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(jimtmmitt
INCLUDING
Bank &
Quotation Section
Railway & Industrial Section
Electric
Railway Earnings Section
Bankers' Convention Section
State and
VOL. 111.
SATURDAY, DECEMBER 25,1920
Railway Section
City Section
NO. 2896
Week ending December 18.
(SfaxmitXt
Clearings at—
Inc. or
PUBLISHED WEEKLY
Terms of
1920.
$10 00
For Six Months
for
account of
European
advertisements
be
140.000.000
Detroit
135,476,111
33.243,451
remit¬
aaenanca.
must
Cleveland
made
In
New York funds.
Bank
75.703,848'
Milwaukee
Indianapolis
17,599,000
Columbus
16,706,300
15,375,267
4,563,550
5,995,268
4,071,582
Toledo
Subscription includes following Supplements—
Quotation (monthly) Railway & Industrial
(semi-annually)
and
618,225,034.
Cincinnati
7 75
11 50
the fluctuations in th. rates of
subscriptions and
Chicago
0 00
13 50
European Subscription (including postage)
European Subscription six months (including postage)
Canadian Subscription (including
postage)
tances
Railway Earnings (monthly)
Stats and Citt
(semi-annually)
Electric
Railway
(semi-annually)
Bankers' Contention (yearly)
Terms of
Peoria
Grand Rapids...
Dayton
Evansville
Springfield, HI...
45 cents
On request
Chicago Owes—19 South La Salle
Street, Telephone State 5594.
London Office—Edwards &
_
Smith, 1 Drapers' Gardens, E. O.
4,733,166
2,713,079
Fort Wayne
Advertising
Transient display matter per agate line
Contract and Card rates
2,400.000
Youngstown
5,057,271
Akron..
7,546,000
Lexington
1,300,000
Rockford
2,400,0p0
Canton
WILLIAM B.
Front,
Pine
DANA
and
COMPANY, Publisher.,
Depoyster
Streets,
New
5,132,8
Bloomington
Qulncy
York.
1,695,466
1,434,246
1,438,304
1,345,831
2,076,084
1,764,571
....
Springfield, Ohio
Decatur
Published every Saturday morning by WILLIAM B. DANA
COMPANY, Presllent, Jacob Selbert Jr.; Vice-President, Arnold G. Dana; Business
Manager, William
O. Biggs; Secretary, Herbert D. Selbert,
Addresses of all. Office of the Company.
South
Bend
Mansfield
Danville
802,797
Lansing
1,500,000
Lima
CLEARING HOUSE RETURNS.
made up by telegraph, Ac., indicates that the total bank
clearings of ail the clearing houses of the United States for the week ending
to-day
been
$7,249,313,255,
against
Owensboro
812,964
784,780
660,688
669,522
Adrian
196,607
Jacksonville, 111.
The following table,
have
Dec.
1918.
1917.
Subscription—Payable in Advance
for One Year
NOTICE—On
1919.
$9,123,077,271 last week and
$8,008,996,162
the corresponding week last year.
Ann
Arbor
Tot.Mid .West
Clearings—Returns by Telegraph.
Week ending December 25.
Per
1920.
1919.
Cent.
$4,040,194,560
476,528,538
San Francisco..
Los Angeles
Seattle
San
3.000,000
121,177,032
72,883,649
59,066,937
69,609,795
+49.0
Fresno
Lake City.
Portland
Tacoma
Oakland
Diego
Pasadena
4,069,866
5,370,701
*.
+ 8.7
Stockton
6.304,600
+ 26.3
San Jose
2,003,819
1,604,704
Yakima
Reno
$7,249,313,255
$6,504,895,490
1,504,100,672
+ 11.5
$7,249,313,255
$8,008,996,162
—9.5
1,204,769,281
Total all cities, 5 days
All cities, 1 day
+ 19.3
800.000
Long Beach
+8.0
+ 16.1
—40.0
—13 3
—4.0
—3.6
—12.0
—11.6
—24.7
—17.7
+ 18.8
+ 3.8
3,464,423
3,121.825
1,708,248
1,322,807
2,929,981
5,768,000
1,300,000
1,767,270
3,700,000
1,086,412
1,275,000
1,127,338
882.068
1,036.207
1,146,930
—0.9
606,515
—10.4
984,029
1,019,571
—42.4
+ 50.0
858,014
688,589
424,257
+ 18.7
387,855
—56.8
1,731,543
+ 31.1
62,200
113.069
—7.9
906,256,611
802,739,974
12,156,707
22,449,859
+ 0.6
38,101,757
4,612,998
10,566,475
8,355,274
2,733,241
2,141,515
5,822,757
7,150,700
2,387,966
1,828,651
874,429
2,623,660
+ 15.2
4,094,732
1,142,987 Not included
Santa Barbara..
Total
—1.4
+ 22.2
4,419,062
5,231,503
597,9501
725,000
383,115,
1,412,746
930.612
6,169,655
+ 10.0
—7.3
+ 90.0
Sacramento
$5,495,424,272
1,009,471,218
—15.0
—22.7
+9.8
+ 6.9
$6,044,543,974
5,370.047
6,464,796
5,269,393
4,799,226
2,220,829
2,223,805
4,354,331
12,583,000
1,500,000
2,500,000
5,326,988
1,925,349
1,623,615
1,911,003
1.635.116
1,748,370
1.700.117
810,465
1,675,264
1,420,842
523,218
654,938
1,530,500
150,000
27,377,000
26,955,297
+2.3
+ 13.5
Eleven cities, 5 days
Other cities, 5 days
10,567,300
11,020,340
111,849,838
124,806,419
108,663,847
—16.1
11,912,100
11,758,565
5,017,780
5,531,636
4,454,024
3,829,318
2,119,762
1,264,475
3,390,206
5,006,000
1,400,000
2,200,000
2,000,000
1,590.752
1,320.382
1,240,242
1,012,531
1,397,942
1,195,942
34,423,000
177,975,986
1
—19.3
39,679,040
9,468,872
21,088,032
32,757,555
5,328,889
7,900,153
4,747,541
2,015,717
276.156,266
New Orleans.
+ 10.9
19,051,991
133,910.779
127,672,923
Baltimore
12,800,000
15,058,300
58,735,467
27,810,492
+ 60.8
190,268,457
Detroit
15,096,000
—16.2
279,112,546
123,300,000
180,533,154
79,232,156
74,655,206
58,404,179
—2.0
—12.8
St. Louis
Pittsburgh
31,678,992
60,888,000
45,392,415
Kansas City
San Francisco
87,291,119
+ 2.3
200,895,184
38,040,531
12,228,227
23,425,807
43,887,718
5,001,338
12.047,279
Boston
+27.7
+ 1.1
37,422,021
—6.7
97,908,000
414,642,255
Chicago
Philadelphia
Salt
511,130,553
65,388,630
100,551,286
78,189,638
175,100,000
$3,699,918,881
460,330,631
324,834,829
+9.2
+3.5
542,391,663
—5.4
—16.1
166,802,293
145,124,432
32,491,589
17,955,000
1,113,423.643 1,209,044,304
Spokane
New York
661,680,103
80.059,384
Pacific.
+ 4.3
+ 8.4
+ 14.0
—26.2
—7
8,220,893
16,117,268
19,502,074
4 ,090,376
6,523,541'
4,135,3241
2,377,375
1,039,277
3,062,965
2,729,208
—12.2
3,303,946
1,966,781
1,150,000
1,186,634
—8.5
596,563
+ 56.1
1,139,426
748,963
—11.8
—16.1
1,397,374
821,291
500,000
In total
__
428,981,588
+ 2.8
301.593,540
236.448,064
Kansas
180,000.000
248,388,193
—27 5
86,389,104
52,349,292
Omaha
Total all cities for week
441,056,877
199,429,368
56,022,952
56,744,435
20,770,758
19,271,924
18,366,419
9,211,876
190,232,073
37,111,282
43,100,468
18,126,611
19,198,584
15,879,738
8,712,133
7,623,864
7,825,426
7,461,839
4,124,937
3.327.483
2,021,704
2,100,000
City
Mlnneapolls.
Denver
43,517,285
46,408,728
22,929,432
at noon on
St.
12,882,015
all cases
Des
The full details of the week covered by the above will be
given next Saturday.
them to-day, clearings being made up by the
We cannot furnish
clearing houses
Saturday, and hence in the above the last day of the week has to be in
estimated, as we go to press Friday night.
St.
Paul
...
Joseph
ending December 18.
Inc.
$
New
York
1919.
%
Pittsburgh
...
Topeka
or
Dec.
1918.
1917.
%
$
$
Cedar Rapids
2,838,140
1.982.001
3,000,000
1,915,105
979,725
900,335
1,613,032
1,555,159
...
Fargo
Helena
5,081,133,326 5,875,331,327
535,168.264
556,414,546
199,781,572
198,128,819
97,731.496
104,613,921
Philadelphia
13,324,289
4,043,051
Lincoln..;
Clearings at—
1920.
9,222,911
6.500.000
10.951,464
Duluth
Week
Moines
Sioux City.
Wichita
Detailed figures for the week ending Dec. 18 show:
—13.5 3,960,308,340 3,459,327,197
—3.8
426,194,441
386,407,885
Colorado
Springs
Pueblo
+ 0.8
140,379,109
85,367,207
49,769,072
—5.3
88,896,747
26,099,076
Albany
4,631,622
Fremont
5,370,696
—13.8
4,402,877
47,119,360
18,595,314
5,227,802
18,938,971
19,045,657
—0.6
18,369,649
12,250,000
Washington.
Rochester
12,509,812
13,121,567
—4.7
4,789.250
+ 9.2
Syracuse..——--
5,230,569
4,442,226
4,385,892
+1.3
3,108,837
3,827,596
—6.7
2,462,722
2,440,890
—16.9
3,967,297
3,427,067
Scranton
Reading
2,900,000
Wilmington
3,179,684
Wllkes-Barre
2,746,043
5,501,391
Wheeling
Trenton
10,035,400
4,327,558
4,817,292
7,466,848
4,107,419
4,511,144
2,783,140
6,184,573
3,943,453
—1.3
2,289,181
2,012,862
—11.0
4,200,829
+ 20.1
3,699,000
3.652,084
1,587,493
—2.9
2,531,856
+ 11.3
1,300.000
1,350,200
1,604,728
+ 19.3
—12.8
2,777,708
1,104.936
2,229,266
1,100.000
844,900
1,641,297
Altoona
4,734,240
1,541,614
2,826,091
1,550,761
1,234,500
1,398,462
1,110,514
926,422
+ 19.9
810,319
Lancaster
2,479.328
2,418,735
+ 2.5
1,949,565
2,229,156
650,000
595,230
+ 9.2
760,513
807,628
....
York
Erie
Greensburg
Binghamton-.-.Chester
...
—8.6
1,296,970
1,992,148
1,000,000
975,000
1,153,383
Billings
Hastings. ^
Total oth. West
St. Louis
1,517,058
647,627
645,054
—20.6
1,719,564
1,432,042
—26.4
817,690
725,758
—7.3
576,066
500,000
488,546,044
—7.2
437,844,471
376,018,356
162,487,824
—20.9
1,445,914
—14.1
165,852,608
187,463.319
—11.5
174,144,164
56,509,480
31,684,394
88,852,195
19,128,037
—36.4
64.449,653
66,623,899
Louisville
+ 65.6
22.236,151
Houston
26,071,424
32,939,536
—20.9
24,042,161
17,713,126
10,058,333
8,120,605
83,047,546
91,389,841
—28.7
Atlanta
59,230,915
66,480,626
Memphis
21,268,316
36,193,825
—41.6
Fort
Savannah
16,292,285
6,865,595
—62.5
Nashville
21,923,491
25,991,175
18,331,495
25,697,893
Norfolk
14,864,373
21,272,799
5,529,651
New
Orleans
Galveston
...
Richmond
Worth
+23.9
—38.2
—37.7
—14.7
Bethlehem
3,667,719 Not included
In total
Little Rock
Huntington
2,000,000 Not Included
In total
Jacksonville .1
11,700,000
11,419,234
+2.5
6,000,000
7,000.000
—14.3
3,200,000
5,100,000
2,440,735
3,587,439
13,939,157
8,000,000
—37.2
Montclair—_—
Total Middle
6,038,577,966 6,863,133,010
-
396,276,451
488,212,953
—18.8
350,861,229
284,638,076
13,982,600
Boston
—12.0
—19.7
12,161,000
12,506,400
7,180,536
4,766,895
4,449,481
2,500,000
17,418,200
9,131,339
6,227,042
5,223.558
2,400,000
Worcester
5,146,772
5,113,038
+ 0.6
Fall River
1,791,387
1,802,586
1,255,831
3,273,097
—45.3
2,497,746
1,294,452
—27.8
900,000
800,000
+ 12.5
Providence
Hartford
New Haven.
—
—
Springfield
Portland
-
New Bedford
Lowell
Holyoke
Bangor.-.Stamford
...
10,614,334
5,649,363
5.235,991
—9.3
7,417,199
5,554,089
+ 0.2
4,151,870
+4.2
2,450,000
3,588,248
—3.1
2,067,148
1,662,532
1,193,651
750,000
657,642
—17.8
392.514,608
542,407,879
Birmingham
Augusta
Chattanooga
Charleston
.'
Mobile
816,454
+ 25.6
925.000
2,524,131 Not included In total
Total New Eng *446,080.318
+ 16.2
4,719,969,022 4,055,766,364
2,500,000
3,904,777
2,679,924
2,135,247
1,150,000
763,849
879,576
2,257,937
Knoxville
3,200,000
Oklahoma
Macon
25,660,005
5,200,000
Austin
1,481,551
Vicksburg
Jackson
Muskogee
Tulsa
Dallas...
...
Shreveport
Total
Southern
355,744
763,019
4,427,966
14,128,392
33.256,014
4,207,021
630,705,348
14,443,615
2,000,000
496,640
815,555
4,160,987
12,017,407
8,010.755
62,045,108
65,200,975
23,330,371
14,529,469
9,509,981
16,916,640
14,000,000]
7,500,000
40,838,551
56,947,281
15,056,207 |
16,863,3971
9,741,897
13.437,212
—38.5
9,503,682
6,959,210
—9.3
118,706,572
5,125,668
6,530,090
8,293,921
4,759,281
4,329,472
5,549,650
4,823,971
4,745,095
—52.9
—20.2
—7.4
—10 8
+ 84.1
—35.0
—25.9
—28.4
—6.4
+ 6.4
5,454,254
3,756,671
1,498.483
2,616,090
8,761,194
2,100.000
2,700,000
564,015
658,174
3,203,374
4,051,273
1,487,778
2,239,340
9,982,589
2,200,000
3,000,000
484,482
692,178
3,321,479
7,886,827
43,832,418
—24.1
—23.0
9,355,992
21,000.000
2,800,000
23,450,696
5,463,374
793,538,851
—'20 6
592,520,483
508,846,090
+ 17.6
3,150,350
9,123.077,271 10324651 695
-11 6 7,350,698,735
6,307,343,609
OutsideN. Y_. 4,041,943.945 4,449,320,369
—9 2 3,390,390,395
2,848,016,412
Total all
327,564,761
807,614
772,155
2,150,487
1,138,673
1,393,098
2,039,947
1,810,418
9,135,514
19,286,038
2,606,088
11,532,592
700,000
2,284,429
763,127
766,207
453,233,114
Aberdeen
—6.6
47,157.480
Baltimore
9,738,752
9,066,000
16,407,362
4,021,390
2,979,133
2.194,254
3,572,661
2,400,511
1,205,956
476,556
598,286
Waterloo
Buffalo
+45.6
56,935,647 —21.8
21,874,148 + 112.2
+ 0.2
22,887,245
16,414,462 —21.6
11,461,088 —19.5
10,297,931 —36.9
13,661,418 —19.8
7,980,376
+ 66.9
5,172,649 —21.8
3,597,649 —21.1
2,512,847 —21.1
3,500,000 —14.3
2,832,196 —32.4
—6.9
1,051,315
—7.1
969,484
THE
2452
convertible 8%
City Power &
Light Co. first and refunding mtge. 20-year 8% gold
bonds; the $10,000,000 Pacific Gas & Electric Co. of
Pasco
STATE AND CITY SECTION.
A
number of
new
Copper Corporation 10-year
gold bonds; the $10,000,000 Kansas
"State and City Section,"
our
revised to date, appears to-day,
[Vol. 111.
CHRONICLE
and all readers of
the paper
the
mtge. 20-year gold bonds;
San Francisco 1st and ref.
of it.
who are subscribers should receive a copy
As previously announced, this Supplement is
16,500,000 Riordon & Co., Ltd., Montreal, 20-year
the $4,000,of the Gen¬
eral Asphalt Co.; the $5,000,000 1st ref. mtge. s. f.
7%% gold bonds of the Consolidated Gas Electric
Light & Power Co. of Baltimore; and the $5,000,000
8% 12-year s. f. gold notes of the Beaver Board Com¬
demand for additional space has become too heavy panies.
Every class of corporation is here repre¬
sented, and every form of human endeavor, and the
to satisfy within the limits of a single number.
same thing is happening week after week.
Yet the
TEE FINANCIAL SITUATION.
appeal is not in vain, either when to financial in¬
now
sinking fund 1st and ref. 8% gold bonds;
New
000
printed in two parts, Part One containing the
England, Central and Middle States, having
been issued last July, while Part Two, embracing the
rest of the country, appears to-day.
The change is
due to the fact that with the growth and multipli¬
cation of the municipalities of the United States the
liquidation in securities
There has been further
Exchange this week, with new low
the Stock
on
in many directions, and in Wall
of prices
levels
agricultural, and manufacturing
districts, Christmas is shrouded in gloom. It does
not tend to dispel the gloom to be told that we are
merely passing through a period of adjustment and
Street, as in the
deflation and that after the process
has been com¬
pleted all will be well. This week the selling has
been what is
familiarly called "urgent," which
■
means
that groups
of unfortunate speculators have
respond to the demands of the money¬
been unable to
lenders for additional
margins, and hence have been
8% 10-year sinking fund gold bonds
terests
of the process.
in the
may
suffer
application
The banks cannot run any chances
matter, and their first duty is to themselves;
that is in¬
shrinking away into hiding.
Nov., 1920, as represented by value,
while of com¬
paratively full volume, was nevertheless sfhaller
than in October and less than for the corresponding
period of the preceding year.
Contrasted with any
prior to November, 1919, however (only ex¬
months
cepting the unprecedentedly heavy total of June of
that
perchance
To be
the future.
foreign export trade of the United States for
The
less
financial extinction as a result of the
So long as this keeps up, no
merely of the scarcity of investment capital,
not of its
sold for what it would
how it would leave those who
to investors.
the rates of interest are high, but
sure,
dicative
unceremoniously closed out.
Their stuff has been
fetch, without regard as to
or
need be too solicitous about
one
year) the current aggregate registers a more or
Coincidently
increase.
important
with the
decline
drop in exports there was a further small
in the
imports, the November inflow of
merchandise
having been the smallest of any month since Au¬
For the calendar year to date, both the
gust, 1919.
history,
obviously, too, they must always proceed in protec¬
tion of the vast interests consigned to their care.
exports and imports are the heaviest in our
but
as
In these circumstances the
the
greater in 1920 the favorable balance in our
stocks and bonds
ord
an
elves.
prices recorded for the
especially affected no longer af-
index to the value of the
They
properties them-
one
is familiar with the maxim that Wall
treet and the financial markets
he future.
ust be
But
always discount
obviously the maxim, while true,
accepted with qualifications, and never too
In the present instance, if the
place is any
iterally applied.
jctent of the declines which have taken
dication of the
he
depth of the depression in store for
country, then hard times are ahead.
that the selling is forced,
owever,
alue of any
The fact,
impairs the
One other considera-
such inferences.
'on must be borne in mind
on
resent decline is unlike any
this occasion.
The
other decline of equal
agnitude of which there is any record in Stock
We have reference to the cir-
xchange annals.
umstance that among
sts the
substantial financial inter-
atmosphere remains entirely serene. No loss
f confidence in the future is
In illustration
oan
flotations
we
are
would
anywhere in evidence.
point to the fact that
happening in the security markets.
hese
loan flotations
otherwise they
inuous
new
proceeding in utter disregard
f what is
new
are
proving
would not be kept
procession week
And
a success,
up
after week.
in
too
a con-
Note the
offering last week of $25,000,000 Standard Oil Comany
(of California) 10-year, 7% gold debentures,
and the
theless
offering the present week
of |30,000,000
considerably smaller than a year ago.
The value of the merchandise
ber
of those identified with them.
Every
foreign trade, although exceedingly heavy, is never¬
indicative only of the necessities
are
expansion in the latter has been much
the
was
exports for Novem¬
$675,000,000; for the five months since July
1 the total reaches over
3,250 millions and for the
eleven months of the calendar year
$7,507,323,420.
Comparison is with $740,013,585 and 3,181 millions,
and
$7,239,013,585 respectively, in 1919, and with
522% millions, 2,609 millions and $5,583,201,433 in
1918, while in 1913, the year prior to the breaking
out of the war in
245
While
many
crease
for the
the most
in
Europe, the aggregates were but
1,085
millions,
millions
and
2,251
millions.
commodities share in the export in¬
elapsed portion of the current year,
noteworthy gains
over
1919
are
observable
coal, cotton and manufactures, mineral oils, auto¬
mobiles,
cars,
etc., and
Notable losses
and
are
to be
wood
and
manufactures.
found, however, in meat
dairy products and leather.
Imports for the month were moderately under
those of October and reached
$321,000,000 against
$424,810,272 in 1919 and $251,008,037 in 1918, with
the five months'
lions and
months
lions.
aggregates 2,068 millions, 1,913 mil¬
1,274 millions, and those for the eleven
5,013 millions, 3,523 millions and 2,820 mil¬
It is
worthy of mention, as showing the wide
disparity in the growth of the import and export to¬
tals in
1920, that against a gain over 1919 in the
former of nearly
latter
rose
1,500 millions, or close to 43%, the
only 268 millions, or less than 3%%.
7% debentures by the Standard Oil Company of
Expansion has been quite the rule this year in the
York; also the offering of f8,000,000 Cerro de
leading articles of import, and the increases have
ew
Die.
251920.]
THE
CHRONICLE
been
especially heavy in sugar, cotton and manufac¬
tures, chemicals, rubber, fibres and manufactures
and wood and manufactures.
of exports for November, 1920,
$354,000,000 is nearly 39 million dollars greater
than in the
same
mogth
balance
The five months'
1,335 millions
and two years ago,
one
and for the eleven months at
is
export
is, however, only 1,182 millions against 1,268
millions and
ance
and compares
a year ago,
with 271 millions in 1918.
gold in November, al¬
at the
was
good volume, and with the outflow
moderate the net inflow reached
lion dollars.
The
imports
were
little
a
o^er
37 mil¬
$56,884,786, of which
$46,684,350 arrived from England, $3,184,654 from
France, $1,006,222
from- Canada,
from South America.
taled
,
only $19,869,757, of which
1920 there
a
was
net outflow of
balance of
$3,022,556
less than $18,-
no
For the eleven months of
net inflow of
a
and
Against this the exports to*
512,851 went to Japan.
not
are
that the
short time.
on
$67,270,613, against
$258,308,299 in 1919 and
$20,787,234 in 1918.
an
import
yarn,
but all mills
ar<
He intimates, moreover
stock-taking announcements at the end
December will be
time back
less
ol
som<
companies will have to
and most
satisfactory than for
conn
down to smaller dividends.
The first
close
a
Assembly of the League of Nations
week ago
a
cam<
to-day. The New York "Times'
correspondent at Geneva, in his account of Friday'i
session and
in
forecasting the termination of th<
gathering, declared that the end
the
blast."
He added that "most of the
going
aftet the final session
away
bued with
body of the League,
certainly doesn't
Press
delegates
occupy
a
now."
Assembly
position whicl
In
an
Associate(
dispatch early last Saturday morning it
stated
that
"certain
tional relations
questions
ar<
to-morrow im
determination to make the
a
the supreme
it
coming witl
was
quarrel with the Council of the League "in ful
affecting
wai
interna
coming within the jurisdiction
o
League of Nations have been reserved by Chin*
month of the
for
a
and, in fact, the leanest monthly total since
the
the smallest of
were
any
the Pittman Act the United States is
obliged to
pay
more
of
price has been ruling 20 cents to 40 cents less
weeks.
Announcement
to China
ber, 1921.
Japan.
half that for the
India
the other
on
tle heavier than in
America
months'
total
for
the
eleven
over
period in 1919, when demand for
insatiable.
seemed
month,
The
at $107,535,304, is not much
moreover,
The
imports
hand, at $5,025,420,
for
such period.
back five
years—to
The net silver
ex¬
year
We should have to
1915—for
a
smaller
go
eleven
months net efflux of the white metal.
months
more
correctly speaking, in
ending Nov. 30—the
era
the twelve
of greatest prosper¬
ity in their history, according to
an
was
analysis of the
M. Hymans, President of the Assembly
League
a
living, working organization.
The New York "Times"
ever,
of the
fight between the Assembly and Council
which will be the
in nearly
power
admission
of
members,
He
made
admission is
the
further
From data
by 100 corporations running 10,025,756
close to one-fifth of the total spindleage
of Great
Britain, he figures out
29.47%
on
the share
capital,
next
meeting, with
the Council's
an average
dividend
this covering
aggre¬
ferred to above compares
when
the
The dividend rate
with 21% in 1919, previous
the most prosperous
average
distribution
was
year was
a
1907,
little under
16%.. The record payments were made possible,
at Fall
as
River, by the highly lucrative operations of
early part of the year.
had to any
recent
re¬
In truth, if dividends
appreciable extent been dependent
business, they would have been much
tracted.
On this
that, whereas the
year
"th
now
o
and th
to
cli]
change the
presen
much to alienate th
sympathy of the smaller nations."
The represents
Geneva, in discuss
ing the differences between the Council and the As
sembly
the question of mandates, said that "'
over
Council
from the action taken here that the tw
of
Allied
the
Supreme
Council
and
th
League of Nations—approved th
Pacific and African mandates created
of Versailles and
by the Trea
put them into effect, thus mai
taining the position taken by the League Counc
that
these
mandates
are
none
of
the
Assembly
business, although the understanding of every nin
out of ten nations
belonging to the League is that th
Assembly is the final authority."
con¬
phase of the subject, Mr. Tatter¬
sall remarks in effect
upon
can
so
tive of the New York "Herald" at
Councils—the
companies distributed in bonuses
that
He further said that "onl;
public opinion
which 13
to which year
monej
intended
amendments
wings."
appears
£241,927 out of the profits.
coi
privately made that the amendment
gate payment to stockholders of £2,263,899, besides
of the
of
assertion
the commission will be loaded between
arrangement, which does
or
the
as
matter, except th
every
appropriation
the force of
spindles,
t
Assembly lost." The correspond
explained that "the Council stands
trolling
as
controlling body in the League.
He added that "the
ent
representative asserted, how
that "the last day's session marked the clima
reports of Lancashire companies made by Frederick
furnished
a
closing session, "made congratulatory speeches
W.
Tattersall, of Manchester, England.
made that the next Ag
the first Monday of Septem
making speeches and the passing of pious resolu
English cotton spinning companies enjoyed in
1920—or,
on
Motta, President of the Swiss Republic,
tions."
The
to-night
made the
only $24,100,905, against $128,701,054 in 1919,
$137,494,834 in 1918.
ago
stating that the work done by the Assembly ha(
The eleven
ports for the eleven months of the current
were
week
a
lit¬
aggregate stands at $83,434,399, and this is
the heaviest for any
held
the
were a
October, with Mexico and South
by far the chief contributes.
and M.
the
was
Assembly had been at work in Geneva for fiv
sembly will begin
months,
Assembly of th
or
;.v'^
The final session
-ounce—reaching only $3,143,876, and going mainly
and
Council
the
League."
The
per
opportune occasion for bringing them t<
attention
$1 per ounce for domestic silver, whereas the foreign
the
nov
the
April, 1905—reflecting in this the fact that under
of
spring and
Silver exports for
November
year,
and
height, business hai
only having much difficulty ii
disposing of the production of
to
much below that of October,
time of
same
its
at
$2,494,205,488 the bal¬
1919 and 267 millions below 1918.
The inward movement of
boom
trade
decided decline since the
a
operating
1,221 millions under that for the period in
though
the
spinners
The net balance
of
with
shown
2453
opened
The Second Financial Conference, which has bee
in session in
Brussels, adjourned last Thursday f
THE
2454
dispatch several
In an Associated Press
hristmas.
before the statement was made that "progress
ince the beginning of the Second Financial Confernee has encouraged the Allied delegates to believe
ays
hat when the conference
adjourns on Thursday for
them and
hristmas the minor differences between
Jso that the belief
It was said
disappeared."
he Germans will have
prevailed in conference circles
"by that time the Allied delegates will have a
air estimate of what concessions it will be necessary
hat
make
o
that Germany will be strong
so
hat "both sides continue to
be conciliatory, and the
will reconvene on Jan. 10
act that the conference
considered as a hopeful
s
enough to
The further statement was made
reparations."
ay
In another
augury."
dispatch the belief was expressed that "a
russels
efinite reply to
<ession, after the reports of the delegates have been
pproved by their Governments and the Allied views
armonized." Attention was called to the fact that
relief under the
'the demands of the Germans for
Treaty now are fairly definite.
ersailles
during the coming year, in
arks for food purposes
Spa coal agree-
ddition to the allowances under the
The German delegates
ent."
han
aw
asserted that "more
3,000,000,000 marks additional are needed for
materials." Among the other requests made by
hem
the following:
were
That no further shipping
surrendered and that some
e
They
they be enabled to obtain three billion gold
sk that
Germany; that the liquidation
ands be returned to
f German
already in Allied
property abroad cease and the remain-
property, as well as the equivalent of property
ng
lready sold, be made available to Germany in some
that the Germans be given authority to make
orm;
delegates, in asking for these modifi-
ations, declared that the granting of them "would
to the
e
advantage of the Allies, as it would enable
iermany to pay higher reparations and save her
In still another
economic ruin."
rom
russels it
avorable
In
centre
dispatch from
an
upon
cablegram from
Thursday morning the statement was
phase of
he Second Financial Conference to discuss German
eparations, the delegates apparently had a
Germany's ability to
the Allies must
ance
emands."
ft
It
w^as
pay
give Germany to meet their
noted that the German delegates
delegation had
esday afternoon
bout
an
gpod
and of the assis-
early Wednesday afternoon for Berlin.
llied
a
for
further conference
the
purpose
of
on
The
Wed-
"bringing
agreement in their reports to their respec-
ive Governments."
Some of them left Wednesday
ight and others Thursday.
It
was
stated also that
'the Germans seemed satisfied that the Allies wiU
ct
y
s
favorably with respect to the assistance required
Germany." Tt
feeling
a
any
nd
ing.
were
The people seemed delirious with joy. There
no untoward incidents."
The Associated Press
"the crowd
Stadium
greatest enthusiasm, frequently breaking
correspondent in his account said that
along the route from the station to the
evinced the
out of bounds and
rushing
and kissing the har¬
up
drawing the royal equipage."
horses
the
of
ness
Soon after his arrival an elaborate
service was held
Cathedral, in which it was stated that all the
in the
One correspondent
bishops in the city participated.
especiaUy that "no Foreign Ministers were
noted
present during the welcoming ceremonies."
In
a
message
to the Greek people, King Constan¬
tine, the following day, declared that "he would
devote every
effort to strengthening his country's
He added that "my life
relations with the Allies."
henceforth will be dedicated
to
myself
showing
worthy of the Hellenic people, my devotion to their
I shaH devote by efforts to
our gallant ally, Ser¬
rights and interests.
consolidate the bonds with
bia."
In
HeHenic
closing his address he shouted, "Vive the
It was said that the British,
city would not
people."
French and Italian Ministers in the
attempt relations with the new ruler.
On
Tuesday Premier Rhallis tendered the resig¬
nation of the Greek Cabinet to the
King, but was re¬
quested by the latter to "remain in office until Par¬
liament
begins its session."
In
Associated Press
an
dispatch from Athens Wednesday morning it was
stated that "Earl
Granville, the British Minister,
visited Premier Rhallis last
remain in
Greek
night and said he would
Athens, but would not come into direct
A report came from
morning
capital yesterday
Rhallis has definitely tendered
British Naval Mission
Cordon of the
the
"Premier
that
his resignation
result of the refusal of Admiral
said furthermore that "there
the AUied delegates that Ger-
was
among
In what
the Allied delegates at
Associated Press
ade that "at the conclusion of the first
dea of
Royal Palace amid continuous cheer¬
ceeded to the
as a
Kelly, head of the
here, to accept the Grand
Royal Order of the Saviour."
said that "the Germans had made a
impression
russels."
hat
was
It was said also that "His Majesty pro¬
long exile."
contact with Constantine."
avorable commercial treaties.
The German
"Times," "great crowds assembled in the
welcome Mm back to his capital after his
York
streets to
the German requests for conces-
probably will be given only at the January
ions
[Vol. 111.
CHRONICLE
should be allowed to retain some shipping,
hope is expressed in some quarters that German
roperty in the United States may be made avail-
an
official statement,
prepared for the New York
"Herald," "the situation in Austria is improving in
some
respects, but, taken
quieting than it
was
a
as a
of
year ago,
food,
want.
It
more
a
But
exchange rate
supply is larger than it
considerable supplies
are
third of the fuel and
prices
on
raw
materials
than doubled and the
are more
the Austrian
ing that of the Russian ruble."
crown
is approach¬
The statement con¬
tained the further assertion that "last month
Austrian Government contributed
a
dis¬
added
was
materials and manufactured goods. We
raw
have about
we
and there
whole, is
ago."
year
that "this December the coal
was a
32,000,000
the
crowns
day to cheapen bread and flour rationed to the
population."
It
was
explained that "this sum does
not include the State's
condensed milk.
purchases of fats, sugar and
Without this contribution
a
jority of the population would be abandoned to
ma¬
un¬
speakable misery, for they are hardly able to pay
these
artificially low prices."
According to the
statement, "in the budget the entire deficit origi¬
nally
ble for credits."
purported to be
and said to have been
was
estimated at half
a
billion crowns, but
when the Finance Minister made his last announce¬
King Constantine
erne
o
a
arrived in Athens from Lu-
shortly before noon last Sunday.
According
special cablegram from that centre to the New
ment he said it had
although the State's
in the
already gone to 25,000,000,000,
revenues
foregoing year."
had increased 228%
FinaUy the assertion was
Dec.
251920.]
THE
made that "the time is
will accept
Austrian
coming when
no one
CHRONICLE
abroad
in payment of debts.
crowns
The circulation of
paper crowns
is already expected
to be more than
crowns
31,000,000,000
by the end
of this month."
him
could
assertion
2455
be
was
found.
In
London
a
would be liable to immediate
offense, if he
dispatch the
made that the Sinn Fein
arrest,
to land in
were
could not be found
President
on a
technical
British port.
a
He
the steamer when it reached
on
Southampton.
In some
The assertion
respects political conditions in Ireland
have been
quieter.
In various centres there have
been rather serious disturbances.
A somewhat
ex¬
that
rumors
tensive correspondence was carried on between Pre¬
off."
mier
has been
Lloyd George and the Rev. Michael O'FlannaVice-President of the Sinn Fein, "in
gan,
to
secure
Fein
truce
a
organization."
of his
messages
the
between
only
England and the Sinn
was
by "direct
nego¬
tiations with the official head of the Irish nation—
President
de
munication
Valera."
In
his
reply to that
good will which
invoked by beginning this correspondence." Re¬
plying, Father O'Flannagan said in part: "I
that two
things
the
desirable—first
for peace,
Government to
Irish
people."
lent reaction.
the
be
set aside
Continuing, he said, "Sinn
of
organized body of
any man or any
prevent these reactions.
only
though I
I have suggested
in which I believe reconciliation to
way
I have not thereby closed the door,
possible.
have discovered
may
it
closed
when
I
thought to have found it open."
British
military forces
the Arran
Islands
Feiners who
were
series of
a
which
and
were
"two
on
said to have raided
were
Tuesday in search of Sinn
hiding there.
There
clashes, according to the advices, in
fugitives
It became known
were
killed, three wounded,
In later advices these figures
through dispatches from Lon¬
don that the Irish Home Rule Bill would be
the statute books within
upon
the15 final
that
form
The
King, in the
night,
the
on
soon
•
of his speech Thursday
course
occasion
of
proroguing Parlia¬
ment, made the following references to Ireland: "It
is my most earnest
hope that all sections of the
ple of Ireland will insist upon
tional
methods, which alone
peo¬
return to constitu¬
a
put
can
an
end to the
terrible events which threaten ruin to that
country,
and make possible reconciliation
and a
lasting
peace."
Referring to the
Bill, the King said:
the fruit of
of the Home Rule
"I sincerely hope that this act,
than
more
passage
thirty
of ceaseless
years
con¬
troversy, will finally bring about unity and friend¬
ship between all the peoples of my kingdom."
Paris advices have indicated that the French Pre¬
mier, M. Leygues and his Cabinet
are
having
a
rather
difficult time because of the attacks made
upon
them
by opponents who have intimated at least that the
Ministry would finally make
compromise with
a
Germany regarding the question of reparation. One
such
attack
the
made
was
After
a
was
supposed to have done,
the Government
was
cast in favor and
istry.
the Cabinet about
upon
rather long and heated debate
charge that Germany
was
a
taken.
given.
a
on
not disarming as she
vote of confidence in
There
were
493 votes
only 65 against the Leygues Min¬
On Wednesday another vote of 472 to 60
was
.j
Lords, after
would
lacked
to become
law.
a
show
are
was
fields.
a
It
also noted that the
was
brief debate, agreed to all
by the Commons."
only the signature of the King
According to
a
London dispatch,
situation in France is
as
it is all
over
attracting much
the world.
The British
charged with determined efforts to get control of
all the
the amendments made to the bill
measure
It
few days.
attention,
only slight
the House of Commons."
"House of
a
The oil
placed
shape in which it first left
amendments "from the
The
negotiations will
changed slightly.
were
said
the other hand, "that there
resumed, with good prospects of success."
week ago.
believed to be
captured."
seven
on
hitch in the pehce discussions, and
a
the belief is expressed that the
be
cablegram,
truth in the
negotiations* have been broken
peace
asserted,
only
no
The vio¬
it have inevitably led to vio¬
While the attacks continue it is not
in the power
to
or
peaceful political organization.
a
lent attacks made upon
men
it is only necessary
to violate
cease
agree
and then
peace
constitution by your attack on the liberty
your own
Fein is
are
As
reconciliation.
for your
of
com¬
Lloyd George said that "this attitude
closes the door to those counsels of
you
was
Dublin
a
22, that "there is
Father O'Flannagan, in one
to the Prime Minister, declared that
to reconciliation
way
effort
an
It
made in
was
under date of Dec.
important oil deposits in the principal known
Just
in French
now
there
is considerable
discussion
political circles regarding the contest be¬
tween British oil interests and the Standard Oil Co.
for control of the situation in France.
can
company appears
The Ameri¬
ot be most in favor, according
to recent Paris advices.
it will be "effective at the discretion of the Govern¬
ment, at
It
was
time within three and
any
added
that
"the
a
Government
half years."
During recent weeks the reports from the French
the
capital have indicated that former President Des-
reserves
privilege of applying the law when the opportune
chanel, who
moment arrives."
health, is entirely well again.
It
was
stated that "the bill
now
provides that there shall be set up by popular elec¬
week
tions two
campaign to
Parliaments,
the South.
method of
for Ulster and
one
for
Each Parliament shall decide upon
selecting Senates.
The connecting link
Each Senate will select
each section.
members
thirteen."
The
and
each
40, 20 for
seven
Legislative
of its
Assembly
on
rumor
his way
stated that he
In
was
a
cablegram this
about to
was
persistent in London during the
from New York to London
on
was
the Aqui-
Upon her arrival at Cherbourg no trace of
secure
his election
as a
begin
a
Senator.
The first advices received here from London
re¬
garding the failure of Farrow's Bank of that city
caused
more
or
less uneasiness.
of the fear that it
series
#
first half of the week that Eamonn de Valera
tania.
was
compelled to resign because of ill-
the
one
between them will be the Irish Council of
Council
it
was
This
was
because
might mark the beginning of a
of bank failures in the British
capital, and
also because of the tension in financial circles
resulting largely from the
prices of securities.
The
severe
more
here,
declines in the
complete dispatches
made it clear that the institution is
private in nature
-
THE
2456
and that its failure
London.
Austen
not
was
regarded
as
CHRONICLE
serious in
Chancellor of the
Chamberlain,
(Vol. 111.
Treasury bills the volume outstanding
being
£1,131,579,000,
now
in
with
Exchequer, explained in the House of Commons that
£1,137,604,000
the Board of Trade had known for some little time
however, expanded to £262,914,000, against £260,-
of the difficulties of the
best to intervene.
distress to
opinion
a
was
Although the suspension caused
large number of small depositors, the
expressed in London that "the suspen¬
sion will not have
community."
widespread effect
The bank has
of
irregularity against
were
was
the charge
of its officials, who
some
arrested.
Premier
was
com¬
£1,345,780,000 in the corresponding week of 1919.
No
change has been noted in official discount rates
leading European centres from 5% in
Vienna and
and
6% in
7% in London, Sweden
Norway, and 4J/£% in Holland.
private bank rate is
Berlin,
5%% in Belgium;
Switzerland;
Paris, Rome and Madrid;
In London the
shade easier, with sixty and
a
ninety day bills at 6M%, in comparison with 6%@
6
England has
The total floating debt
ago.
paring with £1,397,868,000 the previous week, and
cur¬ at
It also had some 75 branches.
An unfortunate feature of the failure
week
a
Temporary advances,
brought down £3,375,000, to £1,394,493,000,
paid-up capital of
a
accounts, £2,678,000 in deposit accounts, and
£4,657,786 assets.
264,000
a
the financial
on
On June 30 last it had £1,458,316 in
£361,423.
rent
bank, but had not thought
week earlier.
reduced,
was
comparison
a
serious unemployment situation.
Lloyd George, in the
of
course
a
statement
regarding the matter in the House of Commons, a
days ago, said that "there are 1,000,000 more
11-16%
week
a
Call
ago.
money
in London, how¬
ever,
continues to. be quoted at 4%%.
have
been
cable
of
received,
far
as
as
No reports
be learned, by
can
market discounts at other centres.
open
few
to find
men
employment for than there
despite the losses of the war."
one
of the best ways
in 1914,
were
He suggested that
out of the difficulty would be
to find work for the
men
in the various British do¬
minions.
tee, has returned estimates submitted by the Army
Navy Departments, with instructions that the
figures be reduced one-half.
It
was
added that he
had directed that the total national
be held
At
mons
as
nearly
as
expenditures
possible to £950,000,000.
George announced that "the
Government had made
Krassin,
which would be
£79,110,764
total
however,
in
reserve
proportion of
to liabilities was cilt to 7.76%,
with 9.64% last week, 7.88% in the
week
ending Dec. 2, and is the lowest level touched
the
proportion dropped to 3%% • Last year, at this
11J^% and in 1918 14%%.
time, the ratio stood at
This of
tions for the year-end
incorporated during the Commons
the
Soviet
is the result of the extensive prepara¬
course
financing; just as the large
expansion in note circulation is for holiday require¬
Present
ments.
record but
on
gold holdings
are
not only the largest
£36,000,000 in
are
of the
excess
held in the
corresponding week of last year.
respondent of the New York "Tribune" said the
have been
brought down to £11,627,000
report was in circulation there that
between Lloyd George and
a
reconciliation
Lord Northcliffe had
brought about.
£17,692,806 in 1919 and £27,253,834
Note circulation
£92,148,760
now
last
Loans aggregate
British Treasury returns for the week ended Dec. 18
showed
a
further and this time substantial increase in
and income
revenue
£4,613,000, which
ago:
outgo, with the result that
over
Exchequer balances
were
augmented £2,058,000, to
with £2,555,000
expenses
and
year
£78,916,000.
persistent
the
to
rumors
contrary,
England's minimum discount
tofore at
7%.
previous.
Of
append
a
BANK
OF
this
against
ago
899,000,
against
of £5,091,000
£570,000,
.
week.
source
a
was
amount
From
received,
week
ENGLAND'S
were
£52,-
the previous week,
issued to the amount of
compared with £815,000 in the preceding
In consequence of the falling off in sales of
as
of
here¬
compared with
year.
£
1916.
Dec. 26.
Dec. 27.
£
£
£
deposits
92,148,760
70,306,930
45,943.965
39,675,535
13,769,000
20,337.942
23,642,681
42,009,347
52,116,381
149,036,977 124,161.430
126,726,657
136,030,000
133,360,971
77,178,000
68,675,120
Other securities
78,916,000
85,179.063
Reserve notes & coin
11,627,000
17,692,806
Coin and bullion... 127,761,033
91,391,566
7.76%
7%
Proportion of
1917.
Dec. 25.
.
134,583,000
Putillc deposits
Other
Dec. 24.
STATEMENT.
1918.
71.105,744
58,303,023
57,187,707
92,140,127
94,888,724
106,461.404
27,253,834
30,843,500
33,079,380
79,110.764
58,337,469
54,304,915
11]4%
15.78%
18.56%
18.49%
6%
5%
5%
6%
reserve
liabilities
Bank rate
earlier.
£62,072,000
were
as
COMPARATIVE
1919.
£
£1,775,000, against £369,000
Sales of Treasury bills
bonds
as
and £772,690,000 last
Dec. 22.
to
while Treasury
Despite
Bank
rate remains
£690,941,000,
week
1920.
Circulation
as
brought in £14,050,000, against £7,850,000.
contributed
the
Clearings through the London banks
were
Government secur's.
Sundries
the total
different items of the Bank of England return:
The total of
£99,732,000,
yielded £24,297,000 and savings certificates
£850,000 (the same as a week ago).
Advances
the week before.
year ago
tabular statement of comparisons of the
revenues
against nothing from this
A
£85,179,063 and in 1918 £92,140,127.
We
sources was
sum
£134,583,000, against
£70,306,930 in 1918.
a
557,000 for the week ending Dec. 11.
foreign credits the
earlier.
stands at
£670,589,000
(including repayments of Treasury bills of
£58,960,000, of advances of £11,400,000, and other
lesser items) £97,674,000, in comparison with
£86,-
week
against
aggregated £17,861,000,
outflow
£86,747,000 the
as
a year
for the week
a
against £15,307,000 the previous week, with the total
receipts from all
was
sum
Reserves
week
compares
The week's
a
reserve
which compares
cor¬
been
As
1918.
registered
decline of £2,396,000, beacuse of an expansion in note
circulation of no less than £3,346,000, while the
emissary, the terms of
cablegram yesterday morning the Paris
a
and
year
against this,
agreement with Leonid
Government."
In
£127,761,033, in comparison with £91,-
last
an
in the commercial treaty with
recess,
Bank up to
trade
Bolshevik
shown by the Bank
was
since the Overend-Guerney panic of May 1866, when
Thursday night's session of the House of Com¬
Premier Lloyd
gain in gold
England in its weekly statement, amounting to
£949,501, and bringing the total stocks held by the
391,566
According to the "Daily Mail," the Prime Minis¬
ter, as Chairman of the Cabinet's Finance Commit¬
and
An additional
of
The Bank of France in its
weekly statement reports
further small gain of 933,000 francs in its gold item
this week.
The Bank's total gold holdings now stand
a
at
5,499,977,825 francs, comparing with 5,578,523,-
292 francs
the
year
last year and
before;
of
with 5,477,567,859 francs
these
amounts
1,948,367,056
Dec.
francs
251920.]
THE
CHRONICLE
held abroad in 1920,
1,978,278,416 francs
were
in 1919 and
2,037,108,484 francs in 1918.
During
the
week,
silver gained 1,300,000 francs, while
advances were augmented to the extent of
21,599,000
francs.
On the other
hand, bills discounted fell off
banks with the Federal Reserve
Bank, were reduced
$2,869,000 to $521,348,000.
banks and trust
of
francs in note circulation
to
Reserve
contraction
item but
of
registered; last week
a
410,879,000 francs occurred in this
was
erroneously reported
increase.
an
as
The total
outstanding is thus brought down to 37,444,362,370 francs, contrasting with 37,274,539,820
there
was
and in
The
companies in
$374,000 to $9,641,000,
$842,000
2,177,000 francs, Treasury deposits were reduced
30,955,000 francs and general deposits diminished
20,981,000 francs. A contraction of 64,835,000
was
2457
vaults increased
and in other
$10,202,000.
In
of State
reserve
own
depositories
aggregate
reserve
reduction of $1,653,000 to $541,191,000
a
surplus of $3,025,710, which carried the total
excess
to
reserves
statement
$8,222,200.
considerable
In the Federal
attention
at¬
was
tracted
by the fact that notwithstanding the various
shifting of accounts the ration of cash reserve was
exactly the
a
the previous week.
same as
moderate
decrease
in
francs at this time last
year and with 30,249,612,230
banks
Bank's
There
cash
was
holdings.
Rediscounts of paper,
francs in 1918.
the
in
Just
1914, the amount
Comparisons of
return with the
prior to the outbreak of
various
'OF
items
FRANCE'S
are
as
Changes
Holdings—
In France
Inc.
Francs.
3,551,610,769
3,600,244,876
3,440,459,374
1,948,367,056
1,978,278,416
2,037,108,484
....Inc.
933,000
Inc.
Advances..
5,499,977,825
1,300,000
5,578,523,292
5,477,567,859
265,768,495
268,034,658
318,348,246
2,177,000
3,253,756,298
1,031,133,391
1,046,274,834
21,599,000
2,230,536,000
1,462,331,396
1,215,714,531
64,835,000 37,444,362,370 37,274,539,820
30,249,612,30
discounted...Dec.
Note
Dec. 26 1918.
Francs.
No change
Silver
Bills
of
as
Dec. 26 1919.
Francs.
933,000
Abroad
Total
October
Inc.
circulation..Dec.
15.
.
Wall
Street borrowers have
experienced no diffi¬
culty this week in negotiating call loans at the pre¬
vailing rate of 7%. As was true last week, a 6%
STATEMENT.
Status
Dcc. 23 1920.
Francs.
however, with other Reserve
paid off in full for the first time since
were
week's
follows:
COMPARATIVE
for Week.
Gold
in this
figures of last week and corresponding
dates in 1919 and 1918
BANK
only 6,683,184,785 francs.
was
the
war
Treasury deposlts.Dec.
30,955,000
79,120,000
.76,496,859
111,683,670
General deposlts.-Dec.
20,981,000
3,521,482,894
3,127,095,829
2,366,197,097
quotation
several
bulk
of
To-day being
Saturday,
holiday the Clearing House and
a
Reserve
weekly returns, usually issued
made
were
public yesterday
The feature of the Cleari
ng
large gain in
less
than
afternoon.
House statement
that the banks
reserves, so
830,559,530
above
reserve
on
was
hold
now
the
legal
the
no
re¬
the business
scale
in
was
which the
increased
were
however,
week's
credits at the Federal Reserve Bank
reserve
by
$20,929,000.
Federal
a
coinci¬
deposits by $21,303,000.
Reserve Bank also
submitted
good return yesterday afternoon.
to
also,
was
(after last
heavy increase) of $36,251,000, with
dent reduction in demand
The
There
reduction in the loan item
a
Its ratio of
fairly
a
reserves
deposits and Federal Reserve note liability
bined
was
raised from
39.1% to 39.9%, while
gate reserves also substantially increased.
favorable
feature
was
Federal Reserve note
further
a
large
circulation, which
total
of
bills
held
under
An
un¬
increase in
now
$880,869,790, against $863,560,000 two
The
com¬
aggre¬
is
up
weeks
discount
to
ago.
stands
at
done
was
at
afternoon
7%.
Naturally,
on
Brokers' loans, it
progress.
reduced materially.
were
able to pay
were
investors, who, of
been
no
real
was
of
than
over
gen¬
large interests
cash^ There has
loans with customers
renew
few small
a
In view of the
in progress
was
bankers still being
money,
long standing and to make
here and there.
Dur¬
large
on a
The principal
were
also paid
course,
more
Thursday,
for them outright and small
change in time
unwilling to do
of
of
had until late
we
only moderate.
buyers of stocks during the slump
who
ment
result of
late
however, that the
ing the first half of the week liquidation
that
as a
the
Wednesday afternoon, and particularly
provement followed mainly as a consequence of in¬
borrowing at the Reserve Bank,
in
be said,
may
the demand for call
money was
quirements, this comparing with only $8,222,200 sur¬
plus last Saturday.
As is usually the case, the im¬
creased
It
with the kind of stock market that
erally agreed,
Federal
reported
was
days.
new
ones
liquidation in stocks
the withdrawal by the Govern¬
$30,000,000 at
institutions naturally had
the rates for call
money.
time from local
one
appreciable effect
no
So far the
money
upon
market
at this centre has not reflected the
necessary prepara-,
tions
by the banks and corporations for the large
dividend
disbursements
beginning
market
easier
of
in
by
the
the
reason
tions in many
new
that
will
United
be
The
year.
States
made
general
cannot
help
being
opera¬
plants, and the complete shutting down
There
of
active demand for money
more
commercial
the
money
of the further curtailment of
of others.
a
at
and
are
indications,
mercantile
on
lines
the other hand,
in industrial
early next
year.
The
placing of large orders for steel rails by the
Pennsylvania and New York Central Lines cannot
help being regarded
as
significant.
$1,004,035,463, against $942,603,000 last week and
$1,012,600,000 two weeks
Last
week's
statement
banks and trust
the
Referring to
New
York
companies reflected to
Associated
some
extent
heavy demands incidental to the December 15
The outstanding feature of the state¬
payments.
ment
an
ago.
of
was
an
increase in loans of $115,576,000 and
expansion in Government deposits of
no
less than
$179,656,000, reflecting the putting out of the
issues of
Treasury certificates.
gained $12,454,000, to $4,025,370,000, which
exclusive
of
but net time
$250,636,000
$4,174,000
bers
of
was
$188,064,000 in Government deposits,
deposits fell to $242,220,000
the
was
previous
as
week.
noted in cash in
the Federal
(not counted
new
Net demand deposits
Reserve
own
A
against
decline
vaults of
of
mem¬
Bank, to $93,198,000
reserve) while
reserves
of member
week
Monday there
ago.
put through at 7%,
was no range
which
ruling figure for the day.
decline to
6% for
a
was
week
same as a
and all loans
On Tuesday there
For the remainder of the
day and Friday, the rate
was
were
the high, low and
was a
brief period, but renewals
negotiated at 7%, and this
the
in detail, call loans this
money rates
ranged between 6 and 7%, the
were
the maximum figure.
week, Wednesday, Thurs¬
again "pegged" at 7%,
only figure quoted on/each of these days.
The
was
above rates apply to mixed collateral and all-indus¬
trial loans without differentiation.
rounding the call market show
Funds
were
extensive
Conditions
very
sur¬
little change.
plentiful but the demand, owing to the
liquidation
relatively quiet.
on
the Stock Exchange,
For fixed maturities
there is
was
no
THE
2458
[VOL. 111.
CHRONICLE
ing currency values.
In the late dealings several of
Time money is in light supply;
the largest buyers retired from the market temporar¬
hence no important transactions were recorded. The
ily, which was the signal for a fresh outburst of
undertone was steady and quotations continue at
selling by speculative operators intent upon making
7%@7%% *Qr sixty and ninety days, and 7@7%%
change to speak
of.
Dulness predominated the greater part
of the time and the market was largely nominal.
All-industrial money remains at about % of 1%
unchanged.
above the rates
still quoted at 7%@
8% for sixty and ninety days' endorsed bills receiv¬
able and six months' names of choice character, with
on
the
Recline.
set in and very
result prices
On Friday pre-holiday dulness
little business was transacted.
As a
sagged off to 3.50% for demand at
the
close.
very
quoted above.
Commercial paper rates are
profits
Aside from
these immediate factors,
however, a
seemed to prevail, based
the belief that the new $100,000,000
Trade Financing Corporation which is
general feeling of optimism
apparently
Foreign
on
Trading was quiet
expected to commence operations with the advent
and featureless,
with most of the business put
of the New Year, will soon figure as an important
through at the maximum figure.
Local institutions factor in
sustaining the market.
In addition there
seem
disposed to hold aloof from the market and
is still some expectation that the Government will
out-of-town banks are still the principal buyers.
take steps to improve the international situation,
Banks and bankers' acceptances figured for a fairly
8%.
less well known at
names
large turnover this week.
Both local and country
banks were in the market, which was more active
bankers
while
tinuation
confidently look forward
of the import movement
to a con¬
of gold to this
country.
Rumors continue in circulation to the
The undertone was firm
effect that negotiations are under way looking to the
with quotations still unaltered.
Demand loans for
funding of Great Britain's floating debt outstanding
bankers' acceptances remain as heretofore at 6%.
in the United States into a long term dollar loan,
than for
quite some time.
follow:
Rates in detail
v
.
Delivery
Spot Delivery
'
■
Ninety
Sixty
Thirty
Days.
Days.
Days.
within
30 Days.
0X@6 0X06
0X@6X OX06X
*
*
but
nothing definite on this point is as yet available.
week of an attempt to introduce
Announcement last
the floor of the
opposition on the part
of foreign exchange brokers.
stagnant; rates ordinarily about 1% higher as compared with the rates
Leading international
eligible bills, but in present circumstances every transaction subject to whatever
banking houses who are believed to have favored the
cfone with it.
innovation are now expressing doubt as to the
Certain bankers still hold
There have been no changes this week in Federal feasibility of the scheme.
Reserve bank rates.
The following is the schedule to the theory that some system might be evolved
of rates now in effect for the various classes of paper through the Stock Exchange in which the issuing
from that body of foreign exchange quotations might
at the different Reserve banks:
work satisfactorily in arbitrage dealings in such
RATES OF THE FEDERAL RESERVE BANKS
Eligible bills of member
banks,
Eligible bills oi non-member
Ineligible bills
•
6X@6X
*
banks....--6X@6X
*
open
trading in foreign exchange on
Exchange, has aroused strong
Market
on
can
be
DISCOUNT
IN
EFFECT DECEMBER 24 1920.
Discounted
within
member
90
bills
days
banks'
securities
(including
col¬ Bankers'
Agricul¬
lb-day
secured by—
Federal Reserve
Other¬
accep¬
Trade
tural and
tances
lateral notes)
accep¬
live-stock
disc'ted
tances
paver
Treasury
Liberty
certifi¬
Bank of—
bonds
wise
for
and
secured
member
within
91 to 180
banks
90 days
days
cates
of
indebt¬
Victory
and
edness
notes
for
instance
maturing maturing
unsecured
5X
0
7
7
7
bX
0
7
e"
7
7
sx
0
5X
6
0
0
6H
bH
6
6
6
0
6
6
Richmond
to
to
5H
t6
6X
7
0
7
7
Atlanta
7
7
6
Boston
New York
t6
Philadelphia
Cleveland
to
♦5X
Kansas
City
Dallas
San
Francisco
7
5X
6
5X
0
6
7
0
OX
7
6
6
5X
6
6
6X
«
bX
0
6
to
Minneapolis
0
bX
St. Louis
0
to
to
Chicago
6
6
0
0
5H% on paper secured by
bX % certificates, and 5% on paper
secured by 4M %
certificates.
t Discount rate
corresponds with Interest rate borne by certificates pledged aa
in the case of Philadelphia, Atlanta, Kansas City
in the case of Cleveland, Richmond, Chicago and San Fran¬
collateral with minimum of 5%
and Dallas and 5X%
cisco.
for St.
Louis, Kansas City and Dallas are norma
discounts not in excess of basic lines fixed for each member bank
by the Federal Reserve Bank.
Rates on discounts in excess of the basic line are
Note.—Rates
French
Rentes,
etc.
6
Germany, Austria
and the like. In the opinion of
the pronounced easing in
careful market observers
money
*
and 6%
as
British Government is now con¬
templating a measure intended to stabilize exchange,
received only perfunctory attention here.
Sir Robert
Horn, President of the Board of Trade, is now said to
be conferring with representative men on the subject.
The understanding is that the measure will not in any
sense be in the nature of protection, but will probably
affect most directly imports of commodities from
countries where exchange is demoralized, such as
Reports that the
maturing
market conditions at this centre
much to do with the maintenance
since it is for the present
for American
is having
of exchange levels,
at least no longer necessary
bankers to press arbitrarily
for funds
shown
rates, applying to
subject toa
progressive increase for each
modation extended exceeds the basic line.
25% by which the amount of accom¬
upon
As
their foreign clients.
to the day-to-day rates, sterling exchange on
showed an easier tendency and
49%@3 50%, cable transfers
to 3 50%@3 51 and sixty days to 3 42%@3 43%;
a falling off in activity was noted and traders attri¬
buted the recession to a more or less natural reaction
from last week's rapid rise.
Monday's market was
more active and after early weakness, prices turned
Saturday of last week
dealings in
levels for
upward tendency.
Strength and activity again featured
the
sterling exchange market and price
the most part
In the initial
continue to show an
some irregularity developed
transactions
and following
the receipt of lower cable quotations
from London,
there
was a
decline to 3.48% for de¬
mand, chiefly on speculative selling.
But, as was
the case in the week preceding, an active buying
demand declined to 3
strong so
that the day's range was 3
48%@3 52 for
cable transfers and 3 42@
3 47 for sixty days.
Sterling rates moved up sharply
movement was inaugurated, both on foreign and
on Tuesday in the early dealings on good buying, but
domestic account and rates moved sharply upward,
later there was a decline almost as marked on selling
touching at one time 3.53%.
This inquiry of course
for speculative purposes, with the result that demand
is incidental to the extensive preparations necessi¬
ranged at 3 50%@3 53%, cable transfers at 3 51%@
tated by the Jan. 1 disbursements and dividend pay¬
3 54% and sixty days at 3 45%@3 48%.
On Wed¬
ments, and when taken in conjunction with the
nesday buying was resumed and quotations again
marked falling off in exports and consequent lessen¬
steadied; although the high for demand (3 53%)
ing of bills offering, resulted in materially strengthen¬
demand, 3 49@3 52% for
Dec.
2459
CHRONICLE
THE
251920.]
slightly under the maximum figure of the day
previous, the low was 3 51%, with cable transfers at
fuse to quote
3
Russian
was
51%@3 53% and sixty days 3 45%@3 47%;
arations for the
held
pre-
heavy year-end disbursements were
responsible for the brisk inquiry for sterling bills,
Nominally, the rate
ruble exchange.
is said to be 67 cents per
Business in
100 rubles.
exchange, it is asserted, will not be openly
resumed until trade relations with that country are
firmly
transactions
Scattering
re-established.
are
while
lighter offerings and speculative operations also reported with Russia by some American merchants,
figured in the rise. Increased activity marked but these are mainly through the medium of Scandi¬
Thursday's dealings and for
a
to
the current movement;
3
53%,
a
was
ruled at 3 53@3
On
high
new
a
later there
on
time demand went up
reaction to 3 52%;
cable transfers
54% and sixty days 3 47@3 48%.
Friday the market
was very
quiet, the usual
pre-
holiday dulness having set in; hence quotations were
easier with a decline to 3 50%@3 51 for demand,
3
cable transfers and 3 46%@3 47
52@3 52% for
for
sixty days.
for
sixty days, 3 50% for demand and 3 52 for cable
quotations
Closing
Commercial sight bills
transfers.
3 46%
were
finished at 3 50%,
navian
with the understanding
between
flux
are
made
quotations
their possible
or
be still in
a
state of
the drachma continue at
on
A factor which is said to
sensationally low levels.
have had considerable influence
Greek exchange is
on
the volume of remittances to the mother country
Greeks
the Olympic and $2,500,000 on
A consignment of $1,-
Imperator from London.
by
living abroad, which is said to have exceeded
From the United States alone
previous records.
sent
through the National Bank of Greece, it is
Cotton and grain for pay¬ claimed, 350,000,000 drachmas, which at the
50%. The week's gold movement in¬
cluded $2,000,000 on
that whatever terms
Greek affairs appear to
and
were
day grain bills at 3 48%.
re¬
private interests, the Government will accept
outcome.
ments for
the
is
Government
responsibility for those relations
no
all
ment closed at 3
Dutch
ported to be ready to trade with Bolshevist Russia,
sixty days at 3 43%, ninety days at 3 40%, docu¬
payment (sixty days) at 3 43% and seven-
The
countries.
value of the drachma is
mittances of this kind totaled
and in 1914
par
In 1918 re¬
$17,500,000.
114,761,740 drachmas
only 32,991,587 drachmas.
The
reason
300,000 in gold, English bars, has been received here
given for this great increase is that
a
from the
in drachmas
given amount of
Sveriges Riksbank, the Government bank of
Sweden, via the AmericanS. S. Drottningholm.
gold is expected shortly, $550,000
$3,575,000
on
on
More
most
exchange
the
of
was
somewhat in neglect,
activity centring in sterling.
result, movements
were
As
a
not especially significant and
prices fluctuated within a few points of last week's
French francs exhibited
closing figures.
regularity, with
10
points and
a
some
ir¬
advance of 6% points, a drop of
final rally of 4% points, all in a single
an
The extremes, however, were 5.83 to 5.94 for
checks.
Lire followed much the same course, de¬
day.
clining to 3.37 for sight bills, with the high point
Antwerp francs moved in sympathy with
3.47%.
French
German
exchange.
currency
ruled
alter¬
nately above and below last week's closing figures,
but Austrian kronen
displayed
a
a
The official London check rate
59.95
at
against 58.05
sum
a
week
on
Paris finished
In New York
ago.
5.86,
against
6.05%; commercial sight at 5.84, against 6.01%,
and commercial sixty days 5.78, against 5.95% on
sight bills
Continental
purchased for
American dollars than in 1914.
the Caronia and
the Lapland.
be
can
far larger
French
the
on
6.04%;
against
centre
cable
were
6.19 for checks and 6.20 for
Last
remittances.
and
week the
Reichsmarks
6.40.
at
5.87,
Closing quotations for
Friday the preceding week.
Antwerp francs
closed
transfers
cable
finished
close
at
6.39
was
1.37%
for
checks and
1.38% for cable transfers, against 1.36%
and
a
1.38%
week earlier. < Austrian kronen closed
00.25% for demand and 00.26% for cable re¬
at
mittances, in comparison with 00.20% and 00.21%
For lire the final range was 3.37 for.
last week.
bankers'
sight bills and 3.38 for cable remittances,
Exchange
slightly firmer trend," against 3.46 and 3.47 the week before.
on
the week at 1.15%, against
closed
rallying several points to 00.25%, on what appeared
to be a broader demand.
Trading was moderately
Czecho-Slovakia
fair amount of buying was reported,
which with the relative scarcity of offerings had a
against 17%, and Finland at 2.60, against 2.30 last
active, and
a
On the other hand, speculative
hardening tendency.
manipulation served to counteract to some extent
the
1.17; Bucharest 1.26%, against 1.13;
finished at 7.32 for checks
This compares with
Greek exchange
week.
and
cable
for
7.33
transfers.
7.35 and 7.45 the week
peatedly forced prices to lower levels; though, as
noted above, changes were not particularly im¬
in
portant.
At the extreme close preparations for the
Christmas celebration almost completely stopped
navian
business, and quotations, which were largely nominal,
the other
previous.
exchanges movements were largely
In the neutral
good effects of the buying movement and re¬
sympathy with other Continental centres.
ers
ruled
steady,
rates
17%,
Poland
as
were
Guild¬
also did Swiss francs. Scandi¬
well maintained,
particularly
Copenhagen which continues in good demand.
On
hand, Spanish exchange was heavy pretty
nearly throughout and there was a decline at one
sustained fractional losses.
against trading with
time to
Russia has been removed excited only mild interest,
liberal offerings and
restricted
inquiry.
Announcement that the ban
for the
reason
is that very
possible for
a
or even
good while to come. To emphasize the
in removing restrictions in
action of the Department
the way
rules
coin,
of trade resumption with Soviet Russia, all
and
regulations governing the exportation of
bullion
and
transfers of credit
been
suspended.
to Bolshevist Russia,
exchange transactions have now
currency
or
Some comment was heard
step among foreign
exchange dealers, but
a
on
this
majority
o! the international banking houses continue to re¬
Bankers'
that opinion among bankers generally
little in this direction is advisable
12.89
31.30,
on
sight bills
against
31.34;
on
a
Amsterdam finished at
transfers
cable
31.40
(un¬
changed); commercial sight bills 31.34, against 31.20,
and
a
commercial
week ago.
sixty
days
30.98,
against
30.85
Swiss francs closed at 15.19 for bankers'
sight bills and 15.22 for cable transfers, in comparison
Copenhagen checks
with 15.14 and 15.15 last week.
finished at 15.25,
against 15.10, and cable transfers
15.35, against 15.15.
19.65
Checks on Sweden closed at
19.75, against 19.84 and
and cable transfers
19.94, while checks on Norway
finished at island
CHRONICLE
THE
2460
cable transfers 15.35, against 14.82 and 14.92
previous.
week
the
UNWRITTEN CONTRACTS IN BUSINESS.
