,570
5,949
201,0r0
128,000
145,000
3,000
12,000
70,000
43,000
11,000
71,000
57,000
84,000
16,000
33,000
*16,000
14,000
21,000
6,000
*34,000
37,000
Continental stock..
India afloat for Europe
63,000
Total East India, &c
Total American
—
55,000
48,0^0
183,000
886,000
Egypt*, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
quotation for middling upland cotton in the
York market each day for the past week has been:
I
285,000
20,000
*216,000
375,000
Manchester stock
future contracts.
follows
as
177,000
4,721,982 4,533,490 3,447,655 3,323,096
Total American
East Indian, Brazil, &c.—
London stock
"yellow" stained.3.25 off
♦Strict mid. "yellow" stained...4.40 off
♦Middling "yellow" stained
5.80 off
♦Good middling "blue" stained..4.05 off
♦Strict middling "blue" stained..5.35 off
♦Middling "blue" stained6.60 off
♦These ten grades are not deliverable
628,000
82,000
..1,610,145 1,347,767 1,390,823 1,259,429
Liverpool stock
"yellow" tinged..7.80 off
562,000
1,406,073 1,568,871 1,391,883
port stocks
U. S. interior stocks
U. S. exports
are
.
Liverpool stock......
bales..
Manchester stock..............
Continental stock
American afloat for Europe
Good middling
upon
—
—
15.90-.11 15.15-.85 15.00-.58 15.37-;.80 15.4916.01-.04 15.22-.23 15.57-.58 15.51-.52 15.60-
..
Closing..
3.58 of
♦Middling "yellow" tinged
—
October—
:'-V
Dec. .23:
15.90
Range...
following averages of the differences between grades,
as figures from the Dec. 16 quotations
of the ten markets,
designated by the Secretary of Agriculture, are the differences
from middling established for deliveries in the New York
on
15.40
15.37-.38
...
dosing
The
market
15.65
15.40
September—
since last Friday.
of 25 points
decline
15.40
15.35-.65 14.82/.95
...
Closing
Middling on the spot closed at 16c., a
lower for the week.
—
15.77
...
Range
To-day prices declined and ended
point.
discussing this
15.00
August—
suggestion in Congress that,
permanently
'5.40
—
15.80-.85 15.00-.04 15.40-.45 15.40-.44 15.61-
_.
Closing.,
1918,
Rhode Island mills for the first time
thread mills,
15.45
July—
11,302,375 in 1917.
The mills are working only two or three days a week.
now
15.33
15.74-.95 15.00-.69 14.82-.45 15.15-.70 15.40-
_.
...
Closing
and
the
—
June—
posed to anything of the sort.
The Government crop esti¬
the 13th instant and proved to be 12,-
Some are closing even
15.83
..
Closing
May—
mate was issued on
It is difficult to sell their product.
_
Closing
for SQme time to
987,000 bales, against 11,420,763 last year, 12,048,532 in
15.30
April—
Board
serve
—
March—
Moreover, it is believed that both the Federal Re¬
and the Bank of England are distinctly op¬
kind.
Week.
Dec. 17.
15.62-.88 14.95-.65 14.77-.38 15.10-.62 15.38-.83 15.43-.80 14.77/.88
15.82-.84 14.95-.02 J5.37-.38 15.37-.38 15.72-.75 15.43-.48
...
..
of opinion is still either bearish or more
or
Friday,
Dec. 16,
Range...
opinion would not tolerate anything of the
Public
14.95
15.65
..
Closing
February—
looking askance at the short side,
speculation in commodities just now,
Dec. 15.
15.40-.65 14.S0-.55 14.66-.30 15.05-.55 15.23-.55 15.35-60 14.66-.65
...
Closing
at this time.
come.
Dec. 14.
January—
skeptical as to the possibility of a permanent rise
Certainly nobody looks for old-fashioned bull
less
Tuesday, Wed'day, Thursd'y,
Dec. 13.
December—
things moving at a swifter pace towards a
set
Monday,
Dec. 11.
country
the
throughout
jog not only to retail but to wholesale
normal, healthy and prosperous times.
the other hand there is no disguising the fact that
and that not
or
textiles,
including
sharply, it will give
return
And if retailers cut the price of
cotton.
raw
merchandise,
trade and
Saturday,
Owing to the
curtailment of output, November receipts of raw cotton in
New England were the smallest for many years past.
The
purchases of
highest, lowest and closing prices at
week have been as follows:
New York for the past
good while, and in many cases his stock of
a
material must be considerably reduced.
raw
FUTURES.—The
that mill expenses
sharply curtailed, and that the spinner is in a
better position to buy raw cotton.
3437
CHRONICLE
THE
181920.]
239,000
521,000
361,000
*570,000
96,000
320,000
*445,000
1,635,000 1,239,000 1,186,000 1,104,000
4,721,982 4,533,490 3,447,655 3,323,096
The official
New
to Dec.
Dec. 11
Sat.
uplands
Middling
Mon.
Tues.
:
NEW YORK
—
16.25
15.50
15.80
15.80
16.00
Liverpool..
York
Egypt, good sake!, Liverpool
Peruvian, rough good, LiverpoolBroach, fine, Liverpool——
Tinnevelly, good, Liverpool
Middling uplands. New
16.00
QUOTATIONS FOR 32 YEARS.
*
quotations for middling upland at New York on
Dec. 17 for each of the past 32 years have been as follows:
The
1020
16.00
39.25
29.75
30.30
18.35
11.95
7.30
12.90
-c.
1919
1918
1917
1916.
1915
1914
1913
1912.C
1911
1910
1909
1908
1907.
1906.
1905
13.10
9.45
15.15
15.10
9.10
11.90
10.55
12.20
8.05
12.70
1902....... 8.70
1901
8.50
1904.c_
—
1903
1896.C
8.56
—
of
1891
7.94
1898.
5.81
1890
9.38
1897
5.88
1889
10.25
each day during the
indicated in the following statement.
For the convenience of the reader we also add columns which
The total sales of cotton on the spot
over
'
on
glance how the market for spot and futures closed
d^-ys.
a
same
39.50d.
37.00d.
10-15d.
ll.OOd.
23.85d.
24.10d.
18.79d.
18.04d.
bales.)
1917.
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 at New York are
show at
17.00d.
22.3ld.
31.10c.
33.15d.
32.00d.
23.15d.
21.53d.
1920 show an increase over last week
gain of 584,492 bales over 1919, an excess
of 144,874
8.00
10.00
MARKET AND SALES AT NEW YORK.
20.40d.
31.00c.
bales, a
1,723,327 bales over 1918 and a gain of 1,929,886 bales
5.75
1892
...
30.79d.
The above figures for
1893
1894
26.12d.
39.25c.
51.00d.
10.58d.
16.00c.
Estimated.
10.00
7.69
1900
1899
27.00d.
Continental imports for past week have been 133,000
7.19
1895
6,356,982 5,772,490 4,633.655 4,427.096
Total visible supply
Middling uplands,
Fri.
Wed. Thurs.
17—
Closing Quotations for Middling Cotton on—
Week ending
Dec. 17.
Saturday. Monday.
Galveston
15.75
14.75
14.75
15.78
Tuesday. Wed'day. Thursd'y,
.15.25
15.25
15.78
15.78
15.25
14.75
14.75
Friday.
15.25
15.25
14.'/ 5
Market
Closed.
14.75
14.75
14.75
15.75
15.75
15.75
Saturday
_
—
Quiet, unchanged.
Quiet. 75 pts. dec.
Quiet, 30 pts. adv.
Monday
Tuesday
Wednesday. Quiet, unchanged.
Quiet, 20 pts. adv.
Thursday
Quiet, unchanged.
Friday
—
Total
Market
Closed.
15.78
15.00
14.50
14.50
14.50
15.00
15,00
15.50
15.50
IS.7 5
15.50
16.05
16.05
16.25
15.13
15.00
16.25
_
Savannah
Spot.
Contr't.' Total.
Firm
Easy
Steady
Steady
Steady
Easy
Charleston
New Orleans.
Mobile
SALES.
Futures
14.75
14.75
15.78
15.78
Norfolk.
Spot
Baltimore—
200
200
"566
"500
500
500
15.00
15.00
15.00
....
14.10
13.30,
....
14.75
14.25
15.50
15.00
Houston
1,200
167.50
Dallas
Rock
Fort Worth.—
Little
1,200
—
Philadelphia
Augusta
Memphis
15.38
13.50
14/75
15.00
15.00
13.70
14.25
15.00
13.75
15.78
15.78
15.00
15.00
13.80
14.25
15.00
13.75
15.00
15.75
15.00
15.00
14.10
13.90
14.50
14.25
15.00
15.00
14.10
13.85
INTERIOR TOWNS the movement.—that is,
AT THE
1, the shipments for
the same items for the
corresponding period of the previous year—is set out in
the receipts for the week since Aug.
the week and the stocks to-night, and
detail below:
The following statement we have also received by tele¬
graph, showing the height of the rivers at the points named
at 8 a. m. of the dates given:
Nashville
Dec.
17.
Season.
Week.
Stocks
Dec.
Week.
Shreveport.
Vicksburg
Ala., Eufaula..
311
7,130
Montgomery
Selma
619
43,292
292
f',234
107
3,620
32,100
1,974
57,529
2,388
22,120
33.168
2,298
345
Ark., Helena ..
Little Rock..
1,848
?5,086
925
15,644
1,304
24,339
734
7,460
9,151
9,181
4,535
60,485
9,680
122,734
5,761
51.974
Pine Bluff—
9.399
108,936
100,429
9,841
65,980
Ga., Albany...
130
9,829
17
6,476
64,581
5,300
98,208
4,800
8,046
14,368
152,039
12,719
369,854
15,354 207,030
82
27,469
478
......
16,169
82,582
21.475
3,867
68,843
10,08f
224,159
3,919 31,391
5,463 154,144
Columbus...
1,070
Macon
1,204
15,171
26,352
19,563
60,135
6,465
78,182
5.384
Athens
Atlanta
—
Augusta
....
1,346
2.710
Itome.......
■
-
-
-
22,330
.
100
—
-
9,064
i*
19,000
3,154
45,539
39,863
-
100
122
16,924
525
31,259
1.139
701
18,608
8,260
58,398
4.328
7,048
1,200
157,125
8.487
1,150
3,660
39,461
55,405
1.200
13,317
4,518
3,500
92,164
927
27,500
50,254
17,137
54.560
Greenwood..
2,334
300
86,438
Meridian
1,041
71,344
16,824
85,928
64,259
2,167
1,200
3,458
2,900
438
12,160
800
26,691
800
13,500
800
16,038
400
7,534
648
23,658
181
952
8,462
20,220
203,713
200
12,496
697
13,626
49
757
19,618
15,743
4,668
1,036
30,149
266
1,000
121
273
52
29,855
334,722
26,270
7,975
12,054
9,697
14,441
7,491
11,607
100
224
La., Shreveport
Mlsfl.,Columbufl
Clarksdsle
Natchez
518
4,078
..
....
Vicksburg—
1,142
------
3,143
Yazoo City..
1,161
Mo., St. Louis.
N.C.,Gr'nsboro
25,626
Raleigh.....
182
5,441
2,443
Okla., Altus
3,463
27,126
1,981
15,984
Chickasha
2,188
24,169
1,669
10,756
700
16,300
500
7,434
2,476
30,542
1,766
2,247
1,090
8,397
12,254
3,812
300
10,722
572
21,203 369,870
38,846
1,126
Hugo
Oklahoma
Greenwood..
607
25,059
11,228
Tenn., Memphis
2?,219
25,168
385,950
S. C., Greenville
Nashville
_
...
415
.
858
-
-
-
13,145
507.423
-
-
-
-
-
4,397
-
-
4,63 J
247
-
802
31.178
572
-
-
-
2,521
32,687
43,755
3,090
18.663
Honey Grove
1,200
18,800
1,000
9,990
1,569
22,016
859
3.408
San
651
31,824
317
3,407
3,615
1,200
6,326
53,763
5,015
20,451
2,000
Antonio
Fort Worth *_.
69,273 235,181
83,318
29,469
1,200
2,320
25,700
2,500
24.500
3,324
11,107
*
Georgia
Florida
Alabama
Mississippi..
Louisiana...
Cincinnati.
creased
during the week 53,422 bales and are to-night 292,378
than at the same time last year. The receipts at
towns have been 3,920 bales less than the same week
bales
all
more
1,530,000
1,400,000
18,000
660,000
885,000
380,000
(Census).
Steady
Steady
4,200,000
1,160,000
310,000
85,000
1,300,000
*150,000
110,000
15,000
U.S.....6,213,262,000 12,987,000
11,420,763
California
Arizona
All other
35.7
15.3
17.0
358
15.0
153
14.2
924.826
1,028,580
492,030
42.0
34.8
37.5
350
13.2
13.3
35.0
13.0
3,473,446
985,459
327,916
63,089
852,259
49,437
1,016,129
56,107
59,849
4,947
40,690,000
622,180,000
*71,580,000
52,635,000
7,172,000
35.0
352
14.5
47,562
310,044
64,031
Oklahoma...
15 0
145
2,090,793
884,473
1919.
1920.
22,364
760,096
1,281,270
960,886
297,681
3,098,967
148,335,000
Missouri
The above totals show that the interior market have in¬
(Census).
22,523
830,293
1,426,146
1,659,529
15.922
713,236
2,012,220,000
555,176,000
Arkansas
Tennessee
Last year's figures are fcr
Steady
Steady
5-yr. Avge. Price per lb.
1914-18.
Dec. 1.
1919.
9,069,000
400,764,000
730,728,000
669,340,000
8,687,000
315,414,000
423,384,000
181,678,000
Texas
«6 l«40145 227.4083.896.949 216.9521S477R7
Total, 41 towns 223f4S8 3.6S4.027 170,
17.
—
Lbs. Gross Weight
1920.
19,000
840.000
1920.
So. Carolina-
16,766
Steady
Steady
Steady
Bales of 500
No. Carolina
73,218 1,085,948
Steady
Lint.
Virginia.
2,000
DAY.
Steady
Pounds
7,598
28,029
HOLI¬
—
The Crop Reporting Board of the Bureau of Crop Estimates of the United
States Department of Agriculture estimates, from the reports of the corre¬
spondents and agents of the Bureau, that the total production of cotton in
the United States for the season 1920-21 will amount to 6,213,262,000 lbs.
(not including linters), equivalent to 12,987,000 bales of 500 lbs. gross
weight (478.3 lbs. lint and 21.7 lbs. bagging and ties estimated per 500 lbs.
gross weight bale).
The estimated production for 1920, with compari¬
sons, by States, follows:
2,160
20,800
14.55
14.30-40
14.60-.61 14.84-.87 14.58-.61
14.70-.81 15.04-.07 14.80 —
14.96-.98 15.16-.18 14.92-.93
15-02-.08 15.21 — 14.96-.00
14.85 — 15.04-.05 14.85 —
14.23-.32
14.45-.48
—
Friday,
16. Dec.
AGRICULTURAL DEPARTMENT'S COTTON CROP
issued by the Agri¬
cultural Department on Dec. 13, is as follows:
70
70
908
14.20
—
14.69-.70
14.77-.80
15.00
15. Dec.
ESTIMATE.—The report on cotton,
1,296
4,175
12,900
14.10
Steady
Spot
Options......
5,545
75
63,821 328,852
4,813 21,731
....
State—
9,137
82,440 1,580,406
55,419
3,403
October
17.8
41.9
Tone—
3,857
27,004
800
Houston
—
1,338
1,006
1,000
Paris
May
July
552
-
Dallas..
..
—
March
33.8
12.5
14.4
14. Dec.
13. Dec.
11. Dec.
14.76-.78
14.96-.98
15.16-.20
15.35-.3 7
15.45-.47
15.36 —
1C.110
700
Olarksville
January
35,362 269,073
653
-
-
357
19,424
64,748
■
-
-
20,262
-
2,773
86,952
Brenbam
1,354
28,663
14,035
----
1,273
------
36,500
------
-
2,529
~2, 667
170
Tex., Abilene..
1,000
6,588
48,317
December—
31.3
. .
15.4
Tuesday, Wed'day, Thursd'y,
Saturday, Monday,
Dec.
12.0
week have been as follows:
the past
markets for
1919.
Feet.
13.4
the New Orleans cotton
quotations for leading contracts in
4,634
Dec. 19
y:v
CONTRACT MARKET.—The closing
NEW ORLEANS
19.
63
53
..
Receipts.
Stocks
Week.
Season.
Week.
Ship¬
ments.
Ship¬
ments.
Receipts.
Towns.
19 1919.
17 1920.
Feet.
4.8
of gauge.
of gauge.
of gauge.
of gauge.
Above zer oof gauge.
Above zero
....Above zero
Above zero
Above zero
Memphis
Movement to Dec.
17 1920.
Dec.
*
New Orleans
Movement to Dec.
[VOL. 111.
CHRONICLE
THE
2438
33.5
36.4
13.5
340
10.5
300
300
352
43.0
51.0
14.0
35 6
24,792
12,423,917
last year.
*
MOVEMENT
OVERLAND
SINCE AUG. 1.—We
overland movement for
THE
FOR
WEEK AND
give below a statement showing the
the week and since Aug. 1, as made
from telegraphic reports Friday night.
up
the week and since
The results for
Aug. 1 in the last two years are as follows:
-
-1919-
1920
Since
Since
December 17—
Week.
Shipped—
Aug.
Week.
Aug. 1.
028,663
0341,541
17,489
-16,343
155
8,254
2,896
41,843
1.
Via Louisville
847
2.,842
6200,788
93,321
6,453
23,414
Via Virginia points..'..
Via other routes, &c
2,816
8,947
43,467
90,829
2,315
15,445
71,996
148,675
46,083
458,272
66,963
828,652
Y., Boston, &c___ 4,279
6,501
44,031
7,761
a71,295
2,766
7,231
11,574
123,087
12,440
222, Q65
Leaving total net overland*
..34,509
335,185
54,523
*
cli
"
--.
.
Including movement by rail to Canada,
a Revised.
6 21,404 bales added as revision since Aug. 1.
606,587
...25,168
Via St. Louis
5,463
Via Mounds, &c
Via Rock Island
Total gross overland
Included in "All other "
The total production in 1919 was 11,420,763 bales (500 lbs. gross), in 1918,
12,040,532 bales; in 1917, 11,302,375 bales; in 1916, 11,449,930 oales; jn
1915, 11,191,820 bales; in 1914, 16,134,930 bales, and in 1913, 14,156,486
Including
some
in Mexico,
grown
a
bales.
The average weight per running bale is estimated at 506.9 lbs. gross,
compared with 504.2 lbs. in 1919 (as reported by the Bureau of the Census),
505.6 lbs. in 1918, 502.4 lbs. in 1917 and 506.2 lbs., the average for the
preceding five years.
Reports of the Bureau of Crop Estimates do not include linters, which are
a product obtained at mills from the seed.
The production of linters is
about 8 3% as much as the lint production, average 1914-18.
COTTON CONSUMPTION AND OVERLAND MOVE¬
DEC.
MENT TO
crop
1.—Below
we
present
a
synopsis of the
movement for the month of November
and the four
months ended Nov. 30 for three years:
Deduct Shipments
Overland
to N.
794
Between interior towns
Inland, &c., from South
Total to be deducted
88,428'
34,850
98,787
2,443
The
foregoing shows the week's net overland movement
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 271,402 bales.
has been 34,509 bales, against 54,523
-1919-
-1920In
Since
Since
Sight and Spinners'
Takings.
Week.
Total marketed...
Interior stocks in excess
Came into sight during week
Total in sight Dec. 17
_
_
Aug. 1.
335,185
50,000
1,302,000
228,361
54,523
73,000
3,392,954
606,587
1,375,000
274,151
53,422
Southern consumption to Dec. 17a
Week.
3,110,907
34,509
Net overland to Dec. 17
Aug. 1.
189,642
Receipts at ports to Dec. 17
4,748,092
780,204
355,884
10,456
.327,573
5,920,261
5,528,296
Week—
Bales.
326,328
286,627
292,182
1916—Dec. 22
1,270,452
1918—Dec.
1917—Dec.
21
1916—Dec. 22
TELEGRAPH.—Reports to
us by telegraph this evening from the South indicate that
while rain has fallen in most localities during the week, the
^precipitation has been light as a rule.
Thermometer
Rain. Rainfall,
Abilene, Texas
dry
1 day
0.04 in.
dry
Dallas
Corpus Christi
1 day
0.06 in.
Palestine
1 day
0.08 in.
0.01 in.
dry
0.20 in.
San
Del
1 day
Antonio
Rio
Galveston
...
2 day
New Orleans, La
3 days
4.72 in.
Shreveport
Vicksburg
Selma, Ala
Mobile, Ala
Savannah, Ga
Charlotte, N. C_
1 day
0.06 in.
3 days
3 days
3.50 in.
3.79 in.
2 days
2 days
0.27 in.
0.47 in.
high
high
high
high
high
high
high
76
74
low 30
mean
53
low 38
mean
56
76
low 36
mean
56
82
62
low 42
mean
78
low 36
mean
56
84
low 34
mean
59
__
low 28
high 70
high
high 71
__
high
high
high
high
high
71
66
69
71
64
on
Nov. 30
Northern spinners' takings to Dec. 1
Southern consumption to Dec. 1
Overland
to
Canada
for
4
months
mean
__
low 40
mean
55
low
mean
58
low 38
mean
mean
55
low 30
mean
48
2,086,801
353,971
1,349,374
1,423,057
785,759
1,411,000
47,903
73,111
1,395",253
1,970,803
4,706,930 4,864,565 4,711,077
7,352,987 6,891,557
12,217,552 11,602,634
1,741",5l0
balance of season
Average gross weight of bales
Average net weight of bales
603.323
519.50
494.50
-
513.32
488.32
506.05
481.05
WORLD'S SUPPLY AND TAKINGS OF COTTON.—
comprehensive statement indicates
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
at
a
of sight, for the like
Cotton
Week
period.
Season.
Week.
Visible supply Dec. 10
Visible supply Aug. 1
American in sight to Dec. 17
Bombay receipts to Dec. 16
Other India
1919.
1920.
Takings.
and
ship'ts to Dec. 16__
Alexandria receipts to Dec. 15-Other supply to Dec. 15*
Season.
Week.
6,212,108
4",792",018
4,956",257
327,573
&40,000
62,000
640,000
65,000
Season.
5,705,526
5,528,296
351,000
105,000
292,000
96,000
366", 340
72,000
11,000
38,000
3,000
5,920,261
613,000
135,000
489.000
83,000
6,626,681 11,328,553 6,195,866 12,032,279
Total supply
Deduct—
6,356,982
Visible supply Dec. 17
Total takings to Dec. 17_a
Of which American
Of which other
269,699
179,699
90,000
6,356,982 5,772,490
5,772,490
423,376
363,376
6,359,789
4,586,789
1,673,000
4,971,571
3,791,571
1,180,000
60,000
55
low 38
307,790
713,628
274,930
573,276
(in¬
Amount of crop in sight Nov. 30
Came in sight
Total crop
1918.
359,158
656,822
240,084
471,575
1,227,990
2,733,080
985,706
2,054,747
1,505,139
966,303
1,169,000
cluded in net overland)
Burnt North and South in 4 months
Came in sight during November
Bales.
5,514,220
6,735,900
8,181,373
20..
WEATHER REPORTS BY
Brownsville
Exports in November
Exports in 4 months
gone out
years:
Since Aug. 1—
...
The following brief but
366,340
sight in previous
1918—Dec. 20
1917—Dec. 21
Net overland for 4 months..
Port receipts in November
Port receipts for 4 months
Port stocks
1919.
177,902
363,929
136,993
260,510
1,059,512
2,631,420
719,601
1,731,805
1,374,227
560,973
1,165,000
51,168
Gross overland for 4 months
Net overland for November
5,374,541
545,720
North, spinn's'takings to Dec. 17. 33,647
678,404
92,578
a These figures are consumption; takings not available.
Movement into
1920.
bales.
Gross overland for November
low 44
mean
low 39
mean
55
low 33
mean
48
56
estimated consumption by Southern mills,
1,302,000 bales in 1920 and 1,375,000 bales in 1919—takings not being
available—and the aggregate amounts taken by Northern and foreign
spinners, 3,669,571 bales in 1920 and 4,884,789 bales in 1919, of which
2,489,571 bales and 3,211,789 bales American,
b Estimated.
a
This
embraces
the
total
Dec. 18
BOMBAY
the
MOVEMENT.—The receipts of
Bombay for the week ending Nov. 25 and for
from Aug. 1 for three years have been as follows:
season
at
1918.
1919.
1920.
Week.
Since
Since
Since
at—
Week.
Aug. 1.
Week.
Aug. 1,
New
as
York, as furnished by Lambert & Burrows, Inc.,
follows, quotations being in cents per pound:
Liverpool, ,90@l.l5c.
Manchester, .90@1.15c.
Antwerp, 85c.
Ghent, via Antwerp, 85c.
Nop. 25.
Receipts
COTTON FREIGHTS.—Current rates for cotton from
COTTON
India cotton
Havre,
Aug. 1.
37 000
64,00(
299.OCX)
415.00C
For the Week.
356.000
41.000
Since August
Great
Conti¬
JapanA
Britain.
nent.
China.
Great
Britain.
Total.
Conti¬
nent.
&
Japan
Trieste, 1.50c. asked.
Flume, 1.50c. asked.
Bremen,
Total.
China.
Reval.
Christlania, 1.50c. asked.
■
_
,
Nov. 26.
,
Sales,
33,000
33,000
13,000
183,000
93,000
289.000
16~000
56,000
74,000
17,000
144,000
431,000
592,000
54,000
54,000
108,000
1,000
2,000
3,000
6.000
54,000
38,000
6.00C
5,000
14,000
12,000
42,000
53,000
98,000
107,000
1,000
35,000
36,000
19,000
237,000
131,000
387,000
22.000
61,000
88,000
29,000
186,000
484,000
699,000
54,000
"i'ooo
1919.
54,000
108,000
1918
•Other India*
1920
*
"3~,6oo
1919
1918—
^fl¬
"
5",000
ung—
1918—
No
Libau.
Riga.
18,000
American
14.000
—
Actual
export
Forwarded
Total
5,000
53,000
874,000
507,000
96,000
87,000
263,000
200,000
stock
Of which American
Total imports for the week
Of which American
Amount afloat
Of which American
Dec. 3.
Dec. 10.
23.000
15,000
5.000
53,000
888,000
516,000
81,000
62,000
293,000
244,000
Dec. 17.
16,000
14,000
7,000
53,000
904,000
533,000
78,000
59,000
307,000
240,000
17,000
11.000
8,000
47,000
937,000
562,000
87,000
64,000
The tone of the
Total all—
*
Danzig.
.
Sales of the we^k
Bombay—
1920
1.50c.
Hamburg.
Shanghai, 1.25c.
Bombay, 2.25c. asked.
1.25c.
1.50c. asked.
Gothenburg,
Lisbon, 1.50c. asked.
Oporto, 1.50c. asked.
Barcelona, direct, 1.50c.
Japan, 1.25c.
,50c.
are
Vladivostok, i.zoc.
LIVERPOOL.- By cable from Liverpool we have the fol¬
lowing statement of the week's sales, stocks, &c., at that port:
1.
Exports
from,—
Stockholm, 1.50c. asked
Rotterdam, 1.00c. ashed.
Genoa,
Bombay
3439
CHRONICLE
THE
1920.]
figures
for
Liverpool market for spots and futures
day of the past week and the daily closing prices of
each
spot cotton have been
follows:
as
1918.
OF
Spot.
COTTON.—The following are the receipts and shipments for
Market,
ALEXANDRIA
the week
RECEIPTS
SHIPMENTS
AND
ending Nov. 12 and for the corresponding week
previous years:
of the two
Saturday.
12 15
Mod rat
-
P. M.
1918.
1919.
1920.
C
10.21
10.41
10.67
10.58
4,000
6,000
4,000
Market,
Week. Aug.
Liverpool
To Manchester, &c
To Continent and India.
To America
1.
Week. Aug.
78,113
39,864
30,589
11,792
6,755
6,460
1,060
25,430
3,000 135,849
19,932
4,500 63,793
900
41,041
31,313
8,283 20,500 74,844
5",332
1.
Easy at
x-7-
4
P.
The
5,332
28,900 315,527
84,958
14,275 160,358
MANCHESTER
MARKET.—Our
Dec.
Dec.
12M
17.
ings, Common
Mid.
to Finest.
32s Cop
Upl's
Twist.
Mon.
d.
a.
s.
d.
Mid.
to Finest.
Upl's
Twist.
d.
d.
d.
d.
s.
d.
s.
22
32
@
38
27
6
@30 0
15.73 45
@
49 H 27
9
29
10@32
@32
9
12H
12M
8
Wed.
Tues.
1234
4
1234
at
7@16 pts.
decline.
are
given
Thurs.
12 M
4
p. m.p, m. p. m. p. m. p. m. p. m. p. m. p. m
d
d.
d.
d.
d.
d.
Fri.
12 34
4
p. m. p. m. p. m. p. m.
d.
d.
4
d.
d.
d.
11.25 10.52 10.46 10.40 10.66 10.83 10.92 10.98 10.83 10.82
11.2, 10.58 10.5
...
February
10.48 10.73 10.90 11.01 1L08 10 93 10.96
11.33 10.63 10.60 10.53 10.79 10.95 11.01 11.14 10 99 11.02
..
HOLI¬
11.37 10.68 10.65 10.58 10.87 11.02 11.13 11.21 11.08 11.10
DAY.
March
April
May
11.36 10.70 10.68 10.62 10.91 11.05 11.16 11.24 11.12 11.13
11.35 10.71 10.72 10.65 10.95 11.10 11.21 11.27 11.18 11.17
June
11.32 10.70 10.72 10.67 10.96 11.10 11.21 11.28 11.20 11.18
—
July
11.30 10.69 10.72 10.69 10.97 11.11 11.22 11.29 11.23 11.20
August
11.22 10.63 10.67 10.63 10.91 11.04 11.16 11.24 11.18 11.15
11.13 10.58 10.63 10.59 10.84 10.98 11.09 11.17 11.11 11.10
-
11.04 11.53 10.58 10.54 10.79 10.93 11.03 11.12 11.06 11 05
...
in.0b 10.50 10.55 10.51 in. 7fi 10.90 11.00 11.09 11.03 11.02
_
MEMPHIS COTTON EXCHANGE CROP ESTIMATE.
—The
d.
Quiet
15@20
pts. adv.
adv.
Cot'n
814, lbs. Shirt¬
ings, Common
32s Cop
Steady at
39@45
pts.
December..
November
Cot'n
Steady at
January
October
1919.
8H lbs. Shirt¬
adv.
at
11
to
September
1920.
pt.
advance.
prices of futures at Liverpool for each day
d.
received by
to-night from Manchester states that the market is
weak for both yarns and cloths.
The demand for both
yarn and cloth is poor.
We give prices for to-day below and
leave those for previous weeks of this and last year for
oomparison:
report
1
2@9 pts.
below:
211,993 cantars and the foreign shipments 5,332 bales.
cable
12
pts. dec. tc
dec.
Dts.
Quiet
Quiet at
7@13
adv.
pts.
dec.
Steady,
47@81
M.
Sat.
Total exports.
Note.—A cantar is 99 lbs.
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ending Nov. 24 were
pt".
pta. dec.
29@36
1@10
dvC.
Dt8,
Quiet at
Quiet at
11@15
[
opened
Since
Since
Week. Aug. 1.
Since
d.
Quiet.
3,000
Quet at
Market
242,099
2,252,217
300,000
2,709,013
211,993
1,508,165
Exports {bales)—
•Oct.
Mere
demand.
DAY.
Futures.
week
Since Aug. 1
To
Friday.
6,000
HOLI¬
| Nov. 24,
J
Quiet.
Thursday.
11.00
Sales.....
Receipts (cantars)—
This
Dull.
■
Wednesday.
demand.
Mid.Upl'ds
Alexandria, Egypt,
Tuesday.
Monday.
d.
22.68
32>*
@
40 H 26
6
@29 6
16.55 45
@
60
27
5
35
@
40
26 6
@29 6
15.55 46
@
52
30 0
@34
6
25.50
@35
0
24.93
10^ 24.25
Nov.
12
32
@
37
26
@29 0
14.56 48 H
@
52
30
6
19
29
@
35
25 0
@27 6
12.41 47 H
@
54 H 30
6
@35
6
2814
@
33H 24 0
@26 6
11.23
48H
@
55 K 30
6
@35 6
25
@
30
22
6
@24 6
10.46 49 X
@
57
31
0
@30
0
24
@
29
21
6
@23 6
11.42 50 H
@
59
34
0.
@38
0
24
@
29
21
0
@23 0
10.58 52
@
61H 35 0
@39
0
26.1
the
Memphis Cotton
not
nearest estimate to general average, 12,420,000.
highest estimate, 13,675,000;
25.9o
17
of
12,458,273;
11,000,000;
linters
25.47
10
members
lowest estimate,
24.58
3
the
of
to the actual growth of cotton crop of 1920-21,
included:
General average of 122 estimates,
as
23 75
26
estimate
Exchange
6
BREADSTUFFS
Dec.
SHIPPING NEWS.—As shown
previous, page, the
-exports of cotton from the United States the past week have
reached 121,935 bales.
The shipments in detail as made
up from mail and telegraphic returns, are as follows:
on
a
•'
NEW YORK—To Hamburg—Dec. 15—Mongolia, 213.
To Piraeus—Dec. 14—River Orontes, 1,125
To
—
Bales.
213
1,125
Japan—Dec. 13—Ceylon Maru, 40.
40
•GALVESTON—To Liverpool—Dec. 11—Bassam, 9,893
—I
9,893
To Manchester—Dec. 11—Asuncion de Larrinaga, 12,914
12,914
To Bremen—Dec. 11—Isolde, 2,354--.Dec. 15—-Cardiganshire,
13,093: Holmburg, 5,140
20,587
To Hamburg—Dec. 11—Isolde, 150...150
-
_
—
—
To
Antwerp—Dec. 10—Skipton Castle, 1,650---Dec. 15—
Peekskill, 1,325.
To Ghent—Dec, 10—Skipton Castle, 4,108—.Dec. 15—Peekskill, 765
—
-
To Barcelona—Dec.
&—Mar Caspio,
9,181
11—Gonzaga, 5,970
1.5—Cardiganshire, 1,235
-
—
To Rotterdam—Dec.
—
"TEXAS CITY—To Mexico—Nov.
3,300
NEW ORLEANS—To Liverpool—Dec. 15—New Columbia, 12.260
To Manchester—Dec. 10—WestErrai, 5,099
To
Gothenburg—Dec. 10—Bogstad, 615
To Malmo—Dec. 10—Bogstad, 200
To Mexico—Dec. 15—Lake Dancey, 1,272—
To Cuba—Dec. 15—Morganza, 42
To Japan—Dec.
4,873
Dec. 10—Clark
Mills, 9,190._
To Genoa—Dec.
2,975
15—Kentucky, 13,726
18,371
5,970
1,235
3,300
12,260
5,099
615
200
1,272
_
42
13,726
4,000
—
WILMINGTON—To Bremen—Dec. 15—Mar Tirreno, 4,000
BALTIMORE—To Hamburg—Dec. 3—Wauconda, 200
To Barcelona—Nov. 30—West Lashaway, 200.
SAN FRANCISCO—To China—Dec. 11—Venezuela, 100—
SEATTLE—To Japan—Dec. 10—KashimaMaru, 1,100
TACOMA—To Japan—Dec. 11—Manila Maru, 1,475
—
—
—
200
200
100
1,100
1,475
121,935
The particulars of the foregoing shipments for the week,
arranged in
our
Great
Britain,
New
usual form,
Germany.
York
as
1,125
200
9,083
____
13,726
4,000
400
100
1.100
„„
1,100
1,475
1,475
40,166 25,150
18,571
9,898
7,095
16,441
4,614
121,935
been
dull
as
Some advance
ever.
impression in the flour trade.
in wheat
The fluctuations
eiratic, and often so violent that buyers are
They seem skeptical as to the stability of
wheat prices.
And most other commodities are declining.
Why, it is asked, should flour be exempt?
On the other
hand, trade has been quiet so long that it suggests that
stocks throughout the country have become reduced.
More¬
over, should the general business situation in this country
brighten, it would, no doubt, be the signal for better times
in the flour trade, especially if it should turn out that
America has been overexporting wheat as 3ome believe she
has.
Later in the week rising wheat prices gave flour for the
time a steadier tone, but buyers held off and on the 15th
inst. came a drop in wheat of 5 to 6 cent3.
It was the old
story.
To-day's advance in wheat had a tendency to steady
flour prices, but trade remained for the most part quiet.
Minneapolis wired Dec. 13: "Flour millers have made an¬
other sharp cut in products, registering new low levels.
All
grades of wheat flour are off 80c. a barrel to $8 70."
Wheat advanced 10 cents and" then reacted 5e. by the
in wheat
are
so
still hesitant.
Large export buying put up prices.
And the
passed the bill reviving the War Finance Corpora¬
This had a noticeable effect.
The value of the
15th inst.
Senate has
tion.
country's various crops including wheat and other grain is
$5,000,000,000 less than last year, i. e., from $14,087,995,000 last year to $9,148,419,000 this year.
With wheat
down far below what it was and retail prices still up and the
cost
of
living therefore high the fanner demands relief of
To further his market in foreign parts would of
help greatly.
American exports are of course far
sort.
course
Total.
1,378
76,968
3,300
33,214
100
Tacoma
Total
3,300
1,314
200
Francisco
^Seattle
40
5,970
815
made little
some
Europe- Jap. A Mex.
Spain. North. South. China. & Cuba.
213
Baltimore
follows:
-Oth.
Galveston.__-22,807 20,737 18,371
Texas City...
New Orleans. 17,359
Wilmington..
4,000
San
are
Friday Night, Dec. 18 1920.
has
Flour
ahead of those of
a
year ago.
Some
even
take the ground
country has already over-exported »and will feel
the fact later on.
But parts of Europe are said to be starving
and what is to be done?* On the 13th instant and 14th
that
this
stated at 1,250,000 bushels
Germany, Spain, Portugal,
and Italy.
Belgium bought 120,000 bushels of Manitoba.
Severe storms at the West interfered with ordinary trading
instant the sales for export were
It was taken by Belgium,
in all.
THE
2440
CHRONICLE
The rally in stocks on the 14th instant
wheat and on the loth
money fell to 6%.
Stress is laid on the strong statistical
position.
An increase of 5,304,000 bushels in the visible
supply had little or no effect.
The gains were largely at
Buffalo and were believed to include large quantities of
Canadian wheat in transit for Europe.. The reports from the
West to the effect that progress has been made in the organi¬
zation of the export corporation with a capital of $100,000,000 and a potential credit of $1,000,000,000 had a good
effect.
There were reports of further heavy rains in Aus¬
tralia and London reported that Danish mills are overstocked
with native wheat, which is rapidly deteriorating under
humid weather conditions.
Meanwhile the visible supply
early in the week.
had
a
more
less bracing effect on
or
in the United States
after
increase of
5,000,000
bushels is still only 48,411,000 bushels against 84,684,000
a
even
an
The U.S. Government report of Dec. 14 stated the winter
at 580,513,000 bushels,
crop
for five
against
as
an
average
1914 to 1918 of 563,498,000 bushels.
The spring wheat crop is 209,365,OCX) bushels, against an
average
for five years of 258,748,000 bushels.
Total,
789,878,000 bushels, against 934,265,000 bushels in 1919.
This is an increase this year over the earlier estimates of
39,230,000 bushels.
It means an addition to the exportable
surplus of nearly 40,000,000 bushels.
This caused selling
and
years
from
decline of 6 to 7 cents at the time.
a
supply is 32,474,000 bushels, against
year ago.
The cash demand, more¬
Country offerings, too, have latterly
been on a fair scale.
Speculation is not brisk.
What
there is is largely monopolized by wheat and to some extent
by corn.
The speculative public is paying no great atten¬
tion to oats.
To-day prices were higher, but end irregular
for the week; i. e., December up a trifle and May lower.
14,846,000 bushels a
over, has been small.
DAILY
CLOSING
PRICES
Broomhall cabled
from
Liverpool: "It must be admitted that the economic
position in Europe is bad, but there are encouraging signs
of improvement in the situation unless the Bolshevik wave
stops production.
The European living standard, especially
as regards bread, at the present time is distinctly below that
of pre-war days.
In consequence wheat requirements are
naturally reduced, owing to the large use of substitutes, and
this fact should tend to keep down the price of wheat, while
on the other hand, the world's supply of other grains is too
abundant for dearness.
The British Government is seriously
bent on decontrolling millers in the United Kingdom in
February.
In addition, the Government also wishes to
disband the Wheat Commission at the earliest possible date.
Officials are now conferring with traders to arrive at a
No. 2 white.
—
64
.
operandum."
Reports from Argentine indicate the 1921 grain crop will
exceed that of 1920 and 1919, but the amount available for
export will be reduced on account of small carryover.
To¬
day's Government report put the condition of winter wheat
just planted at 87.9% against 85.2% last year, 98.6% in
1918 and 79.3% in 1917; acreage sown 40,605,000 against
41,757,000 last year, 50,489,000 two years ago and 42,301,000
in 1917-18.
The ten-year average condition for December is
88.4%, so that the present condition is .5 of 1% under it,
or, to all intents and purposes, equal to
that average.
Trading in May wheat began on the 15th inst. in Chicago.
Export sales of late have been large.
To-day prices advanced
6c. and end 6@,10c. higher for the week.
CLOSING
PRICES
OF
WHEAT
Sat.
No. 2 red
DAILY
PRICES
OF
______
191%
Tues.
170%
164%
168%
161%
159
__
/
....
cts.
Thurs.
191
Fri.
DAILY
CLOSING
PRICES
Wed.
165if 164%
158%
152%
158
152%
RYE
62
62
62
IN CHICAGO.
Wed. Thurs.
Fri.
45%
47%
The
FUTURES
Mon.
following
45
46
47
48%
157
143
Oats—
No. 2 red
No. 1
No. 1
No. 2 white
52 02
Nominal
spring
62
62
No. 3 white
Corn—
No. 2 yellow
10 98%
No. 2
61
...
BarleyFeeding
Malting
Rye—
1 77
89(3
...
....
95
99(2 108
FLOUR.
$9 25
$8 75®
Spring patents.
Winter straights, soft
8 25®
Hard winter straights
8 75®
Clear
9 00
9 25
7 25®
8 50®
Rye flour
7 75
9 25
Barley goods—Portage barley:
No. 1
$6 75
Nos. 2,3 and 4 pearl
7 00
Nos. 2-0 and 3-0...
6 75®
Nos. 4-0 and 5-0—
Oats
Corn goods, 100 lbs.:
Yellow meal
2 25@:
2 40©:
Corn flour..
50
6 90
7 00
goods—Carload
spot delivery......
6180
60
The statement of the movement of breadstuffs to market
indicated below
prepared by us from figures collected by
Exchange.
The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
are
the New York Produce
Flour.
Receipts at-
Corn.
Wheat.
889,000
.
Oats.
224,000
1,099,000
379,000
605,000
102,000
100,000
201,000
204,000
157.000
274,000
33,000
291,000
37,000
1,640,000
Milwaukee-..
Rye.
Barley.
bush. 32 lbs. bush ASlbs. bvsh.5Qlbs.
992,000
1,792,000
181,000
-----
Duluth
164%
158%
increasing
152%
137%
GRAIN.
Wheat—
Detroit. _...v
the slowness of the cash business and indica¬
CHICAGO.
Thurs.
Fri.
152%
138%
155%
143%
closing quotations:
are
Toledo
was
IN
Wed.
Tues.
...cts.154% 154
140
142
May delivery..
170
crop movement soon, notably from
of Illinois.
The visible supply decreased
last week 158,000 bushels against an increase in the same week
and
OF
Sat.
December delivery..
Minneapolis.
CHICAGO.
Thurs.
Fri.
rainy.
That fact indeed counted for
more at that time than
anything else, as delaying marketing.
Some 50,000 bushels were taken for export early in the week.
The trouble on the other hand has been the
depression in
Iowa
47%
50%
62
62
Rye advanced partly in response to the rise in wheat.
Besides exporters bought and the cash position was firm.
On the 14th inst. the Government crop estimate was 69,318,000 bushels, or 8,500,000 less than the preliminary estimate.
Nevertheless prices dropped on that day 23^ to 5 cents, in
sympathy with other grain.
Cash premiums here, however
remained firm at that time, braced by export sales of about
150,000 bushels.
The barley crop is put at 202,024,000
bushels.
The Government report to-day puts the condition
of rye at 90.5% against 89.8% last year, 89% in 1918,
84.1% in 1917 and 91.2% as the ten-year average, so that
the present condition is only 1.7th of 1% under that average.
An unofficial estimate of the rye crop based on the present
condition is 68,000,000 bushels, against 69,318,000 last
season, 88,909,000 two years ago, and 91,041,000 in 1917-18.
To-day prices rose and end 4 to 5c. higher for the week.
Chicago
202
IN
advanced though acting rather cool towards
the rise in wheat.
Still cash interests at the West did buy.
So did December shorts.
Besides, the weather at the West
Wall Street,
tions of an
Fri.
Thurs.
62
Tues.
46%
49%
YORK.
Wed.
64
Mon.
46%
49%
bbls.imbs. bush. 60 lbs. bush. 56 lbs
corn
early in the week
64
Sat.
December delivery
May delivery
295,000
99,000
258,000
58,000
63,000
42,000
69,000
48,000
839,000
112,000
'
St.
Louis.