Closing figures for Spanish pesetas
12.89 for checks and 12.91 for cable
were
[Vol. 111.
If
transfers,
profiteering is
prevalent as many seriously
as
fully as ethical
with 13.10 and 13.12 a week earlier.
With regard to South American rates, increased
weakness developed with a further decline in the
believe, big business is
Argentine check rate to 34.12% and cable transfers to
least its inveterate detractors must admit that in
which compares
For Brazil there
34.25, against 34.37% and 34.50.
has been
a
drop to 14.00 for checks, with the close
14.25, and cable transfers 14.37against 14.15 and
14.62%
a
week
From
ago.
report received at
a
on
sets the standard of
matters of
accept conditions I and to strive to
Undoubtedly big business has
turn to "normal."
turning laws of supply and demand.
is
causing
apprehension
grave
among
institute
it has moved to meet the
re¬
The resolve to
personal economies has been met by a de¬
sire to manufacture goods more
since it is expected to result in
widespread cancellations of merchandise arriving from
that there may
the United States.
laws of trade may
Chilian exchange was also easier,
re¬
re¬
sponded first to public opinion by lowering prices.
in the value of the American dollar at Brazil in terms
milreis
At
"readjustment" it has shown the greater
readiness to
With its wider vision,
Brazilian exporters,
plane
equity and fair dealing.
Washington recently it is learned that the steady rise
of
a
In fact, there is reason to declare that it
small.
as
cheaply, in order
Though the omnipotent
be saving.
have forced the movement, there is
closing at 13.09, against 14.08, with Peru at 4.23,
willingness displayed/At the same time it is general¬
against 4.22 the preceding week.
ly felt and believed that the retail trade, small busi¬
Far
Eastern
rates
follows:
as
Hong Kong,
is the laggard in readjustment and resumption.
ness,
We do not here consider the
56@56%; Shanghai,, 74@74%,
against
57@57%,
are
equities involved in
cancellation of contracts,
though vital to the ethics
50%@50%; Manila, 45% ©45%, against 45%@4G;
of
are
Singapore, 40%@41 (unchanged); Bombay, 26%©
we
against 74@74%; Yokohama, 50%@50%, against
26%0§6%
26%, against 26@26%, and Calcutta,
(unchanged).
|
•
•
general business.
these
are
of
New; York Clearing House banks, in their
operations with interior banking institutions, have
gained §8,460,406 net in cash as a result of the cur¬
rency movements for the week ending Dec. 24. Their
receipts from the interior have aggregated §9,857,481, while the shipments have reached $1,397,075,
as
per the following table:
CURRENCY
RECEIPTS
AND
SHIPMENTS
NEW
BY
YORK
BANKING
concerned with what
of
contracts
business, and
paramount importance at the present
It is true that the merchant is licensed to do
time.
business in
The
We
term the unwritten
given city and place.
a
But
as
instituted
usually for the purposes of municipal and State tax¬
ation, this carries with it little weight in moral obli¬
A stronger rule of ethics governs if we can
gation.
unfold its nature. And it is this: The merchant must
not
only sell good goods at prevailing prices, must
not
only show himself amenable to service as he is
to
profits, but he must stand between producer and
"
,'r
INSTITUTIONS.
Week ending Dec. 24.
Into
As the
Sub-Treasury
show
to
the
the
was
taken
Bank of New York
serve
by the Fed¬
longer possible
operations on
over
Dec. 6, it is no
of Government
Clearing House institutions.
ing House each day
as
was
83,460,400
The Federal Re¬
AT
CLEARING
HOUSE.
§51,791.543
00,382.40!)
73,981,109
Cr.$433,139,050
The
foregoing heavy credits reflect the huge mass
come to the New York Reserve
Bank,
from all parts of the
country, in the operation of
the Federal Reserve System's
par collection scheme.
These large credit
balances, however, show nothing
of checks which
to the results of the Reserve Bank's
operations
with the
Clearing House institutions. They repre¬
sent
only one side of the account, as checks drawn
upon the Reserve Bank itself are presented
directly
The
never
go
He
acter.
tracts
for
cannot
indicate
through the Clearing House.
following table indicates the amount
principal European banks:
of bul¬
lion in the
Gold.
pass,
Bitter.
Total.
Gold.
Silver.
I
£
England
127,761,033!
142,084,4331 lo.eoo.oouj 152,664,433
a..
127,761,033
Germany
54,578.050
345,100
Aus-Hun._
10,944,000
2.369.000
Spain
98,209,000
....
Italy
32,768,000
Netlierl'ds
23.324.000i 121,533,000
2.999.001
Nat. Bel..
53,012,000
10,660,000
1,713,000
1,115,000
Switz'land
21,676,000;
4,813,000]
Sweden...
15,682.000
Denmark
12.644, OOOj
Norway
.
Total week
Prev. w<wk
a
Gold
35.767,000
11
,201,000;
96 ,895,000
32 ,200,000
--!
10,720
struction
his
and
1,039 100
"usM
52 ,679.000
563 ,000
10 .656,000
20 ,737,000
1,046 ,000
2,661 ,000
16
12,789,000
8,115.000
,155,000
11 ,787,000
8 ,146,000
588,113,516
47,423,100 335,536,616 550,332,211
5,86.521.884' 47,209,5001633.821.384 550.376,372
holdings of the Bank of Frame th
abroad
,je..r
are
55,513,950
13,575,000
25,10.) ,000 122,004,000
3,006 ,000 35,206,000
54,725,000
If
we
the
£77.934fc6
real
for
reason
ducer and
defeating the
great
as
are
present conditions he
vitalize
He
pro¬
The test is
an
specific details of op¬
sell them.
as
right.
As
cussion, he must "take
must
destroying the
might be stated. The middleman must
well
his duty to sell.
he would sell
serving the people
consumer.
though there
as
The law of the
higher prices against inviola¬
ble tendencies and laws without
duction.
46.697.550>597.073,922
trade safely
expenses.
confine ourselves to
and he must
46,708,100 597,040,311
carry
receding floods of de¬
This is
waste.
cannot hold back for
53,242,000
11,702.000
8,146.000
exclusive
and its
war
by lowering living
23,398,000
11,977.000
con¬
which traffic must
over
direct routes will be found.
16,155,000
190.000
bridge
Total.
2,374 ,000
11,775,000
26,489,000
term his unwritten
middleman's business life is in
buy goods
91,391.566
Though
contracts
being at the present time. If he does not respond,
more
,000(154,729,795
15,682,000
8,115,000i
__
54.923,150
13,313.000
,009,795.
54 ,474,8501
the
the chasm of
ethical one,
£
91 ,391,566
144
we
strong and safe, but he is bound to
as
France
order-con-
loss.
these written
loss
a
a
he cannot avoid the duty of keeping himself
Dec. 24 1919.
/
representative char¬
abruptly terminate
tracts, in that middle position which he occupies,
eration which
Dec. 22 1920.
Banks af-
representative
a
If he is to continue to
goods because he fears
conditions
over
to the bank and
occupies
exist lie must do business in this
wherein he is
S80.002.9r,91 Wednesday,- Doc. 22
.102.979,910 Thursday, Doc. 23-...
64,001.114!Friday, Dee. 24
Aggregate lor week
as
thus
must stand. But in what
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
Saturday, Dec. 18.,
Monday. Dec. 20
Tuesday, Dec. 21.
The middleman
place in the business world.
creditor at the Clear¬
follows:
the best interests
of both.
to Banks.
'
$1,397,075 Gain
on
effect
Gain or Loss
Banks.
59,857,481
eral Reserve Bank
of
Out
Banks.
BiinkH' interior movement,
reliable exponent of
consumer as a
so
a
His duty to buy is
He must buy "right" if
often said in current dis*
loss" when
necessary.
He
production by serving consumption;
energize qonsumption by serving
cannot
float with the current
rest
upon
his
oars
pro¬
and idly
hugging the shore, he must "do
business," "play ball," strive to keep the momentum
of trade at its
and
row
full, though he venture into danger
against the tide.
Dec.
251920.]
TIIE
Figures of speech
to false
often inadequate and subject
are
interpretation.
We
capitalistic enterprises may
cash
serve
to husband
or
must have
ness
are
that large
aware
dividend to
pass a
con¬
strength, while small busi¬
profits to sustain itself from year to
But what
year.
CHRONICLE
we
striving to impress is that
are
present conditions for middlemen in trade require
an about-face in not
only conduct of trade but basic
principles.
The outlook five years ago was for war,
confusion, scarcity, high prices, for
time.
The outlook
that actual
now
these two periods is the
business.
to be
a
expected after "prohibition."
They drag forth
question of the separation of Church and
the old
State.
They rattle the bones of
beat the
peace
race antagonism and
cymbals of social alarm. But is there to be no
for the weary mind while
the soul to
peace? Conduct
the week—what matters
small
or
other ground is to prove the Mddle-
these surface
right
to the
open
strength and wisdom of
Infinite Purpose is not
an
by the delays and dangers that beset the
human way.
But there is so much to do, so very
much, there is such anguished desire for respite and
rest from
turmoil, that
evils, if such they
innumerable organizations to "sell direct to consum¬
in the
ers."
days, may
indispensable to
succeed by
men
being "good buyers," and in this they become
lators
of
manufacturers'
selecting
sumer can
never, we
merchant.
feel assured, buy
The
well
as
con¬
the
as
But the merchant who refuses the obli¬
gation of giving to the
the full benefit of
consumer
his
skill, knowledge and service, by selling him not
only good goods, but cheap goods, defeats the prime
of his existence.
reason
He
must
ditions,
It
be
the
not
energy
cannot
be
see
Not
gap
and
of
his
new
stocks,
favoring
there
resump¬
himself
He-is
the
con¬
one
The
and
thereon.
act
inactive
fair
on
thereto.
without the other.
that his whole
to do business
volume.
to
effect
con¬
producer and the buyer for the
seller for the
sumer.
changed
flow of trade is resumed, through
him, and he adjusts
now
and
the
upon
even
discover
trend,
full,
tion until the
to
what
be
may
And he must
policy and endeavor must be
smaller
margins and
upon
enlarged
longer he hesitates, and makes
stop¬
a
of himself, the longer he will be without safety
profits. He becomes thus the exponent of the
two factors in
of
the
discussing,
fed,
so
many
a
world,
called
were
to work
little that they
may
new
As for the
curtailment
of
Sunday.
mouths to
movies,
so
revenues,
aroused
we
little
a
over
when
us
now
that the
war
is
we
the possible
might ask why they
We
are
on
other
moved to ask,
however, for a truce in this endless effort to rule
another
on
work better
charge more for admission on Sunday than
days, but let that, too, pass.
per¬
machine-guns
the battlements of Heaven to receive
die.
the proper
se,
so many
week-days, they would not plant
on
over.
Blessed
are
one
the
meek, for they shall inherit the kingdom of Heaven
—seeing that there is
Earth is
space,
a
no
place for them
on
earth.
small speck in the vast distances of stellar
but it seems to take a prominent part in the
"music of the
spheres," whether for harmony
cord other and
pray?
even
and the inclination tempts to
on
on as an
its
merits.
We
refrain.
observer,striving to place its
meaning and worth, to the needs of the hour.
Day Alliance
claims,
days
ever-increasing
an
are
danger.
filled with comfort, plenty,
brotherly love and rejoicing, need
day
super-beings must judge.
or
dis¬
Let
Sunday observance be what the Lord's
When the week
commonly,
fear then the
we
but
not always,
called
one
on
Sunday?
Why try to blow the foam off of life, while the dregs
stirred, and the wine in the
are
bitter?
Why
rouse
there should be
food in
the world
cup
is insipid and
worship, when
over
work, while children
crying for
are
continent and men, women
one
starving in another, when only
are
and children
more
work will
bring relief?
Pass this by and think only on the
larger aspect.
Why whip the minds of opinion to
fury
over
this minor religious question, while the
tremendous tasks of
to
justice to peoples, and liberty
oppressed individuals, and law and order out of
the aftermath of war, are
use
this
If
Of what
yet unfinished?
"reform," if the world perishes?
pleading
were
of avail, might not the good
plead for
a
cessation of argument,
lessening of desire, that there might be concentra¬
tion
hands to be employed, that,
chance, if poor mortals
Sunday, or play
per
day commonly
There is such need in the
be
little while, enter the true
a
discussion
the present
a
observance
this
heart of The Good
SUNDAY BLUE LAWS*
from
not, for
we
We would look
trade, and these in turn respond to
his ethical standards.
We refrain
big things of life, in all the deeds of all the
It would be easy,
enter
few of
a
to remain; while,
are,
decay of civilization because people relax
first
new
matters
not suffer
may we
House of God to rest and meditate and
regu¬
prices, the drawing and
that increases production.
power
an¬
contentions, the continents of eternal
the lesser
a prey upon producer and con¬
Practically it is almost certain to result in
one
not washed away by rivers of doubt, the
are
charge that he is
These
sacred day of
other," and to "do good" to those who "despitefully?'
use us.
The springs of true
morality lie deeper than
leech, and to lay his work
democracy of business.
one
it, in these individual dif¬
sumer.
the
strives to attune
man
the
on
estimates, beside the will to "love
shattered
are
of
was
of world¬
duty of middlemen
Now the merchant class
a sense
war
.
To take any
man
inspired by
that this "movement"
us
ferent
connecting link between
a
They tell
indefinite
wide
To strive to be
to be
less than art is
no
proportion.
an
character is over, and not soon of
possible re¬
turn, is for order, plenty, low prices for an indefi¬
nite time.
Justice
2461
on
in the
the essential and the
quiet brightness of
whirlwind gathers
and luscious
dissipate into thin air.
of Nature goes on,
shower
comes
little
a
in the dusty roadway, to sweep
the laden fields
over
Sometimes,
possible?
summer's day,
a
fruits—only to
The mighty persistent work
and in
a
day, it
to wash away
may
be,
gentle
a
all traces of the frail
tempest that left its fleeting stain upon the golden
harvest.
How needful it is in this
world, yet groan¬
ing with the evil legacy of clashing forces, to culti¬
vate
calm, to temper the passions, to curb
aspirations, that there
"reconstruction"
of
may
the
be
recovery,
material
basis
even
the
and yes,
of civiliza¬
tion?
This so-called "movement" is but
of
seem
good intent to
to others.
We do
rather than
days
are
some
seem
one
of many
intent
on
ruling each other,
serving and helping each other.
Christian that
are
were
such
All
filled with love and sac¬
rifice, and they glorify pagan beliefs no less.
never
that
and of tyrannic portent
There
opportunities for doing good as
,
True
now.
the power
religion cannot be forced on the soul by
of law,
righteousness
than patriotism and civic
more
be forced on men by the exercise
can
of the powers
so
be
of Government If true religion could
fostered and maintained, could it flourish and
albeit
accidents of fortune tossed for
moment of time to
a
the surface of that stream of life that
to the
sea
rest.
Let the "reforms" wait
The heart and mind of
?
settle down into the
war
Let the
still.
gather
humanity needs
waves
of peace,
sea
growing vigor of
broadens
little for
a
Let the choppy
appropriate time.
ever
a
the sea that is
reborn humanity
mighty effort, out of brief respite and
one
of sheer nearness to its
believes in
collectivism, Lenin in communism. Wells
would mould
lations
ism of
WELLS CONCLUDES HIS STUDY OF
There has been abundant criticism of the Wells
the critics.
obscurity.
quality,
apparent to all
he tells of his
Yet here there is meagreness
He engaged in
"creative" mind.
ence,
Their discursive
In his fifth and last paper
visit to Lenin.
He
an
and
argument with this
"filtered in" to his pres¬
was
looking
upon
ample
informed ended in
we are
the other.
But it
recting mind is
a
occurs
a
re¬
overthrow.
war or
Le¬
feasible, and would build from
Both would destroy the private
owner¬
And the thinker and observer will
to-day.
ask of each where the
vism is
a
The argument
spaces.
draw. Neither convinced
to the visitor that this di¬
sort of "shut in" in the Kremlin,
now
find
can
directing and energizing
lodged.
We know
existent it is
few fanatical
a
even
far
as
as
power
Bolshe¬
lodged in the tyranny of
dreamers, in whom Mr. Wells alone
modicum of
practicality.
der the Commune is the slave
Work
un¬
toiling under military
precision and by militant ordering, and the chief
seat of power
essaying to unfold the advance for the
millions is in Lenin himself.
How this
and found his desk littered with papers, his
windows
this not
of each is to be
BOLSHEVISM.
seems
capitalism to his theory of human
slowly and without
ship of property, and with it the current individual¬
approaches the Giver of all Good!
logical unfolding,
what Wells does
in, and wherein he differs with Lenin. Wells
through work.
their lack of
crumbling and corroding
We discover in this summary
believe
chaos up.
articles in the "Times."
hopeless civilization will wallow
nature.
nin finds
MR.
a
to come—and this to the detriment and
age
truce to theories and
discussions, that there be plenty
The humble and thankful heart alone
a na¬
decay of States that may fall into the abyss because
more
a
of receding
an
recognition in
and the reopening of practical trade,
will speedily go down, and only a swamp
remain in which
for
a
that cannot bend and must break if it
one
have not aid—unless there is
Bolshevism
dreams, the fanatics of class, or the
tyranny, the
gross
Russia, the backbone of the present condition,
new
personal liberty crying for expression is confined by
tyranny of the few over the many, be they
rule and
only possible foundation upon which to build
tional way
the brutal
iron
Government of
bear fruit where men hate one another and where
the dreamers of
[Vol. 111.
CHRONICLE
THE
2462
water-power is to be developed, how this
electrification is to be
without money,
assembled and distributed
without the
any
protection from
his
delegated
any
means
of trade, without
form of Government than
from the whole people, aye,
power
and thus is shut out from conditions in the wide
without capital, since that is, or is to be, destroyed,
plains of this vast land of the former Czar.
we
Again,
not told.
are
,
Nor does Wells favor
in his story, as also, it appears, in the view of this
directing head of what is really
behalf
ment in actual
have forcible seizure of
is
a
negligible quantity,
of the
the
a ghastly experi¬
"overturn," the peasant on the soil
ignorant, boorish tiller
an
soil, who must be educated and lifted
light of the
up
by
and liberty that is in Com¬
power
munism.
Empire
seem
that the large cities of the
doomed.
Lenin
sees no
vantage in this, and smiles confidently
munities will be less
congested.
How
avoid its distribution centres
we are
factory life
it. Com¬
commerce
not told.
can
How
be scattered far and wide in agricul¬
regions, independent of transportation and the
sources
a
can
over
disad¬
There will be huge
upbuilding notwithstanding.
tural
of
plan.
supply,
we are
It has made
not told.
But Lenin has
little progress, he says: "The
electrification of Russia."
Light, heat, and
a
power
for the masses!
scheme
ever,
And
to
will return in
we
it is conveyed to
us,
this
a
so-called
moment.
practical
Lenin, how¬
believing that the down¬
fall of
capitalism must be complete before the new
system of social and economic life can rise, is impa¬
tient of delay in other countries of Western
Europe.
how reach the
revolution, he would not
industry, but he would
goal of
Lenin, is the directing
is to be
and
some¬
private ownership of
no
energizing
State is
as
this he tells
us
he reveals
of the way
out for
he is not
Communist.
a
a
a
summary.
himself, his
burdened world.
own
opinion
He has said
He has said that Marxism
fidelity does not exist in Bolshevism.
clares that unless there is outside
And in
He de¬
recognition of this
we are
we
of
to
power
If it
would have
one
led to believe that this
thought of Mr. Wells, for his
imperialistic and he is in opposition to this.
Collectivism is
From
same.
something different, yet much the
some
mysterious
control is to emanate.
source,
direction and
Collectivism would
be communism without seizure
or
seem
freedom from
to
re¬
straint.
If it were proposed to
electrify England,
capitalism still being in existence, but under the
transformation
of
collectivism,
capital
would
or
could set up
the water control and the dynamo and
then retire.
And the
of
thing would
run
itself—a sort
Utopia, with the god of the machine absent.
Government that
scheme of. Mr. Wells.
no
need for skill and
lectual
seem
to be within the
There would,
intelligence,
consequently,
a
sort of intel¬
tyranny, since without supervision, without
feeding in of profits, without Governmental
trol
as
groups,
Any
perpetuates capital by protecting
private ownership does not
the
capitalism.
Yet
is not to the taste and
abolition of
Wells concludes with
put into the State, then
form of socialism.
be
in its
same
than Lenin in this
Where, it must be asked of him,
property.
Still, if this experiment does not reveal the right
way, others must be tried, the supreme object is the
Mr.
He would not have
.
more
lodge that toil and production may .continue?
Mr. Wells suggests
former
us
in
con¬
socialism, industrial life in the hands of
we presume
groups
of collectivists, would
function, and foster men!
Evidently Mr. Wells
visit
goes
home from his hurried
trailing "the shadow" after him.
The
only
thing that is clear to the reader is the confusion of
Dec.
251920.]
two theories
by
fighting in the dark.
any means be
elsewhere, there is
the present status
quo
be
could it
now
possible that in the United States,
where progress for a
century
than
And
has been
remedy and
a
a
rapid
more
solution in
Could it
of industrial life?
3463
CHRONICLE
THE
possible that in the corporation there is all the
benefits
catch
him.
Mr.
proceeded
Commodities,
have receded until many are on a
they should be, because below cost of replacement,
"yet there has still been something wanting to in¬
vite the full
the
confidence that is
public buying."
necessary
business; "we cannot
secure
mestic
competition that
erty, the energizing of industry, the open way for
wages
creative power,
stant
results of
not
a
a
than
So,
course
holding back to get
just
that is labor.
on
even as
the
ably induce
This
cor¬
more
now
undergoing reduction; of
"With the
liquidation of la¬
miliar and
voting of shares of stock individually iowned and
collectively operated.
in the presence
And,
as a
matter of cold fact,
of Lenin and Wells, may it not be
asked what better
been evolved than
ever
States
plan for industrial and social
under
our
re¬
right here in the
Constitutional
Govern¬
suggestive to the business world, does not
invariably
commercial failure; but it does
mean
bringing calculations and
mean
to
buying movement."
a
The unpleasant term, "liquidation," both fa-
pinch.
the
stocks
hand
on
dulging in
freely orders
or
more
may
As the year
closes, not
distress and
shows
I
LIQUIDATION."
one
of. the problems which
perplex this and other leading coun¬
unmistakable
signs of successful and
The industrial problems, which un¬
early solution.
derlie and
permeate all others, are no nearer pacifi¬
cation,
far
so
the best foresight
as
Day by day through this week have
announcing
short-time
short-time for
orders,
reductions,
asked between mills and
of such
number
says one
urged
items
closingi down,
conferences
wage,
evitable
yielding
The bloom is gone from the
pleasant falsehood.
general outbreak of spendthrift buying, when we
thought
we were
which would
riding aloft
consumption, and
for value to
As labor
sumable
We
turn.
never
we are
on a
buy
prosperity wave
now
for necessary
all watching and waiting
"liquidate" themselves.
represents nearly the entire cost of con¬
articles, Mr. Wood has at least given to or¬
ganized labor
phrase for consideration at once dis¬
a
Unionism protests, for it
agreeable and wholesome.
the
wants to share
prosperity with the counting-room,
but to leave the
counting-room to wrestle alone with
agree
to me¬
says
another;
a
22%%
necessity in Fall River and is ac¬
are
A bit¬
always better for body and soul than a
so on,
Clothing unions
stricture and the
same
tries to cancel new or¬
or
or
cepted under protest in New Bedford, says another.
The
declines
or
held
tale; clothing unions are raising a
as a
his
be in¬
being too great to
news
huge fund to fight employers,
cut is
or
operatives, and
pieces of
particularizing.
diate,
penetrate.
avoiding closure, reductions of
protests against
allow
can
come news
awakening to realize where he stands.
ter truth is
up
pleasant dreams; he who marks his
very
down,
ders is
"LABOR
down
appearances
He who marks
correspondence with facts.
stocks
ment?
tries
light."
brings the problem home, and to the spot of
poration receives direction and operation through
so
con¬
our com¬
and minds, he also said, are turned upon
item which is
one
higher than
we pay
lower
materials, confidence in lower prices would prob¬
by votes of political freemen,
United
we are
pays
operatives have
ours, nor can our
employment if
All eyes
orders against both do¬
bor, along with that of other commodities, the raw
Government founded
a
by the delegation of direction and opera¬
lations has
foreign
individualism, reaching its culminat¬
maintained by
power
prices, added Mr. Wood, will get the
and
trade, supervised by
tion
foreign
and
petitors.
one
century of progress
hundred-million-dollar corporation for
a
ing
And
It is true.
fact.
of the latest consummations of
is
It is
thought and toil to the individual?
only possible, it is
at the lowest
to start
He who produces the best goods
to accrue from collectivism, none of the
disintegration and dispersion in communism, and
yet the preservation of private ownership of prop¬
the guaranty of initiative and the
Wood,
lower basis than
same
contested but in¬
reported from all directions and
adversity.
will not tolerate" any wage
reductions, and the cen¬
governing council of the Amalgamated Textile
tral
Workers in Lawrence has sent Mr. Wood an abusive
letter.
they
They disbelieve his sincerity, and tell him
not deceived by his "pretense of waiting
are
for others to cut wages
the
all industries.
Mr. Gompers is still determined that "we
first;
we
recognize
you as
directing mind of the mill barons, and hold you
They accuse him of in¬
a
hundred represen¬
responsible for their acts."
tatives of the American Woolen
Company in Law¬
efficiency, and add a threat that "any more ineffi¬
Speaking,
on
Wednesday, to
Mr. William M. Wood, head of the company,
rence,
said, with unquestionable sincerity, that the com¬
pany
wage
is
very
ciency will make it necessary for the workers to re¬
lieve you
reduction and is holding back for more light.
and your class of the control of industry."
It is difficult to
reluctant to make any move towards
give
leaders whose
there is
saying "smooth things."
hope for
no
clothing makers,
any
nor
substantial business from
for them in turn from the re¬
tailers, until it is learned and clear "that not only
material markets been liquidated but
have the
raw
all other
things going to make up the cost of cloth,
cherished notion, espe¬
leadership largely depends on their
But, he said, the selling agents in New York say
•
up a
cially when it is agreeable and has been dinned by
tion when it
comes
mands sacrifices.
It is hard to accept a situa¬
close home to ourselves and de¬
Yet it is
immovably true that no
employer is wholly independent of conditions oF can
control
them.
In
1914, organized labor gleefully
which, of course, includes labor; to-day, orders are
recognized and proclaimed its hour and opportunity,
not obtainable."
and took full
This is
a
grim statement of a fact which has ex¬
since
isted
ever
when
prices
are
man
began to work and to trade:
high and are looking up, demand is
brisk, each person in the line from producer to con¬
sumer
being
alert
to
secure
expected
increased
advantage.
der and in progress.
as
Now liquidation is in or¬
Labor is as powerless to halt it
capital is, and can gain nothing by angrily
stand that the
that the
patiently and bravely each takes
more
profit; when prices look down and are surely slip¬
part in getting back to hard-pan the sooner we
ping down, each person draws up his lines, lest losses
get there and with the least
blam¬
Labor may better under¬
employer is himself an employee, and
ing and cursing capital.
suffering.
his
shall
2464
THE
CHRONICLE
There has
TEE GOAL INVESTIGATION—DISREGARD OF
CONSTITUTIONAL PROVISIONS IN SEIZ¬
URE OF BOOKS AND PAPERS.
The
Washington representative of
morning journal reported
Calder's
committee
the 19th, that Senator
reconstruction
on
"drastic action" in its
on
had
taken
attempts to halt alleged prof¬
iteering in coal and reduce the price of that
The Senate's special officer, armed with
sity.
neces¬
sub¬
a
from the committee, had "suddenly swooped
poena
down
the offices of the National Coal Association
on
in this
city, and seized all the books, papers,
corre¬
spondence and other records of the Association he
could
find," the stuff seized being loaded
carried to the
on vans
and
Capitol for leisurely inspection by the
Calder Committee.
The
correspondent added that
the Association's officers will be "summoned before
the committee at
to
explain the transactions
recorded in the books and
not
an
carted off for
a
doubtless too
other
some
not be
large, but it
than
causes
ably exists
The difference is large,
more or
a
may
be attributable to
profiteering which prob¬
less.
The coal operators may
impeccable, the coal retailers
different to the rate of
may not
be in¬
profit, the coal miners them¬
inj'ured persons
quite constant protests assert. In this time
upheaval and dissatisfactions, the custom is. to
their
of
gather and concentrate blame and hurl it (so to
speak) at some specific object, which is always a
corporation
or association of some kind; to accu¬
rately dissect down to and justly apportion the
blame is probably
beyond even the real ability of
any legislative committee or inquiry.
But apropos of the "drastic" act
tor Calder's
tion
was
by order of Sena¬
committee, when the Federal Constitu¬
adopted the conventions of
colonies "expressed a
construction
or
a
number of the
desire, in order to prevent mis¬
abuse of its powers, that further de¬
claratory and restrictive clauses
and in the belief that
should be
vide
lic confidence in the Government will
best insure
the
beneficent
ends
which began in
gress
submitted, by
a
distinctly covered.
that "the
houses,
able
searches
cause,
this
institution," the Con¬
city
on
March 4 1789,
originally omitted
The fourth
right of the people to be
sons,
no
its
two-thirds vote, twelve amendments
upon matters either
and
of
of
or
not quite
those
provides
secure
in their per¬
papers, and
effects, against unreason¬
seizures, shall not be violated;
and
warrants
shall
issue
supported by oath
but
upon
probable
affirmation, and
or
par¬
ticularly describing the place to be searched, and the
persons or
the
distance, between such
procedure
course
as
and
the office
fair
things to be seized."
a
a
here described
wholesale
property of
difference, and
reasonable and
as
the
orderly
only permissible
seizing and carting away of
alleged offender against
some
dealing, in order to make
leisure
The
a
fishing excursion
at
through his records and thereby discover
something
that
law, does not authorize seizing business records in
order to search them for evidences of
Constitutions and
ancient rule that
no person
pelled to giv^ evidence against himself.
There is
is to be
com¬
and
man
makes
must conform to
them, and in part
higher than
an
or
his
welfare;
entirety they
or
No constitution
are
can
be
instrument of expediency; it may be
interpreted, disregarded, put
gotten,
wrongdoing.
statutes, like the Sabbath, are
within his power to alter.
on
cast away in favor of
the shelf and for¬
some
imagined im¬
provement, at any time; the people must control
themselves, for Governments have been unable
control
to
them, after bloody centuries of effort.
This is
true, because unavoidable, and under stress
emergencies restrictions which hold in normal
of
times
pushed aside,
are
"altar"
of
constitution being an
no
refuge when sought by
an
offender of
exceeding dangerousness; for example, the usual
freedom of the press yields after
prolonged abuse
of it, and searches and seizures of material
may be
made, when the public safety requires, though the
seized material is to be searched for evidence.
This
has been
done, and with approval, and it may be
done again; only "unreasonable" searches and seiz¬
ures
are
constitutionally prohibited, and it will
main true that extreme
emergencies make their
re¬
own
laws.
Yet
cannot live in and under
emergencies alone,
quasi-martial law which emergency orders
dangerous class. In the bonus bill, the New
we
and the
is in
a
York
Legislature has undertaken to do what
State's
be
the
Constitution, in
express terms, says shall not
done, and in the housing trouble has passed laws
which the Federal Constitution
State" shall pass.
declares that
"no
But, said Judge Hough of the
Federal Circuit Court:
"It cannot be too often said that
not
a
code,
a
Constitution is
statute, and that it declares only
fundamental principles and is not to be
interpreted
nor a
with the strictness of
doctrine
clause
we
of
owe
the
the
a private contract.
To this
rulings that even the contract
Constitution does
not
over-ride
the
of the State to establish regulations reason¬
ably necessary to secure the health, comfort, or gen¬
eral welfare of the community.
That is, to exercise
the police power of the State."
power
The first sentence is
is well
incontrovertibly sound and
said, yet does not the second amount to de¬
claring that when
our
very
"subpoenas for the production of docu-
tional
enough to reasonable minds without them.
a
But the Federal
revenue.
safeguard. Even that extraordinary and un¬
precedented interference scheme, the Lever "control"
way
also
the
on
were
through them for evidence of
documents desired and the facts to be proved
by |
them," thus following the intent of the constitu¬
which to make and sustain specific
charges, could not be shown by words, if not plain
on
visited by
mentary evidence" will issue only on written application, "which must specify, as near as may be, the
added";
"extending the ground of pub¬
was
this, and the rules of practice of that Commission,
a little more than five years ago, pro¬
selves may not be such virtuous and
as
one of the oldest
promulgated
made for
mining.
this is
official order, and its books
hunt
attempted fraud
man
It is said that coal costs the consumer five times
as
Trade Commission law of 1914 does not go so far as
operators in the country.
the cost of
tendency towards summary
reputable importing houses
raiders under
being supposed to represent all the bituminous coal
or more
a
such "drastic action"
even
without precedent; in the '70s, during a time of
and most
papers," this Association
once
long been
procedures, and
"protection" pushed to extremes,
prominent
a
[Vol. 111.
veniently in the
constitution
a
around it taken?
conduct
We
declares) that
can never
we can
all
over,
or a
deny (because
a supreme emergency re¬
quires and justifies extremes;
stances, and
is found incon¬
it may be stepped
way
see
we
have all known in¬
that they may arise at
Dec.
251920.]
time.
any
THE
And yet—and yet?
again, that the
CHRONICLE
Insist, and insist
extraordinary
shall
measures
be
"reasonable," meaning thereby appropriate, indis¬
pensable, and temporary. A too self-conscious and
hypochondriacal person can get any disease desired,
and
if
will
certainly have them.
he
notes
and
watches for
The
"symptoms" he
analogy is fairly
close, for emergency action is liable to prolong and
even
to create
of the power
emergencies, because
of the
of
is very
liable to
where
spot
one
else, when the
class for "relief,"
or
distortion and
cause
even
because
worse,
so more
a
distress
some¬
is again raised and the
cry
forcible process must be repeated.
is
concentration
particular spot, in
mass upon one
response to th£ cry
a
under the surface and
more
insidious; it is that
Another danger
acquire
we may
a
habit
promptly handling matters in dispute. If by "col¬
bargaining," he said, "is meant sitting down
lective
together to discuss and dispose of working condi¬
tions, the system has had it for at least 17 years, and
the
meeting
policy."
now
strike, although
"we have
ties."
always been able to
responsible, the most highly organ¬
ized, and generally the most highly paid. No strike
has
been
ever
ticed
nor
favored.
There
both
on
never
tional
Government
means
growth and
emergency and
able
surgery mean
left, except possibly Hope.
Russia examples
The
Are not Mexico and
greatest emergency the world has
bear has ended its most immediate
order.
It
behooves
kill-or-cure nostrums,
were
well-framed
to be
us
ever
had to
stringent phases.
the prop¬
are now
patient, to avoid
to hold fast to things that
and
have
slow and careful about
be
long stood, to be
very
alleged "reconstructions."
ADJUSTMENT BOARDS.
One of the features of the
last
winter, and
one
of labor
of those which organized labor
general Labor Board "local boards
adjustment
ment between any
carriers
as
a
carrier,
whole, and
nate officials of
of
may
be established by
employees
any
carriers,
organizations thereof."
of carriers,
group
or
organization
or
means
ployees
together, lay their cards
may come
table, and
their
compose
outside intervention.
started
was
the
on
officers
of the
21st, when
has been
in the
the
manner
men
of
own
a
the
differences without
meeting
a
was
membership.
over.
see
policy of "come, let
sition, and
a
held
The ob¬
Mr. Atterbury
if the employees
recognize that the change
handling questions between manage¬
It had been clear to him that
recognize the change in the situation,
"voluntarily organize themselves to
regional committees to correspond with
pro¬
our re¬
that in
reason
be not
quite equal.
It
onism.
It
natural
is the
men.
meeting, having in mind the three
principal points of regional committees; next, the
principles
of
schedules;
third,
machinery
for
substi¬
an oppo¬
even
though that
attitude of friend¬
proposes an
practice,
parties
left to themselves;
are
the policy,
or
or
the desire at the
least, of the largest corporations and of the
very
When both sides
are
encouraged (or permitted) to sit down together and
talk
things
mensions,
concessions
their grievances shrink to real di¬
over,
disappear, and conciliation and mutual
or
naturally follow; when outside
izers and intervenors get
ural
that mud
as
to it with
a
in, disturbance is
nat¬
intimately know the
case;
he
pre-judgment, and (what is vastly
disturbing) under the necessity he thinks he
more
that he himself shall live
sees
organ¬
as
should make clean water turbid.
The outsider does not
comes
comfortably in good
clothing and with only the labor of the tongue, which
is
far
pleasanter than to
work-bench.
tools at
a
happy,
he
A
a
wear
That
deliberately
losses among
apron
may
foments
and
use
live and be
dissensions and
grand central union of all industrial workers is
cause
lossal
than
can
it seeks to
ditions
become
never
mass
naturally individual;
in
It
scope.
there
can
be
dertaking
can
and it does
many
so
accomplished, be¬
elements too distinct and
can
one
no
moreover,
more
con¬
it is too
co¬
be accomplished
cehtrally-controlled single
"family" of all the people.
by
an
he
others.
dream which
But this impossible
un¬
produce unrest and industrial waste,
with each renewed attempt, as proven
and recent instances.
scheme and the
The ideal industrial
only peaceful scheme—until the day
when worker and
owner
become the
same
plants shall be "closed"
person—
as
to out¬
meddling and the parties shall in each instance
their
own
conviction to this effect is
among
So he called the
It
get-together attitude, and is the
when the
one
discuss and compose
ments and
together."
capital and labor
ship and agreement, instead of suspicion and antag¬
eral Labor Board that the minor
manage¬
strike
genuine service and honest trading
side
adjustment boards
us reason
advantage is with both parties,
ed, but his hand is forced by the decision of the Gen¬
only by voluntary action of
even a
with the first postulate of calm
is that industrial
be formed
be
community of interests, not
agrees
gional organization." He would willingly have wait¬
can
never
system."
natural and irreconcilable enemies.
are
large number of operating
motion
employees.
must
and would
vide
upon
system organization must bring a change in
ment and
the
em¬
system and several hundred repre¬
waiting, he said, to
would of their
subordi¬
Atterbury of the Penn¬
to talk the situation
was
the
or group
management and
own
sentatives of the brotherhood
ject
or
A movement in this direction
at the call of Vice-President
sylvania, attended by
agree¬
This provision for minor
and local boards
that
the
largest of private employers.
Transportation Act of
probably officially disapproves, is that in addition
to the elaborate
on
This is the
it is the
THE TRANSPORTATION ACT AND LABOR
this, and not only will there
strike, but there will
a
It banishes that old falsehood that
the
grievances
if he cannot understand the
see
Act upon
tutes belief in
vivid enough?
Recovery and gradual restoration
er
nothing valu¬
other, and
vote taken
the other extreme,
progress; on
political
and stability
petty
Forget them for the time being,"
Atterbury; "let each put himself in place
established
stability,
doubtless many
are
prac¬
is the sympathetic strike
nor
sides.
things
of the
called; the closed shop is neither
advocated,
other's side.
means
difficul¬
compose our
service the most
ther and farther from law and order, according to
Constitu¬
a
represent," he told the men, "nearly
30% of the entire working force, and of all in train
said Mr.
unquestioned.
been
never
threats have been made, for
some
"You
treating constitutions lightly, as a kind of socialpolitical/convention; thus we insensibly drift farand
assembled is in continuance of that
In the whole term there has
of
/
2465
news
grievances.
That a
surely making its way
employers is indicated anew by a Chicago"
item of Dec.
22, that
a
call just issued by the
National Conference of State Manufacturers' Asso¬
ciations for
a
convention of merchants, manufactur-
THE
2466
railway executives and shippers, to be held on
ers,
Jan.
the
12, mentions; as a matter for earnest protest,
expected demand of the four railway brother¬
hoods for
national adjustment
a
board for all cases,
instead of the individual treatment of each case
by
the
parties immediately concerned. Acquiescence in
such a national and central plan, declares this call,
"would
mean
the
opening wedge for collective bar¬
gaining and the closed shop in all branches of Ameri¬
cise of the utmost measure of caution.
dissociate herself
not
from
world conditions are not
tinent the two years
have been marked
Canada
can¬
world conditions
and
On this
con¬
satisfactory.
supervening
the Armistice
upon
by unexampled trade activity and
circumstance common to the conclu¬
prosperity,
a
sion of
great wars, but the raection has set in
all
and may
Happily, Canada is
not yet be in full play.
well buttressed
on
sides and the exercise of
many
prudence and sagacity should enable her to meet the
industry."
can
[Vol. 111.
CHRONICLE
shock
of
falling prices, restricted credits and de¬
flated currency
CANADA'S UNEMPLOYMENT PROBLEM.
without serious impairment of her
commercial and financial
vitality."
Ottawa, Canada, Dec. 24 1920.
is
Canada
dustrial
passing through
unemployment
experience of in¬
an
less common to the
more or
NEW INTRASTATE RAILROAD RATES—OVERRULING
any
plan whereby a country in the grip of
world deflation
do much
can
stations for workless and
more
than open
relief
The Pro¬
starving people.
vincial Governments have ordered the initiation of
public works, and the Dominion Government will
maintain
but the
ship construction and other enterprises,
manufacturing industry is practically help¬
less to accelerate its pace
in the
of
a canny
dole to assist the
goods from factory to consumer, the
public and cautious bankers.
movement of
presence
As
tax from
of
scores
Some
luxury
articles, including silks, furs,
been
has
progress
which
ment
intra-State
regards
as
issued
sion,
and
was
ies^
This
will
move
out perhaps twenty mil¬
cross
lion dollars annual revenue,
but, in the Minister's
was put
like
sum
was
In the matter of intranstate rates
Federal Board.
from the Federal
Treasury in unemploy¬
there has been much
British
condition
ness
Columbia
of
Commission in its
34th Annual
Increased approved
many
trade, and the curious fact that
thousands of returning soldiers, when offered
railway transportation to
any
point in Canada,
se¬
lected British Columbia for its climatic and scenic
The Province has asked the Dominion
Government to shoulder
placed veterans.
responsibility for these mis¬
Other provinces, in addition to an
of road building and such like,
emergency program
have undertaken to share
ion and the
municipality the cost of providing food
and shelter for destitute
No
equally with the Domin¬
has
and families.
men
States Assenting
by
Increases
denied
denied
Dissenting.
Passenger.
24
because
23
17
statutory
7
provisions
State commissions
13
__
Increase approved
5
2
—
in
and
Freight.
in full
allowed
Smaller percentage
3
2
part
48
Total
48
The contest has focused in New York and Illinois.
Justice
Ilasbrouck, in the Supreme Court at Kingston, N. Y. on
Dec. 18 vacated the temporary
to State
injunction which
was
granted
Attorney-General Newton and the New York Public
Service Commission by Justice Cropsey at Brooklyn on Nov.
This injunction was intended to restrain all the railroads
27.
advantages.
of
approved with exceptions
increase
prevenaction
dul-
upon
Increase—Number
Rate
New Intra-State Rates—
Increases
Report,
the question
on
intra-State rates:
new
Intra-State
reports the most aggravated
unemployment, contingent
in the lumber
a
The extent of this opposition appears from
Commerce
State
Increases
V
on
the following compilation of data presented by the Inter-
preferable to distributing a
ment relief.
in operation
day.
opposition to the proposed setting aside of State rates by
No
opinion, the action
the
of
to become effective on Aug. 26
regards inter-State traffic it
as
that
July 29 advancing railroad rates
on
This order
country.
of the
unquestionable luxur¬
passenger
traffic—of the order of the Inter-State Commerce Commis¬
retained the tax upon
as
the enforce¬
traffic—especially
showing the position of the various States
candy, liquors, and some other
o
raised by local Public Service Commissions in a
were
number of the States of the Union to prevent
higher-priced clothing, jewelry and automobiles, but
materials deemed to rank
f
made of late in the matter
removing, at least temporarily, the various legal obstacles
a
Minister of Finance this week removed the
TO BE DETERMINED.
STILL
manufacturers and labor leaders have failed to de¬
velop
OPPOSITION—CONSTITUTIONALITY
LOCAL
OF
Conferences of Cabinet Ministers,
whole Continent.
of the
State, except the Long Island RR. Co. and the Staten
Island Rapid
a
Transit Co. (which were made the subjects of
injunction) from collecting higher passenger
separate
rates
Intra-State traffic.
on
authorities immediately expressed
The New York State
their
determination
to
continue
the
On Dec. 21, however, Judge
court.
fight to the
highest
John'C. Knox, in the
United States District Court at New York in
a
suit brought
com¬
by the New York Central RR. Co., as an inter-State carrier,
posite opinion of Government and business leaders
issued ,a temporary injunction returnable Dec. 31, restraining
the aforesaid State authorities from starting any new actions
one
in this
exactly summarized the
more
country
as
to the necessity of taking lean
times with the fat and
bearing
up
with confidence
and caution than
or
proceeding with
from
any
actions already started and also-
"harrassing and threatening to harrass the New York
Sir Vincent Meredith, when ad¬
dressing recently the directors of the Bank of Mon¬
carrying out the orders of the Inter-State Commerce Com¬
treal.
mission."
men
"It has been
who had grown
difficult," he said, "to make
accustomed to high prices
lize the fact that economic
ficial
means
decline.
can
conditions, which
alter, alone
are
the
cause
The demand for intervention
ernment control is insistent in
some
ada alone cannot control world-wide
no
rea¬
arti¬
of price
through Gov¬
quarters.
Can¬
conditions, and
it is idle to turn to the Government for relief from
falling prices.
This applies to wheat
as
to other
commodities.
is that while there does not appear
for
apprehension, there is
to be any
every reason
for the
it,
cause
exer¬
Co., for the
purpose
of preventing it from
having been cleared by Judge Hasbrouck's action
The way
vacating the injunction of Nov. 27, the New York Central,
and the
Delaware & Hudson
on
Dec. 20, lost
no
time in
increasing their intra-State passenger rates from 3 to 3.6
cents per
mile, and also their local milk and Pullman rates
(the latter for the benefit of the road .< and not the Pullman
Company) to correspond with the inter-State rates already
',rr,:-v
in force.
The
case
of the
Rapid Transit Co.
preme
"The situation in Canada at present, as I see
RR.
Central
other
ported
Long Island RR. and the Staten Island
came
before Justice Benedict of the Su¬
Court, the application having been presented as in the
case by Deputy Attorney-General Griffin, but sup¬
as
intervenors by the City of New York and the
Queens Chamber of Commerce as well as the Public Service
Commission.
Dec.
251920.]
THE
The decision of Justice
Benedict, handed down
enjoins
both
roads
from
advancing their
CHRONICLE
yesterday,
passenger
OifoxKKcnt
rates
pending the (determination of an action at law for a per¬
manent injunction.
The Court < xpresses its disapproval of
the proposed assertion of Federal
authority, in
CONTINUED
Federal
Government.
carriers and
same
It
drastic assertion of power on the part of the
a
seeks
to exercise over
to
its
lay
hand
intra-State
purely
on
their rates for intra-State transportation
authority it has exercised
the intra-State
over
the
of inter-State
rates
cariiers.
II it shali
succeed
State authority
in
establishing its right
There has been
to 3.6 cts. per
inquiring
filed.
this week
the
railroad
mile
was
merely had to do with
merce
not passed upon in the opinion, but the
"given permission to present the record taken
of them appearing in the record before the
Appeals."
(From report by
& Commercial
"Journal of Com¬
Bulletin").
.
In Illinois fourteen roads obtained
•
.•
injunction from the
an
Federal Court to prevent the State officials from
2187).
test
This
case
action
as
case
the
constitutionality
of
the
Federal
to intra-State rates will be determined.
the application of the roads
on
20% increase
in
until Jan. 13, in
On Dec.
commutation
Hearing
centring at Chicago for
rates
has
the
been
postponed
Washington.
raising of
On the other
fares
passenger
has
strength.
new
The Utilities Commission
again suspended, until Jan.
18, the higher coal rates
General John G. Price has instituted
Attorney-
suit in the Court of
a
Common Pleas to restrain the roads in the State from
The
for
a
the
hearing
matter
of
are
the
much
British
dominions,
overseas
Bank
and Banking Act, establishing
it differs in constitution from the
as
of Australia,
mint.
which the Government controls.
Price certificates will be unconvertible
gold from circula¬
as
the market price
The Central Reserve Bank will have eleven directors,
three nominated
of
so
long
gold exceeds the mint price.
by the Government, three by commercial banks and three by commercial,
agricultural and industrial
Government appointees.
entertain
commercial
balance by
The governor and deputy
interests.
The capital is £1,000,000.
banking
The
solely.
monopoly of note Issues, which
are
The bank
central
will
bank
to be secured. 40%
be
will
not
may
have a
by gold and the
approved bills.
BELGIUM'S
Details
DEBT
REACHES
30,500,000,000
regarding Belgium's finances
cablegram to the daily
were
importance for these roads, has been
adjourned until Dec. 28.
a
from Brussels Dec. 22, which
papers
Colonel Theunys, the new Minister of Finance, made a deep Impression
He
statement.
Deputies when he presented the Government's financial
said
the
public
debt
amounted
now
to
1921
30,500,000,000
The deficit in the
the Minister declared, would be 6,500,000,000 francs, due
budget,
chiefly to unfavorable exchange, losses on the railroads and expenses on
works.
public
The
inadequacy of the revenue,
Colonel Theunys
added,
made fresh
He said he hoped by the intro¬
rigid economics inevitable.
duction of improved methods to reduce the losses sustained by the railroads,
which amounted to 322,000,000 francs.
The war budget had been pruned
of 400,000.000 francs.
The Minister
appealed to the people of the country to
solve
rsetore Belgium's
the^financial problem and
pay
their taxes
This, he said, was the only way to
promptly and to curtail expenditures.
credit at home and
abroad.
putting
through inter-State traffic
FRANCS.
furnished in
quote herewith:
we
a
bill
Commission
Finance
AUSTRIA
of the
National
Assembly
today authorized
extraordinary expenses for the first three months of 1921, of which
4,000,000,000 crowns will be used in payment for foodstuffs which will
be sold to the public at a
was
BY
in cablegrams from Vienna Dec. 15 said:
granting the Government an additional credit of 8,000,000,000 crowns
to cover
sum
AUTHORIZED
CREDIT
FOOD
The daily press
The
on
a
This is the first central bank
operation.
tion, the Treasury issuing gold certificates against gold deposited at the
the petition of the New England roads
on
published in
was
The South African Act provides for the withdrawal of
higher rate schedule.
larger share of the rates
a
The bills in this week's offering
South African Currency
Commonwealth
taxation and
asked by the railroads on intra-State traffic, and
into effect
in
in Minnesota and
hand, in Ohio opposition to the increased
has shown
6%.
figure to which
it had previously for
26;
francs, of which only 9,500.000,000 was consolidated.
Arkansas to the inter-State level.
rates
the
in the Chamber of
ceeding with its action against the several dissenting States,
ordered
6^%—the
March
following cablegram from London
To day
a
the Inter-State Commerce Commission pro¬
22
advanced
central reserve bank, comes Into
it has been said will probably be the
which
on
CONTINUED
interfering
with the 3.6 cent passenger rate (See "Chronicle" of Dec. 4,
p.
BILLS
QV2%.
the "Journal of Commerce" of Dec. 18:
Commission upsets the old State rate of
was
none
of
TREASURY
discount basis of
on a
was
time been
The
that the Inter-State
now
Commission to the Supreme Court at a special
term where the constitutional questions may be
properly
Court
FRENCH
CENTRAL RESERVE BANK IN SOUTH AFRICA.
before the
presented,
rate
some
returned to private
Commerce Commission have acted, it is expected the Court
will hold that their action is final.
The question whether
2 cents per
dated
are
dated December 24.
were
The decision of the Court
the construction of the statute and
the order of the
ON
AT
control but before the order of the Inter-State Commission
was
The bills in this week's offering
December 20.
learn that the suit before the court of
we
brought after the roads
was
6%, the rate which has been in effect for
The French, ninety-day Treasury bills were"disposed of
mile in the face of the
for that division under the old statute.
Appeals
of
time past.
some
RATE
decision handed down by the Court of
Appeals on Dec. 10which appeared to order a restoration of the 2 cent rate fixed
On
basis
count
Central should have been able to increase its rate between
Albany and Buffalo
OF
usual offering of ninety-day British Treasury bills
disposed of this week by J. P. Morgan & Co. on a dis¬
surprise expressed that the New York
some
giacttssixma
to do the last vestige of
so
carriers' rates will be destroyed.
over
OFFERING
The
was
involves
case
aud
BILLS.
the following
vigorous words:
The present
2467
Last week a credit of 6,000,000,000 crowns
loss.
granted the Government.
Newspapers of all shades of political opinion make pessimistic prophecies
A RAISE f
[From
the
December
will
issue
of
the
"Hibernia
Rabbit/'
published
by the
Hibernia Bank Club of the Hibernia Bank & Trust Co. of New
Orleans.]
A young
to the future of the
as
Gentile working for
a
Hebrew asked for
The Neues Abendblatt says: "How long
country.
billions
a
The
you
Yich leaves
121 days
52 days
69 days
y2 day off each Saturday
CRISIS
26 days
43 days
one
hour off each day for
dinner
gram
daily
SECURITY
papers
published
Dee. 23 the following cable¬
to
meet their
from Europe,
the slump
it
less
you
two weeks' vacation 14 days
Anatolia being closed.
on
rise in
A panic on the exchange because of
Greek bonds as security for loans.
Un¬
with Anatolia is reestablished soon there will be a commercial
The rise in exchange was provoked by the needs of Constan¬
tinople, which has been importing $10,000,000 worth of commodities month¬
The Turkish pound has dropped from 72 to 52 cents.
SOVIET
16 days
holidays
12 days
FOREIGN
ANNULS
ARMENIA
Yich leaves
4
The Armenian
Soviet in
a
proclamation has annulled all foreign loans,
"especially the American loan,"
which the Armenian workers have been
leaves
der devil do you want
NATIONAL
4 days
0 days
'
a
raise?
Constantinople,
days
Und any fool knows der ish Jewish holi¬
days in der year
LOANS.
cablegram to the daily papers Dec. 22 said:
toiling to repay, says a Reuter dispatch from
account of the inability of
in commercial dealings has resulted in numerous bankruptcies.
commerce
A London
Vich leaves
Den der is in der year,
crisis
obligations owing to the extraordinary
will be necessary to import supplies for the winter
30 days
■*
gifs
on
Dec.22:
Commerce here is suffering an acute
catastrophe.
13 days
Yich leaves
Yich
The
REFUSE
TURKEY—BANKS
IN
from Constantinople
foreign exchange,
ly.
Now vy in
collapse.
BONDS AS
The banks are refusing to accept
Or vich leaves
Each year one
soon
causing the collapse of all its neighboring countries."
importers
haf
will
365 days
day, consequently
only 1/3 of the time, or
Den der is Sundays each year
you
State
raise.
GREEK
work
Den
The
last?
hurry and furnish credits, otherwise it will be faced by chaos,
1
In der year der is
Den you haf
of
shower
BUSINESS
This is the Hebrew's reply:
You work 8 hours
a
this
Entente must
BANK
OF
COMMERCE
RECEIVES $1,300,000 OF
IN
NEW
YORK
SWEDISH GOLD.
PA shipment of gold amounting to
on| Dec.,21fcby the NationsBank of
$1,300,000 was received
Commerce in New York.
THE
2468
The metal, in
English bars,
Sweden,
of
on
Swedish-American- Line SS. Drottningholm.
It
board
its duties,
the
to the
dock to the Assay
of
Chicago by
SUSPENSION BY U. S. OF RESTRICTIONS AFFECTING
The Treasury
Dec. 20 the
EXCHANGE
week
Department at Washington announced
the
on
coin,
of
well
as
bullion
and
Department's
Treasury
italics what
was
indicated
announcement,
in
effected in this week's action.
FEDERAL
RESERVE
BANK
(Circular No, 329.
OF
NEW
December 21 1920 ]
"The
Secretary of the Treasury and the Federal Reserve Board announce
that, with the approval of the Department of State, and in order to give
force and effect to the action of that Department in removing restrictions
in the way of trade and communication with Soviet Russia, as announced
by that Department on July 7 1920, all rules and regulations restricting
the exportation of coin, bullion and currency to that part of Russia now under
the control of the so-called Bolshevik Government, or restricting
dealings
or exchange transactions in Russian rubies, or restricting transfers of credit
or exchange transactions with that part of Russia now under the control of
the so-called Bolshevik Government, have been suspended, effective Dec. 18
1920, until further notice."
Very truly yours,
\
J. H. CASE, Acting Governor.
dispatches from Washington Nov. 20 had the follow¬
officials
explained, in
no
way
with Soviet Russia, Treasury
of
announcement
trader's
July
of
offices will continue to tefase to
a
recognized
accomplished in the
the
absence
of
as
Treasury
restrictions,
official
relations
business transaction will be at
In
Little
Government.
of opening up trade with
way
accept
at
the
Soviet gold,
the Government may only acquire the lawful
foreign
the financial
of
removal
of
be permitted
trade would
that
OF
WAR
Dec.
on
by
the
a
by the
16
on
was
House
the 18th inst.
Corpora¬
ordered favor¬
Committee
was
on
passed by
The House materially
vote of 212 to 61.
resolution
by eliminating the preamble and
and the Senate
2,
Dec. 13,
on
the 20th inst. concurred in
The resolution
last week, was printed in our
2381.
The
cultural
sections
to
page
preamble referred to the existence in the agri¬
unparalleled
farmers
it passed the Senate
as
issue of Saturday last,
the
of
country
of
"unprecedented
on
account
of
the
distress
dispose of the
corn,
inability
and
of
the
wheat, cotton, wool, live
stock and other commodities now in marketable condition
prices that will
at
pay
the cost of production," and to the
inability of the banks "to extend credit to the farmer in
order that the farm
sold in
products
may
be held until they
fair and reasonable market."
a
can
be
Section 2, which has
as
finally adopted by
read:
Congress, had
That it is the opinion of Congress that the Federal Reserve
Section 2.
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
assay
Treasury officials declared.
moneys
7
risk.
and
Mint
as
these changes, thus placing the resolution before the Presi¬
government sanction of commercial
means
relations with that country, but merely gives fud effect to the State Depart¬
ment's
ably reported
Banking and Currency, and
on
also been eliminated in the resolution
in the matter:
Removal of the final restrictions, on trade
REVIVAL
FOR
The resolution for the revival of the War Finance
dent for approval.
which we submit herewith for your guid¬
issued by the Treasury Department yesterday:
say
RESOLUTION
tion, which passed the Senate
Section
Reserve District:
ing to
OF
the House
Companies and Others Concerned in the Second Federal
The following announcement,
Press
record
on
FINANCE CORPORATION.
amended
YORK.
Transactions with Bolshevik Russia,
To all Hanks and Trust
was
pro¬
us a
men
corporation.
PASSAGE
Bolshevik
to
currency
The Fed¬
York, in making known as follows
eral Reserve Bank of New
ance,
and
As indicated by
the country.
the conference unanimously went
ago,
the restrictions against dealings or ex¬
as
exchange transactions with Bolshevik Russia,
the
hundred bankers, business
approving and recommending the immediate formation of
change transactions in Russian rubles, and transfers of credit
or
five
constituted by the conference held at
suspension of rules and regulations restricting the
exportation
Russia,
was
ducers from all parts of
TRANSACTIONS.
The Organization Committee
proposed corporation.
thirty members
,
RUSSIAN RUBLE DEALINGS AND
2377, and whichfchas actively taken up
page
is charged, under the Organization Committee,
With the working out of various important matters relative
was trans¬
ported during the afternoon from the steamship company's
Office.
[VOL. 111.
Saturday last,
from the Sveriges Riks-
came
Bank
Government
the
bank,
CHRONICLE
between
is expected
now
two
Because
Governments,
at
As
reasonable rate of interest.
a
result the only
a
portion of the resolution enacted is
the following:
ail
the risk of the contracting parties.
permitting the rediscounting of such notes of exten¬
held by them, by
sion
be
Russia through the
officials added.
the
to
Resolved, By the Senate and House of Representatives of the United
States of America in Congress assembled, that the Secretary of the Treasury
reporting the action of the Treasury Department, the
special advices from Washington
and the members of the War Finance Corporation are hereby directed to
War Finance Corporation, and that said
"Journal of Commerce" in
revive the activities of the
Deo. 20 said:
poration be at once rehabilitated with the view of assisting in the financing of
1
Treasury officials said to-night that the action taken would in all proba¬
bility have no effect whatever
on
The idea prevails that the Russian gold that has been
shipped to the United
States bears the mint stamp of the Czar's Government, and that a lien is
claimed by the
Governibent
of France and others Powers against such gold.
The United States Government could not, therefore, undertake to act in
any manner to
the exportation of
deny this claim.
agricultural and other products to foreign markets.
On Dec. 18, when
the status of Russian goid in this country.
the resolution
was
private
that
concern
desires to do business with the Nationals of Russia taking gold in payment
opposition to the proposal to revive the corporation, and in
endeavor to block action on the resolution a point of
order
raised by Representative Luce as to
was
resolution
down.
which under the Constitution must
Since the President's proclamation of June 27 1919, removing restrictions
export of bullion coin and currency with all countries except the territory
of Soviet Russia and the order of the State
Department of July 7, this
year,
trade with Russia has been in charge of the War Trade Board section of the
State Department and numerous orders have been made to govern efforts
the restoration of trade with
Russia.
This has been continually embarrassed by exchange conditions, and pay¬
ments
for
goods have been
countries.
forced
into
indirectchannels
through
other
Hereafter exchange transactions may proceed without restric¬
tions and in
a
normal
manner.
It is expressly stated, however, that the
action taken does not in any degree operate as a
Government of Russia.
recognition of the Soviet
It is not expected that removal of the war restric¬
tions will have any very great apparent effect on trade for months to
come.
There may be some slight effect on the speculative operations in progress
in the United States in Russian rubles, which have been coming into the
country steadily in consequence of the willingness of the American investors
to
buy them to hold for the ultimate recognition of the present Government
of Russia.
ON
ORGANIZATION
NAMED
OF
BY
against 28, that it was not a question of privilege.
With this
question disposed of the House adopted a resolution limiting
debate on the War Finance resolution to three hours.
The
amendment
to
the War Finance resolution eliminating
agreed to by the House, sitting in committee
a vote of 132 to 20, this being followed by
the submission of the resolution, as thus approved, to the
Section 2
of the
FOREIGN.
TRADE
House, which struck out the preamble and passed the bill by
above, namely 212 to 61.
The House
on
Organiza¬
Foreign Trade Financing Corporation, announces
following members of the Executive Committee of the
Kent, Vice-President Bankers' Trust Co., New York City.
H.
Barnes, Barnes-Ames Co.,
Duluth, Minn.
Thomas E. Wilson, President Wilson & Co., Chicgao,
Lewis E. Pierson, Chairman of the Board,
irving
National Bank, New
-
since the
as
Chairman of the Organization Commit¬
tee, was empowered -at the first meeting of that committee,
held at
of
nine
Chicago Dec. 11, to
members,
name an
including
himself
Executive Committee, to which
we
Executive Committee
as
Chairman.
referred in
our
This
issue of
the Chicago News, in an editorial said:
Hoover described
and farmers .which
corporation to
tj
George Ed. Smith, President Royal Typewriter Co., New York City.
of the president of the American Bankers'
The purpose of that
maximum financial
facture
Myrick, Treasurer Orange-Judd Co., Springfield, Mass.
McHugh,
a
*
"Wprhert S
111.
Charles A. Hinsch, President Fifth-Third National Bank, Cincinnati, O.
Mr.
week the gathered in the city of Chicago a conference
the invitation
Uponlthe following day
Paul M. Warburg, New York City.
City.
at
conference was to develop a corporation
capacity, under the Edge law, of $1,000,000,000.
As a result of that meeting, I find in the Chicago Tribune of Dec. 12, Arthur
M. Evans writing the article:
•'ThR
billion baby in the world's markets was born yesterday.
The
nroiect toform a corporation of $100,000,000 capital and $1,000,000,000
Sacfty wS adopted by he conference of finance, agriculture industry
and business interests.
A committee of thirty was appointed, and $100,000
to meet the expense of launching the project was raised in 10 minutes.
with
Herbert
were
Mr. Chairman, last
Association.
Organization Committee:
York
concurred in by the Senate without a
Representative Luce, in voicing his opposition
the resolution in the House on Dec. 18, said in part:
amendments
assembled
CORPORATION.
McHugh, Chairman of the Committee
Fred I.
was
whole, by
the vote indicated
COMMITTEE
tion of the
Julius
and in the vote taken on
to
COMMITTEE
FINANCING
the
against the motion of Representative Luce to the effect
question of special privilege,
this, the House decided, by 142
that the resolution was not a
record vote.
EXECUTIVE
John
originate in the House.
lengthy argument which ensued, a point of order was
In the
raised
was
whether the
within the scope of revenue producing bills,
for commodities and disposing of such gold in bullion form after melting it
at
before the House for
Representative Luce of Massachusetts and Repre¬
sentative McFadden of Pennsylvania both voiced their
action,
an
There is in the situation, however, no bar to any
on
cor¬
armistice."
The most momentous
oh
At the very time when this
formation the Congress of the United States
thing, with precisely the same limitation
since the armistice!
corporation is in process of
is asked to
the Chicago conference of bankers, manu¬
authorized, the formation of a $100,000,000
trade, as the most momentous
help finance American foreign
do precisely the same
investment—$1,000,000,000.
I desire to
them to consider if
chanc6 to choose between progress
vidual
committee the contrast between these
they ever had a more definite or clear
by the Government and progress by indi¬
call to the attention of the
situations, and ask
initiative.
Mind you, these
poration the other a
corporations, one a Government cor¬
citizens, have the same
corporation started by private
DEC.
251920.]
THE
CHRONICLE
limitation upon
their possibilities—SI,000,000,000.
What is the contrast
raising of their capital?
Here you contemplate putting your hand
in the
into the Public
Treasury and taking from the taxpayers of the country,
adding to the country's debt, to raise
the Government proceeds,
way
or
capital of $500,000,000.
a
the way
you
or
That is the
direct your Secretary of the
two
That involves
personal activities
gentleman
more
a
exertion whatever,
no
Hie part
on
ever engage
it requires no initiative, no
of those soliciting subscriptions.
in starting
Did
any
corporation find himself confronted by
a
attractive method of raising capital than by passing
a
law in the
House of Representatives and in the Senate and have it
signed by the Presient?
All you have to do is to draw from the
Treasury your capital.
the other
any
hand, the private citizens organizing for such
out and get the
capital subscribed.
'
*
a purpose
have to
go
;
corporation,
exemptions," and
you say to
private
your
"If you succeed in inducing people to invest money in your
enterprise, they shall
very outset to your
pay
In other words,
taxes."
public corporation, you put
a
give
you
a
bonus at the
handicap on your private
corporation.
to be guaranteed
are not
capital is
the
guaranteed.
Almost
small
every
buyer
of
will
bonds
think
them
Indeed, your Secretary of the Treasury has pointed out that
not be sold unless
can
United States Government.
they have behind them the guaranty of the
Your private corporation
has no such guar¬
Your private corporation has the guaranty of the money paid in as
anty.
capital stock, but beyond that
none,
Let
next
us
ask
ourselves
whether
we
prudently hazard the
may
most of this
whether you
to
as
Let me ask
exportation is to be made.
believe
you
are
you
Europe, to which
solemnly to reflect
warranted in your official capacity in
Once enter
embroiling still further
tion.
loaned to the
two years
consumer
in
and what has Europe been doing in these
Europe;
since the armistice to show that we ought to intrust to her another
billion dollars of credit ?
The statisticians inform
that the additions to
us
the debt of the world—and that is for much the greater part
these securities, while adding to the difficulties of Government
financing.
These bonds would have to be short-time
obligations, and experts say
Corporation could by their
6lA% and
borrow
use
no
business, if public credit
were to
market rate
accepted
or
poorer
security.
that private credit has been able to finance
foreign landing through com¬
mercial channels to the huge extent of between three and four billion dollars.
There is
proof that its
no
resources are exhausted.
public credit under these conditions offers but
a
vain hope
producers suffering from the fall in prices.
It is folly or
delude the producers of food with the pretense that this really means
to the classes of
to
worse
relief for them.
Leaders in the live-stock industry, with
knowledge of conditions, squarely declared that this
directly
save or
even
products, including wool.
The
no
Only
to which
amounted
two years
to
At the conclusion
capacity in grinding out paper currency.
armistice
the
the
paper
money
nearly
all European,
$55,000,000,000, and
was
At the present moment the paper
$82,000,000,000.
was
world,
A year later it
$43,000,000,000.
later it
of the
of the world has behind it only 9 cents in gold for every dollar in
money
paper.
The trouble is not that
in these investments?
dividuals,
to take the risk
which,
as
take the risk
may
may
be—it
may
our
credit
well be—that private in¬
desire to take the risk and be willing
holders of
and stake their
a
own
public trust it would be unwise and
money
rather than make it perhaps
impossible for them to function by putting in competition with them an
organization based
upon
the taxpayers' money in part, with the taxpayers'
guaranty in part, with the advantage of tax exemption and functioning as
institution?
Government
a
famishing in
few regions we
a
who
presented
which
a
minority report against the resolution, to
refer in another item.
we
those
Of certain
not been
ON
RESOLUTION
FOR
REVIVAL
OF
WAR
FINANCE
we
CORPORATION.
refer to the passage
tion
and
Corporation.
minority report, dissenting from the views of the majority
House
the
of
Banking
presented to the House
the
and
on
Currency
Views
Committee,
was
are
given herewith.
of the United States, to take action which will result in lending
we
who have an intimate
War Finance Corporation itself, by
Federal Reserve Board, and by others
knowledge of the financial situation.
The first objection springs from
repaid!
proceed by
a
doubt
of
the undoubted
have
we
legislating process, but not otherwise.
Assum¬
two things
suspend operations; and
Secondly, the resolution destroys no other dsicretionary power of the
corporation
or
what may be
of the Secretary of the Treasury, from which it follows that
supposed to be the wish of Congress
time be
at any
may
nullified by the executive branch without any violation of duty.
On the
contrary, as long as these discretionary powers exist, it will be the duty of
conditions abroad
or
judgment, and
official who failed in
any
If by reason of changed political
changed financial conditions at home it became mani¬
festly unwise to continue lending our public credit to foreign borrowers,
powers
one
official concerned be forgiven for refusing to exercise the
powers
resolution
and
no use
lodged in him by law?
breathes
sworn to use
their
own
the
hope
that
officials
still possessing
judgment at all, but accept what
may
be suppoed to
judgment of Congress, though not set forth in this resolution
particular.
these
their best judgement in the exercise thereof will in
The resolution
says
save
in
the activities of the corporation are to
be revived, but gives no intimation as to how long they are to be
continued.
Assuming that the present administration might try to conform to what it
might infer to be the legislative will, however imperfectly expressed, would
the resolution in its present form impose any obligation whatever on the next
accomplished
no
If it should then be
resolution had
apparent that the
useful purpose, but on the contrary had deluded the public,
coiportaion
discretionary
powers
as
it might then
that this resolution
does not touch?
If they could be exercised three months from now, why not three weeks
from now, or three days after the resolution became law?
Is anything further necessary to show the folly of a resolution so loosely
is
favored.
who are
It does not embody the will of those by whom it
It adds to uncertainty.
It embarrasses the public officials
trying to help carry the country through
a
most intricate and per¬
plexing situation by the exercise of the soundest judgment they can com¬
to whether this money will
as
one
contemplate substituting
First, the resolution does not permanently destroy the particular power
involved, from which It follows that the corporation may at any time again
and Ineffectively drawn?
the Secretary of the Treasury, by the
now
remain evident:
up
This is not deemed prudent by the
We
powers.
exercised
ing that this resolution meets that need, which is far from clear,
American products and have not the money
with which to pay.
toe
suspending operations.
to the corpora¬
certain discretionary
judgment for that of the corporation, which
be officered honorably exercise the
an
$1,000,000,000 to persons in foreign countries, chiefly on the Continent
to
uncertainties of the
we have entrusted
of reckoning only to our greater hurt, could this
the War Finance Corporation,
of Europe, who may want to buy
neces¬
had led to inflation, had made our condition worse, had postponed the day
of the Minority.
This resolution is intended to compel
doubtless
accomplish this, which has
contemplated by this resolution
Secretary of the Treasury
administration?
D^c. 17, and the arguments of
minority against the proposal,
agency
By the Jaw concerned
the
to
these powers in
our
To
buy,
resolution.
but if it is
The Attorney General has declared that the corporation
be the
by Congress of
the resolution for the revival of the War Finance
A
course
should,
to
prudent or justifiable method.
resolution itself.
fact
In another article
overproduction.
wherewith
Attention should be directed to the improprieties and
The
REPORT
we
public agency in order to
shown, we do not believe the
to be the
discretionary
MINORITY
There is
materials of commerce, notably cotton, we could
raw
would any public
"
and meat
•.W'.v'.,
lend money
can
this would be false to his oath of office.
were among
can't sell meat
but that is not the purpose nor would it be the result of this
the executive agency to exercise
Representatives Luce and McFadden,
we
No resolution of Congress will lead people to eat more than
they want.
Why not leave this to the men who are willing
improper for us to take.
to
it
But
private exporters,
billion dollars more of
a
not
meat
or
can sell to us.
thing is true with nearly every other variety of food.
same
right to do if
May not that give pause to gentlemen who think that we might, offhand,
hastily, without great reflection, hazard
could
meat
it might contribute to the general welfare
as
world shortage of food, but, on the contrary, an apparent
those
proposed to extend this credit have been working the printing presses
to their utmost
of
$212,000,000,000 to the stupendous
the same time these countries
At
most intimate
measure
affect the situation in the matter of
sary to resort to any
it is
offer
below the
Since the armistice it is estimated
$42,000,000,000 in the second
figure of $300,000,000,000.
than
compete with private credit, it could
better terms to foreign borrowers unless it lent the
money at
no
were
have increased in these two years from
whatever at less
there is plenty of private capital available for all safe
export
as
export more, and it is eminently desirable that
that they
sum
considerable amount at less than 7%.
no
Inasmuch
European—
so
function
delicate and difficult financial situa¬
a most
$44,000,000,000 in the first year after the armistice, and that they
after the armistice,
a
a
were
year
stop?
we
is to be accomplished at the
pecae,
as the bonds of the
Corporation could be sold they would
corresponding amount of Treasury certifidates, Liberty bonds and
Victory notes, and result in depreciating still further the market value of
it goes through the form of being loaned to the exporter and
the benefit of the producer, but in the last analysis the money is
avowed object of the
So far
displace
could it do any good.
accrues to
a
further inflation.
means
an
Government into the banking business,
wholly objectionable of itself in times of
products to the foreigner but that he
in the last analysis.
This is
legislation of that sort, where shall
on
is what this
means
They would view
In face of the fact that the whole country
extending the public credit further to the consumers of Europe—for that
Of course
chiefly responsible for the
suffering.
a reduction in the cost of living, we are now urged to
that certain classes of the people may get higher prices for their
The re-entry of tht
any
call your attention to the facts of the condition in
me
been
are now
crying for
so
products.
To hazard the
money of the people in this emergency.
Let
legislate
I understand it.
as
Under these circumstances, gentlemen, let us next confront the element of
risk.
has been
The $500,000,000 of
guaranty, but there may be $500,000,000 without guaranty by
a
Government.
the bonds
by the United States.
we
higher prices.
means
supporters of this resolution.
the
It is known by those on the inside that the bonds of your public corpora¬
tion
has
war
calamity, threatening the precipitation of
as a
Rehabilitation of the War Finance Corporation
Further inflation
cost of
What happens next? ' You say to the public corporation, "Your shares
and your bonds shall have tax
addition to this volume
financial panic, and delaying our return to sound conditions for
agriculture,
industry, and commerce.
On
<
since the end of the
years
industrial depression from which
Treasury to proceed, namely, to take the money of the taxpayers for your
capital.
2469
Security apparently good will prove of little avail if the
ever
coun¬
mand.
It
It swells
announces to
our
the world
our
belief that this judgment is
unsound.
peril.
tries where the laons are made are conquered directly or indirectly by bol-
LOUIS
shevism.
PORTER
iEUThe seriousness of the risk has been shown by the hesitation of American
E.
S.
T.
McFADDEN
H.
DALE
L.
S.
ECHOLS.
ROBERT
LUCE.
BROOKS.
financiers to take advantage of the Edge law and organize for the purpose
of
doing the very
thing this resolution
contemplates.
Because private
capital will not do the thing in any important degree we are asked to hazard
the
public capital.
fcgThe
for
the
use
IN
OPPOSITION
TO
WAR
of public credit, however, is to be in the first instance the bait
bonds.
The admission is that the corporation will have
Opposition not only to the proposed revival of the War
The hope is that thereby investors will be induced to make
Finance Corporation, but to other projects in the interest
European
borrowers
loans
that
cannot
be negotiated by
processes
already available.
However the end is accomplished, it will mean up to a billion dollars of ad¬
dition to outstanding credits.
dollars.
HOUSTON
FINANCE CORPORATION AND OTHER PROPOSALS.
alluring private credit.
to sell
SECRETARY
This means further inflation up to
a
billion
the fact that credit cannot be
in existence or creating credit,
No juggling of words can overcome
extended without either taking from credit
and that what may be taken from credit
in existence will be replaced by
created credit.
was
lodged
with
of men versed in finance believe this is not a time for
adding to the enormous volume of credit already available for the business
They believe that the huge increase in this volume in the
the
Senate
Committee
committee
on
Dec. 23.
At the
same
and
in
Finance
by
a
declared himself against the suggestion to
Germany (to which
on
hearing before the
time Secretary Houston
Secretary of the Treasury Houston at
dollar credit to
The great majority
of this country.
of the farmers which would tend to increase the tax burdens,
we
extend
a
billion
refer in another item),
emphasizing the need of economy he predicted a
deficit of approximately
$2,000,000,000 in the Government'#
finances at the end of the current fiscal year,
and
a
deficit
The enact¬
strongly disapproved by
$1,500,000,000 for the fiscal year 1921-22.
of
ment of
a
soldier bonus bill
was
Secretary Houston, on account of whose remarks, as given in
special Washington dispatch to the New York "Times" we
a
[Vol. 111.
CHRONICLE
THE
3470
append.
proposition made in some quarters to extend a credit of $1,000,000,000 to
Germany, Secretary Houston said he was against any such action|.
Until
the amount of indemnity Germany must pay is
individually, will be in a position to determine what security they can offer.
"One way," added the Secretary, "to
the people, increase
In the cost of living, and the Impairment of the Treasury Department's
ability to meet existing obligations.
Persons, said the Secretary, who hold
out to the farmers of the country a promise that war-time prices can be
restored, are, in his opinion, the worst enemies the farmers have.
Nothing
of the kind, in the opinion of Secretary Houston, can or will happen.
The Secretary also disclosed that the Treasury Department is now trying
to effect an understanding of some sort between the United States and the
Allies regarding the debt of billions owed this country.
The plan now under
discussion involves a deferment of the payment of principal and some
However, if Europe can discover a basis for credit, I imagine that
ments.
Europe will take more of our products and will be able to negotiate its transr
actions through the ordinary channels
the financing of these operations from the ordinary
true that the War Finance
Corporation has
the whole field of Government finance and if possible to
cover
propositions the Senate may have as to how
best to meet the situation confronting the Treasury
as
The problems confronting the Government in the field of
long time.
are
difficult
not
as
and sell bonds,
the financial problems that faced us
anticipations
during the period of war.
running lower and for the most part
Secretary Houston said that the floating debt in the form of certificates
On Jan. 1 1923. about $800,000,000 in war
approximates $2,300,000,000.
burden
are
lying loose in
or
else go out and borrow the
money
it
with the regular financial activities of the
the department.
on
country a promise of wartime prices is,
holds out to the farmers of this
in my opinion,
the worst
enemy of
farmers."
our
Secretary Houston said that one reason why agricultural products were
not now so
war
greatly in demand in Europe was due to the fact that when the
dependent
ended the first thing the European soldiers and those
crops to ease
upon
"something to eat," and as a result they planted
them thought about was
receipts have kept up."
as to tax
discovering,
With all the problems confronting us and the burdens now
Treasury.
time put this addditional
They are not, of course,
insuperable, but they are difficult.
At the present time our expenses are
our
a
It is
the Treasury books of
If the War Finance Corporation operates,
That is not true.
"Any person" added the Secretary, "who
consideration for
on
shouldered by the Treasury, it does not seem to me that we should at this
Department.
"I have had this matter," said the Secretary, "under
credit
this $375,000,000 and other sums people are
it will have to go out
Senator McCumber, Acting Chairman of the Committee, asked Secretary
a
There seems to be an impression, quite common, that
about $375,000,000.
the Treasury.
commer¬
the Treasury of the United States.
cial agendas for such purposes to
will need, and in this way compete
Houston to
In my opinion, it would simply
materially change the export situation.
result in shifting
the Interest.
outline to the committee any
'
of finance.
"My own judgment Is that the revival of the War Finance Corporation will
not
arrangement which will make possible the payment, In the meantime, of
very
extend our foreign trade is to extend
But I have assumed that
credits to the nations that want to trade with us.
this Government did not care to resume extension of credits to these Govern¬
which has been suggested, the
The passing of much of the legislation
Secretary pointed out, would mean additional taxes on
finance
definitely determined and
fixed, he added, neither the German Government nor the German people
Those crops are now coming in and as a result
the situation.
exportations to those countries of foodstuffs are falling off.
Secretary Houston in answer to
savings certificates will mature, and in the spring of the same year approxi¬
a
question by Senator Watson said that
mately $4,250,000,000 of Victory bonds will mature.
The total obligations
to be mcit by the Government In the next two and one-half yearn, Secretary
the Treasury Department is now at work on the foreign debt problem, try¬
Houston placed at about $7,500,000,000.
deferred and the payment of interest made
"In addition to meeting these obligations,"
"we shall, of course, have to finance the Government and I may point out
that the estimates for the fiscal year 1920-21 are in round numbers
000,000,
and
for
1921-22
about
ing to work out some plan by which the payment of the principal may be
"These negotiations to date"
continued Secretary Houston,
$4,400,000,000.
estimated
The
ed to my entire satisfaction."
$4,800,excess
REPORT
receipts, excluding the public debt, are about $880,000,000 for the fiscal
public debt, about $556,000,000.
at the end of the present
It is there¬
approximate $1,500,000,000.
OF
HARDING
GOVERNOR
FEDERAL
ON FARM PAPER.
But Including the public debt the deficit
fiscal year will approximate $2,000,000,000, and
for the fiscal year 1921-22 it will
OF
RESERVE BOARD ON REDISCOUNTS
ending June 30 next, and for the following year, again excluding the
year
possible.
said Secretary Houston, "have not proceed¬
In
report furnished on Dec. 22 to Senator Gronna,
a
fore, obvious that if the program is followed and the estimates submitted are
Chairman of the Senate Committee
approximately correct, we shall go forward into 1922-23 with a deficit of
Harding of the Federal Reserve Board estimates that nearly
about
$1,500,000,000,
and
we
would
$4,250,000,000 in Victory bonds and
time
some sources
done to reduce
s
means
of
our
expenditures
face,
addition,
in
funding of
the
At the same
saving certificates.
war
tending to dry up and unless something
our revenue are
shall have to look about for additional
we
the part of the people to
on
a
continuance of high taxes.
"You have just stated," said Senator Watson, "that some sources of reve¬
tending to dry up.
nue are
Would you mind indicating what those sources
are?"
"Principally Income and profits taxes," answered Secretary Houston,
who pointed out that the number of persons paying income taxes is steadily
decreasing, while the estimated collection of back
taxes and
profits taxes
for the fiscal year ending June 1922 is expected to yield about $800,000,000,
against
$1,250,000,000
for
the
year
ending
$2,000,000,000 for the fiscal year 1919-20.
ceipts
are
climbing, and
$350,000,000.
are
June
30
and
1921,
over
On the other hand, customs re¬
expected to total for the present fiscal
year
against $323,000,000 for the fiscal period 1919-20.
as
"The indications," the Secretary continued, "are for a decrease in these
figures given and
a greater
deficit."
Secretary Houston repeated previous arguments for a rearrangement of
the taxation schedule, especially the excess profits tax, which, he pointed
out, has not worked out equitably and haa been practically impossible to
administer.
"This provision also encourages the buying of non-taxable bonds, thereby
further depleting the Government Income.
Is that not true?" asked Sena¬
tor Smoot.
retary Houston suggested that certain of these estimates might be subject
to reduction.
and
He
added
that
the
largest of the Items
these two departments asking
navy,
a
are
those for the
total of approximately
$1,600,000,000.
a
question for Congress itself to answer," added the Secretary.
In
answer
to
Against
Reviving
War
Finance
question by Senator McLean
a
as
revlva*
armistice and up
Hpuston,
his
opposition to reviving the corporation.
After the
to the time the corporation was suspended in May, Secre¬
tary Houston said that the corporation aided the export trade to the extent
of about $46,000,000, and of this amount about
50% went to finance busi¬
ness
for the General Electric Co., the Bethlehem Steel Co. and the Harvester
organization.
Secretary
Houston
called
the
attention
of the
committee
to the fact that where the foreign commerce of the United States totaled
$3,300,000,000 before the war, it totaled about $6,000,000,000 in 1918,
$7,900,000,000 in 1919, and that it is expected to reach approximately
$8,100,000,000 for 1920.
He said that it was true that the exports of
agricultural products, which in 1919 totaled about $4,000,000,000. will fall
below that total this year.
Exports of meat products have fallen off and there
in
cotton
has been
exportations said the Secretary but the total value
the physical volume of our exports has increased.
a
decline
well
as
In the last three years
we
as
h&ve exported approximately $22,000,000,000 worth of commodities and
have imported, roughtly speaking, about $12,000,000,000 worth, which
leaves
an
apparent balance in our favor of about $10,000,000,000, which does
not Include the debt due
no
us
by certain of the European countries.
doubt that it will be shown that there is
to these
cerned
figures due to shipping activities
and
also
those countries.
would
seem to
It will be
the
a
on
the part of the nations
expenditures and other activities
The best estimate
as
I have
considerable offset applicable
of
our
our
in
in
favor
be between $3,500,000,000 and $4,000,000,000.
some
practically all of the European countries.
the statement made
of
agricultural
paper
in 1919 at $719,266,000.
It
was ex¬
report from the New York Reserve
Bank because of the small amount of farmers' paper redis¬
counted there."
as
was no
Figures from the other districts
are
given
follows:
...
Cleveland
Richmond
$4,979,000
3,580,000
612.000
1,753.000
102,000,000 325.000.000
$2,642,000
2,971,000
91.300,000 230.000,000
Atlanta
Louis
Minneapolis
Kansas City.
1920.
$220,000,*000$665,000.000
75,000.000 225,000,000
123,481,000 229,432,000
Dallas
28,997,000
44,911,000
San Francisco.. 25,000,000
89,000,000
__
furnishing the information Governor Harding said:
compliance with the request made in your letter of Dec.
sales
Reserve
14 for in¬
regarding the amount of actual agricultural paper rediscounted
formation
San
St.
47,263.000 128,408,000
Chicago
In
1919.
1920.
1919. "»
Boston
years
1919 and 1920 (to date) based on agricultural production
of the respective years,
banks
Francisco.
excepting
I have the honor to submit copy of
a
from telegraphic data received from aU Federal
the Federal
Reserve Banks of New York and
Figures from the Federal Reserve Bank of San Franlcsco
been transmitted to the Board but will be sent you separately
received.
The Federal Reserve Bank of New York states that it
has never classified its
discounted paper with reference to industries repre¬
rediscounted, and is. therefore, unable to furnish
approximately.
In view, however,
of the very small amount of farmers' paper discounted in the New York
district, it is not believed the omission of the New York data seriously
sented by makers of notes
the information desired promptly, even
impairs the value of the statement.
furnished by the Federal Reserve banks in accordance
in all cases estimates, no exact figures of the total
volume of loans for agricultural purposes being available at the Federal
Reserve banks.
In the first place, most of the borrowing at Federal Reserve
banks by member banks during 1919 and a considerable proportion of
these borrowings during the current year has been in the form of the bor¬
rowing banks' own notes, secured by Government obligations or by com¬
mercial, industrial and agricultural paper.
It is known that member
banks throughout the counntry. and it is reasonable to suppose that part of
the proceeds of loans have been applied by the borrowing banks for agricul¬
tural purposes, but it is impossible to state the amount.
The same is true with respect to loans made by member banks in Chicago,
St. Louis, Minneapolis, Kansas City, New Orleans and other financial
centres throughout the country.
Non-member State banks lend large
The special figures
with
your request are
sums
in the aggregate for
agricultural purposes, but as they have no dealings
farmers are not reflected in
with the Federal Reserve banks their loans to
the figures furnished by the
Federal Reserve banks, although it Is a fact
lending a large amount to member
that all Federal Reserve banks have been
time before Europe again reaches the full productive stage.
Secretary Houston said, although, he added, that production has shown
increase
con¬
citizens
to the balance of trade in
being absorbed by agriculture might
The request grew out of
plained that there
as soon as
the export trade of the country, Secretary
The
agricultural States were over-extended.
In his report Governor Harding estimated the rediscounts
have not yet
announced
Dec.
tabular statement compiled
to what effect the
production and
by Senator Glass that the Federal Reserve banks in the
dent Wilson, will have
on
on
be ascertained.
during the
Board.
on
figures were supplied to
resolution adopted by the
14, asking the Reserve Board to make a
year.
amount of credit now
of the War Finance Corporation, a resolution for the revival of which
organ¬
ization has passed Congress and now awaits the approval or veto of Presi¬
again
this
banks
committee
and
."■;v
based
products, has been rediscounted by the Federal
complete statement as to its credits, separating the amount
of credit now outstanding by major industries so the exact
In
"As to what Congress will deem wise in the matter of these estimates.
It Is
Reserve
Agriculture, Governor
Senator Gronna in response to a
Philadelphia
"Yes, that Is true," answered Secretary Houston.
Referring to Government estimates now before Congress for action, Sec¬
army
sales of farm
of carrying on the Government, and we should realize that there is a
growing reluctance
as
two billion dollars worth of paper,
on
some
Referring to
rediscounted papei for non-member banks.
in mind also that the total amount of farmers' notes
banks, which have in turn
It should be borne
rediscounted by Federal Reserve banks
gives no indication of the amounts
Dec. 25
1920.]
THE
advanced by the Federal Reserve banks to finance the
of farm
commercial and industrial paper are
on
used by these banks for
loansjto agricultural interests.
Senator Gronna is
Thisfdoes
not
quoted
the
answer
for
by
"The statement I made in the Senate stands, namely, that
not know the amount of money
G.
committee.
the
the Board does
loaned to farmers.:
a
CREDIT
In
statement
a
POLICY
this question remains unsettled,
as
himself
far
formerly
situation generally William G.
Secretary
the
of
Treasury,
expresses
"frank to say
that I think that the policies thus
pursued with respect to credits have been too
According to Mr. McAdoo, "a
credits should be put into effect
more
liberal policy about
immediately." The Federal
prudently reduced,
Reserve Bank rates, he thinks, could be
"member
and
loans
on
banks
be safely
could
encouraged to make
agricultural products and to do business generally
on
reasonable time to those who
can
the whole situation, he contends,
by this procedure.
and
In
confidence
Mr.
give adequate security,"
being beneficially affected
revival of industry and
suggests: "That a more liberal
McAdoo
a
policy about domestic credits ought now to be pursued;
foreign trade should be stimulated and enlarged;
our
the
that
quickly
that the German indemnity should be defined as
possible,
as
be opened to
that the Central European markets
so
our
farmers, manufacturers and business
that trade relations with Russia should be resumed
men;
as
Corporation should be revived to
Finance
War
assist it;
may
promptly
possible; that
as
to be reduced and
follows
on
embodying these suggestions was
the distressing situation in which the
tremendous shrinkage in
excuse
farmers find themselves because of the
the value of agricultural products.
inaction nor dismiss the matter with a mere observation
in a short period he
not realize even the cost of production.
To have
crop
for
a
a
chance to make
reasonable time.
a
cheap storage
fair profit he must have credit to carry
his
He must have ample, economical and prompt
the times when he can
reasonably
facilities for the conservation of his crop while waiting for a
and he must have sufficient convenient and
favorable market.
It is in the highest degree to the
interest of the people as a whole that
opportunities
so
may not
the
that speculation and
greed may not thrive on his misfortune on the one
consumer
hand and that the
suffer from the extortion of profiteers on the other.
When colossal losses like those the farmers are now
them, every line of industry suffers, factories
is thrown out of employment,
It
s a great
would
pity that the Peace Treaty
have
put
brought about
this.
buy
we
recognize the Soviet Government to do
refuse to let people in distress in Russia or elsewhere
products, if they
can pay
for them, no matter what form of Govern¬
they may choose for themselves?
We have always stood for the right
of peoples to determine their own form of Government and I must say that
I have
been able to
never
see
Government.
any reason
we
trade with Russia because
do not like
be accomplished under conditions that will
would be very
Of course,
helpful to
taxes ought to be readjusted and reduced.
publicly advocated funding
be done, and should be
large part of
a
done,
sustaining overtake
close, business shrinks, labor
and confidence is seriously shaken.
We are
prices in the United States could not be kept
going must be dealt with intelligently, and eased in every
I
reasonable
It is the imperative duty of those in civil authority and of those
control credit to exercise their powers so as to prevent needless distress
anci preserve confidence.
am
think that the policies thus far
pursued with
drastic, but whether or not I am right, I
am sure that the situation should now be reviewed in the light of existing
conditions.
A more liberal policy about credits should be put into effect
immediately.
I think that the Reserve Bank rates could be prudently
reduced, and that member banks could be safely encouraged to make loans
respect to credits have been too
on
agricultural products and to business
those who can
generally on reasonable time to
situation would
give adequate security and that the whole
be beneficially
citizens—
our
Last March I
floating debt.
This could
American people, and especially off of business at this time of unavoidable
readjustment.
The tax burden should be lightened, and
two billion dollars
should
of the
be by funding
can
floating debt during the next two
Why
years.
continue high taxes merely because a relatively few people think
we
it sounder policy to compel the present
generation to
still
pay
more
of the
cost than to pass a reasonable amount of it on to future generations?
war
Unfortunately the present Congress has refused for two
thing to relieve the tax burden
There is
no
or
years
to do
any¬
to prepare for this inevitable period of
Taxes should be reduced at this session of the Congress.
readjustment.
excuse
for
delay.
It is essential that the business interests
of the country know at the beginning instead of at the end of the year the
basis upon which business must be conducted.so far as taxation is concerned,
and
able
be
to
go
forward with certainty and confidence.
One of the
grievous faults of thejtax
legislation of the last several years was its enact¬
by the Congress at the end of the year with retroactive effect for the
ment
entire year.
should address itself unsparingly to
Genuine economies
tures.
legislation.
,
can
economy
in expendi¬
be affected by intelligent investigation and
The responsibility, however, rests upon the Congress itself,
The Congress should no longer make gifts or authorize loans
expenditures.
I refer
particularly to the gift of $654,000,000 made by the present Congress
to the railroad
corporations and to the three hundred million dollars which
the present Congress directed the Treasury to
at
make
gifts
when
we are
lend to railroad corporations
Why should the people of the United States be taxed to
6% interest.
and loans
to
railroad companies,
aggregating
$954,000,000,
already overburdened with taxes for purposes which we cannot
There is no justification for policies like these.
only way to effectively reduce our tax bill is to cut down our army and
The
If
appropriations.
navy
we
had joined the League of Nations, that prom¬
immediate and successful way of reducing armaments with
ised the most
safety to all nations concerned.
I think Senator Borah's
such
But since we have not joined the Legaue,
suggestion for
an
agreement ought to be reached, if possible.
an
though not
a
This would be a prac¬
thoroughly satisfactory
The fact that the suggestion emanates from a Republican
one.
been
a
consistent opponent of the League
previous assertion that agreements of this kind are a surrender of •
with his
I
'
are
the country,
bearing
a
sum
is essential to the prosperity of
instead of increased.
I should
up,
credits ought now to be
and
Already these
A
larger proportion of taxation than is justified,
and in that revision the moderate income tax payer must have
his burdens reduced
To
'
opposed to increased taxes on moderate incomes.
am
who has
and that it Is utterly inconsistent
sovereignty, makes no difference,
say
that a more liberal policy about domestic
pursued; that our foreign trade should be stimulated
enlarged; that the War Finance Corporation should be revived to assist
it; that the German indemnity should be defined as quickly as
that the Central European markets may
resumed
possible
so
be opened to our farmers, manu¬
andlbusiness men; that trade relations with Russia should be
as
promptly as possible; thatajlarge part of the floating debt of the
reduced and re¬
Treasury should be funded; and that taxation ought to be
adjusted at thisTsession of the Congress.
If these steps are taken
the present
promptly, I believe that they will greatly relieve
distressing situation.
,
ANNUAL REPORT OF WAR FINANCE CORPORATION-
affected by this procedure.
sympathizes with the effort to prevent specula¬
of credit for purposes not beneficial to the general interest,
immediate agreement with Eng¬
forja limitation of naval expenditures is valuable and that
tical step in the right direction, even
facturers
•
frank to say that
our
that its pressure may be taken off of the
so
radical revision of the war income taxes
who
do not recognize her existing
reasonably protect
business situation.
our
permanently on
an inflated and artificial basis.
Deflation was necessary and inevitable,
but the processes of deflation are frequently more dangerous than the
processes of inflation.
It is easier to climb a tree than to come down.
For
this very reason the readjustments through which all industry and business
way.
for our stand that we must not
or
The opening up of Russian trade—and I am sure that it can
incomes
are now
Government long since
ought to re-establish trade relations
we
It is not necessary to
already experiencing these unhappy consequences.
Of course
the
on
■■
long been convinced that
Why should
our
ment
our
our
not ratified
settlement of the German indemnity with benefit
a
to the entire world.
with Russia.
was
American representative
an
Reparation Commission and would have enabled
I have
immediate market
an
only relieve great suffering in Europe, but rebound to
this
as
land and Japan
farmers shall have these facilities and
fixed to-day, it would enormously help
esqape.
railroad transportation to get his crop to market at
sell advantageously,
were
throughout the world, and
directly from the Public Treasury to any class or business in this country.
The farm industry is basic to the life of the nation,
time and if forced upon the market all at once or
indemnity
the rest
and
prosperity
is our best protection, but also because the farmer, by the very nature of
his business, is more exposed to adverse influences and has less protection
against them than any other class.
The bulk of his crop matures at the
may
be
because it controls the purse-strings and therefore has the power to limit
superior claim to consideration, not alone because its
possesses a
can
We cannot
that deflation
and that farmers must take their medicine along with
is necessary,
of the country.
same
promptly,
The Congress
the country cannot look with indifference upon
it is undoubtedly true that there
opened for American food, cotton and manufacturedJproducts
prosperity.
own
Dec. 20:
I see the situation,
As
large part of the floating debt
readjusted at this session of the Congress."
Mr. McAdoo's statement
as
a
funded, and that taxation ought
of the Treasury should be
issued
be
which would not
effort to prevent further distress
an
suffering, and bring about
that
If the German
the economic situation
drastic."
secure
So long
this continues their credit and buying power is reduced to a minimum.
as
to have
as
of
economic rehabilitation of Germany and of the Central Powers, and so
would
regarding the position of the farmers of
the country and the business
McAdoo,
LIBERAL
FARMERS.
FOR
some
prompt determination of the amount of the German indemnity.
no
MORE
ADVOCATES
McADOO
establish¬
commission to consolidate the credits of
European powers and utilize them in the purchase of American
commodities, is an important step and offers a new opportunity for helpful
long
WILLIAM
international
an
the Central
Every influence of this Government should be promptly exerted to
asked
information
ment of
service by the War Finance Corporation.
saying:
as
The recent action of the League of Nations at Geneva for the
production and sale
products, since large amounts advanced to member banks in other
districts
3471
CHRONICLE
ADVANCES TO RAILROADS,
&c.
Every intelligent person
tion and the use
but
wise discrimination should be
a
producer like the farmer
exercised, and certainly the primary
should not be forced to bear the brunt of the
sacrifices.
agricultural districts,
credit is almost entirely wanting and in many lines of legitimate business
and industry great losses are being sustained because of the restriction of
In
many
parts
of the country, especially in the
credits
deflation has been carried so far and
with such rapidity that we must now reconsider the situation, make an
effort to prevent further distress and suffering, and bring about a revival
The point
I wish to impress is that
of industry and
confidence.
should make every effort to stimulate
and enlarge
our export trade.
This is especially important to the farmers because
approximately 50% of our export trade represents agricultural products.
European nations desire our cotton, grain and other products, but have no
credit.
It is to our interest to supply that credit.
I therefore think that
the revival of the War Finance Corporation is highly desirable.
I believe
that it can exercise an immensely beneficial influence upon the export trade
if it is operatedjon a'sound and liberal scale.
With this in view, we
The third annual report of
for the year
ended Nov. 30 1920, shows total advances of
$353,061,404
total
the War Finance Corporation,
as
having been made by the Corporation, with
repayments of $235,334,580,
leaving
a
balance out¬
Of the amount advanced to the
$204,794,520, there has been repaid
standing of $117,726,824.
railroads,
namely
$151,906,310,
leaving still outstanding $52,828,210.
The
following is the report of the directors as made public Dec. 8:
Washington, November 30 1920.
Sir
In compliance
with the requirements of Section 19 of the
proved April 5 1918, creating the War Finance
of the
Act ap¬
Corporation, the directors
Corporation submit the following report for the year
ended Nov. 30
1920:
armistice caused the Corporation to discontinue
consideration of advances for purposes "necessary or contributory to the
The
signing
of the
prosecution of the war," except to carry out commitments made prior to
Nov. 30 1918.
A relatively small amount was advanced in this connec-
•
tIon"up
The Corporation has been concerned during
1920-
to March 24
principally with advances under Section 21 of the Act author¬
the past year
the exportation of American
izing advances to assist in the financing of
products; and in collecting outstanding loans.
Paragraph 1, and $1,275,450 under
of the year all
on
The remaining commitment, $1,801,920, is to be ad¬
Nov. 30 1920.
vanced, if at all, not later than March 1
and Sept.
Paragraph 2 of Section 7; at the close
The following summary
the Act were'repaid during the previous
exportation of domestic products under
Public
There was
outstanding
on
Utilities.
public utilities under Section 9.
This was increased early in the year to
$22,672,632 15 by an additional advance on account of a previous commit¬
ment of $136,000.
Of these advances $1,539,636 63 was repaid during
the past year,
reducing the amount outstanding on Nov, 30 1920 to
$21,-
On Nov. 30 1919 the
This has now been reduced to $52,828,210,
$40,155,270 of which is payable on demand, the balance, $12,672,940, ma¬
turing on Jan. 1 1921 and April 1 1922.
The Corporation has persistently endeavored to bring about an early
liquidation of outstanding demand loans to railroads, and each of the
companies whose demand notes are held by the Corporation has been noti¬
fied that final payment will be expected not later than Dec. 1 1920It is
the greater
will result in the early collection of
part of these loans.
Industrial
Corporations—Section 9.
At the end of the previous year the amount
of outstanding loans to in¬
corporations under Section 9 was $1,033,093 75.
dustrial
This has been
$948,881 30.
reduced by repayments to
Cattle Loans.
has made every effort to liquidate
hardship upon bor¬
these loans outstand¬
ing was $1,459,244 39.
This has been reduced through repayments to
$793,096 03.
These advances are shown in detail in Exhibit B attached
During the past year the Corporation
outstanding cattle loans without entailing undue
At the beginning of the year the amount of
rowers.
to this report.
Export
i
t
Loans—Section
21.
March 3 1919, which added Section 21 to the
War Finance Corporation Act, the Corporation was authorized to make
advances to assist in the exportation of domestic products to foreign coun¬
tries.
Such advances could not exceed $1,000,000,000 outstanding at
By the Act approved
time, and were to be made either directly to American exporters
which had made advances to exporters for the pur¬
any one
or
to American banks
stated in the law.
poses
The maximum maturity of such loans was five
41
years.
From Dec. 25
to Nov. 30
'
<
1919, when the first loan to promote exports was
1920, the Corporation had made total
advances in this connec¬
of which $4,324,012 78 had been repaid, leaving
outstanding at the close of the year under review $42,023,641 49.
The
Corporation exercised its power under Section
21 until May 10 1920, when,
in aid of
at the request
of the Secretary of the Treasury, further advances
exports
suspended,
made.
This action
was
except
pursuant
to
commitments theretofore
announced by the Secretary of the Treasury in
the following public statement on
May 10 1920:
the War Finance Corporation has suspended the making
advances in aid of exports, except pursuant to commitments
heretofore made.
The general powers of the Corporation expire six months
after the termination of the war, and the special powers conferred upon it
under the Victory Loan Act expire one year after the termination of the
war.
The continuance of a technical state of war loan after the time con¬
At my request
of further
templated when this legislation was enacted and when the conditions which
gave rise to it have ceased to exist, has presented a problem of no small
concern.
The Act creating the Corporation was passed during the war.
In general terms, it was intended that the Corporation should assist busi¬
ness and agencies ih
activities for the successful prosecution of the war.
After the armistice, when business had suffered a recession in consequence
of the cancellation of war orders, and when there was a fear that exports
might decline and unemployment exist, an amendment to the Act was
Sassedmore than a year Corporation to assist in the financing of to Euro¬
authorizing the later, and after direct Government loans exports.
Tow,
pean
ness*
port
Governments have for all practical purposes been
discontinued.:busi¬
is prosperous and involuntary unemployment is negl-gible.
The ex¬
business not only has not declined, but has actuauj* increased.
In
the calendar year 1918 total exports amounted to, JL149,000.000.
They
rose in the calendar year 1919 to $7,922,000,000, ?tml for the first quarter
of this year they
greatly exceeded those of the first quarter of last year.:
Obviously, private interests are not failing to finance exports.
circumstances it does not seem necessary now that the Government
In the
should
continue to intervene to stimulate exports, particularly as it is compelled
to resort from time to time to temporary borrowing
in part to meet its
present obligations.
In existing circumstances it seems clear that the
Government should enter the borrowing field as seldom as possible and then
for the lowest posiible sums.
It would be a question whether the Govern
aid and stimulate exports, considering their pres"
privately financed, even if the Treasury had surplus funds.
me that it should not continue to do so when the Treasury
has to resort to borrowing from time to time.
The entire capital stock of
the War Finance Corporation, $500,000,000, has been issued and is held
by the Treasury.
This and its reserve fund of about $25,000,000 are in¬
vested to the extent of about $422,000,000 in United States bonds, notes
ment should continue to
ent
It
volume
seems
and
clear to
certificates of indebtedness,
and to the extent of about
other loans and investments.
Consequently, if the Corporation con¬
it can do so only by calling upon the
Treasury of the United States to redeem securities of the United States in
which the capital furnished by the United States is invested, or by selling
bonds of the War Finance Corporation to the public.
These bonds, al¬
though not guaranteed by the United States Government, would neverthe¬
less be marketable only on account of the ownership of the entire capital
tinues to make loans in aid of exports,
,
The directors of the Corporation, at a
meeting on May 10 1920, adopted
$46,347,654 27
Total...
Resolved, That at the request of the Secretary of the Treasury and pendi ng further action by this Board, the making by the Corporation of further
advances
for export
purposes,
except pursuant to existing commitments,
suspended.
advise all applicants having no definite
change in policy and that their applica¬
be given further consideration.
This action terminated
Steps were immediately taken to
commitments that there had been a
tions
could
not
negotiations with respect to possible additional commitments.
On the
date these activities were suspended the total loans and commitments of
under Section 21 of the Act were $69,201,920.
Some of
the applicants voluntarily waived advances to which the Corporation had
been committed, while other proposed loans were canceled because the ap¬
plicants did not fulfil certain conditions as to time, &c.
This resulted in
a reduction of the total amount of loans and commitments to $48,149,574 27.
As stated above, $46,347.654 27 of this amount has been advanced,
of which $4,324,012 78 has been repaid, leaving $42,023,641 49 outstanding
the Corporation
Government Obligations.
Up to the middle of April the Corporation was the chief agency
which the Treasury
bond purchase
through
purchased Liberty bonds and Victory notes for the
On April 18 1920 the Secretary of the Treasury an¬
fund.
nounced in the following public statement that purchases on account
of
that fund would cease after June 30 1920:
of the Treasury by Con "
Liberty bonds and Victory notes for the 5%
one year after the termination of the war.
The continuance of a technical state of war beyond the period contemplated
at the time the authority was conferred has presented to the Secretary of
the Treasury the practical problem of determining what his future course
should be with respect to the bond purchase fund.
Secretary Glass, in
his annual report, said: "Purchases of bonds under authority of Section 6
of the Act of April 4 1918 (bond purchase fund) are not included as an item
of estimated expenditure (for the fiscal year beginning July 1 1920); this
authority expires one year after the termination of the war, and the Secre¬
tary reserves decision with respect to such purchases after July 1 1920."
Congress created in the Victory Liberty Loan Act a 234% sinking fund
to commence July 1 1920.
In view of the fact that on July 1 more than a
year will have elapsed since the flotation of the last Liberty loan, and of
the further fact that unless Government expenditures should be greatly
decreased or taxes increased, continued purchases for the bond purchase
fund could only be financed by the issue of additional certificates of in¬
debtedness, thus increasing floating debt while decreasing the funded debt,
my present intention is not to treat the two funds as cumulative, but to
discontinue purchases for the bond purchase fund on and after July 1 1920,
and to make purchases thereafter only for the sinking fund created under
the Victory Liberty Loan Act.
The approximate amount of the bond
purchase fund quota for the period ending June 30 1920 will be taken over
from the War Finance Corporation, or, to a limited extent, purchased in
the market, and in either case canceled and retired.
Hereafter such purchases as the Treasury may have to make for the bond
The authorization conferred upon the Secretary
gress
to make purchases of
bond
purchase fund
expires
purchase fund or the sinking fund under the general program above an¬
nounced will be occasional and not habitual.
I am confirmed in the determinations above set forth by the fact that
the natural market in Liberty bonds and Victory notes has now reached
dimensions that the purchases for the bond purchase fund have
ceased to be a dominating factor.
The recent liquidation which has brought
the bonds and notes to new low levels seems to find its chief source in selling
by industrial and other corporations which were large purchasers during
the Liberty loan campaigns and which are now, under pressure to find funds
for their current business, in a period when necessary measures of credit
make further expansion of bank loans both difficult and expensive.
This
offers a unique opportunity to investors, large and small, the quotations
for the bonds and notes being extremely attractive to investing institutions
and private investors.
I believe that the time has come when the disap¬
pearance of the Government from the market, except as an occasional
purchaser within the limitations above outlined, will have a beneficial
effect upon the market for the bonds and notes, both by reducing the Treas¬
ury's current borrowings on Treasury certificates and stimulating the in¬
terest of investment bankers and the public in the market for Liberty and
Victory securities.
The Corporation accordingly
terminated its relation with the Treasury
in this connection on June 30 1920,
when $65,849,650 par value of Liberty
bonds and Victory notes were sold to that Department
chase fund, at average cost plus accrued interest.
suant to the
for the bond pur¬
At the same time, pur¬
request of the Secretary of the Treasury,
the Corporation sold
Treasury $301,204,000 face amount of United States certificates of
to the
indebtedness,
receiving
as
Treasurer of the United
a
result of such sales a cash credit with the
States amounting to
$365,434,563 94, including
princirai and accrued interest.
On July 19 1920
the Corporation, in accordance with the mandatory pro¬
Deficiency Act, approved May 8 1920, purchased
visions of the Urgent
from the United States Railroad Administration at par plus
est
accrued inter¬
$37,146,450 of Liberty bonds, as follows:
Third Liberty loan 434 %
—$10,234,050
26.912,400
bonds
Fourth Liberty loan 434 % bonds
Total
made
from
-
...
On Nov.
12
1920 the Corporation, under
—$37,146,450
like authority and
direction
$6,123,650 of Liberty bonds and Victory notes,
the Railroad Administration at par plus accrued interest, as follows*
further purchase of
a
Second Liberty loan 4 34 % bonds.
Third Liberty
oan
Victory Liberty
—
434 % bonds..
Fourth Liberty loan 434%
oan
bonds
.........
3%% notes.
Victory Liberty loan 434 % notes
Total
$95,100
137,850
515,400
1,100
5,374,200
>
->
—
$6,123,650
purchased from receipts on account of
repayments of loans by foreign Governments the following Liberty bonds,
acquired by the Corporation from the Railroad Administration:
Fourth Liberty loan 434% bonds
____$26,912,400
Third Liberty loan 434% bonds
—
8,407,550
On
Sept. 22 1920 the Treasury
$35,319,950
principal and interest, amounted to
$35,826,871 32, the Corporation receiving from the Treasury Department
a special
United States Treasury certificate of indebtedness in the face
amount of $32,854,450 for its reserve fund account, and a cash credit with
the Treasurer of the United States amounting to $2,972,421 32 for the
Total
the following resolution:
be
5,000,000 00
—
$103,000,000
in
by the Government.
Belgium, Italy. 10,796,537 00
12,229,000 00
such
made,
tion of $46,347,654 27,
were
and J Great Britain. South Africa, Aus-
Transactions in
Corporation had outstanding advances to railroads
hoped that negotiations now pending
.Great Britain, France & Belgium $4,000,000 00
England and France—
....
5,000,000 00
Czechoslovakia
9.322,117 27
supplies
\
tralia, France,
Grain, flour & foodstuffs- .Belgium
Locomotives...
Poland
Railroads,
its
.
Condensed milk........
132.995 52.
amounting to $70,358,210.
Amounts.
Countries.
Agricultural implements
Electrical equipment
Nov. 30 1919 $22,536,632 15 in advances to
Section 21 of the Act, classified
exportations were made:
by commodities and countries to which the
Cotton
year.
total, $42,023,641 49.
shows the amounts advanced for financing the
Commodities.
and Building and Loan Associations—Section 8.
All advances under Section 8 of
Of the outstanding loans
$10,051,925 between July 1
15 1922; $9,000,000 during the calendar year 1923, and
.$10,796,537 during the calendar year 1925;
outstanding $400,792 49 under
outstanding advances under this section had been repaid.
Advances to Savings Banks
1921.
$12,175,179 49 will be due prior to July 1 1921;
1921
Advances to Bankers—Section 7.
At the beginning of the year there was
[VOL. 111.
CHRONICLE
THE
2472
The
-
—„
proceeds of this sale, including
bcilcinc6«
On Nov. 15 1920 an
additional amount of $515,400 par
value of Fourth
tration at par
the Corporation from the Railroad Adminis¬
plus accrued interest, were likewise sold to the Treasury
Department.
The proceeds of the sale,
Liberty bonds, purchased by
interest,
amounted to $517,265 49, for
cash credit with the Treasurer of
The
following summary
shows the Liberty
bonds and Victory notes
Corporation from the Railroad Administration, the
Liberty bonds to the Treasury Department, and the amount of
purchased
sales of
including principal and accrued
which the Corporation received a
the United States.
by
the
bonds and notes on hand Nov. 30
1920:
Dec.
251920.]
THE
Balance
Amount
Purchased
(par value).
Class—
Sales
(par value).
Secretary Houston—No;
$95,100
—
Third 4}£% Liberty loan bonds...
10,371,900
$8,407,550
1,964,350
Fourth 4H % Liberty loan bonds..
27,427,800
27,427,800
Liberty loan bonds__
1,100
what could they do to get the
5,374,200
general investment account
and
$7,434,750
$35,835,350
.$43,270,100
The above balance of $7,434,750 of Liberty bonds
Senator Harrison—The
indebtedness due Sept. 22 1921, in the amount of $32,854,450,
the reserve fund
constitute all of the Corporation's holdings of
account,
sinking fund
$4,479,000 par value of Victory notes previously purchased in the open
market and held in its general investment account, receiving a cash credit
Corporation at the
Exhibit A.
close of business Nov. 30 1920 is attached hereto as
War Finance
The $200,000,000 One-year
April
1
have
been
turity.
Corporation Bonds.
Senator Harrison—The
that your past
If
a
law is enacted directing the corpora¬
I say that is
I
to do a certain
as
no
discretion
exercise discretion
can
possible and where in
it,
that someone has intimated
to carrying out a direct
as
where the law makes it
only
judgment it would be against the public interests
my
thing, and I have discretionary
power
I would decline to do
in the present instance.
;■
NATIONAL
BANKS
DISTRIBUTE
TO
It
made known
was
Dec. 18 that National banks have
on
been requested by the Treasurer of the
United States, John
?urke, not to distribute gold is in line with the purposes.
it
expalined, coins for holiday policy of
he request,
.
/'Vv'
was
the Treasury to conserve the gold reserve,
of the Cor¬
poration have occurred.
Secretary Glass, who resigned on Feb. 2 1920,
was succeeded on that date by Secretary Houston as Chairman of the board
demanded upon
of directors.
be issued, as the
During the past year numerous changes in the organization
;■
May 31 1920, and
Eugene Meyer Jr. resigned as Managing Director on
NOT
ASKED
GOLD AS CHRISTMAS GIFTS
.
awaiting pre¬
Interest on the unredeemed bonds ceased at ma¬
Organization.
Old gold
but when gold is
gold obligations the demands will be met.
will be paid, however, and
$2.50 gold pieces will
no
coining of these pieces has been stopped.
In its issue of Dec. 21
"Wall Street Journal" had the
the
succeeded by Angus W. McLean.
George R. Cooksey was appointed a director on
reappointed
W.
upon
G.
P.
ceeded
Feb. 2 1920, to fill the
Leonard. Mr. Cooksey
17 1920.
and was suc¬
M. Cutcheon.
Mr. Cutcheon retired
following to
Inquiries
caused by the resignation of Clifford M.
vacancy
was
reason
views might interfere with its functioning.
mandatory act.
Corporation
To date $199,885,000 of these
1920.
1
leaving $115,000 outstanding,
redeemed,
sentation for payment.
have had in the past?
may
Secretary Houston—Certainly.
h,
5% Gold Bonds issued by the
1919 matured April
notwithstanding
States of $4,396,716 12.
A detailed statement of condition of the War Finance
was
| '
by legislation.
Secretary Houston—I could have
of the Secretary of the Treasury, the Cor¬
with the Treasurer of the United
views you
any
Government obligations at the present time.
On Nov. 4 1920, at the request
^
youTand
tion to function; it goes without saying that it would function.
carried in
poration sold to the Treasury Department for account of the
bonds
Congress could direct it?
Secretary Houston—Yes:
and Victory notes held
special Treasury certificate of
a
with
thing set in motion and assist, if they thought
Senator Harrison—And then it could function speedily,
Total
on
differ
should
Congress
it wise?
1,100
5,374,200
the
if the
Harrison—Now,
conclusions touching the operations of the War Finance Corporation,
your
Secretary Houston—It could direct it by legislation to do so.
Victory 3%% Liberty loan notes._
Victory 4%% Liberty loan notes..
in
I think it could borrow money.
Senator
Hand
on
(par value).
$95,100
Second 4\£%
2473
CHRONICLE
on
upon
the expiration of his term on May
Harding resigned as director on March 8 1920
that date by Franklin
W.
the expiration of his term on May 17 1920.
tor, whose term expires May 17 1922; and
expires May
17
George R. Cooksey, whose term
The official staff consists of the
following: L. B. Wehle, special counsel;
Hughes, assistant counsel; R. Rey-
exceeded 30, consists of 13 employees,
Dec. 1'5. After the
it is expected that this number will be reduced to 9.
The monthly pay roll, including directors and the employees at the Dallas
Cattle Loan Agency, has been reduced since April 1 1920 from $12,158 94
to $5,913 65, which will be further reduced by the end of the calendar year.
At the request of the Secretary of the Treasury, the Managing Director
and consulting counsel have served as members of the Railway Loan Ad¬
visory Committee to the Federal Reserve Board, under Section 210 of the
Transportation Act. 1920, and have also assisted the Secretary of the Treas¬
ury in the performance of the duties incumbent upon him under Sections
206 and 209 of that Act.
The Managing Director of the Corporation has
one
It is,
in
gold
on
maintaining the gold
of course, true that the Federal Reserve banks have paid
demand at all times,
even
during the war, and will continue to do
However, the Treasurer of the United States, John Burke, in issuing his re¬
quest to national and other banks not to pay out gold for holiday purposes
is following the policy set by the Federal Reserve
Gold
withdrawals
whose resignation becomes effective on
during
previous
years
have reached a considerable amount, and
find" their
coins to
Secretary-Treasurer.
The clerical staff, which has never
including
to where gold coins may be obtained for Christmas dis¬
tribution bring out the importance at this time of
reserve.
maintain the gold reserve on as high a level as
1924.
M. C. Elliott, consulting counsel; C. B.
burn Burklin,
Managing Direc¬
Chairman; Angus W. McLean,
retary of the Treasury,
as
in the matter:
so.
Corporation consists of David F. Houston, Sec¬
The directorate of the
say
war to
for
distribution
Christmas
it has taken some time for these
back to the banks.
way
Board since the
possible.
For this reason it is considered
unpatriotic to withdraw gold from the banks at this
by bankers unwise and
time, except for necessary commercial purposes.
end of the calendar year
had occasion to
tion to
a
counsel and members of the clerical
use
considerable extent from the time this
May 25 1920.
staff of the Corpora¬
work was undertaken on
These duties likely will continue for some
months to come.
Conclusion.
The following statement
the War
shows the total amount of advances
ments and the total amounts
outstanding on Nov. 30 1920:
Repayments.
Advances.
$
Classification—
$
204,794,520 00 151,966,310 00
industrial corporations._
23,814,674 24
22.865,792 94
25,211,500 00
7.034,182 33
21,132,995 52
948,881 30
7.827,278 36
To
18,664,404 48
46,347,654 27
public utilities..
52,828,210 00
39.797,400 00
To
4,324,012 78
25.211,500 00
Warehouse receipts
loans.
Export loansi
793,096 03
42,023.641 49
.353,061,404 48 235,334,580 14 117,726,824
Total
A detailed statement of all advances
34
and repayments since the organiza¬
tion of the Corporation, and of the amount
outstanding on Nov. 30 1920,
is attached hereto as Exhibit B.
made to the Congress the books and accounts
Since the last report
the Corporation have been
of
examined and audited by certified public ac¬
Corporation.
attached
hereto, as Exhibit C, a statement of receipts and disbursements of the Cor¬
poration, covering the period from Dec. 1 1919 to Nov. 30 1920.
is how on file in the office of the
countants, whose report
In accordance with the
requirements of the Act. there is also
D. F.
HOUSTON,
i
GEORGE
R.
McLEAN,
maximum
rate
could charge
which
interest
of
Federal
Reserve
banks
member banks in any transaction, W. P. G.
Harding, Governor of the Federal Reserve Board, places
the Board on record as "unalterably opposed to this bill
or
any
other bill which in any way attempts to limit the
now
power
vested in it and the Federal Reserve banks to
Governor Harding asserts
that "if this bill should become a
Federal Reserve
impossible while functioning in a normal
that the Federal Reserve
short time cease to be in any
sense a reserve system and would become a mere instrument
for the acceleration and perpetuation of expansion, and
that a wholesale scramble for the funds of the Federal Re¬
serve banks
would ensue, which would leave those banks
way
to protect their gold reserves;
system would within a very
only two alternatives—one to
of the House of Representatives.
lend their funds at the rate
prescribed until the exhaustion of their reserves
had been
completed, and the other to fix a definite limit upon their
total volume of loans, thus adopting a rigid system of credit
rationing."
"In the
one
case," says Governor Harding,
'they would reach a point where they would be unable to
make further rediscounts, no matter how insistent or meri¬
find it
necessary
commodations
COOKSEY,
Directors.
The Speaker
submitting to Senator McLean the views of the Federal
Board on Mr. McLean's bill fixing 5% as the
Reserve
torious the demands
Chairman.
ANGUS W.
DISCOUNT RATES.
BILL LIMITING
In
banks would find it
5,268,377 61
5,268,377 61
RESERVE
SENATOR McLEAN'S
law it is the Board's firm belief that the
'
and trust
companies
To railroads....
Cattle
Outstanding.
$
,
TO
BOARD'S OPPOSITION
regulate the rates of discount which those banks may charge.
Balance
Total
Total
To banks, bankers
made by
under all sections of the Act, total repay¬
Finance Corporation
HARDING DECLARES FEDERAL
GOVERNOR
loans
made
a
on
new
might be, and in the other they would
to place all
applications for discount ac¬
waiting list, until repayment of prior
funds
available."
letter addressed to Senator
The following is the
McLean by Governor Harding:
,
Dec. 16 1920.
EUGENE MEYER, JR., ON
OF
TESTIMONY OF SECRETARY
REGARDING WAR
HOUSTON
TREASURY
FINANCE CORPORATION.
on
Finance
Managing Director of the
Corporation, issued the following statement
Dec. 20:
Chairmgn:—You have requested the
cial transaction had with
The Federal Reserve
misunderstanding in the newspaper reports on the subject
of the War Finance
Corporation which may be cleared up by the following
extract from the testimony
the Joint Hearings before
Senate:
of the Secretary of the Treasury on Dec. 3 at
the Committees on Agriculture and Forestry of
>
Senator Harrison—Mr.
Secretary, you do not have any doubt that
the law now the War Finance
who work with you saw
under
Corporation could function if you and those
fit to allow it to function ?
finan¬
record as unalterably
bill which in any way attempts to limit
Board desires to put itself on
vested in it and in the Federal Reserve
of discount which those banks may charge.
It is essential
would
Federal Reserv e bank
contract, agreement, or any other
them at 5% per annum.
opposed to this bill or to any other
the rates
views of the Federal Re-
Bill No. 4560, which, if enacted,
interest or discount which
the power now
There is some
the House and
Mr.
Board with regard to Senate
couldcharge member banks in any
Eugene Meyer, Jr., formerly
War
Dear
erve
fix the maximum rate of
to the proper
that the central bank or
banks to regulate
functioning of any central
banks of discount shall
banking system
have complete control over
in normal times is the usual and most
effective means of protecting the gold reserves of a country against with¬
drawals for foreign account, and in domestic transactions it insures the
accumulation in normal times of a reserve sufficient to meet the seasonal
and emergency demands of the central bank or banks;
It is the genera
their rates.
This control over rates
THE
3474
CHRONICLE
practice of central banks to fix their rates slightly above the market
This is particularly true of the Bank of England and in view of the
references which
are
In conclusion and by way of summary, if this bill should become a law
rates
frequent
made to this institution in public discussions it may be
[VOL. 111.
is the
Board's firm
belief that
impossible while functioning in
the
a
Reserve banks would find
Federal
it
it
normal way to protect their gold reserves,
of Interest to review its
that the Federal Reserve system would within a very short time cease to be
passage
in any sense a reserve system
experience in the matter of discount rates since the
of the Bank Act of 1844, as shown by the table on page 33 in a book
"Bank Rate and the Money Market" by R. H. Inglis Palgrave,
entitled
P. R. S.
The annual average
bank rate of the Bank of England during the
1845 to 1871, inclusive, was higher than the annual average market
years
rate in sixteen of the twenty-six years and was lower than the
annual average
market rate in the other ten years, but from the year 1872 to the end
period covered by the table* 1900, the average bank rate
the average market rate in every year.
of the
higher than
was
From 1900 down to the present
time the average bank rate has continued to be higher than the average
market rate.
acceleration and
and would become
prescribed until the exhaustion of their
ing
rigid system of credit rationing
a
In the
the Bank of England
year 1833
D'Angleterre,
1694-1844" Dr. A.
was
subject to the
usury
on a
laws and describes the conditions which led to this action by Parlia¬
The conditions then existing In England were not
Very truly
W.
at the present
time below the market rates it may be appropriate
"Normally the discount rate of a Federal Reserve bank should not control
the rates at which member banks loan money to their customers.
In the
countries which have central banks there is a well-established policy that the
central bank discount rate should be maintained at a figure slightly in excess
of the burrent market rate.
The wisdom of such a policy is apparent for
it eliminates all consideration of profit in rediscount transactions and gives
the central bank better control over its own reserves and causes the banks
which deal with the public to rely to a greater degree upon their own reources in extending accommodations while still affording them an outlet
for
any undue accummulation of loans.
Because of the exigencies of war
financing, it has not been practicable for the Federal Reserve banks up to
this time to adopt this policy and as a rule Federal Reserve bank discount
rates are lower than the rates charged by member banks.
It is believed
that conditions are gradually adjusting themselves so that Federal Reserve
bank rates may be maintained at a level slightly higher than current rates
not only without any disturbance to commerce and business but to their
distinct benefit.
In fact, this adjustment has already begun in some cities
where member banks have reduced their rates on commercial paper."
\
Reserve banks at
a
DURING READJUSTMENT PERIOD.
/•l-'-. ■%' 'iv/;
'
V'v
<v'
of J. P.
in this
course,
effective only
below 5%.
three
at times when
The Board desires to call
States—Illinois,
Louisiana,
your
and
for money
rates
a
rate
8%.
We are all feeling the discomforts of this process.
results.
of interest
In eleven States—Arizona, Arkansas, Florida, Kansas, Minnesota.
In seven States—Georgia
a
legal rate of less than 8%,
a contract rate of 8%, is allowed.
Four States—
California, Maine, Massachusetts and Rhode Island—permit any rate to
There
can
charged under contract, and in New York any rate agreed upon in writing
Is legal on collateral demand loans of $5,000 and over.
We
theory that discount transactions should yield a profit to the member
banks is a fallacy which owes its wide credence in
part to the fact that the
banking system, which has
some
of the attributes
of
a
central
banking system, is comparatively new, and partly to the abnormal
times through which we have passed, the inevitable effects of whichare now
being experienced.
The fact is, however, that the potential profits of the
member banks should
not
be permitted to influence the determination of
the Federal Reserve bank rates.
rely mainly
and
seasonal
their
upon
On the contrary, member banks should
own resources
emergency
reserves
of the
Federal
Reserve banks may be available to meet those demands and sufficient to
the emergencies from developing into panic conditions.
In this
connection your attention is invited to an editorial which
appeared in the
prevent
Dallas (Texas)
"Morning News" of Friday, June 11 1920,
copy
spread of 3% between
important financial centers but in which rates as high as
10 and 12%, are authorized by law, the incentive to rediscount with the
Federal
Federal
no
Reserve banks would
be even greater.
It is the opinion of the
Reserve Board, confirmed by past
experience, that the lowering
effect
5% would have but
very
little if
any
the market rates which could not be fixed
by
on
but which
are
legislative enactment
determined by the inevitable
operation of the law of supply
resolve not to be
are
engaged in
man
hard to write.
active business
frightened into panic by the wolf that
can meet our contracts to
can
as
may not
the utmost limit of our resources.
good sportsmen.
unfailingly be fair to our clients and customers.
an
L
fair
business
their
integral part of our own.
COUNCIL
ORY
OF
FEDERAL
RESERVE
BOARD.
Edward W. Lane, President of the Atlantic National Bank
Jacksonville, Fia.,
of
was
elected
member of the Advisory
a
Council of the Federal Reserve Board at
a
meeting of the
directors of the Federal Reserve Bank of Atlanta
"Times Union"
of
election said:
Jacksonville,
on
commenting
Deo.11.
on
the
1
This is the highest official position to be obtained in the Federal Reserve
system by any one who is an officer of
a
member bank, and the first time
since the organization of the system that Florida has been recognized in any
capacity.
Mr. Lane, in his new official position as a member of the advisory council,
will represent all banks in the Sixth Federal Reserve district, which embraces
the States of Florida, Georgia, Alabama, Louisiana and parts of
Mississippi
and Tennessee.
Mr. Lane's election to the council Is
the
congratulations of his many
signal honor, and he is receiving
a
friends.
The personnel of the Council
includes many of the leading financiers of the United States.
NEW
YORK
STOCK
EXCHANGE
REPLOGLE STEEL AND
Following
Exchange
a severe
on
INQUIRY INTO
VANADIUM STEEL.
break in prices
on
the New York Stock
Tuesday, Dec. 21, in which Replogle Steel and
Vanadium Steel suffered the heaviest declines, the Stock Ex¬
change undertook
these
an
investigation into dealings in both
stocks; under date of Dec. 21 Secretary E. V. D. Cox, at
instance
the
of
Committee
the
Business
on
Conduct,
re¬
quested the members of the Exchange to report their trans¬
actions in these issues
Nr.-:.
and
demand.
Nor are banks generally
inclined—particularly banks in
agricultural sections—to give their customers the benefit of Federal Reserve
bank discount rates.
every
W. LANE OF JACKSONVILLE ELECTED TO ADVIS¬
E.
of which is
that rate and the Federal Reserve bank rate which would
represent a profit
to be derived by the member banks on rediscount transactions.
In States
of the Federal Reserve bank rates to
can
welfare
5% at the present time there
undoubtedly be a very strong incentive to the member banks to
utilize to the utmost the rediscount facilities of the Federal Reserve
banks,
because in an 8% money market there would be a
have
things
We must be just to our fellow workers and employees and consider
would
which
some
practices.
enclosed herewith.
If Federal Reserve bank rates were fixed at
however,
are,
We can take our losses like
We
in normal times in order that when
demands do arise the
foretell
bearing upon the long future.
a
policy and future engagements
We can adhere just as rigidly as ever to good ethics and
The
Reserve
can
do:
We
be
Federal
to-day decisions that have
Fixed formulas of conduct,
ticut, Idaho, Montana, Nevada, New Mexico, South Dakota, Utah, Wash¬
Indiana, Iowa, Mississippi, Missouri, Ohio and South Carolina—having
No one
very
Necessarily this period of uncertainty renders it most difficult
in business to make
Nebraska; North Dakota, Oklahoma, Oregon, Texas and Wisconsin—a
contracS rate of 10% is allowed, and in ten other States—Colorado, Connec¬
ington and Wyoming—12% Is the contract rate.
way of business, there is not
with America," said in his statement:
the duration of this process or estimate accurately its immediate and final
of
interest a> low as 5% and in each of these States a higher contract rate is
permissible—Illinois and Michigan, 7 %; Louisiana, 8%.
In thirty-two
States the legal rate of interest is 6%; seven States have a legal rate of 7%
and In six States and In the District of Columbia the legal rate
convention
"fundamentally, in the
might fall
legal
a
come.
attention to the fact that only
Michigan—have
statement read at
a
Dec. 10 of the clients of the George Batten
Mr. Lamont, who expressed the opinion that
on
much wrong
make it impossible to bring this
market
current
Morgan & Co. in
city
Company.
necessary corrective principle into permanent operation, for it would be
is
a policy which
might be followed by business
during the present "temporary process of contraction
men
law fixing the maximum rate to be charged by Federal
5% would, of
;
and readjustment" was furnished by Thomas W. Lamont
Bureau Federation at Indianapolis on Dec. 7 1920:
.
?
yours,
HARDING, Governor.
An outline of
Reserve
quote the following from an address which I made to the American Farm
The enactment of
G.
T. W.LAMONT'S SUGGESTION FOR BUSINESS POLICY
and relieved it from the old restrictions which had seriously
In explanation of the fact that the discount rates of the Federal
are
P.
Hon. George P. McLean, Chairman, Committee on Banking and Currency,
United States Senate.
I
Impaired its efficiency in dealing with the situation.
to
a.
altogether unlike
present conditions in this country, and it is noteworthy that instead of
attempting to impose restrictions upon the bank. Parliament liberalized
banks
they would reach
waiting list until repayment of prior loans made new funds avail
Andreades, of the University of Paris,
refers, on page 361, to the release of the bank from the application of the
powers
one case
would find it necessary to place all applications for discount accommoda¬
able.
its
funds at the rate
their
had been completed, and
point where they would be unable to make further rediscounts no matter
how Insistent or meritorious the demands might be, and in the other they
In his book entitled "Essai 8ur La Fondation Et L'Histoire de la Bancjue
usury
to lend
reserves
the other to fix a definite limit upon their total volume of loans, thus adopt¬
tions
ment.
wholesale scramble
a
for the funds of the Federal Reserve banks would ensue which would leave
those banks only two alternatives—one,
laws.
Up to the
instrument for the
a mere
perpetuation of expansion, and that
on
Dec. 20 and 21.
Office of the Secretary.
|
New
It should be borne in mind also that with Federal
The letter follows
NEW YORK STOCK EXCHANGE.
Gentlemen—I
am
York, December 21 1920.
instructed by the Committee
on
Reserve bank rates at 5% the incentive to
speculation would increase the
demand for credit and the net result would be that borrowers for
notify you to report to it a fuil list (omitting odd lots
commercial and agricultural purposes would find it difficult and
expensive
to obtain credit.
Ultimately, of course, the limit of
Business Conduct to
clusive, of Replogle Steel and Vanadium Steel.
legitimate
or
expansion would be
reached, and in the Board's opinion it would be reached within
time, for it must not be forgotten that there
Government obligations available
count
by
Federal
Reserve
banks.
reached, the Board believes that
serious and
more
as
a
are
a
very
short
about $25,000,000,000 of
collateral for loans eligible for redis¬
If the
limit
of
expansion should
be
condition of depression infinitely more
widespread than that
now
existing would follow.
11 (c) of the Federal Reserve Act which requires the Federal Reserve Board
to
impose a graduated
fall below
tax
upon
a
Federal
Reserve bank
whenever
its
specified minimum, the Federal Reserve bank being
required "to add an amount equal to said tax to the rates of interest and
a
discount fixed by the Federal Reserve Board."
tion
were
a
Federal Reserve bank
could charge even If its reserves were rapidly dwindling to the
or
made, and the
name
of the
cus¬
whom the orders were executed, or the name of the individual
firm for whom they were cleared.