334,000
468,000
43,000
92,000
19,000
326,000
188,000
29,000
30,000
1,317,000
114,000
58,000
412,000
Peoria
Indian
NEW
DAILY CLOSING PRICES OF OATS FUTURES
YORK.
Wed.
199%
FUTURES
Mon.
cts.165
delivery
May delivery
Tues.
194%
WHEAT
Sat.
December delivery
March
NEW
Mon.
__cts.l89
_
CLOSING
IN
IN
Mon. .Tues.
64
64
64
modus
DAILY
OATS
OF
Sat.
No. 1 white
over
year ago.
wheat
visible
The
cents.
[VOL. 111.
125,000
123,000
62,000
49,000
...
Kansas City..
Omaha
19,000
686,000
120,000
8,511,000
3,085,000
2.839,000
Indianapolis..
Total wk.
'20
Same wk.
'19
Same
'18
325,000
424,000
428,000
1,263,000
636,000
5,787,000
4,795,000
2,762,000
573,000
399,000
13,053,000
5,711,000
7,146,000
2,250,000
1,618,000
5,116,000 173,183,000
wk.
61,286,000
Since Aug. 1—
1920
1919
9,097.000 253,118,000
1918
parts
...
Total
^
6,935,000 291 ,964,000
92,915,000 20,678,000 15,220,000
63,470,000 98,748,000 35,214,000 14,593,000
88,891,000 149,145,000 32,107,000 19,229,000
receipts of flour and grain at the seaboard ports for
the week ended Dec. 11
1920 follow:
last year of 272,000 bushels.
But the total is still 4,439,000
1,903,000 last year.
If there is to be a
bushels, against
larger crop movement with trade slow, it looks as though
prices may have to decline.
The Government report puts
the crop at 3,232,367,000 bushels.
This is a high record
yield, and'on the 14th inst., when the estimate appeared,
prices fell 3 to 33^ cents.
New cash corn on that day was
2 to 5 cents lower at
Chicago and in some cases old corn fell
8
The cash trade has dwindled to almost nothing
cents._
for the time
being.
To-day prices advanced and ended 1
higher for the week on December and
lower for May.
DAILY
_
CLOSING PRICES
---cts.
DAILY CLOSING PRICES
Mon.
98%
101%
OF CORN
Sat.
_
December delivery
cts.
May delivery
NEW YORK.
Tues.
Wed. Thurs.
68%
71%
Oats fluctuated within very
102
Tues.
97%
Thurs.
70%
71%
68%
67%
72%
69%
68
narrow
98%
Fri.
69%
71%
downward of
rise in wheat and corn and also because of
supply of 629,000 bushels, although
the decrease was 1,001,000 bushels.
There seems
year ago
be at least
a
a
fair-sized short interest.
fell off 424,000 bushels and is
Chicago's stock
now 11,411,000 bushels.
The
estimate on the 14th inst. by the Government was 1,524,055,000 bushels, or nearly 80,000,000 bushels larger
than the preliminary estimate.
It caused a drop of 2 to 2^
crop
New
Oats.
Barley.
Bushels.
Bushels.
York...
Philadelphia
Baltimore
.
_■...
56,000
3,437.000
54,000
974,000
9,000
865,000
34,000
62,000
532,000
42,000
166", 000
219,000
74,000
29,000
^Rye.
Bushels.
266,000
130,000
186,000
4.000
4,000
69*666
764,000
37,000
23", 000
1,114.000
125,000
392,000
7,618.000
143,000
Since Jan. 1 '19 13,027,000 246,176,000
19,736,000
904,000
450,000
26,840,000 10,995,000 49,811.000
150,000
3,111,000
803,000
Since Jan.1 '19 15,341,000 216.474.000 100,778,000
69,866,000 57,403,000 29,446,000
Newport News
New Orleans
a
Galveston....
Montreal
Total
wk.
'20
Ur
on
XWtVAJlj/jO
U»J
UOli
1UU1UUO
88*666
is'ooo
262*666
fc»x &IU
590,000
832,000
435,000
303,000
vXAA
through bills of lading.
The exports from
ending Dec. 11
are
the several seaboard ports for the week
shown in the annexed statement:
New York
Boston...
Wheat.
Corn.
Flour.
Oats.
Rye.
Barley.
Bushels.
Exports from—
partly in mild
decrease in the visible
to
Corn.
Bushels.
limits, paying little
the sharp movements upward or
Some advance occurred at one time,
sympathy with
a
a
Wed.
72%
regard to
wheat.
97%
Fri.
FUTURES IN CHICAGO.
Mon.
Wheat.
Bushels.
Week 1920...
OF CORN IN
Sat.
.
No. 2 yellow
.
Flour.
Barrels.
Receipts at—
Bushels.
Barrels.
Bushtls.
Bushels
Bushels
2,917,644
Peas.
Bushels
921,827 339,553
134,763 128,578
45,000
80.000
2,079,000
52*666
738,000
60,000
32,000
4,000
1,641.000
47,000
Galveston
52*666
4,000
New Orleans
43",000
8,000
1,907,000
Philadelphia
Baltimore
Newport News
Montreal
Total
215,000
week
Week 1919
163,000 183,000
36",000
25.000
110,000
10,000
66,000
149,000
91,000
427,827*833,553
9,581,644 2,977,763 259,378
18.000 512,896
4,1594,860
894,378 181.959-251.125
*5*628
Dec.
181920.]
The destination of these exports for
July 1 1920 is
CHRONICLE
THE
the week and since
many retailers
below:
as
2441
who have kept their prices up in order to
advantage of the holiday trade will be forced to cut
take
prices materially early in 1921, and that manufacturers in
Corn.
Wheat.
Flour.
turn will find it necessary to
keep prices low in view of
diminished buying power all over.
There have been many
Exports for Week
and Since
Week
•
July 1 to—
Dec.
Since
Week
Since
July 1
Dec. 11.
July 1
Dec. 11.
1919.
1926.
1920.
1920.
,
.
11
1920.
Week
>
Since
July
1
buyers in the markets this week, evidently ready to pick
odd lots when offered at low prices.
As they are buying
1920.
up
Barrels.
Kingdom. 77.905
Continent
140,894
13,579
259,378
7,102.684
So. & Cent. Amer.
15,000
West Indies
12,000
Brit.No.Am.Cols.
Other countries
Total
229,000
1,730,558
2,367,669
177,691
116,072
41,270
666,399
29,769
12,342
2,494,760
"a'ooo
3,000
39", 999
3,279",355
9,581,644 182,520,492
Total 1919....... 512,896
10,804,268
Bushels.
Bushels.
757,788
62,364,185
8,554,857 114,379,192
1,826,349
3,321,357
633,757
452,807
2,000
866,414
...
Bushels.
Bushels.
Barrels.
United
4,694,860
4,848,007
1,301,320
297,763
91,253.769
18,000
The world's
shipment of wheat and corn for the week
ending Dec. 11 1920 and since July 1 1920 and 1919 are
shown in the following:
generally for immediate shipment only, it is quite evident
that stocks in many places have been well cleaned up. The
auction of overcoatings shows that buyers expect low
prices,
and
that they can get them, some goods being secured at
prices fully 60% below the season's opening prices.
The
auction
of
difficult
1920.
1919.
Week
Dec.
Since
11.
July
Since
Since
11.
July 1.
July 1.
Bushels.
Bushels.
Bushels.
Week
Since
Dec.
July 1.
Bushels.
Bushels.
North Amer.
7,606,000 218,767,000 170,585,000
753,000
5,773,000
166,000
"635", 000
224",000
76,545,000
13,286,000
8%, mostly the latter.
1,424,000
India
Oth. countr's
280,000
Total
visible
58,909",000
l","75~0",666
the
COTTON
market
4,127.000
99,186,000
61,412,000
supply of grain, comprising the stocks in
at principal points of accumulation
seaboard ports Dec. 11 1920 was as follows:
granary
and
at lake
United States—
bush.
New York....
Boston..
Rye.
bush,
Oats.
bush.
bush.
6,017,000
....
-312,000
1,261,000
1,087,000
307,000
1,000
20,000
Barley.
bush.
259,000
...
470,000
2,265,000
40,000
276,000
29,000
10.000
Baltimore........
2,973,000
576,000
462.000
766,000
287,000
.
4,000
.......
New Orleans
4,621,000
Galveston.
127,000
3,753,000
4.907,000
_____
Buffalo
4,000
......
354,000
159,000
......
......
2,756.000
......
26,000
......
482,000
3',560.000
Toledo..
911,000
Detroit.
._....
52,000
19,000
.
31,000
...........
Chicago.......
1,497,000
afloat
121.000
565,000
Minneapolis
91.000
......
Kansas City
.....
80,000
132,000
2,506,000
11,000
St. Louis.._L.
167,000
85,000.
Indianapolis
151,000
On Lakes
______
481.000
1,001,000
Omaha
202,000
4,442,000
...
On Canal and River
Total Dec. 11
Total Dec.
1920....48,411.000
4 1920....43,107,000
13
Total Dec.
14 1918...111,255,000
1919
84,684,000
......
380,000
......
.......
993,000
101,000
117,000
2,260,000
151,000
82,000
7,380,000
872,000
1,503,000
62,000
17,000
79,000
1,359,000,
411,000
1,000
448,000
1,169,000
1,000
103,000
257,000
150,000
_.....
110.000
Total Dec.
2,000
44,000
7.963,000
317,000
Peoria
13,COO
251,000
742,000
....
916,000
4,439,000 32,474,000
3,877,000
4,597,000 33,103,000
4,320,000
1,903,000 14,846,000 17,249,000
2,477.000 28,732,000 12,659,000
14,000
......
32,000
3,800,000
3.501,000
3,018,000
6,983,000
Buffalo; total, 35S.000, against 1,050,000 bushels in 1919; barley, New York, 29,000;
Duluth. 1,000; total, 30,009 bushels, against 279,000 bushels in 1919.
Canadian—r
J
237,000
96,000
Ft. William <ft Pt. Arthur. 10,954,000
Other Canadian
Total Dec. 11
......
4,690,000
525,000
1,000
3,563,000
2,735,000
55,000
968,000
404,000
1920
15,881,000
96,000
6,823,000
1,000
1,427,000
4 1920
18,828,000
140,000
6,411,000
1,000
1,271,000
Total Dec. 13 1919.... 16,159,000
Total Dec. 14 1918....24,071.000
...1..
4.520,000
44,000
3,800,000
3,000
434,000
4,439,000 32,474,000
3,877,000
1,000
3,800,000
1,427,000
Summary—
*
American
Canadian
48,411,000
.....15,881,000
—
Total Dec. 11
1920
96,000
6,823,000
64,292,000
4,535,000 39,297,000
5,227,000
61,935,000
Total Dec. 13 1919...100,843,000
4,737,000 39,514,000
4,772,000
Total Dec.
4 1920
Total Dec. 14
1918...135,326,000
burden¬
are
some
3.878,000
4,321,000
1,903,000 19,366,000 17,293,000
2,668.000 32,532,000 12,662,000
4,152,000
7,417,000
rather
a
improvement,
slow
both
as
At the outset the tone
trading
quiet,
was
as
to
was
inquiry
demand was
said to be
of better
firmer feeling developed, especially among
Various large consumers were displaying
in
print
cloths,
sheetings,
and
other
un¬
bleached cottons, and seemed more disposed to negotiate if
reasonably
sure
that prices would be stable.
There were
large sales, but it was clear that stocks in many cases
no
ascribed
in
some
The firmer attitude of mills was
had made
quarters to claims that they
fairly large sales at
some
were
Inquiry for finished goods also
broadening tendency and the movement is evi¬
a
dently gaining steadily.
less
a
recent low prices, and hence
disposed to accept further business on such levels.
Gray goods sold in small lots early in the week for Decem¬
delivery, and later fair sales were made to
printers and others for deliveries running into March.
were
At
38^-inch, 64x60s were freely offered at 8c., but
not wanted above 7%c.
Second-hands then sold Dec.-
Jan.
goods at 7%c., but later asked 7%&
the
start
Spot Southern
goods later sold at 8c., with Eastern mills asking 9c.
were
for
generally ^c. to y2 c. lower.
Rids
Bids of 5%c. were made
generally
fu¬
tures at 91,£c.
Sheetings have been moderately active, job¬
bers being fairly steady buyers on a basis of 10c. for 4-yard
56x60s; o^c. for 32-inch 6.25s; and 12V2c. for 40-inch 48
squares.
There was limited inquiry for organdies, the 68x
56, 11 yards, being held at 11c.
There was little interest in
combed lawns, sateens, twills, or drills, most of the business
going to second-hands.
A one-cent reduction in percale
prices, 12y2c. being named for 4-4 64x60s, led to little busi¬
27-inch, 64x60s for Dec.,
with
6c.
or
more
Spot sales of 68x72s were made at 91/4c. and
Sellers
ness.
think
that
future
orders
should
come
for¬
price is still too
high.
The continued delay in naming gingham prices is
hampering printers who would like to have it fixed so that
they may name final prices for spring.
ward
1.134,000
211,000
Total Dec.
interest
more
asked.
......
Note.—Bonded grain not Included above: Oats, 16,000 bushels New York, 342,000
Montreal
a
first-hand sellers.
......
..
173.000
......
147,000
Duluth
......
1,720,000 11,411,000
175,000
Milwaukee...
Later the
ber and January
365,000
"
afloat
no means
GOODS.—After
showed
although
steady,
prospect.
......
Philadelphia............
Newport News
by
small way created the belief that .larger business was
a
in
showed
Corn.
are
On the other hand,
Reports of slow collections
had been greatly reduced.
GRAIN STOCKS.
Wheat,
lots
seemed to be broadening somewhat and fairly steady buying
character and
1,812,000
8,030,000 272,198,000 301,141,000
The
91,914,000
"864",000
3,961",000
many
all industries.
generally
in
52,199,000
184,000
__
38,491,000
16,000
Argentina.
Australia
be
to
Commercial paper rates continue unchanged at 7%
start,
Russia.
Danube.....
to
other way.
any
volume of business and prices.
Bushels.
said
be liquidated and
are
1919.
1920.
1.
in
move
DOMESTIC
;
There
goods that have
stocks of the finer quality goods are
and
-'Corn,
to
heard in
Exports.
general.
more
undesirable
some.
Wheat.
sale policy to dispose of surplus goods is evidently
becoming
on
this basis, but many buyers say the
WOOLEN
GOODS.—Inactivity
has
continued
as
the
principal feature in the market for woolen goods.
There
has been a small demand to cover immediate requirements
of tricotines,
wise
there
Poiret twills, and plaid skirtings, but other¬
been no animation.
Business is seriously
has
checked by the further curtailment in the cutting trade as
result of the bad labor conditions.
Realizing that the
a
naming of lower prices would have no effect as a trade
stimulant under such abnormal conditions, mill agents have
THE DRY GOODS TRADE.
New
As usual at this
kets has
season
slow
been
shown no
show
York, Friday Night, Dec. 17 1920.
business in
rule
mar¬
the
present instance the customary pre-inventory quietude
the
week.
by the great uncertainty regarding the future.
Within the past month or more a great deal has been heard
to what is to happen
"after the turn of the year."
To
the disinterested observer there certainly seems to be suf¬
as
ficient
on
possibilities in the future to justify extreme caution
all sides.
Many arguments have been heard
prices should go still
recent sharp declines.
as
to why
lower or should advance after the
In support of the latter it is pointed
out that many
buyers have been holding aloof until "after
the turn of the
year," and that when they do start to buy
a
shortage of goods will become manifest owing to
the recent material curtailment of production.
It is argued
marked
refrained from buying
for so long that stocks in many cases have been reduced
to dangerously low levels, suggesting that when the demand
does appear it will be sufficient to absorb everything of¬
fered, and a good deal more besides.
On the other hand, it
is pointed out that the loss in buying power in the agricul¬
tural districts, owing to the sharp drop in the value of farm
that
jobbers and distributers have
products, will become much more extensive, spreading all
over the industrial centres as a result of the prospective ma¬
terial
reductions in
wages.
Hence it is
contended
that
disposition to press sales. As a consequence, prices
material change; at least, among first-hand sellers,
although lower prices have doubtless been
accepted by sec¬
ond-half holders anxious to liquidate.
was
augmented
a
during
primary textile
In
as
no
FOREIGN DRY GOODS.—Buyers of burlap have
ued decidedly
contin¬
indifferent, owing to present large accumula¬
for Decem¬
below
spot quotations.
These factors naturally encourage the be¬
lief that prices are destined to fall to still lower levels, al¬
though it is asserted that they are already below the cost
of production.
A slight interest has developed in goods for
shipment during the first half of the new year, but buyers
show no disposition to pay more than the prices quoted for
December, whereas shippers ask a slight premium.
Light
weights on spot are quoted at 4.70 to 4.90 cents, and heavies
tions, further arrivals, and the fact that prices
ber
shipment from Calcutta are nearly a quarter-cent
5.70 to
at
are
5.75 cents.
for heavies.
markets
practically dead-locked condition of linen
still in force.
Although prices have already
The
is
December shipments from Calcutta
quoted at 4.50 cents for lights and 5.50 cents
dropped
sharply, buyers still have no faith that the bottom has been
reached and generally refuse to anticipate future require¬
ments.
Hence it has been possible only to move goods from
stock, and these only when offered at a sacrifice.
In spite
of the efforts to fix minimum prices abroad, there are con¬
stant
of good flax at lower prices, more being
price-cutting among growers on the Continent.
offerings
heard of
.
THE
2442
[Vol. 111.
CHRONICLE
and Sir Adam Beck
tiwX
(Eat#
j^tate
way
~~
proposition
was
will sell certain of its properties to the Ontario HydroThe total
334.
the purchasers will be approximately $32,810,040,
this can be deducted a sinking fund of $75,040
to
cost
Va.—Commission Form of Government
Voted.-—On Dee. 7 the people of Charlottesville voted in
favor of a commission form of government.
The majority
Charlottesville,
for the
given the approval of the Ontariothe Toronto Rail¬
Electrie Commission and the City of Toronto.
ITEMS.
NEWS
are
Government and the Toronto ratepayers,
but from
existing in the railway's accounts, leaving a net purchase
price of $32,735,000.
T&£ Hydro Commission's share of the
total price will amount to $25,838,745, divided as follows:
Commission to be delivered to the Toronto Railway
aggregating $2,988,528:
$2,375,000 6% 20-year debentures, dated Dec. 1 1920, secured by a first
mortgage on Toronto & York Radial Ry. property outside the City
Debentures of Hydro
Pa.™Voters Ratify Annexation Plan.
—By a vote of nearly two to one the voters of Chartiers
Township on Dee. 14 declared for annexation to the City of
Pittsburgh.
The vote was 815 for annexation to 439
against.
The annexation of Chartiers Township will in¬
crease
the population of Pittsburgh by 5,634, add about
20 square miles of territory and raise the property value
approximately $5,116,000.
Goldsboro, N. C.—Slate Supreme Court Holds That Sale of
Bonds Below Par is Legal.—It is stated that the sale below
par of $150,000 worth of bonds by the town of Goldsboro
was validated by the State Supreme Court on Dec. 1 in an
opinion which held the Act of the 1920 special session of the
Legislature which authorized the sale below par as con¬
Chartiers Township,
The
stitutional.
Raleigh "News and Observer" says:
in the case of Pennington vs. Town of
Allen wrote the opinion of the court
Chief Justice Walter Clark and Associate Justice George Brown filed
but the same question was involved
Associate Justice W. R.
Tarboro.
while
dissenting opinions.
The
case
of Kornegay vs. Goldsboro was an action to
restrain the sale of
bonds of the city of Goldsboro at less than par.
The special session of the
General Assembly in 1920 passed an Act authorizing the sale of these bonds
at less than par within four months after the ratification of the Act.
In
accordance thereto, the bonds were sold to the Wayne National Bank at
96, with accrued interest.
Associate Justice Allen answered the objection of the plaintiff in
.
detail.
The plaintiff first set up that the special Act of the 1920 legislature was in
conflict with Article 8, Section 1, of the Constitution of the State, regulating
the chartering of corporations by special Act.
To this, the majority of the
answered
court
that
the
Section
of
the
Constitution
in
particular had
clearly to "private business corporations and does not refer to
quasi public corporations acting as Governmental agencies."
That the Act was also In conflict with Article 8, Section 4, the court
reference
public
or
denied, with the opinion that if the position of the plaintiffs that the legis¬
lature has no power except to pass general laws, the enactment of all special
laws relating to municipalities can be maintained, the General Assembly
has
no
amend its charter or to confer other
That the Act confers special privileges on one community which
power
powers.
are not
to incorporate a city,
conferred
on
another and is therefore unconstitutional, the court
the very section of the Consti7, which is quoted as authority, concludes with
exception, "but in consideration of pubhc service."
"Surely," says the court, "if this principle avails the railway and the
electric company it wall be applied in behalf of the municipal corporation an
agency of the State, created for the benefits of the public."
The plaintiffs further contended that the General Assembly in the
adoption of the municipal finance act which requires that all municipal
holds is just as untenable for the reason that
»
tution,
Article
1.
Section
this
bonds be sold at not less than par, acted with constitutional authority, and
the Wayne County Act is in conflict with the general law and should be
But the court sweeps this contention to the winds when it points
set aside.
out that such
position if it could be maintained, would withdraw from
subsequent legislatures the right to repeal or amend legislation.
The usury law which the plaintiffs held up proved no more substantial a
hindrance, for the court maintains that the sale of bonds has been dealt
with as a sale of chattels.
Likewise, the contention that the special Act
is not general in its application and that it permits the municipal corpora¬
tions of Wayne County to sell bonds at less than par when the same privilege
is not granted other localities, is not sufficient to invalidate the bond sale,
Associate Justice Allen holds.
In the court's opinion "all that is required by
the Constitution is that the Act shall apply equally to all persons within the
a
territorial limits described in the Act."
The final contention that the bonds were advertised in the News and
Observer which does not come under the classification of financial papers
as required
by the amendment to the Municipal Finance Act of the special
session, the court dismisses with this comment: "But it is admitted that this
paper in addition to publishing general news also regularly publishes news
relating to financial matters and also publishes from time to time notices of
proposed sale of municipal bonds of municipalities of North Carolina
which is sufficient compliance with the statute.
"The statute of 1920," the court's opinion concludes,
meet
.
for rake-off
by powerful combinations of capital which will be formed to
depress the price of such bonds and it is in violation of our usury law and will
inevitably force the repeal of that statue which for so long a time has been a
protection to our people: for who will lend money to a farmer, merchant,
or
any other legitimate business at 6% if such towns as Goldsboro a»*e
allowed to sell 6% tax-free bonds at from 4 to 6% below par, which privileges
will be extended to other cities by special Act and we may see the sale price
of municipal bonds brought down to a far lower figure still."
»
Characterizing the interpretation of the legislative Act as "extremely
unfortunate" Associate Justice Brown adds in his dissenting opinion that
this legislation "at one blow strikes down one of the most valuable amend¬
ments
efforts
ever
made to
of the
our
General
Constitution.
The decision
is disastrous to the
Assembly to maintain the credit of the cities and
to^s of^e^S^tgJby forbidding the sale of securities below par."
Xdaho.^—Amendment to Constitution Extending the
Debt Limitation.—The voters of Idaho
an
on
Nov. 2
State
approved
Consti¬
amendment to Section 2 of Article 8 of the State
tution.
The amendment extends the debt limitation
so
as
to
permit the State to control and promote the development
of the unused water power within, the State.
We print
Sec. 2 of Art. 8 below, giving the new matter in italics:
or
Section 2, of Article 8:
The credit of the State shall not, in any manner, be given, or loaned to,
in aid of any individual, association, municipality or corporation; nor
shall the State directly or indirectly become a stockholder in any associa¬
tion or corporation.
Provided, That the State itself may control and promote
the development of the unused water power within this State.
Highway Bonds Voted.—At the election Nov. 2 an issue
$2,000,000 bonds was voted for the purpose of construct¬
The vote on this question was 40,720
ing State highways.
for to 30,901 against.
of
Public
Ownership
of
Toronto
Railway
Properties
Planned.—Approximately $10,000,000
Municipal Bonds
Involved.—If plans completed by Sir William MacKenzie
f
the debts against the properties, aggregating
$22,850,217:
$4,335,000 5% First Mtge. bonds of the Electrical Development Co. of
Ontario, dated Mar. 1 1903, now outstanding.
$13,558,917 4M% 30-year debenture stock of Toronto Power Co., now
outstanding.
$4,103,200 5% mortgage bonds of the Toronto Power Co. maturing
July 1 1924.
$840,000 6 % 3-year promissory notes of Toronto Electric Light Co.
$13,100 outstanding shares of Electrical Development Co. of Ontario.
,
m
The City of Toronto as
Ry.
its share will deliver to the Toronto
$6,97i,295 of its 6% 20-year bonds dated Dec. 1 1920.
Further details concerning the
an
transaction will be found
Dept." of this
item in the "Railroad and Industrial
issue.
South
Dakota.—Proposed Amendment to Constitution
Defeated—The voters of South Dakota on Nov. 2 defeated
the proposed amendment to Sec. 4 of Art. 13 of the State
Constitution which would have empowered a school,district
to exceed the 5% debt limitation. (V. Ill, p. 1772.)
Washington (State of).—Result of Referendum on Sol¬
Bonds.—The voters of Washington
on Nov. 2 approved the Soldiers' Bonus Measure by a vote
of 224,356 for to 88,128 against.
The Act authorizes the
issuance of State bonds to the amount of $11,000,000 (V. 110,
diers' Bonus and Highway
1771).
p.
bonds
was
against.
The proposition to issue $30,000,000 highway
defeated by a vote of 117,425 for to 191,783
v'^-
;
Legality of Soldiers' Bonus.—It is stated that a
friendly suit has been started in the State Supreme Court to
test the legality of the Soldiers' Bonus Act.
A special dis¬
patch from Olympia to the "Oregonian," dated Nov. 30, says:
Suit to Test
"To test the legality of the Soldiers' Bonus Act adopted by referendum
general election Nov. 2, Attorney-General
Thompson to-day filed in the Supreme Court petition, or a writ of mandate
to compel State Auditor C. W. Cluasen to issue a warrant for the payment
of $1,000 from the School Fund for a bond of like denomination issued by
the State Board of Finance as administrator of the provisions of the bonus
of the voters of the State at the
Frank C. Owings
The board, as
bonds which it
was proposed to issue, and then in its capacity as custodian of the permanent
State funds, the board adopted a resolution to purchase from itself this
$1,000 bond as an investment for that amount of the State Permanent School
Fund, and ordered the State Auditor to issue a warrant for that amount.
"A third resolution was thereupon adopted accepting the offer to purchase
a $1,000 bond, the board, acting in its dual capacity, thus closing the formal
transactions necessary to bring the constitutional test of the Bonus Act.
The case, which is friendly, will be
bill.
argued Dec. 17.
retained to represent Clausen in the test case.
administrator of the bonds, offered for sale one of the $1,000
has been
The State Auditor refused to issue the warrant, and
was
then filed direct in the
Supreme Court.
petition for mandamus
Under the Act, these bonds to
the
6%
at less than par."
be issued to raise the bonus money are made legal investment for
Permanent School, Higher Education and Accident funds, will draw
interest, and cannot be sold at discount or
BOND CALLS AND REDEMPTIONS.
Cascade
__
"has been framed to
pressing emergency and is of limited duration and as we find no
Constitutional objection to its enactment, it must be sustained."
In his dissenting opinion, Chief Justice Walter Clark says:
"Not only is this special legislation authorizing the city of Goldsboro to
sell its bonds below par in violation of the
.
.
Constitution which
requires equal rights to all and special privileges to none, it is in violation of
the amendment passed for the express purpose of requiring uniform legisla¬
tion as to all municipalities, and in violation of the general Acts passed
in pursuance thereof by the Legislature of 1917, but it is a serious discrim¬
ination against other towns and cities which are required to sell their bonds
at not lass than par and tends to depress the price of all municipal bonds in
the State with great loss to the tax payers and giving unlimited opportunity
a
Dec. I 1920, guaranteed by the
Province of Toronto.
The Commission to assume
in
of Kornegay vs. Goldsboro
Tbe issue came before the court in the case
of Toronto.
$613,528 6% 20-year debentures, dated
—On
Jan. 1
CountyjfP. O. Great Falls), Mont.—Bond Call.
1 1921 $192,000 4% court-house bonds dated
1901 will be called for payment.
John E. Moran is
Jan.
County Clerk.
Dominican
(Republic
of).—Bond Call.—Arthur H.
Mayo, Lieutenant Commander (SC), U. S. N. Officer Ad¬
ministering the Affairs of the Secretaria de Estado de Ha¬
cienda y Commercio for the Military Government has issued
the following notice inviting tender of bonds:
In accordance with Executive Order 272 sealed
proposals will be received
by the Secretaria de Estado de Hacienda y Commercio until 10 a. m. of Feb
1, Mar. 1, and April 1 1921, for the purchase for retirement of bonds of the
Dominican Republic dated Jan. 1 1918, due 1938, without regard to series,
to an amount estimated at $320,000 on each of the above dates, a total for
three dates of $960,000
All proposals shall be submitted in triplicate and
specify the number of the bonds offered, the series, the par value and
authorized
containing
proposals shall appear the words "Proposals opening of" (fill in date).
Said proposals will be opened in public in the office of the undersigned on
Feb. 1, Mar. 1, and April 1 1921, unless such dates fall upon a Sunday or
legal holiday, in which case the bids will be opened on the following day.
shall
the price at which offered and shall be signed by an official duly
to act for the bidders.
Upon the outside of the sealed envelopes
Salt Lake City, Salt Lake
Lake City
County, Utah.—Bond Call.—
refunding bonds dated Jan. 1
1901, totaling $500,000, bearing 4% interest and maturing
Jan. 1 1921, is payable at the office of R. M. Young, City
The issue of Salt
Treasurer.
All holders and others interested in the bonds of this issue
are
given this advice that no delay may be experienced in
by erroneously forwarding them to New
redemption.
their redemption
York for
BOND
PROPOSALS
this week have been
as
AND
NEGOTIATIONS
follows:
SCHOOL DISTRICT (P. O. Ada), Hardin County, Ohio.—
OFFERING.—Proposals for $15,000 6% refunding bonds will be re¬
Dec. 22 by A. E. Warren, Clerk of Board of Education.
Denom. $500.
Date Jan. 1 1921Prin. and semi-ann. int. payable at
the office of the Clerk of Board of Ed.
Due Jan. 1 1926.
Cert, check for
ADA
BOND
ceived until 7 p. m.
$200 required.
„
ALACHUA COUNTY SPECIAL ROAD AND BRIDGE DISTRICT
NO. 1, Fla.—BOND SALE.—The $310,000 5H % gold bonds, which were
offered on Feb. 10—V. 110, p. 783—but then failed to receive a satisfactory
•
Dec.
181920.]
THE
CHRONICLE
bid, have been purchased by the Kauffman-Smith-Emert & Co., of St.
Louis.
Denom. $1,000.
Date Jan. 1 1920.
Prin. and semi-ann. int.
(J. & J.) payable at the U. S. Mtge. & Trust Co., N. Y.
Due yearly on
Jan. 1 as follows: $4,000, 1925;
$5,000, 1926; $6,000, 1927; $7,000, 1928
and 1929, $8,000,
1930; $9,000, 1931 to 1933, incl.; $10,000, 1934 and
1935; $11,000, 1936 and 1937; $12,000, 1938 and 1939; $13,000, 1940 and
1941;
§14,000, 1942; $15,000, 1943; $16,000, 1944; $17,000, 1945 and
1946; $18,000, 1947 and 1948; $19,000, 1949 and $20,000, 1950.
Financial Statement.
Estimated actual value of taxable
propertv
Assessed valuation of taxable
property, 1920
Total bonded indebtedness, this issue
■
_
_
___
$20,000,000
5,224,227
only.
Population, estimated, 26,000.
310,000
ALBANY, Albany County, N. Y.—BOND OFFERING.—Elmer D.
Gunn, City Comptroller, will receive bids until 11 a. m. Dec. 23 for
any
of the following
5% tax-free registered bonds:
$300,000 school
construction
bonds.
Denom.
$1,000.
Due
$15,000
yearly on Jan. 1 from 1922 to 1941, incl.
60,000 city hall impt. bonds.
Denom.
$1,000.
Due $3,000 yearly
on Jan. 1 from 1922 to
1941, incl.
19,500 public bath impt. bonds.
Denom. $1,300.
Due $1,300 yearly
on Jan. 1 from 1922 to
1936, incl.
16,200 public impt. bonds.
Denom. $1,620.
Due $1,620 yearly on
Jan. 1 from 1922 to 1931, incl.
12,000 garage site purchase bonds.
Denom. $1,000.
Due $1,000 yearly
on Jan.
1 from 1922 to 1933, incl.
-
Date Jan. 1 1921.
Prin.
payable at the City Treasurer's office; semiint. J. & J. payable by mailed checks.
Cert, check for 2% of amount
of bonds bid for, payable to Wm. J.
Brennan, City Treasurer, required.
Bonds to oe delivered on Jan.
5, or as soon thereafter as possible.
The three last-described issues will be
purchased by the Comptroller for
the sinking funds.
ann.
ALPHORETTA
SCHOOL DISTRICT (P. O. Alphoretta), Milton
issue of 6)^% school bonds amounting
$18,500 has been purchased by the Robinson-Humphrey Co. of Atlanta.
Denom. $1,000.
Date Nov. 1 1920.
Prin. and semi-ann. int. payable
in New York.
Due yearly on Nov. 1 as follows: $500 1931 and $1,000 1932
incl.
and $1,000 on
April 1 and Oct. 1 in 1930, 1931 and 1932.
check for $200, payable to H. A.
Barth, City Treasurer, required.
to
the
1949
incl.
Blount
Tenn.—BOND OFFERING.—Bids (sealed
B. Smith, City Recorder, for $25,000
6% coupon bonds until 7.30 p. m. Dec. 28.
Denom. $1,000.
Date Jan. 1 1921.
Prin. and semi-ann. int. payable in
gold, payable at the Bankers Trust Co., N. Y.
Due Jan. 1 1941.
Any
successful bidder may, at the option of the
city, be required to furnish a
certified check payable to the City of Alcoa in a sum
equal to 2% of the
amount of bonds bid for.
Bonds are registerable as to principal only.
The Bankers Trust Co. of N. Y., will
certify as to the genuineness of the
signatures of the city officials.
The prospective bidders will be furnished
without charge the approving opinion of Gordon &
Smith, attorneys of
or
County,
sewer
BARTHOLOMEW COUNTY (P. O. Columbus), Ind.—BOND SALE.
—The $35,000 4Vz% T. N. Stewart et al Rockcreek and Ilawcreek
Twp.
road bonds offered on Oct. 30 (V. Ill, p.
1585) have been purchased by
the contractor.
Due $1,750 each six months from May 15 1922 to Nov. 15
1931
incl.
BELLVILLE INDEPENDENT SCHOOL DISTRICT (P. O.
Bellville),
Austin County, Tex.—BONDS REGISTERED.—The State
Comptroller
on Dec. 6 registered $12,000
5% 5-40 year bonds.
BELTRAMI COUNTY (P. O. Bemidji), Minn.—PRICE PAID.—'The
Northern National Bank of Duluth, representing Field, Richards &
Co., of
N. Y., paid par on Dec. 8 for the $250,000
6% tax-free coupon road bonds
(V. Ill, p. 2347) which are described as follows: Denom. $1,000.
Date
Dec. 1 1920.
Prin. and semi-ann. int. (J. & D.) payable at the
Equitable
Trust Co., N. Y.
Due Dec. 1 1930.
Financial
Real valuation of taxable property
Assessed valuation
(1920)
Utah—CORRECTION.—We are advised
Mtge. Co. of Salt Lake City did not purchase an
from this city on March 20.
The item in V. 110,
p. 1553, stating
that the said bonds were sold to
mentioned company, was
evidently incorrect.
BONDS.—The $50,000 water and the $9,000 light
6% 5-20 year serial bonds, which were sold on
March 20 to the Palmer
Bond & Mortgage Co. of Salt
Lake City—V. 110, p. 1553—answer the
following description:
Denom. $1,000.
Date May 1 1920.
Int. M. & N.
CENTER SCHOOL TOWNSHIP
(P. O. Indianapolis), Marion Coun"
t5r» 1 nd.—BOND SALE.—The $95,000
6% school bonds offered on Dec. 13
.....$30,000,000
12,000,000
To^al bonded debt (including this issue)
Sinking
_.
funds.
_____
2,747,310
300,000
519,500
_____
Due $9,500 yearly on Dec. 15 from 1921 to 1930, incl.
the bidders:
Merchants Nat'l Bank..$96,117.80
Fletcher Savings & Trust
F. Wild &
Co., Indian. 96,027.00
Co.,
Indianapolis
$95,226.53
Meyer-Kiser Bk, Ind
95,810 25 Peoples State Bank
95,210.00
CHANDLER
SCHOOL
DISTRICTS
which
were
voted
on
tion:
BERKELEY HIGH SCHOOL DISTRICT, Alameda
County, Calif.—
AWARDED IN PART—Of the $492,000
5% school bonds,
offered without success on Aug. 9—V. Ill, p. 911—$218,000 have
been
disposed of, it is reported.
BONDS
OF BONDS
Nov. 6—V. Ill, p. 2064
DRAINAGE
DISTRICT
NO.
1,
Forsyth
semi-annually.
Due in 20 years.
COEUR
D'ALENE,
Kootenai
Dec.
County,
SALE.—On
Ida.—BOND
13 the $9,000 municipal bonds—V.
Ill, p. 2347—were awarded at
for 6s as follows:
$4,500 bonds to the First Exchange National Bank, Coeur D'Alene.
4,500 bonds to the American Trust Co., Coeur D'Alene.
par
COHN CENTRAL CONSOL. RECLAMATION
DISTRICT, No. 761
Kings County, Calif.—BOND SALE.—This district awarded $118,000
6% bonds to E. H. Rollins & Sons.
The bonds mature from 1926 to 1930.
COLEMAN COUNTY (P. O.
Coleman), Tex.—BONDS REGISTERED.
—A
$400,000 5H% serial bond issue
Comptroller.
registered
was
on
Dec. 6 with the
State
CONTINENTAL. Putnam
Paul R. Mootz, Village Clerk,
$2,000 6%
coupon
County,
OFFERING.—
Ohio.—BOND
will receive bids until 10 a.
refunding bonds.
Denom.
m. Jan. 2 for
Date Jan. 1 1921.
$500.
Prin. and semi-ann. int. payable at the Continental Bank of Continental.
Due $500 yearly on Jan. 1 from 1925 to 1928, incl.
Cert, check on a
solvent bank in Putnam County, for
5% of amount of bonds bid for, re¬
quired.
CRANSTON (P. O. Providence), Providence County, R. I.—NOTE
SALE.—After receiving no bids, the city negotiated a private sale of the
$382,000 refunding and $50,000 fire-station notes offered on Dec. 14 (V.
Ill, p. 2348).
Date Dec.. 15 1920.
Due June 15 1921.
CROOKSTON, Polk County, Minn.—BOND SALE.—The bid of
par, which was submitted by M. R. Hussey and John McDonnel, both of
Crookston, jointly, on Dec. 14 for the purpose of obtaining $2,658 25 6%
6% coupon sewer bonds—V. Ill, p. 2248—was accepted.
•
DAKOTA COUNTY
(P. O. Hastings), Minn.—BOND OFFERING.—
Downs, County Auditor, will receive sealed bids until Dec. 20 for
road bonds.—V. Ill, p. 2348Date Dec. 1 1920.
$250,000 5%%
Due Dec. 1 1925.
DAVIESS COUNTY (P. O. Washington), ind.—BOND OFFERING.—
Vance, County Treasurer, will receive bids until 2 p. m. Jan. 4
$35,132 80 4Chas. A. Traylor et al, Harrison Twp. road impt.
for
bonds.
Due $1,756 64 each six months from May 15 1922 to
ncl,
and
Milton
to
W.
$1,600
Shirley, Com¬
COUNTY
(P. O. Nashville), Tenn.—BOND OFFERING
—Sealed bids will be received until 9
a.
Jan.
m
—
DISTRICT
SCHOOL
(P. O. Big Stone Gap),
Wise County, V a.—BOND OFFERING.—J. W,
Kelly, Chairman Board of
Education, will receive sealed bids until Jan. 1 for an issue of $35,000 school
bonds.
BISMARCK SCHOOL DISTRICT NO. 1
(P. O. Bismarck), Burleigh
County, No. Dak.—BOND SALE.—The State of
North Dakota during
purchased $75,000 4% bldg bonds at par.
Date April 1 1920.
Due April 1 1940.
Bonds are not optional, but can be paid up any time
August
after 2 years at par.
tax-free county memorial bonds of 1919.
1920.
Prin. and semi-ann
in New York at holder's
Denom.
int. payable at the County
option.
Due yearly on Jan. 1 as follows:
1922 to 1926 incl., $8,000 1927 to 1931
1950 incl
company
Cert, check
on
a
national
as
bank
or
upon
any
bank
of said
or
trust
Bonds
by the U. S. Mtge. & Trust Co., N. Y. and legality
Y.,
whose favorable opinion
All bids must
blank forms which will be furnished by the above official or said
trust company.
Jan.
1946 to
principal in New York City will be prepared and certified
to the genuineness
be upon
$4,000
incl., $12,000 1932 to 1938. incl.,
in Tennessee, for 2% of the face value of bonds, required.
as to
1
Trustee's office or
trust
The bonds will be delivered in Nashville,
company
or
in New York, at purchaser's option,
at the office
on
or
about
17 1920.
The official notice of this bond offering will be found among the advertise¬
ments elsewhere in this
DAYTONA,
Department.
Volusia County,
Fla.—BID
REJECTED.—The
only
bid, which was on G14% basis and submitted on Dec. 8 by W. L. Slayton
& Co., of Toledo for the purpose of obtaining $450,000 5% bonds—V.111,
p. 2248—was rejected.
DICKINSON COMMON SCHOOL DISTRICT (P. O.
Binghampton),
Broome County, N. Y.—BOND SALE.-r-The $100,000 6%
1-20 year
serial school bldg. offered on Dec. 15—V. Ill, p. 2248—were awarded to
Sherwood & Merrifield of New York, at 100.15, a basis of about 5.98%.
DEARBORN COUNTY (P. O. Lawrenceburg), Ind.—BOND OFFER¬
ING.—Proposals for $15,600 5% Wm. Grelle et al Caesar Creek Twp.
impt. bonds will be received until 10 a. m. Dec. 22 by Gabeh L. Baker,
County Treasurer.
Denom. $390.
Date Oct. 4 1920.
Int. M & N.
Due $780 each six months from May 15 1922 to Nov. 15 1931, incl.
road
BURLINGTON,
Alamance
County,
No.
Caro.—FINANCIAL
STATEMENT.—In connection with the offering on Dec. 20 of the
$47,000
6% water street impt. and sidewalk impt. 6% bonds, details of which
p.
2347—we
are now
in receipt of the following financial
statement.
Assessed valuation
Hickman,
Date Jan.
$1,000.
$16,000 1939 and 1940; $20,000 1941 to 1945, incl., and $24,000
i;
BRUNSWICK,
Glynn County, Ga.—BOND OFFERING.—Sealed
proposals will be received by J. Hunter Hopkins, Mayer, for $62,000 5%
coupon refunding bonds until 3 p. m. Dec. 27.
Denom. $1,000.
Date
Jan. 1 1921.
Prin. and semi-ann. int. (J. & J.) payable at the office of the
City Treasurer.
Due Jan. 1 1951.
appeared in V. Ill,
10 by Litton
County Judge and Chairman of the Finance Committee, for $396,000 5%
will be furnished the purchaser or purchasers without charge.
BIG CREEK DRAINAGE DISTRICT, Tenn.—BOND SALE
It is
reported that a $250,000 20-year bond issue was recently purchased
by
Caldwell & Co., of Nashville at par and interest.
GAP
Nov. 15 1931,
.-.V.:.
approved, by Caldwell and Masslich of N.
taxable property,
1920
$10,228,787
Bonds
outstanding
Floating debt
Bonds offered for sale Dec. 20 1.920
No other indebtedness except temporary loans to be discharged by
_
proceeds of said sale of bonds.
Uncollected special assessments pledged to the payment of
street bonds of larger amount—
Sinking fund....
The City's Water System produced revenue in the last fiscal
year over and above the maintenance and operation^ amount¬
to...
614,000
12,200
47,000
72,630
75,576
3,506
Indebtedness of Burlington School District
None
There is no other municipality or political subdivision whose limits are
BUCYRUS, Crawford, Ohio.—BOND OFFERING.—Proposals will
12 m. Dec. 27 by Carl Young, City Auditor, for $16,551.60 6% coupon judgment bonds.
Denom. 1 for $551.60 and 32 for $500.
Date June 1 1920.
Prin. and semi-ann. int. (A. <fe O.) payable at the City
Treasurer's office.
Due $551.60 April 1 1922; $500 on April 1 and Oct. 1
be received until
1912; $500 on April 1 and $1,000
on
Oct. 1 in the
years
DECATUR, De Kalb County, Ga .— BOND SALE.—The $100,000
high school and $50,000 5% water works extension bonds, which were voted
June 30—V. Ill, p. 215-^-have been sold to J. H. Ililsman & Co., of
Atlanta.
on
DELAWARE TOWNSHIP (P. O.
Sherwood), Defiance County*
Ohio.—BOND OFFERING— E. II. Mohley, Township Clerk, will receive
proposals for $44,500 6% road impt. bonds until 12 m. Dec. 20.
Date
Dec. 31 1920.
Prin. and semi-ann. int. payable at the Sherwood Savings
Bank Co. of Sherwood.