Also furnish to
your
this office the following information in connection with
position in said stocks at the close of business Dec. 21 1920, including
How many shares
long and for whom ?
How many shares short and for whom?
Please send this information in
a
Business Conduct, Secretary's office,
Dec. 23 1920.
sealed envelope to the Committee
not later than 12 o'clock
vanishing
on
on
Thursday,
■
Respectfully,
If the bill under considera¬
enacted, 5% would be the maximum rate
point.
the name of the firm with whom they were
tomer for
and Dec. 21. both dates In¬
the prices at which they were made,
transactions made on that date:
The Board calls the attention of the Committee to the fact that the
bill
under consideration would operate as a repeal of the
provisions of Section
reserves
clearances made by your firm on Dec. 20
Please give the date of transactions,
of purchases and sales
E. V. D. COX.
Secretary.
The New York "Times" of Deo. 22 in its reference to the
declines witnessed
r
on
the previous
day in Replogle Steel and
DEC. 25
1920.]
Vanadium, two issues which, it noted,
case
in the
were
tacular class earlier in the year, said:
In the
CHRONICLE
THE
spec¬
of the former the decline amounted to 19
points, while Vana¬
dium, the second of the J. Leonard Replogle properties, lost 6H points.
The weakness of these two issues unsettled the entire
list and brought on
the heavy liquidation which continued almost
Feb. 26 Replogle Steel made
9334. the high for the
Vanadium, 97,
28 34*
a
made April 16, and
was
These figures indicate the
going
low
a new
STOCK
YORK
in
inquiry begun
an
by
the
York Stock
New
was
information
regarding their transactions in the
NEW YORK
.
STOCK
,
■'
Gentlemen:—I
instructed by the Committee
am
Business Conduct to
on
of purchases an<l
(omitting odd lots
firm on Dec. 14
with whom they were made and
of the firm
made,
the name of the
customer for whom the orders were executed, or the name of the individual
or
"Sec. 10.
members
Each member appointed by the President shall serve for a term of
ate.
seven
unless
years
sooner
removed for
by the President: Provided,
cause
however, that the terms of the present members of the Board and
appointed to fill
of this section
it
as
was
in
any vacancy
an
any suc¬
office created under the terms
originally enacted shall expire
as
heretofore provided
In selecting the members of the Federal Reserve Board, not
of whom shall be selected from any one Federal Reserve district,
one
more
and at least three of whom shall be persons experienced in banking or fi¬
the President shall have due regard to
nance,
fair representation of the
a
different commercial, industrial, and geographical divisions of the country.
The
members of the Federal Reserve Board appointed by the Presi¬
seven
of
as
aforesaid shall devote their entire time to the busi¬
of the Federal Reserve Board and shall each receive
ness
payable monthly,
$12,000,
together
with
actual
an
annual salary
traveling
necessary
expenses.
firm for whom they were cleared.
connection with
position in Houston Oil Company at the close of business Dec. 20
the time they are in office to'hold any office, position, or employment in
Chairman and
a
How many shares long and for whom?
may, at
Board.
they
may
mem¬
desig¬
supervision.
The Secretary of the Treasury
use
of the Federal Reserve
Each member of the Federal Reserve Board shall, within fifteen
days after notice of appointment, make and subscribe to the oath of office.
Respectfully,
D.
as
the request of the Federal Reserve Board, assign offices and vault
in the Department of the Treasury for the
space
Dec. 23 1920.
V.
Vice-Chairman for such term
of the Board, subject to its
the Committee on
Business Conduct, Secretary's Office, not later than 12 o'clock on Thursday;
E.
a
The person thus elected as Chairman shall be the executive officer
nate.
How many shares short and for whom?
Please send this information in a sealed envelope to
The members of the Board shall elect from their
member bank.
any
bers
1920, including transactions made on that date:
"The
Secretary.
COX.
The New York "Herald" of Dec. 22 had the
say
seven
"The members of the Federal Reserve Board shall be ineligible during
Also furnish to this office the following information in
your
That the Federal Reserve Board shall consist of
dent and confirmed
inclusive.
Please give the date of transactions, the prices at which they were
name
amended by the Act
by law.
clearances of Houston Oil Company made by your
to Dec. 20, both dates,
as
that said section shall read
so
than
EXCHANGE
New York, Dec. 20 1920.
notify you to report to it a full list
10 of the Act approved
appointed by the President by and with the advice and consent of the Sen¬
cessor
Office of the Secretary
the
That Section
the Federal Reserve Act,
as
follows:
as
contained
during the period from Dec. 14 to Dec. 20 is asked
or
of America in Congress assembled,
Dec. 23 1913, known
We give the letter herewith:
sales
BILL
approved March 3 1919, be further amended
of
which
stock
A
Be it enacted by the Senate and House of Representatives
of the United States
INTO
circular letter addressed to members by Secretary Cox
a
.
^
The following is the text of the bill:
To amend Section 10 of the Act approved Dec. 23
1913, known as the Fed¬
eral Reserve Act, as amended by the Act approved March 3 1919.
EXCHANGE
Exchange into dealings in Houston Oil stock
in
laws.
made yesterday at
was
HOUSTON OIL.
Notice
original intention of the framers of the Federal Reserve Act of 1913
speculation that has been
scope of the
.
INQUIRY OF NEW
out the
and is the most important that has ever been made in the Federal Reserve
The high for
at 50.
was
in the two issues.
on
Federal Reserve system and will avoid much duplication of
In short the bill provides for a complete separation
authority and effort.
of the Government from the Federal Reserve
banking system and carries
low of 3434. but by July 8 it had attained
Yesterday's close
year.
On
closing time.
to
up
simplify the examination of banks in co-operation with the legal requirement
of the present
"
2475
following to
regarding the gyrations of the stock:
upon
Federal
Reserve
Board
shall
have
power
to levy semi-annually
the Federal Reserve banks, in proportion to their capital stock and
surplus,
assessment sufficient to
an
its estimated
pay
and the
expenses
salaries of itsmembers and employees for the half-year succeeding the levy¬
Action of the New York Stock Exchange yesterday in asking its
members
ing of such assessment, together with
deficit carried forward from the
any
to report all transactions that they conducted in Houston Oil stock from
preceding half-year, and shall have power to provide itself with suitable
Dec. 14 to Dec. 20
offices and vaults in the city of Washington,
was
considered in the financial district to be another step
in the direction of lessening the
activities of big operators who have been
It has been known for some time that the Exchange
forcing prices down.
official of the Exchange would talk yesterday, or even
no
that the members had been called upon to make a report of
Oil
dealings, it
learned that such
was
various member houses
attackB
ifeature
a
by Secretary E.
their Houston
order had been sent out to the
an
D.
V.
Cox.
for the last week
In the latter days of last week sudden
of the market.
the stock broke it sharply from a high point of 84 to a
on
low of 65.
Subsequently it recovered 234 points and closed the week at 6734 for a net
drop of 15 points.
On Monday the raiding
was
resumed and on transac¬
tions of 4,200 shares a break of more than 11 points
That the Stock Exchange
occurred in the stock.
will call for similar information regarding recent
transactions in Replogle Steel was expressed yesterday as the
violent break of that issue.
the drop bore what was
Coming
inactive
throughout
on
the morning.
on
a
Just after
the lunch
was
sudden burst of activity in the issue, and
more
than 2 points between sales, it sold down to
rental,
back several points,
hour,
however,
breaking sometimes
47 M,
a
net loss of 21 %
only to come down again to around 50, where it rr-
mained for the rest of the session.
The closing figure was
5234. off 1834
proved March 1 1919, making appropriations for the legislative, executive
1920 shall not be applicable to such
the
ABOLISHING
COMPTROLLER OF CURRENCY—ALSO
AFFECTS
bill
A
BILL
RESERVE
BOARD
proposing the removal
of
the
was
any
assessment upon the Federal Reserve banks may be deposited with
Federal Reserve bank, any member bank, or with the Treasurer of the
a
at
was
Representative
made by Mr. McFad-
convention of clients of the Beorge Batten Co.,
a
held in this
statement
Dec. 10.
In a
made with the introduction of the bill in Congress,
city at the Hotel Biltmore
The bill proposes
"to
remove
ment of the office of the
the Secretary of the Treasury from member¬
The bill also provides for the abolish¬
Comptroller of the Currency, and provides for the
transfer
of all of the duties
Reserve
Board,
and functions of that office to the Federal
eliminating
thus
completely the
domination and control over the Federal
bill also provides for the
building of
a
Treasury
Department
Reserve banking system.
The
building for the sole use and purpose
appropriation of $2,000,000
of the Federal Reserve Board and provides an
to be raised
thus
system from the Treasury
The bill also
Department.
provides that in the future the Federal Reserve system, out
all of the expenses of the operation of the system,
formerly paid by appropriations of the Government for expenses
of its earnings, shall pay
which were
of the Comptroller's
The bill
t ion of
office.
provides also for the payment out of the earnings of the Federal
Reserve system,
of all of the salaries and expenses incurred in the examina-
national banks.
on
the
This
expnse
is now borne by an assessment levied
of the Currency on the banks examined and is based
amount of their capital and surplus accounts.
The bill also will
by the Comptroller
Reserve Board to the
"No member of the Federal Reserve Board shall be an
of any
nor
officer
or
director
bank, banking institution, trust company, or Federal Reserve bank,
hold stock in any bank, banking
his duties as
a
institution,
or trust company;
and be¬
member of the Federal Reserve Board
certify under oath that he has complied with this requirement.
a
vacancy
shall occur other than by expiration of term among
the members of the Federal Reserve Board, a successor
within sixty days by the President, with
shall be appointed
the advice and consent of the Sen¬
appointed he shall hold office for the
"The President shall have power to fill
all vacancies that may happen
the Federal Reserve Board during the recess
on
of the Senate by granting
commissions which shall expire at the end of the next
Federal
"The
Reserve
Board shall
the
same
Representatives, who shall cause
printed for the information of the Congress.
to be
annual report
session of the Senate.
annually make a full report of its
operations to the Speaker of the House of
No separate
need be made on account of those operations heretofore com¬
ing within the jurisdiction of the Comptroller of the Currency.
"Section
Dureau
324
of the
of the Revised
Statutes of the United
States, creating a
Department of the Treasury, known as the Bureau of
the
Comptroller of the Currency, and Sections 325 and 326 of the Revised
Statutes of the United States, relating to the appointment of a Comptroller
of the Currency to act as
powers
chief of that bureau, are hereby repealed, and all
and duties heretofore conferred or
troller of the Currency or the bureau of
imposed by law upon the Comp¬
which he is the chief officer are
hereby transferred to the Federal Reserve
cise all of those powers
may
Board.
Such Board shall exer¬
and duties, under such rules and regulations as it
prescribe, through its active executive officer, the Chairman, or through
employees as it may appoint or designate for that pur¬
such other officers or
pose.
"All acts of the Federal Reserve Board
by an assessment on the twelve regional banks of the system,
providing for a complete physical separation of the Federal Reserve
Bank
be transmitted by the Federal
Speaker of the House of Representatives.
on
Representative McFadden said:
ship in the Federal Reserve Board.
other audit, and a certified copy
certified public accountant, in lieu of
of each audit shall
Secretary of the
Dec. 10 by
Reference to his bill
McFadden.
den
on
salaries and other expenses of the
Federal Reserve Board shall be audited at least once every six months by
abolishing the office of Comptroller of the Currency,
introduced in the House
be
may
the Fed¬
Board from
unexpired term of the member whose place he is selected to fill.
Treasury from membership in the Federal Reserve Board,
and
Reserve bank
All funds derived by the Federal Reserve
ate, to fill such vacancy, and when
MEMBERSHIP.
Federal
against each
ending June 30
any
Whenever
McFADDEN'S
Board
year
The amount assessed by
United States and shall be expended in accordance with the terms of the
he shall
OFFICE OF
Reserve
Federal
fiscal
property.
credited by said bank to an account which may be drawn upon by
eral Reserve Board.
fore entering upon
points from Monday's final figure.
REPRESENTATIVE
acquired for these purposes by purchase,
otherwise under the authority of this section, shall be in the
or
and judicial expenses of the Government for the
At this point there was a let-up in pressure and the stock jumped
points.
shall be limited to $2,000,000: Provided further, That the title to,
the interest in any property
Federal Reserve Act, and all accounts of
bear raid.
Monday, Replogle was quiet and
there
a
result Of the
the heels of the Houston episode
believed to be the earmarks of
Opening at 69, at which it closed
the erection of a building, or vaults, the amount assessed for these
or
purposes
or
District of Columbia, and to
the Federal Reserve banks sufficient to cover the
United States, but the provisions of Section 10 of the Act of Congress ap¬
The tumultuous career of Houston Oil on the Exchange
has been
admit
upon
thereby incurred: Provided, That in case of the purchase of prop¬
expenses
erty
has been much opposed to the efforts of some of these plungers.
While
levy assessments
or
in the performance of the powers
duties transferred to It under the terms
force and effect as acts heretofore
rency or
of this Act shall have the same
performed by the Comptroller of the Cur¬
the bureau of which he is the chief officer.
•
rm
officer or employee of the
Federal Reserve Board performing or exercising any of the powers or duties
heretofore exercised or performed by officers or employees of the Bureau
of the Comptroller of the Currency shall be subject to all of the privileges.
Immunities, restrictions, and obligations in the performance or exercise of
those functions or duties as are now conferred or imposed upon officers
or employees of the Bureau of the Comptroller of the Currency in the ex¬
ercise of their duties as such: Provided, however. That the Federal Reserve
"Except as otherwise provided in this Act, any
jurisdiction, supervision, or approval
shall not in any way be subject to the
of the Secretary of the Treasury.
proceedings arising out of the provisions of law governing
"All suits and
in which the United States, the Federal Re¬
national banking associations
Board,
serve
parties, shall becon-
of its officers or agents shall be
or any
ducted by the district attorneys
General of the United States.
that
they should not consider this bank a mere source of supply for loan¬
able funds to permanently increase their lending ability, but that the
rediscount
at law
duties imposed
connection with the exercise or performance of the powers or
be brought in the name of the Chairman
conferred upon it by law shall
or
be provided for by iaw in actions
brought by or against the Comp¬
authorized to empioy in its service
'♦The Federal Reserve Board Is hereby
all of
the officers, clerks, and employees now in the service of the Bureau of the
Comptroller of the Currency, and ail salaries and expenses incident to such
employment shall be paid in the same manner as those of other persons in
and conditions as others in its empioy, any or
same terms
That part of Section 21 of the
the service of the Federal Reserve Board.
member bank, whether State
Federal Reserve Act which requires that each
fixtures, records and other property belonging
"The library, furniture,
assigned to the office of the Comptroller of the Currency are hereby
with the
to or
transferred to the Federal Reserve Board for its use in connection
law."
parte of Acts inconsistent with the terms of this
performance of the powers and duties placed upon it by
Sec. 2. That all Acts or
urged to bear it in mind in shaping their loan policy during the coming
They should limit their offerings to us to the lowest amount possible
us only such paper as there is reason to believe will be actually
are
and send
retired
by
RESERVE BANK OF
ATLANTA, URGES LIQUIDATION OF LOANS.
Pol¬
icy," by R. L. Van Zandt, Governor of the Federal Reserve
Bank
of
loans
wherever at all possible.
reduction of all
suggesting payment or
means,"
all
"By
'brokerage-house' class and bring them back to their right¬
of conservative banking institutions.
ful and proper status
indispensable precedent to this condition there must
an
practically complete cessation of loans except for legiti¬
for essential and productive pur¬
increased rate simply to
rediscount with
us.
Again, it seems worth while to call attention of our member banks to
seems to be a practice too generally adopted by many of them
of
what
borrowing heavily
rates heretofore
and
continuously
adopted by
Board
our
against Government securities.
The
on notes secured by this class of se¬
gard
While
ties
uses
just as large a part of our resources as if secured by commer¬
livestock, or farm products.
It seems timely, therefore, to
up
cial paper,
or
wherever at all possible.
suggest payment or reduction in all such loans
us
and
are
the
and
firm determination to do our part,
It does not need to be said that we shall be quick and eager
out of
rightful
a
assistance reasonably within our power to those banks which
entitled to same.
But, by all means, let's get all of our
to render any
banks
the future and
get our feet down to earth, and plan to build wisely
all resolve to
for the future.
class and bring them back to their
conservative banking institutions.
As an
"brokerage-house"
status of
proper
indispensable precedent to this condition there must be a practically com¬
plete cessation of loans except for legitimate production and essential com¬
mercial needs,
coupled with
orderly, determined, but not unnecessarily
an
drastic, liquidation.
Such
policy generally and resolutely adopted and persevered in will, In
a
change in this District.
work a wonderful
comparatively short time,
a
Th^re are latent powers of liquidation in each community which can be
which when worked out will reasonably insure not only safety
discovered,
bank, but credit availability for all legitimate demands.
earnestly requests that you read this letter to your Directors
to the
Our Board
at
their
meeting and that you write us their opinion of the views
next
outlined and suggestions
Respectfully,
made herein.
R.
L,
Van
Zandt, Governor.
STATE INSTITUTIONS ADMITTED TO FEDERAL
liquidation," The following is the Governor's letter in full :
RESERVE SYSTEM.
FEDERAL RESERVE BANK OF DALLAS.
December 15
1920,
The Federal Reserve Board at Washington announces the
following list of institutions which were admitted to the
POLICY.
AND LOAN
CONDITION
CREDIT
Officers and Directors of the Member Banks Addressed-'
ending Dec. 17 1920:
Federal Reserve System in the week
Gentlemen:
Total
Board of Directors made a careful review of the
credit and financial situation in this District and the future policy of this
At its last
bank
meeting
subject of considerable discussion and was given full and
the
was
our
thorough consideration.
Following the discussion I
to
the member
It
we
special admonition at
no
expressed herein
to all
it
hands, but it is hoped that the views
our
condition
the
of
In
bringing about this readjustment
and
to
producing businesses
speculative loans and
It appears equally
ture.
ing
and
consider it indispensably
we
borrowed
declining
minimum loans of
a
all
effective
take
immediately
merely
steps
unduly large amount of rediscounts and loans for
an
banks, many of whose lines show little
or no
amount
Bearing this in
fact
that
during the
within
short
a
summer.
to
banks that,
while
the
banks
will
ability, within their
made
without
own
resorting to
our
resources,
member
be
called
seems
for
on
as
well
as
funds
for
to suggest to
proper
they should
consideration to
to take care of any and all loans
excessive borrowing
from
the
Federal
Reserve
Bank.
of the
4
advances
and
vision
Federal Reserve Act directs that in extending discounts,
accommodations
had for the
be
claims
and
to
any
demands
one
of
all
should always be borne in mind
enforcement
to any
this
of
rule,
the
times
the
reserve
of
limit
of
discount
We have not
heretofore found
rowing the limit
borrowings by
the
member
bank
it necessary
member banks
failed
to
give
large .deposits
conservatism
that
our
than
we
plus
two
quently
in
absolutely
proper
would
sound
their funds
of bor¬
so.
prove
unstable,
and
business prudence would
made
In
became tied
up
in
many
suggest,
us
loans
with
less
with the result
far
more
and
too
a
fre¬
This policy should and must
expectation that funds with which to carry them may be obtained by
productive
us.
purposes,
The
course
of safety lies in granting credits only
and then only in conservative amounts.
CERTIFICATES OF
TREASURY
TO
INDEBTEDNESS.
Subscriptions of $790,449,500 to the two issues of Treas¬
certificates of indebtedness offered on Dec. 15 were
Department on Dec. 17. The
total amount of subscriptions allotted was $589,680,500.
A
ury
announced by the Treasury
,
offered in the two
series, T J-1921 bearing interest at 5%% and T D-1921
total of $500,000,000 or
scriptions
were
thereabouts
2287, and Dec. 18, page 2385.
allotted
as
follows:
$266,907,000 Chicago.
68,250,000 Kansas City____
New York
Philadelphia..
45,148,000
Boston
45,490,000
20,856,500
17,894,000
35,580,000
Louis.
St.
Richmond
San Francisco
.
...
Federal
The
was
The offering was referred to in our
Sub¬
carrying 6% interest.
issue of Dec. 11, page
Reserve
Minneapolis
Atlanta
.•
Dallas
$54,167,000
14,803,000
9,225,000
6,32V ,500
5,032,500
$589,680,500
Total.
District1 of New York subscribed
$412,866,000 to the two issues.
In commenting on the
"Wall Street Journal" of Dec. 20 had the fol¬
results the
lowing to say:
The
final returns show some
to New York in amount
second largest subscriber.
and
was
As
to certain
of subscriptions, but this
time Cleveland was the
Cleveland subscribed for a total of $102,555,500,
ranks third with subscriptions
allotted $68,250,000, while Chicago
was
of a similar amount.
issue bearing interest
tjbe six months' issue amounted
one-year certificates were
'
I
expected, subscribers favored the one-year
at the rate of
to
surprising results as pertains
Heretofore, Chicago has always ranked second
of $54,167,000 and allotments
heav¬
of the banks too large
investment loans
I
Board has granted permission to
institutions to exercise trust powers:
Federal Reserve districts.
and banks should not and must not make such loans with
rediscounting with
for
measure
many
loans for speculative purposes.
cease,
one-half
banks, in making their com¬
consideration to the fact that their un¬
year
they found themselves compelled to rediscount with
of
the
to make this
and
Reserve Bank.
shall not hesitate to do
ily than should have been necessary.
portion
rigid
a
rule in this bank, but if it becomes necessary to limit
beginning of the present
mitments,
usually
or
256,165
—•
EXERCISE TRUST POWERS.
Reserve
SUBSCRIPTIONS
accommodation
substantially equal to two and
amount
an
such
This pro¬
by member banks for, under
maximum
member bank! would be in
one-half
member bank, due regard must
other member banks.
times the amount of its paid-up capital stock in the Federal
At
Federal
Cleveland
Section
30,000
25,000
People's National Bank, Elizabeth, N. J.
First National Bank of Thermopolis, Wyoming-
secure
mind, and also the
before making commitments for the new year,
give careful attention to the above suggestions
their
—
Texas
Plains,
the following
ow¬
or
dimunition from the maximum
planting and for other seasonal needs, it
crop
the
reached
337,130
State Bank,
na¬
liquidation for, although we are in the midst and nearing the end of the
period when our seasonal liquidation normally takes place, we are now
carrying
25,000
25,000
25,000
Ga.
Swainsboro,
neces¬
investment
an
essential that all banks having rediscounts
should
money
absolutely
enterprises,
reducing to
$562,223
11.
BOARD TO
.
The
meet these changed
matter of first importance, that all banks shall limit their loans
a
$10,000
INSTITUTIONS AUTHORIZED BY FEDERAL RESERVE
conditions.
sary,
$50,000
Ga.——
Ga.
Bank,
First Guaranty
District is intrinsically
somewhat readjust business to
to
necessary
Resources.
fully aware of the fact that many
are
sound, although the heavy decline in the prices of practically all products
makes
Central
banks.
our
believe that the financial
We
Plains,
Bank,
District No.
sound and helpful that they may be of some benefit
are so
Surplus.
Capital.
6.
Oglethorpe County Bank,
Cross
that
be understood
receiving this letter have their affairs in sound and liquid condition,
requiring
No.
Plains
a new year.
must
banks
District
Lexington,
authorized and instructed to communicate
consensus of the views of the
was
the District the
banks of
Directors, which action seems timely and appropriate as we are just enter¬
ing upon
we re¬
obligation of the United States as the best security in the world,
remembered that a loan by us against such securi¬
an
it must nevertheless be
orderly, determined, but not unnecessarily drastic
an
To the
resources,
own
give your bank a margin of profit, should it become necessary for you to
and essential commercial needs, coupled
mate production
with
to. control the interest rates charged their customers
of your
those loans should not be burdened by an
poses,
Gov.
says
all of our banks out of the
Van Zandt's circular, "let's get
a
power
member banks, but we do feel that when you are called upon to
our
need
officers and direc¬
tors of member banks on "Credit Condition and Loan
be
maturity.
no
With courage to meet
A circular letter has been addressed to
As
its
at
We have
let
GOV. VAN ZANDT, OF FEDERAL
of our rediscount facility-
year.
Act are, so far as inconsistent, hereby repealed.
Dallas,
the primary purpose
was
important that this fact should be emphasized and member banks
seems
curity has undoubtedly encouraged the practice mentioned.
repealed.
national, shall bear the cost of examination, is hereby
or
privilege should be held in reserve for temporary emergencies,
unusual demands of a legitimate and strictly seasonal charac¬
make loans out
troller of the Currency.
under the
Such
It
conditions and in the same court or courts as
of the Board, under the same
may now
Any action
'the Federal Reserve Bdard in
against
in equity brought by 01
or
meet
to
or
ter.
of the several districts under the direction
and supervision of the Attorney
repeatec^y attempted to impress on our member banks the fact
We have
conferred upon it by this Act,
Board, in the exercise of the powers or duties
[VOL.111.
CHRONICLE
THE
3476
6%.
$188,123,000,
$401,557,500.
The final allotments for
while
the allotments for the
While the banks were liberal takers of the new
bills, there were substantial
subscriptions by corporations and other investors seeking attractive shortiiivestments.
Government 6»% Treasury bills have recently been
term
selling at
a
slight premium in the open market.
Dec.
EUGENE
MEYER
would open
OF
OVERSUBSCRIPTION
ON
JR.,
that the other side,
In the midst of the present disturbed situation
of Mississippi
it is gratifying to observe
December,
offered on the 15th of
oversubscribed by $200,000,000 and subscriptions were
was
\
This
Federal
discount
Reserve
and
rates
tightening
generally
continued
money
It is optional with
the Treasury it appears that sinking
7 cents
1 uritil November 15 totalled only a
produce
ment
was
,
22 the
House, by
Representative Fordney's
vote of 195 to 85 passed
a
tariff bill, imposing
agricultural products, designed
of relief to the farmers, as
measure
tariffs
The bill revises
revenues.
well
on
as
to
wheat,
live stock, meats, &c.
Committee completed the
drafting of the bill on the 18th inst., and on the 20th inst.
the measures was reported to the House.
On the 21st inst.
cotton, wool, potatoes, corn beans,
House
and Means
Ways
Western and
general.
paragraph and it was retained by
206 to 77 agreed to suspend the rules
Wednesday, and to give the bill right of way.
The
He said that the
and if the
used in goods of cheaper grades
The amend¬
the industry.
schedule in
tariff bill,
a
Southern
members where the
sheep
strong vote.
against the bill.
hearings and the Ways and Means Committee was
tariff bill between sunrise and sunset.
a
Wool, commonly known
as
presented to the House re¬
the 22nd in the House those
clothing wool, Including hair of the camel,
as
and alpaca, but not such wools as are commonly known as
carpet wools; unwashed
15 cents per pound, washed 30 cents per pound,
scoured 45 cents per pound.
Unwashed wools shall be considered such as
shall have been shorn from the animal without any
shall be considered such
as
cleansing; washed wools
have been washed with water only on the
mal's back or on the skin; wools washed in any other manner
animal's
back
or
on
shall be considered as
the skin
wool and hair provided for in this paragraph,
value by the
ani¬
than on the
scoured wools.
On
which is sorted or increased in
rejection of any part of the original fleece, the duty shall be
twice the duty to which it otherwise would
be subject, but nor more than
45 cents per pound.
Wool and hair of the kind
for calendar
on
a
provision of the bill
angora goat
and
the bill
was
The New England members tried hard to rally strength
by
on
It put a tax of
Representative
Representative Treadway, member of Ways and Means Committee, said
the House by a vote of
During the debate
Never¬
specting wool, read:
emergency
temporary duties on certain
The
He said the
year.
industry is strong described conditions and appealed for the passage of the
INTEREST
OF FARMERS.
the
a
lost by a vote of 42 to 53.
became very
The
.
HOUSE PASSES FORDNEY TARIFF BILL IN
Mr.
stood proof against the attacks of the Democrats, whose arguements here
months and a half
90% of the entire sinking fund
ending June 30 1921, over
long staple cotton which
should be adopted, it would still further stagnate
trying to make
increase
of $7,000,000
pound on goods made from the long staple cotton.
that there had been no
a
revenue
a
eighth and this should be accepted by the House.
The wool paragraph, which is usually the test
should be made before June 30 1921.
quota of $253,404,000 bonds.
a
two items as to
the Secretary of the Treasury to determine when pur¬
these purchases
staple
increasing and beginning to demand protection.
mills of his section were stopped and the industry was stagnant,
Treasury will therefore have to purchase in the last seven
to afford
pound being cotton
Walsh moved an amendment to strike out the paragraph.
sinking fund should be made, but it is not optional as to
On Dec.
a
eighth.
theless the amendment failed by a vote of 34 to 42.
$238,000,000 of Liberty bonds or Victory notes.
of the fiscal year
an
If the length could be reduced, this importation, if it
would
at an inch and an
little over
115.000,000.
The amount to be purchased for the sinking fund during the
fiscal year ending June 30 1921, according to the report of the Secretary is
$253,400,000.
It appears, therefore, that between the 15th of November
1920 and the 3oth of June 1921, the Government will have to purchase
or not
inch and
The next paragraph interested New England particularly.
From the report of the Secretary of
fund purchases from July
whether
an
Department of Agriculture had standardized the length of long staple cotton
market conditions.
chases for the
eighth long, the limit
an
rate of 7c.
offered by Representative Hayden of Arizona, whose long
Egyptian cotton.
the market for Govern¬
in the flood of liquidation that accompanied the increases
ment securities
a
Humphries' speech came near passing an
staple cotton coming into the United States frbm Peru and 200,000,000 of
Liberty bonds
obliged to purchase over $300,000,000 par value of
inch and
an enormous com¬
Hayden said the statistics showed that there were 65,000,000 pounds of long
with last year when the
Treasury in November and December, through the War Finance Corpora¬
was
was
cotton crop is steadily
,
The present condition contrasts most favorably
and Victory notes in order to steady to some extent
was an
bill.
Representative Ben Humphries
effort to convince the House that
amendment to reduce the limit to
The Treasury Certificates of all issues are par
bid and purchases are being made at small premiums.
an
inch and three-eighths long.
an
refused after the first day.
made
the bill which was to receive the benefit of
The Issue of $500,000,000 Treasury Certificates
the
with accessions of Democrats, continually supported
petition occurs from cotton that
improvement in the fundamental condition of the market for
Government securities.
over
.
Chairman Fordney in the policy of allowing no changes whatever in the
When the cotton paragraph was reached
material
in
'
the ranking member of the
uniformly move to strike out paragraph after paragraph, with the result
statement, dated Dee. 22, Eugene Meyer, Jr., for¬
a
said:
tion
as
minority on Ways and Means, was in charge of the opposition to the bill and
merly Managing Director of the War Finance Corporation
a
'., ' '
■-
Representative Rainey of Illinois, acting
IN MARKET FOR GOVERNMENT SECURITIES
The amendment was lost
the door for a vast amount of fraud.
by 93 to 44.
TREASURY CERTIFICATES AND IMPROVEMENT
In
2477
CHRONICLE
THE
251920.]
any process
provided for when advanced in any manner or
of manufacture beyond the washed and scoured
condition,
wool or hair of the kind provided
for is the
manufactures of which
component material of chief value, 45 cents per
rates of
pound in addition to the
duty imposed thereon by existing law.
.
opposing the bill declared it would send the cost of living
higher, while the supporters of the bill said it would save the
FEDERAL
agricultural industry.
the Ways and Means Committee,
Chairman Fordney, of
opening debate declared the measure was not scientific
was hastily drawn, but asserted that it was
the best that could be had at this time.
In his remarks on
in
and admitted it
the bill
Representative Fordney said:
This bill has been reported by the Ways
and Means Committee, prompted
made by people from various parts of the
country pointing out the distressed financial condition of the agricultural
by the appeals that have been
productions of the country.
First let
that industry
the
in
people.
round
numbers,
consumption
war
300,000,000 pounds annually, while our annual
was
trifle more than 500,000.000 per annum.
During the
lesson and have paid the penalty for many
of the things
was a
learned
we
that the sheep growers of the
a
produce but do not.
used in this country that we can
Wool is one of those
articles.
the
western
brought to the committee that 90% of all the sheep on
was
ranges
are
mortgaged to-day tot $9 per head, more money
than the sheep will sell for on
to the committee that
Information was brought
the market to-day.
90% of the cattle on the Western ranges are mort¬
a
himself in
illustration of the distressed condition the farmer finds
came to my
and ordered
notice last evening when I stepped into a restaurant
I received two small lamb chops, about two
lamb chops.
some
mouthfuls to each chop, and
was
sold at
head delivered.
The most striking
paid 65 cents for the two, twice as much as
received by the farmer for a whoie
sheep-carcass, hide, wool and all.
sheep
Somewhere between the farmer and the consumer the value of the
The farmer to-day is suffering because of the lack of a
got away.
for his
thing like the cost of production.
true of every
tically
market
products and a price for his products that would yield to him some¬
What is true of mutton and cattle is
bill, or prac¬
article that the committee has included in this
so.
Regarding
the action of the
House
on
the 22nd, the
"Journal of Commerce" in its advices from Washington
The first struggle
interests of Minneapolis to except
under
contract
for
importation
Newton urged that the millers
contracts
for
amendment
the
said:
of any proportions came on the effort of the milling
better
proved futile
from the 30-cent rate on wheat all wheat
prior to
December 20.
Representative
stood to lose heavily because they had large
Points of order against the
Canadian wheat.
under the ruling of Representative Anderson
chair.
of Minnesota, who was in the
The debate, however,
turned on the facts brought out that there were at
Port Arthur and Port William in
wheat ready for
the terminal elevators 72,000,000 bushels of
importation into this country.
orders had been placed over
It was claimed that many
the telephone and to adopt the amendment
as
part of its inquiry a
inary statement dealing with the amount of Canadian
"the large
as
one
of the price
depressing factors
importation of wheat from Canada which assumed
unprecedented
proportions
in
October."
Apparently,
it
"the Presidnt of the United States has no power to
says,
wise."
$2.10
response
prelim¬
wheat
and wheat flour imported into the United States was made
public by the Commission on Nov. 1, as was noted in our
issue of Nov. 6, page 1805.
In its presentments of Dec. 13
columns Oct. 161 page 1524
shut out wheat
shipment of sheep netted the farmer 33 cents a head, which he had
in
October for an inquiry into
which reference was made in these
the latter's request of last
gaged for $45 per head, more money than they will sell for.
A statement was made, and it is printed in the hearings, of a shipment of
freight the discount, allowances, and commissions, that
TO
SITUATION.
WHEAT
The Commission's advices to the President are
to
sheep to the Chicago stockyards, where a farmer made a shipment that,
after paying the
ON
U The decline in wheat prices appear to be in part due to
country-wide and world-wide conditions according
to
advices to President Wilson presented by the Federal Trade
Commission under date of Dec. 13 and made public Dec. 20.
the Commission cites
Information
ADVICES
\COMMISSION'S
WILSON
the wheat situation, to
!
>
country—and, by the way,
is one of the most important industries of the country to all
The production of wool In this country before the war.
me say
TRADE
PRESIDENT
imports by embargo, import duty or other¬
Moreover,
it
adds
"it
is
questionable
whether
proceeding would have the effect its advocates expect
because the United States and Canada both have surpluses
such
a
competition either here
"under the
Lever Act of August 10 1917, the President of the United
States has certain powers regarding the grain exchanges which
would make it possible for him to stop future trading in
wheat" and it says "while evidence is not. available that
future trading is responsible for the decline in wheat prices,
it does not appear that future trading in wheat, as at present
operating, is of indisputable service to the grain trade."
The view is expressed that "a limitation on the volume of
to
export, and will meet each other in
or
in
Europe."
The Commission points out that
speculative trades in wheat, similar to the limitations
on corn speculation during the period of Government
control would probably tend to reduce the possibility^ of
open
placed
manipulative trading."
Without now expressing an opinion
on
the subject the Commission states that "it appears
that there is a large volume of future trading that is mere
gambling
and
involves
remedy for this, it says,
great economic waste.
The
"lies in Congressional action to
a
CHRONICLE
THE
2478
(9) Because of comparative ocean freight rates, which were
prevent trading which!is essentially gambling."
other
thingsJthe^Commission
maintain, for
to
are
some
Among
that "'if foreign movements
says
time to
wheat rather than flour, the foreign demand for American flour has been
considered."
made
The
letter
public at Washington
the
of
evident since the beginning of
Commission
follows
as
Dec.
on
has been
accumulating
Sir—Purusant to your request of Oct. 12 1920, an Inquiry was made con¬
The
submitted
following conclusions,
with
report
hereiwth,
the subject of
1
war powers, are
United States meeting them through a selling organization should be serious¬
causes of
proximately
First: The world outlook of supply has played an
though the yield for 1920 in the United States
in 1919,
imporant part.
the yield for 1920 in Canada was greater than in
world yield for the crop year 1920 will
Second:
probably be larger than that for 1919.
Foreign governmental buying concentrated in commission, which
previously met
a
single seller in the United States market and
now
does
not
-
,
Wheat.
September
420,000,000
Per Cent Distribution—
72.3
67.7
54.3
7.0
13.0
„
October.
29.2
,
Sixth: The tendency to decline in many commodities has had its effect
bearing.
An amplification of the conclusions above is
(1)
There
was a
marked decline in the
of the total for the three long established grain
(15)
$3
limiting the quantity of future trading.
The Commission has not had the opportunity to obtain directly the
figures which would determine conclusively whether large transactions in
manipulative nature have ocucred.
a
secure
It has sought but has not
the cooperation of the officers and directors of the Chicago
Board of Trade deemed necessary for the collection of pertinent information
The limited evidence available does not establish manipula¬
in this matter.
tion of wheat prices by large operators in futures, nor that the recent low
downward trend of wheat prices, has been due to speculative
average, or
were
stimulated
(16)
The sudden fall In the price of wheat, before there
in the cost
1920, to
by transportation difficulties.
cates
and will meet each other in competition either here
This also appears to
be the view of
some
marked deterioration in the quality and reduction
■
improved
expected
a
Hence the world outlook indicates
crop
larger supply than
a
was
States for 1920 is less
by 190,000,000 bushels than the yield for 1919.
The change noted in the price situation
course of
on a
export buying.
Early in the
was
summer
also influenced by
foreign
governments.
At the close of July buying began to slacken, and
British buying ceased almost entirely.
The buying pol ;y of the British
Royal Commission caused abnormal
price movements.
Viewed in restrothe
spect, the policy of the Commission would
seem to have had the result that
its supplies have cost
it more than if its purchases had been evenly di-
The policy of the British Royal Commission, which involved
off from the market, doubtless accentuated the decline in
(5) Another price-depressing factor was the large importation of wheat
from Canada,
which asssumed unprecedented proportions in October.
information obtained indicates
brought in by millers.
that
the
Canadian
wheat
has
been
Most of it has gone to Buffalo and Minneapolis,
and the
comparatively small quantity going to Chicago has mostly gone
to mills,
Milars have imported it partly on account of the
comparative
prices (allowance being made for exchange rates), but also because the
qual¬
ity of the Canadian wheat was especially suited to their requirements.
(6)$Whether
the so-called statistical position"
favorable to high prices
now
wheat is actually less
of
than early in July 1920 is
there is difference of opinion.
a
matter about which
The exportable surplus of the United States
for the 1920 crop has nearly all gone
abroad, but exports may continue to
be made from this country if the Canadian
surplus continues to be imported.
(7) Another price depressing factor is the record-breaking
well
as a
large
crop
of oats.
The decline in the price of
corn
corn crop, as
has had
a
direct
effect
or
open
on the price of wheat.
The lower prices now current for mill feeds
flour by-products, partly because of the cheapness of corn, have tended
to reduce the
price of wheat.
July 1 1920, and this has been
A limitation
a
a
marked
depressing influence
on
to reduce the
previously accumulated stocks,
the volume
of
on corn
possibility of manipulative trading.
any
prohibition or regulation deemed advisable would have to be provided
(19)
sary
Concentrated buying by foreign governments
be deemed neces¬
If such government buying is manipulative,
however, and if it is to be continued for some time to come, it would
seem
desirable that it should be counteracted by government selling organization.
In this country.
tive, there is
Even is such foreign buying is not intentionally manipula¬
no reason
why producers in this country should be sub iected
thereby to loss through unnecessarily fluctuating prices.
(20)
The decline in wheat prices would appear to be in part due to coun¬
try-wide and world-wide conditions.
Abrupt changes in prices and com¬
paratively low prices have occurred following changes in volume of pro¬
duction, variations in demand from year to year and marketing unevenly
An improvement in the situation would
distributed through the seasons.
follow from greater
such regularity
of
regularity of production from year to year in
is subject to human achievement, and
a more even
slo
far as
marketing
grain through the year.
(21)
not an
While the Commission believes that speculation in wheat futures is
indispensable part of the marketing process and
sometimes be
may
highly injurious, the Commission is not in this report passing upon the whole
subject of future trading.
"hedging."
an
insurance
Future contracts
may
have
a
legitimate use for
In this connection it is claimed that future trading performs
function
where
ordinary insurance methods
practicable and that undue restriction of future trading
would
such
as
not
be
would
deprive the grain trade of this service might result in grain dealers requiring
larger margins and consequently result either in lower prices to the farmer
or
Without now expressing an
higher prices to the consumer.
this subject, it appears
mere
slackening since
the price of wheat.
may
especially where such governments -have fixed prices for flour irrespec¬
tive of the price of wheat.
that there is
gambling, and involves
a
a
a
opinion'on
large volume of future trading that is
great economic waste.
The matter of future trading in
The remedy for this
which is essentially gambling.
grain is to be given extended treatment in
forthcoming volume of the report upon the grain trade.1?
Jobbers and bakers appear to have been using reserve stocks of flour instead
extent upon
operating, is of
After the proclamation of peace the above-mentioned act expires, and then
Respectfully,
of buying, and families also are believed to have been drawing to a conside
on
speculative trades in wheat, similar to the limitations placed
lies in Congressional action to prevent trading
(8) The domestic demand for flour has shown
While evidence is not
as at present
speculation during the period of government control, would probably tend
a
prices
|between July and October.
The
that future trading in wheat,
by new legislation.
purchases were being made
tributed.
regarding the grain exchanges which would make
indisputable service to the grain trade.
the
very large scale, especially by the British Royal Commission and other
holding
Under the Lever Act of August 10 1917, the President of the United
available that future trading is responsible, for the decline in wheat prices,
few months ago, and the world crop fdr the crop year 1920 will
probably be greater than that for 1919, although the yield for the United
(4)
(18)
it does not appear
(3) The wheat crop in this country proved to be of average size only,
but that of
Canada, which matured later, has proved unusually large.
The
news from
India, Argentina and Australia also indicates
conditions.
in Europe.
or
leading representatives of farmers,
organizations.
Rust in large sections of
quantity of spring wheat.
to
expect, because the United States and Canada both have surpluses to
export,
it possible for him to stop future trading in wheat.
in the
power
Moreover,
it is questionable whether such a proceeding would have the effect its advo¬
States has certain powers
a
no
shut out wheat imports by embargo, import duty or otherwise.
better than have since been
actually realized.
Northwest caused
decline
a
has caused great hardship to many farmers,
especially to those who did not harvest a full crop.
(2) At the beginning of the harvest in the Southwest, prices were still
comparatively high, although crop prospects for the United States were
the
was
of producing it,
(17) Apparently the President of the United States, has
bushel in May,
a
prices only slightly exceeding $2 in October.
During November a further
heavy decline in cash prices has occured.
In arriving at a satisfactory basis
of comparison it should be
pointed out that terminal market prices in the
spring of 1920
It does not appear, therefore, that the wheat futures market could
been able to
appended:"1
prices of cash wheat in the term-
nal markets from
prices slightly exceeding
-
corresponding months
but prior to the war wheat usu¬
manipulation.
Seventh: The change in credit conditions, with the resulting disposition
of distributors to refrain from
accumulating or maintaining usual stocks,
has had its
war,
yet quite reached 30%
upon wheat prices.
'
the
Since July 15
regards volume of future trading and wheat has not
futures of
Fifth: The slackening in domestic demand for flour during the latter
half of 1920 has also entered into the falling wheat market.
100.0
100.0
as
has ranked first
corn
be made to work better by merely
to the decline.
100.0
16.5
ally accounted for at least half of the total future trading.
futures.
Fourth: The record-breaking yield of corn in 1920 and the large yield of
oats have been factors in the
depression of the price of wheat.
20.7
19.3
Total trading appears to be not much less than for
in periods of heavy trading before
has been characterized by heavy purchases in the
spring of 1920 and by
exchange, have contributed
Three
86,000,000
892,000,000 256,000,000 1,234.000,000
196,000,000 1,022,000,000 292,000,000 1,510,000,000
780,000,000 237,000,000 1,437,000.000
August
slack purchases later, and is thus involved in the decline.
Third: Unprecedented importations of wheat from Canada
during the
fall of 1920, following an unprecedented yield and a discount in rate of
Oats.
Corn.
Combined.
October
Al¬
1919, and the
follows:
Bushels—
considerably less than
was
as
AugustSeptember.
the recent decline in price:
Trades in the
quantity, though a larger proportion, of hedging.
important futures at Chicago during the past few months have been ap¬
ly considered.
In the matter of
There is a
(14) The wheat futures market is comparatively narrow.
indicated.
Third; If foreign governments are to maintain, for some time to come,
buying commissions with concentrated purchases, the desirability of the
Wheat futures are not functioning well,
sharp depressions.
according to the standards of their advocates.
smaller
a
regulatory or other action is to be employed in the matter of future trading,
consideration of the question by the Congress, and legislation not connected
with
This has made it unsatisfactory for "hedging," and hedging
relatively limited quantity of pit scalping and speculation, and also probably
of the
if
Wide fluctuations
price below the cash price have
also appear to be manipulative, because, if they are large, they
cause
even
Second: The President of the United States apparently has certain powers
under the Lever Act to stop future trading in wheat.
In view of the diver¬
its advocates have cliamed for it,
future
sales may
may
failure of the wheat futures market to perform satisfactorily the functions
of the
prevailed.
no power
under existing law to shut out wheat Imports in the present situation by
and
criticism, are susceptible of manipulation.
in prices and large discounts
Attorney General, that; the President of the United States has
of opinions upon the possible efficacy of such action,
conservative policy with respect to rediscount
protection of the banking reserves of the country.
Prices of wheat futures, the decline in which has been especially
(13)
First: The Commission believes, subject of course to the opinion of the
of stabilization and insurance which
conditions in pursuing a
as to
are
In the matter of possible remedies:
embargo, import duties or otherwise.
high rate
unavailability of loanable funds.
an
Federal Reserve Board.
rates and the
the
on a hand-to-
are a
The policy of the banks in granting credit is not controlled by the
Its advice has been of the nature of a warning
prices.
also ex-
reached:
gence
Included In the credit conditions referred to
(12) Restriction of credit has followed a period of expansion and high
amined.
:
wheat and flour to refrain from
maintaining the usual stocks, and to operate
or
of interest and
grain traders and flour millers, besides many others conversant with the
were
Credit conditions apparently
decrease in purchasing power.
mouth basis.
action properly could be taken:
Information has been sought from farmers and farmers' organizations,
Pertinent statistical data
some
caused distributers and dealers in
have
1920.
cerning the cause of the recent decline in wheat prices and what remedial
facts concerning the situation.
a year
even a few months ago.
This is not merely a matter of psychology.
There has been doubtless a decrease in the inclination to purchase, and there
what, if anything, can properly be done:
13
the basis
on
prices.
ago of
President's direction
December
commodities has been
Wheat has declined less than
summer.
(11) Credit and business conditions are not the same as they were
of Oct. 12 1920, for an Inquiry concerning the wheat situation, with a view
to determine
this
commodities, and less than most agricultural products,
many
of wholesale
19:
The White House today authorized the release of the following letter
from the Federal Trade Commission, responding to the
hundredweight to 5 cents.
(10) The tendency to a decline in prices for many
States meeting'them through a selling organization should be
seriously
Since this inquiry was initiated the Shipping Board has reduced
small.
the differential against flour from 25 cents per
with concentrated!purchases, the desirability of the United
was
for flour
more
than for wheat, and because it is the policy of foreign Governments to buy
buying commissions
come,
[VOL. 111.
Chairman.
The President, The White House,
Washington, D. C.
1
Dec. 25
THE
1920.]
3479
CHRONICLE
CONTROL
STATE
REMOVAL OF ARGENTINE EMBARGO ON FLOUR.
"Commerce Reports of Dec.
15 states:
(
Dec.
1920,
14
the Argentine embargo on the
states that
wheat flour and its derivatives
lifted by an
was
of
exportation of
executive decree of Dec. 9.
of
diity on the exportation
number of commodities and fixed an export duty
a
100 kilos
per
wheat flour, with an additional
on
30 1920.]
of"5pesos paper money
duty of 20% of the value
This tax was to continue in effect
at the time of embarkation.
until Nov.
~
DEMANDED BY GRAIN HAULERS IN
HIGH PRICES
Commerce at
Washington made public the following:
generally by means of two-wheeled
based
on a
load of 5 tons, has been
are
still higher:
ton; 2 leagues, 4.60 pesos;
The value of the peso is
These
a
3 leagues, 5.60 pesos; and 5 leagues,
metric
8 pesos.
$0,425.
prices are 60% above those for
the freight from
the Patagon-
For 1 league (3.1 miles), 3.30 pesos per
farmer located 25 miles from a
as
The following tariff,
announced by the carters' unions for the
Aires and Santa Fe; prices for
central districts around Buenos
ian territories
Argentina is done
massive carts drawn by 12 horses and
of grain in sacks.
carrying as much as eight tone
1919-20, and at such rates it will cost
station as much to get his grain to the cars
Buenos Aires to New
of
prices
CHAMBER
S.
special committee of the Chamber of Com¬
appointment of which was an¬
a
nounced
on
OF
COMMERCE NOT OF OPINION
Babb, Allis-Chalmers Co., Milwaukee; John
H.
Francis
in
a
report issued on Dec. 23,
with the contention that this country
takes issue
dependent in the near future upon
will be
foreign countries for food
The question of the ability of the United States
itself came up by reason of the increase of imports of
supplies.
to feed
corresponding decrease of
The Committee says:
products, accompanied by a
food
exports of these
commodities.
Clyde C.
Denver; and Theodore F.
Leggett Co., New York* The
i
differ considerably. Th«
Montana law is much more general in its application.
It made of the
State's railroad commissioners a Montana trade commission and gave the
board power to license all persons engaged in buying and selling commodi¬
ties in the State.
The power to regulate carried with it the power to
establish maximum prices or reasonable margins of profit.
The Montana Trade Commission thereupon ordered that all articles
offered for sale be marked with the invoice price and the sales prices per
unit.
The State Merchants' Association of Montana took the case Into
the Federal District Court, which held the law in violation of the Fourteenth
Amendment of the Federal Constitution.
The Attorney-General of the
State appealed.
The United States Supreme Court will hear the case in
Although the same in principle, the two statutes
referred chiefly to coal and expires In the
reached by some statisticians and experts is that our
development is proceeding at such a rate, and so obviously at
spring.
District
Court by Indiana coal operators.
The decision of the court was that the
case was brought too soon, as the operators had not yet reason to complain
against any attempt of the Coal Commission, created by law. to deal with
this law was taken before the Federal
From this dismissal of the
business.
complaint the coal operators
Court.
RATIFICATION%0F CANADA
Statistics and Standards of the Chamber of Com¬
of the United States,
M. Crawford,
Wright,
Dawson &
Whit marsh,
their
Pointing out that the United States exports approximately
as much essential foodstuffs as it imports, the Com¬
merce
the
Charles Nagel, of St. Louis, formerly
Secretary of the Department of Commerce and Labor, is
chairman of the committee.
Other members are Max W.
appealed to the United States Supreme
twice
on
The constitu¬
Court.
Supreme
The Indiana statute
COUNTRIES FOR FOOD SUPPLIES.
mittee
Joseph H. Defrees.
Dee. 22 by
tionality of both statutes involved is being tested before
April.
York.
WILL BE DEPENDENT ON FOREIGN
U. S.
THAT
provided in statutes now in
made the subject
of the United States,
Immediately after enactment,
U.
as
Chamber in its announcement says:
grain to the railway stations in
The transportation of
study by
merce
Dawson,
15 the Department of
Under date of Dec.
S.
U.
BY
Parkersburg Rig & Reel Co., Parkersburg, W. Va.;
ARGENTINA.
.
AND
MONTANA
effect in Montana and Indiana is to be
[Law No. 11,014, of June 10 1920, prorogued until Dec. 31 1920 the en¬
forcement of the Law No. 10,349, which imposed a
control
State
of
Exports will probably not be made until an export tariff is fixed.
V
IN
STUDY
OF
CHAMBER OF COMMERCE COMMITTEE.
A cablegram from Ambassador Simpson, Buenos Aires, under date
,
PRICES
OF
SUBJECT
INDIANA
WEST INDIES AGREE¬
MENT BY BRITISH
A
GUIANA.
Commerce at Washing¬
British Guiana,
13 1920, states that the Legislature of British
Dec. 11 ratified the Canada-West Indies trade
cablegram to the Department of
ton from
the American consul at Demerara,
dated Dec.
Guiana
on
The preferential rates granted to goods of
extended to those from the United
■; ■■ ;■
■ :
:
c.
agreement.
Canadian production are
Kingdom.
.
The conclusion
industrial
the expense
until
we
of our agricultural growth, that it is only a question of time
import more and more food products for our constantly
It is not a new story, having
growing population.
away many
times since Malthus
for
.;'y-
generations to come.
The
bobbed up and died
started the original trouble a century ago;
foolish and unfounded now as it was
but it is just as
then, and as it will be
-y. ■
v .:.■
possibilities of food production in this country and
1920 in the face of the most un¬
the abundant harvest of
favorable conditions of weather
age
and
an
unprecedented short¬
of labor makes it difficult to understand how anyone can
the alarmist cry that we must look elsewhere
take seriously
The committee
food exports
and imports from 1910 to 1919.
Charts making a compari¬
son of exports and imports of different food products during
that period are contained in the report.
One chart demon¬
strates that the United States exported last year agricultural
for
food
made
a
products,
products
the committee.
to the value of
$3,500,000,000, while its imports
just half that figure.
were
"One of the
"is that
we
that
drew
we are
exports of foodstuffs," says the committee,
so heavily on our food resources during the
now forced to call upon other countries to
As a matter of fact, we have more cattle
than when the war began in 1914, and as many
supply our needs.
and hogs now
sheep."
quantities
coffee, tea, cocoa and chocolate. "To
the committee,' "we shall gradually
domestic supply of some of these articles.
We
are sugar,
extent,"
increase
the foodstuffs imported in largest
our
says
The Green River Toacco
beets, and probably more sugar cane;
experimenting with tea in South Carolina; the
we
are
production of pineapples
the main, our
is increasing in Florida; but, in
dependence for
these luxuries must be on
"The ,real crux of the question," &ays the
committee, "lies in the nature of food imported, as to
whether it is a thing of necessity or merely a matter of
the
Tropics.
„
ability,
or lack of
ability, of this country to feed itself.
Bread
and meat, grains and meat animals are the elemental essen¬
tials of food with us, and in these essentials we have always
been the best nurtured people in the world."
taste and
fancy.
In the answer to that lies the
Growers' Association plans for the
inaugurated at
a
meeting in
by about 1200 farmers of the
tobacco district, which includes Daviess, Mc¬
Owensboro, Ky., on Dec. 11
Green River
Breckenridge and Ohio counties, Ky., has
made Dec. 23, to
disband.
This step was taken following a report of its
Executive Committee of failure to arouse sufficiently the
interest of farmers in a contemplated tobacco pooling arrange!
Lean, Hancock,
concluded, according to announcement
Regarding the new organization, press
Dec. 12 had said:
ment.
dispatches
from Owensboro on
The
association will endeavor to
pool the tobacco crop, and
work for
which are at present the lowest in about five years.
proposed marketing plan the pooled tobacco would be offered
for sale at a certain price.
If not bought at this price, the toacco would
be stored until there is a better market.
Local interests have offered financial aid to the growers in the move,
higher market prices,
Under the
of the association.
warehouses announced that they
Meantime managers of the
to receive and
will continue
sell tobacco.
As to the failure of
the plans, the Owensboro press
dis-
4
patches Dec. 23 said:
committee showed that tobacco pledged to the pool was
3,000,000 pounds short of the amount required before the association would
attempt to handle sales.
After submission of the rpeorts, the Executive
Reports of the
Committee resigned.
hundred pounds,
of $7.91 per
hundred
this date last year
for a $19 average.
Ky., Dec. 18,
special dispatch to it from Lexington,
New York "Evening Post" said in part:
In
the
$11 per
In this
pounds of tobacco has been sold, bringing an average
pounds. About 6,000,000 pounds had been sold at
the market here have reached an average of
compared with $4, the opening day a month ago.
period only 2,000,000
'
will grow more sugar
CROP
POOL
formation of which had been
Meantime prices on
It is shown that among
some
TO
FORMED
according to organizers
especially foolish and unknowing statements
In regard to our
war
says
study and analysis of the relation of
GROWERS ASSOCIATION
DISBANDS.
TOBACCO
RIVER
GREEN
must
a
The tobacco
situation in Kentucky
where the leaf is the "money crop
'
$400 and $500 an acre, is the
most serious in history.
Thousands of farmers who bought land at high
prices last year with the expectancy of making the second payment out of
the returns of the 1920 tobacco crop are threatened with the loss of the
and where in 1919
farms and
it forced land values up to
homes.
Banks are heavily
to
loaded with notes, and growers owe
merchants that they
Lexington,
the largest
millions of dollars
of
to
and tobacco men expect
this year; warehousemen
loose leaf tobacco market in the world, expect
cannot expect to pay
the coming sales season,
possibility of violence before the end of January.
cost an average of 30 cents a pound to produce.
"Big Four" manufacturers are now offering an average of 17 cents a
los6 considerable money
serious trouble,
with
a
The 1920 tobacco crop
The
pound for all grades.
-
-■***
*
2480
THE
Tobacco is sold over "the breaks" in Kentucky.
out in lots in massive
CHRONICLE
It is graded and laid
glass-roofed warehouses, and buyers bid for it.
Tobacco Co., Ameri¬
and Lorillard Interests, which buy through the J.
Taylor Co., purchase about 80% of all bur ley sold.
P.
Their buyers monopo¬
lise the loose leaf markets.
Thousands
of growers
Tobacco Growers'
Mr. Newman asserts that if farmers do not receive "a fair
price" for their
eaf, only a half crop will be grown in 1921.
The loose leaf warehouses of Lexington were to have opened
sale
until
They
February.
Meanwhile
banks
pressing
are
for their
farmers
merchants are demanding their money, the tobacco held in the
farmer' barms is losing weight
ugly mood.
an
Dec. 1.
certain not to open until Jan. 3, and man not begin to offer tobacco for
money,
Burley,
years ago
way
exposed to the
making.
Six of the 14 industries show
decrease.
The
coal mining.
most
The next largest increases
A few
a
pound for their crop.
compared with
as
COMPARISON OF
more than $1, and not a
Naturally they
little lax in their
were a
overpaid, but that they want, and will "do their
damndest to get," what they put into this crop in money and labor.
crop,
$175,000,000 into the pockets of Kentucky
that put
farmers, pushed the price of Blue Grass land up to anywhere from $600 to
Land for tobacco rented this year at from $50 to
Famous blue grass estates were broken up and ploughed
that tobacco might be raised.
acre.
To handle this year's
expected bumper
the largest in the world, were built.
eaf houses
No.
$150
an
under—
lish¬
This made the capacity of local loose
can
ments
The downward trend of wholesale prices which began in
pronounced in Novem¬
ber, according to information collected in representative
markets by the Bureau of Labor Statistics of the U. S. De¬
partment of Labor.
Measured by changes in the Bureau's
weighted index number, which assigns to each commodity an
influence proportionate to its importance in the country's
markets, the November price level
was
108
_
repairing
of the
products followed next with
a
previous month
drop of
being
12}/% %.
registered
decrease of
a
than 7^% in comparison with October
prices.
Food products again showed a decline, the average for November being
nearly 43^% under that of the month before.
Chemicals and drugs also
decreased over 4%.
In the group of miscellaneous commodities, which
includes among others such important articles as cottonseed meal and
oil,
more
hemp, rubber, soap, linseed meal, millfeed middlings,
decreased slightly.
In
no
and wood
group
Prices of house-furnishing goods also
was
there
increase
an
over
the level of
prices in the preceding month.
Of 326 commodities
or
price quotations included in the comparison for
October and November, 198 showed
a
mo.
56,838
43,393
3,636,903
are
51
783,433
796,382
9,226 —24.4
260,196
199,803 —23.2
504,329
1,029,403
351,331 —30.3
682,769 —33.7
shown the index numbers of wholesale
prices in the
United
States, by groups of commodities,
as
Statistics for the months named.
The figures for the last named month
computed by the Bureau of Labor
preliminary and subject to revision.
The base used in computing these
index numbers is the average for the calendar
year 1913.
Index Numbers of Wholesale Prices,
by
Group (1913 equals 100)—
Farm products.
Groups of Commodities.
Nor.—1919
Oct.—1920—Nov.
240
Cloths and clothing
182
165
219
Food, &c
204
195
325
;
257
234
282
179
......
258
Metals and metal products.
164
184
Building materials.
236
313
274
Chemicals and drugs
176
216
207
299
371
369
House-furnishing goods
......
Miscellaneous
...........220
All commodities
of
170
229
a
220
225/
230
Comparing prices in November with those
207
year ago, as measured
by
the
changes in the index numbers, it is seen that foods have declined about
11 %, cloths and clothing 28%, and farm
products over 31 %.
In all other
except the one designated
place, ranging from 3 2-3%
as
+ 1.7
29,088
20,398 —29.9
52
Silk
46
2
wks.
48,254
19,954
29,226 —39.4
17,015 —14.7
40
1 week
29,964
20,683 —31.0
902,873
17,603
12,173 —30.8
424,844
61,783
42,472 —31.3
31,810 +4.4
1,409,721
943,288 —33.1
733,899
936,540 + 27.6
—.8
351,720
374,258
362,301 + 3.0
1,678,610 + 348.5
Men's
clothing.
Leather
"
76
Paper
/
Mi
32
53
making,_
Cigars
Coal
..
30,474
«*
52
65
(bitumin's)
17,096
8,338
H mo.
16,953
867,152
19,200 +130.3
701,539 —19.1
569,836 —37.0
.
315,315 —25.8
appear
The figures show that in three industries there
in the
was
an
increase in the number of persons on the pay-roll in November as compared
with October and in 11 a decrease.
The increases in the number of persons
employed
3.6% in coal mining, 3.1% in cigars and 1.5% in car building
are
and repairing.
Decreases of 17%, 12.5% and 12.1% appear in men's
ready-made clothing, woolen, and hosiery and underwear, respectively.
...In comparing November with October, one industry shows an increase
in the amount'of money paid to employees, while 13 show a decrease.
The
one increase is 2.6% in cigars.
The largest decreases are 31.2% in auto¬
mobiles and 23.5% in men's ready-made clothing. Coal mining shows a
decrease of 0.3%.
-
COMPARISON OF
EMPLOYMENT
IN
IDENTICAL
IN OCTOBER AND NOVEMBER
No. of Period
Number
Estab¬
of
Pay-Roll in
lish¬
Pay-
ments
Roil.
Industry.
% of
on
Iron and
steel
109
44
_
% Of
Amount of Pay-Roll in
Inc.
Inc.
or
Oct.
H mo
Nov.
1920.
Automobiles
ESTABLISHMENTS
1920.
r
t/
or
1920.
Dec.
October
November
1920.
1920.
Dec.
-3.2 $15,155,772 $14,448,545
188,007181,923
96,721
1 week 108,893
—4.7
-11.2
4,057,482
2,790,011 -31.2
+ 1.5
Car building and
47
1 week
15
derwear
55
Woolen..,
Silk.,
Men's
J4 mo.
50
repairing
Cotton mfg^
Cotton finishing
Hosiery and un¬
51
43
....
2 wks.
1 week
clothing.
43
Leather..._____
32
Boots and shoes.
73
49
Coal
83
54
(bitumin's)
Of these, a majority
designated as cloths and clothing, fuel and lighting,
products, and building materials.
Fuel and lighting.
5,071,455 + 39.4
—4.6
12,197
Woolen
59.635
37,246
9,482
60,530
35,454
9,226
4,464,122
4,383,007 —1.8
4.8
709,089
—2.7
216,949
656,455 —7.4
199,803 —7.9
23,402
32,943
16,850
24,258
13,198
43,943
20,561,-12.1
28,829—12.5
16,264 —3.5
430,533
-17.0
726,267
348,794
949,954
1,019,545
20,144
12,206
41,565
32,668
16,125
23,527
33.622
15.636
22,708
J4 mo
347,002 -19.4
672,782 —8.5
671,881 -12.9
555,337 -23.5
315,905 —9.4
922,271 —2.9
986,495 —5.2
346,066 + 2.6
—.3
2,041,371
735,582
771,340
—7.5
—5.4
—2.8
+ 3.1
337,348
+ 3.6
2,047,644
DECREASE IN RETAIL PRICES OF FOOD.
groups
metals and metal
crease.
$9,091,664 $14,197,947 + 56.2
4,387,196
2,771,456 —36.8
69,656 +22.6
45,499
1920.
decrease and only 41 showed an in¬
In 87 cases, no change in price was recorded.
belong in the
group
or
De¬
1919.
crease.
%
Paper
Cigars
pulp, the decrease "was nearly 4%.
groups
1920.
1 week
Farm
9%% from the October level.
over
crease
De¬
15
derwear
In¬
or
49
,
Cloths and clothing decrease approximately
9% and fuel and lighting ma¬
terials 8M%. while metals and metal products
are
in November.
65
Cotton mfg....
Cotton finishing
Hosiery and un¬
% of
in November.
14 mo. 134,404 179,544 +33.6
1 week 135,828 96,264 —29.1
44
J
Amount of Pay-Roll
In¬
on
crease
8% below that of
Building materials showed the largest price recessions in November
the level
1920.
'
% of
Pay-Roll
1919.
Iron and steel.
October and 24% below the high peak reached in May.
The Bureau, in reporting this says:
decline from
period
ESTABLISHMENTS
Comparative data for November 1920 and October 1920
more
a
•
Roll.
Automobiles
Car building and
be handled weekly.
June of the present year became
Below
IDENTICAL
y
Number
j
Boots and shoes.
warehouses,
crop, two additional
WHOLESALE PRICES OF COMMODITIES IN OCTOBER.
crease.
of Period
of
Pay-
following table.
manila
due to the recovery from
7,000,000 pounds, and under the present system of marketing
10,000,000 pounds
the
IN
1919 AND NOVEMBER
v
Industry.
declare that they do not expect the high prices of last year;
an acre.
a year ago, are
EMPLOYMENT
IN NOVEMBER
...
$1,660
56.2% in iron and steel and
are
The large increases reported in the coal mining industry in November
Many thou¬
few farmers averaged 90
spending, and the manufacturers assert it is time for the farmers to get
1919
a
in
appears
great deal of Burley when
back to earth.
The
348.5,
(in men's ready-made clothing, automobiles, and the woolen industry.
An average of 55 cents a pound was paid for burley last year.
were
increase,
percentage
39.4% In car building and repairing.
Cotton manufacturing shows an
increase of 1-7%.
Respective decreases of 37%, 36.8% and 33.7% appear
Burley is used in the manufacture of the four largest
centa a
increase in the total amount of the pay
an
important
of Turkish tobacco absorbed the flavor and became
pohnds sold for
paper
in woolen
appear
roll In November 1920, as compared with November 1919, and 8 show
cheap smoking tobacco, but manufacturers
as
sands of
de¬
a
boots and shoes.
Cigars show a decrease of 0.8%*
The Bureau in its statement issued Dec. 17 also says:
selling cigarettes.
The growers
was
is shown in coal
and
Estab¬
they know that they
130.3%
it
1919
increase in the
an
of strikes in November 1919,
of steaming it and found that
perfect for cigarettes.
was
Decreases of 39.4% and 31.3%
1920,
tobacco, is used almost entirely in cigarettes.
aroma
November
for
while in 10 there
largest increase
'
it could be used only
a
The
by evaporation, and the farmer is acquiring
,
or "light"
discovered
number of persons employed
crease.
<
Kentucky has not forgotten the "night-rider" troubles of 1908, when
barns and warehouses were burned, crops destroyed and men lynched,
and is taking; serious notice of the situation.
are
establishments
that in 4 industries there
mining while the smallest increase 4.4% is shown in
banding themselves together in the Burley
are
Association, of which John W. Newman, former State
Commissioner of Agriculture in Kentucky, and a large grower, is President.
'
Comparing the figures of November 1920 with
identical
of
appears
The Liggett & Meyers Tobacco Co., R. 3. Reynolds
Tobacco Co.
mining.
those
Markets Are Monopolized.
can
coal
[Vol. 111.
miscellaneous,
increases have taken
in metals and metal products to 44% in the
of fuel and lighting materials.
All
commodities,
taken
together,
The cost of the 22 articles
carried
making up tbe retail food index,
by the Bureau of Labor Statistics of the United States
Department of
Labor,
decreased
compared with October.
2^% in November
as
In its statement, issued Dec. 18,
regarding the changes in retail food prices in the United
States in October, the U. S. Department of Labor said:
Prices
of
food
articles
are
reported
to
the Bureau of Labor
month by retail dealers in 51 important cities.
every
the Bureau computes a
"weighted"
Statistics
From these prices
index number weighting the price of
each article by the quantity consumed in the average workingman's family.
The "weighted" retail food index is necessarily limited to the articles for
which have been ascertained the quantities consumed, hence only 22 articles
are
included.
These articles,
however, make
up
about two-thirds of the
entire cost of the food budget.
Since January 1919 monthy retail prices of
food have been secured for
In addition, prices on storage eggs have been secured for
43 food articles.
certain months of the year.
During the month from Oct. 15 to Nov. 15
1920, the prices of 36 of the 44 food articles, for which prices
were
obtained,
decreased as follows: Pork chops and rice, 12% each; corn meal and onions,
9%
each; navy beans, 8%; sugar,
each;
round steak,
ham,
7%; flour and canned
coffee and
oranges,
5%
each;
tomatoes,f6%
bacon,
potatoes,
cabbage and prunes, 3% each; sirloin steak, rib roast, chuck roast, lamb,
hens, cheese, crisco and bread, 2% each; plate beef, canned salmon .{evap¬
declined 10% in price in the year.
orated
COMPARISON
SELECTED
EMPLOYMENT
INDUSTRIES
1920 AND
IN
AND
WAGES
IN
NOVEMBER
1919.
milk, oleomargarine, nut margarine, lard, rolled oats, corn flakes,
baked
OF
beans,
canned
age
eggs,
3%
each; tea,
Prices remained
of
employment in November 1920 from representative estab-
ishments in 13 manufacturing industries and in bituminous
canned peas and bananas,-
2%; and butter,
CHANGES
For
crease
1%
each.
Eggs, 7%; raisins and stor¬
1%.
'
/
unchanged for fresh milk, cream of wheat and macaroni
The Bureau of Labor Statistics of the U. S.
Department of
Labor received and tabulated reports concerning the volume
corn,
The five articles which increased in price were:
IN
ONE
YEAR.
theiperiod November 1919 to November 1920, the percentage ^in¬
in
22
food
articles,
combined,
was
articles for which prices were secured on
Raisins,
42%;
rolled
/
oats,
25%;
1%.
Twenty-four of
both dates increased
oranges,
24%;
cream
as
the|44
follows:
of wheat,
21%;
.Dec.
3481
CHRONICLE
THE
251920.]
sirloin steak and
each; rib
roast, 8%; storage eggs, 7%; strictly fresh eggs, 6%; chuck roast, pork
chops and fresh milk, 5% each bacon, 4%; sugar and tea, 3% each; plate
bananas, 17%; bread, 14%; ham, 13%; macaroni, 12%;
PRICES OF THE PRINCIPAL ARTICLES OF
RELATIVE RETAIL
FOOD
TO NOVEMBER 1920.
JANUARY 1913
STATES,
UNITED
THE
IN
lamb, 11% each; round steak, 10%; hens and canned salmon, 9%
beef, 2%; corn flakes, 1%,
Articles which decreased in price in the year
crisco, 17%;
meal, 11%;
evaporated milk and prunes, 10% each; butter, 8%; cheese, 7%; oleo¬
margarine, 5%; baked beans and canned corn, 3% each; and nut margarine,
coffee, 16%; potatoes and canned tomatoes, 15%; each; corn
1%
CHANGES
Bread Flour meal
fh'ese MUk
Sugar
Cof¬
fee
Pota¬
Corn-
and
Rice
toes
Tea
period were; Onions, 38%;
cabbage, 22%; lard, 21%; rice and navy beans, 19% each;
flour and canned peas,
Year
Month.
1913.
100
January
100
100
100
100
99
99
91
106
100
February...
100
100
100
100
98
99
90
100
100
100
March
100
100
100
100
98
99
88
99
100
100
April..
May
100
100
100
100
98
99
87
98
100
100
SINCE
99
100
101
98
99
91
97
100
100
99
99
100
101'
98
99
104
97
100
100
July
1913.
NOVEMBER
99
June
each.
99
99
100
101
98
100
110
100
100
100
Seven of the
for which prices were secured in November 1913 increased over
follows; Sugar, 139%; flour, 121%; ham, 112%; hens, 108%;
centage increase in 22 food articles,
23 articles
100%,
as
bread,
107%; pork chops,
combined, was 85%.
100
based on 1913 as 100.
FOOD
IN
THE
UNITED
ARTICLES OF
OF THE PRINCIPAL
RETAIL PRICES
RELATIVE
100
100
100
100
109
102
100
100
100
100
102
100
110
104
100
101
101
100
99
103
100
106
101
100
100
November...
102
102
100
99
104
100
107
99
100
100
December
102
102
100
99
104
100
106
98
100
100
Av. lor year.
100
100
100
100
100
100
100
100
100
100
January
104
102
110
98
104
100
108
95
99
104
102
110
99
103
100
108
94
99
100
105
101
110
99
103
100
107
93
100
100
April
104
100
110
99
103
100
105
91
100
100
STATES,
VEMBER
103
101
Strl'rt R'nd
Rib
Chuck Plate
Pork
100
May
NO¬
TO
1913
103
100
110
100
112
91
100
June
103
100
110
99
103
100
132
93
100
July
JANUARY
1920.
103
100
110
98
103
101
155
95
99
101
103
100
112
106
105
101
111
143
100
101
104
100
114
113
109
101
105
145
100
101
101
August
Year and
100
1914.
November 1920.
193 in
99
100
October
105%; and lamb, 101%.
The index number for the 22 articles, combined,
was
100
September....
March......
1913 to November 1920, the per¬
August
February
For the seven-year period, November
But¬
Ba¬
September
ter.
October
104
..
99
101
Beef. Chops
con.
Ham. Lard. Hens.
Eggs.
1913.
February
..
March
95
93
93
90
98
98
68
97
103
99
101
April
99
101
101
101
83
113
99
101
101
84
110
99
101
Av. for year..
104
100
112
104
105
101
108
108
100
100
120
109
97
91
108
77
January
105
101
124
109
104
85
110
101
108
73
February....
106
100
126
138
110
104
84
118
101
100
106
106
99
126
136
110
104
82
120
101
100
100
93
96
99
101
107
104
99
94
97
January
132
109
113
100
97
89
89
112
116
98
94
92
101
114
101
99
95
97
93
111
101
104
108
93
95
114
104
95
97
94
92
94
101
November
December
Steak. Steak. Roast. Roast.
Month.
107
1915.
100
101
August
....
101
101
100
99
100
104
76
94
April
105
86
122
101
92
104
101
81
109
99
103
137
101
100
126
102
102
99
102
87
106
104
101
1C0
91
May
124
101
89
104
109
101
102
139
103
104
128
102
103
98
104
104
102
103
101
96
92
June
106
101
100
101
104
126
102
109
99
106
130
105
128
104
98
104
......
101
1C4
June
100
102
May
July
March
109
98
July
105
98
126
125
108
104
127
101
100
101
85
102
100
101
100
...
103
.
101
103
102
108
1104
104
104
101
103
102
107
103
102
101
100
121
100
100
_
November
104
101
September
October
102
100
102
102
102
101
100
101
97
144
101
September
104
October
December..
99
101
Av. for year
100
100
99
102
138
...
February
99
._
126
124
108
104
82
123
101
103
99
124
117
108
104
79
118
100
100
104
100
124
113
108
104
94
111
100
100
122
113
107
104
97
119
100
100
99
103
August
...
101
102
97
99
99
100
98
100
100
100
100
100
100
100
100
100
November..
105
100
100
December
107
100
122
114
107
104
106
124
100
100
126
Av. for year.
105
108
104
100
104
101
100
100
120
98
98
89
99
126
102
124
102
99
100
103
102
100
98
99
99
104
106
93
100
122
120
107
105
136
123
100
100
1914.
January
100
102
101
1916.
100
March
100
103
101
102
102
100
99
99
99
105
90
92
January
110
74
125
100
86
February
100
108
141
99
104
99
108
102
99
125
103
103
124
102
100
100
103
112
April
85
113
100
124
120
107
104
140
137
100
106
March.......
100
77
124
119
108
104
138
145
100
100
98
99
102
August
....
103
103
106
99
106
103
104
103
103
100
100
97
103
82
88
April
113
99
112
104
100
100
89
May
156
103
87
140
97
108
101
103
119
106
106
124
105
104
99
109
99
124
117
108
105
167
158
100
100
113
111
110
.
102
106
June
July
105
103
May
110
108
109
107
119
107
108
99
104
96
94
June
110
100
100
108
July
100
98
124
105
107
160
103
134
99
105
108
108
113
108
116
107
111
101
126
134
110
105
141
155
100
100
98
August
113
105
161
141
100
100
100
September.
107
October
103
107
104
106
106
110
106
105
98
100
105
103
104
105
104
104
102
...
November
.
100
113
99
97
131
97
94
139
101
103
101
103
103
93
Av. for year
102
106
103
104
104
105
103
102
100
1915.
136
144
155
117
105
165
149
100
103
105
November
132
109
150
174
126
105
198
157
100
100
140
112
138
167
131
105
198
151
100
100
Av. for year..
117
102
130
135
113
105
155
146
100
100
141
112
140
171
132
105
225
146
100
100
94
...
101
101
102
88
101
98
97
95
129
101
100
100
99
101
85
99
96
97
97
98
98
1917.
97
98
100
85
98
95
96
74
94
94
142
112
,148
100
75
100
100
290
96
104
94
142
100
94
136
99
98
171
100
137
101
91
146
101
76
March
160
101
297
95
96
104
98
174
101
99
144
101
101
112
103
101
103
101
98
April
101
95
108
175
97
154
339
99
206
98
150
103
114
105
150
103
107
104
103
101
109
100
98
93
97
101
105
...
99
100
103
......
99
99
......
January
February
101
March.....
July
102
98
..
April......
August
102
122
100
...
June
116
October
'
January
February
May
102
102
99
102
September
December..
December..
103
148
104
....
1071
104
103
101
103
100
99
89
98
78
90
153
117
168
266
178
121
352
90
May.........
183
81
•
15?
119
170
246
182
125
366
170
101
104
88
June..
176
220
195
123
246
166
103
110
88
97
149
September.
104
106
103
102
101
107
100
97
88
97
101
88
July
October
103
104
102
101
99
no
101
99
91
97
117
92
August
101
102
101
99
98
99
101
100
92
95
133
95
September
98
87
101
100
92
95
135
...
November
_
December..
99
A v. for year
101
101
103
100
101
99
101
96
100
100
99
97
93
97
101
93
128
182
229
219
122
206
181
102
111
152
132
176
223
272
124
172
179
102
112
October......
158
143
176
214
2?2
128
178
177
102
November
156
144
176
208
2? 5
131
183
174
109
114
178
172
102
114
107
December... I
1916.
January
February
156
147
166
205
235
133
yfcar..
150
125
164
211
192
119
253
169
101
Av. for
102
101
99
99
89
101
101
101
123
101
..
102
102
99
100
92
101
102
94
104
101
151
168
200
233
134
115
105
156
102
82
January
173
107
188
€6
158
151
170
200
233
136
112
108
February.....
102
79
193
111
188
100
167
102
113
March
104
104
104
103
102
104
103
April
106
108
106
106
105
107
104
93
104
107
100
1918.
99
159
151
171
200
240
138
147
154
148
175
200
237
139
129
165
101
117
148
177
200
233
141
129
165
101
117
146
179
203
223
144
171
165
101
119
152
148
179
203
223
148
229
167
101
120
157
153
177
206
227
154
229
169
101
121
163
161
177
206
230
157
229
175
102
122
206
193
102
124
May
109
112
110
109
107
109
105
109
106
113
82
97
March
June
113
117
113
113
111
110
107
110
108
114
87
95
April
113
116
112
112
109
111
107
111
110
113
93
93
May...
151
July
111
112
105
95
June
150
'
August
112
llo
111
September.
111
115
110
108
111
.....
107
125
110
114
118
11?
120
102
July..
106
110
116
107
110
118
110
114
123
114
132
109
August
......
108
111
108
108
106
108
106
107
106
111
111
114
135
112
149
114
September
December..
106
107
106
106
106
106
110
114
137
112
154
118
October
Av. for year
108
103
November....
...
November
113
101
...
October
125
148
...
_
110
107
111
109
106
107
108
106
109
111
110
114
136
119
158
118
114
118
138
126
147
122
...
174
166
175
203
227
184
...
161
173
175
203
217
161
194
196
103
125
203
213
160
188
196
109
124
203
227
148
188
176
102
119
196
117
127
December....
1917.
193
176
175
Av. for year..
162
156
175
109
111
109
109
108
113
113
117
114
116
116
125
151
101
121
January.
159
121
125
207
128
123
200
118
133
175
119
175
116
201
March
129
188
123
126
112
133
February......
195
136
182
167
164
136
200
146
141
203
132
175
127
131
174
125
130
185
April
206
197
154
171
193
126
129
January
...
February
..
1919.
183
166
175
190
169
175
218
200
154
182
193
129
128
191
167
175
227
207
154
J 94
193
136
128
159
224
193
143
129
168
282
198
155
130
220
178
294
202
160
]?0
May
127
133
130
134
135
146
155
144
176
138
122
March
June
129
135
132
137
137
148
158
145
177
136
119
123
April
July
129
137
130
137
136
151
159
147
174
131
122
120
May........
160
147
176
131
134
124
June...
210
136
164
227
129
134
177
138
169
130
192
August
131
135
185
164
152
188
142
July
217
137
179
227
133
169
131
195
130
138
130
136
136
185
178
159
198
146
September
.
October
179
159
116
152
160
168
138
207
129
...
197
133
August
138
September
174
180
224
195
176
180
221
223
190
253
200
164
130
j
SO
221
220
199
224
207
159
131
124
.
December:.
Av. for year
133
127
132
134
165
126
134
128
134
134
161
181
161
211
143
184
142
October
192
180
184
182
224
131
152
195
164
127
November.
227
134
139
229
175
202
142
220
152
December...
November
196
188
182
233
220
203
253
264
164
127
205
145
129
132
124
130
126
130
131
1918.
129
January
137
130
138
163
142
180
162
163
209
141
133
142
146
160
179
March
133
143
1-35
145
150
161
181
164
210
April
144
155
148
159
164
170
183
166
209
May
157
170
161
174
June
168
182
169
184
188
July..
166
181
168
182
185
180
August
163
178
165
177
179
201
200
..
_
.
_
220
181
-
«.
■m
-
151
193
179
174
218
213
174
195
245
220
208
318
324
165
1920.
•
144
January..._.
196
187
196
188
198
245
217
210
353
165
131
132
February....
342
123
187
200
242
217
211
400
340
165
135
March.....-
194
194
165
1?5
April
367
123
133
123
133
188
200
245
217
214
535
194
182
205
264
223
215
462
165
136
137
May........
565
142
189
182
211
267
230
215
606
165
136
141
June
■4.85
155
188
213
264
233
214
524
165
137
July
186
482
155
191
213
255
230
210
291
416
162
1?7
137
208
178
191
173
206
177
194
181
206
178
180
209
181
193
213
185
170
208
Av. for vear..
128
m
'■ '
170
187
148
224
_
164
178
October
161
175
163
174
178
216
214
193
21.6
183
186
170
August.
18?
185
215
174
September
213
333
195
216
229
216
202
172
206
227
162
175
252
173
193
159
184
153
146
133
159
171
174
217
216
180
190
October
253
235
200
198
185
197
213
161
211
236
171
194
December..
184
135
153
165
155
166
170
186
196
178
177
165
163
Av. for year
November...
139
151
235
211
194
.
178
177
182
170
...
September.
November
165
175
181
195
154
208
131
February
_
...
194
180
1919.
175
165
175
181
193
217
199
211
188
218
184
162
174
165
174
181
180
205
193
203
186
147
149
165
177
169
178
183
184
203
191
211
193
140
174
April
172
182
175
184
187
197
212
197
223
202
143
186
May
175
187
178
186
181
205
210
203
246
204
154
177
162
January
February
..
March
170
181
171
176
202
212
205
254
200
155
165
July
171
183
169
173
168
220
215
211
266
197
164
164
August
166
177
164
166
; i6o
223
214
212
266
196
174
167
161
170
158
158
i
150
219
206
205
242
194
183
172
157
June
...
September
.
174
1
155
J 53
145
211
196
195
228
189
162
153
151
143
200
189
188
231
184
235
197
154
161
153
152
143
181
186
186
221
184
261
204
Av. for year
164
174
164
16f
167
201
205
199
234
193
j 182
177
159
166
159
158
152
178
186
187
215
197
240
194
180
186
188
204
210
199
190
186
186
190
192
215
161
196
157
206
191
199
191
224
153
199
155
202
195
206
189
221
|
153
187
157
194
200
215
185
216
!
155
175
158
208
203
222
184
211
166
177
154
219
203
224
177
212
184
175
November
.
209
186
165
155
December-.
October
'
1920.
January
...
160
167
159
157
152
March
161
168
161
157
150
April
170
179
169
166
February
..
!
'
:
May
171
179
169
166
June
182
191
176
174
July
192
202
181
179
August
186
196
176
172
Sept-ember
185
193
175
170
152
238
202
224
177
214
206
October
177
188
168
162
147
238
202
222
185
207
234
180
171
178
165
158
| 146
210
196
212
183
201
250
181
CHANGES IN
The average
Oct.
November
;
i
1
December.
197
secured.
The
'
.
...
...
---
---
...
...
...
—-
;
;
RETAIL PRICES OF FOOD, BY CITIES.
of food decreased from
which monthly prices are
family expenditure for 22 articles
15 to Nov.
15 in all of the 51 cities from
•
greatest decrease, or 5%, was
shown in Memphis.In
Birmingham and
In Atlanta, Butte,
Kansas City, Little
Rock, Louisville, Manchester, Minneapolis, Mobile, New Haven, Rich¬
mond, St. Louis and Savannah the decrease was 3%.
In Baltimore.
Buffalo, Chicago, Cincinnati, Denver, Detroit, Fall River, Jacksonville,
Los Angeles, Milwaukee, New Orleans, Norfolk, Omaha, Philadelphia,
Portland, Me., Portland, Ore., Providence, St. Paul and Salt Lake City
the decrease was 2%.
In Boston, Bridgeport, Columbus, Newark, New
York, Peoria, Pittsburgh, Rochester, San Francisco, Scranton and Wash¬
ington the decrease was 1%.
The decrease in Springfield, 111, was five-
Seattle the decrease in the.cost
Charleston,
179
...
221
207
Dccptnbnr
tenths
of these foods was 4%.
Cleveland, Dallas, Houston, Indianapolis,
of 1 %.
For the year
showed
Seattle.
a
November 1920, 22 of the cities
7%, was in Memphis and
Dallas, Denver, Little Rock, Louisville. Mil¬
period, November 1919 to
decrease.
The greatest decrease, or
In Birmingham,
waukee, Minneaplis,
Mobile, Omaha and
Portland, Ore., the decrease was
THE
2483
CHRONICLE
3%.
In Atlanta, Charleston, Indianapolis and St. Louis the decrease was
2%.
In Kansas City and
St. Paul the decrease was 1%.
In Chicago.
[Vol. 111.
tiating committee to meet with him in Washington.
His offer of mediation
accepted by the operators, but declined by the miners.
was
Thereupon,
Columbus, Detroit and Jacksonville the decrease was less than five-tenths
by common consent, the matters at issue were submitted to arbitration
of
by
For the year period, Boston showed the greatest increase, or 6%.
1%.
5%; in Buffalo, Fall River, Los Angeles and
The increase In Scranton was
Manchester,
Portland,
Newark,
Bridgeport,
and
Francisco
San
Providence,
Me.,
in
increase
The
4%.
Springfield
3%;
was
and Washington the increase was less
As compared
cities from
100%
first
in
In Philadelphia
which monthly prices
of
into
agreement which
an
would be retroactive to the
April 1920.
This commission sat for five weeks and did not adjourn the
side had completed its testimony and argument.
each
hearings until
There
be
can
contention that full consideration of the merits of the matters at issue
than five-tenths of 1%.
with the average expenditure in the year 1913, 9 of the 39
have been secured since 1913 increased
Baltimore and Manchester, 100%; Boston,
and over, as follows:
States, with the condition that the findings of. such commission
be written
should
Butte, Cincinnati and Rochester, 2%, and in Baltimore, Cleveland .New
Orleans, New York, Norfolk, Peoria and Pittsburgh, 1%.
commission appointed at the insistence of and by the President of the
a
United
Haven.
New
no
was
and both parties. In accordance with their previous agreement,
in honor bound to adhere to the terms of the award.
If results ob¬
denied,
are
tained by an arbitration, undertaken under such circumstances, prosecuted
so much effort, and finally and formally accepted by both sides In
Detroit and Washington, 101%; Buffalo and Scranton, 102%; Providence,
with
104%, and Richmond,
accordance with the terms of the submission, are to be so lightly
regarded,
it is plain that there can be no reliance on arbitration.
106%.
The 30 cities showing less than
100% increase since 1913
Portland,
were:
Ore., and Seattle, 73%; Salt Lake City, 75%; Los Angeles, 77%; Denver
and
San
Francisco,
82%; Little
RocS* and Louisville,
83%; Jacksonville,
After years of unsuccessful efforts on the part of your organization to
obtain through an agreement a formal recognition of the United Mine Work¬
of America by the anthracite operators,
84%; Dallas, 85%; Indianapolis, 86%; Memphis and Minneapolis, 88%;
ers
Newark, 90%; Atlanta, 91%; Kansas City, Milwaukee, New Orleans and
granted
Philadelphia,
denials largely because of your representation
92%; Omaha,
93%; Chicago.
Cincinnati and New Haven,
demand.
this
Recognition
94%; Pittsburgh, 95%; Cleveland and St. Louis, 96%; New York, 97%;
of the anthracite districts,
Birmingham and Charleston, 98%, and Fall River, 99%.
ment was
,
the award of the commission
granted
was
in
the
face
of
former
to the distinct autonomy
as
and yet one of your first .acts after the agree¬
signed has been to demand, with insistence, its abrogation,
on
the plea that it is not in accord with the wage rates in the bituminous field.
Collective bargaining is founded on the principle that both
parties shall
ANTHRACITE
OPERATORS DECLINE TO MEET
COAL
WAGE DEMAND'S
Representatives of the anthracite coal operators declined
Dec.
on
23 the proposal of mine workers to adjust alleged
"inequalities" in the anthracite
the miners
award,
wage
additional increase of
an
minimum of $6 a day for labor.
13% in
ators and
quest of
mine
Oct.
with
a
after
comes
workers, following President Wilson's
be had
with
in
1710.
page
of
issue
our
As
Oct.
made
we
23, page 1624, and Oct. 30,
the decision
to
re¬
view to
a
reopening the wage award of Sept. 11, to which
reference
reached
the 23rd inst.,
on
located and constituted.
the Anthracite Bureau of Information issued the
Second.
following
statement at Philadelphia on Dec. 23:
the representatives of the operators presented
their formal
declining the proposal of the mine workers to adjust alleged "in¬
equalities" in the contract of Sept. 2 1920. so as to give the mine workers
answer
of $6 a day for labor.
individual
cases
of
13% in
An unconditional offer to find
inequality under the contract
with
wages,
was
a
minimum
remedy for
a
period of
two
some
months.
of President
only four months
which both
March
31
Wilson's
and
ago,
an
Anthracite Coal
a
on
for
reopening of the
Commission, handed down
abrogation of the contract under that award,
parties had agreed should be effective from Apr 1
The
were
their reply, held
gaining have value only in
so
far
as
that mediation
and
for inside employees
other industries have
actual cost of living has
increase of
average
Since the
ployment
wage
reductions and
as
the
working full time, while other industries
was
follows:
as
lagging
are
made.
Mr.
,
1,
U.M.W.
President^District No. 7, U.M.W.
C. J. Golden, President District No.
9,
of A.
of A.; Mr.
a
series of conferences, held at the
request of the
President of the United States, for the
purpose of discussing certain "in¬
you
asked at
our
last meeting that your
request for the ad¬
your
a
reopening of the award of the U. S. Anthracite Coal Commission.
So far, however,
must
First.
the question of reopening the award is
concerned,
your
proposition, foy the following
a
final
in the anthracite region for the
period of two
1920, and under the terms of submission its
April 1
an
agreement, effective as of that date, which constitutes
contract upon
both parties subscribing thereto.
interest, viz., the mine
workers,
the operators and the public.
The repudiation of this award
by the operators and miners alone would be a breach of faith with
the
public, which was a party to the submission.
The operators decline to
a
party to
an
agreement which would, in effect, be
a
It is therefore
marked
The
anthracite
and
industry has
a
time for constructive effoort
continuing
not
on
the part of employers and
time for harmony and cooperation rather than
a
of discord and of insistent demand for concessions,
which for the
reasons
above outlined, cannot be granted.
Respectfully,
The
OPERATORS .by
HEMELRIGHT
W.J.RICHARDS,
HUBER,
S.
D. WARRINER.
representatives of the mine workers issued the fol¬
lowing statement at Philadelphia, following Thursday's
ference
:
con¬
.
The
reply of the operators is practically a reaffirmation of their position
at the last conference,
wherein they agreed to consider certain
inequalities, including consideration of the extension of the
eight-hour day to certain of those employees now working twelve-hour shifts.
assumed
individual
statement' of the operators with reference to the work of
The
mission
and
picture
as
answer
the
the
general industrial conditions of the
demands which, after full consideration, were denied by the
Commission.
ending March 31 1920 there
was a
failure to reach
an
the
Com¬
which
equalities.
Regardless of the awards and the conditions of the country, the operators
mutually agree, if they were so disposed, to legally change, modify
amend
or
the agreement
harmony
with
the
in either
interpretation
great or small
placed
the
on
degree and be in strict
President's
telegram
by
Secretary of Labor Wilson.
will
We
place the entire matter before
will outline
the policy
our
full
scale
committee,
which
to be pursued with regard to future de¬
liberations.
A deadlock
wage
in tlie
anthracite
a new
taken by the operators that President Wilson's request
was
of
negotiations to effect
agreement wras reached last month, when the position
for the
reopening of the award only intended the adjustment
inequalities within the present
wage
agreement.
In
an
effort to break the deadlock, the Secretary of Labor on Nov.
24
issued
call
a
for
representatives of
conference
with
meeting
a
the
miners
Dec. 1 in Washington of
on
and
representatives
operators,
following
regarding
reopening of the award of the Anthracite Coal Commis¬
At the Dec.
sion.
Anthracite
Joint
1 meeting, Secretary Wilson advised the
Scale
Committee
that
the
Government
would not interfere with any changes which the
might agree
ment.
scale
That
now
position
committee
are
was
understood
might increase
mine
in the agreement
operating,
such raises.
committee
to make in the Federal Commission's
scales laid down
providing
the
to
mean
wages
agree¬
that
above
the
the
under which the mines
operators
consented
to
On the 8th inst. representatives of the opera¬
tors notifed the mine
any
a
of the Pennsylvania mine
workers to learn the attitude of the Government
agreement.
After eight weeks of negotiation the Secretary of Labor invited the
nego¬
country,
they
being chaotic, has nothing to do with and does not intelligently
just contentions of the mine workers in regard to general in¬
compliance with
For almost twenty years wages and
working conditions in the anthracite
industry have been governed by agreements.
At the termination of the
contract
a
findings
The Commission represented the three
parties at
be
been
favorable to the employees at the present time than they were at the
wage matters
written into
binding
industries.
employees in the industsy,
the
reasons:
The award of the U. S. Anthracite Coal
Commission was
disposition of
a
as
definitly decline
years from
were
other
there has
which has decreased the opportunity for em¬
was made.
It is highly important that the stability of the
industry should be maintained in order that the opportunity for steady
employment may continue uninterrupted.
demand
We have carefully considered
your proposition and herewith make
reply.
If in the application of a
general wage award such as that made
by the
U. S. Anthracite Coal Commission there be
individual cases of inequality,
so far as such
may be found to exist, we stand leady to
agree with you
on a constructive
remedy.
we
award
you claim exist in the award of the U. S. Anthracite
Coal
justment of these "inequalities" be construed as a
demand for a general
increase of approximately 13% to contract
miners, with the establishment
of a minimum day
wage of not less than $6 for an eight-hour
day lor day
workers, and that a definite reply be made by the operators to
for
in
committee
U.M".W. of A.
Gentlemen:—After
Commission,
increase of 138.6%
could
■'
Kolodziejcak, President District No.
Thomas Kennedy,
equalities" which
an average
time the award
The operators' reply
Philadelphia, Pa., Dec. 23 1920.
Philip Murray, Vice-President United Mine Workers of America Mr.
Collins
an
earnings advancing from 18 cents
steadily declined.
favorable''
was
the wages
as yet
been affected by these adverse conditions and the terms of the award are
more
no
they were at the time the award
John
of the
date
decline in business activity,
They further
hourly earnings of inside employees are 132.8% over 1912;
are getting an increase of 167.5%, and all
employees
increase of 138.6% over the pre-war basis.
The fact that the
are
Commission
hour to 99.2 cents); for outside employees
and for all employees
F.
bargaining.
and other wage scales are going down, makes the terms
of the Anthracite
Commission's award and the wage contract thereunder more
Mr.
,
C.
voluntarily accepted
Anthracite Coal
respects higher than
hour to 72.3 cents.)
outside employees
full
hour to 52.5 cents)
H.
the existing scale
than
per
(common laborers'
F.
They call attention to the fact that the agreement of Sept. 2 1920 not only
a minimum of $4 20 a day to common labor and an
average increase
of a little more than 17% to anthracite workers in
general, but that under
in
167.5%
both sides adhere to the findings of
gives
anthracite mines
S.
many
averaging 132.8% over 1912 (contract miners' earnings
increasing from 42.5 cents
1920 to
collective
change in conditions which would justify
the additional increase to anthracite workers,
particularly as many workers
an
the U.
paid for similar conditions of employment in surrounding industries.
The
hourly rates of earnings established by the Commission provided increases
bar¬
mediators and the agreements which result from
pointed out that there had been
the
upon
I
established by
rates
wage
substantially equal to and in
ANTHRACITE
in
burden
a
classes of workers in other
living has steadily declined.
1922.
The operators,
in
many
industries have voluntarily accepted a reduction in wages and the cost of
The operators took the position that to
accede to the request of the mine workers would mean
award
any
included in the reply.
This concludes the series of conferences which have been carried
a
which has produced
the contrary,
On
condition has arisen since
no
either in the general wage structure of the
(average hourly earnings for all employees advancing from 30.3 cents per
At a,meeting of the joint committee of anthracite operators and repre¬
additional increase of approximately
judgment of the operators
anthracite workers.
sentatives of the United Mines Workers in the anthracite field, held in this
an
In the
the award of the Commission,
per
oifcy to-day,
It cannot be made to depend upon rates paid in
the bituminous industry where conditions are vitally different.
country or in the cost of living,
This decision
12, that conference
that industry as they affect the earning capacity of its
employees, and their
health and welfare, as compared with conditions mother industries
similarly
to give
so as
wages,
series of conferences between representatives of the oper¬
a
in good faith observe the terms of their agreements and in the anthracite
field it must, in order to be successful, take cognizance of the conditions in
OF MINERS.
workers that while willing to adjust
individual cases of injustice
or
inequality within the
DEC.
251920.]
2483
CHRONICLE
THE
present agreement, they were against granting any general
Reference to the investigation into the building trades
additional wage increase or taking any action that would
by the Loekwood Committee in New York
tend to reopen the award
of comment
Coal Commission.
It
was
of the United States Anthracite
they declared that,
Thie
statement,
in
they would stand by their original demands and insist on a
day.
of the
some
exploitation of some
attention
of the
Department of Justice and that department is urged to
Federal statutes.
ries of conferences which have been held, is indicated at the
The Committee recommended abandonment of cost plus
contracts
INSIDE
TO
PUMPMEN
by the Government, States and municipalities and
by private individuals in order that competition
AT ANTHRA¬
It likewise recommended
On Nov. 22 inside pumpmen at the
hard coal mines, un¬
ruling of the Anthracite Board of
a
Conciliation,
Effective
for
the
Dec.
1
rate thus derived shall be
new
the Committee said, and it suggested the lowering of
paid for
an
per
day, plus" 17%, and
mortgages.
further recommended, and the Committee said it
indorsed the
DESCRIBES COAL PROFITEER¬
ING AS NATIONAL
A declaration that "coal
DISGRACE.
and
the Inter-State Commerce
national disgrace," is
a
contained in
The
14.
report was presented
a pre¬
Senator Kenyon, in
The Committee has visited many of the
has made
housing situation is
While helpful Federal action is necessary
The coal situation,
dustry, demands immediate attention.
exercise that power to prevent
people.
and should be taken, it should be
when it becomes
a
be corrected.
barons to
In
paying proposition, unless driven away by taxation,
a
in
tra tive powers
not at
asked power to allow the Committee
continue its investigation, suggested Government activi¬
to some agency to be established to take them over.
cars—there
regarding the
matter is to go on,
joint report
I, for
they could detect monopoly of cars by producers
men;
harsh
one,
In
It has bled the home owners, public
in control of the production and
he
increasing
in
commodities in general.
utilities and industries.
interests
The Committee advised that Government
has made
jobbers and retailers be compelled by
so
public
the latter to the
Reconstruction
and
a
so
suggestion Judge J. F. McGee.
so-called report to the Calder Committee of the United
The
printed extracts from this "report" are so inaccurate,
misleading
to require an immediate answer.
as
Col. D. B.
Wentz, President of the National Coal Association, is absent in the Southern
mountains, but I
total tonnage produced or handled, the size and quality thereof
contracted for, the amount sold on contract and at
discusses
and
Association
whom, together with the prices made or received under such
contracts or sales; that producers and distributers make regular reports
sufficient to determine their costs and profits and the corporate inter¬
relations or the communities of interest, if any, between companies pro¬
ducing and distributing coal.
With this and collateral information in the hands of Federal authorities
spot sale, to
am
familiar with the circumstances which Judge McGee
replying
am
on
behalf of Col. Wentz, the National Coal
whom Judge McGee maligns.
and the coal producers
his report has been made public,
Since
I am taking a like liberty with this letter.
You say that the people of your
State "are entitled to know just what
happened in Washington and in the Lake Erie coal fields during the present
season."
ought to know the facts, but I want you and
I agree that they
them clearly to understand th at
they are not getting the facts from Judge
McGee's "report."
other government agencies,
In this connection It will clarify the
prevailing evils as to irregularity in deliveries, inferiority of quality, profi¬
teering in prices and undue monopoly of transportation facilities should to a
whether he
merely
But if no other remedy can be devised, it
as
consumers
of Federal licensing to meet the situa¬
y..
unfair and
on
The letter reads as follows:
which have just reached me, that at your
.the amount of tonnage
be eliminated.
Committee
Senate
I notice from copies of the Minneapolis papers of Dec. 12,
My dear Sir:
States Senate.
possible use by the Department of Justice and
flagrant misrepresentations embraced
the bituminous coal industry by former
Burnquist, Governor of Minnesota, St. Paul, Minn.
Hon. J. A. A.
administration
regular and frequent periods with some Federal agency,
18, J. D. A. Morrow, Vice-
recent communication by
a
States
Reproduction.
It recommended:
That all coal operators, wholesalers,
as
attack upon
United
production and distribution of coal "should be a last
be necessary to enact some form
characterizes
an
Minnesota, in
distribution of Coal, in spite of efforts
repetition of the
present deplorable situation, and that it is the duty of the Government to
take such reasonable and practical steps as it may to remedy the evil.
tion.
letter to Governor J. A. A. Burnquist of Min¬
open
Judge John F. McGee, former State Fuel Administrator of
Our investi¬
by some, are actually unable to prevent a continuance or
great extent
an
nesota, under date of Dec.
permitted to monopolize the transportation
retarding necessary construction and
the basic cost of manufacture and distribution of
reports on the
FUEL
MINNESOTA
BY
TO
COAL
ADMINISTRATOR.
the remedy may be,
The Committee in its
gation into the coal situation has convinced us that the private
statute to file at
ANSWER
IN
BITUMINOUS
President of the National Coal Association, denounces what
Coal speculation has been
resort."
ATTACKING
INDUSTRY
as
the mines."
ASSOCIATION
COAL
REPORT
says:
facilities of the country,
may
Such departments could be empowered
respected in the coal industry, as they are
thousand and one evils that might be exposed.
situation declared that "if the
coal
shall favor taking over
for
Commerce.
scheme by which some groups might be deprived of
any
are a
NATIONAL
Along with the joint report, Senator Calde,
presented additional findings by Senators Kenyon and Edget
members of the Committee.
Senator Kenyon in his state¬
of the
For
present; they could cure the crying evils of reconsignment as now
dealers, and
or
Its present
bring about co-operation under regulation in building
construction.
now
whole.
to see whether contracts were
particularly for the preparation of the measures referred to.
ment
statement regarding the report, said:
in my mind, that some legislation will be required
division on fuel and another on transportation might be opened
a
in the Department of
practiced by the coal
to
a
might well be transferred to the courts and its admin in¬
powers
instance,
The report, which
course,
general way, it looks tome as though revision or amendment of the
judicial
careful study of the whole situation.
ties to
That would, of
tired of appealing to the coal
Inter-State Commerce Commission Law might be necessary.
recommendations, which are based
Its present report is, in a sense,
an introductory one.
The Committee has in course of preparation detailed
statements on the various factors entering into present conditions, and
wore
'
I, for one, harsh as the remedy may be, shall
robbing the people.
cease
home and the people as a
preparing and will soon submit and urge early favorable
to
straighten out the fuel situation, especially as it affects the average
to
Labor efficiency
Capital will invest in construction work
power
a way
mines, and it could be done, in my judgment, consti¬
There is little question,
action upon measures in line with its
upon
1
•
Congress will find
this continuous plundering of the American
Some of us are growing
Senator Edge,
which therefore becomes an Important factor.
The Committee is
last resort.
a
of the railroads rather than of
Existing conditions in the production and distribution
be materially improved.
The great operators who apparently
tutionally, for coal is charged with a public use.
be
improvement of national facilities, notably fuel and transportation.
The
Committee believes that the activities of the Inter-State Commerce Com¬
may
,
If the matter is to go on,
favor taking over the
Profiteering has been rampant and must be eliminated, and the Com¬
productions may be reduced through
of fuel, a most important basic factor, must
somewhat along
well understand that if there is
under the Constitution, as we believe there is,
mittee believes that actual costs of
industry in general.
go
help furnished by the
arising out of the great basic commodity in all in¬
control the output of coal may as
It has found that there really
facilities rather than subsidies.
mission must be directed toward regulation
some
the line of the Farm Loan banking law.
they relate to
a
in the nature of providing
be
Government in the shape of a home loan bnaking law,
critical nation-wide housing shortage, brought about to a very
material extent by interference of the Federal Government during the war.
exists
The
If private capital will not
to the nation.
a menace
into the building of homes, then there must
principal cities of the country and
conditions.
careful survey of
a
the report, said:
upon
found to exist is the element of greed, leading to rank profiteering.
In submitting it the Senator said:
housing.
enlarging
Of course, at the basis of most of the troubles which the Committee has
by Senator Calder,
Senate resolu¬
fuel, transportation and thrift, as
all Federal thrift activities
Savings Law "to provide ade¬
quate interest for depositors."
inquire into the country's housing conditions, and
matters of
Popular saving
concluded, would be aided by consolidating
was
and by amending the Postal
Chairman of the Committee, in response to a
tion to
thrift, it
under the Post Office Department
liminary report of the Senate Committee on Production and
Reconstruction submitted to the United States Senate on
Dec.
wider distribution of real estate
a
mortgages through standard bond issues."
Commission, has continued unchecked by the Department
of Justice and is
principle of "the home loan bank bill, which is
designed to facilitate
profiteering, especially as it has
followed the priority orders of
A modification of the Federal Reserve
Act, to permit member banks to invest in long-time mort¬
eight-hour day.
gages, was
CALDER COMMITTEE
and tax exemption for real
profits and sur-taxes,
estate
inside pumpmen in April,
1920, to the rate made to
serve
Financing building investment should be aided in several
ways,
excess
twelve-hour shift shall'be added $2
a
Federal bureau that shall
a
construction work.
following is the ruling:
1916,
be
clearing house of the best knowledge and practices in
a
•
The
they had previously been receiving for 12 hours.
as
as
were
eight-hour day with the same pay, less 20 cents,
an
may
encouraged and labor efficiency stimulated.
MINES.
CITE
der
This has spread to combinations of
cities.
prosecute the wrongdoers whenever they are found to have violated the
outset of this article.
granted
of organized labor,
groups
employers, who, working together with such grafting labor leaders, have
The final decision of the operators, following the se¬
WAGE AWARD
and
other larger
combined to force unduly high prices,, These conditions are called to the
universal eight-hour
a
misdirection
through grafting laedership, has been revealed in New York and is reported
despite the attitude of the operators,
general additional wage increase and
the subject
said;
stated at the same time that while
the miners' representatives declined to issue any
as
by the Calder Committee, regarding which it
1
was
a
interested in
of the
situation if Judge McGee will explain
coal supply for the Northwest
this season's
the paid representative of certain coal
Northwest and whether throughout this matter he has
public official
occupied the position of
a
or
as
disinterested public official, or whether, In order
f^e, he has acted rather as a purchasing agent trying to obtain coal
principals without regard to the needs of other coal consumers in
to earn a
tor his
I note the charges
Let me say that I personally know
they deserve.
Willard and the presidents of other lake
that Daniel
Doubtless they
of bad faith against the railroads.
will treat these charges as
coal-carrying roads
the hardest kind of work, in the full and frank
spent days of
contracts with a
a
recognition of
responsibility, trying to move all the coal to the Northwest and
where which was needed in the public welfare.
It is largely due to
their
else¬
their
northwestern dock company, with a big steel company and
day to the dock company, 30 to the steel company and 20 to the
cars a
50 of those 60 cars to the dock company, leaving only 10 cars
between the steel company and the electric light plant.
it must ship
divided
be
to
Neither of those customers can
Their contracts
shipment.
The attorneys
Moreover, all of these contracts were
No sen¬
conditional engagements.
would think of making a hard and fast contract in
April to ship 5,000 bushels of No. 2 Red Northern wheat to a Minneapolis
on a given day in September at a price fixed in April, because he knows
State Commerce
company can go
advised that the only order of the Inter-State Commerce
Commission which would have a chance in court
Now
a
was
shipment to Minneapolis on a given day is dependent upon whether
the railroad companies place cars at his siding to ship the grain.
Similarly
deficit in the Northwestern supply by purchases in the open
impression that Service Order 1C compelled
other buyers.
miners, and
railroad cars being placed to
move the coal.
Every coal producer, in making his contracts, always pro¬
vides that he will ship whatever tonnage is named in the contract provided
that "fires, floods, strikes and railroad conditions do not prevent."
Every
one of those lake contracts to which the Judge refers was subject to these
customary provisos affecting the shipment of the coal.
Thus the impres¬
sion that the Northwest last spring bought 13,514,200 tons of coal at $3 50
coal
Furthermore; nearly all the coal producers haying Northwestern
In order to insure fair
had contracts with other customers.
contracts also
treatment it Js customary for
the producer to agree that if fires, floods,
strikes or lack of cars prevent
him from shipping the normal output of his
the loss in shipments will fall equally and fairly
these contracts so that
The producers, therefore, by these very contracts
all his customers.
upon
which the Judge cites were prevented last
Spring from preferring shipments
their other contract customers.
to the lake over
disregarded, repudiated and abrogated, saying that "the only talk I
heard
of high-priced coal ranging from $7 to $12 per ton."
at Cleveland was
for its open-market coal than similar coal cost
In fact, as the Judge well knows,
and the National Coal
This is flagrantly false.
the Inter-State Commerce Commission, the railways
Association
the Northwest
because everybody knew that
attacked
were
other consumers
could buy similar coal in the open market.
The Judge himself knows that
the Public Service Commission of Ohio bitterly assailed Order No- 10 on
buy its coal under Service Order 10 cheaper than
could
precisely this ground, claiming that it permitted the people of Minnesota,
prices than Ohio
the Dakotas and Wisconsin to buy Ohio coal at cheaper
people could buy it.
This was due to the fact that mine operators were
compelled by the order to ship a certain amount of coal to Lake Erie ports
failed to
day, and were notified that if they failed to ship this coal or
sell it
promptly upon arrival, cars would be withdrawn from their mines and
would be prevented from shipping any coal anywhere to anybody.
Under these circumstances the order in question, instead of increasing the
they
coal bill of the Northwest, actually reduced it.
To complete
the unfairness of his statements, the Judge demands an in¬
vestigation, thus giving the impression that the National Coal Association
has endeavored to conceal its actions in respect to relief for the
Northwest
and other parts
To
language, this impression Is "villainously" false
So far as I know, the Judge gives no evidence to support his broad as¬
sertions about abrogation of contracts by coal producers.
Let him present
borrow from the Judge's
actions,
the
and
On the contrary, throughout this entire
every effort to have all its
of the country.
Association has made
matter the National Coal
Judge gives the impression that ail these contracts were evaded,
The
the Northwest to pay more
produce proportionately on all
mine, then he will distribute what he does
The Judge gives the
every
without any "ifs, ands or buts," is grossly misleading.
per ton,
would be an order of the
finally Issued as Service Order No. 10.
word as to prices.
As already explained, It was necessary to
kind which
perfectly well that his ability to grow that wheat is dependent upon wind,
weather and crop conditions, and that after it is harvested, his ability to
production is subject to fires, floods and strikes among the
practical railway and coal men.
They were not looking
for means of getting coal to the Northwest.
for law suits and injunctions, but
make up the
shipments from the mine are dependent upon
into court, get an injunction on this showing and tie up your
supply Indefinitely in the courts."
That settled
the matter with the
market.
coal
court with the contract of the
If such an order as you propose Is issued by the InterCommission, that electric light company or that steel
whole Northwestern coal
mill
make
possibly get along on 5 or even 10 cars a day.
equally good in any
are
dock company.
sible Minnesota farmer
That coal company is now receiving from the rail¬
of its coal.
Under your proposed order
electric light company.
roads 60 cars a day for shipment
to-day.
Judge McGee is quoted as saying "the full supply of coal for the North¬
west had been contracted for at $3 50 a ton."
That is not true.
The list
of "contracts" to which he refers included mere promises to ship certain
tonnages to the Northwest provided other prior claims and obligations upon
the producing companies left such tonnages available for Northwestern
efforts that your people are warm
Under these contracts it is obligated to ship
big city electric light plant.
50
United States.
other parts of the
[Vol.111.
CHRONICLE
THE
2484
clearly understood by
for them,
reasons
Senator Calder's committee or any other proper agency
that desires to know
facts.
the
Government
The whole record of the Association is open to
officials and the public.
<
Yours very truly,
(Signed) J. D. A. MORROW,
'
the names of the
Vice-President.
companies involved, if he knows any.
published reports of the United States Geological Survey
that the mines of Southern Ohio from April to July lost from 75,000
The official
show
Regarding
In which to ship
300,000 tons weekly in the same period and for the same reason.
In the
Pittsburgh district these losses ranged from 200,000 to 500,000 tons per
Virginia fields from 200,000 to 350,000 tons per week.
The producers in these important lake coal districts were obliged to reduce
their shipments on all these contracts proportionately, as already explained.
week, and in the West
Of course,
they were unable to ship the tonnages which the Northwest
wanted them to ship under their large contracts because cars had not been
But in making these reduced shipments propor¬
available to ship the coal.
tionately among all their contract customers the producers were carrying out
their contracts literally and faithfully.
in other sections of the country were abrogated indirectly through
the Inter-State Commerce
these
Commission Service Order No. 10 in order that
producers might thereby ship high-priced open market coal to Lake
of "looting" and "robbing" the Northwest.
Erie ports as a means
insinuations are beneath contempt.
already
conditions
referred
resulting
to,
the
out-law switchmen's
production and had got so far behind on their shipments on the North¬
contracts,
western
that the dock companies had to buy great quantities
of coal In the market from other
over,
from
in
producers to supply the Northwest
order to absolutely insure
a
More¬
.
supply for the Northwest.
western
shipments
relieve
nor
a
single coal operator in the slightest degree
Commission and Judge McGee at the time the proposed order
was
discussed before representatives of the Inter-State Commerce Commission
prior to its issuance.
The Judge says that
the National Coal Association refused to
special assignment of cars to the mines having contracts
shipments as a relief plan.
to you
He is right.
An Illustration will make it clear.
or
agree
to
a
orders for lake
However, he does not explain
why the National Coal Association refused, and
consumers
you
ought to know.
Having in mind the needs of all
your
In the Northwest, could you agree to a plan under which the
mines having contracts to furnish,
should receive
a
sota consumers so that the mines
State would be
operated two
or
working of assigned car plan.
lake coal producing
say
Judge McGee's clients with coal,
your
other Minne¬
serving the Judge's clients would be oper¬
was
districts
three days
a
week?
That illustrates the
Moreover, the coal miners in two important
were
threatening to
go on
strike if
assigned
an
adopted, because of the resultant discrimination in working
time between the mines with such
The Judge may have been
special car supply and the other mines.
willing to risk such
a
distrubance of coal
produc¬
tion, but the Inter-State Commerce Commission, The Railway Executives,
and the coal operators
would not take
any
chance of coal strikes when the
In
Another charge
is
that the National Coal Association defeated
posal to require those operators having lake contracts to ship the full
tity on these contracts.
the Northwest
a
pro¬
quan¬
It is intimated that if this plan had been adopted
would have obtained all of its coal on those low-priced "con¬
tracts" already referred to, and that the refusal to adopt such a plan was
Again the Judge is ignorant of the facts.
cated by the Judge was
Precisely this plan advo¬
discussed by railway and coal men, and
plan in this form was submitted to eminent attorneys.
the A. B
financier,
a
Senor
with
suggestions
'
obstacles to Cuba being admitted to the United
there are legal
Senor Tarafa declares'the United States
Federal. Reserve system,
establishing in
Another plan suggested is that invitations be
this city a bank of emission.
extended American banks enjoying the confidence of the Federal Reserve
Board to establish here, in agreement with the Cuban Government, a bank
of emission under the same
Reserve Bank.
up a
regulations that govern the United States Federal
The Washington Government also should be asked to set
branch in this city to take up dirty and unsanitary American bank¬
notes and replace
them with
bills.
new
Other recommendations include the issuance of two
secure
series of bonds to
Governmental guarantee of savings deposits of workers;
bank loans;
inspection of banking institutions by a proposed National treasury com¬
mission, which would be given the power to suspend Government loans
to banks found
Albert
guilty of violating regulations.
Rathbone,
Treasury, who
was
former
Assistant
the 20th inst. that Cuba faces
on
Secretary
of
the
recently appointed financial adviser to
President Menocal, was reported as
a
having stated at Havana
period of deflation, but
that if the
are
people "work and save" and if no unwise steps
taken the nation will continue to prosper.
This was re¬
ported in Havana press advices of the 21st inst., which
also said:
Mr. Rathbone has been making an
Cuba at the suggestion of
to the future of the
investigation of financial conditions in
President Menocal and stated he was optimistic as
island,
no
matter what the price of sugar might be.
has written a report on conditions here
He
which is ready for submission to
President Menocal.
Factors in the situation, Mr.
tions of the port,
Rathbone said, were the congested condi¬
speculation in sugar and inflated prices of real estate pur¬
chased from Spanish owners following the I Cuban war.
He declared the moratorium now in effect was most necessary and
its extension unless Congress
a
forecast
takes prompt action to provide for negotiating
loan in the United States.
Mr. Rathbone asserted his belief that bonds to
the amount of $100,000.-
000 might be issued by
American banks, but that the amount should not be
$50,000,000.
With this amount at its disposal, a commission
less
than
should be named to bring order out of the present
that banks
situation.
He indicated
making the loan should be represented on such a body.
Issuance of paper money was
opposed by Mr. Rathbone, who expressed
opinion that the Government should not bolster up insolvent banks
them to fail.
Mr. Rathbone, who sails to-morrow for
but should allow
Washington, declined to discuss the text of his report to President Mencoal.
The receipt of
Consulate
advices at Washington from the American
in Havana,
Cuba, stating that certain foreign
proposed
banks in that city are not
moratorium
was
It has
taking advantage of the existing
announced by the Bureau of Foreign and
Domestic
Commerce
stitutions
listed
They said: "Here
C. Coal Company producing 100 cars of coal a day.
Cuban
a
nefarious scheme to permit the "looting" and "plundering" of the North¬
s
case
States
the
Northwest was as short of coal as it was last July.
west.
Tarafa,
Jose Manuel
by
for straightening out the financial situation.
ated 6 days a week, and the mines serving other coal consumers of your
plan
Menocal
American bankers, has submitted to the President a number of
full supply of cars daily, taking the cars needed for this
from the mines having contracts to supply
purpose away
car
President
to
Tarafa. who recently failed to negotiate a Cuban loan of $100,000,000
coal operators, the railway executives, the Inter-St ate Com¬
stood by the
merce
This was clearly under¬
PLAN.
Federal Reserve
dispatches from Havana yesterday (Dee. 24) said:
press
Order
No. 10 had that effect but it did not abrogate a single contract for North¬
from any obligation to ship under such contracts.
a
Adoption by the Cuban Government of as much of the United States
recommended
these other producers had to be prevented from selling this coal else¬
where
RESERVE
Federal Reserve banking system as is legally possible has been
control and operation of the railroads,
operators having contracts to ship to the lake had lost so
the coal mine
much
These
Because of the demoralized railroad
strike and two years of Government
FEDERAL
proposal that Cuba adopt
a
Government should be invited to co-operate with Cuba in
!
It is also insinuated that contracts between the coal producers and con¬
sumers
plan
CUBAN
FOR
PROPOSAL
of coal production weekly because cars were not at the mines
the coal.
The eastern Ohio mines lost from 100,000 to
to 200,000 tons
on
Dec.
2.
The
seven
banking in¬
by the Consul General which before the
DEC.
'
251920.]
existence of the moratorium did 38% of the
in
Havana,
now
are
based
are
the opinions of
on
without statistical basis,
Cuba.
Officials of
one
since
transacted it is
Cuban bankers, but
are
clearing house exists in
no
of these
Jianks state that it is func¬
tioning normally with regard to deposits and withdrawals
although they do not desire to extend new credits, which is
doubtless the position assumed by the officials of
!
other banks.
ing to figures reported by the railroads to the Inter-State Commerce Com¬
mission, totaled $91,761,090, which is approximately $20,674,000,
below the amount
of 235,837 miles.
On the basis of the net operating income for October, the railroads of
the country
would earn annually 4.9%
tentatively fixed
Inter-State
DECLINES SPANISH LOAN.
Bank of Madrid, through a
Commerce
that for
September
government,
are
a
says
in Spain
delegation of Spanish merchants who own busi¬
Stipulation
The Spanish mer¬
cablegram to El Mundo.
endeavoring to obtain assistance to relieve the present
The
this Government.
rejection of the offer
was
of
$522,877,298,
last year.
same
day, from Washington,
The Cuban government already has
ish bankers for
a
as
press
dis-
country by Jan.
no
doubt that the money would be obtained in this
15.
to
an
ORGANIZATION
announcement
Robetrt F. Maddox, of Atlanta,
OF
FEDERAL
International
made
Dec.
on
17
by
it is proposed, in view of the
Company with
Banking
issued at New Orleans,
capital of
a
following the meeting held to
perfect plans for the organization of the company, which
meeting
was
referred to in our issue of
The announcement made
2380.
lished
as
a
week
or
increase of 20.2% over that for October
an
Eastern
the
district
total
operating
increase of 31.8%
or an
over
operating expenses totaled $247,460,209,
month in
increase of 38.1%
an
1919.
for
revenues
the
same
or an
October
were
month last year, while
increase of 32.3% over the
The net operating income was $32,687,265, which
compared with that for October 1919.
Reports from the Southern district show that the total operating revenues
during October were $93,156,679,
operating
while
ago,
expenses
or
were
an
increase of 22.1%
$79,232,515,
compared with the same month last year.
of $11,424,904, which was an increase of
This left
24.9%
a
over
over one year
increase
an
of 22.9%
net operating income
October 1919.
Operating
year.
was an
expenses
increase of 21.2% over those for October last
were
$196,184,574,
or
an
increase of 26.9%,
while the net operating income was $47,648,921, which was an increase of
On the basis of their net operating income for October, the annual earn¬
ings of the carriers in the Eastern district would be at the rate of 4.22%,
those in
ago, page
by Mr. Maddox is pub¬
follows in the New Orleans "Times-Picayune":
Southern
the
district
5.04%
and the Western district 5.45%.
Combining the net operating income for both September and October, the
percentage for the Eastern roads would be 3.73%, Southern 4.97% and the
Western
Mr. Maddox's statement
$7,000,000 instead of $6,000,000.
was
of 6% on their valuation as provided by
9H % over the same month in 1919.
large over-subscription to its stock, to incorporate the Fed¬
eral
the
of 1 %
Total operating revenues for Class 1 roads in the Western district were
INTERNATIONAL BANKING COMPANY.
According
by
%
16% and the Western district 9.2%.
For
.
RESPECTING
of
Compilations show that the net operating income in every district fell
a 6% basis, the Eastern district being 29.7% below, the Southern
district
$255,677,822, which
PLANS
increase
below
rejected the proposition of the Span¬
loan, according to reports received to-day at the State
The Spanish offer was considered because of the delay that
attended the efforts to float a loan in the United States, but it was said here
there remained
an
over October 1919, while operating expenses were
increase of 28.8%, compared with the same month
an
is
follows:
Department.
now
$18,900,000,000
at
is
computed from the net operating income for
as
a return
The net income is
$293,506,618,
made known in
26%
or
same
dispatches the
This
last year.
economic situation here, and it is understood the Cuban Minister to Spain
has laid the proposition before
the value of their properties,
on
purposes
Commission.
To realize
increase
an
houses in this country and which Is now visiting Spain.
chants
rate-making
Total operating revenues for the 203 railroads totaled $642,341,119,
dispatches said:
has been made, however, that any loan extended must be guaranteed by the
Cuban
for
the Act, the railroads should have earned $112,435,000 in October.
Financial assistance has been offered Cuban banks by the Pan-American
ness
18.4%,
or
expected to be earned under the increased rates fixed
by the Commission in accordance with the Transportation Act.
The com¬
pilation is based on reports received from 203 railroads with a total mileage
that month.
On Dec. 18, Havana press
Washington, D. C., Dec. 17 1920.
v
Net railway operating income for October of the Class 1 railroads, accord¬
over
CUBA
3485
banking business
doing business approximating 66%.
These esimates of the amount of business
stated,
CHRONICLE
THE
5.15%.
-
Reports show that the net operating income of the 203 carriers for October
was
81.61 % of the amount expected to be earned by them under the rates
fixed
by the Commission, while the net income for both September and
October
was
75.37% of the amount anticipated for both of those months.
Compared with September the net operating income for October of the
Class 1
railroads is
increase of $16,450,779, increases being shown for
an
the Eastern district of $6,576,668,
Southern district $1,809,564 and the
Western district $8,064,547.
Organization of the Federal International Banking Company, that will
operate under the provisions of the Edge Act and
under
a
charter from
in the di¬
the Federal Reserve Board, was perfected at conferences to-day
rectors' room of the Hibernia Bank & Trust
of stock subscriptions
A canvass
FRANK
THOMAS F,
showed that the capital stock of the
had been over-subscribed by one million dollars, and in conse¬
quence it was decided unanimously to incorporate the Federal International
Banking Company for $7,000,000, instead of $6,000,000, as originally con¬
templated.
The stock of the company will be
of
divided into 70,000 shares of par value
$100 each, and, in view of the over-subscriptioh, the stock books whl be
held
open
and the campaign committees in the several Southern
States
subscriptions, with a view to increasing the
It
was
decided at the conference to call a meeting of the stockholders for
Jan. 7 at New Orleans, when the action of to-day will be formally ratified,
subscribed capital actually paid in, so that the International
Bank may begin to function immediately.
Logan, Inc., of New York, Washington and
Chicago, advertising agents for the New York Central Lines,
General Electric
Radio
Company, Consolidation Coal Company,
Corporation of America,
will be submitted to the stockholders' meeting for
and their
confirmation.
Arthur P. Perry, President
Florida National Bank, Jacksonville, Fla.
The over-subscription of the
capital stock,
the atmosphere of the meeting were
the
as
originaUy contemplated, and
United Shoe Machinery
Mr. Fayant has directed
public relations work of the railroads, leading up to the
of
enactment
one
Fifteen members of the board of directors were nominated
names
of Thomas F.
the chairman of the Asso¬
Executives, has been made Vice-President
Company and other corporations.
capital stock to $10,000,000.
and 25% of the
ciation of Railway
VICE-PRESIDENT OF
LOGAN, INC.
Frank H. Fayant, assistant to
company
will continue to solicit new
FAYANT BECOMES
H.
Company.
and later
For
the
Transportation Act,
1920.
He
was
at
time London
correspondent of the New York "Herald,
member of the staff of the Wall Street "Journal."
a
some
he has acted as advertising and publicity
banking and industrial interests.
years
counsel to various
gratifying features of the formal launch¬
ing of the International Bank, and those who have co-operated in its or¬
ganization
justly proud of the response their labor has received that
are
"
problems.
to
one
were
PROPOSED
REDUCTION OF CAPITAL OF AMERICAN
FOREIGN
A
Shares.1 BANK—New York.
Low.
200
a
amount of
maximum amount of $63,500,000 to a maximum
$22,000,000. This, it is planned, will be
of 585,000
amount of
maximum amount of $58,500,000 consisting
shares of the
par
value of $100 each to
a
maximum
$20,000,000 consisting of 200,000 shares of the
value of $100 each, and by decreasing the Preferred
capital stock from the present maximum amount of $5,000,consisting of 50,000 shares of thei par value of $100 each
to the maximum amount
of $2,000,000 consisting of 20,000
value of $100 each.
shares of the par
RAILWAY
OPERATING INCOME FOR OCTOBER
18% BELOW EXPECTATIONS
Thelfollowing^statement regarding the figures of net railway^operating income for October was issued at Washington
under date of Dec. 17 by the Association of Railway Ex¬
ecutives.
.
No trust company stocks
York
High.
200
Close.
Last previous sale.
200
Oct. 1916—
321
Stock Exchange memberships were
re¬
as
$80,000, $80,000, $86,000 and $77,500.
follows:
The last
preceding sale was reported at $96,000.
The ameriean
announces
on
Foreign Banking Corporation, 53 Broadway,
that it will open a
branch in Mexico City, Mexico,
It is stated that this will be the first American
Jan. 17.
bank under the
supervision of the Federal Reserve Board to
open
in Mexico, and it will be prepared to
tions
on
handle all collec¬
information on credits ahd
financial interest to Americans.
that country, and give
other matters of
Formal announcement was made
tions looking to a
Bank of this
NET
COMPANIES, ETC.
ported posted for transfer this week, at prices, it is stated,
effected
by decreasing the Common capital stock of the Corporation
from the present
New
Four
Foreign Trade Corporation will be held at the office of the
000
lot of 100 shares at auction.
Special Meeting of the stockholders of the American
tion from
TRUST
sold.
100 Bank of Manhattan Co
TRADE CORPORATION.
Corporation in Richmond, Va., on Dec. 29, for the purpose
of authorizing a decrease in the Capital stock of the Corpora¬
par
BANKS,
Tjhe public sales of bank stocks this week were limited
<*
j
ABOUT
ITEMS
fully justifies their confidence in ability of the South to handle its own
this week that negotia¬
possible merger of the Liberty National
city with the New York Trust Co. under the
pending.
As these nego¬
title of the latter institution are
tiations
are
be made
as
only in the preliminary stage, no statement can
yet as to the
details of the consolidation.
The
institutions, it is said, are
unanimously in favor of the consolidation and a committee
of six has been appointed to work out the details of the merprincipal stockholders of both
ger, to fix the assets and book values of each and make
recommendations to the boards of both institutions.
Upon
the
consummation of the merger the new institution
will
approximately $10,000,000,
surplus and undivided profits of about $16,000,000, deposits
in the neighborhood of $200,000,000 and aggregate resources
of
approximately $250,000,000.
It is understood that
have, it is said, a capital of
,
President of the New York Trust Co.,
of the enlarged
Mortifuer N. Buckner,
will be Chairman of the Board of Directors
company
National
■,
and Harvey D. Gibson, President of the Liberty
The New York Trust Co.
Bank, its President.
organized in 1889 under the name of the New York
In 1904 it combined with the Contin¬
name of the enlarged institution being
was
Security & Trust Co.
ental Trust Co., the
Its
present capital is $3,000,000.
It has a surplus and undivided
profits of about $11,292,000 and deposits of $70,075,000.
changed the following year to the New York Trust Co.
The Liberty
established in 1891. Among
Davison, now a member of
Morgan & Co., Seward Prosser, President of
National Bank
The capital of the
member of the Morgan firm.
a
Liberty National Bank is $5,000,000 with surplus
and
that for
Williams-Taylor, General Manager, pointed
a century the country had benefited by
over
the warnings
issued by officers of the bank regarding the
commercial, financial and economic outlook.
Equally im¬
pressive is the inevitably sustained faith expressed by differ¬
reports in Canada's future and in her ability to win
safely through those periods of deflation and depression
every country must meet and undergo from time to time,
particularly every young country.
"That faith," added
ent
"is stronger to-day than
Sir Frederick,
before."
ever
He
added:
I might say that,
in
my
opinion, we have never faced
delicate handling.
situation requiring more
ness
world has traveled far along
banking and busi¬
may be thankful that
point of utter exhaustion
Canada has not escaped, but we are
still
virile people In
a
a
was
goodly
for dismay over the national outlook, but every
land.
There is
reason
for sober thought while we take
no reason
prospects.
a
Since August 1914 the
We
the road to ruin.
the waste and destruction ended before the
reached.
1
\
stock of our resources and of
our
„
We must bear In mind that there is no
royal road to stable conditions of
former years, no magic by
which we can restore wealth that has been lost,
wipe out debts incurred.
There is nothing for it but to repair the damage,
or
retrench, and confidently work out our salvation.
The financial report of
Thomas Cochran
the Bankers Trust Co. of this city, and
now
Sir Frederick
out
was
its Presidents have been Henry P.
the firm of J. P.
[VOL. 111.
CHRONICLE '
THE
2486
our
the institution
was
referred to in
Dec.
20, Farrow's
issue of Nov. 27, page 2113.
un¬
Advices
divided
London
from
that
state
profits of $7,656,000 and deposits of approximately
$102,796,000.
It is planned to make the quarters of the
enlarged New York Trust Co. in the American Surety Build¬
depositors with head office at 1 Cheapside, Lqndon E. C.
ing at 100 Broadway, in offices which were being prepared
and
for the
branches in
Liberty National Bank.
Y'-. Y---
-—♦—1—
-
The
pointment of James J. Bush to the office of Vice-President.
Mr. Bush will have charge of the new business department.
made Manager of
the
new
the Company, has been
metropolitan branches
as
well
as
£700,000 is subscribed and £363,000 called up.
is said to be due to losses in
of
provincial
England, Wales, Scotland and Ireland, closed
The capital of the bank is £1,000,000, of which
trading extending
The failure
over a
series
Thomas Farrow, the Chairman and Managing
Director of the bank and its founder in 1904, together with
years.
Frederick
business department.
on
institution doing business largely with small
an
numerous
its doors.
Equitable Trust Co. of New York announces the ap¬
J. E. Smith, Assistant Secretary of
Bank, Ltd.,
and William Crotch, also officials
Hart
of the
institution, have been placed under arrest charged, it is said,
The National City Company of this
Frank J. Maguire has been
city
that
announces
Assistant
made
with making a
false balance sheet.
Treasure of
With
that company.
initial membership of more than three hundred
an
employees, the Nyamco Club, a welfare association of em¬
At
meeting of the executive committee of the board of
a
ployees of the American Trust Co. and New York Title &
Dec. 20, Walter M. Adriance was appointed an
Mortgage Co., affiliated institutions, held its first meeting
directors
on
Assistant Secretary of the Guaranty Trust Co. of New York;
Mr.
Adriance
is
member
a
American
Association,
American
the
of
Economic
Association,
Statistical
American
Sociological Society, and Phi Beta Kappa.