Due yearly on Sept. 1 as follows: $1,600, 1921;
$2,900, 1922; $4,500 in 1923, 1925, 1927 & 1929; and $5,500 in 1924, 1926.
1928 &
1924 to 1929,
Cert, check for $500,
payable
Purchaser to pay accrued interest.
1930.
required.
practically coterminous with those of the City of Burlington.
Population, 1920 census, 5,952.
in
of bonds
following descrip-
CHICAGO SANITARY DISTRICT
(P. O. Chicago), Cook County,
111.—PRICE PAID.—The Harris Trust & Savings Bank of
Chicago paid
par for $730,000 and 97.69 for $1,000,000 when it
bought the issue of 5%
coupon (with privilege of registration) bonds described in V. Ill,
p. 2248.
registerable
.
1932, incl.
J. B, Durham, Commissioner, J.
missioner, S. H. Allen, Commissioner.
ing
Maricopa
issues
two
Denom. $1,000.
50,000 Grammar School District No. 80 bonds.
Denom. $500.
INT. rate 6%, payable
1924
STCNE
Chandler),
—The
-bear the
$170,000 High School District bonds.
Counties, Ga.—BOND OFFERING—-The undersigned Commissioners of
this district will receive bids at the Bank of
Gumming, Gumming, until 12 m.
Dec. 20 for $16,064 6% bonds.
Denoms. 1 for $1,664 and 9 for $1,600.
Date July 1 1920.
Due yearly on Jan 1 as follows: $1,664, 1923 and
BIG
O.
(P.
County, Ariz.—DESCRIPTION
DAVIDSON
BERKELEY GRAMMAR SCHOOL DISTRICT, Alameda
County,
Calif.—BONDS AWARDED IN PART.—Ot the $429,000 5% school bonds
which were offered unsuccessfully on Aug. 9—V. Ill,
p. 911—$203,000
have been sold, it is stated.
CREEK
were
J.
Population (1920 Census), 27,510.
BIG
following
Oliver M.
Judicial ditch bds (Sec.by liens against property
benefitted)
Net debt
$14,000 park bonds
Oate Dec. 15 1920.
The
3,566,810
Deductions—
•
-—v.. ill
p. 2156—were awarded to the Merchants National Bank of
Indianapolis for $96,117.80 (101.071) and interest a basis of about 5 62%.
the
(estimated).'.
pay
^EDAR CITY, Iron County,
,,
R. W.
Statement.
to
that the Palmer Bond &
Pittsburgh.
ASBURY PARK, Monmouth County, N. J.—NOTE SALE.—Of the
issue of $325,000 1-year impt. notes offered on Dec. 14—V.
Ill, p. 2247—
$100,000 were sold to the Asbury Park Trust Co. of Asbury Park at
par
for 6s.
Cert,
Bonds
date of award, at the
accured interest and furnish
.Paid for within 10 days from
office.
s
Purchaser
necessary printed bonds.
lsSm£
unsealed) will be received by A.
funding and $125,000
Treasurer
CAPE GIRARDEAU SCHOOL
DISTRICT (P. O. Cape Girardeau),
Cape Giradeau
County, Mo.—BONDS VOTED.—On Dec. 1 the $54,000
high school bonds—V. 110, p. 2063—carried
by 755 to 141.
to
ALCOA,
delivered anci
"e
City
County, Ga.—BOND SALE.—An
to
2443
to the Township Treasurer,
DICKINSON SCHOOL DISTRICT NO. 1 (P. O. Dickinson), Stark
County, No. Dak.—BOND SALE.—An issue of $80,000 4% school bldg.
was sold during September to the State of North Dakota at par.
Date April 1 1920.
Due April 1 1940.
Bonds are not subject to call but
can be paid up any time after 2 years at par.
bonds
DU PAGE COUNTY SCHOOL DISTRICT NO. 33 (P. O.
West Chi¬
cago), 111.—BOND SALE.—The First Trust & Savings Bank of Chicago
awarded at 106.035, a basis of about 5.35%, the $50,000 6% school-site
and building bonds, offered on Oct. 28 (V. Ill, P- 1678).
Date April 1
1920.
Due $10,000 on April 1 in 1925 and 1930, and $15,000 on Oct. 1 in
1935 and 1940.
was
THE
2444
PALESTINE, Columbiana County, Ohio.—
SALE.—
reported that J, C. Devine & Co. of Alliance, have been awarded
$10,000 5% 5 1-3 year (aver.) street impt. bonds at par.
Int. F. & A.
EAST
It is
EASTON,
Northampton County,
bonds, dated Dec. 1 1890, and maturing
exchange them for bonds of the above issue.
Dec. 1 1920, may
INDEPENDENT CONSOLIDATED SCHOOL,
DISTRICT
NO. 1 (P. O. Egan), Moody County, So. Dak.—BOND OFFERING.—
Sealed bids will be received by A. L. Dfckerson, Secretary Board of Educa¬
tion, on Jan. 5 at 2 p. m. at the First National Bank of Egan, for $150,000
20-year school bldg. purchase bonds at not exceeding 7% interest.
Date
Jan. 1 1921;
Prin. and semi-ann. int. payable at some central banking
point at the option of purchaser.
Cert, check on some recognized bank
of good standing for 5% of the amount of bonds bid for, payable to the
said school district, required.
Purchaser to furnish his own bond blanks
and attorney's opinion.
Bids will be received for the whole or any part
of said bonds but in multiples of $100 only.
EGAN
EL CENTRO,, Imperial County, Calif.—BOND SALE.—The $15,000
6% municipal impt. bonds, offered on June 23—V. 110, p. 2587—have been
sold to the City National Bank of Long Beach at par and interest.
Date
$49,473,146
332,500
—*
Population, estimated, 23,000.
HARRISON COUNTY (P. O.
Corydon), Ind.—BOND OFFERING.—
County Treasurer, will receive bids until 2 p. m. Dec. 27
4)4% Charles McCutcheon Blue River Twp. road bonds.
De¬
$200Date Dec. 10 1920., Int. M. & N.
Due $200 each six months
May 15 1922 to Nov. 15 1936 incl.
William Taylor,
for $6,000
nom.
from
HARRISON COUNTY (P. O. Marshall), Tox.—BIDS'REJECTED.—
received on Dec. 13 for the $828,000 5% road bonds—V. Ill, p.
rejected, it is stated.
The bids ranged from 84.50 to as low
The bids
2065—were
82.
as
HARRIS TOWNSHIP, Franklin
County, No. Caro .—BOND OFFER¬
5 at the office of W. H.
ING.—Bids will be received until 11 a. m. Jan.
Yarborough, attorney, Louisburg, No. Caro., for
bonds.
Denom. $1,000.
Date Nov. 1 1920.
(M. & N.) payable at
$500 required.
$50,000 6% 30-year. road
Prin. and semi-ann. int.
the National Park Bank, N.
Y.
Certified check for
HENDERSON COUNTY LEVEE DISTRICT NO. 2,
REGISTERED.—An issue of $45,000 6% serial bonds was
the State Comptroller on Dec. 6.
Tex.—BONDS
registered with
HIGHLANDS, Macon County, No. Cmo.—BOND OFFERING—
3 bids will be received by Chas. E. Hefner, Town Clerk and
$35,000 6% school bonds, it is reported.
Until Jan.
Due $375 yearly on July 2 from 1921 to I960 incl.
July 2 1920.
Financial Statement.
->■!
Assessed valuation, 1919—
Total debt, including this issue
Pa.—BOND OFFERING.—M. B*
Hulsizer, City Treasurer, is offering for sale an issue of $100,000 4)4%
30-year coupon sewer bonds.
Denom. $100 to $500.
Date July 1 1920.
Due July 1 1950.
A footnote on the official advertisement states that the holders of City
of Easton 4%
[VOL. 111.
CHRONICLE
Treasurer, for
ELYRIA, Lorain County, Ohio.—BOND OFFERING.—V?. F. GuthCity Auditor, will receive bids until 12 m. Jan. 4 for $150,000 6%
works bonds.
Denom. $1,000.
Date Sept. 1 1920.
Prin. and
semi-ann. int. (M. & S.) payable at the U. S. Mtge. & Trust Co. of New
York.
Due $10,000 yearly on Sept. 1 from 1931 to 1945, incl.
Cert
check for 2% of amount of bonds bid for, payable to the City Treasurer,
required.
1
man,
water
NO. 16
P. O. Pensacola), Fla.—BOND SALE.—A. T. Bell & Co., F. C. Hoehler
Co. and Tucker,
liobison & Co., were awarded the $500,000 6% 1714
year (aver.) school bonds, dated Jan. 1 1921—V. Ill, p. 2156—on Dec, 11
at 98.33 and interest a basis of about 6.16%.
ESCAMBIA COUNTY SPECIAL TAX SCHOOL DISTRICT
2
Snohomish
EVERETT,
County,
Wash.—BOND
OFFERING.—
Until 10 30 a. m. Dec. 27 bids for the purchase of the $100,000 municipal
market bonds at not exceeding 6% interest, recently voted—V. Ill, p.
2248—will be received by Louis Lesn, City Clerk.
FAYETTEVILLE, Cumberland County, No. Caro.—BOND SALE.—
Spitzer & Co., of Toledo offering $94,030 (100.03) and
following 6% bonds—Y. Ill, p. i960:
$80,000 street bonds.
Due yearly on Dec. 1 as follows: $6,000 1922 to
1931, incl., and 84,000 1932 to 1936, incl.
14,000 funding bonds.
Due yearly on Dec. 1 as follows: $1,000 1922 to
On Nov. 24 Sidney
interest were awarded the
_
Date
1927 incl., and $2,000 1928 to 1931 incl.
Dec.
FERN
1
1920.
SCHOOL
Imperial
County,
Calif.—NO BIDS
bonds—
Dec. 6.
FOLLETT INDEPENDENT SCHOOL DISTRICT (P. O. Follett),
Lipscomb County, Tex.—BOND SALE.—This district sold $25,000 5%
bonds to the State of Texas at par and interest,
COUNTY
(P. O. Hattiesburg),
Miss .—DESCRIPTION
6% tax-free road and bridge bonds, recently
awarded to Pope, Potter & Kauffman and Stix & Co., both of St. Louis..
—V.
Ill, p.
1586—bear the following description.
Denom.
$1,000
Date Oct. 1 1920.
Prin. and semi-ann. int. payable at St. Louis.
Due
yearly on Oct. 1 as follows: $2,000 1921 to 1925. incl., $4,000 1926 to 1935.
incl., and $5,000 1936 to 1945, incl.
The above bankers are now offering the said bonds to investors at price
to yield 5.70% to 6%.
FORREST
The
Franklin County, Ohio.—BOND SALE.—The Mer¬
of Billiards has purchased at par the $3,000 6%
offered on Oct. 4—V. Ill, p. 1199.
Date Aug. 1
Due $500 yearly on Aug. 1 from 1922 to 1927, incl.
HILLIARDS,
chants & Farmers Bank
deficiency funding bonds
1920.
HOCKING COUNTY (P. O. Logan), Ohio .—BOND OFFERING.—
Clerk of Board of County Comm'rs, will receive bids until
30 for the following 6% Inter-County Highway impt. bonds:
$73,600 Highway No. 155 Sec. "K" bonds.
Date Dec. 1 1920. Due
A. M. Ellinger,
2 p. m. Dec.
$7^360 yearly on Mar. 1 from 1922 to
1930, incl,, and 7,360 Sept. 1
80,000 Highway No. 363 Sec. "N" bonds.
Date Sept. 1 1920. Due
I
$8,000 yearly on Sept. 1 from 1921 to 1930, incl.
...
88,000 Highway No. 355 Sec. "P.-l" bonds.
Date Sept. 1 1920. Due
$8,800 yearly on Sept. 1 from 1921 to 1930, incl.
_
42,500 Highway No. 360 Sec. "G.-l" bonds.
Date Sept. 1 1920. Due
$4,250 yearly on Sept. 1 from 1921 to 1930, incl.
'
Denom. to suit purchaser.
Prin. and semi-ann. int. (M. & S.) payable
at the County Treasury, where delivery to purchaser is to be made as soon
as possible.
Cert, checks for 10% of amount of bonds bid for, payable to
County Treasurer, required.
Purchaser to pay accrued interest.
CONSOLIDATED SCHOOL DISTRICT NO
42 (P O.
Hoople), Walsh and Pembina Counties, No. Da*c.—BOND SALE.—
An issue of $22,000 4% bldg. bonds was obtained during September at par
by the State of North Dakota.
Date July 1 1920. Due July 1 1940.
Bonds are not optional but can be paid up any time after 2 years at par.
the
DISTRICT,
RECEIVED.—No bids were submitted for the $18,000 6% school
V. Ill, p. 2156—on
COUNTY COMMON SCHOOL DISTRICT NO. 19, Tex.—
5% bond issue amounting to $6,500 has been sold by
of Texas at par and interest.
State Comptroller registered these bonds on Nov. 19 (V. Ill, p. 2156).
HILL
BOND SALE.—A
this district to the State
OF BONDS.—The $100,000
Financial
Statement.
*--,.^.,.$16,669,285
360,000
Assessed
valuation
Total bonded debt, including this issue.
*
HOOPLE
Falls),
eletlon
IDAHO FALLS IRRIGATION DISTRICT
(P. O. Idaho
Bonneville County, Ida.—BONDS DEFEATED — At a special
$259,000 bond issue (V. Ill, p. 1969) was decisively defeated.
the
INDIANAPOLIS, Marion County,
Ind.—BOND
OFFERING.—Ptol
posals for the purchase of $200,000 6% coupon sanitary district bonds wil
until 12 m. Dec. 28 by Robert H. Bryson, City Controller.
Denom. $1,000.
Date Jan. 1 1921.
Due Jan. 1 1926.
Principal and semi¬
annual interest (J. & J.) payable at the Treasury of Marion County, or at
one of the authorized depositories of the City of Indianapolis.
These bonds are not an obligation of the City of Indianapolis as a whole,
but are a legal indebtedness of the "Sanitary District of Indianapolis," and
a special tax for the payment of principal and interest on these bonds shall
be levied on all property of the district.
be received
Population, estimated 21,238.
Debt less than 214% of assessed valuation.
BOND SALE.—On Dec. 15 an issue of $400,000 5)4% coupon fire-dept.
motorization bonds was awarded to the Meyer-Kiser Bank of Indianapolis
FRAMINGHAM, Middlesex County, Mm*.—TEMPORARY LOAN.—
at
16 was awarded
Due Nov. 1 1921.
The Tremont Trust Co. of Boston on Dec.
loan $100,000 on a 6.25%
discount basis.
a
temporary
Due
FREEWATER, Umatilla County, Ore.—BOND SALE.—The $31,'
1-10-year (opt.) improvement bonds offered on Oct. 4 (V. Ill,
1391), have been sold to the Warren Construction Co. of Portland at par.
348 96 6%
p.
GRENORA SPECIAL SCHOOL DISTRICT NO. 94 (P. O. Grenora),
Williams
County,
No.
Dak.—BOND
SALE.—This
district
awarded
t19,000 4% school bldg. bonds to the State of1North Dakota at par during
eptember.
Date April 1 1920.
Due April
1940.
Bonds are not sub¬
ject to call but can be paid up any time after 2 years at par.
No. Dak.—
BOND SALE.—During September a $7,000 4% scnool bldg. bond issue was
purchased by the State of North Dakota at par.
Date May 1 1920.
Due
May 1 1940.
Bonds are not subject to call but can be paid up any time after
GIBBS SCHOOL DISTRICT NO. 32, Burleigh County,
2 years at par.
GRANDVIEW INDEPENDENT SCHOOL DISTRICT (P. O. Grand-
view), Johnson County, Tex.—BOND SALE.—The $90,000 5% 40-year
bonds—V. Ill, p. 2156—have been obtained by the State of Texas at par
and interest.
■
GRAYSON COUNTY COMMON SCHOOL DISTRICT NO. 63, Tex.
—BONDS REGISTERED.—This district registered $5,000 5% 5-20 year
bonds on Dec. 6 with the State Comptroller.
GREENE COUNTY (P. O. Bloomfield), Ind.—BOND OFFERING —
Herschel Corbin, County Auditor, will receive bids until Dec. 27 for the
following road impt. bonds; $52,500 5% Geo. Weaber et al County Unit
bonds, dated Dec. 15 1920, $51,000 5% W. T. Campbell et al County
Unit bonds, dated Dec. 15 1920, $6,200 4H% J. B. Yuong Three Mile
bonds, $40,000 ,5% M. F. Foxet al County Unit bonds dated Dec. 15 1920,
$60,000 5% Joe Van Meter et al County Unit bonds, dated Dec. 15 1920,
and^$95,600 5% Geo. Sullivan et al County United bonds, dated Dec. 15
GREENSBORO, Guilford County, No. Caro .—BOND ELECTION.—
on a $1,000,000 bond issue for school purposes,
Greensboro will vote Jan. 8
it
is
stated.
Pitt
No.
Caro .—BOND
OFFERING —
A. H. Taft, Town Treasurer, will receive bids until Jan. 10, it is stated, for
$65,000 water and light and $35,000 funding 6% bonds.
Denom. $1,000.
County,
Int. semi-ann.
GREENWOOD, Greenwood County, So. Caro.—BOND SALE.—In
submitting a bid of 98.06 the Security Trust Co. of Spartanburg secured the
$100,000 sewerage-extension and $100,000 street-paving bonds—V. Ill, p.
15.
GREGG COUNTY (P. O. Longview), Tex.—BONDS REGISTERED —
On Dec. 4 $100,000 5)4% special road bonds were registered with the
State
Comptroller.
GUILFORD
COUNTY (P.
O. Greensboro), No. Caro.—BONDS
VOTED.—Incomplete returns indicate that the $2,000,000 road bond issue
was voted on Dec. 14.—V. Ill, p. 2065.
HARDIN COUNTY (P. O. Eldora), Iowa .—BONDS' OFFERED BY
BANKERS.—C. W. McNear & Co., of Chicago are offering to investors
price to yield 5.30% $48,000 6% tax-free funding bonds.
Denom.
$1,000.
Date Jan. 1 1921.
Prin. and semi-ann. int. (M. & N.) at the
First National Bank, Chicago.
Due yearly on Nov. 1 as follows: $3,000,
1930; $2,000, 1931; $3,000, 1932 and $5,000, 1933 to 1940, incl.
at
Grandin),
DISTRICT NO. 75 (P. O.
No. Dak.—BOND SALE.—An issue of $40,000 4% bldg.
by the State of North Dakota at par during October.
Date July 1 1920.
Due July 1 1940.
Bonds are not optional but can be
paid up any time after 2 years at par.
JALAMA
SCHOOL
DISTRICT, Tulare County, Calif .--BOND
6 the $2,500 6% 2^-year (aver.) school bonds dated
SALE.—On Dec.
First Nat. Bank of Santa
5.90%. Due $500 yearly
July 6 1920 (V. Ill, p. 2156) were sold to the
Barbara at 100.20 and interest, a basis of about
July 6 from 1921 to 1925 incl.
on
»
JAMESTOWN, Chautauqua County, N. Y.—BOND OFFERING.—
City Treasurer, will receive bids until 11 a. m. Jan. 10 for
$150,000 coupon or registered municipal milk plant bonds, to bear interest
at not more than 6%.
Den'om. $1,000.
Date Feb. 1 1920.
Principal
and semi-annual interest (F. & A.) on registered bonds, payable at the City
Treasurer's office in New York exchange; on coupon bonds in New York.
Due $5,000 yearly on Feb. 1 from 1921 to 1950, inclusive.
Certified check
on a responsible bank or trust company for $3,000, payable to the City
Treasurer, required.
Fred W. Hyde,
JAMESTOWN,
Greene
County, Ohio.—BOND
SALE.—The $2,750
6% street-improvement bonds which were offered on Oct. 30 (V. Ill, p.
1679) have been sold to the Farmers & Traders Bank of Jamestown, at par.
Date Oct. 1 1920.
Due $500 yearly on April 1 from 1921 to 1924, inclusive,
and $750 April 1 1925.
CITY, Cole County, Mo.—BONDS REFUSED.—The
Dec. 4 says:
■
"Rejection of the $22,000 bond issue by the firm of Stix & Co. which was
forecasted some time ago by the 'Daily Capital News' was confirmed on
Dec. 3 in a letter received ftom the firm by City Clerk Nacy, Stix & Co.,
whose bid was recently accepted as stated in V. Ill, p. 1391, advised the
JEFFERSON
"Jefferson City News" of
,
city officers that their attorneys, Rutherford & Charles,
had declared
there were two flagrant flaws in the issuance of the bonds that rendered them
an unsafe purchase.
.
■
_
,
The bonds were issued by the city to take up indebtedness due the light
and water companies for service.
The amount of $22,000 was secured as
a judgment against the city.
It is this judgment that the firm of attorneys
,
They declare that the city not legally represented in
that Fenton Luckett had no authority to act
They cite the State laws which declare
that when an officer is residing out of the State the office is vacant and must
'be filled legally.
Mr. Rice was in the army in France in 1917 when the
jugment was obtained.
Another technicality raised as an objection by the attorneys was the
take
exception to.
the trial of the case holding
GREENWICH, Huron County, Ohio.—BOND OFFERING.—F. H.
Daniels, Village Clerk, will receive proposals until 10 a. m. Dec. 31 for an
issue of $1,000 6% water works impt. bonds, in addition to the $5,440 6%.
electric light impt. bonds described in V. Ill, p. 2348.
Denom. $500.
Date Dec. 1 1920.
Int. semi-ann.
Due $500 on Dec. 1 in 1932 & 1933.
Cert, check on a solvent bank, for 2% of amount of bonds bid for, payable
to the Vlllage Treasurer, required.
Bonds to be delivered and paid for with¬
in 10 days from date of award.
Purchaser to pay accrued interest.
Dec.
KENYON SPECIAL SCHOOL
Cass County,
bonds was obtained
_
GREENVILLE,
2248—on
and interest.
Denom. $1,000.
Date Dec. 15 1920. Prin. "and
int. (J. & J.) payable at the Union Trust Co. of Indianapolis.
$20,000 yearly on Jan. 1 from 1922 to 1941, incl.
par
semi-ann.
a
for Leonard Rice as City Attorney.
made upon the city clerk.
Messrs. Ruther¬
that the Mayor should have been served with all
absolutely legal.
In the event the issue is again turned down it is expected those having
accounts against the city wiil proceed to get another judgment and that
the proposal to issue bonds will be submitted to the voters again.
fact that service in the suit was
ford
&
hold
Charles
documents to make it
JEFFERSON
ING.—Sealed
.
_
COUNTY (P. O. Birmingham), Ala—BOND OFFER'
will be received by the Jefferson County Board o1
bids
Revenue, until 12 m. Dec. 28 for the purchase
bonds—V. Ill, p. 1S73—Date April 1 1920.
of the $650,000 o% road imptInt. semi-ann. Due yearly
$100,000
April 1 as follows: $150,000 1927, $200,000 1928 and 1929 and
1930.
Cert, check on a bank doing business in Jefferson County for $6,500
payable to the Board of Revenue, rqeuired.
Bids are invited upon the
whole amount of said bonds and upon each maturity_ separately, or upon
on
any one
of such maturities singly.
D. C. Ball is
nue.
President^Boardiof Reve¬
i
JEFFERSON COUNTY (P. O. Jefferson), Wis.—B0ArD SALE.—
An issue of $100,000 5% 1-year road bonds has been awarded to the Farmers
& Merchants Bank and the Jefferson County^Bank, bothiof Jefferson,
jointly.
-
-
;
Dec.
181920.]
THE
CHRONICLE
JEFFERSON COUNTY DRAINAGE DISTRICT NO.
1
(P. OValley Falls), Kans.—BOND SALE.—The $75,000 6% tax-free bonds
recently offered—V. Ill, p. 1774—have been purchased by Prescott &
Snider of Kansas
City.
Due yearly on July 1 as follows: $25,000 1926 and
$5,000 1927 to 1936, incl.
'
M45
approved by Chester B. Masslich of N. Y., whose
approving opinion will bo
the purchaser without charge.
Bids must be upon printed
furnished
ii?\_k® furnished by the above Clerk
or said trust company.
Bonds
place of purchaser's choice on or about Jan. 5 1921.
will be delivered at
Financial
,
General
JERSEY CITY, Hudson County, N. J .—BOND SALE.—On Dec. 16
issue of 5H% coupon (with privilege of
registration) school bonds
on that date (V.
Ill, p. 2348) was awarded to the National City Co.
of New York, which offered 102.009 for
$847,000, a basis of about 5.33%.
Date Dec. 1 1920.
Due yearly on Dec. 1 as follows: $24,000,1922 to 1932,
incl.; $25,000 1933 to 1955, incl., and $8,000 1956.
Water
JOHNSON S CORNER SCHOOL DISTRICT, Ga.—BOND SALE.—
This district recently awarded
$11,000 7% school bonds to the Robinson-
bonds
Special
Statement.
Water works bondsThis issue
assess,
the
offered
Humphrey Co. of Atlanta.
Denom. $1,000.
and ann. int. payable in New York.
KIT
CARSON
COUNTY
Date Nov. 1 1920
Prin
Due Nov. 1 1940.
CONSOLIDATED
Street
V.
110, p. 210-5—Denom. $1,000.
Date May 15 1920.
Due May
15
1950 optional May 15 1935.
Interest rate 6%, payable semi-annually
COUNTY
were no
(P.
O.
Crown
Ind.—NO
Point),
bidders for the three issues of
BIDDERS.—
Atit % road bonds, aggregating
Dec. 8.—Y. Ill, p. 2249.
on
215,285.62
Net indebtedness
Actual value of
property
Assessed
value.
Taxes levied for 1920
COUNTY
INDEPENDENT SCHOOL
10—V.
111.
p.
DISTRICT NO.
year
3
(P.
(aver.)
2249—have been sold to the
Casady-Dufur Bond & Mortgage Co., of Des Moines at
and interest.
par
LARAMIE COUNTY SCHOOL DISTRICT NO. 10 (P. O. Hillsdale),
newspaper reports we incorrectly stated
in V. 110, p. 1217—that Keeler Bros, of
Denver, purchased $26,200 6%
Wyo.—CORRECTION.—In using
school bonds from this district.
LAUREL,
Yellowstone
County, Mont.—BOND SALE.—On
Dec.
7
this city sold the $4,146 6% gold counon bonds—V. Ill,
p. 1970—at public
auction to H. B. Nutting at par.
Denom. $100: one for $46.
Date Oct.
1 1920.
Int. semi-ann.
Due in 10 years.
A tax is provided for by or¬
dinance to be levied each year for the purpose of
paying interest and pro¬
wllbert J.
hntil3:30
a sinking fund, such ordinance providing whenever the amount of
in the
J16
on
or
Millville," required.
Treasurer
the
or
2250.
Weds Dicky Co., Minneapolis, Minn., for.Harris Trust & Sav¬
ings Bank, Minnesota Loan & Trust Co., MinneapolisTrust
Co., First Trust & Savings Bank, Merchants Loan & Trust
Co., Wells-Diclcey Co. ($914 30 for each $1,000 bond).$2,724,614
Merrill, Oldham & Co. ($955 15 for each $1,000 bond)
2.846.347
William R. Compton Co., Bankers Trust Co., Estabrook & Co.,
.
R. L. Day & Co.,
Guaranty Co. of N. Y. ($973,336 for each
$1,000 bond)
_________
Estimated real value.
Total indebtedness, including this issue
....
of 1910__.
census
census
bridge bonds.—
;
__
____
oftf1920
$15,424,003
45,000,000
515,000
35,545
39,601
-
LEWISTOWN SCHOOL DISTRICT NO 1
(P. O.
Lewistown),
Fergus County, Mont.—BOND ELECTION.—On Dec. 27 $250,000 6%
?-ade school bonds will be voted upon.
rustees.
W. J. Garry is Clerk Board of
COUNTY
(P.
O.
Troy), Mo .—BOND
OFFERING.—
Reed, County Treasurer, will receive bids until 12 m. Dec; 21 for
$100,000 5% road bonds.
Denom. $1,000.
Prin. and semi-ann. int.
payable at the National Bank of Commerce, N. Y.
Cert, check for $1,000
required.
Legality of bonds subject to examination and approval of
Charles and Rutherford, St. Louis.
>
These bonds are part of the $800,000 bond issue, which was authorized
by the voters on Oct. 21 1919.—V. 109, p. 1722.
M.
LINCOLN COUNTY SCHOOL DISTRICT NO. 4 (P. O.
Limon),
Colo.—BOND ELECTION SALE.—Subject to election Dec. 22, $60,000
6% school bonds have been sold to Keeler Bros, of Denver.
LINDEN SPECIAL SCHOOL DISTRICT (P. O. Hannah), Cavalier
County, No. Dak.—BOND SALE.—A 4% bldg. bond issue amounting to
$60,000 was purchased at par during October by the North Dakota
Date May 1 1920.
Due May 1 1940.
Bonds are not optional but can be
paid up any time after 2 years at par.
LOGAN, Hocking County, Ohio.—BOND OFFERING.—Proposals for
$3,700 6% Pottery Street improvement bonds will be received until 12 m.
Jan. 8 by W. I. Kieg, Village Clerk.
Denom. $370.
Date Nov. 1 1920.
Prin. and semi-ann. int. payable at the Village Treasurer's office.
Due
$370 yearly on Nov. 1 from 1921 to 1930, incl.
Certified check for 10% of
amount of bonds bid for, payable to the Village Treasurer, required. Bonds
to be delivered and paid for within 10 days from date of award.
Purchaser
to pay accrued interest.
UNION
SCHOOL
DISTRICT,
Imperial
County, Calif.—
NO BIDS RECEIVED.—On Dec. 6 the $40,000 6% school bonds—V. Ill,
p.
2066—were not sold,
no
bids being received.
McHENRY COUNTY SCHOOL DISTRICT NO. 72 (P. O. Wood¬
stock), III.—BOND OFFERING.—G. A. Cutteridere, Secretary of Board
of Education, will receive bids until Dec. 20 for $35,000 5% school bonds
Int. semi-ann.
Due $5,000 yearly on July 1 from 1930 to 1936, incl.
Cert,
check for 5% of amount bid, required.
MACON, Noxubee County, Miss.—BOND OFFERING.—Until Dec. 18
Clerk, will receive bids for the purchase of the following
J. J. Scott, City
6% bonds:
$25,000 water and light bonds.
18.000 street bonds.
Date Nov. 18 1920.
Apparently the Item
the above bonds
as
I
2,900,61$
MISSOULA
COUNTY (P.
O. Missoula)
Mont.—BOND SALE.—
price paid for the $100,000 6% highway bonds on Dec. 8 by the Na¬
Chicago—V. Ill,
MONROE GRADED
SCHOOL
p.
2349—was 100.60.
DISTRICT (P.
O. Monroe), Union
County, No. Caro.—BONDS VOTED.—An issue of $200,000 high school
bldg. bonds was authorized on Dec. 14, it is stated.
MONTGOMERY COUNTY (P. O. Dayton), Ohio.—BOND SALE.—
Elston & Co. of Chicago have purchased and are now offering to investors
at
a
price to yield 5 10%
Denom. $1,000
.an
issue of $200,000 5-^ %
Date Dec.
1
1920.
Prin
coupon
refunding bonds.
int. (A. & 0.>
.and semi-ann.
payable at the County Treasurer's office.
Due Dec. 1 1950.
...
LINCOLN
McCABE
,
is a complete list of
Nov. 30 for the purchase of $2,980,000 5% tax-free coupon
(with privilege of registration) bonds, awarded as reported in V. Ill, p.
on
tional City Co. of
gold
Bonds to be delivered and paid for on
Bids must be made on printed forms
applying to the Director of Finance, the City
City Clerk.
MINNEAPOLIS, Minn,—BIDS.—The following
bids received
The
offering on Dec. 15 of the $300,000 5%
V. Ill, p. 2249.
Assessed valuation, 1920____
Due Dec. 1 1945.
trust company in New Jersey,
or
Jan. 15 at the
City Treasurer's office.
which may be obtained by
LAURENS COUNTY (P. O. Dublin),
Ga .—FINANCIAL STATE¬
MENT.—The following financial statement has been issued in connection
the
$126,000 5% water bonds.
incorporated bank
an
New York for 2% of amount of bonds bid for, payable to
with
J.
31 Mills
p. m. Dec. 31 for
Certified check
the sinking fund equals or exceeds $1,000
they may be redeemed
order of their number upon 30 days' notice.
/
Population
Population
$79,714.38
15,734,800.00
3,933,700.00
___
Cumberland County, N. J .—BOND OFFERING.—
Simmerman, Director of Revenue and Finance, will receive bids
Pennsylvania
O. Rutland), So. Dak.—BOND SALE.—The $80,000 6% 14H
school bonds, offered on Dec.
viding
$295,000.00
$38,000.00
actually levied and pledged to above
street
bonds.
____101,580.26
Special assess, to be levied, similarly
pledged,_____ 68,895.07
Smkmg fund
1
6,810.29
MlLLViLLE,
$111,000 offered
LAKE
$40,000.00
137,000.00
38,000.00
80,000.00
_____
Total bonded debt, including this Issue.-.:.
(M. & N.).
LAKE
_
DISTRICT
SCHOOL
NO. 1 (P. O. BurliAgton), Colo .—DESCRIPTION OF BONDS.—The
following details have been issued in connection with the sale of the $54,000
school bldg. bonds, awarded to the International Trust Co. of Denver—
There
municipal
bonds
improvement bonds issued
Denom. $1,200, $1,000 and $500.
Denoms. $900, $720, and $360.
in V. Ill, p. 2249—announcing the date of sale of
Dec. 10, was incorrect.
MORGAN COUNTY SCHOOL DISTRICT NO. 1, Colo.—DESCRIP¬
TION OF BONDS.—The $25,000 bond issue, which was sold to Bosworth
Chanute & Co., of Denver—V. 110, p. 280—is described as follows:
$12,500 6%
bonds.
12,500 5H % bonds.
Denom $500
Date Feb. 15 1920.
optional Feb. 15 1935.
Int. semi-ann.
Due Feb. 15 1950,
MURRAY COUNTY (P. O.
Dayton), Minn.—DESCRIPTION OF
BONDS.—The $160,000 6% road bonds, which were obtained on Oct. 6
by the Minneapolis Trust Co. of Minneapolis at 101.33, a basis of about
5.82%—V. Ill, p. 1494—are in denom. of $1,000 and are dated Sept. 1
1920.
Int. M. & S.
Due Sept. 1 1930.
NASHVILLE SCHOOL DISTRICT (P. O. Nashville)
Nash County'
Caro.—BOND ELECTION.— On today (Dec. 18) an election will be
No.
held for the purpose of determining whether or not this district shall issue
bonds, to an amount not to exceed $150,000, of such denomination of not
less than $100, bearing interest from date of issue at a rate not to exceed
6% per annum,
semi-annually.
with
interest
coupons
attached,
payable
annually
or
NEW
BEDFORD, Bristol
County, Mass .—NOTE SALE.—F.
S.
Moseley & Co. of Boston recently purchased an issue of $400,000 taxanticipation notes, maturing Nov. 21 1921, which they are now offering at
5%% discount.
NEW BRITAIN, Hartford County, Conn.—BOND OFFERING.—
Proposals will be received until 12 m. Dec. 22 by F. S. Chamberlain, Presi¬
following coupon bonds:
$525,000 4^% school bonds.
Date Feb. 1 1920.
Int. F. & A.
Due
$25,000 yearly on Aug. 1 from 1922 to 1942, incl.
70,000 5% subway fund bonds.
Date Apr. 1 1920.
Int. A. & O.
Due
yearly on Oct. 1 as follows: $2,000, 1922 to 1938, incl.; and
$3,000, 1939 to 1950. incl.
75,000 5% sewer fund bonds.
Date Aug. 1 1920.
Int. F. & A.
Due
Aug. 1 1930.
Denom. $1,000.
Prin. and semi-ann. int. payable at the New Britain
dent of Board of Finance and Taxation, for the
National Bank of New Britain.
These issues will be engraved under the supervision of and certified as to
genuineness by the First National Bank of Boston; their legality will be
approved by Storey, Tborndike, Palmer & Dodge, whose opinion will be
furnished the purchaser.
All legal papers incident to these issues will be
filed with said bank where they may be inspected at any time.
Delivery will be made to the purchaser on or about Dec. 24 at the First
National Bank of Boston,
MADISON COUNTY (P. O. Anderson), Ind.—BOND OFFERING.—
County Treasurer, will receivehids until 10 a. m. Dec. 22
I- Benzenbower et al, Adams & Union Twps. road bonds.
Date Dec. 22 1920.
Int. M. & N. Due $1,270 each six
months from May 15 1922 to Nov. 15 1931, incl.
MANHEIM SCHOOL DISTRICT NO. 7, Pierce County, No. Dak.—
SALE.—This district sold an issue of $6,000 4% refunding
WARRANT
warrants at par
during August to the State of North Dakota.
1 1920.
Due July 1 1940. [Warrants are not subject to call but
up any time after 2 years at par.
MARICOPA COUNTY (P. O. Phoenix)
Date July
can
be paid
Ariz .—BOND ELECTION.—
issuing $4,500,000 road
The voters will decide whether they are in favor fo
bonds at
an
election to be held
on
Dec. 31.
follows:
_
$800.00 bonds to A. B. Gidley
.
681.03 bonds to the City of Marshfield.
r
#
*
MIAMI, Gila County, Ariz.—BOND OFFERING.—Bids will be opened
Jan. 3 for the purchase of the $125,000 sanitary sewer and $150,000
gas plant 6% bonds—V. Ill, p. 2250—Denom. $1,000.
Cert,
check for 10%, required.
Geo. Reynolds Is City Clerk.
2 p. m.
MICHIGAN (State of).—BOND OFFERING —Proposals for $1,000,000
5% coupon road bonds will be received until 2 p. m. Jan. 20 by Frank E
State Treasurer.
Date Feb. 1 1921.
payable at .the State Treasurer's office.
for 1% of amount
The
Prin. and semi-ann. int
Due Feb. 1 1941.
MIAMI
among
the advertise¬
previous page of this issue.
BEACH,
Dade
County,
Fla.—BOND
OFFERING—C. W.
m. Dec. 22 for the
gurchase of $80,000and semi-ann. int. (M. & S.) Denom. in gold in Date
6% street-impt. bonds. payable $1,000. New
ept. 1 1920.
Prin.
Due $8,000 yearly on Sept
1 from 1922 to 1931, incl.
Certified
check for 2% of the amount of bonds bid for, payable to the above official,
required.
The bonds will be prepared under the supervision of the U.S.
Mtge. & Trust Co., N. Y., which will certify as to the genuineness of the
signatures of the officials and the seal impressed thereon.
Legality will be
O.
Wilmington)
No.
Caro—
by Thomas K. Woody, Clerk Board of
County Commissioners.
'■
NEWTON, Catawba County, No. Caro.—BOND OFFERING.—Pro¬
posals will be received by D. B. Gaither, Town Clerk, until 6 p. m. Jan. 4
for the following 6% coupon bonds:
$11,000 fire-truck and equipment bonds.
Denom, $1,000.
Due yearly
on
Jan. 1
Jan.
as
follows:
$1,000 1922 to 1930, incl., and $2,000 1931.
power
1 from 1923 to
bonds.
Denom. $500.
1950, incl.
Due $500 yearly
on
;
Prin. and semi-ann. int. (J. & J.) payable at the office
Date Jan. 1 1921.
of the Town Treasurer, at any
bank in Newton, or as may be agreed upon
by purchaser.
Certified check or cash on an incorporated bank or trust
for 2% of the amount of bonds bid for, payable to the Town
Treasurer, required.
NILES,
Trumbull
County,
Ohio.—BOND
OFFERING.—Homer
City Auditor, will receive proposals until 2 p. m. $ec. 22 for
sewer bonds.
Denom. $1,000.
Date Oct. 1 1920.
Int. semiann.
Due yearly on Oct. 1 as follows: $3,000 1922 to 1926 incl., and $4,000
1927 to 1930 incl.
Cert, check for 1 % of amount of bonds bid for required.
Bonds to be delivered and paid for within 10 days from date of award.
Purchaser to pay accrued interest.
Thomas,
$31,000 6%
»
Mass.—NOTE OFFERING.—
proposals until 10 a. m. Dec. 21
tuberculosis hospital notes.
Denom.
NORFOLK COUNTY (P. O. Dedham),
The County Commissioners will receive
for
$60,000
$1,000.
6%
coupon
Date Jan.
1
tax-free
Payable Dec. 1 1922^ at the First National
meantime being payable on June 1 and Dec.l.
1920.
Bank of Boston, interest in the
Tomlinson, City Clerk, will receive bids until 7:30 p.
York.
able semi-annually will be received
Certified check
of bid, payable to the State Treasurer, required.
official notice of this bond offering will be found
ments on a
(P.
company
municipal
Gorman,
COUNTY
BOND OFFERING.—An issue of $50,000 6% ferry bonds in denom. of
$1,000 each, dated Jan. 1 1921 and maturing on Jan. 1 as follows: $2,000
1923 to 1932 incl., $.3,000 1933 to 1938, incl., and $4,000 1939 to 1941, incl.;
will be offered on Jan. 10.
Bids for these bonds on which interest is pay¬
14,000 water, light and
MARSHFIELD, Coos County, Ore.—BOND SALE.—A 6%
10-year
street impt. bond issue amounting to $1,481.03 has been awarded at
pa
as
HANOVER
NEW
S. L. Van Petten,
for $25,400 5%
Denom. $635-
NOXUBEE
COUNTY
SUPERVISORS' DISTRICT NO. 1, Mias.—
$10,000 of the total
2066) were sold
BONDS SOLD IN PART.—At the offering on Dec. 6
($90,000) offered on that date (V. Ill, p.
S. B. Connor at par and int.
amount of bonds
to
NORTH
DAKOTA
(State
of).—BONDS AND
WARRANTS PUR¬
bonds and warrants were pur¬
North Dakota at par during the months of August,
September and October:
CHASED BY STATE.—The following 4%
chased by the State of
Purchased
Warrants
and
Bonds
f
PITTSBURGH, Allegheny County, Pa.—BOND SALE.—Oil Dec. 14
During August.
Date.
Due.
Jan. 5 1920 Jan. 5 1940
Co__July 1 1920 July 1 1935
April 1 1920 April 1 1940
3,500 Peterson 8. D. No. 4, Sutsman Co..
June 1 1920 June 1 1930
2,000 Richmond S. D. No. 19, Burleigh Co
Dec. 10 *19 Dec. 10 *39
^2,300 Spring Creek S. D., Bowman Co
May 1 1920 May 1 1940
Bonds and Warrants Purchased During September.
f 1,000 Chimney Butte S. D, No. 33, Morton Co. July 1 1920 July 1 1940
*2,500 Crown Butte 8.1). No. 15, Morton Co
July 1 1920 July 1 1940
3,000 Marmot 8. D. No. 5, Morton Co
....July 1.1920 July_1 1930
Place Issuing Bonds.
Amount.
$3,000 Eureka S. D. No. 76, Williams Co
1,600 Florence LakeS. D. No. 14, Burleigh
*4,000 Hanover S. D. No. 3, Oliver Co
'
a.
Bonds Purchased During October.
{ 3,500 Wheatland Special S. D.t Cass Co
....July 1 1920 July 1 1930
*
Warrants.
Ail of the above bonds and warrants are not subject to
call, but can be paid up any time after 2 years at par. ;
_
Herkimer County, N. Y.—BOND ELECTION.—
On Dec. 28 there will be a special meeting of the taxpayers of the village
to decide whether orjnot the village shall issue $50,000 6% bonds to install
a power plant.
OLD
FORGE,
OMAHA, Douglas County, Neb.—DESCRIPTION OF BONDS.—The
$5,000,0u0 5% gas plant purchase bonds, awarded to Burns, Brinker & Co.
of Omaha at par—V. 110, p. 1665—are described as follows:
Denom.
$1,000.
Date July 1 1920.
Int. J. & J.
Due on July 1 as follows: $500,000, 1925: $1,000,000 in each of the years 1930, 1935, 1940 and 1945 and
$500,000, 1950.
...
,
of) .—BOND OFFERING.—Sealed bids will be received
OREGON (State
Jan. 4 by Roy A. Klein, Secretary of the State Highway
Commission (P. O. Room 520 Multnomah County Court House, Portland),
until
11a.
m.
Denom. $1,000, except that
Date Jan. 1 1921.
office of the State Treasurer
or at the office of the Fiscal Agent of the State of Oregon in New York City.
Due $37,500 on April 1 and Oct. 1 each year from 1926 to 1945 incl.
Cert,
check for 5% of the amount of bid, payable to the State Highway Com¬
mission, required.
The bonds will be printed, executed and ready for de¬
livery about Jan. 6 1921.
The legality of this issue of bonds has been
passed upon by Storey, Thorndike, Palmer & Dodge of Boston and an
approving opinion will be furnished to the successful bidder.!
for
$1,500,000 4Y>% Fold highway
each thirty-eighth
bonds.
bond will be issued in denom. of $500.
Prin. and semi-ann. int. (A. & O.) payable at the
OTTAWA COUNTY (P. O. Port Clinton), Ohio.—NO BIDDERS —
were no bidders for the $73,000 6% Inter-County Highway No. 279
There
impt. bonds offered on Dec. 13—V. Ill, p. 2251.
No report has yet been received as to the result of the
bonds offered at the same time.
offering of an issue
of $69,000 6% highway
'
PALMER,
County, Mass.—BOND SALE.—On Dec. 10
awarded $55,000 5% coupon tax-free school
Hampden
the Guaranty Co. of New York and the Union Trust Co. of Pittsburgh,
the only bidders, were awarded at par and interest the following 5% tax-
(with privilege of registration) bonds.—V. Ill, p. 2251:
$315,000 East Carson Street impt. bonds.
Date Feb. 1 1920.
Int. F. & A.
Due $10,500 yearly on Feb. 1 from 1921 to 1950 incl.
270,000 Beechwood Blvd. bridge bonds., Date Feb. 1 1920
Int. F. & A.
Due $9,000 yearly on Feb. 1 from 1921 to 1950, incl.
231,000 Highland Park impt. bonds.
Date Feb. 1 1920.
Int. F. & A.
Due $7,700 yearly on Feb. 1 from 1921 to 1950, incl.
210,000 Saw Mill Run sewer bonds, Series "A".
Date Feb. 1 1920.
Int. F. & A.
Due $7,000 yearly on Feb. 1 from 1921 to 1950 incl.
210,000 Negley Run sewer bonds.
Date Feb. 1 1920Int. F. & A.
Due $7,000 yearly on Feb. 1 from 1921 to 1950, incl.
135,000 Scho Run sewer bonds.
Date Feb. 1 1920.
Int. F. & A.
Due
$4,500 yearly on Feb. 1 from 1921 to 1950, incl.
99,000 Mayview City Home and Hospital impt. bonds.
Date Feb. 1
1920.
Int. F. & A.
Due $3,000 yearly on Feb. 1 from 1921 to
1950, incl.
90,000 Nine Mile Run sewer bonds. Series "A".
Date Feb. 1 1920.
Int. F. & A.
Due $3,000 yearly on Feb. 1 from 1921 to 1950 incl.
90,000 Island Ave. bridge bonds.
Date Feb. 1 1920.
Int. F. & A.
Due $3,000 yearly on Feb. 1 from 1921 to 1950 incl
90,000 Baker Street impt. bonds.
Date Feb. 1 1920.
Int. F. & A.
Duq $3,000 yearly on Feb. 1 from 1921 to 1950, incl.
540,000 Funding bonds.
Date Feb. 1 1920.
Int. F. & A.
Due $18,000
yearly on Feb. 1 from 1921 to 1950, incl.
462,000 Street impt. bonds, Series "B".
Date Nov. 1 1920.
Int.M .&N.
Due $15,400 yearly on Nov. 1 from 1921 to 1950, incl.
255,000 Arlington Ave. impt. bonds.
Date Nov. 1 1920.
Int. M. & N.
Due $8,500 yearly on Nov. 1 from 1921 to 1950, incl.
255,000 Saw Mill Run Valley Park bonds.
Date Nov. 1 1920.
Int.
M & N.
Due $8,500 yearly on Nov. 1 from 1921 to 1950 incl
81,000 Hazlewood Ave. sewer bonds.
Date Nov. 1 1920.
Int. M. & N.
Due $2,700 yearly on Nov. 1 from 1921 to 1950 incl.
132,000 Warrington Ave. impt. bonds., Date Nov. 1 1920Int. M. & N.
Due $4,400 yearly on Nov. 1 from 1921 to 1950, incl.
free coupon
.
PLAINVIEW,
bonds at 100.171, a basis Of about 4.96%.
Denom. $1,000.
Date July 1
1920.
Prin. and semi-ann. int. (J. & J.) payable at the First National
Bank of Boston.
Due $5,000 yearly on July 1 from 1921 to 1931, incl.
Gray County, Tex.—BOND SALE
(P.
O.
The
bonds
V. Ill, p.
were
registered
issue of $61,000 5% 20-40 year
— An
and int.
19 by the State Comptroller.—
2158._
PARLIER
Nov.
on
.....
UNION
HIGH
DISTRICT, Fresno County,
submitted on Dec. 7 for the
SCHOOL
Calif.—BIDS.—The following bids were also
purchase of the $150,000 6% bonds, awarded as stated in V. Ill, p. 2349.
R.II.Moulton&Co.
$152,8511Blyth, Witter & Co..-..--$152,041
Bank of Italy
152,5881 Security Trust &Sav. Bank. 150,856
Tex.—BOND
County,
election
in
POLK, Polk County, Neb.—BOND OFFERING.—C. G.
Paving Intersection 6%
in
— The
ELECTION
City
bond issue
January to vote on a $50,000
Clerk, will receive proposals until 8 p. m. Jan. 25
following bonds:
Jack, Village
for the purchase of the
bonds, amounting to about $43,000.
Due serially
1 to 20 years.
Paving District 7% bonds, amounting to abcut $60,000.
Denom. $500.
Date Dec. 1 1920.
Int. semi-ann.
POLK
COUNTY
ROAD
DISTRICT
NO.
1
Ark.—DESCRIPTION
$500,000 bonds which were recently sold to the
OF BONDS.—The
Bond Co., Chicago (V. Ill, p. 1776), are in denoms.
and are dated Mar. 1 1920.
Prin. and semi-ann. int.
Pampa).
bonds has been sold to the State of Texas at par
an
parks and other civic improvements.
at the First
DISTRICT
SCHOOL
INDEPENDENT
Hale
Council has ordered
for city
Curtis & Sanger of Boston were
PAMPA
[Vol. 111.
CHRONICLE
THE
2446
Nat.
POMFRET
(P.
Bank, Chicago.
(TOWN)
FREE
UNION
DISTRICT
SCHOOL
NO.
8
County, N. Y.—BOND OFFERING.—
Fredonia), Chautauqua
O.
Hanchett
of $1,000 and $.500
(M. & S.) payable
proposals until
7:30 p. m. Dec. 28 for $350,000 coupon school bonds to bear interest at a
rate not to exceed 6%.
Denom. $1,000.
Date Dec. 1 1920.
Prin. and
semi-ann. int. (M. & S.) payable in New York exchange at the Citizens'
A.
R.
Moore,
Clerk of Board of Education, will receive
Trust Co. or at the National Bank of Fredonia.
Due $10,000 yearly on
Mar.' 1 from 1924 to 1946 incl. and $15,000 1947 ot 1954
Cert, check
incl.
_______
PERRY, Taylor County, Fla.—BOND SALE —The following bonds,
which were offered on Nov. 10—V. Ill, p. 1680—have been sold to W. L.
Slayton & Co of Toledo, it is reported.
$25,000 5% 30 year street impt. bonds of 1917.
20,000 5% 30-year water and sewer bonds of 1917.
25,000 6% serial street impt. bonds of 1920.
Date July 1 1920.
Due
$1,000 yearly.
25,000 6% serial water and sewer bonds of 1920.
Date July 1 1920
Due $1.000 yearly.
15,000 6% serial drainage bonds of 1920.
,
_
PERRY COUNTY (P. O. Cannelton , Ind.—BOND OFFERING —
Proposals for $34,500 5% Tobin Twp. road bonds, will be received until
11 a. m. Dec. 27 by Louis Stamp, County Treasurer.
Denom. $862.50.
Date day of sale.
Int. M. & N.
Due $1,725 each six months from May
15 1922 to Nov. 15 1931, incl.
M
PHILADELPHi£~pZ^-BONDS'SOLD IN PART.—When bids for the
$7,000,000 5% 50-year tax-free coupon and registered (interchangeable)
port and transit bonds wore opened on Dec. 16, it was found that no offer
for the entire lot had been made, but that twenty-five tenders for smaller
amounts, ranging from $500 to $2,000,000, and aggregating $5,310,500,
had been submitted.
Mayor Moore accepted all of these offers, which, m
detail, were as follows:
Name—
Amount.
Bid.
$500
John Eiseley._______
Second National Bank of
Philadelphia.-
Commissioners of the Sinking
Fund (under agreement
Philadel¬
40,000
Par & int.
phia Rapid Transit Co.)
Frankford Trust Co
______
Fidelity Trust Co
Geo. H. Snyder & Co
Integrity Trust Co_
____
John I. Owens
__
Peoples Trust Co. of Philadelphia
James E.
Lennon
Harper & Turner
Boensing, Garrison & Co
:
__________
_________
Commissioners of Sinking Fund of Philadelphia
Commercial Trust Co
___
Harrison & Co________
-____
2,000,000
100,000
*Par
500,000
(200,000
200,000
Corn Exchange National Bank.
200.000
200,000
200,000
Third National Bank
_,
P
are
100.101
100.201
100
101 y8
101H
101%
101^
101
15, 000
100. H
102.1
100541
1 1920 and mature Dec. 1 1970.
PHILLIPS COUNTY SCHOOL DISTRICT NO. 12 (P. O. Saco),
SALE.—The $51,000 6% school bldg. bonds, offered on
Ill, p. 2158—have been sold at par and interest.
Denom
Date May 1 1920.
Int. M. & N.
Due May 1 1940 optional.
4—V.
$1,000.
May 1 1934.
PICKET SCHOOL DISTRICT NO. 29, Divide County, No. Dak.—
BOND SALE.—A $7,000 4% school bldg. bond issue was sold at par to the
State of North Dakota during August.
Date May 1 1920.
Due Mav 1
1940.
Bonds are not optional but can be paid up any time after 2 years
at par.
PINE COUNTY (P. O. Pine City), Minn.—BOND OFFERING.—Pro¬
posals will be received until 1p.m. Dec. 27 by Andrew P. Edin, County
Auditor, for $110,000 5%% road bonds.
Date Jan. 1 1921.
Prin. and
semi-ann. int. (J. & J.) payable at the First National Bank. St. Paul.
Due Jan. 1 1939.
Certified check for 5% of the amount of bonds bid for,
payable to the County Treasurer, required.
Blank bonds will be furnished
by the county.
The county will furnish the approving opinion of Ambrose,
Tighe of St. Paul, without charge.
Purchaser to pay accrued interest.
/
Mayor, for the
50,000 school bonds.
Date May 1 1921.
Int. semi-ann.
Due $2,500
yearly on May 1 from 1922 to 1941, incl.
Cert, check for $250,
required.
Denom. $500.
Separate bids are requested for each issue, but a bid for
both will be considered.
PORTLAND, Ore.—BOND SALE.—An issue of $305,000 street
impt.
bonds has been awarded as follows:
$50,000 bonds to Freeman, Smith & Camp Co., at 100,01.
50,000 bonds to the Ladd & Tilton Bank, Portland at 100.04.
50,000 bonds to A. II. Meagly at 100.
10,000 bonds to Security Savings Bank & Trust Co., at 100 25
12,000 bonds to Bank of California at 1015.000 bonds to S. B
Fisher at 100.50.
5.000 bonds to Sarah J. Buckman.atfl00.50.
123,000 bonds to City Treasurer at 100.
Ore.—BID.—
PORT OF ASTORIA (P. O. Astoria) Clatsop County
was also received on Nov. 30 from the Ralph
Schneeloch Co.
purchase of the $500,000 6% impt. bonds awarded as
Ill, p. 2251.
•
\
reported in V.
.
County,
Pa.—BOND
SALE.—Harris,
purchased $50,500 5Yi% 10-30 year
opt.) impt. bonds of this city, paying 103.08.
Schuykill
POTTSVILLE,
Forbes
&
Co,
of
New
York,
have
POWELL COUNTY (P. O. Deer Lodge)
Mont.—BOND SALE.—The
850,000 road and $100,000 court-house 6% coupon bonds offered on Dec. 6
(V. Ill, p. 2067) have been sold to the Harris Trust & Savings Bank of
Chicago.
Denom. $1,0Q0.
Date Jan. 1 1920.
Prin. and semi-ann. int.
(J. & J.) payable at the Harris Trust & Savings Bank, Chicago.
Due
$30,000 yearly on Jan. 1 from 1936 to 1940 incl., optional $30,000 yearly
on Jan. 1 from 1935 to 1939 incl.
Financial
Statement.
$23,976,216
i
Assessed valuation for taxation
Total debt (this issue included)
260,000
j.
Population 1920 (Census), 6,909; 1910 (Census), 5,904.
Holmesville), Holmes
County, Ohio.—BOND OFFERING.—L. E. Crawford, Clerk of Board of
Education, will receive bids until 12 m. Jan. 3 for $30,000 6%xoupon school
site and bldg. bonds.
Denom. $500.
Date Mar. 1 1921.
Prin. and semiann. int. (M. & S.) payable at the Holmesville Banking Co. of Holmesville.
Due $500 each six months from Mar. 1 1929 to Sept. 1 1938, incl.;| and
$1,000 each six months from Mar. 1 1939 to Sept. 1 1948, incl.
Cert, check
on a solvent bank in Holmes County, for 5% of amount of bonds bid for,
PRAIRIE RURAL SCHOOL DISTRICT (P. O.
payable to the Clerk,
required.
Purchaser to pay accrued interest.
i
NOT COMPLETED.—
22 to the
RACINE, Racine County, Wise.—BOND SALE
The sale of the $33,000*6% bridge-construction bonds on Oct.
Manufacturers' National Bank of Racine (V. Ill, p.
1776) was
not com¬
pleted.
BLUFF, Tehama County, Calif.—BONDS
voters decided to issue the $140,000 bonds—V.
RED
dated Dec.
OFFERING.—
Miss.—BOND
Sealed bids will be received until Jan. 3 by J. T. Drake,
102
Mont.—BOND
Dec.
■
County,
following 6% bonds.
$12,000 refunding bonds.
Date Feb. 1 1921.
Int. annually.
Due yearly
on Feb. 1 as follows: $500 1922 to 1937, incl., and $1,000 1938 to
1941 incl.
Cert, check for $100, required.
Plus accrued interest.
All of these bonds
m
100.0123
30,000
50,000
(5,000
Brooke, Stokes & Co____
Chas. J. McNulty & Son
Claiborne
100
100
100
100,000
j 125,000
City of Philadelphia, Trustee under will of Stephen
Girard, dec'd-
*
$25,125
101^
101.50
10,000
100
25,000
2,000
100H
200,000
101H
101
15,000
125,000 *Par
2,000
100
25,000
101
(250,000
.
_
250,000 *100
103.7778
100,000
1,000
West End Trust Co.
GIBSON,
of Portland for the
100,000
H enrietta Treen
official notice of this bond offering will be found among the advertise¬
PORT
A bid of 93.20
25,000
100,000
The Hemingway Co
Katharine F. Parsons
The
of bonds required.
ments elsewhere in this Department.
101
between the City of Philadelphia and the
Thomas M. Fitzgerald
for 5% of amount
the
vote of 487 to
127.
VOTED
— On
Dec. 7
Ill, p. 2158—by a
,
.
_
^
__
$90,000 will be used to buy the properties of Red Bluff
Antelope Creek Water Co., and the remaining $50,000 for improve¬
Of the $140,000,
and the
"
ments.
REXBURG IMPROVEMENT
Madison County Ida.—BOND
DISTRICT NO. 12 (P. O. Rexburg)
SALE.—An issue of $186,500 7 /o bonds
Denom. $500.
at Kountze
Oct. 1 as follows:
has been purchased by the Hanchett Bond Co. of Chicago.
Date Oct. 1 1920.
Prin. and semi-ann. int. (F. & A.) payable
Bros., N. Y., or at the City Treasury.
Due yearly on
$18,500 1921 to 1927 incl. and $19,000 1928 to 1930 incl.
RIVERSIDE
INDEPENDENT
DISTRICT IP. O RiverSALE.—The $50,000 5 % 40 year
by the State Comptroller—V.111,
of Texas at par and interest.
SCHOOL
side), Walker County, Tex.—BOND
bonds, which were registered on Nov. 19
p.
2158—have been sold to the State
ROCK HILL, York County, So. Caro —BOND SALE.—The $100,000
6% street impt. bonds, offered on Nov. 30—V. Ill, p. 1972—have been
sold to J. H. Hilsman & Co. of Atlanta at par and interest.
Date Jan.* 1
1920.
Due yearly on Jan.
1 as follows: $2,000
1921, $6,000 1922 to 193Q,
Dec.
181920.]
>'
THE
CHRONICLE
toC19407iSc? 1931 $8l00° 1932* 53,000 1933 to 1935 incl., and $4,000 1936
R9CKPORT> Spencer County, Ind.—BOND
„
$3,165
SALE—The
6% fire-engine bonds offered on Dec. 10 (V. Ill, p. 2158) were awarded to
toe Home Fire Apparatus Co. at
par.
Denom. 6 for $500 and 1 for $165.
Date Oct. 20 1920.
Int. A. & O.
Due in 1927.
S^EMENT>—NT' Edgecombe County, No. Caro.—FINANCIAL
Assessed valuation of taxable property, 1920Estimated true value of taxable property
$18,000,000
20,000,000
738,000
Gross bonded debt,
including present issue
Bonds for self-sustaining utilities, including above:
Water and electric light
Gas
•
TARBORO, Edgecombe County, No. Caro .—FINANCIAL STATE¬
MENT.—We are now in
in conjunction with the
receipt of the following financial statement issued
offering on Dec. 21 of the $220,000 6% gold bonds—
V.
m
Ill, p. 2350.
..
.
Financial
,
Statement.
Total bonds outstanding
including this issue
Water and electric light bonds included in above
Water and electric light
plants
$753,000.00
208,000.00
during the last fiscal
yielded current net
and repairs of.
revenue
year
after allowances for maintenance
19,000.00
28,586.19
Sinking fund held for all purposes
Uncollected special assessments levied and about to be
levied,
applicable to the payment of part of the gross debt
244,200.00
7,402,493.00
.50,000,000.00
Assessed valuation for 1920...
Assessed valuation for
Edgecombe County
Population Government census, 4,750.
—$191,000
225,000
$416,000
"
„
2447
.
Estimated population including suburban mill villages, 5,500.
The Town of Tarboro has enver defaulted in the
payment of any part of
principal or interest of any debt.
Population (Census) 1920. 12,742; present (est.). 13.500.
either
ROCKY
were
Dec.
RIVER,
Cuyahoga County, Ohio.—NO BIDS.—No bids
6% Columbia Road impt. bonds offered on
received for toe $12,700
6 (V. Ill, p. 2158).
ROSEVILLE, Placer County, Calif.—BOND ELECTION.—On
25
an
election
Jan.
will be held for the purpose of submitting the question of
issuing $11,500 municipal swimming
pool bonds, it is stated.
ST. LOUIS COUNTY (P. O. Duluth), Minn.—BOND SALE.—The
First National Bank of Duluth purchased the
following 5K % tax-free bonds
(V. Ill, p. 2158) for $23,238 (101.03) and interest on Dec. 7:
$18,000 St. Louis County Ditch No. 11 bonds.
Du|e yearly on Dec. 1
as follows:
$1,000 1926 to 1937 incl., and $2,000 1938 to 1940 incl.
5,000 Carlton-St. Louis County Judicial Ditch No. 2 bonds.
Due $500
yearly on Dec. 1 from 1931 to 1940 incl.
Date Dec. 1 1920.
v
-
ST.
PAULS,
Robeson
County,
No.
Caro.—BOND
OFFERING.—
The town of St. Pauls will offer for sale on June 6 at 12 m.
water, sewer
and street impt. bonds in the amount of
$125,000.
John S. Butler is
Town Clerk and Treasurer.
SADDLE RIVER TOWNSHIP SCHOOL DISTRICT (P. O. Warren
Point), Bergen County, N. J.—BONDS NOT SOLD.—No sale was made
„
of the
$60,000 5% school bonds offered
on
Dec. 4 (V. Ill, p. 2158).
TENNESSEE (State of).—BOND OFFERING.—Bids will be received
by C. L. Daugherty, Sec'y of the Funding Board (P. O. Nashville) until 12
m. Jan. 10 for
$1,000,000 5% memorial auditorium and capitol annex build¬
ing bonds.
Denom. $500.
Date Jan. 1 1921.
Prin. and semi-ann. int.
payable in the Borough of Manhattan, N. Y. City or at the office of the
State Treas;, at option of
purchaser.
Due Jan. 1 1961.
Cert, check on a
national bank or upon a regular depository of the State of Tennessee for
2% of the amount of bonds bid for, payable to the State Treasurer, required.
Legality approved by Chester B. Masslich. New York.
TEXAS (State of)—BONDS REGISTERED.—The following 5%
have been registered with the State Comptroller:
Amt.
Place and Purpose of Issue.
Permanent School Fund.
Common County School District.
Dist.& No.
SALT LAKE CITY, Salt Lake County, Utah.—BIDS.—The
following
bids were also submitted on Dec. 8 for the purchase of the
$500,000 5%
refunding bonds, awarded as stated in V. Ill, p. 2350:
Eldredge & Co___
97.28
National City Co___
_96.93
Bosworth, Chanute & Co., A. B. Leach & Co. and Halsey, Stuart & Co.96.34
Kauffman-Smith-Emert & Co
•_
-96.10
bonds
Date Reg •
$3,000 Collingsworth Co. Common Sch. Dist. No. 29
20 years Dec. 4
2,000 Gregg County Common Sch. Dist No. 4
10-20 years Dec. 4
2,500 Gregg County Common Sch. Dist. No. 5
5-20 years Dec. 4
1,500 Polk County Common Sch. Dist. No. 26
10-20 years Dec. 6
2,000 Hall County Common Sch. Dist. No. 22
10-20 years Dec. 6
BONDS PURCHASED BY STATE.—The following 5% i bonds were
purchased at par and interest by the State Board of Education for the
Due.
Hill
Hill
Amt. Dist.& No.'
76
-$3,000 Hill
81
3,000 Hill
1,000 Hill 102
5.
23—
Hill 28
Amt.
Amt.\Dist.& No.
$1,800) Hill 120
3,000(Hill 121
4,000ISmith
$3,000
---
52-...
4,000
900
TROY, Miami County, Ohio.—BOND SALE.—An issue of $8,000
6% 8-year bonds has been sold to Poor & Co., of Cincinnati, at 100.328, a
Int. M. & S.
basis of about 5.94%, according to reports.
___
Harris Trust & Savings Bank, and Bankers Trust Co_______
Anglo & London Paris National Bank________
Wm. R.
Compton Co. and Palmer Bond & Mtge. Co
Guaranty Company of New York
Taylor, Ewart & Co., Northern Trust Co., Blodgett
95.84
95.72
__.__95.56
95.11
&
Co.
_W. H. Wade Co.
and
TURLOCK IRRIGATION DISTRICT (P. O. Turlock),
Stanislaus
County, Calif.—BOND SALE.—The 6% bonds to the amount of $7,750,Ill, p. 21.59—were sold at par on Dec. 14 as follows:
000—V.
$60,000 to the Peoples State Bank, Turlock
7,690,000 to A. L. Gazzale of San Francisco
94.53
SATANTA RURAL HIGH SCHOOL DISTRICT (P. O. Satanta),
Haskell County,
Kans.—BOND SALE.—An issue of $70,000 school
bonds has been sold to Vernon H. Branch of Wichita.
TYNDALL,
SCHENECTADY, Schenectady County, N. Y.—BID REJECTED.—
pay_par for 6% at a fee of $2,200, being rejected.
partyj at par.
SCOTTSBLUFF,
BONDS.—We
with
are
Scotts Bluff County, Neb.—DESCRIPTION OF
in receipt of the following details, issued in con¬
now
toe
I—I—Iwn,
MiwWMWilMllil'IIIMl II ■!
H
fT."•
Financial Statement. *5 ■323101 ^J-T8
Real value
Valuation of taxable property as fixed by assessor, 1920---_
Total bonded debt, including this issue..
Water bonds included in the above.
Netdebt...
**"" ' ***■
.$7,700,000
6,559,712
205,000
113,000
92,000
—
Present estimated ^population, 7,500.
r
SHAKER HEIGHTS,
So.
Nov. 1 1920.
IRRIGATION
DISTRICT
(P.
SALE.—On
Dak.—BOND
Minneapolis National Bank of
Denom. $1,000.
O.
Date
County'
Cascade
Ulm),
Mont.—BOND OFFERING.—Leslie Nichols. Secretary Board of Directors*
sell at
public auction at 3 p. m. Jan. 8 the $800,000 6% coupon irrigation
V.
Ill, p. 2350.
Denomination $1,000.
Date Jan. 1 1921.
Due on Jan. 1 as follows: $30,000, 1926 to 1930, incl., and
$65,000, 1931 to 1940, incl.
V
'
bonds.
UNION COUNTY (P. O. Monroe), No. Caro .—FINANCIAL
STATE"
MENT.—The following financial statement has been
issued in connection
offering on Dec. 20 of the $200,000 6% road and bridge bonds
complete information of which appeared in V. Ill, p. 2350.
Financial Statement.
7
with the
sale of $36,000 5% water extension bonds, awaroed as
reported in V. Ill, p. 2158.
Denom. $1,000.
Date July 1 1919.
Prin.
and semi-ann. int. (J. & J.) payable at the office of the
County Treasurer.
Due July 1 1939 optional July 1 1924. *31
-H
&&
—'WW—111
County,
basis of about 5.99%.
Int. M. & N.
Due Nov. 1 1930.
a
Int. J. & J.
SCOTT COUNTY (P. O. Scottsburg), Ind.—BOND SALE.—The issue
bf $17,800 5% road-impt. bonds offered on Oct. 15 (V. Ill, pi 1393) has
been awarded to a local
nection
Homme
Minneapolis at 100.006
ULM
The $354,400 bridge notes offered on Dec. 14—V. Ill,
p. 2251—were not
sold, the only bid received, that of Edmund Seymour & Co. who offered to
Bon
Nov. 26 $145,000 6% bonds were sold to the
Cuyahoga County, Ohio.—BONDS OFFERED.
—Carl A.
Assessed valuation of taxable property, 1920.
Bonded debt (including present issue).
Population Federal census, 1910
Present population (est.)
—.$33,500,000
500,000
-
Calif.—BONDS
County,
37,00
— -----
—
VISALIA, Tulare
VOTED.—By
5 to 1 the $110,000 sewer and bridge bonds were authorized on
a vote of
Dec. 7—V.
Ill, p. 2068.
WARREN, Trumbull County, Ohio .—BOND OFFERING.—Geo. T.
Hecklinger, City Auditor, will receive bids,until 12 m. Jan. 15 for $20,000
6% coupon street cleaning mahicne purchase bonds.
Denom. $500.
Date
Jan. 15 1920.
Prin, and semi-ann. int. payable at the office of the Sinking
Fund Trustees.
Due Jan. 15 1923.
Cert, check for $500, payable to the
Palmer, Village Clerk, will receive bids until 12 m. Jan. 6 for
$20,600 6% coupon North Woodland Rd. water main bonds.
Denom.
1 for $100 and 41 for $500.
Date day of sale.
Prin. and semi-ann. int.
5 days from date of award,
(A. & O.) payable at the Village Treasurer's office.
Due yearly on Oct. 1
follows: $1,600 1921; $2,500 1922; $2,000 1923 to 1929, incl.; and $2,500
1930.
Cert, check on some bank other than the one making the bid, for
10% of amount of bonds bid for, payable to the Village Treasurer, required.
Bonds to be delivered and paid for within 10 days from date of
award, at
the Village Clerk's office.
Purchaser to pay accrued interest.
County, Ohio.—BOATD SALE.—On Dec. 8 the $36,000 6% school bldgbonds offered on that date—V. Ill, p. 2069—were awarded to A. B. Leach
6 Co. of Chicago, for $38,574, equal to 107.15, a basis of about 5.45%.
Date Dec. 1 1920.
Due $5,000 yearly on Dec. 1 from 1940 to 1945, and
$6,000.
Dec. 1 1946.
as
1
SHAKER HEIGHTS VILLAGE SCHOOL DISTRICT^TTrsTakTr
Heights), Cuyahoga County, Ohio.—BOND SALE.—Weil, Roth & Co.
of Cincinnati have purchased the $250,000 6%
coupon school site and bldg.
bonds offered on Oct. 29 (V. Ill, p. 1681).
Due $10,000 Oct. 1 1927, and
$15,000 yearly on Oct. 1 from 1928 to 1943 incl.
City
Treasurer,
WARREN
required.
CITY
WASHINGTON
Bonds to be delivered and paid
Purchaser to pay accrued interest.
SCHOOL
DISTRICT
COUNTY
O.
(P.
O.
(P.
Bonham),
Warren),
for within
Trumbul1
Tex.—BOND SALE
$1,500,000
NEVER CONSUMMATED.—The sale on Nov. 10 1919, of the
William R. Compton Co. of St. Louis and Taylor, Ewart
& Co. of Chicago—V. 109, p. 2009—was never consummated.
road bonds to the
WATERTOWN, Middlesex County, Mass.— TEMPORARY LOAN.—
16 the $150,000 notes, maturing $50,000 on April 20. May 20 and
On Dec.
SHELBY
COUNTY
(P. O. Shelbyville), Ind.—BOND SALE.—The
City Trust Co. of Indianapolis has purchased at par an issue of $38,920 5%
Joseph A. Iiedenbough et al. Liberty Twp. road bonds.
Denom. $486 50.
Date Nov. 15 1920.
Int. M. & N.
Due $1,946 each six months from
May 15 1922 to Nov. 15 1931 incl.
SOUTH DAKOTA (State of).—WARRANT OFFERING.—Bids will
be received until Jan. 5 by W.S. O'Brien, State Treasurer (P. O. Pierre)
for $100,000 State Treasury revenue warrants in denomination of $10,000
each, dated Jan. 10 1921, payable one year from date of issue or four months
from! date of issue.
Bids are requested for'each proposition.
Cert, check
for $1,000, required.
June 20, V. Ill, p. 2350—were awarded to the
Bank of Watertown on a 6.25% discount basis.
SALE^-—Th?
Jefferson County,
N. Y .—BOND
offered on Dec. 1
2350—were awarded to the Watertown National Bank, of
Watertown, at 101.55 and interest, a basis of about 4.86%.
Date .July 1
1920.
Due $5,000 yearly on July 1 from 1931 to 1944, incl.
The bidders
WATERTOWN,
$70,000 5% water, light and power development bonds
—V.
Ill,
p.
follow:
Spartanburg
County,
So
Co.. N. Y.-------101.00
IN. Y,
$70,623
Co.,
I Stacy & Braun, N. Y.
70,203
100.761
Sherwood & Merrifield, N. Y._101.511 Redmond & Co.,,
Northern
Caro .—BONDS
NOT SOLD.—BONDS RE-OFFERED.—The $100,000
street and sidewalk
impt., $50,000 sewer extension and construction and $50,000 park develop¬
ment 5% 20-year bonds, offered on Nov. 22—V. Ill, p. 1875—were not
sold, all bids being rejected.
New bids for the above bonds will be received by T. J. Boyd, City Clerk.
N.
Y.
WATERVILLE
Trust
Estabrook
&
Co.
Kennebec County Me.—BOND SALE.—On Dec. 15
bidding 104.761, a basis of about 5.12%,
of Boston,
awarded the $20,000 5H% tax-free coupon sidewalk and sewer bonds
offered on that date—V. Ill, p. 2350.
Date Nov. 15 1920.
Due Nov.
were
15
1940.
WAYNE COUNTY SCHOOL
SPRINGFIELD
CITY
SCHOOL
DISTRICT
(P. O. Springfield).
Greene
County,
Mo .—DESCRIPTION OF BONDS.—The $600,000
5% tax-free bonds, which were recently sold to the Mortgage Trust Co.,
Whitaker & Co., Mississippi Valley Trust Co., Smith, Moore & Co., and
First National Bank—V. Ill, p. 2350—bear the following description.
Denom. $1,000.
Date July 1 1920.
Prin. and semi-ann. int. (J. & J.)
payable at the First National Bank, St. Louis.
Due on July 1 as follows:
$150,000 1925, $150,000 1930, $150,000 1935 and $150,000 1940, the
last amount being subject to call 1935.
The said Bankers are now offer¬
ing the above bonds at 96.50 to yield from 5.90% to 5.30% according to
maturity.
I
Financial Statement.
Actual value of taxable property estimated:
$85,000,000
Assessed value of taxable property, 1920
22,770,178
Total bonded debt
600,000
Population, estimated, 42,101.
...
state that suit has been
DISTRICT,Utah.—SUIT
WEBSTER
WebBter),
County Commissioners.
Denom. $1,000.
TACOMA SCHOOL DISTRICT (P. O. Tacoma), Wash.—BONDS
DEFEATED.—The voters defeated the issuance of the $2,450,000 school
bldg and equipment bonds, at not exceeding 6% interest on Dec. 7—V. Ill,
p. 2252.
Due in 23'years optional 1-20 yearly after 3 years.
—Newspaper8
brought in the Supreme Court to test the legality
of the $30,000 school bonds that have
UNION
FREE
been sold subject to court decision.
HIGH
SCHOOL
Burnett County, Wise.—BOND
DISTRICT
(P.
OFFERING.—Until 8 p.
O.
m.
school bldg. and equipment bonds
at not exceeding 6% interest will be received by G. M. Harley, Clerk Board
of Education.
Denom. $1,000.
Date Feb. 1 1921.
Int. annual .
Due
$5,000 yearly on Feb. 1 from 1922 to 1936 incl.
Cert, check for $7,500,
Dec. 20 bids for the purchase of $75,000
required.
WHEATLAND SCHOOL
DISTRICT NO. 3 (P'O
Crary)t
Rameeyt
County, No. Dak.—BOND SALE.—The State of North Dakota boughj
$60,000 4% school bldg. bonds at par during September.
Date July
1920.
Due July 1 1940.
Bonds are not optional but can be paid up an
time after 2 years at par.
WICHITA FALLS, Wichita County,
SURRY COUNTY (P. O. Dobson), No. Caro .—BOND OFFERING.—
Proposals will be received until Jan. 6 for the $75,000 road and $25,000
bridge 6% bonds—V. Ill, p. 2158—by S. F. Shelton, Chairman Board of
nn
__
.
National'Bank---101.5.5 Rutter &
Watertown
Watertown
SPARTANBURG,
Union Market National
On Dec. 4 the State
WINONA
BOND8 LEGJSrEEED —
Comptroller registered $75,000
ground, park and cemetery, $25,000 incinerator
6% 5-30 year (opt), bonds.
Montgomery
hospital,
$25^00 play
and $340,000 street impt.
County
Misb.—BOND
W. F. Blachton, City Clerk,.forthe,$60,000
will be received until Jan. 4 by
6% light and water plant purchase bonds, recently
of 117 to 3—V. 111. p. 1778.
Denom. $500.
Int.
i n 10 years and $2,500 in the next 10 years.
0^^?yuf^Rn^Inn
authorized by avote
J. & J.
Due $J,oUU
THE
2448
IROQUOIS FALLS ROMAN
CATHOLIC SEPARATE SCHOOL
(P. O. Iroquois Falls), Ont.—DEBENTURE OFFERING.—
of Board of, School Trustees, will receive tenders until
6 p. m. Dec. 21 for $45,000 6% coupon 20-year school debentures.
WOBURN, Middlesex County, Mass .—TEMPORARY LOAN.—On
14 S. N. Bond & Co. of Boston, were awarded a temporary loan
maturing May 20 1921, at 6.25% discount plus a premium of
$2 50.
^
V
BOARD
Dec.
A Pelletier, Secretary
of $100,000,
Worcester County
WORCESTER
Mass.—TEMPORARY LOAN.—
On Dec. 15, a temporary loan of $650,000, dated Dec. 16 1920 and matur¬
ing Mar. 21 1921, was awarded to Solomon Bros. & Hutzler, of Boston,
on
a 5.92%
discount basis.
issue of $12,500 5% bonds at par
Provinces
its
CANADA,
and interest.
and
Ont.—DEBENTURE OFFERING —P. J. Hooper, Town
Clerk-Treasurer, will receive bids until 12 m. Dec. 29 for the following
KENORA,
debentures:
.
Municipalities*
amounting to $300,000.
The debentures bear 8%, are in denominations
$25,000, and are payable in 10 and 15 years, annual install¬
ments.
\
'
of from $500 to
BELLEVILLE, Ont.—DEBENTURES PROPOSED.—A petition will be
to the Provincial Legislature for permission to issue $30,000 bridge
KINCARDINE, Ont.—DEBENTURES PROPOSED.—1The Provincia
Legislature will be asked to give the town permission to issue $20,000 fund
ing debentures.
debentures.
ESTEVAN R. M., Sask.—DEBENTURE SALE.—It is reported that
$2,000 610-year debentures have been sold locally.
*
LETHBRIDGE
S.—DEBENTURE'SALES.—1The"'*Financial
Lethbridge,
pearly on Jan.
same issue of debentures mentioned in V. 110,
2416, the amount reported as sold at that time being $500,-
.
NEW
LOANS
follows: $101,055.98,
1932; 8132,463.57,
1936; $173,633.63,
1940; $227,594.50,
1944; $298,331.91,
1948; $391,053.20,
as
$123,797.45,
$162 270.43
$212 705.44,
$278 815.17,
$365,471.61,
1931;
1935
1939
1943
1947;
1951.
that this is the
NEW
1929; $108,127.52,1930;
1933:8141,733.30, 1934;
1937; $185,787.29, 1938;
1941; $243,527.91, 1942;
1945; 8319,213.96, 1946;
1949; $418,426.45, 1950;
NEW
LOANS
specialize in
undersigned will receive sealed bids at
his office in the City of Lansing, Michigan, until
the 20TH DA V OF JAN UARY, A. D. 1921, UP
The
the
of
State of Michigan Highway Improvement Coupon
Bonds to be issued by the State Highway Im¬
provement Loan Board of the State of Michigan,
pursuant to the provisions of Act No. 25 of the
Public Acts of the State of Michigan, extra session
3s
4s
41/48 ......
bonds
will
be
dated
February
1,
1921, and will mature on the first day of Feb¬
1941, and will bear interest at the rate of
five per centum per annum, payable semi-annu¬
ally.
Both principal and interest are payable at
maturity at office of the State Treasurer, Lansing,
Michigan.
A certified check in a sum equal to one per
cent of the amount of the bid, payable to the order
of the State Treasurer of the State of Michigan,
ruary,
5s
Biddle & Henry
South
Said
1919.
41/28
104
Fifth
must
be submitted with each bid.
reject any or all bids.
-V1 FRANK E. GORMAN,
The right is reserved to
Street
State Treasurer.
PHILADELPHIA
MUNICIPAL
York,
Vire to New
Private
Town of Pomfret, Chatauqua Co.,
TO 2 O CLOCK P. M. OF SAID DAY, for
sale of One Million dollars (81,000,000.00)
31/28
BONDS
Underwriting and distributing entire Usu«*
City, County, School District and Road
District Bonds of Texas.
Dealer's inquiries
and offerings solicited.
Call Canal 8437.
LOANS
Union Free School District No. 8
HIGHWAY IMPROVEMENT BONDS
City of Philadelphia
$115,696.61,
8151,654.55*
$198,788.87,
$260,572.72,
$341,561.92.
$447,716.01,
$350,000
STATE OF MICHIGAN
We
Alta.—
DISTRICT,
semi-ann.
We believe
340,000 5}4% 33-year debentures at 92.85, a basis of about 6%
IRRIGATION
registration) 30-year serial debentures.
Date Jan. 1 1921. Prin. and
int. (J. & J.) payable at the Canadian Bank of Commerce, in
Toronto, Montreal, or New York, at holders' option.
Due
of
Post" of
the city has made the following sales
$520,000 6% 10-year refunding debentures.
485,000 6% 10-year debentures at 98.16, a basis of 6.25%.
NORTHERN
DEBENTURE OFFERING.—Proposals addressed to G. H.
Dunning,
District Secretary, care of Canadian Bank of Commerce, Lethbridge, will
be received until 12 m. Jan. 7 for $5,400,000 7% gold coupon (with privilege
C.—DEBENTURE SALE.—The city has suc¬
issue of $55,000 refunding debentures, the major
portion being taken by local people
x
'
-v
fv'"v,;
GRAND FORKS, B.
ceeded in disposing of an
N.
payable at the Imperial Bank of Canada, Kenora.
Prin. and int.
sent
HALIFAX,
,
15-year installment Electric Utility debentures.
Int.
annually on Aug. 1.
Due yearly to Aug. 1 1935.
20,000 00 7%
20-year waterworks debentures.
Int. J. & D.
Due
June 30 1940.
13,564.87 6H% 33-year debt consolidation debentures.
Int. J. & D.
Due Dec. 31 1953.
6 000 7% 10-year electric debentures.
Int. F. & A.
Due Aug. 1 1930.
25 000.00 7 % 20-year installment public impt. debentures.
Int. ann.
on Aug. 1.
Due yearly to Aug. 1 1940.
>
.
7 755.38 7%
20-year installment local impt. debentures.
Int. ann.
on Aug. 1.
Due yearly to Aug. 1 1940.
$10.000 00 7%
ALBERTA SCHOOL DISTRICTS, Alt*.—DEBENTURES OFFERED
LOCALLY.—The Debenture Branch of the Board of Education is offering
to local citizens coupon debentures of school districts of the Province
Toronto reports that during the year
of debentures to the local populace:
'
payers.
INDEPENDENT SCHOOL DISTRICT (P. O. Wytie),
Tex.—BOND SALE.—The State of Texas has purchased
WYLIE
KEMPT VILLE, Ont .—DEBENTURES VOTED.—It is reported that
by-law to issue $25,000 hydro debentures has been passed by the rate¬
a
Collin County,
an
[VOL. 111.
CHRONICLE
of
N. Y.
BONDS
Notice is hereby given that the Board
of Educa¬
tion of Union Free School District No. 8, Town
County of Chautauqua, N. Y., will
receive sealed bids until 7:30 O'CLOCK IN THE
EVENING OF THE 28TH OF DECEMBER,
1920, at the office of the Clerk, Village Hall,
Fredonia, N. Y., for $350,000 coupon bonds of
of Pomfret,
said district.
Bonds
but
not
to
to
bear
exceed
interest in multiples of
six per centum per annum.
payable March 1st and September 1st
of each year.
Bonds to be in denominations of
81,000.
Principal and interest payable in New
York exchange, at the Citizens Trust Company
or the National Bank of Fredonia, Fredonia, N. Y.
Said bonds will not be sold below par.
Bonds
to be dated December 1st, 1920, and will mature
810,000 annually March 1st, 1924 to 1946, in¬
clusive, and $15,000 annually March 1st, 1947 to
1954, inclusive.
A certified check or bank draft for five per cent
of the amount of said bonds must accompany the
Interest
bids.
The right to reject any or all bids is reserved.
J. H. FOSTER, President.
Circular$ on Request.
(
GLVROJLDG.WISE Sc COM3!A3Snr
New Jersey
CINCINNATI
[Sset
Securities
>
&
Housiccn.Te^sas
GAS
ELECTRIC CO.
6%
OUTWATER & WELLS
IB Exchange Place
United States and Canadian
Municipal
Tel. 10 Montgomery
Secured
Bonds.
Due
Jersey CIty» N. J.
Principal
F.
£.
AND
MAGRAW
MUNICIPAL'AND
"WADDELL
CORPORAYION
.
89
Commercial
Paper
H, M. CHANCE
Liberty Street,
New York
Telephone Cortlandt 3183
New Jersey Municipal
& CO.
Descriptive List
on
Examined, Managed,
Dr.se! Bid,.
Acts
as
Executor,
Trustee,
Administrator,
Guardian,
Receiver,
Registrar and
Transfer Agent
Bonds
Appraised
DEPARTMENT
Fifth-Third
National Bank
18 CLINTON STREET
MEWARK, N. J.
CINCINNATI, O.
PHILADELPHIA
Girard Trust
Company
AMERICAN
MFG.
CO
PHILADELPHIA
Chartered
1836
CAPITAL and SURPLUS, $10,000,000
Member
deposits.
7H%
J.S. RIPPEL & COMPANY
of
Federal
Reserve
E.
B.
Morris,
CORDAGE
NILA, SISAL. JUTE
System
to-
Interest allowed
on
Price to Yield
Request
Mining Engineers and Geologists
COAL AND MINERAL PROPERTIES
latere**
Complete description on request.
BOND
ST. PAUL, MINN.
semi-annual
Ground Floor Singer Building
Local Securities of the Twia GUMes
Globe Building
and
Not®*
1922
i,
payable la New York.
"
BONDS
Gold
Dec.
•
•
President
Nobel & West Streets, Brooklyn,
N. Y. City
Dec. 18
THE
1920.]
RICHMOND HILL, Ont.—DEBENTURE ELECTION.—A by-law to
will be voted upon at the January
Cert, check for $25,000 payable to the above secretary, required.
In¬
terim certificates, for which definite debentures will be later exchanged,
will be delivered to the purchaser at the Canadian Bank of Commerce, in
Lethbridge
on or
issue $95,000 water-system debentures
elections, it is stated.
before Jan. 15.
ST.
j
JEROME DE-MATANE,
Que.—DEBENTURE
is reported that the village is calling for
OFFERING.—It
tenders until Dec. 20 for $100,000
5% 5-year debentures dated Nov. 1 1920.
J. E. Gagnon is Secretary.
LONDON, Ont.—DEBENTURES PROPOSED.—The Provincial Legis¬
lature will be asked for authority to issue $517,500 electric and water works
and $413,000 local impt. debentures.
SASKATCHEWAN
SCHOOL
DISTRICTS,
Sash.—DEBENTURE
SALE.—The following, according toithet"Monetary Times," is a list|of de¬
bentures, amounting to $6,700, reported sold from Nov. 16 to 25:
Smithville, $5,000 7% 15-installments, to local purchaser;
Brotherfield, $1,700 8% 10-installments, to Mutual Life Assurance Co.
MILTON, Ont.—DEBENTURE AUTHORIZED.—It is reported that the
Town Council has passed a by-law to issue $34,000 high school bldg. bonds.
MONTREAL, Que.—NOTE SALE.—It is reported that the city has
treasury notes to the Bank of Montreal.
The notes
payable on demand.
DEBENTURES AUTHORIZED.—It is also reported that the following
authorizations were granted by the Local Government Board from Nov. 16
issued $500,000 6%
are
to
25:
Pauline, $3,000 8% 10-years annuilty; Buffalo Head, $775 8% 5-install$600 8% 10-install¬
ments; Regina, $190,000 6M% 30-years sinking fund; Regina, $140,000
6H% 30-years sinking fund.