V
:;v;'
,
*——
A
new
Y
.
this week at the trust
In his
and Cedar St.
Kahler said that the past year
'-'''..'-A
.
usual amount for the current quarter.
of the New York
thorized by
Vice-Presidents
and
on
Dec. 15.
The
new
The officers
surplus of $25,000.
a
Department.
bank has
It
began
capital of $100,000
a
S. W. Barasch,
are:
office,
six offices of the
was
.
Y
■
,
YA
ployees, both for New York and all foreign offices, will be
paid by the Mercantile Bank of the Americas, Inc.
a
total of
meeting of the Bank of Montreal, the premier
bank of the Dominion, afforded an exceptional opportunity
of learning how the Dominion of Canada is passing
through
extraordinary worldwide conditions which
Sir Vincent
now
prevail.
Meredith, the President, in his address to share¬
holders, pointed out that the situation in Canada did
to give
appear
every reason
any cause
many
could
not
disassociate
and presently world
conditions
factory.
for apprehension, but there
for the exercise of the utmost
Canada
tion.
measure
herself
conditions
from
were
building at the
well
as
as
principal address
to
meet
commercial
and
credit situation in
credit appears to
not
was
foreign trade
to be
was
world
satis¬
the shock
of
on
falling prices, restricted
financial
vitality.
Canada, Sir Vincent said the strain
be
now
also of the
was
launched.
The
made by Robert E. Jennings, Vice-
President of the bank and Chairman of the Building Commit¬
The
tee.
the
new
structure is to be 10 stories in
all and will cost
The First National
founded in February 1864. Edward
neighborhood of $2,500,000.
reaching its peak.
opinion that
desirable and
\
a,
t
The New Britain National Bank of New Britain, Conn.,
has increased its
additional
stock
capital from $310,000 to $510,000.
The
was authorized by the
stockholders
on
Oct. 26, and the new
Dec.
20.
The
half million capital became operative
stock
new
disposed of at
was
par,
namely
$100 per share.
A Yo
An increase of
the
♦
>
■
■■■,-v
■;
$50,000, effective Dec". 16, is reported in
capital of the First National Bank of Olean, N. Y.,
the
making
capital
now
$250,000. The new stock,
Nov. 9, was disposed of
au¬
thorized by the shareholders
$350 per $100 share.
on
An easier ten¬
Sir
Louis H.
Bank
of
'
at
y
later would have
Michel, President of the defunct North Penn
Philadelphia,
who was indicted
on
charges
of
receiving deposits when he knew the bank to be insolvent,
was
acquitted by
corporation to foster
sooner or
i
I. Edwards is President.
impairment of
Dealing with the
dency is the logical outcome of the deflation of prices.
Vincent
_
corner
State, County and City officials.
was
cau¬
sides, and the exercise of prudence and sagacity should
credits and deflated currency without serious
her
of
not
Happily, however, Canada is well buttressed
enable her
r-
-:.r'
The annual
the
:
home of the First National
new
being erected on the site of
of Exchange Place and
Hudson Street that city, was placed in position on Dec. 17.
The ceremonies were attended by a large number of banking
the old bank
Bank of Jersey City was
i
other
given of the
.
in
thirty offices in that country.
;
was
♦-
officials
Joseph McCurrach, New York agent of the Banco Nacional
Ultramarino, announces that this institution has opened
Regoa, Portugal, making
An outline
Bank of Jersey City, which is
^
The usual Christmas bonus of 10 % to officers and em¬
offices in Chaves and
elected President of the club.
companies.
The cornerstone of the
♦
the
George W. Ritchings,
educational, thrift and social activities of the club.
H. B. Silsbe, Cashier.
—•
of unusual
chosen to represent each of the
were
President; Morris Barasch and Leo Bickel, Vice-Presidents;
^
one
sharing dividends to each employee would be twice
cial Bank, to be located at 150 Delancey St., has been au¬
business
had been
prosperity for both companies, and announced that the profit-
financial institution, namely the People's Commer¬
the State Banking
company's headquarters, Broadway
opening address, President Harry A,
a
jury before Judge Audenried on Dee. 13.
—*—«
At
a
meeting of the directors of the Fidelity & Deposit
Company of Maryland held on Dec. 20, Franklin D. Roose-
Dec. 25
1920.]
President
charge
120
of
on
the,
owned
Broadway.
Following his election
as a
the
Heavy losses will be met by American
factories will continue to diminish until the demand
our
stock already offered for sale and assures the acceptance
Throughout the country the purchase of necessities is
the last minute.
B uying
than
and
new
about Feb. 1 1921.
„
accepted.
—•—
Ind. (capital
$50,000), has been placed in voluntary liquidation, having
been consolidated with the First Trust & Savings Bank of
Bank & Trust Co.
YY"V
Winamac.
'.Y"YYY"''v
♦—;—
The directors of the American State
HI.,
on
'j
June 28 of this year of the
on
increase in
500,000,
017,386
stock,
Mr.
increase of
$450,000
on
largely in excess of
totaling $164,-
106,090,
elsewhere than in
Current loans
against commercial loans,
as
Canada, which amounted to $102,674,210.
in Canada increased to $183,747,409 as
compared with $143,-
than $40,000,000, the
increase being looked upon as evidence of the steady expan¬
sion of Canadian trade and industry as the Bank's business is
259,518 last
year,
gain of
a
more
widespread, and, therefore, affords a good index of the state
of the country, being carried on through more than 600
branches across the Dominion.
An indication of the fact
that Canadians have been adding
steadily to their savings in
period is supplied by the fact that the bank
showed a gain of more than $70,000,000 in savings deposits,
these increasing from $259,465,169 to $331,688,078 during
The bank's earnings for the year are
year.
Fund.
There was an addition of $3,134,010 to the
Total assets were reported as $594,670,013.
given
Reserve
Liquid
as
bilities.
•
YY'YYY^YYYYY'Y
♦—-—
.'YYy
YY
■
suspension of the New York Stock Exchange house of
& Lounsbery was announced from the rostrom of the
Announcement was also made on
offices of Davies, Auerbach & Cornell,
Foster & Lounsbery, that three creditors of the
Exchange on Dec. 22.
the 22nd inst., at the
Counsel for
banking house had made a petition to place Foster
deposit.
as
$279,197,713, were equal to more than 50%
the liabilities to the public, while actual cash on hand and
banks was shown to be more than 30 % of4the public lia¬
assets,
Foster
law
reported
compared with $3,423,264 for the preceding
$4,253,649,
Romano's desire to
prohibiting private banks will go into effect on Jan. 1 1921.
The Romano Bank'had been in existence for 27 years; and
has about
$42,000,000 in deposits elsewhere than in
over
These deposits continue to be
Canada.
The
new
The growing importance of the Royal
indicated by an
Bank of Canada in international trade is
The acqui¬
that the
Frederick T. Walter, of the
making the report public,
Nov. 30 1920.
history of the bank.
in
Mi4~City Trust & Savings Bank of Chicago (capital
$750,000) has absorbed the private banking house of Antonio
The
sition of the latter results from
Bank of Canada shows
deposits during the past fiscal year of $61,-
pointed out that this annual statement was the best in the
of
♦
retire from business and from the fact
to
New York office of the bank, in
shareholders.
and Milwaukee Ave.
name
from $393,554,156 on Nov. 30 1919 to $455,-
or
on
the year.
Romano at Halstead St.
Home Savings Bank
changed its
formalities are complied with, thereby increasing
the capital from $400,000 to $600,000, the surplus to remain
$200,000. A meeting of the stockholders will be held on
Jan. 12 to authorize the increase in capital, and it will be¬
come effective immediately after its issue is approved by the
when legal
'■Y;X^Y'-:"-vY
YYYYYY
Calif,
the readjustment
Y''Y
Bank of Chicago,
Dec. 30 declared a 50% dividend, payable in
Angeles,
the commercial loans outside the Dominion,
■
of
Los
of
The change in name
an
VYY:;'
—4—~
Y'Y; ■■
:
At a meeting of the directors of the Union Commerce
National Bank of Cleveland, Ohio, on Dec. 6, the resigna¬
Winamac, under the title of the Union
Y'i lY'yY
The annual report of the Royal
of this country to
The Citizens National Bank of Winamac,
■1
Bank
became effective Nov. 13.
capital will become effective
tion of Wm. E. Ward, Vice-President, was
Hibernian
the California Bank of Los Angeles.
held on
Jan. 12 for the purpose of acting on the question of increasing
the capital of the bank from $1,000,000 to $1,500,000.
The new capital will be provided for in part through a stock
The
capital of $100,000, surplus of
a
and the Hibernian Savings Bank, has
Banking & Savings Co. of Cleveland, Ohio, will be
dividend of 25%.
reported
M.
On Nov. 15 the Commercial
f YYY1'Y ■■
dation
stockholders of the United
the
in the Commercial Bank & Trust Co.
$1,618,940.
&
Home
prices which compare favorably with the pre-war
special meeting of
operation
(capital $2,000,000), which was formed through the consoli¬
postponed until
values. Business
in turn has many obstacles to overcome and the entire cycle of revision must
be accomplished before business will again function normally.
YYYY^=:■v'V:VVK;;.^"
T?
Y'YY
;:Y,
YYi'
A
of
resources
The
of new material
of non-essentials has fallen off to even greater
few months for the vast industry and commerce
a
commence
President; S. W. Lindsey, Vice-President;
"Y:YY
depletes the
of lower prices
after January or Easter or any other date which the consumer has accepted
in his mind as the time when prices will be at their lowest level.
This re¬
fusal to buy will undoubtedly have its effect upon prices and spring will
find quotations in many lines greatly depressed.
Yet I cannot feel that
the hopes of these people will be entirely realized so soon.
It requires mofe
resume
will
$50,000, undivided profits of $12,477, deposits of $1,456,463
This is being done with the hope and expectation
degree.
now
Bank & Trust Co.
I
at fair values.
those
Gibbons, Assistant Cashier.
fore conditions
from
bank
the issuance of its charter by the Comp¬
The officers of the National Bank will be
upon
Yates, Vice-President and Cashier; and Thos.
W.
T.
doubt that the country is now passing
no
same as
It will be
Bank &
share.
a
of the stock in the Commercial
National
The
viz.: S. M. Jones,
;
jiar value of $100
a
owners
troller's office.
Vice-President,
the following interview on business con¬
through a period of
business be¬
are again stable.
These losses, naturally, will cause busi¬
ness failures, but there will be no panic.
Business is reconciled to the fact
that stocks mtist be liquidated, even at a loss, and its acceptance of this
condition may be seen to-day,
Trices have declined and will probably go
lower on some commodities.
Production is curtailed and the flow of goods
There is
business depression.
Co.
immediately
Jan. 1 of the company's activities in New York at
Mr. Roosevelt gave
ditions:
by the
Trust
a
Roosevelt will assume
Mr.
company.
elected
institution has
new
Demo¬
Vice-
velt, formerly Assistant Secretary of the Navy and
cratic candidate for the Vice-Presidency, was
'USH
CH] ION I CLE
THE
.
&, Louns¬
Bank of Milwaukee, was
It is understood that tjie creditors are
friendly and that the action was based on the consent of
Foster & Lounsbery to be adjudged bankrupt. y Assets are
board of
estimated at $3,000,000.
bery in bankruptcy.
August W. Bogk, Cashier of the
First Wisconsin National
promoted to Vice-President by the
directors at their last meeting.
A. G. Casper,
Assistant Cashier, was
George C. Dreher and F. K. McPherson, Assistant Cashiers,
were made Assistant Vice-Presidents.
Herbert G. Zahn was
Charles M. Morris, Trust
promoted to Assistant Cashier.
Officer
of
First Wisconsin
the
Vice-President.
Clyde
H.
Trust
Co.,
was
elected
a
McKey, resigned. W. I.
Barth, Assistant Secretary, becomes Treasurer.
George B.
Luhman, a Milwaukee attorney, succeeds Mr. Morris as
Trust
;■
A. Ryan
& Co. in various underwritings, Foster
issued
statement
was
Y'-. Y,\.
of Dec. 18
Y
YYVY' :YY YY Y"Y
i~—•
the Currency in his weekly statement
reponed the issuance of
of
Wellington,
new
institution is
National
Bank
$50,000.
The
system of the
a
charter for the Farmers'
Kan., with a capital of
a
conversion to the National
Farmers' State Bank of Wellington.
Application has been made to the Comptroller of the
Commercial National Bank &
Laurel, Miss., with a capital of $100,000, the
Currency for a charter for the
Trust Co. of
and
proposed institution being planned as a conversion of the
Commercial Bank & Trust Co. of Laurel.
The stock of the
was
The firm of
Allan A. Ryan & Co., Mr. Ryan
His account was closed some
suspension.
satisfactorily fixed up in every way.
Foster & Lounsbery,
consists of J. Hegeman,
;'r'f
Atlantic
the
formed July 1 1901,
the floor member, S. Durrell Louns¬
bery and W. Frazer Gibson.
,
Y'Y' Y
«
^
V.
Gambier,
a
former
night of Dec. 17 by falling from an
office window on the
tenth floor of the Home Life Insurance
at
Y'Y.
Vice-President of the
National Bank of this city, was instantly killed on
Edward
The Comptroller of
saying:
in no way the cause of our
time ago
Officer.
Y
a
Although we have long been brokers for
Fuller, Treasurer, was named
Secretary to succeed Douglas F.
Allan
& Lounsbery
Regarding reports that they were associated with
made Cashier, and Fred R. Sidler,
257 Broadway.
Company Building
Mr. Gambier was an expert amateur
photographer and at the time of his death was arranging to
take a night photograph of the City Hall.
He retired from
the Atlantic National Bank about two years ago.
Prior to
his connection with that
institution he was Cashier of the old
National Bank and upon the merger
of that institution with the Atlantic National Bank was
elected a Vice-President of the new organization.
He was
Merchants Exchange
fifty-five
years
of age.
3488
THE
THE ENGLISH
We
reprint
Samuel
GOLD
SILVER
AND
the following from
the
CHRONICLE
MARKETS.
weekly
[VOL. 111.
TRADE
circular
Montagu & Co. of London, written under date
o
Dec. 2 1920:
AND
ANTHRACITE
o
TRAFFIC
COAL
MOVEMENTS.
SHIPMENTS.—The
of anthracite coal for the month of
shipments
November, 1920, as re¬
ported to the Anthracite Bureau of Information
Phila¬
at
GOLD.
The Bank of
an
•of
England gold
reserve
against its note issue is £123,167,535
increase of £838,100 as compared with last week.
Only
a
small amount
gold cape into the market this week and was taken for the United States
New York reports the arrival of SI ,200,000 in gold from London.
informed by a
there
was
We are
correspondent from Bombay under date of the 5th ult. that
but little prospect of the
bazaar buying gold in the London
mar¬
ket until the stock in Bombay, which is estimated at 10 to 15 lakhs of tolas
The figures below relate to the net imports
gold coin and bullion into India:
/
,
'
,
Three Mos. ending
June 1920.
June 1920
became considerably reduced.
of
,
"*
v
-
•Coin
*
gold)
.
•
1,326,123
52,460
6,970
1,385,553
— —
_
v-.
....
.415,584
*1,131
5,514
.—419,967
(foreign)-..
Total
OUTICES
OUTICCS.
:
Bullion (bar, ingots and other uncoined
Coin (sovereigns and other British) _
delphia, Pa., amounted to 5,765,347 tons.
5,971,671
.
Net export.
same
gold into the United States from Jan. 1 to Oct. 31 were
$315,518,745, as compared with exports amounting to $285,263,164, thus
making a net import of $30,255,581.
The "Kkonomitcheskaya Zhisn"
•gives the following particulars regarding the disposal of Russian gold in
last
the latest
year,
The shipments for
(beginning April 1) to date total 45,486,001
against 46,971,921 tons for the corresponding period
as
last year.
Shipments by initial carriers for the month of November,
1920 and 1919, and for the respective coal years to Dec. 1,
were as follows:
-NovemberRoad—-
1920.
Philadelphia & Reading
— ———————-
Central Railroad of New Jersey.
Delaware Lackawanna & Western.
-
.
Pennsylvania
Erie
8 Mos.-Coal Yr.-Dec. 1
1920.
1918.
1919.
.1,238,994 1,358,643
.1,002,329 1,079,266
453,139
506,737
792,157
860,356
814,167
663,782
424,745
406,606
603,766
620,703
175,074
161,385
260,976
314,193
Delaware & Hudson
The imports of
month
decline of 206,324 tons.
a
the coal year
tons,
Lehigh Valley—
—
the
for
tons
figures show
Compared with
■
New York Ontario <fc Western
Lehigh & New England
9,265,704
8,275,110
3,650,221
6,348,351
6,833,934
9,298,409
8,631,660
4,291,891
7,202,048
5,394,387
3,333,221
5,121,336
1,364,363
2,334,534
3,571,710
4,027,383
1,380,693
2,132,895
Siberia:
"The former Siberian Government had exported from Kasan add Samara
30,563 poods of gold, valued at 645,410,096 rubles, in addition to golden
objects from the Chamber for Weights and Measures, pure gold and plati¬
num, gold-containing silver, silver-containing gold, &c., in 514 cases from
the Mint, weighing about 2,000 poods and valued at 6,122,021 rubles.
The
total value of the gold exported was 651,532,117 rubles.
In March, August
and September 1919 190,899,650 rubles worth of gold was sent to Vladivo¬
stok and in bart deposited for various operations, viz., sold to the French
in May 1919, 126 poods; in July to the English and French, 698 poods; in
July, 140 poods; in August, 502 poods; in September, 500 poods to the
Japanese, and in September, 750 poods to the French; a total of 3,232
poods; 1,800 poods were deposited as security for the Japanese loan, 3,937.5
poods were deposited with the Anglo-American syndicate, 100 poods were
paid for procuring arms from America, 50 poods were paid to the firm of
Remington and 50 poods for procuring Colt minenwerfers, a total of 6,012.5
2309
goods. 1919 whole quantity sold and deposited was in Russian currency
In
ctober The gold in bars valued at 10,557,744 rubles, 9,244.5 poods.
33,000,000 rubles, a total of 2,000 poods, valued at 43,577,744 rubles, were
Vladivostok, but seized in Tchita by Semenov.
Gold in bars to
the amount of 486,568 rubles from the smelting laboratory was sent to
sent to
Total
©nmmcrcistl
Auction
not
409,626,103 rubles, was sent from Omsk to Irkutsk on the retreat of Kolchak's army and was taken over at the beginning of March from the Czechs
and sent to Moscow.
(One pood equals 526.6 troy ounces.)"
5,971,671
45,486,001
46,971,921
ocllaucotts Hews
Sales.—Among other securities, the following
usually dealt in at the Stock Exchange,
at auction in New
were recently sold
York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Stocks.
Shares.
Price.
1,000 Globe Dominion Copper, 175
shs. Ideal Royalty, 866 shs.
Oil
Central
shs.
Tchita when the Omsk branch of the Government bank was transferred
Of the quantities of gold mentioned over 19,000 poods, valued at
there.
.—5,765,347
Devel.,
Noranbagua
3,750
Consoi.,
Inc
266 Great
$100 lot
—
100 Bank of Manhattan Co $200 per sh
37 Cobwell Corp.,
pref
37 Cobwell Corp.,
common
$10 lot
$5 lot
245.344 The Kerbaugh Empire Co.,
SILVER.
Stocks.
Price
100 U. S. & Mexican Trust..... lot $30
19 Sussex RR
$10 50 per sh..
275 Richey Construe. Co—30c. per sh.
Shares.
.J—$300
Eastern
Casualty &
Indemnity, 30% paid in
liquidation
$50 per sh.
50 General Steel, pref—
lot S15
—
1,000 Uncle Sam Clock & Metal, .lot $30
10,000 Indian Packing Corp..$3 per sh.
lot
500 Defoe Eustice Co., Inc., $1 per sh.
1,458 Triplex Safety Glass Corp. of
and 49d. for 2 months' delivery was short lived.
On Monday a consider¬
able amount of silver came into the market from the Continent, America
and China.
Selling from the last two mentioned quarters is worth noticing
...$1,300 lot
95.8375 Buff.& L. E. Trac., pref.$100 lot
95.8375 Buff. & L. E. Trac., com.$100 lot
Am
..lot $15
100 C. G. Gunther Sons first pre¬
ferred
$55 per sh.
especially that from China.
We have pointed out that upon China has
responsibility of sustaining the chief burden of the market by
the absorption of supplies.
When China—"et tu brute"—turns into a
seller, the portent is significant.
The market was not slow to take in its
importance, and the price fell 5%d. in two days.
A moderate reaction
has ensued, owing to bear covering and shortage of supplies on the fall.
The quotation for cash on the 30th ult.—43 %d.—was Md. below the
previous lowest quotation of the year, namely 44d. on June 15.
At that
time the monsoon was not known to be a partial failure, a severe famine
in several
provinces of China was not apparent, the banking community
had not curtailed drastically advances on merchandise, nor had the heavy
fall in the value of commodities materialized.
The repurchase of silver
under the Pittman Act was then in prospect, though not commenced.
We understand that the export of seeds and cereals from China is to be
prohibited as from the 1st of January next.
The net imports of silver into India during the month of June last
amounted to 5,176,411 ounces.
The total for the three months ending
June 1920 was 10,316,124 ounces.
1
'
690.3 Argentine Ry., pref
—.$300 lot
426 Caro. Clinchf. & O. Ry., pref.
50 Ft. Amsterdam Realty
lot $6
2,100 Internations Comm'l Corp..lot $18
common
The rise which began last week and carried the price to 49Hd. for cash
rested the
INDIAN
CURRENCY
RETURNS.
(In lacs of rupees)—
Nov. 7.
Nov. 15.
Nov. 22.
15963
15943
5923
15920
Notes in circulation
Silver coin and bullion in India.
5941
5899
preferred---.-
$20
2380
2379
2379
Gold coin and bullion out of India
Securities (Indian Government)-----6807
6807
6807
Securities (British Government)
835
834
835
■.
No rupees were coined during the week ending 22nd ultimo.
The stock in Shanghai on the 27th November consisted of ahout 36,400,000 ounces in sycee, 26,000,000 dollars and 880 bars of silver, as compared
with about 37,300,000 ounces in sycee, 27,000,000 dollars and 500 bars of
silver on the 20th ultimo.
800 Central
250 Amer:
—
Average price
Bar Silver per oz. std.
2 Mos.
Cash.
—48%d.
—
1
2
Average
Bar Gold,
per oz.
117s.
4SHd.
_49^d.
46^d.
43Kd.
44 ^gd.
UVad.
.46.146d.
fine
7d.
49d.
46Hd.
117s.
44Hd.
44Md.
117s. 6d.
117s. 5d.
Id.
44Hd.
117s.
4d.
46.187d.
117s.
4.6d.
The silver quotations to-day for cash and forward delivery are, respec
tively, 2Kd. and 2%d. below those fixed
a
592 Land
River Co.,
2d
$20 per sh.
The daily closing quotations for securities, &c., at London,
reported by cable, have been
as
follows the past week:
pref.
$3 per sh
500 United Products, cum. pref.$50 lot
500 United Products, com
$15 lot
100 Motor Term'ls Corp., pref.$100 lot
100 Motor Term'ls Corp., com. .$50 lot
145.832 Coeur d'Alene Devel't—.$10 lot
124 Single Serv. Package Corp.. .$5 lot
100 Single
Serv., Package
Mon.
Tues.
Wed.
Thurs.
FH.
Silver, per oz___
d. 41
40
40
40J4
40^
42
■Gold, per fine ounce..
116s. 2d.117s. 5d.U5s. 9d.ll6s. 6d,115s. 8d.ll6s. Id,
Consols, 214 per cents
44
44J4
44J4
4434
4434
Holiday
British, 5 per cents
8234
8234
8134
8134
81^4
Holiday
British, 434 per cents
7634
-7634
77
77
7834
Holiday
French Rentes (in Paris) fr. 56.70
56.35
56.85
56.95
57.12
57.35
Sat.
(in
fr- 85.20
Paris)
145.833 Coeur d'Alene Devel't— ..$10 lot
228 Prizma, Inc., conv. 2d pref.$13 lot
50 Prizma, Inc., common
..$3 lot
71,187 Creditors Holding, Inc., pref
$100 lot
250 The Texland Oil Corp
The
85.20
85.20
85.20
85.20
price of silver in New York on the same day has been:
stock trust
.----.-.$6 per
Fur
Exch.,
Inc.,
-
9934
6334
9934
62
Pow
36 Union Dye & Chemical-
-
-—$1 lot
16 East Palestine Rubber & bon¬
us
bond
__$5 lot
$17 lot
„.
100 United Nat'l
Metallurgical Securities pf.,
20% pd., 1 sh. Bklyn. Acad,
of Music, 100 sh. Manhat.
lot $50
50 Butterworth-Judson
$5 per sh,
50 Vanascope, pref., 100 sh. Vanlot $5
11,000 Inspiration Miami Copper,
2,100 sh. Inspiration Miami
Extn. Copper
——lot $60
1,800 First Nat. Copper
40c. per sh.
10 Key West Gas—
lot $9
66 Nemours Trading Corp
lot $5
Devel
Mining,
lot $110
sh.
Me'eor
162
Carbon.
—lot $15
1,000 Industrial Oil & Gas, 175 sh.
Staked Plains Trust, Ltd .lot $120
780 Oriental Bank—
lot $100
133 Guardian Liquidation, Inc..lot $50
50 N. Y. & East Riv. Ferry...lot $50
250 Internat. Traction 7% pref—lot $5
510 K. C. Mex. & Orient Ry.,
730 K.
C.
Mex.
lot $10
-
9934
6234
9934
6334
9934
6334
9934
6534
&
Orient
Ry.,
lot $10
200 Internat. Construe. Co., cert.
of
lot $5
deposit
I
—
_$3Iot
lot
lot
lot
lot
lot
100 Fiberform Safety Package..$20 lot
500 Club Pure Food, pref
$5 lot
80 Mutual Film Corp., com
$7 lot
100 Mutual Film Corp., pref...$40 lot
142 Eastern Mausoleum Co
$35 lot
98%
Liberty
Farms
Corp.
6%
pref. v. t. c.; 75 sh.
Liberty Farms Corp. com.
cum.
v.
t.
406 Lehigh
$100 lot
c.—
Power Secui.
common v
222 Dolores
t
Corp.,
$4 per sh
c.—
Mines.....
$1
per
sh.
100 Montana Farms Corp—-$3 per sh.
250 H. B. Claflin & Co., com
200 General Steel, preferred
$50 lot
$55 lot
110 M.tropol. Jockey Club..$2,500 lot
Interbor.
Met. Co.
v
Sh.
t
c.
and 35 scrip, 8 sh. W'msb'g
Trust Co. stk. tr. ctfs., 4 sh.
Acad.
33 Internat. Explor. Co., 20 sh.
Dominion Copper, 183 sh.
532 Monterey
1914
589 Metropol. St. Ry. Co., 9
Utilities, pref.;
com
July
—
common
—_$10
1,261 Hawthorne Co., common
$16
600 Anglo-Am. Comm. Corp...$15
381^ Pa. & New River Coal
$5
1,500 Hartford Home Bldg. Assn.$60
200 Colonial Tire & Rub., com..$85 lot
ascope,
6s,
—
750 Hawthorne Co., pref., v. t. c.,
350 shares Hawthorne Co.,
50 United Nat. Util., com.$25 lot
325 Riviera Realty Co
$11 lot
Transit
1st
coupon on-
500 The Somerset Western Oil..$15 lot
450 Hawthorne Co., pf., v. t. c__$4 lot
sh.
com.
....$150 lot
......
5,250 Gold Springs Mining & Pow.,
$5,500 Gold Springs M'g &
certificates$5 lot
preferred.
Silver in N. Y., per oz. (cts.):
Foreign
--$11 lot
250 The Texas Oil Produc. Co. .$15 lot
55 Halcyon Real Estate Corp.
common
Domestic--
Corp.
stock tract certificate.....$5 lot
500 Castle Dome
London,
Week ending Dec. 24.
Trench War Loan
&
____lot$80
........
345 "Waynesburg Products Corp.,
common
135,500 Wyoming Copper Mg
lot $16
50 The Lake Sub-Marine Co.,
100 sh. Victor Leather...lots 20
week ago.
ENGLISH FINANCIAL MARKET—PER CABLE.
as
_
1st pref.
Corp
-115s. lOd.
_"119s. 3.27d.
—
—
80 The Edrington Co
.lot $5
10,000 Gt. Western Petroleum..lot $200
Lake Silver Cobalt
1,000 Peterson
Mining
$2 per sh.
River Co.,
,100 Seaboard Steel & Manganese
122s. 4d.
26
27
T
5,000 N. J. Mines, Goldficld, Nev.lot $29
$1.50 per sh.
54%d. Highest price for 2 months.-.54%d.
43%d. Lowest price for 2 months.
-44Hd.
50.951d. Average price for 2 months._50.850d.
Quotations—
$100 lot
600 Internations Products Corp.,
preferred
lot $30
40 Amer. Oil, Havana, Cuba
lot $1
Foreign Trade Corp.,
common
pref
GOLD.
Lowest price
__
177 Land &
152 Int.
Highest price
December
Development.$1.35 lot
SILVER.
Highest price for cash-for cash
Average price for cash
November
Oil
50 Amer. Road Machinery.
....
98 Int. FurExch., Inc., 7% cum.
The Shanghai exchange is quoted at 4s. 4Hd. the tael.
Statistics for the month of November are appended:
Lowest price
per sh
150 Lang Propeller of America..$50 lot
2,250 Chicago Utilities Co., pref.$250 lot
430 Security Bank of N. Y„ $10
per share paid in llq——$500 lot
Silver coin and bullion out of India
Gold coin and bullion in India
—
153.34 The Kerbaugh Empire Co.,
Realty Corp.,
sh. Metropol.
Surety
12}£
com.
ctfs. of deposit..
$100 lot
100 Alsen Cement of Amer..$4,000 lot
1,000 Osceola Cypress
$20 per sh.
$5 lot
100 Section 30 Mining Co
300 Poole Eng. & Mach
$3 per sh.
800 Alto Gasoline & Oil
350 Neulock
256
$31 lot
Mfg. Corp
$5 lot
.$2.65 per sh
Mercer Motors
15,000 Nancy Hanks-Mont. Mining
depositary's receipt..
$35 lot
22,500 Bradshaw Reduction
$5 lot
100 Central Oil Devel., 300 sh.
Gum Cove Oil & Ref
25,000 Porcupine V.
Mines.
50 Navajo
Copper
7,600 Sunset Mining
N.
-
T.
$65 lot
Gold
..$2,000 lot
$2 lot
$5 lot
100 Lord & Taylor 2d pref——.55 H%
32 Mud River Silver Mining
$5 lot
55Newlin Haines, pref., eertif.
of deposit
$17
6,000 Wall Street Town & Mining.$1
375 Nat'l Tire &
Rubber; 205
Waldes & Co., Inc
$60
100 New York Engine Co
$16
lot
lot
lot
lot
55 Ball Rolled Tube Corp
$2 lot
12 Richmond Radiator, pref.; 37
Richm. Radiator, com..$285 lot
1,000 Big Jim Consoi. Mining
170 United Eastern Mining
$12 lot
$350 lot
Stocks.
Shares.
187 >4
>
'
Bonds.
Price.
Pro-Mo-Tor
Corp., com..
25 Wellwyn Corporation.....$100 lot
$50 lot
5,321 Rock Hill Placer; 2,000 shs.
Knicker. Wyom. Oil., pref.;
1,750 shs. Knicker. Wyom.
Oil,
50
com.;
Smith
shs.
Percent.
,
,
$2,500 lot
$255,000 Metropol. By-Products,
Inc., temp, ctfs.; $25,OOOMetrop.
By-Products, Inc., 2d 6s, temp,
ctfs.; $9,750 Metrop. By-Products
Inc. (unconv.) temp. ctfs..$24,000 lot
105,000 Chicago Utilities 1st 5s.$500 lot
$8,000 Union Dye & Chem. Corp.
1st 8s—
$12 lot
346 Pneuelectric Machine
;
.
$100,000 N. Y. & Montana Mines
Fabricating
Motor Truck Corp., pref.$29 lot
15 Jefferson Bank....$10.50 per sh.
—
$20 lot
& Sea
$2,000 Carmen Guanajuato
1923
$1,000 Trenton Lakewood
Coast Ry. 5s, 1940
Gold M. 1st 8s, 1928, June
1912 coupon on...
—$6 lot
$135,000 K. C. Mex. & Orient Ry.
1st 4s, Aug. 1912 coupon on certif.
500 Savold Tire
of
$20 lot
-
'
Bonds.
Canada Copper Corp. 6s,
coupon-...-------.$150
$10,000 Wabash-Pitts. Term. RR.
1st 4s, 1954, temp, certifs...-—$20
$500 Internat'l Sporting Club 6s..$50
Oct. 1920
5% notes (defaulted)
31
$2,000 Grt. West, Electro-Chem.
S2 lot
$36,300 Metropol. By-Products,Inc.
3s 6s, 1926
$125 lot
1st
$25,000 past due notes Mapleton
Holding Co
—$25 lot
$42,000 past due notes Midwood
Building Co.
- - $25 lot
$12,500 past due notes Factory
Building Co
$25
$50,000 past due notes Greater City
Consurtc. & Finance Corp
$25
$19,167 Buff. & Lake Erie Trac. 1st
& ref. 5s, 1936, Nov. 1912 coupon
"on
..$200
tached
-
-
-
-
-
-
29 Jf
—
-
lot
protested notes
"
—--....
6 East. Maas. St.
$563,442.47 note of Acme Harvest'g
'
Slocks.
10 Boylston National
each
lot $250
2,834 Potosi Mines, com., $10 each .lot $2
867 Potosi Mines, pref. $10 eja.lot
15 Nantucket Cranberry Co
100 Skelly Oil Co.
Mass,,
91 14
common
104
Tremont & Suffolk Mills
190
Wamsutta Mills
Ill
Gosnold Mills
10214
Quinsett Mill
245
U. S. Worsted. 1st pref
50
American Linen
.....105
Cabot Mfg.—-—
^200
Mfg.
5 Nashua Mfg.,
215
580
200
54
50
100
50
40 East.
Mass.
St.
Ry.,
24
40
125
10
108
50
500
50
90
60
100
175
10
adj. stock
[ lot
East.Mass.8t.Ry.,pref. ser.A|$220
East.Mass.St.Ry., common.)
Nashua & Lowell RR
108
Northampton St. Ry
3514
Mass. Elec. Cos., pref. ctf.
dep. carrying all sec 100.-2^-3
Bay State St. Ry., 1st pref.lot $44
Mass. Elec. Cos., pref. ctf.
dep. carry, com. stk. only 18c-20c
New Hampshire Elec. Rys., pf. 7%
Mass. Consol. Rys., pref.—
1
Nor. Mass. St. Ry., pref
1
Worcester Cons. St. Ry.i pref. 14 %
Nat, Motor Car & Vehicle-5
A. L. Sayles & Sons, com.,
$25 each
12
234 Turners Falls Power & Elec .73-73 14
50 Charlestown
Gas
&
Elec.,
$50 each
11 Worcester Gas Light
-
5214
Corp., $1 ea.-lot $35
18 J. S. Crehore & Co., pref.
inc.---—. .lot $25
Storage,
50 Fiske
Cold
&
Ice
pref
95
.
Rubber, 1st pref
70M
25 Haverhill Gas Light, $50 each 48
25 No. Boston Ltg. Prop., pref.
50 Northwestern
25 Puget
Sound
Leather,
Trac.,
5 Wm. Read & Sons,
70
pref. 81
Lt. "&
55%
Power, pref
50 Fail River Gas Works
—150
Inc., com.50c.
5 Entz Motor Patents, Inc., pf.
1
10 Entz Motor Patents, Inc.,com.
14
4,948 Jacksonville Lumber, pref.,
$1 each..........—...lot $10
100 Mass. Lighting Cos., com
10 Ice Pavilion, Inc., pref
6
1 lot
Inc., com.
/ $1
Granite Gold Mg., $1 each.. 7c.
Atl. Coast Fisheries, com
4
New Eng. Equitable Ins...lot $2%
Copley Square Trust, com.-- 30
4 Ice Pavilion,
3,700
200
24
100
lot $50
1,000 Pacific Oil of Montana
199 Faneuil Co. of Maine
lot $500
225 Submarine Signal, $25 each..
118 Am. Electric Share, com
59 Am. Electric Share,
7
1
lot
pref.--/SI,000
400 ChoraIcelo Mfg., $10 each.-lot $10
50 Willys Corp., 1st pref
16
Co., nonpref--------------. 26
Curtiss
Airplane
Motor,
pref. vot. tr. ctf.—2
Bay State Fishing Co
20
Boston Dwelling House
25c.
Port Norrls Fruit Co....—25c.
55 Willys
100
50
68
80 East Coast Fisheries, pref
20 East Coast Fisheries, com
1 lot
Tire,
60
common..-lot $100
460 No. States Power warrants let $400
lot
25 General Bond <fe Share
48 Laconta Car,
pref
100 Republic Ry. & Lt., com
-
50 Colorado Power, common. —
100 Western Power, common
20 Avery Chemical, pref
100 (Appalachian Power, pref
50 Tennessee Ry., Lt. & P., pref.
$25
20
5
9
18 14
1
17
13%
1
203 Pike Land
4,000 Bendelari Land, $1 each--lot $100
88 The Nymo Land
32
70 Lawrence Gas
93
&
60 Rights Qulncy Mkt. & C .9.W.
25 Commonwealth Ry.,
Power
$10 each
150 Crowell
:
&
Edison, Inc..
ship, $10 each.
-
40 Puritan Life Insurance
50 Ridgway Furnace, pref
...
£1,000 Swedish Govt. 3Ms, red
after Aug. 15 1920
.lot $190
$15,000 Russian 6^s, 1919
10 flat
Hunt, Inc.—]
Mfg., Inc., pf.!
250 sh.
200 sb.
com.
94
1
series
TextileMfrs.AlI.,Inc.,com.^
lot
Noble Greenough School! $2,500
5s,
Boston
1923—
City
Club
Bos.City Club deb. 5s, '24!
$1,000 New Riding Club 2d 5s, '341
$225,000 Notes of Texas Gas &)
$100
Electric
Co
I
$35,750 Participation in notes
Texas Gas & Elec. Co
Trust
sh.
agreement
or
units
In
of/
lot
$500
Bowhead
Food Products Co
100 Amer.
lot $300
38 sh. Mass. Elec. Cos. pref. ctf.1
dep. carry, com. stk. only
$350 East. Mass. St. Ry. ref. 5s,
lot
Series B, 1948
$90
warrant
warrant for
St. Ry.
opt.
adj. stock
20 sh. Mass. Elec. Cos. pref. ctf.
dep.
carry,
com.
$1
National
Bank—
Philadelphia Trust
Trust,
par
26 Hale & Kflburn Corp., com.lot $30
48 Midland
115 Curtiss
Pennsy,
RR.
stk. only
15
6
(un¬
&
pref., par $10
$15
Motor
3%
-
100 Keystone Watch Case
Gearshift
10 Amer.
lot $10
Finance
10
Finance
20
$10.1ot $5
Sleeve Valve Motor,
lot $5
$10
Coast
Fisheries
Prod¬
ucts, pref
Coast Fisheries
Prod-
com., par $10
20 Internat. Educ.
iot
$90
$70
10 Assoc. Gas & Elec., com—-
2
1
—
par
1
.
Inn
Book,
$10———
pref.,
-...lot $1
29 The Tabard Inn Book, com.,
lot $1
par $10--.
2,000 Temagami-Cobalt
Ltd., par $1
Mines,
lot $3
1,000 Argentum Mines, Ltd., par $1 lot$l
200 Davis Machine Tool,
Inc.,
par $10.^
lot$l
50 Chapman Mfg., pref
lot $20
10 Chapman Mfg., com..
lot $1
r200 Am. Standard Motion Pic¬
—
Transn.,
Inc., par $5..Iot $1
Mining
Leaf
&
lot $5
$1—
par
13 United Nat. Utilities..
lot $1
78 Union Traction of Ind., com.lot $1
70 Union Trac. of Ind., pref.-lot $12
25 De Long Hook & Eye
20
334 Ry. Tie Treating, Co. com..lot $6
250 Ry. Tie Treating, Co. pref.lot $11
1%
1
4%
5%
Corp., com., lot $2
2
$52 50 Berg Brothers, com., scrlp.lot $1
14 Berg Brothers, com., par $5 $1
1 Berg Brothers, pref
1
30 Universal Tool Steel, Ltd.-lot $10
110 Sarfert Knitting Mills
lot $40
$4
$5
500 Internat. Trac. of N. J., com.lot
65.62 Ventnor Syndicate
lot
43 West Jersey
Securities——y 2)4
200 Buena Vista Ice, com
95 Buena Vista Icc, pref
lot $50
lot $125
145 Piorida Fish Products, com.lot
1 95 Florida Fish Products, pref.lot
325 The Isko Co., pref
163 The Isko Co., com
6 The Isko Co.,
$15
$50
5-8
14
1st pref
8
*
714
400 Rex Hide Rubber Co., pref..
(tr. ctf.)_Iot $130
Pub., pref—
014
13 Internat. Educ. Pub., com..
71 Geo. D. Ellis <fe Sons, Inc
11 Geo. B. Newton Coal, com..
lot
1
25
—
ture Mach.,
lot $2
preferred
50 East
40 Veleut Co
$5
2,800 In'state Oil & Rf., par $10.1ot $10
20 Pennsylvania Milling, pref—
2
20 Amer. Pipe & Secur., pref— 5514
10 Southern Utilities, pref
11
400 International
Oil
&
Gas
Corp.,
20
100 Nat. Rubber Prod. Corp., pf.
71 Corden & Co...
2,000 The Silver
1
———Jot
20 Art Silk Co. of Am., per
lot $25
30 Chester Construction
50
Corp., par $1
Phila.
-
syndicate)...lot
Aeroplane
lot $20
in
100 Amer. Pipe & Secur., pref.. 55
37 The Laguna Co., pref. "v.t."lot $55
$50100%
3 Victory Insurance, par $50. .108
'67 Hale & Kllburn Corp., pref..
4 Phila. Bourse, com., par $50.
Corp.,
—
Membership
4 Tabard
590
..276-275
12 Commercial Trust
42 Liberty Title&
$30
lot $2
40 Dollle Coal.
309
20 Tradesmens National Bank..245
5
lot
Speedway Association
lot $60
18 Corn Exchange Nat. Bank—380
17 Penn
Iot $5
Co
Aero-Service
par $50
4 Life
—
105 Wash .-Oregon
$40 East.Mass.St.Ry .ad J .stk .scrip
lot $2
lot $10
& Baking,
Underwriters
40 Phila.
32
235 United Equities, com—lot $5
40 Wash .-Oregon" Cor p., pref—lot $10
$200 East.Mass. St.Ry. 5s, 1948—
Mass.
par
Ice Cream
3,000 Enterprise Mg. Reduction &
Impt., par $1.
...lot $10
600 Manganese
Mines & Steel
Co., par $5
lot $50
200 Calumet & Jerome Copper,
par $1
lot $30
lot $1
251 North'Coast Power, pref
470 United Equities, pref
$30 East.Mass.St.Ry. ref. 58—
9 sb. East. Mass. St. Ry. opt.
$ per sh.
pref., no par
50 The
3,900 Pottsville Gas, par $50---]
495 Schuylkill Valley Gas.
1
$50,000 Schuylkill Val. Gas bds. /
lot
Certain lot of ground In Boro, of|$25,000
Pottsville
(as
described
In f
legal advertisement)
-..J
10 East
liquidation cert. Class A
13 Bahls
50
Fire Insur
4,500 Empire Mining,
par
Syndicate, full paid.
East.
Union
2 Commonwealth
Oil
$50 East.Mass.St.Ry. opt. war'nt
$76 East.Mass.St.Ry .ad J .stk .scrip
$10
Co...lot $50
Corp., common.-.:
21
Syndicate, full paid
lot $125
Trust agreement representing 314
sh. or units in C. L. & H. Oil
5sb.
RR.,
lot
1 Commonwealth
j
representing
Tidewater
Incinerator
200 Greater Atlantic Develop
deb.
Stocks.
100 Oklahoma Tripoli, par $25.-lot $5
30 The Three Star Clay
1,000 shares Beneficial interest In
syndicate of the Anhydrous
20 Stortz
RR. 1st 5s, 1936
Shares.
10
1,475 Janney & Burrough, Inc
$1,000 Atlanta iBIrm. & Atlantic I
$1,000
&
"B"
derwriting
Real Estate Trust
Co.'
Mfg.
50 The Panvar Co., par $1
32 Tonopah
«
TextiIeMfrs.AIl.,Inc.,pf__ I
lot $10
Champion
80 F. C. Rose Realty Corp
300 Odorless
..74
50 sh. Herreshoff
Mt.
lot
6s, 1914. ——
-—-v..
$23,500 Mt. Champion Mfg. notes., $75
31.8 The Laguna Co. pf. v.t.c.lot $10
14.7 Bullfrog Gold field RR„_ __lot $7
$1,000 Pacific Fruit Express 7s, '26.100%
$7,000 Columbus Gas & Elec. deb.
50 sh.
$24,000
40
Corp.,pref.lot $5
20 Compoche Laguna Corp.,com.lot $5
5.08 The Laguna Corp
lot $2
$5,000 Eastern Mass. St. Ry. ref.
6s, 1925
25% flat
$5,000 Boston & Me. RR. 414b, '29. 62
$5,000 Melbourne Electric Supply
Co. 6s, 1922
75
1 share Hartford
1st 5s, 1945--—-—-..$10 flat
1st 6s, 1929
20 Compoche Laguna
18
5
150 Gillette Safety Razor..——130
25 Pan-American Match
lot $1
Bonds.
Percent.
5s, 1927—
Mass.
Stocks.
$ per sh.
5 Geo. B. Newton Coal, com..
1%
100 Detroit Times Co., com.—
50 Detroit Times Co., pref-,-
50 Southwestern Cities Elec., pf.
5
\22%
stock./
By Messrs. Barnes & Lofland, Philadelphia:
Steam-
-——...
j
—
$5,000 Fla. Soft Phosphate & Lime
5c.
Shares.
1
10
Ind.
St. Ry ref.l lot
Mass.
$3,000 Public Light & Power of
300 Brazas Oil Corporation——
2
260 East Coast Fisheries, pref—.9-914
25
Tburlow
Nor.
&
Wayne
$10 East.Mass.St.Ry. frac'l
Package Groc. St., pref.l lot
200 All Package Groc. St., com./ $1
5
Ft.
Trac., common
5s. 1948. B
$10 each
100 Pope Mfg., pref..
1 lot
10 Pope Mfg., common..
/ $1
15 Bostcn
Co-Operative Build-
233 The Locks-Ober Co
166
$3,250 Eastern
100 All
80
ing Co., $25 each
5%
Light Co., pref
31
Mach., pref— 45
1,050 Houser Royalty Syndicate,
1 lot
com...
I
.
&
—lot $10
Mach.,
!£/;■ ■;
-w.-w
$17,000 Ft. Wayne & Nor. Ind.]
Trac, 1st 5s
|
160
Ft.
Wayne
&
Nor.
Ind.[ lot
Trac., pref.
!$1,200
30 Becker Milling
Bearing, Inc.,
100 Nat, Tool &
1
514
200 East Mass. St. Ry„ com
66c.
588 Mass. Elec., pf. ctf. of dep_15c-13c.
35
Vitrified Products.—..
500 Anti-Friction
certf.]
war'ts
opt.
adj. stock.
lot
25 East.Mass.St.Ry. pref. B
$64 East.Mass.St.Ry. adj. scrip— $451
$45 East.Mass.St.Ry. bond scrip..
$1,650 East. Mass. St. Ry. 5s, 1948
$750 Eastern Mass. St. Ry. ref.
5s, 1948, B
22%
37 Plymouth Gas Light..
lot $9
100 East. Mass. St. Ry., pref.'A"
Light
Cape Cod Products, pref
-
lCMFDuquesne Light, pref
37H Colo. Lt., Ht.&Pow.,
440 Ingenio de Coscapa Sygar &
Alcohol, series B 2d pref—
8 Bay State Fishing, com—__
72
JI205 $6,250 Staked Plains Trust Ltd.
100 Board of Trade Bldg. Tr
600 Carlisle
.
...
Overland
conv.
14
—
lot
lc. each-—.—lot $100
100 West. Coke & Cell., Inc., pf./ S10
6 N. Bedford Gas & Ed. Lt—142^
500 Oklacuba Oil
25 Commonwealth
Power
10 The Wisconsin
46
lot $1 Vi
—
132 Bay State St. Ry., pref.
■} of deposit.—
Copper,
25 Ice Pavilion Inc. of Mass., pf. 1 lot
10 Ice Pav'n Inc. of Mass., com ./ $10
5
10 Mass. Real Estate
.
$25
Steam Brick. —$10
475 The Royalty Syndicate Trust.50c.
Corp., com., $50 each
10%
Bennett Co., Ltd., pref
70
Hartf. Mg. Corp., com,,$l ea.l lot
Hartf. Mg. Corp., pref.,$l
ea.J $10
Royalty Syndicate, $10each.25c.
Mass. Lighting Cos., pref...
9
50 Am.
lot
note
for
$10,000, with
250,000 shares Calumet & Corbin Mines Co. as collateral
$250
$500 Cert, of Indebt. Bass River
Golf Club
-$10
6%
Felt, pref
252 Adirondack
82%
....
80 Brockton Gas Light
25 New England Casualty.
—
110 American
5
6
5 East.Mass.St.Ry.
6%
—
30 Boston Arena, common
lot $11
11 Madelether Co., common..lot $25
25 Silvertown Cycle, pref.
20
9
17
33 East.Mass.St.Ry.
10
(Dela.)
4 shares com. as bonus.--.
550
Per cent.
Demand
$50
5
250 Norcross Bros., com. 100...lot $5
20 Chapman Mfg., pref., with
500
Bonds.
70
common
1,094 Montana
Consol.
$10 each.-.
40 Noteholders Liquidation Co.,
$1 each.—..
500
60
—J
-
(Voting trust certfs.)
28 Barrington
Fisheries, pref .40 H-42
20 Electric Bond & Share, pref. 75
300 Brazos Oil Corporation..-—
2
2,500
150
$100
of
30 Internat.Alcohol Corp.,
com.]
4 Internat; Alcohol Corpv, pref,
50 Texas Southern Elec., pref.lot $25
op.]
warrant for
25
100
Jot
com-,
Packers,
100
1
of
Trustees
lot $10
lot
$10
Amer. Hawaiian SS., com... 30
Becker Milling Mach., com..
714
New England Co., 2d pref— 45
Gold Mark Knlt'g, 1st pref-1
lot
Gold Mark Knit'g, com—./$2,500
10 Wizard Mfg., pref—. —
1
10 Wizard Mfg., common---.--/
25
33% Mass. Bonding & Ins
10 Willys Corp., 1st pref
10 Gorton Pew
H Bates
Trustees
Associates,
Copperfield
6% pref
•
5,000 Clairborne Oil, $1 each....lot $100
5,000 Highland Boy Oil & Gas,
355 New England Chemical
11-16-1 9-16
each
Elec.
20 Central! Elec.
lot $15,000
37
131
—
—
100 Ely
$1.50
50 Sandy Pt. Shipbldg. Corp...
40 Central
Springs L., H. & P. Co., pref..$100 lot
$9,300 Canada Copper 6s, 1928 $1,000 lot
$3,000 Suffolk Traction 1st 5s...$115 lot
Co., Boston:
15
1
Fishing, 1st pref— 20
54 Bay State Fishing, com——
5
150,000 Jerome Del Monte Copper,
$1 each
--lot $100
50 Taxi-Service of Phila., pref— 20
50 Taxi-Service of Phila., com..lot $1
Sleeks.
$ per sh.
$ per sh. 'Shares.
165 No. Boston Ltg. Prop., pref.70-72
Bank 100-130
400 Nat. Tool & Mach. Corp
lot $25
Boston295-300
325 Great Falls Mfg.—
1
513,000 Gold Pan Mines, Ltd., $1
3 International Trust,
20 Fidelity Trust, Boston
30 Atl. Coast Fisheries, pref
66 Bay State
50 Allied
interest in $25,000 partici¬
pation in Gasoline Prod. Synd..$20 lot
lot
$41
r
pref.,]
—-----J
$5 each
30 Atl. Coast Fisheres, com.—
Jersey R. T., com.; 6 shs. Colo.
3775 U. S. Worsted, com., $10
$5 each
210 Dayton Coal Iron Ry.,
3H
Ry—lot $15
Mass.j, pref--
_
By Messrs. R. L. Day &
——————
pref—1 lot
.$100 lot
....$100 lot
Co
lot
B_/$160
com___/$500
1960, certif. of dep.; 150 shs. Nor.
$50 lot
notes, Sept. 1919 coupon on
184 No.Am. Timber Hold., com.lot
250 American Cities, pref
50 East Coast Fisheries,
Jersey R. T. common—
$20 lot
No. Jersey R. Tran. bonds,
$22,500 Chicago Utilities 1st 5s, *42
April 1915 coupon on..
...S500
deposit*
of
15 Brockton & Plym. St.
1960, certif. of dep.; 69 shs. Nor.
3 mos.
pf.lot $200
$10
5 Royal Block Explosive, pref.l lot
1 Royal Block Explosive, com.f$lH
787 Dayton Coal Iron Ry., com.,]
'
—lot $21
Ry., adj. stk
$1
—.
214 No. Am. Timber Hold.,
10 Mass. Elec. Co's, pref. (cert.
$10,000 North Jersey R. Tran. bds.
lot
1
lot
50 Smith Motor Truck Corp...
150 E. A. Williamson Co
.—
Cons. Ry__.
com.)
5 Exceptional Pictures,
2 Ideal Fastener
Colrain
&
50 East. Mass. St. Ry., pref.
$6,333,05 British Guiana Cons. Co.
M#6% note, extended to 1915
$800 lot
$10,000 Lang Propeller of Amer. 6%
Shares.
-
Falls
pref-[$1,050
5 Exceptional Pictures,
500 Caro. Clinch. & O. RR.lot $2,500
$1,000 lot $25,000
coupon
$8,050 Nat'l Rys. of Mex.
Mach.
.
—
172 Maas.
$10,000 Hurlburt's Motor Truck 7s,
1919, certif. of dep.; 50 shs. Hurlburt Motor Truck, com., no par.$18 lot
$27,850 Chicago Elev. Rys. 6s, 1924
i*»"jruly 1919
—
$10,000 Metropol. Jockey Club 1st
mtge. bonds, 1927
—$6,500 lot
lot
.
f. 5s, 1949, all coupons at¬
s.
deposit)-.--————lot $475
St. Ry..pref.l lot
f $25
89 Mesaba Ry., pief
I lo'
188 Mesaba Ry., common
/ $25
100 East Coast Fisheries,
lot
$100,000 Pacific & Idaho Nor. Ry.
►
of
12 Hartf. & Sprinf.
36 Hartf. & Springf. St. Ry ,com.
'
lot
lot
J$500
50 Conn. Valley St. Ry., pref—25c.
850 Mass. Elec. Co's, com. (cert.
20 Shelburne
$60 lot
deposit
1,250 East Coast Fisheries, com.30c.-35c.
10 Puget Sd. Tr., Lt. & P., pref. 55%
f.l lot'
10 Cent. Miss. Vail. Elec., pref.
3 Cent. Miss. Vail. Elec., com.
x./ $25
20 Greene & Hickey L.,
pref]
20 Greene & Hickey L., com.
lot
lj^
1 lot
25 Arcadia Print Works, com.—
$<per sh.
Slocks.
Shares.
$ per sh.
Stocks.
405 U. S. Worsted, com., $10 ea.
50 Arcadia Print Works, pref
St. Ry——
$1,500
$500,000 Internal. & Grt. Nor. RR.
1st 6s, 1939
10
$24,000 K. C. Mex. & Orient Ry.6s,
certif. of deposit
$300 lot
Percent.
By Messrs. Wise, Hobbs & Arnold, Boston:
Shares.
-——
adjust. 6s,
200 Carmen Guanajuato Gold M.;
2489
CHRONICLE
THE
1920.]
■
Dec. 25
800 Pitta. Model Engine, pref— 30
30 Am. Metal Edge Box, pref.lot $40
75 Am. Metal Edge Box, com.lot $23
15 Manhattan Co. of N. Y
200
5 New Jersey Zinc
145
20 Union Trac. oi Ind., com
lot
20 Union Trac. of Ind., 2d pref.lot
150 The Cucharas Land & Water
Corporation
500 Seaboard Steel
50
10
120
$50
Mangan¬
Corporation
Iot $150
Am. Pipe <fe Const (old stk)
2H
Association Gas & Elec., pf.lot $55
Bay View Orchard Co
3
Vulcan Motor Device
lot $210
ese
125
lot
<fe
$1
$6
2490
THE
Ponifr.
Percent.
'
$5,000 Aurora
Elgin & Chic. By,
First & Kef. 5a,
1941
$6,000 Columbus.Newark & Zanesv.
Elec. Ry. First 5s, 1924.
23
$5,000 Det. <fc Pt. Huron Shore Line
Ry. First 5s, 1950
Govt.
60
Gas
&
Falls"&
11
...
$10,000 Paint Creek Collieries First
6s, 1956
$11,000 Midland Pa. RR. First 5s
IX
-
$3,000 South Carolina Light, Power
& Ry. First 5s, 1937
411*
$4,000 Jamaica Water Supply First
68, 1940
——73
$2,000 New Orleans Ry. & Light
Ref.6s, 1949
321*
$5,000 Omaha & C. B. Street Ry.
First Cons. 6s, 1928:
70
$5,000 Phila. Suburban Gas & Elec.
First & Ref. 5s, I960.————
721*
$5,000 West Penn Pow. 1st 6s, 1958 86
$4,000 Salmon River Pow. 1st 5s,'52 741*
$5,000 Duquesne Light Co. (Plttsb.)
* Coll. Trust
6s, 1949
23*
1st 6s, 1930—
15
dere, N. J.
gen.
——-
55
98
$1.5,000 The
Rainier
The Farmers & Merchants National Bank of Piano, Tex;
capital, $50,000
Charter expired by limitation at close of business Dec. 16 1920.
Wllkes-Barre,
6s, 1940 (ctf. of deposit)———
$3,000 Cucharas Land A Water
Corp. Income 5s, 1935--—----$1,000 Cucharas Land A Water
Corp. 1st 0s, 1935
$9,000 Aurora Elgin A Chic. Ry.
14J*
Ry.
1st A ref. 5s, 1941
(ctf. of dep.).
DIVIDENDS—Change in Method of Reporting Same.
We have changed the method of presenting our dividend
record.
We now group the dividends in two separate tables.
First we bring together all the dividends announced the
current week.
Then we follow with a second table, in which
we show
the dividends previously announced, but which
have not yet been paid.
2
1
1
,
553*
$4,000 Atlantic A Shore 1st 5s— 35
$40,O00Ga.Lt.,Pow.ARy.lst5s,'41 153*
$5,000 New Orl. Ry. ALt. deb. 7s,'19
1
25
Ry.
5*
Val.
EXPIRATION OF CORPORATE EXISTENCE.
2
Rye
Pure
$1,000 Township of
15
Val.
Phila.
The dividends announced this week
50
Per
Name of Company.
week in
1919, show
an
Cent.
increase in the aggregate of
3
Inc. or
Canada—
Montreal—Winnipeg
Vancouver
Calgary---
Edmonton.———
Ottawa
—
Hamilton—
Quebec
-
Saskatoon
St. John
Halifax
4,731,617
Moose Jaw.
London
Fort William
—-.
Brandon
;
Lethbrldge
Brantford
Westminster-..
Medicine Hat
Peterborough
2,693,133
5,729,828
9,145,207
7,226,709
7,513,325
2,385,035
5,032,131
3,220,388
Reglna
New
132,994,899 154,239,366
126,258,318 112,749,437
102,305,325 66,275,206
15,907,189 14,707,108
9,153,637
Victoria..
2,034,286
3,251,142
1,011,950
953,276
1,201,471
1,401,938
641,828
661,881
1,085,745
—
Sherbrooke
Kitchener
Windsor
——,
Prince Albert
Moncton
W
—
%
1,423,066
1,152,699
3,542,540
8,659,600
3,048,032
6,369,755
11,472,186
7,391,834
7,029,969
2,261,575
4,525,450
3,437,561
5,230.592
1,778,669
3,793,167
1,218.021
1,027,328
826,620
1,490,899
637,053
665,169
899,427
1,390,009
1,159,917
2,948,607
c
1917.
—13.8 138,706,888
69,707,527
+ 12.0
76,129,013
+ 54.5
+ 8.2
+ 5.7
68,413,684
12,312,836
7,378,182
61,295,067
51,782,260
9,254,106
7,947,025
—11.6
2,001,892
—10.0
3,868,404
9,704,413
1,655,616
3,410,359
5,365,277
—2.2
5,351,662
5,070,698
+ 6.9
—9.7
4,745,902
+ 14.4
—7.2
2,332,796
2,749,412
971,161
768,833
2,358,922
1,028,870
.765.958
+ 45.4
1,083,166
922,245
965,571
+ 5.5
+ 11.2
—14.3
—17.0
2,119,356
4,235,272
1,852,191
2,985,319
1,613,103
+ 19.4
536,188
+ 1.0
+ 20.7
611,673
931,021
334,019
606,621
883,078
682.386
+2.4
1,085,841
842,919
1,251,433
356,455
626.947
—6.0
—0.6
+ 20.1
577,519
558,627
+ 3.4
915,606 Not include d In tot al
705,511
...
jFTotal Canada
National
453,295,982l425,681,184'
+ 6.51357,780,7361241,273.72 0
Banks.-—The following information regarding
national banks is from the office of the
Comptroller of the
Currency ^Treasury Department:
./
>
Hampshire
President, William H. Champlin; Cashier, F. R. Steward.
The First Natipnal Bank of Okarche, Oklahoma
President, F. W. Wiedey; Cashier, Roy Wallace.
First National Bank in Braidwood, Illinois
President, James A. Smith; Cashier, W. F. Luehrs.
The Arnold National Banks, Arnold, Pa
>
President, W. L. Hankey; Cashier, J. H. Murdock.
The Citizens National Bank of Malone, N. Y
President, John M. Cantwell; Cashier, M. M. Miller.
Total
--
2
Jan.
IX
Jan.
Jan.
5
Holders of rec. Dec. 20a
Dec. 21
to
Jan.
5
Jan.
3
Holders of rec. Dec. 20a
1
1
Dec. 22
to
Holders of
rec.
Jan.
2
Dec. 20a
3
Jan.
15
Holders of
rec.
Dec.
1
Jan.
15
Holders of
rec.
Dec. 31
1
Jan.
3
Jan.
15
Jan.
3
$1.25
(quar.)
New York Chicago & St. Louis, common
Norfolk & Western, preferred (quar.)
Northern RR. of New Hampshire (qu.)_
Norwich & Worcester, preferred (quar.).
Pennsylvania Company
Philadelphia & Trenton (quar.)
Pittsburgh Cine. Chicago & St. Louis—
Feb.
IX
Jan,
2
Jan.
16
15
15 ♦Holders of rec. Jan.
19 ♦Holders of rec. Jan.
31
3
Holders of
rec.
rec.
Dec.
3
6a
Jan.
1
Dec. 19
to
Dec. 31
31 ♦Holders of rec. Dec. 22
10
Jan.
1
to
Jan. 11
Jan.
♦3
2
6a
Jan.
Dec.
to
25 ♦Holders of rec. Jan.
Dec.
J*
*2
15
Jan.
1
Dec.
21
to
Dec. 31
3
Dec. 31
Dec.
22
to
Jan.
2
12
Street and Electric Railways.
Capital Traction (Wash., D. C.) (qu.)
Cincinnati & Hamilton Trac., com. (qu.)
Preferred
(quar.)
;
Cincinnati Street Ry. (quar.)
Cin. Newp't & Cov. L. & T., com. (qu.).
Preferred
(quar.)
City Ry., Dayton, O., com. (quar.)
Preferred
(quar.)
Columbia (S. C.) Ry., G. & El., pf. (qu.)
Columbus (Ga.) Elec. Co., pref.—.
—
■
IX
Jan.
1
Dec.
13
to
Jan.
1
Jan.
3
Dec.
21
to
Jan.
IX
Jan.
3
Dec.
21
to
Jan.
2
IX
Jan.
3
Dec.
17
to
Jan.
2
IX
Jan.
15
Jan.j
1
to
Jan.
16
15
Jan.
Jan.
16
Springfield & Xenia Ry., pref. (quar.)—
IX
IX
Jan.
1
to
Dec.
31
Dec.
16
to
Dec. 31
Dec.
31
Dec.
16
to
Dec. 31
IX
Jan.
1
Dec.
28
to
Jan.
3
Jan.
3
Holders of
1
Holders of rec. Jan.
IX
Dec.
rec.
1
Dec. 21a
1
31
Holders of
rec.
Dec.
16
31
Holders of
rec.
Dec.
16
15
Holders of rec. Jan.
3
3
Holders of
rec.
Dec. 20a
1
Holders of rec,
Dec.r20a
15
Holders of
rec.
Dec. 31a
2
Dec.
16
to
Jan.
1
2
Dec.
16
to
Jan.
1
15 ♦Holders of
1
1
20
Dec.
21
Holders of
rec.
to
rec.
Holders of rec,
Dec. 28
Dec. 31
Dee. 20
Dec.
10a
Jan.
2
Jan.
3 ♦Dec.
IX
Jan.
3
Holders of
IX
Jan.
2
Dec.
1
Dec.
20
Holders of rec,
Dec.
10a
IX
Dec.
20
Holders of rec,
Dec.
10a
*S6
Thirteenth & 15th Sts. Pass., Phila
Preferred
2
IX
Feb.
IX
Duquesne Light, preferred (quar.)
Elmira Water, Lt. & RR., 1st pf.(qu.)_.
Dec.
IX
Second preferred (quar.)
IX
Dec.;
Jan.
2
Manchester Trac., Light & Pow. (quar.)
Jan.
New England Invest
$2
& Secur., pref—
Newport News & Hampton Ry., Gas &
Jan.
IX
Elec., pref. (quar.)
Philadelphia & Western, pref. (quar.).-. 62J*c. Jan.
Jan.
1
Porto Rico Rys., com. (quar.)
Jan.
Preferred (quar.)
IX
*75c. Jan.
Puget Sound Power & Light, pref. (quar.)
75c. Jan.
Reading Traction
Jan.
Rutland Ry., Lt. & Power, pref. (quar.)
IX
(quar.)..:
21
23
to
rec.
to
Dec. 20a
Jan.
1
ft
Banks.
Extra
Extra
1
Holders of rec. Dec. 31
Jan.
1
Holders of
5
Jan.
3
Dec.
3
Jan.
1
2
Jan.
1
Holders of rec. Dec. 21a
Holders of rec. Dec. 21a
3
Holders of rec/. Dec. 28
2X
X
—
—
Bronx National..
l.
Bryant Park National——
100,000
Jan.
*1
25
Holders of
2X
Atlantic National (quar.)
75,000
♦5
Dec.
31a
Western Ry. of Alabama
Youngstown & Ohio River RR., corn-
Capital•
$25,000
2X
Holders of rec. Dec.
Rome & Clinton
Tri-City Ry. & Light, pref. (quar.)
West India Electric Co. (quar.)
CHARTERS ISSUED.
Conversions'of State Banks and Trust
Companies:
The First National Bank of
Laverne, Okla
Conversion of Laverne State
Bank, Laverne, Okla.
President, P. A. Johnston; Cashier, N. T. Stewart.
Original organizations:
Peoples National Bank of Pit cairn, Pa
President, C. B. Yothers; Cashier, J. K. Morrow.
The Public National Bank of Rochester, New
31
Lackawanna RR. of N. J. (quar.)
Mine Hill & Schuylkill Haven
3.748,034
—8.3
5,198,508
2,133,310
4,948,932
2,546,268
—20.3
Holders of rec. Dec. 23a
31
3.16
New London Northern
$
Toronto
1918.
Dec.
1
Dec.
Dec.
Georgia RR. & Banking (quar.)
Kansas City Southern, pref. (quar.)
at—
1919.
Jan.
4
2
(annual)
Belt RR. & Stk. Yds., Ind., com. (quar.)
Preferred
(quar.)
Detroit Hillsdale & Southwestern
1920.
Books Closed.
Days Inclusive.
3
—
Belvidere Delaware
Elmira & Wllliamsport, preferred
Week ending December 10.
When
Payable
Railroads (Steam).
Allegheny & Western
Atlanta & West Point—
6.5%.
Clearings
are:
Ry.
Canadian Bank
Clearings.—The clearings for the week
ending Dec. 16 at Canadian cities, in comparison with the
same
<
50,000
President, R. L. Bailey; Cashier, J. A. Newton.
East.
Pa., Sch. Dist. 5s, 1933
81
$6,000 Southw. Interurban Ry. 1st
gen. lien
Rainier Val.
A
$50,000
President, L. J. French; Cashier, M. A. Princehouse.
The First National Bank of Stone, Kentucky
Whiskey
Distill, of Pa. (Ltd.) ctf. of ind.$210 lot
$3,000
10
income 6s, 1941
general 5s, 1934..
$8,900 Seattle Rainier
income 6f, 1934
Wyo.
Ry. general inc. 6s, 1944
ing 41*s, 1927975*
$2,000 Hazleton, Pa., sewer & pav¬
ing 4J*s, 1928
97J*
$15,000 Commonwealth Pow., Ry.
& Light pref. dlv.
scrip......... 50
$5,000 Aurora Elgin A Chic. RR.
$13,200 North Coast Power
Colo.
50,000
ADDITIONAL CHARTERS ISSUED.
The Farmers National Bank of Wellington, Kansas
Conversion of the Farmers State Bank, Wellington.
40
$1,000 Lehigh VaL Light A Power
6s, 1943————————— 75
sewer & pav¬
Absorbed by Warren County Trust Co. of Belvi¬
Bank & Trust Co. of Winamac."
10
98 X
I
dere.
0s, 1920———— 30
sewer & pav¬
50,000
50,000
100,000
The Citizens National Bank of Winamac, Indiana
To take effect Dec. 6 1920.
Liq. agents: Genevieve Brown and
Chas.
H.
Hoffman,
Winnamac,
Ind.
Consolidated with
First Trust & Savings Bank of Winamac under title of "Union
$500 City of Oklahoma street lmpt.
97
25,000
25,000
40,000
$1,005,000
—
———
.
The Warren County National Bank of
Belvidere, N. J
$50,000
To take effect June 1 1920.
Liq. Agent, Geo. A. Angle, Belvi¬
6s, 1997——
34
$5,000 Hale A Kllburn serial 6%
notes, 1922-1920—.——— 06
1st ref. 5S, 1959—
.
VOLUNTARY LIQUIDATIONS.
1926
11M-S13 M.
$50,000 Atlantic City A Shore Co.
4s, 1940.-----------
-
50
Govt. 53*s,
$10,000 United Trac. of Pitts,
Cap.when
—
$30,819.30 Ace Motor Corp. notes.$6,164
sewer & pav¬
1st A ref. 5s, 1946 (ctf. of
dep.)—
$5,000 Ind. Col. A East. Trae. gen.
A ref. 5s, 1926 (ctf. of
deposit)..
1
-
$20,000 Western N. Y. A Pa. Trac.
5% certificate of deposit
$10,000 High Five Mining 1st 7s...
38,000 roubles
Imperial Russian
INCREASED.
The First National Bank of Hampstead, Md
The Bogota Natipnal Bank, Bogota, N. o
The First National Bank of King City, Calif
70
—
$5,000 Amer. Pub. Utilities 6s
—
Seattle
Line RR. 1st 5s, 1940—
STOCK
—
Park,
"secured" 6s, due 1927
65)*
$200 Wildwood-Delaware Bay Short
ace
50,000
--$325,000
•
$9,200 Phila. Auditorium A Ice Pal¬
881*
$1,000 Swoyerville, Pa., Sch. Dist.
1st 6s, 1931.
Ridley
$4,000 Lehigh Power Secur. Corp.
trust
100,000
-
.
(Pa.), 4J*s, 1949
93
$1,200 South Jersey Realty 0s, '19.$1 lot
coll.
50,000
50,000
Amount. Increased.
The New Britain National Bank, New Britain, Conn-.$190,000
$500,000
The National City Bank of Akron, Ohio.
150,000
400,000
The First National Bank of San Pedro, Oal
100,000
200,000
The New Tripoli National Bank, New Tripoli, Pa
50,000
75,000
First National Bank of Olean, New York
50,000
250,000
First National Bank of Savanna, Illinois
50,000
100,000
The First National Bank of Murfreesboro, North Caro_
75,000
100,000
The Howard National Bank of Burlington, Vt
200,000
500,000
The First National Bank of East Newark, N. J
25,000
50,000
The First National Bank of Kerman, Calif.
25,000
50,000
$6,000 Rockford Gas Light A Coke
$1,000 Pittston Twp. Sch. D. 5s, *39 97
$5,000
of
,
$1,000 Florida Assn. 6s, 1916. —.$1 lot
(Interim certificate).
1
$5,000 Pa. Wat. & Pow. 1st 5s, 1940 80X
$3,000 Amer. Ice 1st R. E..6S, 1942. 88X
$2,000 Hazleton, Pa.,
ing 41*s. 1926....
$2,000 Hazleton, Pa.,
Borough
50.000
-
CAPITAL
1»X
$1,500 Meigs Water 1st 6s, 1943... 10
$5,000 Amer. Cities coll. tr. 6s, 1919 30
165,000 roubles Russian War Loan,
1916
—$340
lot
$10,000
$25,000
55
$1,000 Ind. Col. A East. Traction
general 5s, 1926—
First 5s, 1948.*————
14M
$2,300 Lackawanna Coal & Lumber
Cons. 6s(ctfs. of deposit)....—
3X
$8,000 Nat. Limestone Co. Gen. 5s
68,1924
$1,500 Hazleton, Pa.,
ing 41*s, 1925
Total
nal 1st A ref. 5s, 1951..
.
—
.$10 M,
$5,000 Kentucky Traction A Termi¬
Nor.
Ry. First 5s, 1940...—
30
$5,000 Columbia & Montour Elec.
First 5s, 1943
68
$3,500 Luzerne'Co. Gas & Elec.
(temporary certificates)..
series
—
Power Com¬
mission of Ont. debenture 4s, 1957 60
Elec.
58 X
$7,000 Waterloo Cedar
Russian
Internal Loan 51*8,
2, 1926
$10,000 Hydro-Elec.
,
-
45X
—
CHARTER.
Original organizations:
.
+
V S
The Security National Bank of Electra. Texas.
Correspondent: Charles R. Miller, Electra, Texas.
The Harriman National Bank, Harriman, Tenn
Correspondent: H. L. Durell, Harriman, Tenn.
The American National Bank of Depew, New York.
Correspondent: Walter F. Schultz, Depew, New York.
The First National Bank of Willoughby, Ohio—
Correspondent: W. J. Carmichael, Willoughby, Ohio.
First National Bank of Lawrenceville, Ga_
Correspondent: D. C. Kelley, Lawrenceville, Ga.
1926————.— 50
N. Y. Inter-Urban Water
1st 58; 1931—
10,000 roubles Imperial
FOR
Conversion of Citizens State Bank, Stanwood. Wash.
Correspondent: Citizens State Bank, Stanwood.
2d 5b,
$5,000
$6,000 Kentucky Trac. & Terminal
First 6s, 1951———————— 54
Bartlesville
First 6s 1947
APPLICATIONS
71
$9,000 Shamokin Valley Telephone
v
1st 5s, 1930
——
i— 45
$5,000 Depew A Lake Erie Water
15^
[VOL.111.
Conversions of State Banks and Trust Companies:
The First National Bank of Stanwood, Wash
68
1st cons. 5s, 1946..—.—-
-
1926
$10,500 Seattle,
Ore 1st 5s, 1936
$10,000 Jamaica Water Supply Co.
Gen. & Ret. 6s, 1920..:..
17
$3,000 Ind. Col. & East. Traction
$5,000
Percen.
$5,000 Canadian Northern Coal A
55J*
———
$6,000 Alton Granite <fe St. Louis
Traction Cons. 5s, 1944........ 15
$4,000 Intl. Col. & East. Traction
Gen. 5s,
Bonds.
CHRONICLE
.
Butchers' & Drovers', National
Central Mercantile..
Jan.
87J*C. Jan.
18
rec.
to
Dec. 31
Jan.
2
4
Dec.
31
2
Dec.
31
Chemical National (bi-monthly)
Commercial Exchange..—
——..—
4
Jan.
3
5
Jan.
2
Holders of
Commonwealth
2
Jan.
20
East River National
25,000
6
Jan.
Fifth National (quar.)
Garfield National (quar.)
2X
Dec.
31
Dec. 28
to
Jan.
2
3
Dec.
31
Dec. 24
to
Jan.
2
3
Dec.
31
Dec.
to
Jan.
2
Extra
25,000
100,000
100,000
$4o0,000
Extra
—
—
2
Dec. 26
to
Dec. 26
to
Dec.
to
25
rec.
Dec. 31
Dec. 31
Jan.
2
Dec. 28
Holders of rec. Dec. 31
Dec. 22
to
Jan.
1
24
Dec.
251920.]
CHRONICLE
THE
Per
When
Books Closed,.
Cent.
Name of Company.
Payable.
Days Inclusive.
Banks (Concluded)—
Greenpoint National (Brooklyn)
Per
Dec. 31
Dec.
21
to
Jan.
2
Dec. 31
Dec.
21
to
Jan.
2
3
(Brooklyn)
Jan.
1
Dec.
28
to
Jan.
2
Holders of rec. Dec.
21
Importers' & Traders' National
Irving National (quar.)
Liberty National (quar.)
24
12
Jan.
3
♦3
Union
Jan.
3
3
Holders of rec. Dec.
27
Jan.
3
Dec.
25
to
Jan.
25
Dec.
21
to
Jan.
2
Dec.
2X
Holders of rec. Dec. 23
Holders of rec. Dec.
31
Jan.
3
Holders of reo. Deo.
31
Jan.
1
Holders of rec. Deo.
14
IX
(quar.)
Mexican Eagle Oil, ordinary
V Preferred
Jan.
Deo. 81
$2,685 Dec.
Dec. 21
Holders of
1
rec.
31
Holders of coup. No. 15
Holders of coup. No.22
IX
Jan.
Monomac Spinning (quar.)
Montreal Telegraph (quar.)
Dec. 31
$2
Jan.
3
2
Jan.
15
IX
Jan.
1
IX
Dec. 31
Trust Companies.
Bankers
Jan.
3
Holders of
5X
Jan.
3
Holders of reo.
3
Dec. 31
Holders of reo, Dec. 27a
4
Dec. 31
Holders of reo,
2
Jan.
1
Holders of
4
Dec. 31
Holders of
5
Jan.
3
Holders of rec, Dec. 24
5
Jan.
3
Holders of
*6
Jan.
3 "■Holders of rec.
(quar.)—__
Extra
Mercantile
(quar.)
Peoples, Brooklyn (quar.)
■
...
Title Guarantee & Trust (quar.)
Extra
....'
...
U. S. Mortgage & Trust (quar.)
rec.
Dec.
15
$2
Jan.
3
Holders of
1%
Jan.
1
Dec.
Alabama Company, common——
♦3
Jan.
1
Alabama Fuel & Iron (quar.)......
IX
Jan.
2
Extra
,All America Cables (quar.)....._._
Alliance Realty (quar.).
Amer. Bank Note, com. (quar.)
Sugar,
15a
Dec. 30
24
Dec. 27
Jan.
23
to
5a
Dec.
21
Jan.
2
rec.
"■Holders of reo. Dec. 22
1
Dec.
22
to
Dec.
31
1
Dec.
22
to
Dec.
31
Jan.
17
Holders of rec. Jan.
10
♦SI
Feb.
15 "■Holders of rec. Feb.
1
♦2
com. (quar.)
Jan.
31 ♦Holders of
rec.
Jan.
3
Jan.
15
IX
Jan.
2
Dec. 21
to
rec.
IX
Jan.
2
Dec. 21
to
Jan.
3
Holders of rec. Dec.
2
Dec.
IX
Jan.
New York Mutual Gas Light.
New York Title & Mortgage (quar.)
*3
Jan.) 15
Holders of rec. Dec. 31a
Jan.
1
Holders of rec. Dec. 20a
Jan.j
3
to
Jan.
to
Jan.
3
Dee. 25,
Dec. 25
IX
Jan.
3
Holders of
rec.
6X
Jan.
3
Holders of
rec. Dec.
Jan.
IX
American Screw (quar.). .............
2
2
—
1 ♦Holders of rec. Jan.
15
Feb.
1 ♦Holders of rec. Jan.
15
Feb.
1 ♦Holders of rec. Jan.
15
Dec.
24a
Holders of rec. Dec.
Dec. 31
23a
Holders of
2X
$2
Dec.
28
Arlington Mills (quar.)
2
Jan.
3
Holders of
Arundel Corporation, preferred
3X
Jan.
3
Holders of rec.
Asbestos Corp. of Can., Ltd.,
IX
Jan.
15
Holders of rec. Jan.
1
2
Jan.
15
Holders of
com.(qu.)
rec.
Dec. ,22a
Dec. 27
rec.
1
Jan.
15
Holders of rec. Dec. 31a
62Xc Jan.
15
Holders of rec. Dec. 31a
50c. Jan.
15
Holders of rec. Deo. 31a
Jan.
1
Holders of rec. Dec. 20a
62Xc Jan.
20
Holders of reo. Dec. 24a
IX
(quar.)
_—._........
....
Ohio State Telephone, pref. (quar.)
Oklahoma Natural Gas (quar.)
IX
Common
Providence Gas (quar.)
Public Service Corp. of Quebec
Holders of rec. Dec. 20a
Jan.
1
Holders of
Dec. 23
to
rec.
Dec.
20a
30
Dec. 31a
3 ♦Holders of rec. Dec.
24
3 ♦Holders of rec. Dec.
24
3 ♦Holders of rec. Dec. 24
♦SI
Jan.
3
Jan.
1
Dec.
IX
Jan.
1
Holders of rec. Dec. 15
Dec.
31
Holders of rec. Dec. 21
IX
16
to
Dec.
31
Jan J 10
9
.
Jan .J 10
St. Joseph
Feb.
Holders of rec. Dec. 20a
Holders of rec. Dec. 27a
Jan.
Jan.
Dec.
31
Dec.
31 ♦Dec.
16
to
Jan.
31
Dec. 31
Holders of rec. Deo. 20
3
Holders of rec. Dec. 23
Holders of rec. Dec. 31a
22
to
Jan.
19
to
Jan.
2
1
Jan.
2
Dec.
IX
Jan.l
3
Holders of rec. Dec.
Cleveland Union Stock Yards (quar.)...
Jan.
1
Dec.
21
to
Jan.
1
3
Jan.
1
Dec.
21
to
Jan.
1
Dec.
17a
$1.25
Dec.
$2
Jan.
31
1
Holders of
rec,
Holders of rec
20a
Dec. 15
Dec.
*1
*x
24
Jan.
•1
20 ♦Holders of
Jan.
3
Jan.
20 ♦Holders of rec, Jan.
3
Preferred
rec.
1
Jan.
15
31 ♦Holders of
rec.
Jan.
15
15 ♦Holders of reo. Jan.
3
Jan.
Dec.
20a
Jan.
10
Holders of
rec,
Dec.
27a
Jan.
15 ♦Holders of
rec,
Dec.
31
Jan.
15
Holders of rec. Dec.
31
Jan.
15
Holders of rec. Dec. 31
1
Jan.
Dec. 16
to
Jan.
1
Holders of rec.
Dec.
15
1
Holders of
rec,
Dec.
15
Cosden & Co., com. (no par stk.) (quar.)
Jan.
IX
62MC. Feb.
1
Holders of rec.
Dec.
31a
value stock) (quar.).
12XO. Feb.
1
Holders of
Dec. 31a
Dec.
31
(quar.)..
IX
....
Jan.
Cramp (Wm.) <fc SonsS, & E. Bldg. (qu.) ♦$1
25c. Dec.
(quar.)
15 ♦Jan.
24
Dec.
1
to
Jan.
18
to
Dec. 26
♦Holders of
Coal (in stock). *e 75
♦20
De Beers Cons. Mines, Ltd..
Detroit Steel Prod., com. (in com. stock) */300
*25c. Jan. 20 ♦Holders of
Dome Mines (quar;)...
Jan.
15
Jan.
1
3X
Dominion Power & Transmission, pref.
Dec. 31
Dec. 21
3X
Donner Steel Co.—Preferred series A
3
Holders of
gS7Xo Jan.
Delaware Lack. & West.
.
Dwight Manufacturing
■
31
15
to
Jan.
to
Jan.
2
Dec.
20a
rec.
♦Holders of rec. Dec. 22
Jan.
1
Jan.
1
Holders of rec. Dec. 22
IX
IX
Jan.
1
1
Holders of rec. Jan.
22a
1
Holders of rec. Jan.
22a
Feb.
IX
IX
.....
Jan.
3
Dec.
31
Holders of
Dec.
24
Dec
31
Holders of rec, Dec.
24
p 20
1
Holders of rec. Dec. 27a
rec.
Dec.
21
to
Goudey Gum, pref. (quar.)
;
Jan.
3
Holders of rec. Dec.
_
.
—
.
_.
_
—:—
Western Power Corp., pref.
Holders of rec. Jan.
1
1
Holders of rec. Feb.
15a
15
IX
Feb.
1
Holders of rec. Jan.
2
Feb.
15
Holders of rec. Feb.
IX
Dec.
31
Dec.
2
Jan.
15
Holders of rec. Dec.
IX
IX
3
Holders of
Jan.
3
Jan.
3
Jan.
2 ♦Holders of rec. Dec.
Jan.
Jan.
2X
87Xc. Feb.
Mar.
IX
50c. Feb.
1
Holders of rec. Dec. 24a
Dee.
Jan.
3
Holders of rec. Dec. 20
Jan.
1
Holders of rec. Dec. 20a
IX
Jan.
1
Holders of rec. Dec. 21a
Jan.
1
Holders of rec. Dec.
21a
Jan.
1
Holders of rec. Dec.
15
1
Feb.
1
Holders of rec. Jan.
15a
2
Jan.
15
Holders of rec. Jan.
3a
5
Jan.
6
Jan.
3
Holders of rec. Dec. 31
Holders of rec. Dec. 23a
^ Jan.
Holders of reo. Dec.
Jan.
3
Jan.
15
$1.75
Jan.
31
Holders of rec. Dec. 15a
Holders of rec. Dec. 31a
Holders of rec. Dec. 31
$1
Jan.
31
Jan.
15
(quar.)
...
Preferred
(quar.)..
Westmoreland Coal (quar.).
Extra (pay. in L. L. 4M% bonds)
White Eagle Oil & Ref. (quar,)
♦$1.25 Jan.
f$2.50 Jan,
50c. Jan.
3
3
Holders of rec. Deo. 24a
Jan.
3
Holders of rec. Dec.
Jan.
1
Dec.
24a
$1.50 Dec. 31
Wisconsin Edison.
Dec. 31
21
to
Holders of rec. Dec. 23a
Woods Mfg.,
Below
and
not
pref.
30
Holders of rec. Dec. 23a
we
IX
(quar.)
Dec.
give the dividends announced in previous weeks
yet
This
paid.
list
does
not
include dividends
announced this week.
Per
16
When
Books Closed.
Cent,
Name of Company,
Payable.
Days Inclusive.
Railroads (Steam).
3X
Preferred
Albany & Susquehanna
Dec. 29
3X
±X
Feb.
18
Jan.
2
Holders of reo. Nov. 30
Holders of rec. Jan. 20
Holders of rec, Dec. 15a
2
Alabama Great Southern, ordinary
Jan.
8
Holders of rec. Dec.
20a
Dec.
25a
Dec. 27
rec.
Dec.
26
Ashland Coal & Iron Ry. (quar.)—
1
Dec
31
Holders of rec. Dec.
16
Atchison Topeka & Santa
27
Atlantic Coast Line RR.., common
2H
3X
Jan.
2
Mar.
rec.
Dec.
Holders of
rec.
Dec. 27
Holders of rec.
Dec.
18a
Dec. 21
Fe,<,pref——.
Baltimore & Ohio, preferred—-———
Beech Creek (quar.)—
3
Dec. 30
Dec.
16
2
Dec. 30
Dec.
16
IX
Feb.
Holders of rec. Dec. 28a
Common
1
Holders of
25a
Preferred
Jan.
1
Holders of rec. Dec. 20a
♦2
Jan.
Dec
2
$3.25
*1X
50c
31
Holders of
rec.
Dec.
24
Dec
29
Holders of
rec.
Dec.
26a
Jan.
Dec
1 ♦Holders of rec. Dec.
31
Holders of rec. Dec.
20
18a
Canada
(extra).——...
——:——
Southern
Canadian Pacific, common
Chesapeake <fe Ohio
(quar.).....
.....
Chicago Burlington & Qulncy (quar.)—.
Chicago Indianapolis & Louisville,
pjef—
Chicago A Northwestern, common
elO
IX
Jan.
5
Dec.
28
to
Jan.
5
X
Jan.
5
Dec. 28
to
Jan.
5
elOO
Dec
28
Dec. 28
to
Jan.
5
15a
Dec.
3
rec.
15a
Holders Of rec. Dec.
Dec. 30
Feb
16
Holders of rec. Jan.
IX
Jan.
Jan.
27a
1
3
Boston k. Albany (quar.)....
IX
rec.
to
Holders of rec. Dec.
Buffalo & Susquehanna, com. (quar.)...
3
15
1
50c. Jan.
10
Holders of rec. Nov. 30a
Jan.
Holders of
—
Holders of rec. Dec. 31a
Dec, 31
Jan.
Jan.
i
Holders of rec
Feb." I
2x
3
$3.50
—
-
Albany <fc Susquehanna (special)
2
/
Jan.
3
Jan.
to
Holders of rec. Dec. 31a
3 ♦Dec. 22
Jan.
rec.
Holders of
to
10
IX
IX
—
Winton Co., pref. (quar.)
Holders of
3
...—
Holders of rec. Dec. 31
Holders of rec. Dec. 31
3 ♦Dec. 22
2
Winnsboro Mills, com. (quar.).....
Preferred (quar.)
Holders of
Holders of rec. Dec.
5
dividend. ...... —
15a
3
3
3
31
Stock
5a
15a
3
Dec
—
15a
Holders of rec. Dec.
31
Jan.
Special
15a
31
Dec.
Dec
Jan.
....
Holders of rec. Jan.
15a
Jan.
IX
IX
(stock dividend)
Magnolia Petroleum (quar.)..
Holders of rec. Feb.
1
Holders of rec. Dec.
Jan.
$1
pref. (quar.)..
(quar.)
Holders of rec. Jan.
1
h5X
IX
—
18
(quar.)
—......
Jordan Motor Car, pref. (quar.).
Kansas City Clay Co. & St. Joseph Co..
Kansas & Gulf Co. (quar.)
Lone Star Gas
1
Dec. 31
IX
IX
Lyons Petroleum
2 ♦Holders of rec. Dec. 31
Holders of rec. Dec. 31
Holders of rec. Dec, 31a
15
IX
IX
3X
Westinghouse Elec. & Mfg., com. (qu.).
Holders of rec. Dec. 24a
Jan.
rec.
Hurley Machine, common (quar.)
Liberty Steel,
31
Holders of rec. Dec. 20
31
IX
*ix
IX
Lehigh & Wilkes-Bar re Coal
1
Dec. 30
*1X
3X
Preferred
to
24a
IX
Hiberaia Securities, Inc., pref.
25
$1
———
Westinghouse Air Brake (quar.)
18
Jan.
Jan.
,
(quar.)
Holders of rec. Jan.
15
Mar.
Dec. 31
2
pref. (quar.)
pref. (quar.)
Gorham Mfg., 7%
Greelock Company, pref.
to
Dec.
Holders of rec. Dec.
IX
Six per cent
21
1
3
IX
IX
(quar.)..
■.
15
Jan.
31
Dec,
Jan.
g 50c. Jan.
Preferred
Preferred
1
Jan.
Holders of rec. Dec. 20a
Feb.
IX
—
.
Dec.
5
L-
Federal Sugar Ref., common (quar.)...
Preferred (quar.).....
Finance & Trading Corp., pref. (quar.)
General Baking, pref. (quar.)
rec.
Dec. 21
♦5
|„
Dwight Mfg. (quar.)
Emerson Electric, pref. (quar.)
rec.
■
'to
IX
West Virginia Coal & Coke
.
1
16
16
Holders of rec. Dec. 31a
IX
Wast Point Mfg
Feb.
to
Dec.
<6
2
Vermont Ilydro-Elec. Corp., pref. (qu.).
Va.-Carolina Chemical, com. (quar.)...
Preferred (quar.)———————
Westchester Title & Mtge
rec.
31
Dec. 28
1
10
5
U. S. Gauge, preferred...........
U. S. Printing & Lithographing, pf.(qu.)
Preferred (acc't accumulated dlvs.)._
15
to
11
Dec.
3
Jan.
4 N
(quar.)
Holders of rec, Dec.
11
Jan.
Jan.
Jan.
15
1
Dec.
Dec. 31
Holders of rec,
SI
Jan.
Consumers Elec. L. & Pow., New Orl.,
1
2
Jan.
(quar.)
to
22
Deo.
4
*ix
Second preferred (quar.)
Jan.
31
IX
$2
(quar,—
28
Jan.
rec.
Preferred
24
Dec.
*2
Holders of rec, Dec.
m
Superior Steel Corp., com. (quar.).___..
First and second pref. (quar.)
Taylor-Wharton Iron & Steel, com.(qu.)
Textile Banking (quar.)
Thayer-Foss Co., pref. (quar.)..
Thompson (John R.) Co., com. (quar.).
Preferred
(quar.)
Transatlantic Coal (monthly)
Union Natural Gas (quar.)
United Drug, 1st pref. (quar.)
Second preferred (quar.).
United Verde Extension Mining (quar.).
U. S. Bobbin & Shuttle, com. (quar.)
1
1
Dec.
IX
Jan.
31
Jan.
to
31 ♦Holders of
Steel Products Co., pref. (quar.).......
31
Holders of rec. Dec. 28
IX
Spanish River Pulp & Paper MillsCommon (quar,)——
Preferred
(quar.)
Spring Valley Water (quar.)
Standard Coupler, preferred...
Standard Tank Car, pref. (quar.)
Stearns (F. B.) Co., com. (quar.).
Stetson (John B.) Co., common
24a
Dec.
Dec.
1
IX
*ix
Sayers & Scoville Co., com. & pf. (qu.)__
Shawinigan Water & Power (quar.).:..
Southern Canada Power, Ltd., pref.(qu.)
24a
Jan.
3
Jan.
22
Jan.
2
Jan.
*1
.....
Holders of rec. Dec.
$1
Corona Typewriter, Inc., com. (quar.)..
la
Holders of reo. Dec. 21
31
IX
Holders of rec. Dec. 20a
2
—
15a
♦Holders of rec. Dec. 31a
2
Holders of rec. Dec.
Cincinnati & Suburban Bell Telep. (qu.)
Cleveland Automatic Mack., pref.(qu.)
...........
Dec.
Holders of rec. Dec.
Holders of reo. Jan.
*2 :Ni. Jan.
1)
1
1
———
25
Holders of rec. Dec. 31a
3
Stock Yards (quar.)
Salt Creek Producers' Assoc. (No.
Extra
4
$2
Refining, com. (quar.)...
Dec. 31
IX
4
*2
Cornell Mills (quar.),..........
to
IX
Jan.
IX
IX
Connecticut Mills, 2d pref. (quar.).....
15
15
'
Dec. 31a
Holders of rec. Deo. 20
1
Jan.
First preferred (quar.).
Second preferred (quar.)
Jan,
S3
Colts Patent Fire Arms Mfg. (quar,)...
Holders of rec. Dec.
Jan.
2
2
———
1
to
15 ♦Holders of rec. Dec. 24a
Jan.
Jaq.
Ranger Gulf Corp. (quar.)
Jan.
"
Chicago Railway Equip, (quar.)
Jan.
Jan.
•
Chicago Morris Plan Co. (quar.)..
21
Dec. 28
*85
IX
Central Aguirre Sugar (quar.)'...
5
Holders of rec. Jan.
1
IX
Ltd
IX
(quar.)....
Holders of rec. Feb.
1
Jan.
21
Dec.
IX
(quar.)..
(quar.)
2
Cass & Daley Shoe, pref . (quar.)
15
Feb.
IX
(quar.)
2
1
4
Cartier, Incorporated, pref.
Feb.
si
Jan.
Dec. 31
Jan.
*15c. Jan.
Extra..——
1
$2
Public Utilities Corp., pref.
Punta Alegre Sugar
20
15
♦2
Holders of rec.
Dec. 31
Jan.
IX
Regal Shoe, pref. (quar.)
rec. Dec.
Canton Company.. ............ ... ...
Holders of rec. Dec.
Dec. 31
Jan.
Robinson (Dwight P.) & Co., Inc.—
rec.
(quar.)
Canadian Westinghouse (quar.)
Holders of rec. Deo. 31
2
(quar.)
1
Holders of
Preferred
Holders of rec. Deo. 31
15
IX
preferred
1
Holders of
Canadian Cottons, Ltd., com. (quar.)..
Holders of rec. Dec.
15
Jan.
ix
(quar.)
1
1
Ordinary (interim)
31a
15
Jan.
IX
Jan,
rec.
31
Brighton Mills, pref. (quar.)
British-Amer. Tobacco, ordinary (final).
Dec. 31a
Jan.
IX
....
Penick & Ford, Ltd., pref. (quar.)
Penmans, Ltd., common (quar.)
Holders of rec. Jan.
Jan.
Corp., pref
31
rec.
IX
Ottawa Light, Heat & Power (quar.)
Pacific Gas & Elec., com. (quar.)
Rand Mines,
31
Holders of rec. Dec.
Holders of
2
(quar.)
Preferred
Holders of rec. Dec.
2
(extra)
Preferred
Holders of rec. Jan.
*55c. Jan.
Binghamton Light, Heat& Pow.,pf.(qu.)
.
Holders of rec. Dec. 24a
24a
Jan.
$1.50
15
Q2XC. Jan.
Co., common (No. 1)—..
Second pref. class B
Old preferred (quar.).
.
Dec.
2
15
SI
Bliss (E. W.)
pref.
rec.
15
Jan.
IX
IX
(quar.)..
Barnet Leather, pref. (quar.)
...
Barnsdall Corp., class A & B (quar.)
Daly West Mining,
Dec. 29
Holders of
15
Jan.
2
Preferred
Common (S5 par
rec.
2
Jan.
*2X
Atlantic Steel, common (quar.)
Auburn Automobile, common (quar.)...
First preferred
14
Holders of rec. Dec.
10 ♦Holders of
Jan.
IX
(quar.)..
Preferred (bonus)
Atlantic Petroleum
Preferred
2
Holders of rec. Dec. 22a
Jan.
2
(bonus)
Preferred
—
2
17a
ix
Pittsburgh Rolls Corp., pref. (quar.).__.
Procter & Gamble, pref. (quar.)
Feb.
*2X
(quar.)
Common (extra)....
31a
2
Philmont Worsted,
*1X
(extra)...
Extra-—
31
Dec.
2
(quar.).
24a
American Surety (quar.).......
Amer. Thermos Bottle (quar.)..
•:
rec.
Nova Scotia Steel & Coal, com.
Preferred (quar.)
Dec. 24a
*1X
American Shipbuilding, com. (quar.)...
Corn Products
Holders of
31
Jan.
Otis Elevator, common (quar.)
IX
IX
.........
Holders of rec. Dec.
Holders of reo. Dec.
li
Jan.
2
3
23a
Jan.
5
Deo. 22a
IX
Extra
15
Jan.
8
Holders of
3
American Multigraph, pref. (quar.)...
American Piano, com. (quar.)
Preferred (quar,).—
Boone County Coal
Jan.
■
14 "■Holders of rec. Deo. 31
Jan.
Common
Jan.
2
Ohio Fuel Supply
Extra
Jan.
*1X
IX
IX
Preferred
Jan.
Holders of rec. Dec. 24a
IX
2X
...
Northwestern Telegraph..
Ohio Brass (quar.)
American Cyanamld, preferred (quar.)..
Amer. Laundry Machinery, pref. (quar.)
Common
Dec. 31a
<;:f.Extra ....i—__._.- ^
$1.50 Jan.
....
Amer. Beet
rec.
to
New England Telep. & Teleg. (quar.)..
New Jersey Power & Light, pref. (quar.)
Dec.
rec.
Holders of reo. Jan.
Abitibi Power & Paper, Ltd., com. (qu.)
Acadia Mills (quar.)———.
Adirondack Power & Lt., pref. (quar.)..
:
1
i
Naumkeag Steam Cotton Co..
rec.
Miscellaneous.
.
Jan.
National Tool, common (quar.)..
Preferred
(quar.)
■
,
Holders of
Holders of rec. Deo. 21
Nat. Automatic Fire Alarm (quar.)
27a
Dec.
15
National Paper & Type, com. & pf.(qu.)
22a
Dec.
rec.
(quar.)
Mortgage-Bond Co. (quar.);
Nashua Mfg., pref. (quar.)
Dec. 24a
5
Central Union (quar.)
Empire (quar.).
2
Jan.
to
$2,685 Dec. 31
Michigan Limestone & Chem., pref.(qu.)
Holders of rec. Dec. 28
Dec. 31
3
3
Jan.
to
3
3
Moon Motor Car, pref.
Dec. 31
5
United States, Bank of (quar.),......*.
Washington Heights, Bank of (quar.)
11
Jan.
Jan.
2X
IX
Metropolitan Edison (Reading), pf.(qu.)
Metropolitan 5 to 50c. Stores, Inc.—
Preferred
3
Jan.
IX
IX
2X
McNab & Harlin Mfg., com. (quar.).
Preferred
(quar.)
Holders of rec. Dec. 27
Jan.
Days Inclusive.
Mason Tire & Rubber, pref. (quar.)
McCord Manufacturing, pref. (quar.)__
Holders of rec. Dec. 24
2
Exchange
3
3
Ridgewood National (Brooklyn)
3 "■Holders of reo. Dec.
Jan.
5
New York, Bank of, N. B. A. (quar.)...
Jan.
4H
__
Books Closed.
Payable.
(Concluded)
Miscellaneous
:>■
3
When
Cent.
Name of Company.
2
Homestead
2491
Preferred
Chicago Rock laid. & Pac., 6% pref
Seven per cent preferred
1
16
Jan.
2
to
Jan.
2
to
Jan.
2
to
Holders of rec. Jan.
3a
3«
2X
Dec. 31
2
Dec. 31
Holders of reo. Deo.
Holders of rec. Dec.
2
Dec. 27
Dec.
2
Dec. 30
21
Holders of
to
rec.
Jan.
la
20
Dec. 22a
2X
Jan.
15
Holders of reo. Deo.
15a
3X
Jan.
15
Holders of rec. Deo.
15a
3
Dec. 31
Dec.
11
to
Jan
2
3X
Dec.
31
Dec.
11
to
Jan.
2
Railroads
(quar.)
Great Northern
Jan.
2
Dec. 31
Dec.
19
to
Jan.
2
Lawyers Title A Trust (quar.)
Extra
Jan.
3
Jan.
15
Holders of
rec. Jan.
8a
1X
*
to
3
preferred
19
2X
preferred
River Tunnel
Italian Discount & Trust
Dec.
4
Detroit A Mackinac,
3a
Dec. 31
Feb.
1
Holders of
rec.
Jan.
3a
Holders of
Hocking Valley
2
Dec. 31
Illinois Central, leased lines
2
Jan.
IX
Jan.
IX
(quar.)
(quar.)
Lehigh Valley, com. (quar.)
Preferred (quar.)—
Little Schuylkill Nav., RR. A Coal
Joliet A Chicago
—
Kanawha A Michigan
Jan.
Dec. 10a
Jan.
United
3
Jan.
15
Dec. 18
Feb.
10
Holders of rec. Jan.
18 a
Holders of rec. Jan.
15a
--
Feb.
3
to
25
Dec.
to
Jan.
Jan.
rec. Jan.
Holders of
Jan.
29
Jan.
1
Dec.
Feb.
1
Jan.
$2.50 Jan.
3
Holders of rec. Dec.
IX
pref
York Lackawanna A West, (quar.)
New York A Harlem, com. and
Jan.
$2
—
IX
-
Jan.
15
Jan.
rec. Dec.
to
4
Jan.
Holders of rec. Dec.
Holders of rec. Jan.
Feb.
4
(quar.)
Securities.
to
11a
2
3a
2
9a
10
Dec. 28
to
Jan.
31 a
3a
10
3
Holders of rec. Dec.
10a
Pittsburgh A Lake Erie
Ilttsb. McKeesp. A Yougbiogbeny...
$2 .50 Feb.
1
Holders of rec. Jan.
21a
Reading Company, common (quar.)
Second preferred (quar.).....
$1
Holders of
10a
Dec. 15a
$1.50 Jan.
$2.50 Jan.
Jan.
3
Feb.
10
Holders of rec. Jan.
18a
rec.
Jan.
3
Holders of rec, Dec. 20a
Jan.
1
Jan.
3
Dec.
31
Holders of rec. Dec. 15
Dec. 16
to
Jan.
2
Holders of rec. Dec. 20
Holders of rec. Dec. 20
IX
IX
IX
$1
—
(quar.)
Preferred
(quar.)
Amalgamated Oil (quar.)
13
Holders of rec. Dec.
23a
3
Holders of rec. Dec.
15a
Amer. Car A Fdy., com.
1
Dec. 25
3
Holders of rec. Nov. 30a
Holders of
...
Jan.
3
United N. J. RR. A Canal Cos. (quar.).
2lA
Jan,
10
(qu.)..
IX
Jan.
3
Western Pacific RR. Corp., pref.
reo.
Jan.
Holders of reo. Deo.
Dec.
21
to
2
Nov. 30a
la
Dec. 31
Holders of rec. Dec. £2
IX
(quar.)..
stock)..
Common (payable In common
Preferred (quar.)
Dec. 20a
3
Jan.
Holders of
rec.
Dec. 20a
$4.50 Jan.
Holders of
rec.
Dec.
Holders of
rec.
Dec.
15
Holders of
rec.
Dec.
18a
la
Holders of rec. Dec. 31a
.
Amer. Smelters'
Preferred
B
.
Jan.
Holders of
rec.
Dec.
I
Jan.
Holders of
rec.
Dec. 15
1
Jan.
Holders of
rec.
Dec. 15
Amer. Steel
$3
Jan.
Dec.
3
Jan.
2
Dec.
la
IX
Jan.
Holders of rec. Dec.
15 a
3
.Jan.
Holders of
rec.
Dec.
14a
Foundries,
rec.
Dec. 22a
Holders of
rec.
Dec.
Holders of
rec.
Dec. 17
Feb.
1
Holders of
rec.
Jan.
rec.
Dec. 15a
Jan.
3
Holders of
Jan.
3
Holders of rec. Dec.
31
17
15
lla
(quar.)
com.
Common (payable in common stock)..
Preferred (quar.)
American Stores, common (quar
Dec.
15a
Union Traction, Philadelphia..,
$1.50 Jan.
Holders of
rec.
Dec.
10a
American Telephone & Telegraph (quar.)
15a
Holders of
rec.
Dec.
16
rec.
Dec. 3la
Jan.
Holders of
rec.
Dec, 18a
rec.
Dec.
IX
Jan.
Holders of
$2
Jan.
21
17
18a
IX
Feb.
Deo. 21
Jan.
to
Holders of rec. Jan,
IX
$5
Feb.
Holders of
rec.
Jan.
Holders of
rec.
IX
Jan.
Holders of
rec.
Dec. 16
Hohl-
rec.
Jan.
3
Dec.
rec.
13a
13a
Feb.
50c. Jan.
1
Holders of
15
Holders of
rec.
Dec. 31a
15
Holders of
rec.
Dec. 31a
Jan.
15
Holders of
rec.
Dec.
IX
Deo. 31
rec.
31a
IX
Jan.
15
Holders of
rec.
Dec. 31a
IX
IX
Jan.
15
Holders of
rec.
Dec. 31a
Jan.
3
Dec. 14
to
Jan.
3
Dec.
to
3
Holders of
Jan.
3
Holders of rec. Dec.
10a
15
Holders of
rec.
Dec.
30a
Dec.
31
Holders of
rec.
Dec.
15a
Dec.
31
IX
$4
IX
14
Dec. 22
Dec.
Dec.
rec.
Holders of
rec.
22
10a
Dec. 15a
Jan.
]
Dec. 22
to
Jan.
2
Jan.
1
Dec. 22
to
Jan.
2
IX
3X
Jan.
3
Holders of
Deo.
la
Mar. xl
Holders of rec. Feb.zlSa
2
Jan.
15
Holders of rec. Dec. 20a
m
rec.
Holders of rec. Dec.
Holders of
1
la
20a
Jan.
3x
Dec. 21
to
Jan.
*12Xc Jan.
Jan.
IX
Holders of
Holders of
Dec.
rec.
IX
Jan.
Jan.
Jan.
to
25c. Jan.
5
.
1
■Nov. 16
to
Nov. 30
3
$1
First and second preferred (quar.)
$4.75
Jan.
$1
Dec. 16
75c, Jan.
......
Amer. Sugar Refg., com. A pref. (quar.)
American Sumatra Tobacco, preferred
Jan.
Holders of
2
Jan.
Amer; Snuff, com. (quar.).....
Preferred (quar.)..........
10a
14 a
—
3
2
Jan.
IX
Securities, pref. A (qu.)
(quar.)__
IX
Dec.
West Penn Tr. & W. P., pref. (quar.)
Jan.
Jan;
18
(quar.)...
Amor. Rolling Mill, com. (in com. stock)
American Rolling Mill, common (quar.).
Common (extra)..
_.......
Six per cent preferred (quar.)
SeveD per cent preferred (quar.)
Amer. Seeding Mach., com. A pf. (qu.).
rec.
....
15a
15a
American Radiator, common
Holders of
(quar.)
IX
(quar.)..
Jan.
Preferred
Nov. 30a
$2
American Hide A Leather, pref. (quar.).
American Lace Manufacturing (quar.)..
IX
West End St. Ry., Boston, preferred
West Penn Power, pref. (quar.)
Dec. 18a
reo.
rec. Dec.
Holders of rec. Dec.
ree.
Jan.
rec.
Holders of
Dec. 31
Holders of
IX
Holders of
3
15
Holders of rec. Dec. 20a
IX
1
Jan.
Holders of rec. Dec.
Holders of rec. Dec. 15a
m
Jan.
Jan.
IX
2X
/2
IX
Growers, Inc., pref. (quar.).
Amer. Gas A Electric, common
(quar.)..................
Union Passenger Ry., Philadelphia
Utah Power A Light, pref. (quar.)
Va. Ry A Power, pref. (pay. in pref stk.)
Wash. Bait A Annap. El. RR., com. (qu.)
3
IX
2
$2
3
Jan.
IX
Dec.
IX
37Xc. Jan.
United Light A Rys., pref. (quar.)
18
Jan.
15a
3
Preferred
Dec.
Dec.
Jan.
rec.
rec.
Dec.
Jan.
Holders of
Holders of
Holders of
rec.
•* Jan.
Jan.
3
rec.
Dec. 29
'
to
Jan
16a
Holders of
Nov. 30a
16
15a
Dec.
Holders of
rec.
Ridge Ave. Pass. Ry., Phila, (quar.)
Second A Third Sts.Pass.Ry.,Phila.(qu.)
Springfield Ry. A Light, prof, (quar.)-Twin City R. T., Minneapolis, common-
15a
Dec.
3
Holders of
,
Dec.
rec.
Jan.
Dec.
....................
rec.
Holders of
IX
IX
Dec.
Bonus
Holders of
1
Amer. Power A Light, pref. (quar.)....
Amer. Public Service, pref. (quar.).....
rec.
(quar.)
Ottawa Traction (quar.)..............
Holders of
1
Holders of rec. Dec. 15a
Holders of
Monongahela Val. Tr., pref. (quar.)
3
Jan.
3
Jan.
Northern Ohio Trac. A Lt., pref.
rec.
Jan.
Jan.
Dec. 31
IX
Illinois Traction, pref. (quar.)
Manila El. RR. A Ltg. (quar.)
Dec. 21a
Dec. 31
IX
.....
rec.
Jan.
Chicago City Ry, (quar.)
Preferred
Holders of
IX
Cleveland Ry., pref. (quar.)
Continental Pass. Ry., Philadelphia
El Paso Electric Co., preferred
Frankford & Southwark Pass. (quar.)...
31
IX
Dec. 23
•*
Dec.
IX
Dec,
••
Dec. 21a
American Locomotive, com. (quar.)
Preferred
(quar.)
16
-
rec.
American Linseed, pref.
Dec.
1
Holders of
15
rec.
Holders of rec. Dec.
Holders of rec. Dec.
2 '•
16a
Dec. 31
17
Holders of
Jan,
■:
Dec.
Holders of rec. Feb.
Jan.
—
11a
rec.
Holders of
Jan,
Duluth-Superior Tract., pref. (quar.)
EaPtem Texas Elec. Co., com. (quar.)..
Dec.
Holders of
Dec. 20a
rec.
3
IX
$3
Dec. 16a
rec.
Dec.
16
Holders of rec. Dec. 20a
to
rec.
Holders of
Jan.
•3H
IX
...
Holders of rec. Dec, 20a
Feb. 15
Dec. 17
Brazilian Tr., L. & Pow„ pref. (quar.)..
Carolina Power & Light, pref. (quar.)
Holders of
IX
rec.
Dec.
3
2X
Holders of
rec.
Holders of
Jan.
2
Holders of
,
15
Am. La France Fire Eng. Inc., com. (qu.)
Preferred (quar.)
Jan.
IX
(quar.)..
Jan.
IX
Bangor Ry. A Elec
pref. (quar.)......
11 37 X Jan.
Boston Elevated, common (quar.)
Ashevllle Power A Light, pref.
15
Jan.
IX
.
American-Hawaiian Steamship
Street and Electric Railways.
Preferred
Amer. Fruit
15
Jan.
$1
IX
IX
American Express (quar.)—
to
24a
3
Jan.
Dec. 30
31
Jan.
Dec. 31
IX
3
$2.50 Jan.
(quar.)
Preferred,
Jan,
—
Dec. 31a
D&c.
rec.
Holders of rec. Dec. 24a
Holders of rec. Dec. 31a
75c.
...
IX
2X
2X
Ry., preferred
Union Pacific, common (quar.)
rec.
rec.
Holders of
15
IX
—
15
Holders of
15
02
Preferred
Jan.
15
Feb.
Jan.
$1 .50 Jan.
_
Chemical, com. (quar.) —
(quar.)
\mer. Bank Note, pref. (quar.)
Amer. Beet Sugar, pref. (quar.).—
Amer. Bosch Magneto Corp. (quar.)
Amer. Brake Shoe A Fdy., com. (qu.)_.
Amer. Agric.
Jan.
Holders of
Dec. 31
Jan.
1
IX
(quar.)
6
Southern
Holders of rec. Dee. 27a
Holders of reo. Dec. 27
IX
(quari.. .
American Chicle, pref. (quar.)
American Cigar, pref. (quar.)
Amer. Exchange Secur. Corp. Cl. A (qu.)
K. C. Ft. S. A Mem., pf. tr. ctfs.(qu.)
Southern Pacific Co. (quar.)..........
6
2
pref. (qu.).
pref. (quar.)—
Advance-Rumely Co., pref, (quar.)
Aeolian Company, preferred (quar.)
Aeolian, Weber Piano A Pianola,pf.(qu.)
Preferred (quar.)
American Can. pref. (quar.)
50c. Jan,
Troy Union RR
St. Louis-San Francisco—
6
vVv:':''^';vv-i.M|8ceiianeous*f
4
Rensselaer & Saratoga
3
Dec. 30
Dec. 18a
Advance Candy Mfg.,
All la-Chalmers Mfg., com.
4
IX
IX
(quar.)
.......
Jan.
rec.
rec.
Abitibi Power & Paper, Ltd.,
Air Reduction
Jan.
(quar.)
to
Holders of
15
Fidelity-Phenix Fire Insurance.
15a
Jan.
Preferred
19
Holders of
3
Fire Insurance.
Continental Insurance
26
Holders of rec. Dec.
Plttsb. Ft. Wayne A Chic., com.
Dec.
Dec. 31
16
Holders of rec. Dec. 13a
Jan.
IX
2
Holders of
$2 12 H Jan.
New York Central RR. (quar.)
Dec. 15a
rec,
Jan.
4
25
States————
Holders of rec. Dec. 23a
3
Holders of
Dec. 16
to
Jan,
3
Dec. 16
to
Jan.
3
Holders of rec. Dec. 20a
Holders of rec. Dec. 17a
Holders of rec. Dec. 20a
2
Northern Central
4
Dec.
2
Morris A Essex..
Northern Pacific
Dec. 31
8
2
$1 .25 Jan.
...
3
4
Holders of rec. Dec. 11a
:
Jan.
3
Holders of rec. Dec.
3H
$5
3
(quar.)
(quar.)
Peoples, Brooklyn (quar.)
Dec. 30
$1.25
3
Jan.
New York
3
Michigan Central
Mobile A Birmingham, preferred
Northern
to
-
Metropolitan
3
Louisville A Nashville
New
rec.
12
Jan.
IX
s"lV
Manufacturers, Brooklyn (quar.)_
Holders of rec. Dec. 15a
87 He Jan.
$1 .25 Jan.
Mahoning Coal RR., common
Preferred
Holders of rec. Jan.
Books Cloud.
Dave Inclusive.
5. Dec. 31
Jan.
20
When
Payable.
{Concluded)
1X
2
Colorado A Southern, first
Detroit
Name of Company.
Days Inclusive.
Payable
Trust Companies.
(Steam)—Concluded.
(quar.)..
preferred—
Clev. Cin. Chic. A St. L., pref.
Second
Per
Cent.
Books Closed.
When
Per
Cent.
Name of Company.
[Vol. 111.
CHRONICLE
THE
2492
__
rec.
American Thermos BottleExtra (payable in Class B
shares)
American Thread, preferred
American Tobacco, pref. (quar.)
Holders of rec. Dec.
2
10a
Jan.
15
Holders of
IX
Jan.
15
Holders of
rec.
Jan.
10a
American Wholesale
IX
Jan.
1
Holders of
rec.
Dec.
15a
Amer.
3
Jan.
1
Holders of
rec.
Dec. 10a
(quar.)
IX
American Woolen, com. (quar.)..
American Type Founders, common (qu.)
Preferred
(quar.)
Corp., pref. (quar.)
window Glass Mach., com. (qu.).
1
Jan.
rec.
10a
Yadkin River Power, pref. (quar.)
62 He. Jan.
York Railways, preferred
rs
of
Dec.
15a
21a
Jan.
1
Holders of
rec.
Dec.
10a
IX
Jan.
15
Holders of
rec.
Dec.
15a
(quar.)
IX
Jan.
15
Holders of rec. Dec.
Anglo-American Oil
West Philadelphia Passenger Ry
(O
3X
Jan.
15
Holders of coup .No. 20
Jan.
1
Preferred
Preferred
Apsley Rubber, preferred
Banks.
...
Arkansas Natural Gas. com.
20c. Dec.
(quar.)
28
15a
31
to
Dec.
31
rec.
Dec.
10a
Holders of rec. Dec.
31
10c. Dec.
Dec.
10a
Holders of
America, Bank of (quar.)
3
Jan.
Holders of
rec.
Dec.
18
Battery Park National..
3
Jan.
Holders of
rec.
Dec.
16
3
Jan.
IX
IX
3
Dec.
16
to
Jan.
Jan.
Armour & Co., pref. (quar.)
Armour Leather, pref. (quar.)
Jan.
4
Holders of rec. Dec, 16
Holders of rec. Dec. 27o
Jan.
3
Dec.
16
to
Jan.
2
f2 ^
Jan.
Holders of rec. Dec. 27a
Associated
IX
Jan.
25
Holders of
Dec.
31a
Chatham & Phenix National (quar.)
Coal & Iron National (quar.)
4 V
Jan.
Dec.
(quar.)..
2
Jan.
1
Holders of
rec.
Dec. 22a
3
Jan.
5
Feb.
1
Holders of
rec.
Dec. 30a
Colonial
Jan.
Holders of rec, Dec.
M
Holders of rec. Dec, 20a
I. SS. Lines, com....
3
IX
Jan.
1
Holders of
rec.
Dec.
3
Jan.
Holders of rec. Dec. 20a
Holders of
rec.
Dec. 15a
4
Dec.
Holders of
2
Drc.
Holders of
rec.
3
Jan.
Holders of
rec.
Extra
Chase National
(quar.)..
Chase Securities Corp....
....
........
(quar.)....
Extra
.......
Columbia
Extra
Commerce, National Bank of (quar.)
.
Extra
....
—
First Securities Co.
2
T4X
Dec.
31
IX
IX
Feb.
1
Holders of rec. Jan.
Dec. 21a
Austin, Nichols & Co., pref. (quar.)
Avery Company, preferred (quar.).....
Dec. 22
Dec.
Babcock & Wilcox Co.
Dec. 2ia
17a
...
Mechanics, Brooklyn (quar.)
1
Holders of rec. Dec. 20a
Tan.
1
Holders of
rec.
Deo.
4a
2X
Jan.
3
Holders of
rec.
Dec.
15a
IX
Jan.
1
Holders of
rec.
Dec. 20a
rec.
Jan.
Holders of
rec. Dec.
Jan.
Holders of
rec.
Dec.d3la
Baltimore Electric, preferred
Baltimore Tube, preferred (quar.)
Jan.
Holders of
rec.
Dec. 31a
rec.
Dec. 31a
Jan.
Holders of
Jan.
3
Jan.
Holders of rec. Dec. 31a
Hdd< rs of rec. Dec. 20a
Jan.
Holders of
8
Jan.
Dec.
6
Jan.
Holders of
19
rec.
to
rec.
Dec. 20a
Jan.
2
Dec. 23a
Jan.
Holders of
Dec.
18
Jan.
Holders of rec. Dec.
18
Jan.
Holders of rec. Dec dl8a
2X
Metropolitan (quar.)
Jan.
Dec.
rec.
Jan,
....
to
Jan.
Dec, 25
to
5
Jan.
Holders of
rec.
Dec. 24
10
Jan.
Holders of
rec.
Dec. 24
4
.... ...__ ....__.
25
10
Extra
...
Side, Brooklyn
Extra
Park, National (quar.)
Extra
rec.
Dec. 24a
Jan.
12|
12 I
IX
Feb.
1
Holders of
Jan.
3
Holders of rec. Dec.
15a
15
Holders of
rec.
Dec
30a
1
Holders of
rec.
Dec. 20
20c. Jan.
1
Holders of
Jan.
3
Dec. 21
to
Jan.
IX
Jan.
3
Dec. 21
to
Jan.
SI
Dec.
31
Holders of rec. Dec.
15a
IX
Dec.
31
Holders of rec. Dec.
15a
2
Jan.
15
Holders of
rec.
Dec. 31a
IX
IX
Jan.
3
Holders of
rec.
Dec.
15a
Jan.
3
Holders of
rec.
Dec.
15a
Eight per cent preferred (quar.)
Billings & Spencer Co. (quar.)
Rooth Mills, common (quar.)
2
Jan.
3
Holders of
rec.
Dec, 15a
Boott Mills, common
(quar.)
Preferred
(quar.)
Beaver Board Cos.,
com.
(quar.)
Preferred
(quar.)...
Bell Telephone of Canada (quar.)
Bethlehem Steel, com. & Com. B (quar.)
Seven per cent preferred (quar.)
^Holders of
rec.
Dec. 31
2
Jan.
Holders of
rec.
Dec. 24 a
Boston
3
Jan.
Dec.
9
to
Jan.
11
Brandram-Henderson, Ltd., pref. (qu.).
Jan.
Dec.
9
to
Jan.
11
Brler Hill Steel, common
6
•Tan.
Holders of
rec.
(quar.)
...
(quar.)
Extra
Jan.
Holders of
rec. Dec.
Dec.
Holders of
rec.
3
Jan.
Holders of rec. Dec. 24
Jan.
Dec.
29
to
Dec. 30
1H
Standard
•Tan.
Dec.
29
to
Dec. 30
(qu.)-
Buffalo General Electric (quar.)
Burt (F.
20a
Dec. 24
Bucyrus Co., preferred
2
(quar."1
Pref.
(extras (acct. accum. divs.)
Pref.
(extra) (acct. accum. diva.)
Jan.
1
Holders of
Jan.
3
Nov. 21
Jan.
3
Holders of
rec.
Nov. 20a
2X
IX
Dec.
31
Holders of
rec.
Dec.
ree.
to
Dec.
Jan.
18a
21
13a
Jan.
3
Holders of rec. Dec.
la
60c. Jan.
3
Dec. 21
to
Jan.
21
IX
IX
Jan.
1
Dec. 21
to
Jan.
21
Jan.
1
Holders of
IX
hX
Jan.
2
Holders of rec. Dec. 20a
Jan.
2
Holders of
2
Holders of rec. Dec. 20a
Holders of rec. Deo. 15
h3
2
Jan.
Dec.
31
rec.
rec.
Dec. 20*
Dec. 20a
w2X
Jan.
3
Holders of
rec.
Dec.
15a
1
N.) Co., Ltd., common (quar.).
Preferred (quar.)
wlX
Jan.
3
Holders of
rec.
Dec.
15a
11
California Electric Generating, pref.(qu.)
1X
Jan.
3
Holders of rec. Dec.
18a
California Petroleum Corp., pref. (quar.)
Canada Bread Ltd., pref. (quar.),
IX
Jan.
1
Holders of
IX
IX
Jan.
2
Dec.
Jan.
2
Holders of
Canadian Car & Foundry, pref. (quar.).
r
IX
Preferred (acct. accum. dividends)__j V22X
Jan.
10
Holders of rec. Dec.T27
State,
6
Jan.
.Dec.
16
to
Jan.
Union Fxchange National
5
Dec.
Dec.
22
to
Jan.
Yorkville (quar.)
5
Dec.
Dec.
21
to
Jan.
20
Dec.
Dec. 21
to
Jan.
11
Extra
...
Preferred
4
2
IX
Holders of rec, Dec. 24a
Jan.
(quar.)
;
Brunswick-Balke-Collender, pref.
Dec. 20
IX
Holders of
Jan.
Wharf..
rec.
5
Jan.
1
*2
Dec. 20a
26a
4
Preferred
Beatrice Creamery, common (quar.).
3
(quar.)
(quar.)
1
2
(quar.)
Co., common (quar.)
Preferred
6
National
Seaboard National
Jan.
Jan.
1.46
(quar.)..
20c. Jan.
Beacon Chocolate, first pref. (quar.)...
First and second preferred
Barrett
3
(quar.)
Extra
National City Company (quar.)
New Netherland (quar.)
to
Barnhart Bros. & Spindler—
26
5
Mechanics' A Metals Nat. (quar.)
National City
1
Jan.
Jan.
2
Mutual (quar.)—
Extra
Jan.
3X
5
Dec, 17a
2
Extra
18a
15a
2
(quar.)—
rec.
1
Hanover National (quar.)
Manhattan Co., Bank of the (quar.)....
2
Baldwin Locomotive Works, com. A pref.
Holders of
5
............
rec.
Ault A Wiborg Co., preferred (quar.)...
Auto Sales Corp., pref (In pref. stock)..
10
j
(quar.)....
Astoria Mahogany, Inc., pref.
Atlantic Gulf & W
6
Extra
Public
rec.
Jan.
(quar.)
6.
...
(quar.)
Extra
Greenwich
North
to
Oil
...............
Jan.
.....................
Cuba, Bank of, in New York
Fifth Avenue (quar.)
First National (quar.)
18
Common (extra)
2
'
Canada S. S. Lines, pref.
Trust Companies.
(quar.).j
18
rec.
to
rec.
Dec. 20a
Jan.
1
Dec. "15
Brooklyn
(quar.)
6
Jan.
Columbia
(quar.)
4
Dec. 31
Holders of rec. Dec. 20a
Dec. 31
Holders of rec. Dec. 24
31
Holders of rec. Dec. 20a
Holdr rs of rec. Dec. 21a
Holders of rec. Dec. 21a
Canadian-Conn. Cott. Mills, pref. (qu.):
Canadian Consol. Rubber, pref. (quar.).
2
Jan.
IX
Dec.
31
Holders of .rec. Dec. 23a
Holders of rec. Dec. 22a
Can. Crocker-Wheeler, com. & pf. (qu.)_
IX
Dec.
31
Dec.
Canadian Explosives, Ltd., com. (quar.)
2
Jan.
30
Holders of rec.
IX
Jan.
15
Holders of rec. Dec.
31a
16
Extra
Equitable (quar.)..—..
Extra
Holders of
2
Dec.
4
Dec. 31
4
Jan.
10
rec.
Dec.
20a
1
21
to
Dec.
31
Dec.|31a
Fidplft.y International (quar.)..
2H
Dec. 31
Dec.
Fulton
5
Jan.
Holders of
2
Jan.
Holders of reo. Dec. 20a
Canadian General Elec.. com. (auar.)..
2
Jan.
1
Holders of
rec.
Dec.
Guaranty (auar.)
5
Dec. 31
Holders of
2
Jan.
1
Holders of
rec.
Dec. 20a
Hudson (quar.)
2H
Dec. 31
Dec. 22
Canadian Locomotive, common (quar.).
Preferred
(quar.)
IX
Jan.
1
Holders of
rec.
Dec. 20a
Extra
23
to
reo.
rec.
to
Jan.
19
Dec. 20a
Dec.
17
Dec. 30
Preferred
(quar.)
Due.
Per
Nam* of Company.
When
Bool* Closed.
Cent.
*
Payable.
Day* Inclusive.
Per
Name oj
IX
Jan.
1
Holders of rec. Dec. 20a
IX
Jan.
1
Holders of
Carbo-Hydrogen of Amer., pref. (quar.)
Case (J. I.) Threshing Machine—
IX
Dec. 31
Prelerred (quar.)
•;*.
Case (J. I.) Plow Wks., 1st A 2d pf .(qu.)
Castle Kid Co., Inc., pref. (quar.)
IX
Jan.
1
IX
Jan.
3
Dec.
2
Jan.
1
Holders of rec. Dec. 20a
Celluloid Co. (quar.)
2
Dec. 31
Central Coal & Coke, com. (quar.)
Common (extra)..
IX
Jan.
15
Holders of rec. Dec. 31a
1
Jan.
15
Holders of rec. Dec. 31a
IX
Jan.
15
Holders of rec. Dec. 31a
75c. Jan.
15
Holders of rec. Dec. 31a
(quar.)
Preferred (extra)
Central Leather, preferred
(quar.)...
Chandler Motor Car (quar.)
Chesebrough Mfg.,
Preferred
common
(quar.)....
Holders of rec. Dec.
Holders of
rec.
to
Dec. 13a
Dec. 31
Holders of rec. Dec.
$1
17a
Dec. 10
Dec. 10
Dec. 15a
2
Holders of
rec.
Dec. 15a
1
Holders of
rec.
Dec. 16a
1
Holders of
rec.
Deojiea
3
Holders of
rec.
Dec.) 20a
Holders of rec.
Dec.|14a
Dec .f 14a
'Holders of rec. Dec. 23
Dec.(30a
Guantanamo Sugar (quar.)
Hablshaw Elec. Cable (quar.)
Hanes
X
Jan.
1
Holders of
rec.
Dec, 15a
nx
X
Jan.
1
Holders of
rec.
Dec. 15a
Jan.
1
Holders of rec. Dec. 15a
Haskell & Barker Car (quar.)
Haverhill Gas Light (quar.)
X
fix
Feb.
1
Holders of
Heath (D. C.)
rec. Jan.
15
Jan.
15
Cities Service, Bankers' shares (mthly.).
39c. Jan.
1
Holders of
rec.
Dec. 15
Clty Investing, pref. (quar.)
Clafllns, Inc. (quar.)
Cleveland-Akron Bag (quar.)
Cleveland Automobile, pref. (quar.)....
Cleveland Worsted Mills (quar.)
IX
IX
Jan.
3
Holders of
rec.
Dec. 27
2
Holders of
31
......
...
...
Clifton
Cluett,
Manufacturing
—
Peafody & Co., Inc., pref. (qu.)
Dec.
Jan.
rec.
Dec. 20a
Holders of
rec.
Dec. 20a
3 ♦Holders of
rec.
Dec. 20
Holders of
rec.
Dec.
Dec. 31
IX
Jan.
IX
1
15a
1
Jan.j
#6
Holders of
rec.
Dec. 22
rec.
Dec. 10a
Holders of
reo.
Dec. 31
3
Holders of
rec.
Deo. 15a
Jan.j
3
Holders of
reo.
Deo. 15a
Jan.i
3
Holders of reo. Dee. 15a
1
Holders of rec. Deo.
Jan.i
1
Holders of
reo.
Dec. 15
Jan.j
3
Holders of
rec.
Dec. 18a
1
Holders of
rec.
Dec.l21a>
1
1
Holders of
rec.
Deo. 20a
15
Jan.j
Jan.j
Jan.
Feb.
Holders of rec. Dec. 20a
Holders of reo. Jan.
20
1
'Jan.
12
to
Jan.
10a
30
Dec .131
Holders of
rec.
Dec. 20a
Jan.|
Holders of
rec.
Dec. 22a
Jan.j
1
3
3
1
Dec. 28
Jan.
Holders of
*-ec.
Dec.
rec.
Dec. 15a
Holders of
15c. Dec. 28
to
Holders of
rec.
15a
Dec. 31
Dec.
la
2X
Jan.
3
Holders of reo. Dec. 13a
4
Jan.
3
Holders of
IX
Jan.
3
Holders of rec. Dec. 13a
1%
IX
Jan.
3
Holders of rec. Dec. 20
Jan.
3
Dec. 25
IX
Jan.
3
Dec. 25
to
Jan.
2
IX
Jan.
3
Dec. 25
to'
Jan.
2
IX
Jan.
15
Holders of
rec.
Dec.f30a
rec.
toi
Dec. 13a
Jan.
2
Jan.
15
Holders of
rec.
Dec. 30a
IX
Jan.
15
Holders of
rec.
Dec. 30a
IX
Dec. 31
Holders of
rec.
Dec. 24a
IX
Jan.
1
Holders of
rec.
Dec. 24a
Dec.
31
Howe Sound Co. (auar.)
5c.
Jail.
15
to
Dec. 31
Dec. 24a
Huntington Devel
& Gas, prel. (quar.).
IX
Jan.
2
Holders of reo. Deo. 31a
Holders of rec. Dec. 15
Hupp Motor Car Corp., pref. (quar.)...
Hydraulic Steel, common (quar.)......
IX
Jan.
75c.
Dec.
1
Holders of
1
Deo. 21
1
Dec.
$1
Jan.
10
Holders of rec.
$1.75
Jan.
15
Holders of
rec. Jan.
Jan.
3
Holders of
rec.
Dec. 15a
50c. Dec. 30
Jan.
1
2 X
Holders of
rec.
Dec.
15a
(quar.)
*
Ide (Geo. P.) & Co., Inc., pref. (quar.).
Holders of
rec.
Dec.
15a
Illinois Pipe Line
1
Holders of
rec.
Deo. 20a
rec.
Dec. 20a
rec.
21
3a
Holders of
rec.
Deo.
21»
Holders of
rec.
Jan.
24
3
Jan.
3
Holders of
rec.
Dec.
17a
Intercolonial Coal Mining, Ltd., com...
3X
Jan.
1
Holders of
rec.
Dec. 20
3X
Jan.
1
Holders of
rec.
Dec. 20
IX
Jan.
15
IX
Jan.
3
19
Indiana Pipe Line
rec.
Jan.
IX
Dec. 31
Holders of
rec.
Dec. 15a
Cuba Cane Sugar Corp., pref. (quar.)...
IX
Jan.
3
Holders of
rec.
Deo.
15a
Cuban-Ameilcan Sugar, com. (quar.)...
1
Jan.
3
Holders of rec. Dec.
10a
IX
IX
Jan.
3
Holders of rec. Dec. 10a
Jan.
3
Holders of
rec.
15a
Dec. 20
Dayton Rubber Mfg., pref. (quar.)
DelicnTire A Rubber, pref. (quar.)....
IX
Jan.
1
Holders of rec. Dec. 15a
2
Jan.
1
Holders of
Detroit A Cleveland Nav. (quar.)
2
Jan.
1
Holders of rec. Dec.
Jan.
1
Holders of rec. Dec. 15a
rec.
Dec. 24
15a
Preferred
.
Internat. Agric. Chem., pref. (quar.)...
Internat'l Buttonhole Sew.Mach.(quar.)
International Cement Corp
International Harvester, com. (quar.)—
Common (payable in com. stock).
Internat. Mercantile Marine, pref
Internat. Motor Tuck 1st & 2d pf. (qu.)
15
Holders of
rec. Dec.
Jan.
15
Holders of
rec.
Dec. 31a
International Silver, preferred
IX
Jan.
3
Holders of
rec.
Dec. 24
rec.
Dec. 24
Inter-Coast Steamship (quar.)
Island Creek Coal, com. & pf. (quar.) — .
Johnston (R.F.) Paint, 7% pref. (quar.)
3
Jan.
1
Dec. 22
to
Dec.
31
3
Holders of rec. Dec. 23a
rec.