NORTH
WALSINGHAM, Ont.—DEBENTURE ELECTION.— News¬
by-law to issue $5,000 municipal hall debentures will
be passed upon at the January elections.
ments; Nauka, $1,200 8% 10-years annuilty; Selmond,
papers report that a
ONTARIO (Province oi).—AMOUNT OF ISSUE
2449
CHRONICLE
INCREASED.—'The
TORONTO, Ont.—DEBENTURE SALE.—On Dec. 10, according to
reports, an issue of $1,055,000 5J^% coupon local impt. debentures was
purchased by a syndicate composed of the Dominion Securities Corp.,
Harris, Forbes & Co., National City Co., R. A. Daly & Co. and W. A.
Mackenzie & Co., which is now offering the debentures at prices yielding
from 6.60 to 6.70%.
Denom. $1,000.
Date July 1 1920.
Prin. and semiann. int. (J. & J.) payable in Toronto.
Due yearly on July 1 from 1922 to
syndicate which floated the $6,000,000 6% 15-year gold coupon debentures
described in V. Ill, p. 2351, met with such great success in its offering that
it purchased an additional $9,000,000 from the Province.
ORILLIA, Ont.—DEBENTURES PROPOSED.—The town is applying
Legislature for authority to issue $25,000 debentures to
to the Provincial
consolidate the floating debt.
1930 incl.
OTTAWA, Ont.—DEBENTURES PROPOSED.—An issue of $275,000
will be issued if the Provincial Legislature grants the
DEBENTURE ELECTION.—On Jan.
local impt. debentures
1
a
by-law to issue $200,000 de¬
bentures for the erection of atheltic stadiums will be submitted to the voters,
city the authority it seeks.
according to reports.
PETERBORO, Ont.—DEBENTURES PROPOSED.—'The town will
petition the Provincial Legislature for authority to issue $1,275,000 deben¬
VICTORIA, B. C.—DEBENTURE OFFERING.—The city is preparing
city's bonds at a 6H % basis.
to offer to local citizens several issues of the
tures.
WALKERVILLE, Ont.—DEBENTURE SALE.—A. E. Ames & Co. of
SUEBEC (Province of).—DEBENTURE SALE.—The Province has
the $1,500,000 5-year and $1,500,000 10-year 6% debentures, which
remained in the hands of the Treasurer after
the sale of $2,000,000 of an
Toronto have purchased at 94.094, a basis of about 6.65%, the $300,000
6% 15-year installment housing debentures, tenders for which were recently
rejected—V. Ill, p. 2351.
original issue of $5,000,000.—V. Ill, p. 1109.
YORK TOWNSHIP, Ont.—DEBENTURE SALE.—A. E. Ames &
RENFREW, Ont .—DEBENTURE SALE.—The $35,351 20-year in¬
stallment and $9,665 30-year installment 6% deoentures offered on Dec. 13
(V. Ill, p. 2253 and 2351) were awarded to Wood, Gundy & Co. of Toronto
at 91.13.
Date Dec. 10 1920.
Int. annually on Dec. 10.
NEW
of
Toronto,
installment
At the
was
according to reports,
same
sold to
a
time
a
have purchased $129,610
6%
Co.
10-year
95.303.
block of $37,000 6% 20-year installment debentures
debentures
at
private investor.
,
FINANCIAL
LOANS
$396,000
WE FINANCE
DAVIDSON COUNTY, TENNESSEE,
established meritorious industrial enterprises under longtime contracts
as sole fiscal
agents with permanent financial interest, representation
directors and executive committee, control of finances,
right of audit and inspection without notice.
board of
on
and
MEMORIAL BONDS
WE OFFER
undersigned will receive sealed bids at his
the Courthouse, Nashville, Tennessee,
until 9 o'clock A. M., JANUARY 10, 1921, for
the purchase of $396,000 5% Davidson County
Memorial Bonds of 1919; denomination $1,000.00;
The
office
bankers and investment dealers
in
a
constant supply of proven industrial
securities and profitable underwriting opportunities, together with
financial assistance on their own local underwritinga and the
dated January 1, 1920; principal and semi-annual
interest payable at the County Trustee's office or
in New York, at holder's option; maturing annual¬
ly January 1 as follows: $4,000, 1922 to 1926;
$8,000, 1927 to 1931;
$12,000, 1932 to 1938;
$16,000, 1939 and 1940; $20,000, 1941 to 1945;
$24,000, 1946 to 1950.
asslstanoe of all our affiliated sales organizations in distribution of
security Issues too large to handle locally.
We also buy half interest in
and finance small investment houses everywhere.
Correspondence Solicited
Central National Industrial Finance Corporation
Bonds registrable as to principal in New
York City will be prepared and certified as
Capital $1,000,000
genuineness by the United States Mort¬
& Trust Company, New York, and legal¬
ity approved by Caldwell & Masslich, Esqs.,
New York, whose favorable opinion will be
furnished the purchaser or purchasers with¬
to
gage
National Association Building
28
WEST 44TH
STREET, NEW YORK
out charge.
All bids must be upon blank forms which will
furnished by the undersigned or said Trust
Company, and must be accompanied by a certi¬
fied check upon a National Bank, or upon any
bank or trust company in Tennessee, for two per
cent. (2%) of the face value of the bonds.
The bonds are exempt from State, County and
municipal taxes in Tennessee.
The bonds will be delivered in Nashville, or
at the office of said Trust Company in New York,
be
at
Approved Investment Issues
Long and active association with so many of the leading
business enterprises of the Pittsburgh District causes
us to be thoroughly familiar with opportunities for safe
and profitable investment.
Bids for and offers of bonds originating in this district
purchaser's option, on or about January 17,
1921.
The
right to reject any and all bids is expressly
p0S6r*v0(i
Finance Committee of Davidson County,
LITTON HICKMAN,
Judge and Chairman.
Nashville, Tenn., December 10, 1920.
are
solicited.
Mellon National Bank
A. G. Becker & Co.
Pennsylvania
Pittsburgh
COMMERCIAL PAPER
INVESTMENT SECURITIES
1ST
Senth La
Illinois Trust & Savings Bank
Sail* 8>n«t
CHICAGO
La Salle at Jackson
SKATTL*
ST. LOUIS
YORK
SAN FRANCISCO
LOS ANGELES
T
The
Stgn of Wv>c 3
Bays Interest
Accounts.
change,
MATTERS FINANCIAL
Union
Capital and Surplus
on
Has
Time
Deposits, Current and Reserve
BOYLE, BROCKWAY & GRAHAM, INC
1
Chicago
Deals in Foreign Ex-
Transacts
a
on
hand at all times
cellent securities.
variety of
ex*
Government, Municipal and
General Trust Business.
Pittsburgh, Pa
Arcadia
Over
MUNICIPALS
FOR
RESALE.
Qf%0/ 0' the Banks in
OXJ /0 New York
City
NATIONAL
HENRY NIGHTINGALE
SAFETY
e.
use
INCORPORATED
PAPER
S/fc.
FOR THEIR CHECKS
Branch
MUNICIPAL BONDS
George La Monte & Son
Securities.
Broad 7118
U BROADWAY
Office,
So.
Canadian, Max!can and Foreign Government
Phone
a
Buys and sella
61
Broadway
New York
^o/ueeujpo,
91S< Exchange Ave.,
111.
Chicago,
German, Austrian, Hungarian, Caeeheslovakian, Rmmanlan, and Jugoslav Gav t
Bonds and Currency.
2450
THE
Whether
Bond
be
it
Cashier
a
A
a
or
Manager
Department
I
or
INVESTMENT
wishes to engage
Bond House
and proven ability.
in
organization
large
State
experience
dence
observed.
Financial
Address
Chronicle,
right
the
to
lady
St.,
man.
10
Good
of
care
years'
experience
A
SECRE¬
Address
A-21,
of
care
•
high
grade
STENOGRAPHER.—A
Financial
advancement.
justifies
it,
established
investment
dealing
reputation,
national
a
highest
the
stating
Apply
salesmen.
in¬
grade
references and salary
A-28,
House.
Financial
Financial
90
Box
B-l,
Pine
of
care
Address
House has
cal
AND
liberty
STOCK
Jan.
1,
intelligent.
House.
25
age
Several
associated
WANTED
TRADER.—Will
with
is
years,
be
refined
experience.
years
prominent
Stock
an
When
and
TRADER
with public utility markets
his
opportunity for
ability.
Write for
held confidential.
Financial
a
stocks.
of
care
EXPERIENCED
statements
and
Good
writing
FOREIGN BOND TRADER
by growing
tractive
proposition to the right
confidential.
foreign bond house.
New York
a
College education.
clientele
give
previous
and
Salary
man.
Consolidated
experienced
office.
bond
Write
trader
Box
A-29,
prominent
House desires
its
for
90
Box
Pine
BOND
with
A-37,
Street,
analysis
York
Financial
of
care
York
New
Department,
high-class house.
a
a
Financial
of
DEPARTMENT
ciated with
Stock
a
MANAGER.—A
man
asso¬
New York Investment House
of Financial
clientele at San Francisco desires to
representation of
this
territory.
January
ment house.
industrial
extending its activities to
European
in
interested
house
the
secure
Address
B-2
care
of Financial
a
t
Chronicle, 90 Pine Street, New Yrok City.
first,
experience.
BROKERAGE
in
ft.
sq.
A-39,
FIRM
desires
Financial
to
District.
Financial
of
care
con¬
Trainer
90
of
Pine
Street,
Rent
will
Box
90
SPEAKING.—Young
be
Box
Street, New York City.
value.
of
family.
Pine
Age
A-26,
a
Excellent
to
co¬
90
Pine
Street,
New
RENT
28.
Well
Best
Financial
of
care
educated.
references.
Wall
and
Beaver
thoroughly modern
reasonable,
immediate
Chronicle,
90
Pine
Street,
pos¬
New
York City.
New
EQUIPMENT FOR SALE
desires
man
ft. in Financial Section.
between
office in
of
SALE.—Stock
condition.
position where fluent use of Spanish language
1000
secure
Address
opening for
an
department
For details address Box A-38, care of
Financial
salesmen.
care
Street,
unfurnished
session.
fluently.
A-22,
Broad
building.
FOR
Chronicle,
New
Address Box A-25, care of
Chronicle,
SUBLET—350 sq.
Sts.,
class invest¬
French
Address
Chronicle,
SPANISH
Street,
clientele.
statistical
FOR
York City.
OFFICE SPACE WANTED
Pine
bond department.
with high
Speaks
experience.
Financial
90
with
man
and
Address Box A-36,
Just closed several million dollar
issue.
Banking
Efforts
Chronicle, 90 Pine St., New
MANAGER.—Successful, open for
New York Stock Exchange
a
firm.
a
or
TO
nection
with
Write Box A-32, care of
Exchange House has
Financial
On
SALES
Exchange
a
producer
York City.
WANTED
experience with large
business
City.
customers'
York.
MAN.—Of broad
live
arrangements
Chronicle,
facilities
ability desires to become
Banking Institution with
care
BOND
WANTED
CUSTOMERS' MAN WANTED.—Consolidated
Ad¬
Chronicle,
City.
Exceptional qualifications.
Chronicle, 90 Pine Street, New York City.
REPRESENTATION
and
capable of handling inquiries
of character and
an
Philadelphia
care
experience
replies
taking charge of Statistical
dress
Stock
operate with him.
WANTED.—A
Exchange
with
required.
WANTED.—Having
good
a
excellent
strictly confidential.
desires position
Address Box A-33, care of Finan¬
Stock
familiar
will be backed by a good Statistical
Department
and
an
excellent
organization.
All
90 Pine St., New
City.
of securities and
Replies will be held strictly
TRADER
York
New
MAN
MAN
and
make
can
Address Box A-35,
STATISTICIAN.—Well experienced in
At¬
cial Chronicle, 90 Pine St., New York City.
BOND
be
handwriting
BOND
Financial
wanted
Bond
assistant in statisti¬
Address A-23, care of Finan¬
cial Chronicle, 90 Pine Street, New York
City.
CUSTOMERS,
position with
a
of Financial Chronicle,
care
New
Street,
York
and commission.
York
an
Must be capable of analyzing
salary required.
Now
Exchange
Investment House dealing in gilt edged secur¬
ities.
Have thorough knowledge of bonds and
Replies
A-30,
Pine
AND
MANAGER desires
York City.
EXPERIENCED
New
New
Box A-24, care of Financial Chronicle,
TRADER
preferred.
appointment.
90
Man
to capitalize
man
Address Box
Chronicle,
of
care
Street,
WANTED.—By
prominent New York Investment House.
Excellent
A-31,
90 Pine Street, New York City.
1
familiar
letter
arranged.
Pine
large
opening for
department.
accounting.
at
90
be
;
,
CUSTOMERS
EXPERIENCED
a
Ability,
your
will
Box
Chronicle,
financial
BOND
90
Chronicle,
house.
if
interview
STATISTICIAN.—A
New
Street,
York City.
Pine Street, New York City.
TRADERS
Address
Chronicle,
Write—and
an
York City.
All communi¬
expected.
of
care
Bond
or
experience,
cations will be treated confidentially.
Box
graduate, with four years' stenographic exper¬
ience, desires a position with a Stock Exchange
securities, has an opening for several
vestment
good
with
house
in
bond
Statistician,
Financial
ladyj high school
young
sales promotion work in
York
years of experience with
reputable New York firms absolutely essential.
Salary will be adequate with good chance for
Salary
Chronicle, 90 Pine Street, New York City.
old
WANTED.—An
and
New
integrity and several
Address,
SALESMEN
men
through these columns.
to do statistical
and
City.
SECURITY
your organization
filled with capable
STATISTICIAN WANTED.—Man under
forty,
Young
executive
as
be
can
STATISTICIANS WANTED
WANT
education, excellent references.
$40.00
York
New
YOU
secretary with bankers, desires position where
ability
and
initiative
will
be
appreciated.
Confi¬
A-34,
Box
Pine
90
Vacancies in
Ilk K/1 K I VIM ill I
fill 1 lVlJLll 1 1
TARY WHO IS NOT A MACHINE ?
Attractive
qualifications.
and
I\PH A nTHIIPMT
SECRETARY—DO
opportunity for permanent remunerative posi¬
tion
[VOL. 111.
POSITIONS WANTED
high-grade bond salesman
a
COfPfPn
/l\\IMH II
WANTED
MEN
BOND MAN.—An old-established
with clientele
l
VLiZIUKJII IljJU
Executive of any kind—
an
CHRONICLE
cial
quotation
Address Box A-27,
board
care
in
good
of Finan¬
Chronicle, 90 Pine Street, New York City.
Good
Address
Chronicle,
90
Pine Street, New York City.
Htqutbatfon
NOTICE
OF
jSfbilienttf
of the
to
All
note-holders
Association
present
and
therefore
are
the notes and
creditors
Other
hereby notified
claims
other
for
pay¬
ment.
Dated December 1, 1920.
THOMAS
V.
The Board of Directors has declared the regu¬
dividend of one and three-quarters
lar quarterly
CAHALL, President.
cent on the Seven Per Cent Cumulative
Preferred Stock of the Company, to be paid on
per
VERMONT HYDRO-ELECTRIC
CORPORATION.
Rutland, Vermont, December 17, 1920.
Frederica, in the State of Delaware, is closing
its affairs.
1
LIQUIDATION.
The First National Bank of Frederica, located
at
RUTLAND RAILWAY, LIGHT
& POWER COMPANY.
Rutland, Vermont, December 17,1920.
4
January 1st,
W.
of one and three-quarters
per cent on the
Seven Per Cent Cumulative
Participating Preferred Stock of the Company,
to be paid on January 1st, 1921, to stockholders
of
record
dividend
the
at
of
close
business
on
THE
THE
UNITED
FRUIT COMPANY
DIVIDEND
dividend
A
capital
clared
the
this
is
NO.
dollars
Dec.
on
1920.
of
be closed
Nov. 17,
the
to
the
on
been
Dec. 20,
fact
that,
transfer
from
the
books
close
owing
to
be
of the
of
busi¬
1920, until Dec. 9. 1920.
JOHN W. DAMON. Treasurer.
NEW JERSEY POWER
& LIGHT COMPANY.
Directors have
1920:
at
tho
close
Checks will
I.
CAROLINA
of
be
W.
business December 31
mailed:
Board
POWER
of
Directors
of this
Company has
declared the regular quarterly dividend of one
and three-quarters (1H%) per cent on the Pre¬
ferred Stock of the Company, paybale January 3,
1921, to stockholders of record at the close of
business
Light
December
17,
dend
and
Power Company have this day
dividend of EIGHTY CENTS (80c)
the preference shares, being divi¬
a
share
on
No.
4,
stockholders
1920.
payable
of
December 22,
December 16, 1920.
WILLIAM REISER,
Treasurer.
record
JOHN
lar quarterly dividend of one and three-quarters
cent on the
Seven Per Cent Cumulative
Participating Preferred Stock of the Company,
to be paid on January 1st, 1921, to stockholders
JANUARY
the
at
of
record
at
the
of
close
business
on
S.
N.
Decem¬
E.
ZIMMERMANN,
BARSTOW MANAGEMENT
dividend
of one and
three-quarters
the Seven Per Cent Cumulative
Preferred Stock of the Company,
be paid on January 1st, 1921, to stockholders
quarterly
WILSON, Secretary.
I
cent on
Participating
per
to
50 Pine Street, New York.
of
record
ber
14,
at
the
BINGHAMTON LIGHT, HEAT
& POWER COMPANY.
Blnghamton, New York, December 17, 1920.
The Board of Directors has declared the regular
cent
dividend
on
the
of
one
Seven
Per
and three-quarters
Cent Cumulative
Participating Preferred Stock and one and onehalf per cent on the Six Per Cent Cumulative
Preferred Stock of the Company to be paid on
January 1st, 1921, to stockholders of record at
the close of business on December 15, 1920.
C. N. WILSON, Secretary.
THE W. S. BARSTOW MANAGEMENT
ASSOCIATION, INC.,
Operating Managers,
50 Pine Street, New York.
THE
close
of
business
Decem¬
on
1920.
C.
per
to
business
Treasurer.
ASSOCIATION, INC.,
Operating Managers,
1
1921,
The Board of Directors has declared the regular
C.
W,
of
METROPOLITAN EDISON COMPANY.
Reading, Pennsylvania, December 17, 1920.
ber 14, 1920.
THE
1,
close
1920.
per
quarterly
MORRIS. Treasurer.
& LIGHT COMPANY.
PREFERRED STOCK DIVIDEND NO. 47.
The
Jersey,
President.
MANAGEMENT
& ZIMMERMANN, INC.
Managers—Engineers
whis
day declared a quar¬
terly dividend of one per cent (50c. per share)
on the Common Stock oi this Company,
payable
January 15. 1921, to holders of Common Stock
of record
New
The Board of Directors has declared the regu¬
Office of The United Qas Improvement Co.
N. W. Corner Broad and Arch Streets,
Philadelphia. December 8 1920.
The
tral
per
THE
Dover,
BARSTOW
611-613 Chestnut St., Philadelphia, Pa.
December 14, 1920.
The Board
of
Directors of the Penn
Cen¬
declared
do
1920
stockholders
DAY
the
1921, to stockholder#
of business
meeting
8,
will
close
share
has
S.
S.
on
BARSTOW.
50 Pine Street, New York.
Decem¬
WILSON. Secretary.
BARSTOW MANAGEMENT
N.
ASSOCIATION, INC.,
Operating Managers,
50 Pine Street, New York.
86
per
company
directed
special
company
ness
of
the
Attention
held
four
payable on,Jan. 15.
of record at
to
of
stock
W.
W.
stockholders of record at
December 20th, 1920.
to
S.
ASSOCIATION, INC.,
Operating Managers,
ber 15, 1920.
C.
1921,
the close of business
The Board of Directors has declared the regular
quarterly
W.
N:
WILSON, Secretary.
BARSTOW MANAGEMENT
S.
ASSOCIATION, INC.,
Operating Managers,
50 Pine Street, New York.
AMERICAN
POWER & LIGHT CO.
71 Broadway, New York, N. Y.
PREFERRED
The regular
STOCK
DIVIDEND
NO.
quarterly dividend of 1H%
Preferred Stock of the American
on
45.
the
Power & Light
Company has been declared, payable January 3,
1921, to preferred stockholders of record at the
close of business December 18, 1920.
WILLIAM REISER, Treasurer.
For other dividends
see pages xx
to xxiii.
DEC.
CHRONICLE
THE
181920.]
Companies
(ftotton
Chas.
Paul Schwarz
O. Corn
Frank A. Kimball
August Schierenberg
Corn,
15
& Co.
Schwarz
COMMISSION
William
MERCHANTS
Street
York
New
The NEW
New
Orleans
New
York
New
Cotton
Coffee
York
SURPLUS. *2.009 000
Safe Deposit
Vaults
STONE & WEBSTER
Authorised to act m Exeeutor. and to receive and hold
property in truet or on deposit from Courts
money or
Law or Equity. Executors.
o1
INCORPORATED
Administrators. Assignees.
Trustees. Corporations and Individuals.
Exchange
DESIGN steam power
stations,
developments,
transmission lines, city and
interurban railways, gas and
chemical
plants,
industrial
plants, warehouses and build¬
/
ings.
hydro-electric
Check.
to
OFFICERS.
JAMES R. HOOPER. President
Exchange
Produce
A
BOSTON, MASS.
CAPITAL. $1,009,000
Agent and Registrar of Stocks and Bonds.
Interest Allowed on Deposits Subject
Exchange
Cotton
ENGLAND
Also acts as Trustee under Mortgages and as Transfer
OF
MEMBERS
York
(Engineers
TRUST COMPANY
Guardians.
New
XXIX
ROGER PIERCE. Vice-President
Exchange
FREr BRICK P. FISH, Vice-President
FRJ DBRCE W.
ALLEN, Treasurer
CBARLB3 E. NOTT, Secretary
OR-tvIN C. HART, Trust Officer
H. fTFadden & Bro.
Geo.
EDWARD B. LADD, Asst. Treasurer
JOHN W. PILLSBURY, Asst. Treasurer
COTTON MERCHANTS
PHILADELPHIA
Manager Safe Deposit Vaults
67 Worth Street
BOARD
Dealers in American*
Egyptian and
Foreign Cottons
FOREIGN CORRESPONDENTS.
Export,
Import en
Commission, Havre.
South
American
Company,
Inc., Lima, Peru.
Henry Hentz & Co.
William Street
85 Congress Street
NEW YORK
BOSTON, MASS.
new
Walworth
James M. Pendergast
Henry H. Proctor
Edwin
public
utility properties and conduct
an
investment banking
Pierce
Frederick P. Fteh
Charles H. W. Fester
Frank H. Gage
business.
Richards
Herbert M.
Sears
BOSTON
NEW YORK
Franklin W. Hebbs
Arthur R. Sharp
James R. Hooper
CHICAGO
Henry L. Shattuck
GNimBaJSTCOMPANV
OF
ILLINOIS
THE
CHICAGO
J. G. WHITE ENGINEERING
Under National, State and
Clearing House Supervision
of
Accounts
CORPORATION
and
banks
of
bankers
received
Correspondence Invited
New York Coffee Jc Sugar Exchange
New York Produce Exchange
Efficiently
Chicago Board of Trade
Members
Lovartng
M.
concerns,
FINANCE industrial and
Roger Pierce
New York Stock Exchange
New York Gotten Exchange
Associate
Loring, Jr.
Ernest
Fraaels W. Fabyan
BROKERS
Members
Augustus P.
8. Parker Bremer
going
projects.
Robert A. Leeson
J. D. Cameron Bradley
COMMISSION MERCHANTS
AND
David P. Kimball
Adams
Gray
Sydney Harwood
Baltic Cotton Co., Copenhagen.
Reinhart & Co., Alexandria, Egypt.
Geo. H. McFadden
Arthur
on
proposed extensions and
Morris
Rotterdam.
Soclete d'Importatlon et de
Fachiri & Co., Milan.
REPORT
OF DIRECTORS
George Wlgglesworth. Chains an
George H. Davenport
Frederic Zerega & Co., Liverpool.
voor
of other
8EWALL E. SWALLOW, Asst. Tr. Offr
GEORGE H. BOYNTON,
20 Broad Street
N. Y. McFadden's Cle
designs or fromy designs
engineers or architects
MANAGE
public utility and
industrial companies.
own
ARTHURF. THOMAS. Asst. Trust Officer
YORK
NEW
CONSTRUCT either from their
FREDERICK O. MORRILL, Asst. Treas.
LEO WM. HUEGLE. Asst. Secretary
handle
of
Liverpool Cotton Association
equipped
to
Constructor*
Engineer*
all business pertains
ing to banking, and offer a
complete service to accounts
of banks,
Hubbard Bros. & Co.
COFFEE EXCHANOE
HANOVER
NEW
Buildings—Industrial Units
corporations, firm
Public
and individuals.
BUILDING
SQUARE
Utilities
Reports—Valuations —Estimates
Capital St Sur¬
plus $7,000,000
48 EXCHANGE PLACE,
NEW YORK
Depos its,
$60,000,000
YORK
COTTON MERCHANTS
Liberal
Advance*
Made
CHARTERED 1858
Cotton
on
Consignments
GWATHMEY A CO.
20-24 EXCHANGE
475
FIFTH
PLACE. NEW
AVENUE.
NEW
United States Trust Company
45-47
YORK
YORK
Capital, Surplus and Undivided Profits,
MEMBERS
NEW YORK COTTON EXCHANGE
NEW YORK STOCK EXCHANGE
NEW YORK COFFEE EXCHANGE
NEW YORK PRODUCE EXCHANGE
NEW ORLEANS COTTON EXCHANGE
ASSOCIATE MEMBERS
LIVERPOOL COTTON ASSOCIATION
It receives deposits
subject to check and allows Interest on dally balances.
securities and other property, real and personal,*for
individuals, and acts as Trustee under corporate mort¬
Registrar and Transfer Agent for corporate bonds and stocks.
estates, corporations and
and
gages,
as
EDWARD
W. SHELDON,
BOSTON,
FALL RIVER.
PROVIDENCE,
NEW BEDFORD,
PHILADELPHIA.
UTICA, N. Y..
WELD * CO..
Secretary
CHARLES A. EDWARDS. Asst. Secretary
WILFRED J.
President'
WILLIAMSON PELL, Vice-President
FREDERIC W. ROBBERT, Asst. Secretary
ROBERT S. OSBORNE, Asst. Secretary
THOMAS H. WILSON. Asst. Secretary
William M. KINQSLEY, 1st Vlce-Pres.
Street, New York City
Com¬
manages
COTTON MERCHANTS
82-92 Bearer
$2,000,000*00
$14,616,928.30
•
This Company acta as Executor, Administrator, Trustee, Guardian,
mittee, Court Depositary and In all other recognized trust capacities.
It holds and
Stephen M. Weld & Co.
of New York
WALL STREET
WORCESTER.
WILLIAM C. LEE, Assistant Secretary
WILLIAM Q. GREEN, Assistant Secretary
LIVERPOOL.
TRUSTEES
JOHN A. STEWART. Chairman of the Board
ROBERT
MOORE
Mills
&
CO,
Building
J.
LEWIS
PAYNE
LYMAN
PHELPS
CASS
LYMAN
MERCHANTS
Member* New York Gotten
FRANK
JOHN
18 Broad Street, N. Y.
COTTON
WILLIAM ROCKEFELLER
LED YARD
J. GAGE
WHITNEY
EDWARD W. SHELDON
CHAUNOEY KEEP
ARTHUR CURTIS8 JAMES
WILLIAM
&LKINGSLEY
WILLIAM
CORNELIUS N. BLISS, JB.
HENRY W. de FOREST
WILLIAM
WILLIAM
VINCENT ABTOB
SLOANS
STEWART TOD
OGDEN
MILLS
Exchange
STEINHAUSER A CO.
L. F. D8MMERICH & CO.
Successors to
WILLIAM RAY & CO.
COTTON
BROKERS.
gi Cotton Exchange
New York
Orders for future delivery contracts executed on
the New York and Liverpool Cotton Exchangee.
Hopkins, Dwight & Co.
FINANCE
ACCOUNTS
OF MANUFACTURERS AND
MERCHANTS, DISCOUNT AND GUARANTEE SALES
COTTON
*
and
General Offices, 254 Fourth
COTTON-SEED OIL
COMMISSION MERCHANTS
Room 50,
Cotton Exchange Building
NEW
YORK.
NEW YORK
Established
Over 80 Years
Avsnuo
XXX
THE
CHRONICLE
jTinatufal
[VOL. 111.
Jftnamial
^financial
MUNICIPAL BONDS Central Bond & Mortgage Co.
INVESTMENT
208 South La Salle St.
We know
never
yield
that
offerings
attractive
so
were
to
as
CHICAGO
net
right now.
And we have specialized in
Municipal Bonds for more than
a
quarter of a century—"26
Years Devoted to Making Safe¬
ty a Certainty."
«
they
as
are
the
EMERICH
purchase of
BUTLER
&CO.
BROTHERS
111 Broadway, Rev York
Hu large undistributed surplus
105 So. La Salle St.,Chicaoo
Analysis
List
Bolger, Mosser & Willaman
CHICAGO
AMES,
recommends to conservative investor«
Statistical
Send for
SECURITIES
Free
Sent
Dodge
Request.
on
1 si Rat.Bank
Ross
&
Incorporated
DETROIT
■
■
GERMAN
Investment Bankers
Underwriters and
MUNICIPAL
Distributors
Investment
of
Bonds and
Securities
BONDS
Our
Public Utility
and
Specializing
Issued of
in
South
we
invite
investors
and
interested
of
Bought
Mid-West,
inquiries
this
Sold
C. F. Childs &
se-
Mortcace Trust
Company Missot,Ri
"
''
CHICAGO
on
application*
Wollenberger & Co.
INVESTMENT BANKERS
Company
105 So. La Salle St.
character
Specialists
i
SWiii
Quoted
111 W, MONROE ST.,
from
in
circular
Marks
Industrial Issues
grade
Municipal Bonds of
the
ourities
high
Bldg.,Milvauk««
CHICAGO
Government Bonds
"""
""
AT PINE
BROADWAY
CHICAGO
NEW
108 So. La Sana St.
Radon, French
&
Co.
ISO
Stevenson
&
INVESTMENT
SECURITIES
YORK
Broadway
Bros.
Perry, inc.
F. H.
Investment Securities
PRINCE & CO.
BANKERS
We purchase and underwrite entire issues of
bonds and stocks of established corporations.
We offer
in
the
108 So.
of
municipalities,
cor¬
porations.
Correspondence Invited.
WEST MONROE
BOSTON, MAS&
public
utilities, and well established industrial
Ill
CH1CAQO
Telephone Randolph 5520.
high-grade investment opportunities
securities
La S&IIo St.,
W. G. SOUDERS & CO.
HIGH-GRADE
INVESTMENTS
INVESTMENT SECURITIES
STREET
>
CHICAGO
S08 South La
.
14embers of New York k, Boston Stock
Baehaafe
Salle
Street,
CHICAGO
New York
Detroit
Milwaukee
McClellan &
ENGINEERING
141
&
Campion
A.
MANAGEMENT
P. W.
BROADWAY
NEW
Grand Rapids
YORK CITY
Chapman & Company Day & Zimmermann, Inc.
INVESTMENT
EMERY, PECK & R0CKW00D
SECURITIES
113 South La Salle St.
115
CHICAGO
ENGINEERS
Broadway
NEW YORK
LONDON
INVESTMENT SECURITIES
Continental
3c
Commercial
Bank
Building
Henry S. Henschen &Co.
CHICAGO
Railway Exchange Building
INVESTMENT
MILWAUKEE
108
in connection with
Public Utilities & Industrial Properties
CHICAGO
g CHRISTIAN & PARSONS CO.
Commercial
Collateral
Paper
Chestnut St,
Philadelphia
NEW YORK OFFICE
2 Wall Street
To Yield
Chicago, lit
We
offer
CHICAGO OFFICK
Harris.Trust Bid*
NATIONAL
BANK
RICHMOND, VA.
Capital and Surplus,
-
gation of
electric
$3,000,000.00
Miller, Jr., President
W. M. Addison, Vice-President
C. R. Burnett, Vice-President
a
company
the
earnings
increase
Correspondence Invited
RUTTER, LINDSAY & CO. Inc.
direct obli¬
a
INVESTMENTS
supplying
power
to
a
THE
number of very prosperous com¬
Net
Vice-President
attractive
very
Note,
light and
munities in
Alex. F. Ryland, Vice-President
S. P. Ryland.
Jas. M. Ball, Jr., Caahier
8J£ Per Cent
a
Bond Secured
John M.
OFFICE
•11
Securities
208 S.La Salle St
FIRST
HOME
Buy and Sell High-Grade Bonds
Loans
Investment
Appraisals, Audits, Management
BANKERS
La Salle St.
So.
Engineering, Construction, Reports
Central
show
West.
consistent
during each of the last
four years.
sears, roebuck & co.
ROOKERY
CHICAGO
Ask for
Municipal
Circular <7-2010.
"Are
Exempt from
Bonds
Federal
Ineome Taxiw
Yielding fromJ5^% to 7%.
7% NOTES
ELST0N
«nd
71 West
SEAS0NG00D, HAAS & MACDONALD
Monroe
Street
CHICAGO
Milwaukee
Detroit
Minneapolis
Send for
THE HANCHETT
List
B(lND CO.
Incorporated 1919
39 South La Sallo Street
Members New York Mock
Broadway
COMPANY
York
CHICAGO
TWO
SECTIONSr—iSECTION
ONE
ommwria
INCLUDING
Bank & Quotation Section
,
Railway & Industrial Section
Electric Railway SectlO®
Railway Earnings Section
Bankers' Convention Section
State and City Sections
COPYRIGHTED IN 19 J03Y
Bankers' Convention Section
WILLIAM B. DANA COMPANY, NEW YORK.
Issued
VOL 111.
Weekly
ENTERED AS SECOND-CLASS MATTER JUNE23, 1879, ATTHK POST OFFICE AT NEW YORK, NEW YORK,
NEW YORK, DECEMBER 25, 1920.
$10.00 Per Year
^financial
CHARTERED
NO. 2896.
jFittanctal
HARVEY FISK & SONS
1822
Jfmancial
The libertyNalional Bank.
THE FARMERS'LOAN & TRUST
-hi
(
COMPANY
,
UNDER THE ACT OF MARCH 3, 1879.
If - ;,
of>TewTbrk
32 Nassau St.
NEW YORK
capital
$5,000,000.00
SURPLUS.
NEW
Street
UNITED STATES BONDS
YORK
Correspondents in all countries
NEW YORK CITY BONDS
Special facilities in Scandinavia
AND OTHER CHOICE
CARE
INVESTMENT SECURITIES
ESTATES
OF
MANAGEMENT
$5,000,000.00
PROFITS.$2,600,000.00
UNDIVIDED
16, 18, 20 and 22 William Street
475 Fifth Avenue, at 41st
OF SECURITIES
Harris Forbes &, Co
BANKING
DOMESTIC AND FOREIGN
Pine Street, Corner William
NEW YORK
The New Y ork Trust
10 Drapers Gardens,
FORBES & CO.,
HARRIS,
Company
LETTERS OF CREDIT
HARRIS
TRUST
Act
as
and
in
corporations
Government,
BONDS FOR
Capital, Surplus and Undivided
Member Federal Reserve System
Clearing
and
munici¬
pal, railroad and public utility
PARIS
LONDON
fiscal agents for munici¬
palities
deal
York
BANK
CHICAGO
5th Avenue and 57th Street
New
SAVINGS
&,
26 Broad Street
ACCEPTANCES
Inc.
BOSTON
LETTERS
COMMERCIAL
and
London, E. C,
EXCHANGE
FOREIGN
List
Profits,
House
on
INVESTMENT
Application
Cable Address SABA,
NEW YORK
$14,000,000
Established
1874.
John L. Williams & Sons
BANKERS
Edward B. Smith & Co
Corner 8th and Main Streets
RICHMOND, VA.
Established 1810
Baltimore Correspondents:
R. LANCASTER WILLIAMS
& CO., Inc.
The
Mechanics
garfield
Crosses
Capital,
-
A
YORK.
The Chase National Bank
Broadway
Surplus,
of the
-
$1,000,000
Capital, Surplus, Profits
-
$25,000,000
the Builders of Business
Deposits, Nov. 15th, 1920
established
1784
$234,000,000
Gty of New York
BROADWAY
57
.
$15,000,000
CAPITAL
SURPLUS AND PROFITS
24,731,419
DEPOSITS (Nov. 15, 1920)
363,855,510
*
Foreign Exchange
The Bank of New York
National Banking
New York
Philadelphia
AVENUl
$1,000,000
Bank for
OF THE CITY OF NEW
where
STREET,
FIFTH
Metals
National Bank
National Bank
23rd
And
Bond
Trust
Service
OFFICERS
A.
Department
BARTON HEPBURN.
Chairman of the Advisory Board
ALBERT
Association
H.
WIGGIN,
Chairman of the Board of Director*
EUGENE V. R. THAYER, President
CAPITAL & SURPLUS, $9,000,000
Our
136
Edward R. Tinker
Carl J. SchmidlapD
Gerhard M. D&hl
experience is at the
years'
service
Vice-Presidents
Samuel H. Miller
of
our
depositors
American Express company
Reeve Schley
Alfred O. Andrews
Robert I. Barr
securities department
First National Bank
of
John J. Mitchell
Guy E. Tripp
GOVERNMENT
CHARTER
Wm.
A.
LAW,
NO.
1
President
65
broadway
new
Hill
Daniel O. Jackllng
Charles M. Schwab
Samuel H. Miller
Edward R. Tinker
Edward T. Nichols
James N.
SECURITIES
york
Cashier
William P. Holly
DIRECTORS
Henry W. Cannon
Barton Hepburn
Albert H. Wiggin
A.
Philadelphia
Assistant Vice-Presidents
Edwin A. Lee
William E. Purdy
George H. Savior
M. Hadden Howell
Newcomb Oarltoa
Frederick H. Ecker
S11?6?® I
Cart J. Schmldlapp
Gerhard M. Dahl
Andrew Fletcher
William B. Thempeen
Reeve Schley
Kenneth F Weed
H. Wendell Bedieett
William M. Weed
THE
II
[VOL. 111.
CHRONICLE
Srbtetmnt J&otuw* anb ©ratoew of Jfotefgn exchange
Maitland, Coppell & Co.
J. P. MORGAN & CO.
52 WILLIAM STREET
Wall Street, Corner of Broad
DREXEL
&
Orders executed for all
PHILADELPHIA
CO.,
Act
as agents of
issue Loans.
Corner of 5th and Chestnut Streets
Bills
MORGAN, GRENFELL&CO., LONDON
HARJES
&
National
Cable Transfers.
Provincial
,
v
&
Bank
Union
of
Commercial and Travellers
Letters of Credit
and
*
on
Agents for the Bank of Australasia.
all
TRAVELERS' LETTERS OF CREDIT
NEW YORK.
BARING BROTHERS
43 EXCHANGE
B09T0JI
& CO, LTD.
LONDON
August Belrront & Co.
BROWN BROTHERS & CO.
Pmr.inw.rau
Transferst
Credit
Principal Places in Mexico.
Travelers, available in
of the world.
parts
of
Messrs. Mallet Freres & Cie, Paris,
bought and sold on Commission.
Foreign Exchange, Commercial Credits.
Circular Letters for
18 Broad St
NEW YORK
England, Ltd., London,
14 Place Vendome
Securities
Telegraphic
,;Von r'':
Tne
PARIS
CO.,
115 Devonshire St
BOSTON
Letters
V''
Securities.
Investment
Corporations and negotiate and
of Exchange,
No. 22 Old Broad Street
MORGAN,
KIDDER, PEABODY & CO.
NEW YORK
NEW YORK
PLA^E, NEW YORK
Members New York Stock Exchange.
Agents and Correspondents of the
ALEX. BROWN <fe SONS, Baltimore
Messrs.
i—w—
•
i
Investment
„
•
ROTHSCHILD,
London, Paris
(
and Vienna
ISSUE LETTERS OF CREDIT
Securities
for Travelers
Available in
Foreign Exchange
all parts
of the world.
Accounts
Deposit
Draw bills of Exchange and make Telegraphic
Transfers.
Credits
J. & W. Seligman & Co.
Execute orders for the purchase and sale of
Commercial
-
Bonds
and
N2 54 Wall Street
Stocks.
Travelers' Credits
NEW YORK
BROWN, SHIPLEY & CO.
Equipment Bonds
LONDON
1. Suffern Tailer
James G. Wallace
Granville Kane
FREEMAN & CO.
Street
34 Pine
,
YORK
NEW
TAILER&GD
York
New
Members
Stock
Exchange
10 Pine Street. New York
33 Pine St.
-
-
-
New York
Union Arcade Bldg.
Investment Securities
Pittsburgh
Lawrence Turnure & Co.
64-66
Wall Street,
Investment Securities
New York
Investment securities bought and sold
Winslow, Lanier & Co.
59 CEDAR
STREET
Travelers'
mission.
credits,
available
Central
YORK
London
Allowed
Subject
on
to
and
Draft,
Sold
Members
above
Bank,
Bankers:
London
Joint
City
rfew York and Pittsburgh
Stock
Exchanges
&
Limited.
Heine
&
Co.
r-
Interest
Securities
Deposits,
Bought
Bankers:
^Midland
Paris
Received
on
countries.
BANKERS.
Oeposlts
com¬
States, Cuba, Puerto Rico, Mexico,
America and Spain.
Make collections
in and issue drafts and cable transfers
NEW
on
through¬
out the United
HEIDELBACH, ICKELHEIMER & CO.
on
Commission.
37 William Street.
Foreign Exchange, Letters of Credit
MEMBERS
N.
Y.
Execute orders for
STOCK
EXCHANGE.
purchase and sale of
HUTH
& CO.
30 Pine Street
New York
Stocks and Bonds.
Bonds fat*
Foreign Exchange Bought and Sold.
Foreign Bonds & Investment Securities,
Investment
Issue Commercial and Travelers' Credits
Commercial Credits, Deposit Accounts,
^available in all parts of the world.
Foreign Exohange.
Correspondentsjof
BERTRON, GRISCOM & CO. INC.
Esau,
Taylor
NewYorfc,
jPitbshurgh.
INVESTMENT
40 Wall Street
John Munroe & Co.
IfefiW YORK
BOSTON
ESECURIT1ES
Land Tltla
NEW YORK
Building
PHILADELPHIA
BOISSEVAIN
52
FRED? HUTH & CO., [London
&
CO.
ALDRED & CO.
BROADWAY, NEW YORK
40
Members of the New York Stock Exchange
Letters of Credit for
Commercial Credits.
Travelers
Foreign Exchange
Cable Transfers.
INVESTMENT
COMMERCIAL
FOREIGN
&
CO..
Paris
Street
DEPARTMENT
EXCHANGE
MESSRS. PIERSON & CO.
MUNROE
Wall
New York
SECURITIES
Fiscal Agents tor
Public Utility and Hydro-Electrif
Companies
Amsterdam, Holland.
f
DEC.
251920.]
THE
CHRONICLE
in
3ntK2tment anb Jftnancfal Sjouses
Goldman, Sachs & Co.
Lee, Higginson & Co.
60 Wall Street
NEW
MlLLETT, ROE& HAGEK
YORK
137 So. La Salle Street
60
Congress Street
CHICAGO
Investment Bankers
14
BOSTON
Montgomery Street
421 Chestnut Street
SAN FRANCISCO
LOS
&ICo.
MEMBERS
ANGELES, CAL.
Members of New York and
Stock Exchanges
80, Lombard St.
London,
ATLANTA, GA.
Title Insurance Buildinsr
Chicago
Higginson
24 Marietta Street
ST. LOUIS
New York
INVESTMENT SECURITIES
PHILADELPHIA
411 Olive Street
Boston
Chicago
NEW YORK STOCK
EXCHANGE
Commercial Paper
/
E. C.
Securities
bought
'
and sold
on
commission
Foreign Exchange
Commercial
Travelers'
&
available
in
all
52 WILLIAM ST.
Letters
of
parts
NEW YORK
Credit
of
the
world
Hornblower & Weeks
42 BROADWAY,
NEW YORK
RAILWAY
EQUIPMENT
Investment Securities
BONDS
Bonds)
Preferred
'
MEMBERS
NEW YORK,
BOSTON AND
STOCK EXCHANGES
CHICAGO
Direct wires
to
EVANS, STILLMAN & CO.
Members New York Stock
all principal markets
60
Boston
Mam
Exchange
BROADWAY
NEW
Stocks
Acceptances
Ojjicm: National City Bank BuMnf
Uptown Office: Fifth
YORK
Avenue and 43 rd St.
Correspondent Offices in 50 Cities•
Chicago
Detroit
Portland
Providence
Established
Underwriters & Distributors
1888
Industrial
Commercial
Bonds
Public
Paper
&
Preferred
Robinson & Co.
Stocks
U.S. Government Bonds
Utility Securities
Equipment Trust Certificates
Investment Securities
Bank and Trade
Counselman & Co.
Acceptances
Investment Bankers
Tear particular problems in financing your
business
may
by
our
well
be
112
overcome
W.
ADAMS
ST.,
26
Exchange Place
CHICAGO
expert service.
Conservative
Our facilities are at your disposal
Investment Securities
Bond & Goodwin
New York
Isatoe
Minneapolis
New YorH
Members New York Stock Exchange
Underwritten
&
Distributed
Investment Securities
Chicago
San Francisco
Yielding 6%
Seattle
to
8%
Portland, Ore.
Federal Securities
Broad
& Sansom
Corporation
Gh.
Frazier
38 South Dearborn Street
CHICAGO
Ilouglitcliiig &Co.
EST. 1865
Streets
New York
Baltimore
INC. 1913
10 So. La Salle St.
PHILADELPHIA
Chicago
Distributors
Underwriters
Pittsburgh
Washington
Wilkes Barre
^Lebanon
Howe, Snow,
EOURITIESSSAL
Corrigan & Berties
Investment
Glore, Ward & Co.
INVESTMENT SECURITIES
GRAND
Bankers
RAPIDS,
B.
MICH.
_
64
NEW
INVESTMENT
1420 Walnut
BANKERS
JACKSONVILLB
CHARLOTTE
MEMPHIS
Exchanges
61
St.,
ORLEANS
BIRMINGHAM
Broadway
NEW
YORK
HOLTZ & CO.
INVESTMENT
PEACHTREE, ATLANTA
NEW YORK
PHILADELPHIA
T.
Securities
1866
Members N. Y. and Phila. Stock
H.
President
FvBACHMAN & CO.
LA SALLE ST,
CHICAGO
Collins,
Southern
H.
Established
1ST SO.
H.
RAILROAD AND FOREIGN
GOVERNMENT BONDS
HARPER
& TURNER
FOR INVESTMENT
1
INVESTMENT
BANKERS
BONDS
STOCK EXCHANGE
BUILDING.
WALNUT STREET ABOVE BROAD
39 SOUTH
LA SALLE STREET
CHICAGO
PHILADELPHIA
Members Philadelphia Stock Exchange
Colgate, Parker & Co.
49 Wall
Street,
New York
v
Jfinanctal
jf manual
Members New York and
Stock Exchanges
Electric
Power
15 State Street,
Enter¬
Light
COMPANY
&
CHASE
earnings.
BONDS
WE OFFER
BOSTON
-
and
prises with records of established
Boston
SECURITIES
24 Broad Street,
Jflnantlal
FINANCE
WE
ESTABROOK & CO.
INVESTMENT
[VOL. 111.
CHRONICLE
THE
IV
Bankers
NEW YORK
and
Investment
Proven Power and
Dealers
Light Securities
BOSTON
192CONGRESS ST..
Correspondence Solicited
SPRINGFIELD
PROVIDENCE
HARTFORD
ELECTRIC BOND & SHARE CO.
(Paid-Up Capital and Surplus $24,000,000)
Richardson, Hill & Co.
71
BROADWAY.
NEW YORK
RAILROAD
MUNICIPAL AND
Place
YORK
NEW
BONDS
investment Securities
For Conservative Investment
BO Congress
Arthur Lipper & Company
New Street end Exchange
Established 1870
SECURITIES BOUGHT AND
ON COMMISSION
SOLD
St.
*
BOSTON
[Boston Stock Exchange
Mwiibe-sj New York Stock Exchange
R. L. Day
35
[Chicago Stock Exchange
& Co
Congress St., Boston
Branch
Member!
Office*
Waldorf-Astoria Hotel,If .1
N. Y. Stock Exchange
N. Y. Cotton Exchange
New York Correspondents
REMICK, HODGES & CO.
11 East 44th St.. N.
N.Y Coffee A Sugar Bxch.
Saratoga Springs,
Philadelphia Stock Exoh.
Chicago Board of Trade
West End
Y.
Atlantic City, N. J.
N
N. Y.
J.
Long Beach. N. Y.
T&wmtXi k Mm:
Founded 1797
PARKINSON & BURR
We
Seasoned
Members of the New York and
Boston Stock Exchanges
Investments
53 State Street
7 Wall Street
Government and
Municipal Bonds
BOSTON
NEW YORK
30 Pine Street
Specialize in
William p.fcmptonfo.
New York
INVESTMENT BONDS
14 Wall Street,
BONDS
W. F. Ladd & Co.
New York
Cincinnati
St. Louis
New Orleans
Chicago
Baker, Ayling & Young
RAILROAD
BONDS
INDUSTRIAL BONDS
BOSTON
PUBLIC UTILITY BONDS
PHILADELPHIA
H.
PAUL
Investment
WATSON
INVESTMENT SECURITIES
55 William St.,
Securities
H.
Telephone: John 1832
N. Y.
Mountague Vickera
BONDS
« Wall St.
Tel. Han. C8T0
New York
GUARANTEED STOCKS
FOUNDED
1852
Investment Securities
Foreign
Letters of
Credit
Exchange
Travelers' Checks
ESTABLISHED 1865
Correspondents
o/kcilH>
Cj
5 Nassau
St., N. Y.
Thomas C. Perkins
Constructive Banking
MEMBERS NEW YORK STOCK EXCHANGE
16 State Street
Deal in
Underlying Railroad Bonds
Boston, Mass.
Throughout the World.
Knautfj -NarfioD &Kulmt
Iembers
New
York
Equitable. Building
Stock
Exchano•
New York
36 Pearl Street
Hartford, Conn.
and
Municipal Bonds
Tax-exempt Guaranteed & Preferred
^Railroad & Telegraph Co.
Stocks4,
for eighteen
yean In the Financing
of established and pros¬
Specialist
perous
Corporation Bonds
and
Industrials.
Preferred Stocks
E. HOWARD GEORGE & CO., Inc.
Entire
stock issws
underwritten and distributed
investment Bankers
SI State Street
BOSTON, MASS.
WATKIftS & CO.
7 Wall
Street^NewYork.
Dec. 25
1920.]
THE
CHRONICLE
v
Canabfen
Canadian
Government and Municipal
Bonds
BANK OF MONTREAL THE CANADIAN BANK
Established
over
oppor¬
$22,000,000
-
REST
22,000,000
tunity for sound investment.
If pur- UNDIVIDED PROFITS
ohased ± now
they
will
yield
from TOTAL ASSETS
-
7% to 7i/2%
Principal and
interest
Particulars C-20
payable In
OFFICE. TORONTO
PAID UP CAPITAL..
$18,000,Oil
RESERVE
$18,000,088
—
President. Sir Edmund Walker. O.V.O., LL.D., D.O.I
Genera] Manager, Sir John Alrd.
560,150,812
-
SIR CHARLES
Assistant General Manager. H. V. V. Jones.
MEREDITH, Bart., President.
GORDON, G.B.E., Vice-Pres.
Now YorkfOffico, 16 Exchange Place
F.B.FRANCIS,
1
C. Ale FOSTE R,
L. rwO 1 EilV*
c. J. STEPHENSON
I Agents
V*o
^
Head
request.
on
-
1,251,850
SIR VINCENT
United States funds
Full
OF COMMERCE
HEAD
CAPITAL PAID UP
These! bonds offer exeeptional
100 Years
Office—MONTREAL
Sir Frederick Williams-Taylor
General
Buy and Sell Sterling and Continental
Exchange and Cable Trasf ers.
Collection;
made at all points.
Manager.
„
Wood, Gundy & Go.
Incorporated
14 WALL STREET,
Branches and Agencies:
Throughout Canada and Newfoundland.
NEW YORK
Toronto, London, Eng., Winnipeg, Montreal
At
London, England, and
In
Paris,
Bank
of
at Mexico
Montreal,
City,
(France).
Travelers* Cheques and Letters of Credit issue#
available In all parts of the world.
Banking and Exchange business
description transacted with Canada.
of
Ufllf
In the United States—Mew
Spokane,
York, Chicago,
Francisco—British American
by the Bank of
San
LONDON
OFFICE—2 Lombard
Street. 1.
O
Bank (owned and controlled
BANKERS IN GREAT
Montreal).
West
Indie*. British
Guiana
Africa—The Colonial Bank
(in
interest is owned
Jl &'Jlmes
Wast'
The Bank of England,
which an
by tho Bank of Montreal).
The Bank of Scotland,
Lloyd's Bank, Limited.
(So
&
(Canadian
*S8qvCCTmwmt,Municipal & Corporation
^
Securities
?4Jkv&ctwdty
and
THE BANK OF NOVA SCOTIA
United Financial Corporation
Limited
(Incorporated 1832)
PAID-UP
$9,760,081
18,000,08$
—230,000,888
FUND
ASSETS
OVER
Head Office, Halifax, N. S.
General Manager's Office, Toronto, Ont.
Montreal
Victoria UC
CAPITAL
RESERVE
TOTAL
TIcwYoHo
{Toronto
BRITAIN:
INVESTMENT BANKERS
Chicago
Montreal
London
Toronto
330 branches throughout Canada, Newfoundland!
Cuba. Jamaica, Porto Rico, Dominican ^Republii I
and la Boston, Chicago and New York.
Commer¬
cial and Travelers' Credits Issued, available in aD
parts of the world. Bills on Canada or West Indlaa
points ^favorably negotiated or collected by euv
branches ln the UnltediStates.
Correspondent*
Invited.
■
Affiliated with
Canadian
Government,
Provin¬
cial, Municipal and Corporation
Guaranty Trust Co* of New York,
New
York
London, England, Branch,
68 Old Broad St., E. C. 2.
Bonds
Bought—Sold—Quoted
Correspondents
John
St.
Street,
jRoy*]J
Daly & Co.
A.
.
GOVERNMENT, MUNICIPAL
ROYAL BANK OF CANADA
Established 1869
AND CORPORATION BONDS
Capital Paid Up
Bank of Toronto
Request
.—
Head Office.
8IR
McDonagh, Somers & Co.
Building
The Dominion Bank
TORONTO, CANADA
HEAD OFFICE,
Paid Up
RURNOT.
TORONTO
Capital
$6,000,000
Reserve Fund & Undivided Profits
Total
Clarence A. Bogert,
General Manager.
President
& CO
•
New York
MonbcnMc«MSto<£hdw^
.
7,739,006
—.143,000,000
assets
Sir Edmund Osier,
Agency, 51 Broadway
O. S. Howard, Agent
17 St.
STOCK
John Street
$19,000,000
19,000,000
-890,000,000
Reserve Funds-Total Assats
Building
TORONTO, ONT.
Correspondence Invited
Dominion Bank
Scotland.
CANADIAN
CANADIAN
on
Aank'of
THE
Montreal
INVESTMENT SECURITIES
Offerings
City & Midland
J Lo"d°n
to Great Britain
GREENSHIELDS & CO.
Members
Montreal
Stock
Exchange
Dealers
in
Canadian
Bond
Issues
17
Agency, 52 Wall Street*
H. F. Patterson, Agent.
Montreal
AND BOND BROKERS
H. S. WHEELWRIGHT & CO.
HERBERT S.
-Montreal
HOLT. President
E. L. PEASE, Vlce-Pres. A Man. Diresttl
O. E. NEILL, General Manager
700 Branches throughout CANADA and NHW
FOUNDLAND,
In
CUBA,
PORTO
RICO
DOMINICAN
REPUBLIC,
HAITI. COSTA
RICA, COLOMBIA and VENEZUELA, BRIT¬
ISH and FRENCH WEST INDIES. BRITISH
HONDURAS and BRITISH GUIANA.
ARGENTINE—Buenos Aires.
BRAZIL—Rio de Janeiro. Santos, Sao Pauls
URUGUAY—Montevideo.
SPAIN—Barcelona, Plaza de Oataluna.
LONDON OFFICE—Princes Street, B. O
NEW YORK AGENCY—68 William St.
F. T. Walker, J. A. Beatson, E. B Mclner
and J. D. Leavitt, Agents.
London Branch, 78 Cornhill
8. L. Jones, Manager
CANADIAN
AND
FOREIGN
BOUGHT AND
FRENCH
Canada
AUXILIARY: The Royal Bank
(France), PARIS.
28 Rue de
Quatre-Septembre.
EXCHANGE
SOLD
Limited
Canadian Investment Securities
TRAVELERS* AND COMMERCIAL
LETTERS
OF
CREDIT
Bankers & Broken
MONTREAL
63
132 St. Peter St.,
HERDMAN & COMPANY
Members Montreal Stock Exchange
Transportation Building
Sparks St.,
Dominion Express
,
Building
OTTAWA
QUEBEC
MONTREAL
R. C. Matthews & Co.
CANADIAN BONDS
CANADIAN
SECURITIES
CANADIAN
HOUSSERWX>DiT'G>MRUflr
INVESTMENT
TORONTO
C. P. R. Bldg.
BONDS
BANKERS
CANADA
TORONTO
Specialists in
geo,
edwards
b,
Canadian
INVESTMENTS
NEW YORK. N. Y.
72 Trinity Place
FOR
SALE—Tltnher,
other
Confidential
Coal, Iron, Ranch «nd
propertle».
Negotiations
Settlements and Purchases
united States
West Indies
Grand Trunk, Grand Trunk PaoiflCy
Investigations
of Property,
Canada
Northern
and
Canadian
Northern Pacific Securities
AU Canadian Issues Dealt to.
TRUAX, HIGGINS CO.
Lewis Building, M seats sal
Direct Wires
New Task
Toronto
/Emilius Jarvis &
Co.
INVESTMENT BANKERS
Established 1891
JARVIS BLDG.
-
TORQNTO, CAN.
VI
^foreign
Zealand
New
Australia and
LIMITED
BANK LIMITED
NEW SOUTH WALES
with
CSsasrve Fund
Sanm Liability of Proprietors—
been
has
&
The Bight Hon. B. McKENNA
—*?§»52S'522
..
which
Provincial
Chairman:
{ESTABLISHED 1817.)
£ald-up Capital
BARCLAYS BANK
CITY & MIDLAND
JOINT
LONDON
BANK~OF
amalgamated
Western
South
Loa6s»
the
Bank,
Ltd.
HEAD OFFICE:
——.....
83,828,600
364,082,000
1920 8877,721,811
f&Hrsgete Assets 81st March,
JOHN
Sir
10,840,112
($f*w Guinea), and London. The Bank transacts
description of Australian Banking Business.
Reserve Fund...........
10,840,112
ivory
London
Office,
220,000,082
ISSUED CAPITAL
£14,210,18 8
DEPOSITS
8, Threadneedle Street, London,2.
BUSINESS TRANSACTED
OVEB 1.460 OFFICES IN ENGLAND & WALES
Capital—
OVERSEAS
27,800,000
Paid-up Capital £2,500,0001
To—
Fund. £2.630,000/gather £5,120,000
Hasenre Liability of Proprietors....£5,000,000
ESeserve
DESCRIPTION OF BANKING
EVERY
TIE ONION BANK OF AUSTRALIA Limited
...
£7,000,081
2296,058,188
—...
—
HEAD OFFICE
STREET, E.C. 2
Incorporated 1880
—
RESERVE FUND
.
89, THREADNEEDLE
Established 1837
throughout
towns
AUTHORIZED CAPITAL.—
Deposits (June 80 1920).-867,667,822
and other Produce Credits arranged.
Authorized and Issued
banking
Capital......£88,096,868
Paid-up Capital....
GBORGE STREET
SYDNEY
all
In
the world.''';'
Subscribed
Head Office
1,46* branches in England and Walat
over
Agents
^aurtralian
wmj
and
K.B.E*,
RUSSELL FRENCH,
General Manager.
BRANCHES and AGENCIES In the
States, New Zealand,
Fiji, Papua
881
54, Lombard St., London, E. C., Eng
Joint Managing Directors:
I 8. B. Murray, Esq.,
F. Hyde, Esq.,
B. W. Woolley; Esq.
Address: The Foreign Manager,
BRANCH:
168, Fenchorch Street,
II ft II, Old Broad Street, London, E. C. 8
London, E. C„
_
Total Issued Capital & Reserves. £10,120,008
ATLANTIC OFFICES
*Aq ultanla,"
"Imperator,"
VMaurstanla"
The Bank has 42 Branches In VICTORIA. 89 In
1538W SOUTH WALES. 19 In QUEENSLAND.
19 In SOUTH AUSTRALIA, 21 in WESTERN
AUSTRALIA, 8 In TASMANIA and 44 In NEW
SBALAND.
Qsad Offlcs: 71
Banca Italiana Di Sconto
Affiliated Banks:
BELFAST BANKING
COMPANY, LIMITED
with which
Over 110 Offices In Ireland
CORNHILL, LONDON, E.C.
.Manager—W. J. Kssame.
are
and the
THE CLYDESDALE BANK, LIMITED
Assistant Manager—W. A. Laing
Incorporated the
Bocieta Bancarfa Italian*
Societa
Over 150 Offices in Scotland
Italiana
dl
Credit©
Provincials
Capital Fully Paid Up
THE
Lire 815,000,008
"
41,000,008
Deposit and Current Accounts
(May 31, 1919)—.
" 2,696,000,008
Reserve
'
Commercial Banking Company
International
of Sydney
Banking Corporation
<0 WALL STREET. NEW YORK CITY.
LIMITED
^
Established 1834.
Incorporated in New South
Paid-up Capital
Capital and Surplus.............$10,800,000
Undivided Profit*—............. $8,200,000
Valet.
.....22,000,000
Branches In:
deserve Fund
2,040,001
India
deserve
2,088,800
China
Java
Japan
Philippine Island*
Panama
London
San Francisco
Liability of Proprietors
26,040,000
r
Drafts payable en demand, and Letters ef
Credit are Issued by the London Branch on the
Mead Office. Branches and Agencies of the Bank
hi Australia and elsewhere.
Bills on Australasia
negotiated
Seed
or
collected.
Office,
Strait* Settlements
Santo Doming*
i
j:Lyon*
Fund
Central Management and Head Office:
ROME
Special Letters of Credit Branch In Bern*
(formerly SebastI & Re&li), 20 Piazza dl Spagna,
Foreign Branches: FRANCE: Parte, 2 Rue 1*
Peletler angle Bould. des. Italians; BRAZIL: Sat
Paulo and Santos; NEW YORK; Italian Discount
& Trust Co., 899 Broadway.
Offices at Genoa. Milan, Naples, Palermo
Turin,
Trieste,
Venice,
Florence,
Belogna.
Catania, Leghorn, and over 100 Branches in ths
Kingdom.
'
London Clearing Agents: Barclay'* Bank, Ltd.!
168 Fenchurch Street, E. O.
EVERY
KIND
Remittances cabled.
Sydney,
New
South
OF
BANKING
BUSINESS
TRANSACTED.
Wales
Established 1879
E. O.
ROBERT BRUNNER
London Office:
18.
Blrchln
Lane,
Lombard
Ionian Bank,
Street.
Banker
Limited
and
The Mercantile Bank of India Ltd.
Head
Broker
Incorporated by Royal Charter.
every
banking facility for transaction
with Greece, where It has been established for
80
years,
and has
Branches throughout the
78
Offers
rue
de la Lol
BRUSSELS, Belgium
Cable Address: Rennurb.
Reserve Fund and Undivided Profits
Branches
West
Africa
and
the
39
5,000,000
$5=£l
IS
NOTICE
OF
STERLING.
HEREBY
INTEREST
GIVEN
allowed
that
for
Settle¬
Colony
and
at
Aden
and
Zanzibar.
Subscribed
Capital—£3,000,000
Paid-up Capital
..£1,500,000
Reserve Fund--£2,000,000
The Bank conducts every description of banking
and exchange business.
the
money
deposit are as follows:
Clermont & Co.
At Call, 5 Per Cent.
At
3
Days'
7
to
Notice,
5)£
Per
BANKERS
Cent.
The Company discounts approved bank and
mercantile acceptances, receive* money on de¬
posit at rates advertised from time to time, and
BANKERS
grants
FRAlNKFORT-o-M., GERMANY
Cable Address
5,000,000
—
Reserve Fund..
on
Menny Oppenbeimer
Straits
,
Capital Authorized ft Subscribed $10,080,000
Capital Paid Up
RATES
Lincoln
Ceylon,
Bankers to the Government in British East
Africa and Uganda.
Head Office: 26, Bishopsgate, London, E. C«
Branches
in
India,
Burma,
Ceylon,
Kenya
CORNHILL,
Telegraphic Address, Udlsco: London.
2;»00,000
Liverpool Office, 25 Water Street
R. R. APPLEBY, Agent, 100 Beaver
St., New York
Burma,
NATIONAL BANK OF INDIA Limited
of London, Limited
J10,000,000
7,250,000
Head Office, 17 & 18 Leadenhall St.. London, E. G.
Manchester Office,
106-108 Portland Street
India,
The Union Discount Co.
$5=£1
1,296,669
Morocco,
Canary Islands.
In
ments, Federated Malay States, China, and Maurltiua.
York Agency. R. A. Edlundh, 64 Wag StrsM
New
BANK OF BRITISH WEST AFRICA, LTD
Authorized Capital
Subscribed Capital
Capital (Paid Up)
Surplus and Undivided Profits
Branches throughout Egypt,
£1,59*, *96
£759,t#«
£75*,*M
£785,794
Reserve Liability of Shareholders
at
Alexandria. Cairo, &c., In Egypt
Head Office: Basildon House,
Moorgate Street,
LONDON. E. C.8.
London
Capital Authorized and Subscribed
Capital Paid Up
Country.
Also
Office
15 Gracechurch Street,
loans on approved
CHRISTOPHER R.
negotiable securities.
NUGENT, Manager.
GUATEMALA,
Central
America
Cable Address: "Clerment"
"Openhym"
INVESTMENT SECURITIES
FOREIGN EXCHANGE
The
National
Discount
CORNHILL
35
of SOUTH
Subscribed
AFRICA, Ltd.
LONDON, E. C.
Cable Address—Natdls London.
Capital
$21,166,625
....
Paid-up Capital
4,233,325
Reserve Fund
Over 500 Branches In Africa
Address: v5 Gracechurch St., E. C.
Head Office: London, E. C. 8.
Authorized Capital
Reserve Fund
Company, Limited
The NATIONAL BANK
English Scottish and Australian Bank, Ltd.
2,500,000
($5=£l STERLING.)
.
£3,000,000
685,000
Subscribed Capital—
•
•
8
8
I
Paid-up Capital..
539.437 10
I
Further Liability of Proprietors.
539,437 10
i
Remittances made by Telegraphic Transfer.
Bills Negotiated or forwarded for Collection.
Banking and Exchange business of every de¬
scription transacted with Australia.
E. M. J ANION. Manager.
1,078,875
NOTICE Is hereby given that the RATES OF
TotalJAssets exceed
-
$430,000,000
INTEREST
as
Offers to American banks and bankers Its superior
facilities for the extension of trade and
merce
6% per
-
10 Wall St.
R. E. SAUNDERS, Agent.
/
on
Deposit
are
Hong Kong & Shanghai
BANKING CORPORATION
annum at
call.
Paid up Capital (Hongkong Currency)
634 % at 7 and 14 days notloe.
time
to
time;
and
fo
i
fixed
specially agreed terms.
Loan
proved negotiable securltle
PHILIP
HAROLD
HJ15,000,000
Reserve Fund in Silver (Honkgong Curr.) .Hf23,000,000
Approved Bank & Mercantile Bills discounted.
Money received on deposit at rates advertised
from
-
for money
com¬
between this country and Africa.
New York Agency
alfSwed
follows:
periods
granted
upon
on
ap¬
WADE X Manager
Reserve Fund In Gold Sterling
£1,500,000
GRANT DRAFTS, ISSUE LETTERS OF CREDIT,
NEGOTIATE OR COLLECT BILLS PAYABLE
CHINA, JAPAN, PHILIPPINES,
TLEMENTS, INDIA.
J. A. JEFFREY, Agent,
STRAITS
36 Wall St., New
IR
SET¬
YotfcJ
Dec.
vn
CHRONICLE
THE
251920.]
Jforcfgn
Jforefgn
foreign
Basildon House, Moorgate
EGYPT
of
St.
Banque Nationale de Credit
London, E. C.
Head Office—Cairo.
Established
ifrs.
500,000,000
Surplus
frs.
90,000,000
Deposits
frs.2,400,000,000
FISCAL AGENTS FOR
Capital
Public Utility
and
Head
Hydro-Electric Companies
YOKE AGENTS
NEW
Reserve
£1,663,270
7
WILLIAM
KING
NATIQNAL PROVINCIAL AND
BUSINESS
COMMERCIALE ITALIAN A
CAPITAL
LIT.
LIT.
156,000,000
DEPOSITS
UNION BANK OF EN6LAND
400,000,000
SURPLUS
LIT.4,371,970,562
Head ".Office,
New
Limited
\
$199,671.$
BSCRIBED CAPITAL
UNION
165 Broadway
RVE FUND
Constantinople
De Basques
80 branches in Italy, at all the prin*
-
Suisses
-
Head
-
$39,084.$
.
ID-UP CAPITAL
Office, 1 Old Broad Street, E. C. 2
London
fl
ff K
Milan, Italy
York Agency,
ST.,
LONDON, E. C., 4, ENGLAND.
THE
GENERAL BANKING
j
AND
6
120 BROADWAY.
BANCA
£3,000,000
Fund
LONDON AGENCY
the Rhenish Provinces
in
Branches
Law
Egyptian
Capital, fully paid
Office:
300 Branches in France
4
under
June, 1898, with the exclusive right to
Issue Notes payable at sight to bearer.
paris
SPERLING & CO., INC.,
BANK
NATIQNAL
SPERLING & CO.
$36,191,20$
Office:
cipal points in the Kingdom
INSTITUTIONS
AFFILIATED
-ITALIANA
COMMERCIALE
BANCA
ZURICH
(France)
Paris, Marseille and branches
BANCA COMMERCIALE ITALIANA E BULGARA
.
St. Gall,
branches
and
FRANCAISE
&
ITALIENNE POUR
L'AMERIQUE DU SUD—Paris, Buenos Aires,
Sao Paulo, Rio de Janeiro and branches
BANCA
DELLA SVIZZERA ITALIANA—Lugano
BANQUE
Every Description of Banting Business
Foreign Exchange, Documentary
and branches
SOCIETA
ITALIANA
DI CREDITO
COMMER
CIALE—Vienna, Trieste and branches
BANCO FRANCES DE CHILE—Santiago, Valpar
ROTTERDAMSCHB
BANKYEREENIGING
UP—Frg.70,000,000
" 15,000,000
CAPITAL PAID
RESERVES
also.
The
CAPITAL AND
SWITZERLAND
STANDARD BANK OF SODTH AFRICA, Ltd
HEAD OFFICE, LONDON, E. C.
at janncgiu»*'.
„F.105,000,001
Branches
350
and
Agencies throughout
H.
58
MACINTYRE, Agent
Wall
St., New York
representing The Bank of New South
Wales with branches throughout Australasia.
THE COMMERCIAL BANK OF SCOTLAND, Lit
BASLE
GENEVA
pald__£l,25#,Wf
pald.-£ 544,—
fl.7M.M6
Branches all over
Switzerland and In London
BANQUE FEDERALE(S.A.)
Strasbourg
4, Rue Joseph
__£5,5M,M6
-
250,000 "A" shares of £20 eaob £5
600,000 "B' shares of £1 each fully
in 1881
Siege social:
Established 1810
Office—EDINBURGH
Paid up—
DE BANQUE
Fondee
Head
Capital (Subscribed)
ZURICH
GENERALE ALSACIENNE
OF
SHARES
STOCKS AND
SWISS BANK CORPORATION
Also
SOCIETE
3 j '223
HApply to
Africa.
W.
investment
for
EXCHANGE'
PURCHASE AND SALE
$306,125,415
Resources
OF CREDIT
FOREIGN
j™*""
LETTERS
BONDS
Capital—-—
$50,000,000
Subscribed Capital—
$81,250,000
Paid-up Capital & Reserve Fund- $18,812,500
Capital,
"
COLLECTIONS
Municipal
Government, State and
Authorized
Over
Hague
RESERVE FUND
Bogota.
South
Amsterdam
Rotterdam
ITALIANO—Lima
BANCO"FRANCES E ITALIANO DE COLOMBIA-
Total
Wales
and
Credits.
branches
and
BANCO
Offices in England
numerous
Lausanne, &o,
UNGARO-,ITALIANA— Budapest
BANCA
with
Winterthur, Basle, Geneva,
—Sophia and branches
BANCA COMMERCIALE ITALIANA E ROMENA
Bucarest
15, Bishopsgate, London, England,
Established
Deposits
£36,071.143
MAGNUS IRVINE, See.
London Office—62 Lombard Street, B. O.
Glasgow Office—113 Buchanan Street.
Drafts, Circular Notes and Letters ef -Jreult Issued
and every description of British, Colonial and foreign
Banking and Exchange business transacted.
New York Agent®—American Exchange Not. Bank
Reserve
£1,000,000
ALEX. ROBB, Gen. Mgr.
1863
Massol
100 millions de francs
entierement
Frs.63,400,000 Arnold
Capital & Reserves
Gilissen&jCo
verses
OFFICE—ZURICH
HEAD
36
Agences
notamment
a
MULHOUSE
AMSTERDAM
BRANCHES
METZ
COLOGNE
MAYENCE
1
Berne,
Basle,
La
Geneva,
FRANCFORT
LUDWIGSHAFEN
St.
Chaux-de-Fonds,
•>»*
Lausanne,
Gall,
Vevey. ;
Achilles-Amsterdam
Cable Address:
j
THE HAGUE
ROTTERDAM
Established
SARREBRUCK
BANKERS AND
of
description
every
1871
transacts
Bank
The
banking business
CREDIT
Damrak
80-81
FOREIGN
STOCKRBOKERS
EXCHANGE
SUISSE
Established 1856
Capital paid up_.frs. 100,000,000
Reserve Funds__frs.
30,000,000
Royal Bank of Scotland KONIG
Incorporated by Royal Charter,
£2,000,000
Paid-up Capital
HEAD OFFICE
Rest and Undivided
£39,114,127
Head Office
-
St. Andrew Square,
Cashier and General Manager:
Frauenfeld,
Geneva, Glarls, Kreuzlingen, Lugano,
Lueerne, Neuchatel, St. Gall.
Branches at Basle, Berne,
London Office
\
BANKING
BUSINESS.
Foreign Exchange
Documentary Business,
Letters.of Credit
Commercial and
A. K. Wright.
-
-
-
Agent: Thomas
Every
NEW YORK
Exchange Square
Lillie.
and
Transacted.
of British, Colonial
Foreign Banking Business
Correspondence Invited.
Travellers'
Letters of Credit
ov
KONIG BROTHERS,
■
.j
LONDON
and
Throughout Scotland.
Description
GO.
E.C.2
Manager: Wm. Wallace.
Glasgow Office
172 Branches
GENERAL
160 Pearl Street,
&
Edinburgh
3 Bishopsgate,
...
BROTHERS
£1,082,276
Profits
Deposits.
Zurich, Switzerland
1727.
NEDERLANDSCHE
HANDEL-MAATSCHAPPl
ROTTERDAM
THE
nn
CHRONICLE
Danker* anb
J&w&tt*
[Vol. Ill,
£«tk
********
■
ST.
LOUIS
CHICAGO
CHICAGO
Greenebaum Sons
A. G. Edwards
Sons
Investment Bon ds
GENERAL BANKINO
New York Stock Exchange
Bt.
IN COHPOHATED
Southeast Corner La Sallo and Madison Sts.
Member*
v
lildcn&lilden
Rank andTrust Company
Capital and Surplus,
Louis Stock Exchsngs
8
419 Olive St.. ST. LOUIS
S88 So.
La Sails Street
CHICAGO
$2,000,000
% CHICAGO FIRST MORTGAGE BONOS
Suitable for Estates,
Trustees and Individual*
Write for Bond Circular C 25.
Oldest Banking House in Chicago.
MUNICIPAL
MUNICIPAL
CORPORATION
1
BONDS
SCOTT & STITT
A State Bank
INVESTMENT BONDS
BONDS
First
111 W. Monro* St.
Mortgage
Corporation Bonds
INDUSTRIAL
CHICAGO
Short Term
PREFERRED STOCKS
Industrial Note Issues
Hyney, Emerson & Co.
89 South La Salle St.
Loreozo L Anderson & Company
810 N.
A. O.
Slaughter & Co.
8th St., St. Louis
Members
Chicago Stock Exchange
Chicago Board of Trade
York Ootton Exchange
110 WEST MONROE STREET
Board of Trade
©ago
TIMBER BONDS
based always ujioa
New York StockSExchange
Municipal and Corporation Bonds
it
CHICAGO
fw York Stock Exchange
Louis Merchants Exchange
Louie Ootton Exohangt
expert verification
CHICAGO, ILL.
of underlying assets
Louis Stock Exchange
Smith
Standee
Charles W. Moore
Powell, Garard & Co.
William H. Burg
39
INVESTMENT BONDS
OLIVE ST.,
ST.
Philadelphia
ST. LOUIS, MISSOURI
Broadway
Miami
Municipal and
_
Conservancy District Ohio
DvliUy
SHAPKER
York Stock Exchange
Members St. Louis Stock Exchange
$75,000.00
Louis
St.
Corporation
LOUIS SERVICE
Member* New
N.
CINCINNATI
South La Salle Street
Chicago
HARK C. STEINBERG & CO.
300
so. Michigan Av0, Chigag®
INVESTMENT SECURITIES
SMITH, MOORE & CO.
10)
332
—
_,-c
5H%
Due
Interest June and Dec. 1—-New York
& COMPANY
Population District
Formerly
SHAPKER. WALLER & CO.
184 SOUTH LA
ST. LOUIS
SALLE STREET
Price
300,000
5.30
Savings
Bank &, Trust Co.
Members St. Louis Stock Exchange
Bond
TAYLOR, EWART & CO.
CO.
Yield
The Provident
CHICAGO
STIX &
Bonds
1937-1941-1944
Department
CINCINNATI,
O.
INVESTMENT BANKERS
105 South
Investment Securities
La
CHANNER & SAWYER
Salle Street
CHICAGO
>
INVESTMENT SECURITIES
509
OLIVE ST.
Municipal, Railroad and Public
ST. LOUIS
Union Trust
Utility Bonds
SPRINGFIELD,
Ohio
Rldgely-Farmers Bank
High
Bldg.,
Grad.
curities.
SPRINGFIELD, ILLINOIS.
Investment
Convertible
WE
WILL
Unlisted
BUY
41
South
way
York Stocks and
Bonds
Se¬
DEALERS
Note
Issues, Bond., Bank Shares,
Springfield (Illinois) Pleasure Drive¬
Securities—Municipal Bond*
New
John Burnham & Co.
Matheny, Dixon, Cole & Co.
Bldg..
CINCINNATI. OHIO
ILL.
IN
INVESTMENT SECURITIES
Securities.
La
Salle St.
CHICAGO
IRWIN, BALLMANN&CO.
& Park District 4s
828-330-832
Walnut St.
CINCINNATI, OHIO
F. WM. KRAFT,
BUFFALO
Lawyer
Specializing in Examination & Preparation of
Slocnm,Eckardt & Company
County, Municipal and Corporation
Bonds, Warrants and Securities and
Rooms 517.520, 111 W. Monroe
Harris Trust Building
Ellicott Square
|St.,
FRIEDLANDEiR
DEALER
CINCINNATI
TOLEDO
TUCKER, ROBISON &CO.
JOHN T. STEELE
iff
8% Convertible Gold Notes
New York Securities
T.
LESSER
STOCKS AND BONDS
Circular
on
Request
Jones & Thurmond
25
Bread St.
Square
Robison Jr.
&
Bankers—Established
Sens
1876.
Municipal, Rafriai and Carperation Ban*
Gardner Building,
TOLEDO, OHIO
Graves, Blanche! & Thornburgh
MUNICIPAL BONDS
New
York, N.Y.
i
475 Ellicott
David
Toledo and Ohio Securities
SPECIALISTS IN
IRVING
Successors to
/
Aetna Petroleum Corporation
Y.
Government, Municipa
end Corporation Bonds
8uffa1o and Western
OHIIO
CHICAGO, ILLINOIS
BUFFALO, N. Y.
BUFFALO,
IN
Cincinnati Securities
Proceedings Authorizing Same.
INVESTMENTS
420
EDGAR
GARDNER BUILDING
BUFFALO
If. T.
Phone: Broad 7412
TOLEDO, OHIO
Bsc.
£51920.]
THE
IX
CHRONICLE
JSanfeer® attb JBrofeeta ©utefoe JJeto gorfe
PITTSBURGH
GORDON
&
MICHIGAN
BSooba, fetoan & Cbtoatba Co.
COMPANY
MlCHIQAN
Members el Detroit Stoek Exchange
Members Detroit Stock Exchange
INVESTMENT BANKERS
Members Pittsburgh Stock Exchange
Charles A. Parcells & Go.
Inquiries Solicited In All Markets.
Carried
Unlea Bank Building,
Stocks
Conservative Margins
on
INVESTMENT SECURITIES
PITTSBURGH.IPA.
Phone Court 3264-5
SIB Congress
Bldg.,
DETROIT, MICH.
PENOBSCOT BUILDING, DETROIT,
MICH#
LYON, SINGER & CO.
INVESTMENT BANKERS
bHmwnlth
Bide.,
&
A. J. Hood
Company
(Established 20 Years)
PITTSBURGH
Members Detroit Stook Exchange
Richard Brand Company
MICHIGAN SECURITIES
Securities of Pittsburgh District
BOUGHT—SOLD—QUOTED
Pennsylvania Municipal Bonds
Specialise in Michigan Stocks and Bonds
PENOBSCOT^BUILDING
Specializing
DETROIT
Securities
Detroit
We invite your inquiries
1721-3 Dime Bank
Bldg#, Detroit
Geo. W. Eberhardt & Co.
OLIVER BUILDING,
PITTSBURGH
■
Stocks, Bonds, Grain
GORDON, FORTIER & CO.
and Provisions
/
Members New
York
Members Pittsburgh
Stock Exchange
of Trade
Investment
Stock Exchange
Members
Chicago
Board
Preferred Stocks
Suits
1618,
Dime Bank Building
Active Members of Detroit Stock Exchange
Telephone Cadillac 5050
A.
MASTEN
E.
& CO.
WHITTLESEY, McLEAN & CQ.
Municipal Bonds Corporation Bonds
Securities
DETROIT
MICHIGAN
9664-56-58
Penob.eet
DETR01V
Bldg.,
Established 1891
New
York Stock Exchange
Stock Exchange
Boston
Members
Pittsburgh Stock Exchange
Chicago Stock Exchange
Chicago Board of Trade
New York Cotton Exchange
S23 Fourth Ave.,
Pittsburgh, Pa#
PROVIDENCE
DAVIS & BOYLE
FENTON,
BODELL & CO.
Branch Office:
Investment Bankers
STREET
10 WEYBOSSET
Wheeling, W. Va.
Chicago
Detroit
Grand Rapids
PROVIDENCE
New
W. Carson Dick &
York
UNION
JtEWAR
ARCADE BUILDING
CO.
MUNICIPAL BONDS
DETROIT
tl GRISWOLD ST.
CONSERVATIVE
INVESTMENT SECURITIES
PITTSBURGH, PA.
List upon reguest
Inc.,
KAY &. CO.
CITY
KANSAS
&
HIGBIE
KEANE,
INVESTMENT BONDS
890-896
Boston
Company
F. M. CHADBOURNE & CO.
STREET & COMPANY
FIREMEN'S INSURANCE BUILDING
INVESTMENT BANKERS
NEWARK, N. J.
Municipal & Corporate Bonds
Local
Kansas
DETROIT# MICM.
Panobscot Bldg.
TEXAS
Securities
Members Detroit Stock
Ixehaagi
Missouri
City
J. E.JARRATT& COMPANY
GEORGE M. WEST & COMPANY
INDIANAPOLIS
Investment
Fletcher American
Company
Bankers
Established
INVESTMENT BANKERS
INDIANAPOLIS
Antonio, Texas.
San
Capital
Write
08
-
1893
Municipal Bonds
UNION TRUST BLDG.
(1,500,000
DETROIT, MICH
Members Detroit Stock Exchange
lor bids or offerings on any
Indianapolis
or
Security.
Indiana
Statistical Information Furnished.
DUNN & CARR
W. A. HAMLIN & CO.
Investment Securities
Members Detroit Stock
Union
BREED, ELLIOTT & HARRISON
Nat.
HOUSTON.
-
#
TEXAS
INDIANAPOLIS
Cincinnati
Detroit
Motor Stocks,
1910 Penobscot
Chicago
Milwaukee
Exchange
Bank Bldg.
Public Utilities Sc Oils
Bldg.,
DETROIT, MICH,
MACON
Tiru-uTjmiviirxan/mrinnrvv*v*'rr'ii-*-i-'n*,'',*-fc-*
Investment Securities
Municipal Bonds
Indiana Corporation
Securities
W. M. DAVIS & COMPANY
Southern Municipal Bonds
Joel Stockard & Co., Inc.,
INVESTMENT BANKERS
AND
NEWTON TODD
Local Securities and
laAena Corporation
111 Lemeke
Municipal, Government &
Corporation Bonds
Guaranteed Stocks
GEORGIA
MACON
Bonds and Stecks
Members Detroit Stock Exchange
Penobecot Bldg.
-
DETROIT
•
Cherry 2S8I
INDIANAPOLIS
Bldg.
NORFOLK, VA.
LOUISVILLE
JOHNSTON A COMPANY
INVESTMENT SECURITIES
Paul Jo
nes
Bldg.
LOUISVILLE, KY.
HARRIS, SMALL & LAWSOS
MOTTU & CO.
Established
1892
INVESTMENT SECURITIES
NEW
NORFOLK# VA.
M
INVESTMENTS
YORK
Breadway
160 CONGRESS
ST.
DETROIT
CHRONICLE
THE
[VOL. 111.
Ranker* anb Jkofcera <&ut*U*t J?eto gcrfe
PORTLAND,
Howard Throckmorton
MORRIS
Pacific Coast Securities
CALIFORNIA SECURITIES
BROTHERS, Inc.
THE PREMIER MUNICIPAL BOND HOUS1
CAPITAL ONE
BONDS
Government
'Government
of MUNICIPALITIES AND
Btndi Municipal
MILLION DOLLARS
and
Municipal|Bonds
Establishsd over a Quarter Century
Morris Building
CORPORATIONS
.Corporation
-
PORTLAND, OREGON
No. 8, Central Building
SEATTLE, .WASH.
.
baying substantial assets
Francisco
San
ORE.
and
earning power.
Alaska Commercial Building
HALL &. COMPANY
Quotations and Information Furnished
on
WILLIAM R. STAATS CO.
Pacific Coast Securities
Established
1853
SUTRO &
INVESTMENT BONDS
LOS ANGELES
SAN FRANCISCO
PASADENA
CO.
Local and Pacific Coast Securities
LEWIS BUILDINQ
PORTLAND, OREO OB
INVESTMENT BROKERS
San Francisco
lit Montgomery St,
Members
San Francisco Stock
and Bond Exchange
MINNEAPOLIS
Blankenhoro-Hanter-DaliD
F. M. BROWN & CO.
Company
DEALERS IN
Municipal and Corporation
BONDS
CORPORATION
118-816 First National Bank Building
SAN FRANCISCO,
JSTABUSHEO
>TUNIC1PAJL RAILROAD
DAKinC
AND DISTRICT
CORPORATION BONDS
DvjrNL/iD
COMMERCIAL PAPER/
CALIFORNIA
ST. PAUL
MINNEAPOLIS
LOS ANGELES
California Securities
IQIO
MUNICIPAL
SAN FRANCISCO
PASADENA
SAN DIEGO
JOHN W. DICKEY
Aronson and
Company
Los Angeles,
Augusta, Ga.
We specialize in California
California
Southern Securities
Municipal
fcSTA»U6H£0
tv
I.U
Sc Corporation
BONDS
CLEVELAND
Established
1886.
DRAKE, Rl LEY & THOMAS
Van Nuys Building
The Gandling-Jones Company
LOS ANGELES
WM. E. BUSH &CO.
Augusta, Ga,
STOCKS-BONDS-NOTES
Private Wires*Coast to Coast
BANGOR BUILDING,
CorrespondentsiLogan and Bryan
CLEVELAND
A. H. Woollacott & Co.
OTIS & COMPANY
COTTON
828-808 I. W. Hell man Building
MILL STOCKS
Stocks, Bonds, Grain, Cotton
Investment Bankers
SOUTHERN SECURITIES
Members of New York, Cleveland,
SPARTANBURG,
Chicago,
A. M. LAW & CO.,
Detroit and Columbus Stock Exchanges.
New York Cotton Exchange,
Chicago Board of Trade.
DEALERS
CLEVELAND
Btostoni
Detroit
Cincinnati
Columbus
Toledo
Toungstown
Denver
TORRANCE, MARSHALL & CO.
Akron
Colorado Springs
Stocks
Bonds
Acceptances
HITTER COMMERCIAL TRUST
Unincorporated
BUFFALO
Niagara Life Bldg.
a
California Securities
LOS ANGELES
CALIFORNIA
Inc.
IN
Stocks and Bonds
Southern Textiles
M
Specialty
SPARTANBURG, S. C.
SHORT TERM NOTES
CLEVELAND
ISO Euclid Ave.
S. C.
LOS ANGBLES
CHATTANOOGA
A. E. LEWIS
& CO.
Municipal, Public Utility, Railroad and
Corporation
BONDS of the PACIFIC COAST
Security Bldg.
LEWIS BURKE & CO.
LOCAL AND SOUTHERN
Los Angeles, CaL
SECURITIES
THE
KLIPFEL-WASHBURN- BERKLEY CO, R. H. MOULTON & COMPANY
INVESTMENT SECURITIES
tnd Floor National
City Bldg.
CLEVELAND, O.
Dayton
Warren
CALIFORNIA
LOS
Bank Bldg.,
San
ANQELES
Francisco
-
Unlisted
-
Pacific Coast Securities
Member
San
MARYLAND
Mills
SAN
Building
FRANCISCO
BOSTON
CLEVELAND, O,
Hunter Glover &
CHAPMAN DE WOLFE CO.
Company
and
Stocks
Short Term Notes
861-S58
England
Street,
Montgomery
FRANCISCO,
CALIF.
Yielding GlA% to 8%
Stocks and Bonds
Information and
Quotations
on
all Pacific
Coast Securities
CLEVELAND
New
Industrial Securities
SAN
Equitable Building,
BALTIMORE
Franclaco Stock and Bond Exchange
ALBERT FOYER
investment*''Bonds
INVESTMENT SECURITIES
Inactive
Stocks & Bonds
Leader News Bldg.
R. Lancaster Williams & Co., Inc.
Bucyrua
MAX I. KOSHLAND
Listed
CHATTANOOGA
BALTIMORE
MUNICIPALS
Title Insurance Building,
American Nat'l
fames Building
Members San Francisco Stock A Bond Exchange
J. MURRAY WALKER
'SS Devonshire Street
Boston
DEC.
251920.]
THE
CHRONICLE
si
jankers auk JBroket* ghittfte
ALABAMA
j?ork
PHILADELPHIA
PHILADELPHIA
marx & company
ParslyBros. & Co.
Graham. Parsons & Co.
BANKERS
BAJNKETLS
I^AA<W«~vvwvvwwwwvwvwwwvVWWW«MSAMAMWV^M
MEMBER8
BIRMINGHAM,
.
433 CHESTNUT ST.
PINE
ST.
NEW YORK
ALA.
.
Southern Municipal and
Investment Securities
Investment
Corporation Bonds
'
Securities
.
Deal
NEW
38
PHILADELPHIA
PHILADELPHIA STOCK EXCHANGE
ORLEANS
in
and
Purchase
Issues of
1421 CHESTNUT STREET
MUNICIPAL BONDS,
PHILADELPHIA
BONDS, NOTES AND PREFERRED STOCKS
of
Six Per Cent
THAYER, BAKER & CO.
RAILROADS,
INDUSTRIAL
UTILITIES AND
CORPORATIONS
of
Southern
Municipals
ESTABLISHED VALUE
Cable Address
Short Time Notes
Commercial
"Graco," Philadelphia
investments
Paper
Commercial
Trust
Bldg.,
Boles &Westwood
PHILADELPHIA
Preferred Stocks
Members Philadelphia Stock Exchange
Acceptances
Established 1865
Investment
410 Chestnut St.
Philadelphia
Securities
Members New
York and Philadelphia
Stock Exchanges
Hibernia
We will
Securities
Company
Chesapeake & Ohio 6 Ms
uri tlfll
bimibj,
.
philadelphia
-
1927-30
Canadian Pacific 6s
8LTelephone Loeust 4721
1926-30
Canadian Northern 6s.-
1926-30
Michigan Central 6s
Hibefriia Bank Building
1926-30
New Orleans
-
buy and sell the
equipments I
following
(Incorporated)
New York Office
r
MILWAUKEE
44 Pine St.
EDGAR,
East
RICKER
Water
and
&
Mason
CO.
Straeta
MILWAUKEE, WIS.
BANKERS
Specializing
MONTOOMERT
WISCONSIN CORPORATION ISSUES
B. W.
SOUTHERN
321
Cheatnut
Strassburger
St., Philadelphia
Established 1837
INVESTMENT SECURITIES
Financing of Milwaukee
Aim
Members New York and Philadelphia
and Wisconsin Industries.
Stock Exchanges
Investment Securities
Bought and Sold.
Municipal Railroad^
Corporation Bonds
so
Broad Street
~
MORE RECTSB1140—CABLE AOBRESS
List
C alve«
lembers Philadelphia
First Wisconsin
New York >
current
"ORIENTMEIU**
Company
Stock Exchange
INVESTMENT BANKERS
'
offerings,
Land Title Building
Investment Securities
PHILADELPHIA
MILWAUKEE
george w.
Certified
New York Telephone
Canal 4848
myer, jr.
Public
Pennsylvania Tax Free Bonds
Accountant
35INASSAU ST.. NEW
Audit?
WISCONSIN
YORK
Investigations,
Estate Accounting,
Income Tax
PAUL & CO.
Second Ward Securities Co.
Returns
Seeond Ward Savings Bank Bldg.
iembers Philadelphia
1431
MILWAUKEE
Telephone Rector 5441
StocKExchange
Chestnut Street
PHILADELPHIA
108 So.
La
Sail# St.
CHICAGO
Specialists in
The United States Life
Wisconsin
Insurance Co.
IN
THE
CITY
Organised 1850.
OF
NEW
BONDS
and
YORK.
Frederick Peirce
Municipals
FOR
High Grade Investments
1431
i^Oe
&/V
Chestnut
Street,
MENT
INVEST
Philadelphia
Non-Participating PollcieiTent*
Dollars Paid to PeBey
Orer Forty-Fire Million
adders
MoRRlfF.l0X&Co.
Investment
JOHN
P. MUNN, M.
D., PRESIDENT
fl.ftT WISCONSIN
nat.O*»I MUM KM
Good
territory
producers,
Company.
open
f«r
high
class
person?
with <*»
Address Heme Office. 377 Breeders*
under
direct
Heir York City.
eon tracts
Securities
MilwaukelWa
Underwriters and Specialists in
Wisconsin Issues
Writ#
our
Trading Department.
Scott & Stump
INVESTMENT SECURITIES
Stock Exchange Building
PHILADELPHIA
Phones: Locust 6480. 6481. 6482. 6483
Keystone: Race 2797
[VOL. 111.
CHRONICLE
THE
XII
Current
inqttfrie*
UNLISTED
American Light &
Acker, Merrall & Condit 6s, 1923
Traction
Carolina Terminal 5s, 1937
Atlas Portland Cement
Hecker-Jones-Jewell 6s, 1922
By-Products Coke
Mallory Steamship 5s, 1932
Goodyear Tire & Rubber
Motor Wheel
Old Dominion S. S. 5s, 1927
preferred
Park & Tilford Deb. 6s, 1936
Royal Baking Powder
United Lead Deb. 5s, 1943
Singer Manufacturing
Ward
Ward Baking
Members New York
Baking 6s, 1937
Stock Exchange
25 Broad Street New York
Atmm
sm
Central Aguirre Sugar
Savannah Sugar Refining
Baltimore & Ohio Con v.
Central Sugar Corp.
Everett Heaney & Co.
St. Louis Southwest.
Kansas City
N.Y.& Queens El. L. & P. 5s,
'30
4^8, 1933
Cons. 4s, 1932
Southern 3s, 1950
Grand Trunk Pacific, all issues
N.IY. & Westchester Ltg. 5s, '54
Canadian Northern
Kings Co. El. Lt. & Pr. 5s, 1937
Nassau Elec. RR. 4s, 1951
Province of
Ry«, all issues
Ikrbell Skotlicra
Public UtUitij Securities
Ontario, all issues
City of Montreal 6s, all issues
All Cuban & Canadian Govt.
iBonds
Adirondack Elec. Power Co.
1st 5%, due 1962
Alabama Power Co.
THEODORE L. BRONSON & CO.
Member* New York Stock
10 Wall
Exchange
Tel. Rector 7580
St., N. V.
ISO
N.
and
Y.
Phila.
Stock
Exchangee
1941
Georgia Power Co.
1st
5%, due 1938
Colorado Power Co.
1st 5%, due 1953
England Power Co.
1st 5%, due
"Opportunities In
Ref. 5s, 1962
Circular
Pacific Power & Lt. 5s, 1930
on
1st 5%, due 1941
Northern States Power Co.
1st 5%, due 1941
Salmon River Power Co.
request.
1st 5%, due 1952
Southern Power Co.
SUTRO BROS. & CO.
due 1930
1st 5%,
IS# BROADWAY,
NEW YORK
Telephone: Rector 7350
Members of New York Stock Exchange
Trinity Bldg. Corp. 51/28, 1939
1951
Niagara & Erie Power Co.
Liberty Bonds"
Clay Co. & St. J. Ry. 5s, '41
Spokane Internatl. Ry. 5s, 1955
1st 5%, due
Central
New
American Tobacco 6s, 1944
K. C.
Appalachian Power Co.
Thonc T500 Rector, N. Y.
Broadway.
American Can Deb. 5s, 1928
International Ry.
due 1946
1st 5%,
MILLER & COMPANY
Members
ocfe
©ruabtuag, Nctu
111
Co.
Tennessee
Power
1st 5%,
due 1962
West Penn Power Co.
JOSEPH EGBERT
Bought—Sold—Quoted
KODAK
EASTMAN
10 Wall
COMMON
1st 5%, due 1946
Yadkin River Power
1st 5%t due 1941
Co.
'
Tel. Rector 9261
St., N. Y.
3991
Telephone 3992
3993
PROCTER & GAMBLE CO.
INDIAN REFINING CO.
Rector
Phone
3994
Private
6922-3
Rector 9980-5, 9723-7,
Phones
to
Philadelphia
&
Boston
ALFRED F. INGOLD &CO.
74
Broadway,
N. Y.
Consolidation Coal Co. Securities
Westheimer &
Company
Consolidated
Power
Members of the
New
York
Stock
Cincinnati
Stock
Chicago
Board
Baltimore
Stock
Exchange
Exchange
of
Trade
Elk
Horn
Coal
Wash. Bait.
Securities
SOUTH
BALTIMORE, MD.
ST.
Members
S45 Fourth Ave.,
PITTSBURGH, PA.
(Established 1874)
BALTIMORE, MD.
Baltimore Stock Exchange.
Amer. Wat. Wks. & Elec. 5s, 1934
West Penn Traction 5s, 1960
St. Paul Union Depot 7s, 1923
West Penn Power deb. 6s, 1924
American
Aguirre Sugar
Federal Sugar Com. & Pfd.
Cyanamid Com. & Pfd.
City Investing Com. & Pfd.
Holly Sugar Com. & Pfd.
Sugar
Savannah Sugar Com. & Pfd.
Eastman Kodak Com.
American-Hawaiian S.
Corn Exch. Bank Stock & Rights
Home Insurance Stock & Rights
National
American
GLOVER & MACGREGOR
Securities
Corp.
& Annapolis SecuritUf
J. HARMANUS FISHER & S8HS
Exchange
CINCINNATI, OHIO
Central
Gas, Electric Light A
Baltimore
of
S.
Cigar
Ingersoll Rand Com. & Pfd.
Singer Manufacturing
American Tobacco Scrip
Lawyers Title & Trust
Borden Company
R. J. Reynolds Tob.
Wish
We
& Pfd.
Railroad
to
Buy
Co.
Secur ties
4s
Pitts., Cin., Chicago & St. Louis
3l/2s, 4s, and 4Vfcs.
Mechanics & Metals Nat'l Bank
Nat'l Park Bank
Stock &
Rights
Hartshorne & Battelle
Stone, Prosser & Doty
52
William
St.,
'Phone
New York
\
Hanover
85
7733
Broad
St.
NEW
Ted.
Broad
YORK
7749
DEC.
251920.]
THE
CHRONICLE
xiii
Current J&onb 3nquitit&
Adams Express 4s, 1947
British
Am. Water Wks. & El. 5s, 1934
War Loans
Bucyrus Co. Com. & Pfd.
Burroughs Add. Mach. Stock
Canadian War Loans
Chicago City Ry. 5s, 1927
Chinese Government 6s, 1921
Cons. Cities Lt., Pr. & Tr. 5s, 1962
Eastman Kodak
Detroit Edison Co. 7s, 1928 to 1930
Firestone Tire Com. & Pfd.
Detroit Jackson & Chic. 5s, 1937
Indianapolis No. Trac. 5s, 1932
Goodyear T. & R. Com. & Pfd,
Italian
Downey Shipbuilding 7s, 1926
Kansas
Lincoln Motors, Class "A"
Paige Detroit Com. & Pfd.
Chalmers Motor 6s, 1922
War Loans
City Ry. 5s, 1944
St. Louis Springf. & Peoria 5s, '39
Tri-City Ry. & Light 5s, 1923
Grand Rapids Gas Lt. 5s, 1939
Jones & Laughlin 5s, 1939
Laclede Gas Light 7s, 1929
Detroit Edison
Packard Motor Com. & Pfd.
Willys Corporation 8% Pfd.
Merrill, Lynch & Co.
Lehigh Power Sec. 6s, 1927
120
Michigan Light 5s, 1946
Broadway, New York
Telephone 6070 Rector
Private wires to Chicago,
St. Louis Transit 5s, 1924
Traders Telephone 7638 Rector
Detroit, Cleveland,
Youngstown, Grand Rapids and Lansing.
San Pedro L. A. & S. L. 4s, 1961
Second Ave. Trac. 5s, 1934
Goodyear Tire & Rub. Com.&Pfd.
Wayne Coal Co. 6s, 1937
Todd Shipyards
Wichita Falls & So. Ry. 5s, 1938
National Park Bank Stock & Rts.
Ch. Bur. & Quincy Gen. 4s, 1958
Tidewjft&r Oil Stock & Rights
Chicago & N. W. Gen. 3i/28, 1987
General Electric
Rights
Southern Pacific
Morton Lachenbruch & Cq
Home
Insurance
'
Rights
Stock
&
Rights
Kentucky Central 1st 4s, 1987
Rights
Louisv. & Jeff.
PdSBUESH-DETKOIT- CI^V£IAND-62AND RAPIDS
Dividend Scrips &
Instantaneous communication between
V ';
possible through
Rights
' ,\r,
■
I
R.
C. C. Kerr & Co.
their interoon neetion ho private wires.
40 W.1I
t
Rector
St., N. Y.
Phon. 6780 Rector
WANTED
PRESSPRICH
New York
o
Telephone
,
<*
W.
John
807
Lehigh Valley Gen. Con. 4s, 2003
Offerings in
ALL
Railroad Bonds
FOREIGN
Pocah. Cons. Coll. S. F. 5s,
Milw. & No. Cons. Ext.
CHUCKS
1957
4^8,1934
B. & O. Southw. Div. 1st
m
J. S.
W.
Street,
L.& N. S.E. & St. L. div. 1st 6s, '21
Long Term Underlying
i
Bridge 4s, 1945
N. Y. Central Reg. 3i/2s, 1997
Sou. Ry. St. Louis Div. 4s, 1951
Specialists in all
offices it made
Hous. & Tex. Cent. 1st 5s, 1937
111. Central Omaha Reg. 3s, 1951
Corn Exch. Bank Stock &
42 Brocid. Street, New York
Private Wires to, CHICAGO -PHILADELPHIA -ST. WUIS
our
Central Pacific 3^8, 1929
Central Pacific Ref. 4s, 1949
3%s,'25
BO KIDS
M
FARLEE & CO
46 BROADWAY
South. Pacific Co. Con. 4s, 1929
Read. Co. & P. & R. C. & I. Gen,
CURRENCIES
Members American Bankers' Association \
V
4s, 1997
Nl
Members New York State Bankers' Association
T
Prince & Whitely
R.A.SOICH&CO.
CONSTABLE & FLEMING
«'M
WH.
66
tt
K L
CONSTABLE
Bwadway N Y
Chicago N.
TEL:
FLEMING- xJn.
Sh.
Tel Sector 5289-92-40i8-473l
Rector 7270
Broadway
Private
wires
Tel. Broad 632 3
Philadelphia, Boston,
Baltimore, Richmond. New Haven
to
W. 3^s, 1987
Lake Shore & Mich. So. 1st
Ore.
It Will SL, N. T.
Members N. Y. Stock Exchange
52
3>6s, 1997
L. 6s, 1922
So. Pac. Cent.
Pac.
Coll. 4s, 1949
Railroad
Bond
Railroad
Public Utility Dept.
Dept.
Securities 4s,
1952
Big Sandy RR. 4s, 1944
Rock Island Ark. & La.
Colts Arms
4^s, 1934
Seaboard Air Line 6s, 1,945
N. Y. Penna. & Ohio
4^s, 1935
Richmond & Allegheny 1st 4s,*89
Canadian, Cuban
Kentucky Central 4s, 1987
Mexican Securities
East Tenn. Va. & Ga. cons.
Imperial Tobacco Co.
Babcock & Wilcox, Ltd.
Northern Ontario 6s,
Ft. Dodge Des
4s, 1934
Dept
Champion Lumber Co. 6s, ANY
Natl. Conduit & Cable 6s, 1927
Jones & Laughlin Steel 5s, 1939
Jacob Hoffman Brew. 6s, 1921
Lake Superior Co.
5s, 1944
Acker, Merrall & Condit 6s, 1923
Amer. Road Mach'y 6s, 1938
Merchants' Coal Co. Joint 6s, '24
Kuczynski & Co.
Bank Stock Dept.
New York
Home Insurance Stock &
Telephone Rector 6834
Sagamore Manufacturing Co.
Alpha Portland Cement
Company
Jacob Dold Preferred
Titusville Iron Pfd.
Industrial Stock
Consumers Power 5s,
Rights
Guaranty Trust
Union El. Lt. & Pr. 5s,
Great Western Power 5s,
United Light &
1946
Ry. 5s, 6s, 7s
Northern States Power 5s, 6s, 7s
Standard OH
Dept.
Pipe Line
Prairie Oil & Gas
South Penn Oil
S.
Importers & Traders Natl. Bank
S.
0.
|
O. of California
of New York
CARRUTHERS, PELL &
1933
Foreign Capital*
PRIVATE WIRES
Montreal
1922
Empire Refining 6s, 1927
Park Bank
CORRESPONDENTS
1936
Laclede Gas & Light. 6s, 1934
Prairie
Columbia Trust
All Important
Dept.
Detroit Edison 5s, 1940
Central Market St. 5s,
Consolidation Coal 5s, 1950
Shawinigan 5s, 1934
Shawinigan 5V^8> 1950
120 Broadway
M. & S. 5s, '21-'38
Industrial Bond
1931
Penn Water 5s, 1940
Gt. Nor. of Canada
C. & O. Northern Ry. 5s, 1945
Mob. & Ohio St. L. div. 5s, 1927
St. Louis & Cairo 4s, 1931
Louisv. & Nashv. St. L. 3s, 1980
Cedar Rapids 5s, 1953
Miss. Riv. Pow. 58, 1951
Beech Creek 4s
Foundation
5s,*56
Florida Cent. & Penin. 5s, 1943
Cinn. Wab. & Mich. 4s, 1991
British-American Tob. Co.
Farrell Coal Common
«
Toronto
CO.
Bonds, Bank Stocks, Miscellaneous Securities, Standard Oil Stocks
16 Broad
Street, New York
Phonee 516J to 5169 Hanover
Philadelphia Phone, Locust 372: Baft. Phonv. St.
Paul 9382
Snqutriex
Current JSonti
F.
Montreal & Province 4s
J. LISMAN & CO.
Meatbars
[VOL. 111.
CHRONICLE
THE
XIV
Grand
New York Stock Richanp
61
BROADWAY, NEW YORK
Florida East Coast Railway
Great Northern
N. Y. Central
3^s,
&
coup.
coup.
New YorkCity3V^8, *53,
4y2s
Railway 1st 4%s
Lehigh Valley 4y2s,
&
reg.
New York State Canal
3s,*57,
New York Interurban Water 5i
Acquackanonk Water Co. 5s
Racine Water Co. 5s
Wichita Water Co. 5s
Emmett
reg.
Irrigation District 6s
Queens County Water Co. 5s
Otero Irrigation District 6s
registered
N. Y. N. H. & H. deb., all issues
WE DEAL IN
Trpnk Western 4s
Canada 4c
Northern Ry.,
Canada Atlantic 4s
Grt.
Depew & Lake Erie Water 5s
LeavenworthC.&Ft.L.W.4s,58,6c
reg.
New York State Canal 4s, '60, reg.
N. Y. State Canal
Penn.
Imp. 4s,'61,
H. C. SPILLER &CO.
reg.
Railway Co. Cons. 4s, 1948
INCORPORATED
Devonshire St., BOSTON
YORK
IT Water St., corner
Ry. 5s, *39
Rio Grande Junction
69 Wall Street, NEW
Shreveport Bridge & Terminal 5s
Central Ry.
Wisconsin
ref. 4s
SECURITIES
AND ALL RAILROAD AND STEAMSHIP
5
Securities
disposal
Nassau Street
has
what
quire, insert
an
for
you
that
firm
the
WOOD, STRUTHERS & GO.
Investment
LOCATE
TO
re¬
ad in the
NEW YORK
Classified Department
of The Financial Chron¬
Davies, Thomas & Co.
Members N. Y. Stock Exchange
facing
icle,
Underlying
back
the
inside
cover.
New York
5 Nassau St.
Railroad
Telephone Rector 5521
Bonds
Central Pacific 3Vfcs, 1929
Northern Ry. Bonds
Rapids Mfg. & Pr. 5s, 1953
Cinc.Hamilton & Dayton 5s, 1942
Canadian
N. & W., Poco. C. & C. Jt. 4s, *41
Reading General 4s, 1997
New York
Telephone 4y2&, 1939
Reading, Jer. Cent. Coll. 4s, 1951
Elgin Joliet & East, 1st 5s, 1941
Duquesne Ltg. 6s, 1949
Empire Refining Co. 6s, 1927
Empire Gas & Fuel 6s, 1924-1926
Mississippi Val. Gas & El 5s, 1922
Lehigh Power Sec. 6s, 1927
BAUER, STARR & CO.
115 BROADWAY
N. Y. CITY.
LAND TITLE BLDG.,
PHILADELPHIA
Rector 7418
U. S. Rubber 5s, 1947
Private wire connection
Empire Gas & Fuel 6s, 1926
Cedar
Grand
Trunk Pacific 3s,
Miss. Pac. 3rd Ext. 4s, 1938
Puget Sound Elec. 5s, 1932
Seaboard Air Line adj. 5s, 1949
St. Louis
W. H. Goadby & Co.
Springf. & Peoria 5s, '39
ABRAHAM & CO.
M.mb.rs New York Stock Eschaep
Exchange
7291 to 7556
NEW YORK
NO. 74 BROADWAY
27 William St., N.
Vermont
GARDNER
20 BROAD STREET, N.
1962
European Loans of American Rds.
Georgia Lt., Pr. & Ry. 5s, 1941
Shawinigan Wat. & Pr. 5^s & 5s
McKinley & Morris
jm WALL ST., N. Y. Tel. Rector
Pfd.
Central Vermont 5s, 1930
Indiana Steel 1st 5s, 1952
Members New York Stock
Thread
American
Canadian Pacific 6s, 1924
N. Y. Chic. & St. L. 4s, 1937
Tel. Broad S78«
Hydro-Electric 6s, 1929
Dayton Power & Light 7s, 1923
Continental Gas & Elec. 5s, 1927
& CO.
Utah Power &
Tel. Rector 7430
Y.
Y.
Oregon Short Line 5s
1946
Man. S. W. Col. 5s
Traverse City RR. 3s
1933
Long Island Ref. 4s
1941
Kansas
1950
Wab. Tol, & Chic, 4s
1941
Bush Terminal Bldg. 5s 1960
R. R. Securities 4s
1952
Mo. Kan. & Tex. 1st 4s 1990
H.L.
NASON & CO.
1949
Mutual Union Tel. 5s
Light Preferred
Nebraska Power Preferred
1934
85
City So. 3s
BOSTON 9
Devonshire St.
Cleveland Electric 111. 5s & 7s
Consumers
Power 5s & 7s
Northern States Power 5s & 6s, 1941
Southern California, 6s, 1944
United Light & Ry. 5s, 1932
Gilbert J. Postley
7 Wall
Wa Will
We
Buy
Will
Sell
Cedar
Great Falls Power Co. 5s, 1940
Rapids Mfg. Pr. 5s, 1953
1930
Empire G. & E., Empire C. Jt. 5s, '41
Empire District Elec. 5s, 1949
Montana Power Co.
Indiana
Southern
Calif.
Edison
5s,
1939
Duluth Street Ry. 5s,
Alabama Power Co. 5s, 1946
Detroit Edison Co. 6s, 1940
5s, 1943
Consumers Power Co. 5s, 1936
Utah Power & Light 5s,
Pacific
Gas
&
Elec.
Ref.
5s,
Lighting 4s, 1958
Wisconsin Elec.
Laurentide
1944
1942
Co.
7^8, 1945
5s, 1946
W
Metropolitan Edison Co. 5s,
Pacific Gas & Electric
Western Power
1922
MILLER & CO.
DIRECT PRIVATE WIRE
RECTOR 6060-1-6-1
Central Petroleum
1st
SPECIALISTS IN PUBLIC UTILITY SECURITIES
TELEPHONE
Amer. Lt. & Trac.
Portland Gas & Coke 5s, 1940
Cleveland Elec. Ilium. 7s, 1935
EARLE A.
& Power
Power
Street
NEW YORE
Telephone Rector 0697
CONNECTION WITH CHICAGO
111 BROADWAY, NEW YORK
MacQuoid &
Coady
iember» Ne*e York Stock Exchange
14 Will St..
N. T.
Tel. Reotor 9970.
DEC.
251920.]
THE
CHRONICLE
Current
Guanajuato Power
& Electric 6s
Guanajuato Power
& Electric Pfd.
Clev. Akron &
Kan.
& Mines 6s
L.
United States Radiator 6s
Broadway & 7th Ave. RR. 5s, 1943
Ry. 1st 4s,'28
Broadway Surface RR. Co. 5s, 1924
City So. Ry. Co. 1st 3s, 1950
&
Bklyn. City & Newtown RR.lst 5s,'39
Brooklyn City RR. Co. 1st 5s, 1941
N., St. Louis Div. 3s, 1980
New Amster. Gas Co. Consol.
Indianapolis Water 4^s & 5s
New Hampshire Electric
Railways
N. Y. Penna. & Ohio P. L.
Bklyn. Queens Co. & Sub. 5s, 1941
Columb.
5s, 1948
&
RR.
5s, 1993
Lexington Ave. & Pav. Ferry 5s, 1993
Western N. Y. &
Nassau
Cumberland County Pow. & Lt. Pfd.
Pennsyl. 5s, 1937
Wm.
Arkansaw Water 6s
American Finance & Securities
Electjric RR. Consol. 4s, 1951
Carnegie Ewen
Tel. Rector 3273-4 and 3294
2 Wall Street,
HOTCHK1N & CO.
53
State St.,
Boston 9, Mass.
Main 460
Ave.
Dry Dock East B'way & Batt. 5s, 1928
Copper 6s
Telephone
9th
43^s, 1935
St. Louis & Cairo RR. Co. 1st
4s, 1931
Manufacturing & Power 5s
El Tiro
Atlantic Ave.RR.Co.,BkIyn., 5s, 1931-34
Kings Co. Ltg. Co. 1st Ref. 5s, 1954
Michoacan Power 6s
Fries
1st 5s, 1982
C^>1. Ry. Gen. 5s, 1927
Ft. Worth & Rio Grande
Central Mexico Light & Power Pfd.
Guanajuato Reduction
Snqufrie*
Chicago & Erie RR. Co.
Central Mexico Light & Power 6s
xv
New York
Securities of
French Government
Evansville & Terre Haute
8%, 1945
Railroad
Canada 5s,
Amer. Tel. & Tel. Conv.
4}^s, 1933
Central Dist. Tel. 5s, 1943
Canada
April 1931
Chicago & Eastern Illinois
Railroad
5V^s, Aug. 1929
Missouri Kansas & Texas
Cincinnati Northern RR.
Railway
Cumberland Tel. & Tel. 5s, 1937
Michigan State Tel. 5s, 1924
Michigan State Tel. Pfd.
New England Tel. & Tel.
5s, 1932
Ohio State Tel. 5s, 1944
Railway
Members of the New York Stock
20 BROAD
Southern Bell Tel. & Tel. 5s, 1941
Western Union Teleg. 43^8, 1950
ST.,
Federal
N. Y.
Farm
Tel.
Loan
Exchange
Rector
Grand Rapids & Indiana
8460
Railway
Bonds
Specialists in Short Term Securities
'
Wm. C. ORTON & CO.
Equipment Bonds
T. L. MacDonald
62 B'way, N. Y.
I
Chicago T. H. & So. E.
BULL & ELDREDGE
Specialists Reorganization Securities
25 Broad St., New York
Tel. Broad 2357-8-9
We
STANDARD
Mason City & Fort
0
Tel. 7160-1-2
Broad
Specialize in
Dodge R. R. 4s
Standard
Goodyear T. & Rub. Com. & Pf.
Peerless Motors Stock & Notes
$25
ROBINSON &
Oil
June 1,
1
of
L
Indiana
1955
61 B'way, N. Y.
Par Value
SMITH
Tel. Bowling Green 10090
Stock
FOREIGN EXCHANGE
CARL H. PFORZHEIMER & CO.
Bought and Sold on Order
Dealers in Standard Oil Securities
Phones 4860-1-2-3-4 Broad.
25 Broad St., N
Y.
Rollins, Kalbfleisch & Co.
Currency
Checks
Bonds
Members N. Y. Stock Exchange
Amer.
Water-Works
&
Electric
Telephone Rector 2687-8-9
Shuman
66 BROADWAY
West Penn Trac.
&
&
Seligmann
Iember* New York Stock
West Penn Railways
West Penn Traction
80 Broad
Water
St., N. Y.
Exchange
Tel. Broad T2T0
Pow.
National
Securities Corporation
Power Securities Corporation
ALL
ISSUES
Bought—Sold—Quoted
Telephone
G. R. McAllister & Co.
OTTO
37 Wall
St., N. Y.
BILLO
74
Phone Hanover 6297
Bowling Green
Broadway, New York
Alabama Pow.
Liberty Registered Bonds
6200
Co.
1st
5s,
1946
Evansv. Elec. Ry. Co. 1st 4s,
'21
Members New York Stock Exchange
60
BROADWAY, N. Y.
Great West. Pow.Co. 1st 5s, '46
Appalachian Pow. Co. 1st 5s, '41
NEWBORG & CO.
Amer. Wat. Wks. & El.Co. 5s, '34
Interstate Elec. Co. 1st 6s,'33
Colorado Pow.
Co.
1st
Indianap. Gas Co. 1st 5s, '52
Co. 1st 5s, '36
Consumers Pow.
5s, 1953
Laurentide Pow. Co. 1st 5s, '46
East. Penn. Rys. Co. 1st 5s, 1936
Nebraska Pow. Co.
1st
5s, '49
Telephone 4390 Bowling Green
PRIVATE
VIRE
TO
ST.
LOUIS
Chicago Railways 1st 5s, 1927
St. Joseph Lt., Ht. & P. 5s, 1937
Middle West Utility 6s, 1925
Texas Central 1st 5s,
1923
Seattle Electric Ref. 5s, 1929
Brooklyn Rapid Transit 4s, 2002
Pere Marq. L. E. & Det. R. 4Ks,'32
Denver & Rio Grande 7s, 1932
Mo. Kan. & Tex. of Texas 5s, 1942
Mo.
Kans.
&
Texas Notes.
N. Y. Penna. & Ohio
General Electric
4^s
3}^s & 5s
"Nickel Plate" 2d 6s
General Gas & Electric 5s
Lehigh Valley N. Y. Regis. 4^8
4^8
Helena Ry. &
Milwaukee & Northern
Light 5s
Havana Electric 5s
Buffalo Roch. & Pitts. 5s
N. Y. Central
3^s,
c.
&
Idaho Power 5s
r.
Alabama Power 6s
"Big 4" 6s
Southern Calif. Edison 5s
Illinois Central 4s, 1952-53
Cuba RR. 5s
Kings County El. Lt. & Power 5s
Seaboard Air Line 6s
Pacific Gas & Electric 5s
Southern M. & O. collat. 4s
Consolidation Coal 4^8, 5s, 6s
Mobile & Ohio Genl. 4s
International Traction 4s, 1949
Central Argentine 6s
N. Y. N. H. & Hartford Issues
WOLFF & STANLEY
National Cloak & Suit 8s
Amer.
New Amsterdam Gas 5s
Light & Trac.
com.
& pref.
Telephone Rector 2920
72
Trinity Place,
N. Y.
SAM'L
Phon* 5380-1-2-3 Bro&d
GOLDSCHMIDT
25 Broad Strao
[VOL. 111.
CHRONICLE
THE
XVI
Ctsma! Jtatfc -Smtfdrfe*
ACTIVE BONDS
INACTIVE BONDS
Aluminum Co. of Am. 7s, 1925
We Offer to
Anaconda Copper 6s, 1929
Beth. Steel 7s, 1922
Allied Packing 6s, 1939
Banks, Brokers
Beth. Steel 7s, 1923
Anaconda Copper 7s, 1929
and Institutions
Beth. Steel 7s, 1935
City of Bergen 8s, 1945
highly specialized service in
a
Liggett & Myers 6s, 1921
all bonds traded in
on
Cerro de Pasco 8s, 1931
the New
York Curb market.
R. J.
Seaboard Air Line 6s, 1945
Reynolds 6s, 1922
Analytical reports on any se¬
curity furnished on request
Southwest Telep. 7s, 1925
Swiss Confed.
Sinclair Consol. Oil 7^8, 1925
Standard Oil of N. Y. 7s,
5V£s, 1929
Standard Oil of Calif. 7s, 1931
HANSON & HANSON
Denmark 7s, 1945
Investment
Norway 8s, 1940
72
Securities
Trinity Place
Texas Co. 7s, 1923
New York
-
Western Electric 7s,
Swedish 6s, 1939
Boston Woven Hose
Corona Type
& Rubber Com.
Common
Galveston Terminal Ry. 1st 6s, 1938
Washington Terminal 1st 3^js, 1945
Portland Terminal 1st 4s, 1961
PROCTER & GAMBLE
Connecticut Cotton Mills, Class A
Macon Terminal
Crowell & Thurlow SS.
Memphis Union Station 1st 5s, 1959
Houston Belt & Term'l 1st 5s, 1937
Union Terminal of Dallas 1st 5s, 1942
Duquesne Light, Pfd.
Hempliill Co., Com. & Pfd.
N.
Y.
1st 5s, 1965
Stock & Scrip
Connecting Ry. 1st 4j^s, 1953
J. S. Bache & Co.
Lamson & Hubbard, Canadian Pfd.
Finlay & Davenport
Liggetts International, Pfd.
Worcester Electric Light
Specialists
Local
in
and Railroad
WALTER S. PLACE
BOSTON, MASS.
St.,
16 Congress
Privets Telephone New Yorkfcnd Philadelphia
"Main 7088**
1925
72
Members New York Stock Exchange
New York v TeL, 6400 Broad
Utilities
Public
Terminal Bonds.
BRANCHES and CORRESPONDENTS
Tel. Rector 6881
Trinity Pi
Cincinnati
Willys Corp. 1st Pref. & Scrip
Buffalo
Packard Preferred
Chicago
St. Louis
Sy racuse
Philadelphia
Boston
Rochester
New Orleans
Baltimore
Pittsburgh
Cleveland
Kansas City
Albany
Troy
Chevrolet
jpgttgitifi
Ttrs and Rubber Stocks
Motor Stocks
FOR SALE
R. B.
Foreign Trade Banking Corp.
86 Nassau St., N.
Tel. John 8086-1
Y.
Atch. Trans. Short Line 4s, 1958
Chic. & West Indiana 4s, 1952
Capital Stock
EDWIN BANCKER & CO.
New York City
Rector 944-6-6
Montgomery
New
Broad 8663
CHICAGO SECURITIES
bought and sold for cash, or
DILLON
FRANK J. M.
NEW YORK, N. T.
Jameson Coal & Coke
St..
York
(Georges
Creek) 5s, 1930
Union Steel 1st Col. 5s, 1952
Standard Oil of New York 7s,
STOCKS AND BONDS
Bought, Sold & Quoted
Evansville Elec. Ry. 1st 4s of 1921
Tel. 6460 Bowling Green
Bros.
15 William
Telephone
Home Ins. Co. Rights
T1 Broadway
Mobile & Ohio Ext. 6s, 1927
INVESTMENT SECURITIES
111 Broadway
Mortgage Bond Co.
Hathaway & Co.
1925-31
carried ea
conservative terms.
anils ted securities.
Inquiries invited.
Inactive and
BABCOCK, RUSHTON tJCO.
Members, New
York,
Stock
HOME INS.
CHICAGO
Chieaga
Exchanges
BLOQ..
mm4
NEW YORK
Unlisted Stocks
and Bonds
Foreign Government
Bonds
Inquiries from Out-ofTown
Investment
Houses and Banks
are
especially solicited.
ERNEST
SMITH
& CO.
BROAD STREET
NEW YORK
Telephone Rector 6167
Conn.ctionalto
Detroit & Grand Rapid*
Dir.ct'Privat. Wire
Chicago,
FINCH
180
MOORE,
& TARBELL
Members New York
7 WALL STREET
We Deal in—
20
Beaton
Stock Exchange
BROADWAY,
Argentine Govt. 4« & 5s
American Light & Trac. 6s
Amer. Cities 5s & 6s
Aurora Elgin & Chicago 5s & 7V$*
Akron Canton & Youngstown 6s, 1930
Alabama Traction 5s, 1962
Burlington Cedar Rapids & No* 5s
Buffalo General Electric 5s, 6s, 7s
Cleveland Elec. 111. 5s & 7s
Birmingham Ry., Lt. & Pr.
& 6s
Brazilian Traction 6s, 1922
Consolidated Textile 7s
Continental Motors 7s, 1921-25
Consumers Power 5s & 7s
Detroit Edison 5s & 6s
Denver Gas & Elec. 5s & 7s
Empire Gas & Fuel 6s, 1924-26
Evansville Elec. 4s, 1921
French Govt. 4s & 5s
General Phonograph 7s, 1921-24
Int. Tel. Sales & Eng. 6s
International Ry. 5s, 1962
Georgia Lt., Pr. & Ry. 5s
Grand Trunk Pac. 3s, 1962
General Gas & Elec. 6s, 1929
General Gas & Elec. 5s
Grand Rapids & Ind. 2d 4s, 1936
International Traction 4s
Japanese Govt. 4s & 4J^s
Kentucky Trac. & Term. 5s
Laclede Gas Lt. 5s & 7s
Mississippi River Power 5s, 1951
Mich. United Ry. 5s, 1936
MasonlCity &_Ft. Dodge 4s, 1955
Nsw
NEW YORK
& LYNCH
LEONARD
York
Philadelphia
Pittsburgh
New Orleans Ry. & Lt. 4^8 & 5s
Northern States Pr. 5s & 6s
Northwest Penn. 5s
Ohio Cities Gas 7s. 1921
Pitts. Washburn Flour 5s, 1928
P. S. of No. III. 5s, 1956
Ralston Purina 6s,
1^21-25
Republic Motor Truck 7s, 1921-25
Sears Roebuck 7s, 1921-23
Standard Gas & Elec. 6s & 7s
Southern Cal. Edison 5s & 6s
Swift & Co. 5s & 7s
United Lt. & Ry. 5s, 6s, 8s
Virginia Ry. & Power 5s, 1934
Waterloo Cedar Falls & No. 5s
West Penn.
Power
5s & 7s
American
Light & Traction
Burroughs Adding Machine
Bucyrus Co. Com. & Pfd.
Tobacco
& Pfd.
Commonwealth Pr. Ry. & Lt. Com. & Pfd.
British-American
Charcoal Iron Com.
Garland
Steamship
Goodyear Tire & Rubber Com. & Pfd.
Grand
Rapids & Ind.
Imperial Tobacco
Northern States Pr. Com. & Pfd.
Standard Gas & Elec. Com. & Pfd.
Union Carbide Com.
United Lt. & Ry. Com.
&Pfd.
Virginia Ry. & Pr. Com. & Pfd.
Willys Corp. Issues
Due.'251920.]
THE
CHRONICLE
financial
XVII
Jfinantfal
Grand Trunk Pacific
"Who then
frail
to
tality shall
But limns
mor¬
Lake
trust
on
water, or
Railway Co.
Superior Branch 4% First Mortgage
Sterling Bonds
Authorized and
hut writes in dust"
Outstanding: £1,550,000
'
(17,533,000).
—Bacon.
■
Principal and interest payable in London in ster¬
STEWARDSHIP
ling,
in New York
or
at
The dictionary says
that Stewardship "is
the
an
Bonds mature
Price:
duty of dispensing
as
accountable
ual, it is
to
s
£.
per
April 1,1955.
Approximately 50% and interest.
Investment houses
The ac¬
countability of the
Metropolitan Trust
Company is absolute.
Unlike any individ-
person."
.
Montreal in currency
or
$4.86
invited to avail themselves
are
of the facilities of
any
of
our
24 domestic offices and
36 exclusive financial offices in
foreign countries in
connection with this issue.
American Express Company
subject
illness, death or the
not
Securities
other human frailties
TELEPHONE-
Department
Bowling green iqooo
inherent in the best
of
us.
METROPOLITAN
OF
Government,
COMPANY
TRUST
THE CITY OF
.60 WALL STREET
Municipal,
Railroad
NEW YORK.
Public Utility
716 FIFTH AVENUE
Industrial
Investment Bonds
m
A. B. Leach &
American Tobacco
Scrip
Tobacco Products
Scrip
Co., Inc.
Securities
Investment
United Cigar
82 Cedar
Stores Scrip
105 So* Li Sail# St., Chicago
St., New York
Cleveland
Buffalo
Boston
Philadelphia
KUneeapoM
ICQweakest
Detroit
Pittsburgh
Baltimore
Specialists in all Tokscte SttwMee
Bristol $ Bauer
central new york
Seaboard Air Line
securities
1st Consolidated
iStGBfoddtiJoyr I&Pfooue-- Rector 4594
6s, Due 1945
Bought—Sold—Quoted
To
WE WISH TO BUY HIGH-
PENNSYLVANIA
GRADE
TAX-FREE
SECURITIES.
Circular
Stock
on
cent.
per
request for C-73
iohawk"Valley Investment Carp.
Investment
Scanning, Garrison & Co.
Stoek Bechance
Members f*t lodelphia
yield about 13
Bankera
HUGHES & DIER
Philadelphia
UTICA, N. Y.
Members
Cxohang* Building
Stock
and
Pittsburgh
Exchanges, Chicago Bd.
of Trade,
N. Y. Produce Exch.
PHILADELPHIA
Mreet Private Telephone to
42 New
BerdeH Bros.. N. Y,
St., New York
Telephone Broad 5140
STOCKHOLDERS LISTS
Specializing in
Russian
In
Govt.
Over JlTwo
Bonds
and Currency
CHAS.
F.
catalog
WM. JONES
Foraign Govt. Socuritloa
Tel. 0819 Beeta
Corporations
Thousand
Write for
HALL & CO.
t.. IV. T.
SO Broad
Guaranteed Stocks
Auditors, Inc.
Now York City
116 Broad St.
Write
Tel. Bowling Green 8811-8812
for
Quotation
Sheets.
WLnXkex
St Jtotw
lesupU
Member* Men York Stock Afcefcange
>-M
Now Yorkm
.
Foreign Securities
Foreign Currency
Foreign Cheques
SIMON
BORG & CO.,
Members of New
York Stock Exchange
No. 46 Cedar Street
-
•
New York
Investment
«•
Plaoe
CO.
Securities
Phone 8900 Hanover
NASSAU
COUNTY,
N.
Y.
Coupon 5s
4.60% Basis
Bought and Sold
DUNHAM &
9E9A
B. J. Van Ingen
high-grade
INVESTMENT SECURITIES
46 Cedar St.
& Co.
New York
rot-MM 40
THE
XVIII
[Vor.llL
CHRONICLE
jftaaiuial
.financial
National Bank of Commerce
New York
in
established 1,1,
608 Chestnut Street
Philadelphia
Impartial Analysis
of fundamental
available
is
any
apital, Surplus And Undivided Profits
security
dollar
bond.
Send
report—give
our
rect
Egggf
on
you
investment stock or
for
Fifty-five Million Dollars
Over
to
one
cor¬
title.
30 Years
INCORPORATED
INVESTMENT SECURITIES
in
,
Export Banking
Maintaining 93 Branch Offices in ?&
Principal Cities of the United States
EXECUTIVE
111 W. Monroe
OFFICES:
CHICAGO
Street
?ESsr
Mr
\r
KNOWLEDGE
INTIMATE
the needs and habits of the
acquired
F.
Chas.
Oil
of
Gas
&
the
One
pendent
Earns
GAS
ELECTRIC CO.
&
Co.
strongest
6%
inde¬
30%—pays
Special circular
on
request.
Deo.
Due
Principal
sad
1.
tries
by
themselves, is essential when
transacting business abroad.
esmb-saaaal
Branch
9
1622
of experience
years
actual residence in the coun¬
1
Secured Gold ffotee
12%.
and
South America
23 Branches in
Companies.
Oil
over
CINCINNATI
Noble
of
people,
Offices
Mexico
in
Europe
in
v
latere
XtsyabSe ia New York.
"The Oil
Industry"
Complete description on ropetest.
Published monthly in the interests
of
Investors
Free
in
on
oil
"Bank., limited
Price te Yield 7
securities.
New Yerk Agency,
request
R.CMegargel&Ci-
Fifth-Third
'
k
National Bank
27 Pine Street-New York
Twelve
Reasons
CINCINNATI, O.
Arkansas
PUBLIC UTILITIES in
operated and financed
offered
SECURITIES
to
INCORPORATED
11
investors
Branch
MIDDLE WEST
UTILITIES CO.'
No.
Suite
72
West
JACOB
UK
are
prime investments
will be sent
on
request
for circular CC-62.
St.
Hollister,White& Co.
•HCpeeOM stf O
115
BROADWAY, NEW YORK
50 Congress St.
Boston, 0. Mass.
Year—7*/£% Bonds
Ave.,
German, Austrian, Hungarian, Cseehoalovakian, Rumanian, and Jugeslav Gov't
Bonds and Currency.
Investment Securities
BROKER
Bank Bid*.
Valley
Illinois
BACKER
FINANCIAL
Office, 9111 Exchange
So. Chicago, 111.
1500
Adams
Chicago,
Why
Railway, Light &
Power Company
growing communities
THEIR
49 Broadway
DEPARTMENT
BOND
'*
Anglo-South American
St,r»o!
North American Bide.
Philadelphia. Pa.
H.M.Byllesby & Co,
incorporated
NewYork
ill Broadway
Providence
K)\Wyb©sser St
^
Chicago
208 SLaSalle St
^
Boston
30 State Street:
DEC.
251920.]
THE
CHRONICLE
financial
$anfe Statement*
A Commercial Bank
Ever
since
The
Loan
and
Trust
Bank of
more
Chicago
than
sixty
Merchants
THE
Company
was
founded,
NATIONAL BANK
the
years ago,
big end of its business has been
commercial
time,
de¬
new
partments
have been
extending
and
Bank's
but
has
bank,
and
-
-
-
$5,000,000.00
SURPLUS
the
it
always remained first of alll
commercial
CAPITAL
added,
widening
service,
mercial
of NEW YORK
banking.
From time to
LIBERTY
-
-
-
5,000,000.00
UNDIVIDED PROFITS
com¬
OFFICERS
banking its principal
HARVEY D. GIBBON, Praddatt
activity.
DANIEL G.
To-day this Bank stands fore¬
REID
Vice-President
ALEXANDER V. OSTROM
most
2,500,000.00
a
all
among
State
the
SIDNEY
W.
Vice-President
CHARLES
banks and trust companies of
ERNEST
the entire West in volume of
W.
RIEOKS
Vice-President
Vice-President
FREDERICK W. WALZ
Cashier
FREDERIOKP.McGLYNN
Assistant Cashier
STAUFFEN, Jr.
Vice-President
JOSEPH
commercial business and hold¬
A.
BOWER
Vice-President
BENJAMIN E. SMYTHE
ings of bank deposits.
THEODORE C. HOVEY
Assistant Cashier
LOUIS W.
Vice-President
JAMES
G.
JOSEPH
S.
DANFORTH OARDOZO
R.
Assistant Cashier
MURNANE
EDWARD
Vice-President
Capitalist.
FORBES
Assistant Cashier
MAXWELL
Vice-President
GEORGE
CLARENCE A. BURLEY, Attorney and
KNOWLES
Assistant Cashier
RAYMOND G.
BLAINE, Jr
Vice-President
BOARD OF DIRECTORS
NOYE8
Vice-President
MAURICE F. BAYARD
J. WHALEN
Assistant Cashier
DONALD
T.
CRANE,
JR.,
President
D. DAVIS
Trust Officer
Crane
Company.
MARSHALL FIELD, Trustee Marshall
Field Estate.
_
ERNEST A. HAMILL, Chairman Corn
Exchange Nationa
HALE
HOLDEN,
Bank.
President
Chicago
Burlington & Qulncy RR. Co.
MARVIN
cago
HUGHITT,
Chairman
Chi¬
& North Western Railway Co.
EDMUND D. HULBERT, President.
CHAUNCEY
KEEP, Trustee Marshall
Field Estate.
CYRUS
H.
McCORMIOK,
International
JOHN
J.
Harvester
MITCHELL,
Chairman
Company.
Chairman
The Man
of
Board.
SEYMOUR
Leiter
JOHN
S.
man
MORRIS,
Trustee
L.
Z.
Estate.
to
RUNNELLS, President Pull¬
EDWARD
L.
RYERSON,
Chairman
Joseph T. Ryerson & Son.
JOHN
Fill
Company.
G.
That Vacancy
SHEDD, President Marshall
Field & Company.
ORSON SMITH, Chairman of Advisory
Committee.
JAMES
P.
SOPER,
Lumber
ALBERT
President
Soper
Company.
A.
SPRAGUE,
Chairman
Sprague, Warner & Co.
is
Member Federal Beserve
System
looking for
your
He will not
ad.
see
it
unless you put it in the Classified Department
of the Financial Chronicle
I
Our
Acta
"Identified with Chicago'*
Progress Since 1857"
as.
Executor,
Trustee,
Administrator,
Guardian,
Receiver,
Registrar and
Transfer Agent
Capital and Surplus,
$15,000,000
Classified Department faces the
inside back
cover.
Girard Trust Company
PHILADELPHIA
Chartered
1836
CAPITAL and SURPLUS, $10,000,000
Meseber of Federal Reserve Systea
Interest allowed
on
y
deposits.
E.
B.
Morris, President
[VouTll.
CHRONICLE
THE
XX
©tbibettbs
financial
THE ATCHISON
TOPEKA AND SANTA FE
RAILWAY COMPANY.
New York, December 7, 1920.
Board
The
of Directors
has
declared
a
semi¬
annual
dividend
(being dividend No. 45)
on
PREFERRED STOCK of this Company
the
($2.50)
Block, Maloney
Co
DOLLARS
TWO
of
out
of
AND
FIFTY
CENTS
February
per share,
payable
surplus net income,
1, 1921,
of said
to holders
registered
PREFERRED
STOCK as
on
the
books of the Company at the close of business
December
31,
1920.
Dividend
cheques
will
be mailed
to
holders of PREFERRED
STOCK who file suitable orders therefor at this
on
Members of
office.
C.
COOPER, Assistant Treasurer,
Nassau Street, New York City.
K.
5
NEW
NEW
YORK
COTTON
NEW
YORK
YORK
STOCK
EXCHANGE
EXCHANGE
PRODUCE
CHICAGO
STOCK
BOARD
OF
KANSAS CITY
THE
EXCHANGE
CHICAGO
EXCHANGE
No. 25
TRADE
A
SOUTHERN
RAILWAY COMPANY.
Broad St., New York, Dec.
21, 1920.
quarterly dividend of ONE (1) PER CENT
this day been declared upon the Preferred
Stock of this Company from surplus earnings of
the current fiscal year, payable January 15, 1921,
to stockholders of record at 3:00 o'clock P. M.,
December 31, 1920.
Checks in payment thereof will be mailed to
stockholders at the addresses last furnished the
has
Stocks, Bonds, Cotton, Grain, Provisions
Transfer Agent.
,
ATLANTIC
74 BROADWAY
No.
13 South Street, Baltimore, Maryland, and
upon proper receipt therefor being endorsed upon
each bond.
H. L. BORDEN, Vice-President.
National Bank
New York
governments now offer investment
opportunities, of varied maturities, to
return
CO.
Safe Deposit
9800
PI ^HE external bonds of many foreign
A
RAILROAD
presentation of such bonds at office of
and Trust Company of Baltimore,
upon
'
LINE
Interest of five per centum for fiscal year
ending December 31st, 1920, will be paid upon
the Income Bonds, dated December 12th, 1887,
of Brunswick and Western Railroad Company,
TELEPHONE
RECTOR
NEW YORK
G. C. HAND, Secretary.
COAST
New
high yields.
York, Dec. 21, 1920.
The Board of Directors has
this
day declared a quar¬
dividend of Three
Dollars ($3.00) per share
on the capital stock of this
bank, payable January 3,
1921, to stockholders of
terly
W. A. Harriman & Co.
INCORPORATED
record at the close of busi¬
New York: 25 Broad Street
ness
December
1920.
24,
PHILIP F.
Boston: 60 Federal Street
GRAY,
Cashier.
Syracuse: Onondaga Bank Bldg.
BATTERY
PARK
NATIONAL
BANK OF NEW YORK
Sterling, Francs and Marks
Edward E. Hall & Co.
ARE WORTH
Considerably More ThanExchange Rates
Insurance Brokers
80 MAIDEN
paymen t.
hold notes, book account
or
other receivable payable in
foreign currency communicate
with us immediately.
You
will
be
able
arrangement with
claim is suitable*
you
to
make
us
if
It
will
NEW YORK
LANE
Tel. 4276 John
your
and
Bonds,
Automobile,
policies properly
Liability
written?
Advice given on policy contracts, fire
protection and loss adjustments.
Prompt
coverage
procured
American Gas and
preferred
Electric Company
stock dividend
New York. December 13, 1920.
The regular quarterly dividend of one and one(1H%) on the Issued and outstand¬
ing PREFERRED Capital Stock of American
Gas & Electric Company has been declared for
the quarter ending January 31, 1921, payable
February 1, 1921, to stockholders of record on
the books or the Company at the close of business
January 15,1921.
FRANK B. BALL. Treasurer.
half per cent
H. MERRY, Cashier.
THE SEABOARD NATIONAL BANK
THE
CITY
The
Board
OF
NEW
YORK.
New York, December 16, 1920.
of
Directors
has
declared
the
regular quarterly dividend of three (3) per cent,
payable on January 3, 1921, to stockholders
of record on December 24, 1920.
C. H. MARFIELD,
Cashier.
HANOVER NATIONAL BANK
of the City of New York.
New York, December 17, 1920.
The Board of Directors have this day declared
a dividend of EIGHT PER CENT,
payable on
and after January 3rd, 1921.
The transfer books
will remain closed from December 18th, 1920,
Bttrfbestw
THEISECUR1TIES COMPANY,
Washington, D. C.
A.
THE
cost
DISTRICT NATIONAL BANK BUILDING,
the close of business December
wherever
desired.
an
Foreign Claims Adjustment Syndicate
at
1920.
Fire,
your
nothing to find out.
of record
OF
Are
Holdup
If you
1921, to Stockhold¬
ers
16th,
If owed you on obligations con¬
tracted prior to July, 1919. This
irrespective of date of
December 16, 1920.
The Board of Directors has this day declared
semi-annual dividend of 3% on the Capital
Stock of the Bank and an extra dividend of 3%,
both payable January 3rd,
a
(Established 1866)
24 Broad Street.
New York, December 14th, 1920.
The Board of Directors of THE SECURITIES
COMPANY have this day declared a semi-annual
dividend of two and one-half per cent on the
capital stock of the company, payable January
15th, 1921, to the Stockholders or record at the
close of business on December 31st, 1920.
E. G. WOODLING, Secretary.
THE WESTERN UNION TELEGRAPH CO.
December 14, 1920.
DIVIDEND NO. 207.
A quarterly dividend of ONE AND THREEQUARTERS PER CENT has been declared
upon the Capital Stock of this Company, payable
at the office of the Treasurer on and
15th day of January, 1921,
record at the close of business
after the
until that date.
IMPORTERS & TRADERS NATIONAL
BANK OF NEW YORK.
New York, Dec. 21, 1920.
A dividend of Twelve Per Cent has to-day been
declared by this bank, payable on the 3d day of
January next to stockholders of record at the
close of business December 21st, 1920.
C. F. REGAN, Cashier.
THE
INDIANA & ILLINOIS
COAL CORPORATION.
New York, December 15th, 1920.
The Board of Directors of Indiana <fc Illinois
Corporation has this day declared a dividend
of three and one-half per cent (3H %) on the Pre¬
ferred Stock of the Corporation, for the six months
Coal
to shareholders of period
on the 20th day of
December, 1920.
The Transfer Books will remain open.
G. K. HUNTINGTON, Treasurer.
'
E. CABLE, JR.. Cashier.
_
WM.
ending
December
31st,
1920,
payable
January 15th, 1921, to stockholders of record at
the close of business on January 8th, 1921.
Div¬
idend check will be mailed.
THEODORE C. KELLER. Treasurer,
Due. 25
1920.]
THE
CHRONICLE
jffitancia!
A
5]^% Federal Income Tax Exempt Bond At 100
and Interest
$108,000
Robeson
County, N. C.
Road
Bonds
Principal and interest payable in New York, N. Y.
Coupon bonds of $1,000 denomination
FINANCIAL STATEMENT
Assessed Valuation 1920.
_____$71,385,618
Total Bonded Debt
Rate
Bonded
of
Debt
830,000
less
than
114%
of
Assessed
Population, 1920
Robeson
County,
Valuation
54,674
the 100 counties in North Carolina, ranks
land values, population and assessed valuation.
area,
THIS
ABLE
ISSUE
among
IS PAYABLE
FROM AN UNLIMITED
PROPERTY WITHIN THE
~
TAX UPON ALL TAX¬
COUNTY.
Legal opinion of Messrs. Storey,
'
high in
very
Thorndyke, Palmer & Dodge
"
MATURING
January 1, 1930, 1935 and 1940
R. M. GRANT & CO.
31
Nassau Street,
Boston
While
we
do
not
be
to
correct.
©toftieirtia
NOTICE OF
SKbtoenti*
WESTINGHOUSE
DIVIDEND.
Electric Co.
1632 McCormick
payable Jan. 3 1921 to stock¬
holders of record Dec. 21
Chicago,
A
Bldg.,
COMMON Stock of this
Illinois.
ter
ending December
January 31, 1921.
1920,
At
Stone & Webster, Inc., General Manager
Puget Sound Power & Light Co.
meeting of the Board of Directors
of the Kansas & Gulf Company, held
December 15, 1920, a quarterly divi¬
dend of 3% was declared on its out¬
standing capital stock, payable Janu¬
a
15, 1921, to stockholders of record
31, 1920.
Transfer books
will close December 31, 1920, and re¬
open January 17, 1921.
i
Both
Dividends
A
December
$0.75
quarterly dividend is
payable Jan. 15, 1921, to Stock¬
holders of record Dec. 28, 1920.
Stone & Webster, Inc.,
H.
Boston,
&
CO.,
Mass.
The quarterly dividend of 2% upon the com¬
mon stock of Winnsboro Mills has been declared
payable January 3, 1921, at the office of the
Company, to all holders of record at the close of
business
December
24,
1920.
233
GREENE
January
3,
1921,
quarterly dividend of fifty cents per share on
outstanding capital stock, payable Febru¬
1st, 1921, to stockholders or record at the
close
of
business
January
5th,
1921.
Stock
ary
Henry C. Everett, Jr., Treasurer.
December
of
Directors
P.
DIVIDEND
of
16,
1920
the
NO.
per
cent
(l%%)
Cumulative
pany,
First
and a
dividend of
WARREN
Y.
and three-quarters
one
Per
Centum
of this
Com¬
and one-quarter
per cent (IM%) on the Five Per Centum Cumuative Second Preferred Stock of this Company,
payable December 31,
1920, to stockholders of
record December 16, 1920
H. B. CLEVELAND,
business
of
on
Treasurer.
Board
of
Directors
Corporation
of the
has this
International
declared
day
quarterly dividend of one and one-quarter
(1>2%) per cent on the Preferred Stock of the
Corporation, payable January 15, 1921, to stock¬
holders of record at the close of business Decem¬
ber
31,
The
1920.
transfer
books will not
be
closed
JOHN
J.
WATSON, Jr., Treasurer.
BRAUN Jr.,
Treasurer.
Treasurer.
the
three-quarters
cent
Second Preferred Stock of this
Company have been declared for the quarter
ending December 31st, 1920, payable on Janu¬
ary 3rd, 1921, to Stockholders of record at the
close
on
Fuel
and
Company
The
regular
quarterly
dividend
17, 1920.
of one and
three -quarters per cent (1H%) on the Preferred
Stock of this Company has been declared pay¬
able December 31st,
1920, to stockholders of
record December 16th, 1920
J. A. McKENNA, Secretary.
December
HARRISBURG
16,
1920.
AND
LIGHT
POWER COMPANY.
BROTHERS COMPANY.
PREFERRED DIVIDEND NO. 75.
Dividends of one and one-half
per cent on
First Preferred Stock and one ana
per
Gas
December
Pittsburgh, Pa., Nov. 17, 1920.
G. J.
one
on the
Seven
Preferred stock
close
the
Checks will be mailed.
H. PEPPER,
Houston, Texas.
~
N.
The
Houston
quarterly dividend of
ONE AND THREE-FOURTHS PER CENT
(1ZA %) on the 7% Cumulative Preferred Capital
Stock, has this day been declared, payable Feb¬
ruary 1st,
1921, to stockholders of record Jan¬
uary 1st, 1921.
Cheques will be mailed.
Light and
Railroad Company
Elmira,
at
a
24
A
Elmira Water,
has declared a dividend of
record
Agricultural
SANDS, Treasurer.
DUQUESNE LIGHT CO.
at
of business December 24, 1920.
WINNSBORO MILLS,
Board
of
December 31, 1920.
Managers,
the office of the
Transfer Agents, the New England Trust Co.,
Boston, Mass., to all holders of record at the close
The
Preferred
Common
the
Agricultural
Corporation.
a
Boston, Mass.
The quarterly dividend of 1 % % upon the pre¬
ferred stock of Winnsboro Mills has been declared
payable
holders
quarterly
the
on
on
New York, December 16, 1920.
Broadway, New York, December 15, 1920
C.
CO.,
&
share
19
transfer books do not close.
LOCKWOOD,
share
International
The Board of Directors of the United Verde
Extension Mining Company has this day declared
Office of
paid
dividend of $i.50 per
Stock and
$2.00 per
Stock; also an EXTRA
dividend of $2.00 per share on the Common
Stock, will be paid January 15, 1921, to Stock¬
regular
VERDE EXTENSION
the
WINNSBORO MILLS,
Henry C. Everett, Jr., Treasurer.
quar¬
be
26th St. and 11th Ave., N. Y. O.,
Dec. 21
1920.
A
MINING COMPANY
NO
wil
OTIS ELEVATOR COMPANY
Managers,
DIVIDEND
1920,
are
R.
UNITED
GREENE
MOURER,
President.
Office of
LOCKWOOD,
L.
General Manager
Company for the
31,
payable to Stockholders
of record as of December 31, 1920.
H. F. BAETZ, Treasurer.
New York, December 23, 1920.
ary
Preferred Dividend No. 28
ELECTRIC
& MANUFACTURING COMPANY.
Quarterly Dividend of 2% ($1.00 per share)
on
the PREFERRED Stock of this Company
will be paid January 15, 1921.
f/M
A Dividend of 2% ($1.00 per share) on the
KANSAS & GULF COMPANY
Preferred Dividend No. 29
A $3.00 semi-annual dividend
is
Chicago
guarantee the above statements, we believe them
©ftubenb*
Columbus
New York
St. Louis
the
of business
on
December 24, 1920.
JOHN DEARBORN.
Vice-President & Treasurer.
Harrisburg,
Pa.
The Board of Directors has declared a regular
quarterly dividend of one and one-half per cent
(1H%) on the Preferred Stock of this Company,
payable December 31st, 1920, to stockholders of
record December 16, 1920.
H. W. STONE, Treasurer.
,
For other dividends see
page
2548.
f
ftmmUft
THE CANADIAN BANK
OF COMMERCE
Statement of the result of the business of the Bank
for the year
ending 30th November, 1920
Balanc* at Credit of Profit and Loss Account
brought forward from last
Net Profits for the year ending 30th November,
$1,427,735 40
year
3,306,243 97
after providing for all bad and doubtful debts......
$4,733,979 37
|
This has been appropriated as follows:
Dividends Nos. 132, 133, 134 and 135, at twelve per cent per annum
Bonus of one per cent, payable 1st December
Dominion and Provincial
Written
off
Transferred
Bank
to
Government taxes and tax
Premises..
on
$1,800,000 00
150,000 00
bank-note circulation..:
—..
350,000 00
—
500,000 00
...
150,000 00
1,783,979 37
Fund
Pension
Balance carried forward
*
-
.
$4,733,979 37
GENERAL STATEMENT
30th
NOVEMBER,
1920
LIABILITIES
To the Public—
\
Notes of the Bank in circulation....
$30,716,914 68
Deposits not bearing interest
Deposits bearing interest, including interest accrued to date
$108,813,028 52
285,065,493 05
.
393,878,521 57
792,301 53
—
Balances due
to
other Banks in Canada
Balances due to Banks and
Banking Correspondents elsewhere than in Canada.
10,640,517 53
1,139,853 90
11,204,555 81
Bills
Payable
Acceptances under Letters of Credit
$448,372,665 02
To the Shareholders—
Dividends
3,980 12
Unpaid
Dividend No. 130 and bonus, payable 1st December
Capital Paid up
■..
600,000 00
$15,000,000 00
_
Rest Account
15,000,000 00
Balance of Profits
as
per
Profit and Loss Account
1,783,979 37
31,783,979 37
■
'-V. '
$480,760,624^51
.
ASSETS
Gold and Silver Coin Current
on
hand
$15,992,107 21
...
Gold deposited in Central Gold Reserves
Dominion Notes
6,500,000 00
$22,492,107 21
on
hand..
$35,388,710 25
...
Dominion Notes deposited in Central Gold Reserves
10,000,000 00
45,388,710 25
$67,880,817 46
„
Notes
of other Banks
Cheques
on
$2,482,865 00
other Banks
25,846,697 22
Balances due by other Banks in Canada
Balances due by Banks and Banking Correspondents elsewhere than in Canada..
100 00
11,290,555 29
'
39,620,217 51
Dominion and Provincial Government Securities, not exceeding market value
13,101,656 80
British, Foreign and Colonial Public Securities and Canadian Municipal Securities, not exceeding
market value
|
20,737,620 72
...
Railway and other Bonds, Debentures and Stocks, not exceeding market value
Call and Short Loans (not exceeding 30 days) in Canada on Bonds, Debentures and Stocks
Call and Short Loans (not exceeding 30 days) elsewhere than in Canada
Deposit with the Minister of Finance for the
purposes
6,059,204 45
21,434,844 02
34,274,934 06
908,245 56
of the Circulation Fund
$204,017,440 58
Other Current Loans and Discounts in Canada (less rebate of
interest)
*___
Other Current Loans and Discounts elsewhere than in Canada
(less rebate of interest)
Liabilities of Customers under Letters of Credit, as per contra
231,114,772 74
....
26,863,226 72
11,204,555 81
147,916 91
...
...
Overdue Debts (estimated loss provided for)
Real Estate other than Bank Premises..
Mortgages
on
Real Estate sold by the Bank
514,901 50
....
190,501 63
...
Bank Premises at cost, less amounts written off
Other Assets not included in the
6,617,095 06
90,213 56
foregoing
$480,760,624 51
B.
E.
WALKER
JOHN
AIRD
President
Report of the Auditors
:
/
^
General Manager
to the Shareholders of The Canadian Bank of
Commerce
In accordance with the
provisions of sub-sections 19 and 20 of section 56 of the Bank Act, 1913, we report as follows:
We have audited the above Balance Sheet and compared it with the books and vouchers at Head Office and with
the certified returns from the branches.
quired, and
the
powers
of the opinion
of the Bank.
are
We have obtained
all the information
that the transactions of the Bank which have
and
come
that we have re¬
notice have been within
explanations
under
our
We hare checked the cash, and verified the securities representing the investments of the Bank, at its chief office
and principal branches at a date other than that of the verification at the chief office on the
30th November, 1920, and
found that they were in agreemeut with the entries in the books of the Bank
relating thereto.
a true and correct view of thestateof the
explanations given to us, and as shown by the
In our opinion the Balance Sheet is properly drawn up so as to exhibit
affairs of the Bank according to the best of our information and the
books of the Bank.
T.
HARRY
WEBB,
.
_
C. A.
.
_
_
1
i
Auditors,
JAMES
,
MARWICK,
C. A.
of Marwick, Mitchell & Co
.
Due.
251920.]
THE
TTOl
CHRONICLE
Jftiraittial
New Issue
$10,000,000
Pacific Gas & Electric
Company
First and Refunding Mortgage Gold Bonds
Twenty-Year 7% Series "A"
Dated December 1, 1920
Due December 1, 1940
Interest payable June 1 and December 1 in New York or San Francisco without deduction of the Normal Federal
Income Tax of 2%.
Coupon Bonds in denominations of $500 and $1,000 each, registerable
and interchangeable
Redeemable at the
with fully registered
Bonds in denominations
option of the Company
110 and accrued interest
on or
on any
of $1,000,
to principal only,
interest payment date upon sixty days' prior notice at
before December 1, 1930. and at 105 and accrued interest thereafter.
NATIONAL CITY BANK OF NEW YORK
THE
MERCANTILE
as
$5,000 and $10,000 each.
TRUST
COMPANY
OF
\_
FRANCISCO/Trustees
SAN
Application has been made to the Superintendent of Banks to certify these
Bonds
as
legal investment for savings banks in California.
and Electric Company is
recognized as one of the largest public
service corporations in the United States.
Its
properties extend into thirty-six counties in Cali¬
fornia and serve an estimated population of
1,850,000, including the cities of San Francisco,
Pacific
Coast, which the Company controls
through ownership of the Mt. Shasta Power
Corporation.
This project has an ultimate
capacity of more than 420,000 horsepower, of
which 126,500 is now in process of development.
Hp HE Pacific Gas
-*■
These Bonds, in the opinion of counsel, will
a direct first mortgage on the entire
Oakland and Sacramento.
For
more
of the
constitute
than forty years the electric business
properties of the Mt. Shasta Power Corporation,
a direct mortgage on the entire properties of
the Pacific Gas and Electric Company subject
to prior lien of underlying mortgages.
and
its predecessors has been in
continuous and successful operation and now
contributes more than 60% of the gross earnings,
which for the year endea November 30, 1920,
were over $34,500,000; the gas business has been
continuously and successfully conducted for more
than sixty-five years.
The
Company
or
Net
earnings in each of the past four years have
than double all interest charges.
For
the year ended November 30,1920, net earnings,
which only partially reflect increased gas and
electric rates, were more than 1.95 times annual
interest charges including this new $10,000,000
7% issue.
been
twenty-four hydro¬
plants
having an aggregate capacity of 428,000 horse¬
power, and twenty gas manufacturing plants with
a total daily capacity of 71,600,000 cubic feet.
Company
operates
electric stations and four steam turbine
The mortgage, in addition to providing strong
sinking and maintenance funds, also provides
that additional first and refunding mortgage
bonds may only be issued under conservative
The
be
proceeds from the present financing will
largely devoted to the development of one of
promising hydro-electric projects on the
restrictions.
the most
We
recommend
these
Bonds
Price 99 and accrued interest,
Bonds
are
offered if,
as
for
investment
yielding about 7.10%
and when issued and received by us, subject to all necessary legal proceedings as to
and
Circular
authorization
approval.
giving details of this issue will be sent upon request.
E. H. Rollins & Sons
more
The National City
Company
The above information is derived from official sources or those which we
regard
as
reliable.
We do not guarantee but believe it to be correct.
;v
XXIV
THE
CHRONICLE
[Vol. 111.
JSatrfe Statements
The! Royal Bank of Canada
Fifty-first Annual Statement
NOVEMBER 30,
1920
LIABILITIES
Capital Paid Up.—--
-
Reserve Fund
:
.
...—
Undivided Profits
Dividend No. 133, payable December 1, 1920
Bonus of 2%, payable December 15, 1920
Notes in Circulation—
Deposits
_
_
.....
—
.
—
————
£
....
Due to other Banks
Due to Dominion Government
.......
...
Bills payable
(Acceptances by London Branch)
Acceptances under Letters of Credit
$20,134,010.00
20,134,010.00
558,035.57
585,979.48
402,680.20
41,672,973.74
455,017,387.02
14,965,810.47
19,972,801.38
3,997.678.28
17,228,647.29
$594,670,013.43
ASSETS
Cash
on
Hand and in Banks—......
$147,509,386.19
23,500,000.00
,,
...
Deposit in the Central Gold Reserves
Government and Municipal Securities
Railway and Other Bonds, Debentures and Stocks..
j.
34,208,299.70
16,117,459.49
12,899,573.85
44,962,994.23
Call Loans in Canada
Call Loans elsewhere than in Canada
$279,197,713.46^
Loans and Discounts
Liabilities of Customers under Letters of Credit
Bank Premises
as
..$286,842,000.84
17,228,647.29
9,498,425.46
966,349.43
860,000.00
per contra.
Real Estate other than Bank Premises
Deposit with Dominion Government for Security of Note Circulation.
Other Assets not included in the
foregoing
76,876.95
$594,670,013.43
PROFIT AND LOSS ACCOUNT
Balance of Profit and Loss Account, 29th
November, 1919
$1,096,418.74
Profits for the year, after
deducting charges of management and all
other expenses, accrued interest on
deposits, full provision for all
bad and doubtful debts and rebate of interest on
unmatured bills
4,253,649.24
$5,350,067.98
APPROPRIATED AS FOLLOWS:
Dividends Nos. 130 131,132 and 133 at 12 per cent, per
Bonus of 2 per cent, to Shareholders
Transf<rred to Officers' Pension Fund
annum
,
....
......
...
Written off Bank Premises Account.
War Tax on Bank Note Circulation
Transferred to Reserve Fund
$2,153,159.11
402,680.20
100,000.00
400,000.00
180,295.47
1,567,005.00
....
M
Balance of Profit and Loss carried forward.
546,928.20
$5,350,067.98
RESERVE FUND
Balance at Credit, 29th
November, 1919
Premium on New Capital Stock
$17,000,000.00
1,567,005,00
1,567,005.00
Transferred from Profit and Loss Account..
Balance at Credit, 30th
H.
S.
November, 1920
HOLT,H
$20,134,010.00
EDSON
President.
Montreal, 18th December, 1920.
L.
PEASE,
Managing Director.
C.
E.
NEILL,
General Manager.
AUDITORS' CERTIFICATE
We Report to the Shareholders of the
Royal Bank of Canada:
That in our opinion the transactions of the Bank w hich have
the Bank.
_
That
come
under
our
notice have been within the powers of
have checked the cash and verified the
securities of the Bank at the Chief Office at 30th November,
1920,
well as at another time, as
required by Section 56 of the Bank Act and that we
found they agreed with the entries in the
books mregard thereto.
We also during the year checked
the cash and verified the securities at the
principal branches.
That the above Balance Sheet has been
compared by us with the books at the Chief Office and with the certified
returns from the Branches and in our
opinion is properly drawn up so as to exhibit a
true and correct view of the state of
the Bank s affairs
according to the best of our information and the
explanation given to us and as shown by the books of the
Bank.
we
as
That
we
have obtained all the information and
explanations reouired by us.
JAMES MARWIOK,
C.A.,
S.
x
,
F.
T.
Agency; Corner William
Walker,
I
MITCHELL, C.A.,
of Mar wick, Mitchell and Co.
JAMES G. ROSS, C.A., of P. S. Ross & Sons,
Montreal, Canada, I8th December, 1920.
New York
ROGER
'
^
J.
A.
Beatson,
E.
B.
& Cedar Streets
Mclnerney,
Agents
Auditors,
Dec.
m
CHRONICLE
THE
251920.]
jffnanrial
NEW£ISSUE
$4,000,000
General Asphalt
8% Ten Year Sinking Fund
Dated
December
1,
Convertible Gold Bonds
Due
1920
1931
December 1,
December
Redeemable at v
Principal and interest payable at the office of Bankers Trust Co., New York City.
Interest payable June 1 and
Coupon bonds in $1,000 and $100 denominations, with privilege of registration of principal.
the option of the Company on any interest date on 30 days' published notice in amounts of $500,000
or multiples thereof, at 105 on or before December 1, 1926; at 104 on or before December 1,
1927; at 103 on or before December 1, 1928; at 102 on or before December 1, 1929,
and at 101 thereafter prior to maturity, with accrued interest in each case;
callable for Sinking Fund purposes at the same dates and prices.
,
Bankers Trust Company,
The bonds
Company,
are
The Company agrees
resident in
60 days
New York, Trustee
time after January 1, 1923, into common stock of tl
the option of the Company or for Sinking Fund purposes, coi
date.
convertible at the option of the holder at any
for par.
If bonds are called, either at
be made up to and including redemption
par
version may
-
to pay the
normal Federal Income Tax not to exceed 2% per annum, and to reimburse holde^
assessed in that State, and paid by them, upon request to the Trustee witl
'\- ■
Pennsylvania for the four mills tax
after payment.
From his letter to us dated
December 17, Mr. Arthur W. Sewall,
President of the Company, summarizes as
Asphalt Company, through its subsidiary companies,
asphalt and oil, and the manufacture of a wide range of
The General
BUSINESS:
and sale of
fied production gives it a dependable earning power
industries which are already established and capable
follows:
is engaged in the products
their products. Its diveri
throughout the year and has developed alli<
of great future growth.
includes valuable rights to deposits o asphalt in Trinidad and Venezuela
in the State of Utah; also a well equipped railroad of 68 miles, own<
and operated in connection with the Utah property.
The refineries and manufacturing plan|
are being expanded to care for the increasingly diversified character of the Company's busines
The oil interests, including association with the Royal Dutch-Shell Group in the ownership
petroleum rights on 312,500 acres of land in Venezuela, are considered a valuable asset.
The property
PROPERTY:
under United States patents
BOND
issue of bonds is a direct obligation of the Company, which itself has
No mortgage, by either the Company or its controlled subsidiaries, upon the
respective real estate, plants or physical properties will be created while any of this issue is or
standing, but property may be acquired subject to existing mortgage or purchase money moi
gage not to exceed 75% of fair value of property acquired.
It is intended to apply the
of this issue to the payment of notes payable, to provide working capital and toward the acquis!
tion and retirement of $599,945 New Trinidad Lake Asphalt 6% Debentures, which constitul
the only mortgage indebtedness of any of the subsidiary companies.
The only other funded
of the Company is $1,415,000 unsecured 6% Debentures, due April 1st, 1925.
This $4,000,000
ISSUE:
mortgage debt.
proeeej
def
Consolidated net assets, after completion of this financing, are in excess of $37,000,000,
approximately six times the amount of outstanding obligations, including this issue.
ASSETS:
ending December 31, 1919, average
For five years
EARNINGS:
interest
the Company
exclusive
which sinl
earnings available to meet
sinking fund charges, were 23^ times the amount which will be required to pay
total fixed charges for interest and sinking fund upon completion of this financing,
the sinking fund on the outstanding 6% debentures of General Asphalt Company
fund is 10% of annual net earnings.
Convertible at option of
CONVERTIBILITY:
par
holder after January 1, 1923, into common
stock of the
Companj
par.
of $50CM
December 1, 19^
the premium decreasing 1% annually to 101 in 1930 prior to maturity, with accrued interest
each
$50,000 semi-annual cumulative sinking fund payment, on April 15 and October
of each year, to purchase bonds at less than redemption price, or if not then available, for pi
REDEMPTION:
or
AND
SINKING
for
FUND:
Any or all bonds callable on 30 days' notice on any interest date, in amounts
multiples thereof (except for Sinking Fund purposes) at 105 on or before
case.
ment of bonds
date at current
on
not less than 20 days'
notice at next succeeding
outstanding preferred and common stocks of
including this issue of bonds, is over $13,500,000 as
The market value of the
EQUITY:
by lot
redemption price.
to be called
follow the funded debt,
PRICE, 98V2 and interest,
the Company whij
of December 16.
yielding about 8.20%
DREXEL & CO.
Chestnut and Fifth Streets
PHILADELPHIA
The
information and statistics contained in the above advertisement
from sources that we deem
reliable, and while not guaranteed are
/
mter<
have been obtained
accepted by us as correct.
[Vol. 111.
CHRONICLE
THE
XXVI
jftoantfal
$10,000,000
Kansas City Power and
Light Company
First and Refunding Mortgage Twenty-Year 8%
Dated
December
1,
•
i.v;
.
Gold Bonds, Series A
Due December 1, 1940
1920
•
..
'
•;
-.7,-v.;;-!;1'
"v." •;;...
..
•'
,
Principal and Interest payable in New York or Chicago.
Interest payable semi-annually June 1 and December 1.
Coupon bonds in interchangeable denominations of $1,000. $500 and $100, registerable as to principal, and fully
registered bonds in denominations of $1,000, $5,000, $10,000 and $25,000.
Coupon and registered bonds are
interchangeable.
Redeemable in whole or in part on any interest date on sixty days' notice on or before De¬
cember 1, 1925, at 107K and accrued interest; thereafter and on or before December 1, 1930. at 105 and accrued
interest; thereafter and on or before December 1, 1935, at 102M and accrued interest, and thereafter until maturity
at
Interest
AND
1
payable without deduction of normal Federal Income Tax
deductible
CONTINENTAL
,
and accrued interest.
101
COMMERCIAL
the
at
TRUST
not
source,
AND
SAVINGS
in
of 2%
excess
CHICAGO, CORPORATE TRUSTEE.
BANK,
The issuance of these Bonds has been authorized by
Missouri
Commission of
and
the
Kansas
Court
of
the Public Service
Industrial
Relations
For detailed
President
information regarding these Bonds, attention is directed to a letter of Mr. Joseph F. Porter,
of the Company, copies of which will be furnished upon request, from which the following is summarized:
The Kansas City Power and Light Company
serves
with electric light and
the City of
portion of Kan-
power
Kansas
City, Missouri, and a
City, Kansas, the total population served
being approximately 450,000.
sas
months ended October 31,
were $5,762,844.48 and net
earnings
before
depreciation
$1,975,885.68.
The annual interest requirements on the total
the
For
1920,
gross
mortgage
twelve
earnings
indebtedness
outstanding
in
the
hands of the public,
These Bonds will be secured by a
direct first
the recently completed North-
mortgage lien on
Power Plant,
east
certain substations, trans
mission and distribution
lines, and other
•
prop-
including this issue and
bonds held alive in sink ng fund, amount to
$1,068,038, of which interest $600,000 is attributable to construction expenditures from
which the Company has not yet received full
the aggregate value of these properties
being approximately $10,500,000.
On the re¬
maining property of the Company these Bonds
will be secured by a direct mortgage lien, sub-
benefits,
ject only to underlying First and Second Mort-
months ending December 31, 1920, are estimated at $2,150,000, or over twice the annual
erty;
outstanding, and Will share to
the extent of 60% in the first lien on such property through pledge of $4,617,000 par value of
Kansas City Light & Power Company First
Mortgage Bonds.
gage
Bonds
now
The total value of the Company's properties,
as
recognized by the Public Service Commission
of Missouri for rate
making
purposes,
is in
ex-
of
$22,400,000.
There will be $14,755,500
(including underlying issues) presently
outstanding in the hands of the public.
cess
bonds
Based
upon
results for the first ten months,
net earnings before depreciation for the twelve
interest
requirements
shown
above.
new plant, the above estimate of net
earnings for the year 1920 would be increased
from its
to approximately $2 750,000.
It is expected
that in 1921 practically all current will be
generated at the new power plant,
The
franchise
The Company's new Northeast Power Plant is
one
of the most modern and efficient steam
generating stations in the country and is so
designed that its present installed capacity of
60,000 k. w. may be increased to an ultimate ca¬
pacity of 240,000 k. w.
The
factory.
situation
is
eminently satis-
Company's electric
are,
•
The
Trust
Deed
will
-l
provide for an annual
Maintenance and Depreciation Fund amounting to 12^% if gross earnings, as outlined in
the President's letter.
power
light
and
franchises, both in Missouri and Kansas,
with minor exceptions, perpetual.
heating franchise runs until 1935.
Kansas City, Missouri, has had
a
Steam-
remarkable
growth during the past forty years and is still
rapidly increasing in size and importance.
It
is second among the country's live-stock markets and packing centres, and the third largest
grain market.
Price 100 and Interest,
When, as and if issued and received
for delivery on or about January 3.
During
this period the Company will have produced,
at its new Northeast Power Plant, only about
60% of its power requirements.
Had the Com¬
pany secured its entire output during the year
Yielding 8%
by us and subject to approval of counsel.
It is expected that Bonds in temporary form will be ready
Legal details pertaining to this issue will be passed upon by Messrs. Rushmore, Bisbee & Stern, of
Messrs. Mayer, Meyer, Austrian and Piatt, of Chicago.
New York and by
Continental and Commercial Trust and Savings Bank
Chicago
Guaranty Company of New York
Halsey, Stuart & Co., Inc.
1
We do not guarantee
the statements and figures contained herein, but they
Chicago-New York
are
taken from
sources
which
we
believe to be reliable.
Dec.
the
251920.]
xxvn
chronicle
Jffnancfal
$30,000,000
STANDARD OIL COMPANY OF NEW YORK
7% Serial Gold Debentures
To be
dated
January 2,
Interest payable January 2 and July 2
1921
Total
authorized issue $30,000,000, due in seven annual serial installments, as follows:
$4,000,000 due January 2, 1928
4,000,000
"
"
2, 1929
4,000,000
"
"
2, 1930
$6,000,000 due January 2, 1931
$4,000,000 due January 2, 1925
4,000,000
"
"
2, 1926
4,000,000
"
"
2, 1927
Coupon
Debentures
in
$100 with privilege of
denominations
of $1,000, $500 and
registration as to principal
1925, at 105 and accrued interest; if
redemption, the longest outstanding maturities are to be called first.
Redeemable in whole or in part on any interest date on and after January 2,
less than the entire issue should be called for
Interest payable at the office of The Equitable Trust Company of New York or Blair & Co., Inc., without deduction for any
Income Tax not exceeding 2% in any year which the Company or the Trustee may be required to pay thereon or
retain therefrom under any present or future law of the United States of America.
THE
Mr. H. C.
Federal
EQUITABLE TRUST COMPANY OF NEW YORK, TRUSTEE
Folger, President of the Company, writes under date of December 15, 1920, as follows:
These Debentures will be the direct obligation of the Standard Oil Company ofj-New
"SECURITY:
York and will constitute its sole funded debt.
NET EARNINGS of the
Company
compare as
■■■■•'/ ;
follows:
Before Federal Taxes
Year
After Federal Taxes
$37,401,764
$36,638,495
1917
39,376,043
1918
44,157,080
30,000,672
28,642,387
43,165,109
1916
1919
Net earnings
.
.
.
.
.
.
......
58,330,176
for 1920 before Federal taxes are estimated at $60,000,000.
before taxes for the four years ended December 31, 1919, averaged 20 times the
the new Debentures and for 1919 were nearly 28 times such annual interest.
Net earnings
interest
on
annual
The balance sheet as of June 30th, 1920, shows total net assets of $246,196,981 and net
quick assets of $133,768,112. Adding the proceeds of the new Debentures, the total net assets
exceed nine times these Debentures and the net quick assets alone on this basis exceed five times
ASSETS
:
these Debentures.
nothing for good will and does not reflect the very substantial increase
Company's physical and other properties accruing over a period of years.
The balance sheet includes
in the value of the
The Company has outstanding $75,000,000 capital stock on which dividends of 16% per
being paid.
At present quotations this stock represents an equity of about $250,000,000
ranking junior to these $30,000,000 Debentures.
EQUITY :
annum are
These Debentures are to be issued under an indenture
Equitable Trust Company of New York, as Trustee, providing, in substance, among other
things, that the Company will not create any mortgage oh or pledge of its properties unless these
Debentures shall share equally and ratably in the lien of such mortgage or pledge, but this shall not
apply to purchase money mortgages or pledges of personal property to secure temporary loans in the
usual course of business, and shall not restrict the acquisition of additional property subject to lien
RESTRICTIONS AGAINST MORTGAGE :
with The
or
mortgage.
CURRENT DEVELOPMENTS :
The Company is engaged in adding to its refinery
capacity, marine
equipment, etc., the earning capacity of which expenditures, and of the proceeds of this issue, will
be reflected in the future operation of the Company.
Its capital requirements have been supplied
almost entirely from earnings.
In the five years ended December 31st, 1919, approximately $115,000,000 from surplus earnings have been reinvested in the business".
legal proceedings in connection with the issue, are being passed upon by Messrs. Hsrnblswer,
Garrison and Messrs. Murray, Prentice & Howland, New York.
The
Pending receipt by us of Temporary Debentures, interim receipts may be delivered.
of counsel,
"when, as and if issued and received
Circular
Price
Co.
Blair
100
All offerings are subject to approval
by us".
Request
and accrued interest
The Equitable Trust Co.
OIF NEW YORK
incorporated
Wm.
The statements
on
Miller <k
A.
Read <& Co.
presented above while not guaranteed, have been obtained from sources
All the above Debentures
which we believe to be reliable.
having been sold, this advertisement appears as a matter
of record only.
CHRONICLE
THE
jTfnandal
BUY RESULTS
By Buying the Chicago Tribune
line of
sell goods: make
NOW is the time for advertisers to buy results.
Make every
dollar
to beat
every
expended build sales.
stitutional" and
nated to
copy
"Prestige," "in¬
"general" publicity must be subordi¬
direct action
advertising if 1921
1920 records.
business is
Circulation must be
cold-blooded
basis
times.
ready to have
bought
on
of
price and quick results.
The
Chicago Tribune welcomes the test of these strenuous
It is
in the balance
against
advertiser weigh it
every
other available medium for
any
creating sales.
More
and
advertisers
more
apportioning
are
large blocks of their national appropriations for
commanding campaigns in The Chicago Tribune,
because:
1.
:
The
market
dominated
by
-
.
The
Chicago
Tribune (Illinois, Indiana, Iowa, Michigan and
Wisconsin)
with
twice
the
population
Dominion of Canada is able to
production of
but the
any
consume
very
the
of
the entire
largest
manu¬
facturers.
2.
Prosperity of this market is indicated by the
enormous
and by
crops
a
decrease in business
failures
notwithstanding the contrary
throughout the rest of the country.
3.
Overwhelming
and
800,000
trend
Circulation—450,000
Sunday—reaching
best
Daily
buying
classes in the five States.
4.
Economy—of advertising appropriations be¬
cause
of low cost of space per
and of
line
per
thousand—
merchandising appropriation because of
a
compact territory plus Chicago Tribune Mer¬
chandising Service.
\
The
and
Advertising Managers' Council of the Motor
Accessory Manufacturers' Association re¬
cently
discussed
Turn Our
mediums
the
question
4'How
Can
We
Prestige Advertising Into Cash."
were
considered
but
the-
answer
All
was
NEWSPAPERS.
The
Chicago Tribune
paper,
but it is
a
is
only
not
a
great sectional medium
unique sales-building
powers
in
a
market
news¬
with
that
constitutes one-fifth of the United States.
0fye (Mjxcaqcr Qaxbxxxxe
$jTHE
WORLD'S
Tribune Bldg., Chicago.
CREATEST
NEWSDAPFP
512 Fifth Ave., New York.
Haas Bldg.. Los Angeles.
@FedFRASER