Deo. 23a
Holders of rec. Deo. 31a
Holders of rec. Dec. 15
Holders of
rec.
Dec. 16a
Jan.
15
Holders of
rec.
Dec. 24a
f2
Jan.
25
Holders of rec. Dec. 24a
3
Feb.
1
Holders of rec. Jan.
14a
nx
15a
IX
Jan.
3
Holders of
3
3
Holders of Coup. No. If
Holders of rec. Dec. 16a
Jan.
3
2
Extra
Jan.
2
Jan.
Dec. 21
Holders of
Jan.
2
1
to
3
62 Xc Dec. 31
International Salt (quar.)
Detroit Edison (quar.)
IX
1
25c. Jan.
International Petroleum, Ltd
Dodge Manufacturing, com. (quar.)...
Common (special)
Preferred (quar.)
Dominion Canners, Ltd., pref.-(quar.)..
Holders of
Dec
15c. Dec. 31
.
Dictograph Products Corp., pref. (qu.).
31a
15a
Ingersoll-Rand Co., preferred.
19
Jan.
Holders of
Holders of rec. Dec.
1
15
Jan.
to
31
Dec. 10a
Jan.
Feb.
to
2
Jan.
Dec. 10a
rec.
Jan.
2
Jan.
2
Dec. 20
rec.
Holders of
$2
Jan.
10
Crucible Steel, com. (quar.)
Crucible Steel, pref. (quar.)
rect.
Holders of
$2
1
10
NovJlQ
Holders of
Jan.
Jan.
rec.
1
31
Dec. 31
$2
Jan.
Holders of
>'v
Dec. 31
Jan.
Dec.* 1
.
10
IX
IX
1
2
—
...
2
Holders of
U'
IX
Preferred
Independent Pneumatic Tool (quar.)..
Special
Indlahoma Refining (quar.)
.
31
Jan..
3
to
Jan.
rec. Dec .120
(quar.)
Janj
2
10a
Holders of rec. Dec. 10a
Holders of
Preferred
Dec. 24a
14a.
Dec.
Holders of
75c. Dec. 31
Dayton Power A Light, pref. (quar.)..
rec.
Jan.
Common (bonus)...*—**■—■—.—
Preferred (quar.)*-.——i.—.....
Holt, Renfrew & Co., Ltd., prel. (quar.)
Home Bleach & Dye Works, pref. (qu.).
1
1
Jan.
Holders of
IX
—
1
IX
1
to
$1
Jan.
2
Jan.j
16
2
-
10c. Jan.
Computing-Tabulatlng-Recording (qu.).
Consolidated Cigar Corp., com. (quar.).
Consol. G. E.L. A P., Bait., com.(qu.)
Consol Interstate Callahan Min. (qu.)..
Consumers' Gas, Toronto (quar.)
Continental Can, Inc., common (quar.).
Preferred (quar.)
Creamery Package Mfg., com. (quar.)..
Preferred
(quar.)
Crowell & Thurlow SS. (quar.)
Crow's Nest Pass Coal (quar.)
Dec. 24a
.$ 1.12 X Jan.,
20c. Jan.
(quar.)
Columbia Sugar (quar.)
■Extra
rec.
IX
nx
IX
...
Jan.
(o)
IX
Holders of
IX
Co., pref. (quar.)—...
Heela Mining (quar.)..
Helme (Geo. W.) Co., com. (quar.) A..
Common (extra)
Preferred (quar.)
Hendee Mfg., pref. (quar.)
Herring-Hall-Marvin Safe, com. (quar.)
Common (extra).
Preferred (quar.)—————
Hillcrest Collieries, com. (quar.)..
25c. Jan.
*3X
Coca-Cola Co., preferred
Columbia Graphophone Mfg., com. (qu.)
Common (payable In common stock)..
Preferred
Jan.
IX
•2
1
2
Hart, Scbaffner & Marx, Inc., Pf. (qu.)
Hartford Automobile Parts, pref. (qu.)
rec.
Jan..
37Xc Jan.
Holders of rec. Dec.l20a
Holders of
Dec.
1
(P. H.) Knitting Co.—
3
1
3
2
Common and Class B Common (quar.)
Preferred (quar.).-
Jan.
Dec. 21
Cities Service—
Feb.
Holders of reo. Deo.
Dec. 16
to
Jan.
Jan.,
50c.
Harbison-Walker Refrac., pref. (quar.).
Harris Bros. & Co., pref. (quar.)
...
Dec. 31
75c. Jan.3
Greenfield Tap A Dye, common (quar.).
Preferred (quar.) (No. 1)
Dec.
Common and preferred (monthly)
Common (payable in common stock)..
Jan.
IX
3
Common and preferred (monthly)....
Common (payable in common stock).
Holders of reo. Dee.fil5a
Holders of rec. Deo.ftl5a
10
Deo. 31
10
Dec. 31
3
Common (extra)
Preferred (quar.)
Jan.
rec.
Holders of
Dec. 31
IX
IX
to
Dec415a-
Dec. 31
$2.50
2
15
rec.
2
IX
Great Western Sugar, com. (quar.)
rec.
Holders of
Decj20a
IX
Great State Petroleum of Texas..—
rec.
rec.
rec.
IX
rec.
Holders of
Holders of
to
2
-
Holders of
1
2
21
X
Holders of
Jan.
Jan.
Holders of rec. Dec.520a
IX
(quar)
Gray A Dudley Co. (quar.)
Great Lakes Towing, common (quar.)—
Preferred (quar.)
Great Lakes Transit, com. (quar.)
Preferred (quar.)—
Holders of
Dec. 30
3X
*1X
Deo. 17a.
Deo.
2
IX
Preferred
2
Jan.
IX
$2.50 Jan.
Holders of .reo.
3
Jan.j
J an $
Common (extra)
Jan.
,
1
Jan.
IX
IX
;
Ian.
IX
Cincinnati Gas & Electric (quar.)
Cincinnati Gas Transportation (annual).
(monthly)
Days Inclusive.
IX
Chicago Telephone (quar.)
Preferred B
Books Closed.
Payable.
(qu.)
Goodwins, Ltd., pref. (quar.)—.
Goulds Mfg., common (quar.)..
Preferred (quar.)
Grasselli Chemical, com. (quar.)
3
IX" Dec. 30
(quar.)..
Chicago Mill ALumber, pref. (quar.)
17
la
Goodyear TlreARub. of Can, pf.
Jan.i
2
Certaln-teed Products Corp., com. (qu.)
First and second preferred (quar.)....
Dec. 20a
31
Dec.
IX
v2
......
rec.
Jan.
Jan.
IX
(quar.)
Central States Elec. Corp., pref. (quar.).
Central Teresa Sugar, common...
Preferred
When
Cent.
Company.
Miscellaneous (Continued)
Miscellaneous (Continued)
Canadian Woollens, common (quar.)
Preferred (quar.)
Preferred
2193
CHRONICLE
THE
251920.]
(quar.)..
rec.
Dec.
Holders of rec. Dec. 15a
IX
Jan.
1
Dec.
16
to
Jan.
2
2
Jan.
3
Dec.
19
to
Jan.
2
$1.50 Jan.
1
Holders of
Jan.
3
Holders of rec. Dec. 31a
IX
rec.
Dec. 24a
3
Holders of
2
Jan.
3
Holders of rec. Dec. 3la
Dominion Coal, pref. (quar.)
IX
Feb.
1
Holders of
rec. Jan.
Kansas Gas A Elec., pref. (quar.).
IX
Jan.
3
Holders of
Dominion Linens, preferred..
Dominion Glass, common (quar.)
3X
Jan.
15
Holders of
rec.
Dec. 31
Kaufmann Department Stores. pref.(qu.)
Jan.
3
Holders of rec. Dec. 20
IX
Jan.
1
Holders of
rec.
Dec.
IX
IX
Jan.
1
Holders of rec. Dec.
50c.
Dec. 31
IX
Jan.
rec.
Dec.
18a
12
Eight per cent pref. (quar.)
(quar.)
Dominion Iron & Steel, pref. (quar.)
IX
Jan.
1
Holders of
rec.
Dec.
15
Kelly-Springfield Tire, pref. (quar.)
KZennecott Copper (quar.)
IX
Jan.
1
Holders of
rec.
Dec.
15
Kerr Lake Mines, Ltd. (quar.)
Dominion Steel Corp. com. (quar.)....
IX
Jan.
1
Holders of
rec.
Deo*
4
Dominion Steel Corp., Ltd.. pref. (qu.)
dlX
2X
Feb.
1
Jan.
Feb.
1
Jan.
3
Holders of
rec.
Dec.
15 a
IX
Jan.
15
Holders of
rec.
Dec. 31a
Donner Steel, Inc., 1st pref
4
Dec. 31
Douglas (W. L.) Shoe
3X
Jan.
1
Holders of
rec.
Dec.
15
Draper Corporation (quar.)..
Drayton Mills, preferred
Duluth Edison Elec. Co., pref. (quar.)..
3
Jan.
1
Holders of
rec. Dec.
4
*SX
Jan.
1
IX
Jan.
3
Holders of rec. Dec. 22
IX
Jan.
1
Dec.
19
to
Jan.
IX
Jan.
1
Dec.
19
to
Jan.
Dec.
19
to
Jan.
Preferred
—
Dominion Textile, common
(quar.)
Preferred (quar.)
& Co.,
(quar.)
Second preferred (quar.)
(Jam^s H.)
Dunham
com.
(qu.)
First preferred
•
Dec.
16
to
21
to
Jan.
15
2
Kidde (Walter) & Co.,
12 Xc. Jan.
...
Jan.
3
Jan.
2
Holders of rec. Dec. 20a
Jan.
1
3
Jan.
1
Holders of rec. Deo. 18
Holders of rec. Dec. 15a
......
.
...
IX
Jan.
1
Holders of
rec.
Dec. 16a
1
Feb.
1
Holders of
rec.
Jan.
IX
Jan.
1
Holders of
rec.
Dec. 20a
IX
Dec. 31
Holders of rec. Dec.
2
Lackawanna Steel.com. (quar.)
Laurentide Co. (quar.)
IX
Jan.
Holders of rec. Dec. 23
2
Lawyers Mortgage (quar.)..
2X
Dec. 31
Holders of
Jan.
3
Holders of rec. Dec.
16
Dec.
13
Preferred
(quar.)
Kress (S. H.) & Co., common (quar.)...
(quar.)
$2
Jan.
1
Jan.
25
Holders of
rec.
Jan.
10a
Lehigh Valley Coal Sales (quar.)
Llbby, McNeil A Libby
Nem. Pawd.,com.(qu)
Feb.
1
Holders of
rec. Jan.
20a
Library Bureau, common (quar.).
IX
Feb.
1
Holders of rec. Jan.
20a
Holders of
2
Jan.
1
Jan.
1
Duquesne Light, pref. (quar.)
Eastern Rolling Mill, pref. (annual)
IX
Feb.
1
8
Jan.
1
Dec.
Eastman Kodak, common (quar.)
2X
Jan.
1
Holders of rec. Nov. 30 a
2X
Jan.
1
Holders of
IX
Jan.
1
Holders of rec. Nov. 300
50c. Jan.
1
Dec. 21
Common (extra)
Preferred
(quar.)........
Edmund & Jones Corp., com. (quar.)...
Preferred
rec.
rec.
Nov. 30a
to
Dec. 31
to
Dec. 31
Deo. 20a
IX
(quar.)...
Eisenlohr (Otto) A Bros., pref. (quarJ.¬
Elder Manufacturing, pref. (quar.)
Electric Light A Power Co of
Jan.
1
Dec.
IX
Jan,
1
Holders
Jan.
1
Holders of
rec.
Dec.
Jan.
3
Holders of
rec.
Dec. 15a
K2.;
21
oi reo.
24
Ablngton
4
& Rockland..
Elec. Storage Batt,, com. & pref. (qu.).
Emery A Beers Co., Inc., preferred
Jan.
3
3
V
3
Holders of
Jan.
5
Dec.
16
rec.
to
Holder" of
rec.
Dec. 20
Holders of
rec.
Dec.
11a
1
Holders of rec. Dec.
11a
Erie Lighting, pref. (quar.)
IX
Jan.
2
Holders of
rec
Dec.
pref. (quar.)..
Fairbanks, Morse & Co., com. (quar.)..
Famous Players-Lasky Corp., pf. (qu.).
Famoua Playem-Lasky Corp., com.(qu )
2
Jan.
1
Holders of
rec.
Dec. 20a
rec. Dec.
(quar.)
Fairbanks Co.,
pref. (quar.).....
Federal Motor Truck (monthly)
Federal Oil, preferred (quar.)
Firestone Tire A Rubber, com. (quar.)..
Fiek Rubber, 1st pref. (quar.).
Flint Mills (quar.)
Gaffney Manufacturing
Special
:
Galena-Signal Oil, preferred (quar.)
——
3
2
Feb.
1
Holders of
rec.
Jan.
*2
Jan.
3
Holders of
rec.
Dec. 15a
$1.25
Gas A Electric Secur.. com.
IX
(payable In stock)....
—
(quar.) —
(quar.)
—
nrof. (quar.)
(quar.)
Goodrich (B. F.) Co., common (quar.)..
Preferred; (quar.)
Jan.
to
Dec. 31
2
Jan.
1
Dec.
22
to
Dec. 31
1
Holders of rec. Dec.
IX
Jan.
2
Dec. 31
IX
Dnc. 31
Feb.
1
Jan.
2
Holders of rec. Dec. 23
Jan.
2
Holder? of
Loose-Wiles Biscuit, 1st pref. (quar.)...
IX
Jan.
1
Holders of rec. Dec.
Lorlllard
3
Jan.
3
Holders of
rec.
Dec. 15a
IX
Jan.
3
Holders of
rec.
Dec. 15a
3
Holders of
rec.
Dec.
......
........
-
(P.) Co., common (quar.)....
Preferred
(quar.)..
Lucey Mfg., class A (quar.)
Lyons Petroleum (quar.)
——
$1 .25 Jan.
A Forbes, com. (quar
2X
IX
Holders of rec. Dec. 31a
Jan.
15
...
Extra
IX
Jan
3
1
Jan.
3
Holders of
rec.
Dec.* 4a
$1
Dec. 31
Holders of
rec.
Dec. 24a
$2
Dec. 31
Holders of
rec.
IX
Dec. 31
Holders of rec. Dec. 24a
IX
Jan.
3
IX
IX
Jan.
3
Holders of rec. Dec.
Jan.
1
Holders of rec. Dec. 20a
IX
Jan.
3
Holders of
IX
Dec. 31
Holders of rec. Dec. 31
Dec. 31
Holders of
rec.
Dec. 20
rec.
Dec.
10a
nx
Feb.
1 ♦Holders of
rec.
Jan.
21
$1.50
*4
Jan.
3 ♦Holders of rec. Dec.
15
'IX
Jan.
Jan
Holders of
2
Dec.
Dec. 31
Dec.
X
fx
25
rec.
to
Nov. 30a
Jan.
Jan.
1
Holders of
rec.
Dee.
Holders of
rec. Dec.
Holders of rec. Dec.
15a
1
Holders of
Dec.
Jan.
3
Holders of rec. Dec.
17a
Jan.
3
15
15
Dec. 31
Holders of rec, Dec. 20a
to
Dec. 31
3
Holders of rec. Dec. 20a
3
Holders of rec. Dec.
Holders of rec. Dec. 31a
IX
Jan.
1
Holders of rec. Dec. 20a
rec.
Haiders of rec. Dec. 24a
Dec. 19
Dec.
9
to
Dec.
Dec.
9
16
to
Dec.
19
to
Jan.
2
Mexican Petroleum, common (quar.)...
Preferred
Extra
Jan.
1
Dec. 20
Jan.
Midwest Oil, common
1
Holders of rec. Dec. 31 a
Holders of rec. Feb.
4x
Holders of rec. Dec. 2ia
Holders of reC. Dec.
Holders of rec. Dec.
3
Preferred
...
(quar.)
—....
(quar.)-.---
(quar)
10
Jan.
2
4a
Holders of rec. Dec. 18a
Jan.
1
♦Holders of rec. Dec.
Jan.
1
Holders of rec. Dec.
1
Monatiquot Rubber Works, pref. (qu.)
Montana Power, common (quar.)
Preferred
Jan.
17
Holders of rec. Dec. 17a
Holders of rec. Deo. 18a
3
—
Midland Securities (quar.).
Mill Factors Corp., Class A
1
1
Dec. 31
Jan.
1
Holders of
rec.
Dec. 10a
Dec. 31
Holders of
rec.
Dec.
nx
Dec. 20
to
*8
Jan.
2
(quar.)....
Middle States Oil (quar.)
Holders of rec. Dec. 20
rec.
Jan.
$1.25 Dec. 31
15a
Holders of rec. Dec. 23a
2X
2
2X
Mergenthaler Linotype (quar.).
Holders of
\.k
3
15
1
It
Holders of rec. Dec. 27a
Jan.
Deo. 21
Jan.
1
Jan.
15
Jan.
Jan.
Jan.
3
Jan.
Jan.
Jan.
IX
Holders of rec. Dec. 31a
Jan.
Jan.
IX
IX
IX
1H
16
Dec. 31
IX
IX
$1 50 Feb.15*
16
2
15a
Jan.
rec.
Dec.
May Department Stores, pref. (quar.)..
Mays Food Products, Inc., pref. (quar.)
15
1
Jan.
rec
Dec. 24a
Dec. 20a
2
15
1
IX
rec.
$1
Maryland Coal.
2
Jan.
c2
15
Holders of
Maverick Mills, pref. (quar.).
1
1
31
15
Holders of rec. Dec. 3la
Holders of rec. Dec.l 4a
IX
(quar.)
Mackay Companies, common (quar.)—_
Preferred (quar.)..
Magor Corporation, com. (quar.)
Common (extra)—...
Preferred (quar.)
MaUlnson (H. R.) & Co., pref. (quar.)..
Manatl Sugar, pref. (quar.).
Manhattan Elec. Supply, com. (quar.)..
Manhattan Shirt, pref. (quar.)
Manning, Maxwell & Moore (quar.)—
Holders of
J
21a
1
15
Holders of
nx
Holders of rec. Dec.
18a
Jan.
Dec. 25
*3X
Dec. 23
Jan.
1
Jan.
rec.
2
1
to
15a
IX
.....
5
$2
General Optical, common....
Gold A Stock Telegraph
1
to
Dec. 22
Jan.
Jan.
2
General Electric (quar.)
Pnew
Holders of rec. Dec. 20
11
1
10c. Jan.
10c.
IX
General Cigar, Inc.. deb. pref. (quar.)..
Godcbft"*
3
d3
$1.50
Second preferred (quar.)
Preferred
Jan.
Jan.
.
General Chemical, preferred (quar.)
General Railway Signal, com.
14a
Dec. 31 ♦Holders of rec. Dec. 20
$1.50 Jan.
(monthly)..
stock).
Common (payable in common
General American Tank Car, com
Extra
Jan.
3X
Garvin Machine, preferred
15a
Holders of
*$2
Farr Alpaca (quar.)
Farrell (Wm.) A Son.
15
Jan.
Jan.
2
(quar.)..
Preferred
1
10a
Dec. 20a
50c.
Extra
1
1
Preferred
......
Loew's Incorporated (quar.)
Loew's Theat'ee Co. (quar.)
Jan.
Jan.
rec.
Holders of rec. Nov. 30a
Holders of rec. Nov. 30a
Holders of rec. Jan. 15a
Preferred
Mac Andrews
Jan.
3
20a
IX
50c.
(quar.)
Liggett & Myers Tobacco, pref. (quar.).
Lindsay Light, common (quar.)
15a
IX
—
Preferred
Dec.
$1.25 Jan.
Empire Steel & Iron, pref—.
Endicott John eon Co.. com. (quar.)
Holders of rec. Deo. 20
Holders of rec. Dec. 20a
IX
—
IX
to
6a
31a
reo.
IX
2
King Philip Mills (quar.)—
Preferred
16
17a
Deo.
Holders of rec. Dec.
Klrschbaum (A. B.) Co., pref. (quar.)..
IX
(quar.)—
1
Holders of
Deo. 2*
Kolb Bakery, pref. (quar.)
Kresee (S 8.) Co
common
IX
Preferred
Jan.
$3
Inc., pref...
du Pont de Nem. & Co., deb. stk. (qu.).
du Pont (E. I.) de
15
rec.
2X
2
Jan.
♦2
Jan.
*2X
Jan.
15
10a
10a
Holders of rec. Dec. 20
2
15 ♦Holders of rec. Dec. 31
15 ♦Holders of rec. Dec. 31
IX
Jan.
1
X
Jan.
2
Holders of
rec.
Dec.
14a
IX
Jan.
2
Holders of
rec.
Deo.
14a
Dec.
25
to
Deo. 31
3494
THE
When
Payable.
Per
Days Inclusive
Narragansett Elec. Ltg. (quar.)...
National Aniline A Chemical, pref. (qu.)
National Biscuit, common (quar.)
National Breweries, common (quar.)...
(quar.)...—..........
...
(quar.).........—...
National Fireprooflng, pref-—.-.
Jan.
1
Jan.
15
Holders of rec. Dec.
Jan.
3
"Holders of rec. Dec,
*1
IK
Jan.
3
Holders of reo. Deo.
15a
Jan.
1
Holders of
13a
IK
Jan.
16
$1
Jan.
1
Holders of rec. Dec.
15
ml 1-6 Jan.
1
Holders of
Dec.
15
Jan.
4
2
Preferred
rec.
Dec. 21a
Dec.
31a
16
National Lead, common (quar.)
National Licorice, pref. (quar.)
Holders of rec. Dec. 31 a
Dec.
21
rec.
to
31
"Holders of
Holders of
rec.
15
Jan.
1
Dec. d21
tq
Jan.
1
Dec. cf21
to
Jan.
IK
VA
Dec. 31
Holders of
rec.
Dec.. 10a
Dec.
31
Dec. 25
2
...
.....
.....
Jan.
15
Holders of
Deo. 31a
1
3
Holders of
reo.
Deo.
9
3
Holders of
rec.
Dec.
20a
VA
Jan.
1
Dec.
18
New York Dock, common
2A
Feb.
15
Holders of
rec.
Feb.
5a
2A
Jan.
15
Holders of
rec.
Jan.
5a
♦8
Jan.
10
4
Jan.
15
Holders of
rec.
Dec.
IK
Jan.
15
Holders of
rec.
Dec. 31a
25c. Jan.
20
Jan.
1
to
Dec.
1
to
Dec.
17
rec. Dec.
15
New York Transit
(quar.)
Niagara FallB Power, preferred (quar.).
Nipisslng Mines (quar.)
.....
Extra
...
20
Jan.
3
Jan.
21
Holders of
VA
Jan.
3
25c. Jan.
......................
Noble (Chas. F.) Oil A Gas (quar.)
North American Co. (quar.)....
Northern
Pipe Line
....
5
—
Northwestern Electric, pref. (quar.)....
Northwestern Power, pref.————
(quar.)...—....
Extra
Holders of rec. Dec.
15a
1
Holders of
rec.
Dec.
13
"Holders of
reo.
Deo. 24
(quar.).
Old Colony Woolen Mills, pref. (quar.).
Ontario Steel Products, com. (quar.).
Common (quar.)..
Preferred
(quar.)..
Jan.
3
Dec.
31
Jan.
3
84.75 Dec. 31
.......
com.
2
Jan.
1
3
Stock
dividend
Holders of
rec.
Dec. 20a
Holders of
rec.
Nov. 30a
Jan.
Jan.
50c. Jan.
3
12
Dec. 31
Jan.
15
2
Jan.
1
50c.
Jan.
15
Jan.
3
♦3
Jan.
3
Holders of
rec.
IK
IK
Feb x 16
Holders of reo.
Common and preferred
\
.
.
2
(quar.)...—.
Preferred
Holders of rec. Dec.
11a
Holders of
21a
rec.
Holders of
rec.
Dec.
Dec. 24a
Dec. 21
to
Dec.
to
Dec. 31
1
Dec. 21
to
Dec.
31
31
Jan.
Jan.
15
Holders of rec. Dec.
31a
Jan.
15
Holders of
Dec.
31a
18a
rec.
IK
Jan.
1
Holders of rec. Dec.
2K
Jan.
1
Holders of rec. Deo.
4a
IK
Jan.
1
Holders of rec. Dec.
4a
$1 .50 Jan.
1
Holders of
62Kc Jan.
Jan.
IK
3
Holders of
15
(quar.)..
Holders of reo. Dec.
15a
rec.
Deo.
15a
IK
Jan.
1
Holders of
rec.
Dec.
15a
1
Dec.
2
Dec. 31
31a
Holders of rec. Dec.
15
Holders of
rec.
Dec.
15
Holders of
rec.
Dec. 22a
■
1
5a
20a
Underwood Typewriter, com.
Preferred
(quar.)
Holders of
75c. Jan.
Dec.
Dec. 21
l
1
...
rec.
to
IK
1
Owens Bottle Co., com. (quar.)
Preferred
(quar.....
16
Dec. 21
.....
Jan.
.
1
Holders of
Dec.
1
(quar.).
(auar.)
2
—.
Jan.
Holders of rec. Jan.
IK
Orpheum Circuit, common (quar.).....
Preferred
(quar.)
Otis Steel, pref. (quar.)...
_—. .
10a
1
United Drug, common (quar.)
United Dyewood Corp. com. (quar.)...
.
10a
10a
50c. Jan.
—
United Cigar Stores, common..
— .
Dec.
12Kc. Jan.
Trumbull Steel, com. (quar.)
Holders of
.
Dec. 20
rec.
10a
Holders of reo. July 30'21
31
rec.
Holders of
Holders of rec. Dec.
11a
Holders of rec. A pr .30' 21
Ottawa Car Mfg. (quar.)..
Bonus
—-
"Holders of
Dec.
Mayzl5
Aug.zl6
50c. Jan.
15 a
15a
Dec.
Jan.
Dec.
6
reo. Dec.
Holders of rec. Dec.
Underwood Computing Mach., pf.(qu.).
Jan 31 '21
Apr 30 *21
Jan 31 *21
rec.
Holders of
la
16
Jan.
rec.
2
25
to
rec.
IK
(quar.).—...
(quar.)
11
Holders of
Oriental Navigation, 1st A 2d pf. (qu.)..
Preferred
Dec.
Holders of
Union Carbide A Carbon (quar.)
Union Twist Drill (quar.);.
Preferred
Dec. 20a
3
Tuckett Tobacco, common
Holders of rec. Dec. 22
rec.
Holders of rec. Dec.
Jan.
1
to
Jan.
e20c. Jan.
26
15a
Mar. 31
Holders of
Holders of reo. Deo. 20
4
Dec. 31
(quar.)
Times Square Auto Supply (quar.)
Q52KO Jan.127
Jan.
3
IK
Tobacco Products Corp., pref. (quar.)..
5c.
Jan.
1
Tonopah-Belmont Devel, (quar.)......
5c.
Jan.
1
Tonopah Extension Mining (quar.)
$1.25 Jan.
Torrington Co., common (quar.)
1
Dec.
Mayzl6
75c. Dec. 31
elO
Tidewater Oil
to
rec.
(quar.)...
10
1
Dec.
Nov. 28
Holders of
Holders of rec. Dec. 20a
1 ♦Holders of rec. Deo. 20
1 "Holders of rec. Dec. 20
Jan.
rec.
26
Feb.zl6
10
Jan.
rec.
Holders of
Dec.
Jan.
Holders of
3
to
IK
1
25c. Jan.
Nov. 28
2
Holders of rec. Dec.
Holders of rec. Jan.
15
1
♦1
4,
Common (extra)
Preferred (quar.)—--—
Holders of rec. Dec.
1
Feb.
Feb.
$1.25 Jan.
——.——.
18 a
Jan.
2
(quar.)
(quar.)..
rec.
IK
...
Traylor Engineering A Mfg.—
Holders of rec. Dec. 22a
2
.........
17
2
SI.25 Dec. 31
.
Oklahoma Prod. A Refln..
3
20
Jan.
1
i
Ogiivie Flour Mills (quar.)
16
rec. Dec.
IK
Texas Pacific Coal A Oil (quar.)
Extra (payable in stock)
31
Jan.
3
Nunnally Co
Ohio Oil
•IK
Dec.
81
Symington (T. H.) Co., com.
Preferred (quar.)
Tecumseh Mills (quar.)
Texas Company (quar.)..
Jan.
"Holders of roc. Dec.
18a
Holders of
50c.
Swift A Co.
Jan.
Oil
Holders of reo. Dec.
1
Holders of
IK
Submarine
1
rec.
1
Jan.
*$1
2
3
Holders of
Jan.
IK
(quar.)
Jan.
2K
Preferred
Stover Mfg. A Engine
Extra
Jan.
Surety (quar.)
New River Co., pref. (quar.)
27
1
Preferred Class A and B (quar.)
rec.
National Sugar Refg. (quar.)—
27
30 ♦Holders of rec. Dec.
2
Signal.
Sullivan Machinery
to
30 ♦Holders of rec. Dec.
Dec.
Jan.
3
Preferred
Standard Textile Products, com. (quar.)
Stromberg Carburetor (quar.)
Stutz Motor Car (quar.)
1
Dec.
5
com.(quar.)—
(quar.)..
Steel A Tube Co., pref. (quar.)........
Dec. 23
Jan,
•2K
Screw,
Preferred
Jan.
rec.
•2 K
Extra
Steel Co. of Canada, common (quar.)...
National
New York
Days Inclusive.
Standard Safe Deposit (quar.)...
Standard
2
.....
National Oil, pref. (quar.)
rec.
3
2K
(quar.)
common
Dec. 30
*50c. Dec.
National Fuel Gas (quar.)
NatlonalGrocer,
Holders of
IK
3K
♦2
pre!
Mountain Producers Co. (No. 1)
National Casket
Books Closed.
Payable.
Miscellaneous (Concluded)
pref. (quar.)
Mount Vernon-Woodberry Cot. Mills
Preferred
When
Cent.
Name of Company,
Miscellaneous (Continued)
Montgomery Ward & Co.,
[Voi* 111.
Books Closed.
Per
Cent.
Name of Company.
CHRONICLE
Preferred
....
2
Jan.
3
rec.
Dec.
Sa
rec.
Dec.
15a
Holders of rec. Dec. 31a
Holders of
Dec.
16a
Holders of rec. Dec.
16a
Holders of rec. Dec.
15a
rec.
IK
Jan.
IK
Jan.
3
4
Jan.
15
Holders of
rec.
100
Jan.
15
Holders of
rec.
Dec.z 20 a
50c. Jan.
15
Holders of
rec.
Dec.
31a
(quar.)—.—.
3
United Fruit (quar.)
Extra (payable In stock)
United Gas Improvement, com. (quar.).
Preferred
(quar.).
87Kc Mar. 15
Holders of rec. Feb.
28a
United Paper Board, common
Common (payable In common stock)..
2
Jan.
10
Holders of rec. Dec.
16a
flO
Jan.
10
Holders of rec. Dec.
15a
Dec.
20a
IK
Jan.
1
Holders of rec. Dec. 22a
Paeiflc-Burt Co., Ltd., com
Preferred
(quar.)
1
Jan.
3
Holders of rec. Dec.
15a
IK
Jan.
3
Holders of
Dec.
15a
Preferred (quar.)...
IK
Jan.l7z
Holders of rec. Jan.
Zz
PacificTclep. A Teleg., pref, (quar.)....
va
Jan.
15
Apr.l5z
July 15z
Holders of rec. Apr.
lx
Pacolet Manufacturing, common
Preferred
10
3K
Pan-Amer. Petrol. A Transport—
Common A and B (quar.)
Panama Power A Light
Panhandle Prod. A
1
to
Jan,
15
Preferred
(quar.)
IK
Dec. 31
Dec. 21
to
Dec. 31
Preferred
(quar.)
IK
Dec. 31
Dec. 21
to
Dec. 31
81.50 Jan.
Corp., pf. (qu.).
Ref., pref. (quar.)..
Parke, Davis & Co.(quar.)...
10
Holders of rec. Dec.
3
Holders of rec. Dec.
...
Peerless Truck A Motor (quar.)
Penn Central Light A Power, pref. (qu.)
Penney (J. C.) Co., pref. (quar.)
United Profit Sharing
Extra ————————...
18a
Jan.
11
IK
$2
Jan.
2
4
Jan.
3
Jan.
3
Dec. 24
Jan.
1
Holders of
rec.
Dec.
la
Jan.
1
Holders of
reo.
Deo.
22a
750.
80C.
to
Jan.
U. S. Distributing Corp..
2'*-
Dec.
31
Holders of
Jan.
3
Holders of
rec.
Dec.
15
Dec.
31
Holders of
rec.
Dec.
15a
(quar.)........
Pennsylvania Water A Power (quar.)
Pettibone, Mulllken ACo.,lstA2dpf.(qu.)
IK
Dec. 31
Holders of
rec.
Dec.
15a
IK
Jan.
1
Holders of
rec.
Dec.
17a
IK
Jan.
3
Holders of
rec.
Dec.
21a
Phelps Dodge Corporation (quar.)
Pierce-Arrow Motor Car, pref. (quar.)..
Pierce Oil Corp., pref. (quar.)..
Pittsburgh Plate Glass, com. (quar.)...
2K
Jan.
3
Holders of
2
Jan.
1
Holders of rec. Dec.
2
Jan.
1
Holders of
Dec. 20a
Victor Monaghan
2
Dec. 31
Dec.
16
to
Jan.
2
/20
Dec. 31
Dec.
16
to
Jan.
2
Victor Talking Mach., com.
Preferred
(quar.).....
Dec.
24a
Preferred
Common (payable In common stock)
Pond Crook Coal (quar.)
—
...
Extra
.
1
25c. Jan.
Port Arthur
Preferred
Shipbuilding,
(quar.)
Prairie Oil & Gas
Extra.
■
25 c. Jan.
——
com.
(quar.)
1
Jan.
2
Holders of
rec.
Dec.
18
Jan.
2
Holders of
rec.
Dec.
2
'
Jan.
Jan.
Dec.
Jan.
1
Holders of rec. Dec. 21a
1
Holders of
3
rec.
Dec. 21a
Dec. 2
30
Holders of
rec. Dec.
22a
Holders of rec. Deo.
18a
Dec.
27
Holders of
rec.
Dec.
17a
3
Holders of
rec.
Dec.
15a
$1
Jan.
IK
Jan.
1
Jan.
15
Jan.
1
to
Jan.
IK
Jan.
15
Jan.
1
to
Jan.
3
Jan.
24
Holders Of rec. Dec.
27a
$1
.Tan.
3
Holders of rec. Dec.
15
Jan.
2
Holders of
Jan.
2
Holders of reo. Dec. 21a
3
Holders of rec. Dec.
3
Holders of'sc. Dec.
15
(quar.)
IK
15
Holders of rec. Dec. 31a
Holders of
rec.
reo.
Dec.
20
5
5
Dec. 21a
Jan.
31
Holders of rec.
31
Holders of rec. Dec.d31a
Waldorf System, common (quar.)..
First and second preferred (quar.).:
25c. Jan.
Jan.
Jan.
31
Holders of rec. Dec.
Walworth Mfg., pref.
VA
Dec.
31
2
Jan.
1
Holders of
IK
Jan.
3
Hold era of rec. Dec.
20
Jan.
1
Holders of rec. Dec.
16
IK
Jan.
3
Holders of rec. Dec.
20
Jan.
1
Holders of
rec.
Dec.
15
Jan.
1
Holders of
rec.
Dec.
15
Jan.
1
Holders of
rec.
Deo.
15
1
Holders of
reo.
Deo.
15
Jan.
.
rec.
Dec d31a
31a
Dec. 22
Preferred
(quar.)..
Waring Hat Mfg., pref. (quar.)
Warner (Chas.) Co. of Del., com.
Common (extra)
Jan.'
1
Holders of
rec.
Deo.
15
Jan.
15
Holders of
rec.
Dec.
31a
Feb.
28
Holders of
rec.
Feb.
la
Dec.
31
Holders-of rec. Dec.
18a
18
West
2
reo.
Deo.
Western
Electric Co.
Jan.
15
Holders of
5
Western
Grocer, common.....—
3
Jan.
3
Holders of rec. Dec.
15
1
Jan.
3
Holders of
rec.
Doc.
15
Western Union
27
West Kootenaj" Power A Lt., pref.
(qu.)
Westinghouse Air Brake (quar.)..
Weyman-Bruton Co., com. (quar.)
2
Jan.
1
Holders of
rec.
Deo.
IK
IK
Jan.
1
Holders of
rec.
Deo.
15a
Jan.
2
Holders of
rec.
Dec.
10a
Jan.
2
Holders of
rec.
Dec.
10a
IK
Jan.
2
Holders of
rec.
Dec.
10a
25c. Jan.
2
Holders of
rec.
Dec.
15a
White
Republic Iron A Steel,
IK
rec.
Jan.
common (quar.).
Preferred
(quar.)
1
Republlo Motor Truck, pref. (quar.)
Reynolds (R. J.) Tobaoco, com. (quar.).
17
Holders of rec. Dec.
17
Holders of rec. Dec. 31a
27
Holders of rec. Dec.
d'i
Holders of rec. Dec.
24a
Jan.
d3
Holders of rec. Dec.
24a
Dec.
31
Helders of rec. Dec.
20
Dec.
31a
31
Holders of rec. Dec.
5
Holders of rec. Dec.
31a
Holders of rec. Dec.
24a
1
Dec. c?21
to
to
1
Jan.
Deo.d21
20a
Jan.
3K
Jan.
1
IK
IK
Jan.
15
Holders of rec. Dec.
1
20a
Jan.
2
Holders of rec. Dec.
28
$1.75 Jan.
31
Holders of rec. Dec.
3la
2 K
Jan.
3
Holders of rec. Dec.
13a
IK
Jan.
3
Holders of rec. Dec.
13a
*$2.50 Jan.
Preferred
(quar.)..
Wheeling Steel A Iron, pref. B
1
Dec.
15a
(auar.)
$1
Feb.
1
15 a
Will A Baumer Candle
IK
Jan.
2
Holders of
rec.
Dec.
15a
Jan.
1
Holders of
rec.
Dec.
20a
Dec.
31
2
Jan.
50c.
Williams Tool Corp., com. (No. 1)
Preferred
(quar.)
Co., pref.
31a
31
Dec.
Jan.
4
————,
IK
Holders of
1
Jan.
S2.50
(quar.)
Telegraph (quar.).
Motor Co.
Holders of rec. Dec.d23
Jan.
3K
5
——
2a
Jan.
1.50 Jan.
(quar.)
Holders of rec. Jan.
Preferred
20
IK
15
Jan.
2Ca
Jan.
IK
...
Jan.
rec.
to
IK Jan.
Jan.
IK
Piano, pref rred (quar.)..
Coast Oil
21
50c.
....
Warren Bros., 1st pref. (quar.)
Second preferred (quar.)
Weber
Dec.
25c.
(qu.)_
Welsbacli Co., preferred
Holders of
25o. Deo. 31
(quar.)
20c. Jan.
(quar.)
Ward (Edgar T.) Sons Co., com. (qu.).
2
Holders of rec.
3
Holders of rec. Dec.
18a
Jan.
3
Holders of rec. Dec.
20
2
(quar.)
Jan.
3
Holders of rec. Dec. 20
Jan.
3
Holders of rec. Dec. 27a
15
Wilson A Co., Inc., pref. (quar.)
Woolworth (F. W.) Co., pref. (quar.)..
IK
Deo.
IK
Jan.*
3
Holders of reo. Deo.
reo.
Dec.
22
Worthington
IK
Jan.
15
Holders of rec. Jan.
5a
Doc.
31
Holders of
rec.
Dec.
22
Jan.
3
Holders of rec. Dec.
20a
Jan.
1
Holders of rec. Dec. 20
IK
IK
Jan.
3
Holders of rec. Dec.
20a
IK
Rockaway Rolling Mills (quar.)
Rogers (Wm. A.), Ltd., pref. (quar.)
Deo.
rec.
Holders of
Jan.
1
Holders of
17
3K
Rltz-Carlton Hotel, preferred....
reo.
Holders of
2
_
Holders of
1
Dec. 31
IK
Co., Ltd., pref. (quar.).
_First cum. preference (quar.)
Cum. conv. preference
(quar.)...
1
Jan.
IK
Riordon
50o. Jan.
IK
(quar.)
Rlordon Pulp A Paper, pref.
(quar.)
Mar. zl
rec.
15
Dec. 20
•25c
Extra
I
Jan.
•IK
Jan.
3 ♦Holders of rec. Dec.
15
♦1 K
...
Royal Baking Powder, com. (quar.)
Common (extra)
Jan.
3 ♦Holders of rec. Dec
15
21
2
Dec. 31
2
Deo. 20
Holders of
rec.
Dec.
Holders of
15a
(quar.)
31
31
rec. Dec.
Holders of rec. Dec.
Dec. 31
Holders of
rec.
Dec.
20a
Dec. 31
Holders of
rec.
Dec. 20a
15a
Sears, Roebuck & Co., preferred (quar )
Securities Company
;
IK
Jan.
1
Holders of
rec.
Dec.
2 K
Jan.
15
Holders of
rec.
Dec. 31
2
Jan.
3
Holders of
rec.
Dec.
7a
Deo.
31
Holders of
rec.
Dec.
7a
Jan.
5
(quar.)
IK
Shell Transport A Trading....
Sheridan-Wyoming Coal
Pump A Mach., com.(qu
Preferred
A (quar.)
Preferred B (quar.)
Yale A Towne Manufacturing
Young (J. S.) Co., common (quar.)
Common (payable In com. stock)
Preferred
(quar.)
Youngstown Sheet A Tube, com. (quar.)
Preferred
(«)
81.25
Jan.
10
lfa
*
to
Jan.
1
23
to
Jan.
1
IK
Jan.
1
Dec.
22
to
Jan.
S1.5C
Jan.
1
Holders of rec.
Dec. 20a
IK
Jan.
1
Holders of rec.
Dec.
1
20a
Holders of
31
rec. Jan.
Holders of rec. Dec.
Holders of rec. Deo.
15
n
Sloss-Sbeffield Steel A Iron, pref. (qu.)-
Jan.
3
Holders of rec. Dec.
18a
o
Jan.
1
Dec.
IK
IK
Jan.
2
Jan.
21
1
Holders of
1
Holders of
South Penn Oil (quar.)
South Porto Rico Sugar, com. (quar.)..
Preferred
(quar.)
5
Dec.
31
Dec.
3
Dec.
31
Holders of
South West Penn Pipe Lines (quar.)
2
Dec.
Southwestern Cities Eleo. Co., pref.(qu.)
Standard Oil (Kentucky) (quar.)
IK
Jan.
2
2
Dec. 31
31
J The New York Stock Exchange has ruled that
stock
York Stock
Exchange has ruled that Va. Iron, Coal A Coke be
quoted
I Payable In Class B shares.
Dec.
22
Dec.
(quar.)
From unofficial sources.
* New
Deo. 31
Standard Oil (Ohio), common (quar.)
Common (extra)
Dec.
30
Jan.
ex-the 10% stock dividend on Nov. 1,
IK
IK
Slmpson Creek Coal, pref. (quar.)
Soden (G. A.) A Co., 1st pref. (quar.)..
Second preferred (quar.)__.;
Holders of rec. Dec.
1
Dec.
K
a Transfer
Correction,
s Payable in stock,
f Payable In common stock,
a Payable In scrip,
ft On account
of accumulated dividends.
(Payable In Liberty or Victory Loan bonds.
IK
com.
(quar.)
3
Jan.
5
2
f50
will not be quoted ex-dlvldend on this date and mot until further notice,
books not closed for this dividend.
6 Leas 'British Income tax.
d
(au)
Sherwin-Williams Co. of Can.,
10a
15a
Dec.
1
IK
A Pac., com.(quar.)
Dec.
IK
(quar.)
Sbawmut Mills, common (quar.)
Preferred
Jan.
3
Preferred Series S (quar.)
Reo Motor Car (quar.)
Preferred
to
25c. Jan.
(quar.)
3
(qu.)
Preferred
16
Holders of rec. Dec. 31a
,
15
$1
IK
Remington Typewriter, first pref. (quar.)
Rocky Mtn.
Dec.
15
IK
Wahl Co., com. (quar.)
Preferred (quar.)
2
........
Reelcraft Pictures Corp., pref. A
(qu.)__
Rels (Robert) A Co., 1st A 2d pref.
Preferred
31
$1.50 Deo. 31
.
Watmsso Cotton, Ltd., com.
3
.;
Reece Buttonhole Mach. (quar.)
Reece Folding Machine (quar.)
St. Louis
2
Dec.
Jan.
2
2
Preferred
Jan;
IK
(quar.)
Co., pref. (quar.)....
lK
(quar.)
Extra
Second preferred
to
3
IK
Railway Steel-Sprinc. com. (quar.)
Ray Consolidated Copper (quar.)
Realty Associates
r
16
5
Virginia Iron Coal A Coke.
'
Dec.
3
Vanadium Corp. of Amer.
18
31
IK
Utah Copper Co. (quar.)..
Utilities Securities Corp., pref. (quar.)
V. Vivaudou, Inc. (quar.).
Holders of rec. Dec. 24a
2 k
3a
Dec.
IK
....
(quar.)
rec.
Dec. 20
2
(bonus)...
5K% pref. (quar.)...
Preferred
Holders of
rec. Jan.
IK
Extra
15a
Holders of
Holders of rec. Dec.
1
(quar.)
Six per cent pref. (quar.)..
common
reo.
rec.
15
Dec. 31
1
U. 8. Steel Corporation, com. (quar.)
Universal Leaf Tobacco, pref. (quar.)
23
Holders of
Jan.
81
Holders of rec. Dec. 20
5
IK
———
Pure Oil, 8% pref. (quar.)..
Quaker Oats,
reo. Dec.
Holders of rec. Dec. 23a
5
3
(quar.).
—
Provincial Paper Mills, com.
Preferred
Dec. 20a
IK
(quar.).
..........
Prairie Pipe Line (quar.)......—......
Price Bros. (quar.)..
Common
rec.
Holders of rec. July
lz
Holders of rec. Dec. 23a
Jan.
f5
Preferred (quar.)..—
U. S. Industrial Alcohol, pref. (quar.)..
U. 8. Playing Card (quar.)
IK
15
50c. Jan.
37'A
—
IK
15
lKc. Jan.
—
U. S. Gypsum com. (In common stock).
U. S. Gypsum, com. (quar.)
IK
Pennsylvania Power & Lt„ pref. (quar.).
Pennsylvania Rubber, common (quar.)
IKc. Jan.
United Shoe Machinery, common (qu.).
Preferred (quar.).—
Holders of reo. Dec. 20
Dec. 24
to
Jan.
2
4
....
Extra...
Jan,
rec.
—
12
to
rec.
rec.
to
la
Jan.
2
Dec.
17
Dec.
m
15
17
Jan.
1
rec.
Dec.
10a
Holders of
reo.
Dec.
rec,
p On account
r
10a
Holders of
Two months' dividends.
Erroneously reported In previous issue as Massachusetts Gas
At rate of five shares of
t
u
v
Payable In
common
on every
Cos.
100 shares of common outstanding.
of accumulated dividends and payable in preferred stock at par.
Preferred stock.
Payable to holders of record Dec. 31.
Two shillings per share.
Three shillings par share.
Dec.
15
Holders of reo
Deo.
15a
to
Jan.
13
y
Payable In scrip and being In full of arrears of dividends.
z
New York Stock Exchange has ruled that
3
Jan.
3
Dec.
3
Jan.
1
Holders of
rec
1
Jan.
1
Holders of
rec
Nov. 26
Payable In New York funds.
-
Nov. 26
16
to
dividend
on
Dec. 20 and not until Jan. 17.
United Fruit be not quoted ex-stock
Dec. 25
lHJli
New York City Noil-Member Banks and Trust Com¬
panies.—Following is the report made to the Clearing House
by clearing non-member institutions which are not included
in the "Clearing House Returns" in the next column:
YORK CLEARING
«ETtr&N OF NON-MEMBER INSTITUTIONS OF NEW
HOUSE.
(Stated in thousands of dollars—that is, three ciphers [000] omitted,)
Net
Tr. cos. Nov.15
Res.
Bank.
$
Battery Park Nat.
1,500
Mutual Bank.
200
600
721
in
Legal
De¬
De¬
posits'.
posits.
lation.
tories.
4,683,100 increase
4
deposits
1,741
1,109
24
450
11,974
6,458
2,484
7,475
500
1,162
200
863
14,379
500
1,280
7,534
400
1,385
8,855
485
779
8,022
RESERVE.
3,400
6,571
58,066
2,027
6,887
46,180
8,624
Bank of Wash Hts
100
450
3,635
471
225
3,762
53
Colonial Bank
600
1,568
15,847
2,113
1,348
17,068
700
2,019
19,482
2,584
1,573
20,830
458
$25,936,900
05.98%
22.30%
$35,435,700
TotaL
Aggreg
$111,029,300
deposits
21%.
te reserve on
City Clearing House Banks
Companies.—The following detailed statement
shows the condition of the New York City Clearing House
members for the weekending Dec. 18.
The figures for the
592
and Trust
In the
given.
the Equitable Trust Co. has been included in thU
separate banks are the averages of the daily results.
case of totals, actual figures at end of the week are also
The return of
Sept. 25.
statement since
53
HOUSE RETURNS.
NEW YORK WEEKLY CLEARING
to, three ciphers [000] omitted.)
{Stated in thousands of dollars—that
Federal Reserve Bank
579
Hamilton Tr, Bkln
500
1,012
8,996
722
Mechanics Tr, Bay
200
516
9,401
367
318
7,714
4,539
5,331
700
1,528
18,397
1,089
703
12,252
5,910
4,800
10,119
385
L--...
Net
CLEARING
NO
Reserve
Loans,
with
Net
Time
in
Legal
Demand
De¬
ments,
MEMBERS.
Nov. 15
15
95,945
5,700
9,163
a79,263
14,587
592
(.000
omitted.)
Nat'l,
—73
+ 165
+417
+ 21
—1
Week ending
State,
Dec. 18 1920.
Vault.
Deposit
Deposits.
posits. lotion
Average.
Average AW.
4,800
10.119
97,300
a78,846
14,566
9,079
591
5,558
9,606
a79,209
a80,158
14,780
99,387
14,953
591
tories.
&c.
Nov.
593
97,633
4,800
10,119
9,823
5,773
5,633
8,998
4,800
Gr'd aggr, Nov. 27
Average.
of
Members
7,211
$
823
126,269
210,325
3,032
10,262
1,982
2,000
5,000
10,000
16.672
6,118
58,135
66.103
571,242
Chemical Nat'l
5,500
40,000
4,500
Atlantic Nat'l.
1,000
14,940
1,129
129,620
19,231
300
161
Co
Mech & Metals
and other liabilities, $2,906,000.
Bank of America
National City.
Philadelphia Banks.—The Philadelphia Clearing House
Statement for the week ending Dec. 18 with comparative
figures for the two weeks preceding is as follows.
Nat Butch & Dr
Members oj
ciphers]{00) omitted.
1920.
Trust
Due from banks
$37,725,0
103,543.0
718,057.0
37,725,0
33,225,0
4,500,0
90,614,0
687,537.0
31,015,0
110,849,0
Surplus and profits
Loans, dlsc'ts & investm'ta
Exchanges for Clear. House
12,929,0
103,543,0
35,082,0
722,619,0
503,0
26,139,0
102,183,0
31,518,0
16,0
110,865,0
l'.ooo
1,187
34,938
1,765
l",427
106,613
15,242
648
4,480
93,395
266,917
62
297
4,023
2,446
4,890
102,657
153,234
129
711
10,009
1,826
.
52,831
*583,681
5,000
7,148
127,125
1,592
Nat Bk of Comm
25,000
33,182
379,594
3,152
35,667
1,870
5,260
3,491
23,933
111,072
114,650
13,639
19,141
2,377
7,032
6,974
237
46,337
23,735
350
292
15,682
4,087
12,289
Pacific Bank..
1.000
Nat'l
7,000
3,000
Dec. 4
Metropolitan..
2,000
1920.
Corn Exchange
6,000
1,500
7,500
Total.
F.R. System Companies
Capital.
11
750
2,943
15,557
20.258
7,084
61,438
14.259
2,063
Amer Exch Nat
Hanover
Dec
3,024
12,775
29,909
12,438
Chath & Pheni
Week ending Dec. 18 1920.
16.887
$
$
$
$
4,304
464
4,458
Y.NBA
Bk of N
Increase $49,190.
Average Average
V+,f,+:
64,934
$
Fed. Res. Bank y %
Manhattan
IT. S. deposits deducted $354,000.
Bills payable, rediscounts, acceptances
a
Two
Cirsu
Tr.Cos.Nov. 15
Gr'd aggr, Dec. 11
Gr'd aggr, Dec. 4
Exc ss reserve,
Ban
Cash
Invest¬
Capital. Profits. Discount,
HOUSE
—1,355
week
us
$75,593,600 20.63%
$3,777,100 decrease
Per cent of legal reserve,
Trust Companies
Not Members of the
Grand aggregate..
Companies—
13.84%
06.69%
$50,942,800
24,650,800
16.32%
9,498,800
Statement of New York
""*394
State Banks
Comparison prevlo
—Trust
•——State Banks——
Cash In vault
429
Not Members of the
Federal Reserve Bank
Total........
7,418,200Jncrease
236
252
468
W.R. Grace & Co.
Total
590,298,600
Deposits with Fed. Res. Bank of New York..
Total deposits
Total deposits, eliminating amounts due from
Reserve depositaries and from other banks
and trust companies in New York City
Deposits in banks and trust cos
Yorkvllle Bank...
Total
856,400 decrease
79,500 increase
2,384,200 decrease
Currency and bank notes
Circu¬
Deposi¬
11,112
7,097
4,266
Firet Nat., Jer. C.
$869,300 decrease
7,138,000
18,660,900
51,080,800
640,522,000
Gold
Bank
<tc.
738
New Netherlands
$601,918,800
Loans, discounts, investments, &o
Nat'l
Time
Average Average Average Average Average Average
$
$
$
$
$
I
$
198
26
298
9,708
1,528
1,700 12,357
Members of
fed'l
Net
Demand
Vault.
Statebks.Nov.I5 ments,
Dec. 18 1920.
Net
with
Cash
Nat.bks.Nov.15 Invest¬
Week ending
(Figures Furnished by State Banking Department.)
•
and U. 8.
Reserve
Dis¬
counts,
IN
INCLUDED
NOT
YORK,
TRUST COS. IN GREATER NEW
CLEARING-HOUSE STATEMENT.
STATE BANKS AND
OF
SUMMARY
Loans,
Capital. Profits.
CLEARING
NON-MEMRFPfi
2495
PnunATTPT 1?
L/JnLxiUi\ iLLJbj
rpTTX?
1920.]
$37,725,0
Imp <k Trad Nat
National Park..
East River Nat.
103,547,0
1,710
20,461
8,039
125,187
20,410
3.379
9,471
119,967
40,968
4,584
100
8,835
23,176
903
3,943
147,597
30,165
27
51
200,715
1,316
18,870
143,474
1,855
5,426
11,885
471
1,706
941
149,293
42,682
50
1,000
846
Second Nat'l...
1,000
23,048
995
2,912
90
630
721.883,0
First National..
309,064
966
23,602
179,942
4,892
7,277
28,379,0
Irving National
10,000
12,500
4,597
37,742
11,458
19,488
2,493
110,152,0
10,744
201,755
7,428
24.104
183,340
1,689
1,000
N Y County Nat
470
14,184
907
1,703
13,616
850
973
6,084
100
8,201
l".096
52
394
128,026,0
272,0
128,298,0
127,965,0
131,939,0
Continental Bk.
1,000
798
7,260
160
deposits
Time deposits.
Total deposits
U. S. deposits (not incl.)..
Res ve with legal deposit s
514,072,0
19,028,0
527,391,0
532,248,0
9,964,0
674,151,0
Chase National.
15.0Q0
24,731
362,561
6,035
37,949
268,304
Reserve with F. R. Bank..
197
19,616
51.834,0
533,100,0
9,377,0
670,775,0
18,923,0
2,405,0
51,834,0
Bank
deposits
Individual
9,091,0
286,0
651,189,0
....
19,586,0
.
w
2,405,0
600
2,319
19,388
1,164
3,264
Commerc'l Exch
200
476
8,788
556
1,352
1,287
8,534
Commonwealth
400
1,054
804
8,512
1,285,0
1,863,0
2,094,0
Garfield Nat'l..
1,000
1,647
*16,345
589
2,472
16,169
53.404.0
52,861,0
1,000
782
12,815
344
1,919
13,748
577
48,183
1,188
6,686
47,013
822
65
9,941,0
665,297,0
1,128,0
Fifth
Avenue..
National
Fifth
9,223
248
Cash In vault
16,339,0
902,0
17,241,0
16,784,0
15,983,0
Seaboard Nat'l.
1,000
4,688
Total reserve and cash held
68,173,0
3.307,0
71,480,0
72,051,0
70,938,0
Liberty
Nat'l..
5.000
7,656
98,350
1,101
9,412
71,923
2,221
2,457
53+26,0
53,917.0
53,793,0
Coal & Iron Nat
1.500
1,600
19,180
924
1,845
262
409
18,354.0
18.134.0
17,145.0
1.000
318
393
Union Exch Nat
13,433
21,763
Brooklyn Tr Co
Bankers Tr Co.
1,500
2,741
38,736
928
4,166
28,843
5,176
20,000
19,612
288,804
1,375
•227,576
49,186
11,259
10,089
*450,780
26,876
Excess rec. &
*
cash
2,831,0
476,0
50,295,0
Reserve required
17,878,0
In vault
Cash In vaults not counted as reserve
for Federal Reserve Bank members.
684
19,431
1,583
2,980
U S Mtge & Tr.
5,143
62,576
812
25.000
36,114
528,816
2,648
46,789
Fidel-Int Tr Co
1,500
1,593
18,876
542
2,645
18,445
636
Columbia Tr Co
Banks.—We give below a sum¬
mary showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
2,000
Guaranty Tr Co
Boston Clearing House
30,409
7,035
5,000
1,500
8,010
79,832
1,648
9,922
74,420
1,958
32,569
1,417
3,788
3,714
1,117
1,535
,
Dec. 11
1920.
...
_
._
2,459 ,000 Inc.
Loans, dlsc'ts & Investments- 597,914 .000 Inc.
Individual deposits, incl. U.S. 434,896 ,000 Inc.
100,720 ,000 Inc.
Due to banks
423,278,000' 426 .178,000
1,666,000
99,054,000 100 ,101,000
22,167,000 22 ,053,000
2 ,213,000
1,096,000
18,171,000 18 ,996,000
United States deposits
Exchanges for Clearing House
Due from other banks
21,898 ,000 Inc.
61,699 ,000 Inc.
3,727,000
Cash In bank & In F. R. Bank
53,122 ,000 Inc.
1,012,000
13,181,000
4,137,000
57,562,000
52,110,000
23,002
489
3,782
1,416
16,636
722
1,445
25,824
13,785
1,098
1,000
5,000
11,056
1,618
115,725
1,686
14,604
22,546
994
13,428
3,222
*112,939
2,000
125
12,000
17.888
171,066
2,032
19.105
23,791
*164,808
Equitable Tr Co
11,618,000
192,000
3,248
668
502
60 ,798,000
•'
v-
'
•
f
}
12,198
262,900 470,079 5,067,195
96,941 546,774 c3,965,061 202,346 34,865
Totals, actual co ndltlon Dec. 18 5,135,008
Totals, actual co nditlon Dec. 11 5,017,912
93,196 521,348 c3,925,526 199,198 34,953
97,370 524,217 c3,913,091 207,143 34,987
96,649 529,851 c3,868,719 218,495 35,058
Avge, Dec. 18
Totals, actual co ndltlon Deo.
Banks.
State
4 5,018,090
52 ,797,000
Not Me mbers of Federal
Reserve
Bank.
excess
2,296
19,425
53
476,000
7,261,000 Inc.
New York Clearing-House
6,785,000
7,487,000
Bank Statement.—To-day
holiday the Clearing House issued the usual weekly
bank statement after the close of business on Friday after¬
noon.
We give below the summary of weekly totals for the
week ending December 24:
r
being
a
Greenwich Bank
1,000
1,919
250
848
18,073
5,756
3,050
Bank..
742
343
5,715
Bank....
2,500
2,615
73,060
3,682
2,147
31,394
41,678
Avge. Dec. 18-
In bank and
Federal Reserve Bank
Reserve
3,750
Bowery
State
5,383
96,889
7,474
4,786
56,534
41,731
Totals. actual co ndltlon Dec. 18
96,288
5,616
56,596
41,758
Totals, actual co ndltlon Dec. 11
97,816
7,729
7,247
4,693
56,874
97,364
7,221
4,530
57,143
41,693
41,546
Totals, actual co nditlon Dec.
Trust
4
N oi Mem bers of Fe deral Re serve Ba nk.
28,002
3,157
46,771
1,046
6,000 12,459
14,650
894
1,366
24,186
6,333
Compan 7
Title Guar A Tr
4,000
Lawyers R & Tr
CLEARING-HOUSE MEMBERS, DAILY AVERAGE.
$46,674,000 increase
1,237,000 Increase
20,792,000 decrease
79,000 Increase
375,000 decrease
79,642,000 decrease
241,989,000
3,797,000 decrease
34,912,000
47,000 increase
$544,409,000
investments, &c
...$5,281,715,000
members Fed. Res. Bank.
98,178,000
•Reserve in F. R. Bank of member banks..
525,982,000
•Reserve In own vaults, State banks & tr. cos.
9,493,000
•Reserve in depositaries, State bks. & tr. cos.
8,934,000
a Net demand deposits
...
3,984,605,000
Loans, discounts,
Cash in own vaults,
Time deposits
Circulation
-
-
•Aggregate reserve
16,727,420
10,667,350
Excess reserve
Decrease
a
U. 8. deposits
182,338,000
deducted
CONDITION THIS DAY.
Loans, discounts, investments, &e
—$5,266,050,000 $36,251,000 decrease
Cash in own vaults, members Fed. Res. Bank.
102,252,000
9,056,000 Increase
•Reserve in Fed. Res. Bank of member banks.
542,277,000
20,929,000 increase
•Reserve in own vaults, State banks & tr. cos.
9,545,000
96,000 decrease
•Reserve in depositaries, State bks.&tr. cos..
8,993,000
1,209,000 decrease
a Net demand deposits...
4,004,067,000
21,303,000 decrease
CLEARING-HOUSE MEMBERS. ACTUAL
Time
deposits
-
Circulation
-
•Aggregate
reserve
Excess reserve
Increase
a.U. S. deposits
-
deducted
589,000 increase
59,000 decrease
.....—$560,815,000
30,559,530
22,337,330
160,517,000
242,809,000
34,894,000
50
"
2 ,463,000
2,455,000
14,733,000 583.181,000 584 ,511,000
4,000
21,975 ,000 Dec
14,277 ,000 Inc.
Time deposits..
8,009
699
Farm Loan A Tr
1920.
$
Circulation
666
31,961
Nassau N.Bklyn
Dec. 4
previous week.
84,287
23,810
2,000
1,121
3,435
Columbia Bank.
Changes from
1920.
11,719
2,000
Peoples Trust Co
New York Tr Co
MEMBERS.
Dec. 18
3,000
Lincoln Tr Co..
Metropolitan Tr
BOSTON CLEARING HOUSE
32,393
60,098
1,334
—375
1,709
18,793
70,957
.1,940
4,523
42,652
Totals, actual co nditlon Dec. 18
71.005
1,912
4,586
43,248
1,264
Totals, actual co nditlon Dec. 11
4
Totals, actual co nditlon Dec.
70,997
2,020
1,931
4,667
42,951
4,730
43,386
1,800
1,808
Avge, Dec.
18.
10,000
71,890
245,786 34,865
Gr'd aggr, avge 276,650 494,256 5,235,041 106,355 556,083 f4,064,247
■104
6,198
+94,580
1,487 + 21591
+ 51,620
Comparison, pre vious w eek
Gr'd
aggr,
act'l cond'n
Comparison, pre vious
Gr'd
aggr,
Gr'd
aggr,
Gr'd
aggr.
Gr'd
aggr,
*
Dec. 18 5,302,301 102,837 531,550 g4,025,370 242,220 34,953
-34
8,416
+ 12,454
+ 115,576 —3,800 —2,027
w eek
250,636 34,987
act'l cond'n Dec. 11 5,186,725106,637 533,577 g4,012,916
g3,969,248 261,849 35,058
act'l oond'n Deo. 4 5.187,344105,801 539,111
268,801 35,024
act'llcond'n Nov. 27 6,212,484110,860 519,181 g4,014,624
act'llcond'n Nov. 2015 .225,839105,759 534,984g4,009,864269,1963 ,98
Includes deposits
National City Bank,
In foreign branches not Included in total footing as follows:
$126,045,000: Bankers Trust Co., $5,754,000; Guaranty Trust
Co., $101,430,000; Farmers' Loan & Trust Co., $16,784,000; Equitable Trust
$20,657,000.
Balances carried in banks In foreign countries as reserve for
Co.,
such
deposits were: National City Bank, $55,798,000; Bankers Trust Co., $231,000;
Guaranty Trust Co., $14,316,000: Farmers' Loan & Trust Co., $3,754,000; Equita¬
ble Trust Co., $4,548,000.
c Deposits In foreign branches not Included:
e U. S.
deposits deducted,
$89,878,000.
payable, rediscounts, acceptances
f U. S. deposits deducted, $188,064,000.
and other liabilities, $1,182,981,000.
Bills
2496
THE
CHRONICLE
STATEMENTS OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
[Vol.111.
Reserve
<0
Depositaries
Total
Reserve
Required.
Reserve.
%
$
$
546,774,000 546,774,000 521,528,310
10,176,120
4,786,000 12,260,000
4,523,000
0,463,000
6,397,800
1,940,000
$
Reserve banks
Demand
•Total Cash
Reserve in
in Vault.
Depositaries
6,049,015,800
$
4,722,031,500
6,104,585,900
6,066.267,200
•
4,786,338,000
4,777.329,700
0„...........
5,938,526,.500
Nov, 13............
Nov. 20............
5,882,990,000
5,871,526,800
5,828,684,300
4,681,334,600
4,631,533,300
Oct.
0............
10....
$ V
■
25,245,690
2,082,880
65,200
7,474,000
Oct.
23......,.*..;.
Nov.
Nov.
Total Dec.
18
9,414,000 556,083,000 565,497,000
8,995,000 534,492,000 543,487,000
9,389,000 533.641,000 543,030,000
9.234,000 539.382,000 548,616,000
TotalDeo. 11
Total Dec.
4
Total Nov. 27
in
Deposits.
Surplus
Reserve.
Oct.
Members Federal
COMPANIES
Loans and
:
State banks*.......
Trust companies
TRUST
a
,
,
AND
Investments.
Week ended-"
Reserve
in Vault.
BANKS
GREATER NEW YORK.
v
Averages,
Cash
OF
RESULTS
COMBINED
27
538,102,230
27,394,770
Dec.
17,481.050
Dec.
4............
11
5,813,900,300
526.005,950
5,787,304,000
4,622,925,700
4,612,716,600
4,601,927,100
4,566,593,800
530,992,930
12,037,070
Dec.
18..
5,837,829,100
4,649,862,500
533,554,810
15,061,190
*
...
This item includes gold,
%
$
125,787,400
121,362,100
640,474,300
653,642,900
120,382,300
646,136,300
127,970,600
124,345,700
132.040,300
134.093,100
134,874,400
134,495,100
637,344,000
625,891,600
630,326,006
623,231,100
619,346,200
132,930,800
644,313.600
621,490,100
silver, legal tenders, national bank notes and Federa
Reserve notes.
Actual Figures.
"vV^;:"
Cash
b
Reserve
-Condition of the Federal Reserve Bank of New York.
irWS'l
Reserve
in
Total
/ essrve
Surplus
in Vault.
Depositaries
Reserve.
Required.
Reserve.
Members Federal
$
$
%
m $
521,348,000 521,348,000 516,294,320
5,616,000
13,345,000
10,187,280
1,912,000
4,586,000
6,498,000
6,487,200
$
Reserve banks
State banks*...
5,053,680
3,157,720
7,729,000
Trust companies....
—The following shows the condition of the Federal Reserve
Bank of New York at the close of business Dec. 23 1920, in
comparison with the previous week and the corresponding
date last
year:
Dec. 23 1920.
10,800
Resources—
Total Dec.
18
9,641,000 531,5.50,000 541,191,000 532,968,800
8,221,200
Total Dec.
11....
9,267,000 533,577.000 542,844,000 531,596,090
11.247,910
TotalDeo.
4....
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
Total Nov. 27
*
Not members of Federal Reserve Bank.
•
This Is the
and
trust
required on net demand deposits In the
reserve
companies, but In the
Includes also amount of
case
of State bank
case
and
trust companies,
but In the
net demand deposits
of
case
In the
members of the
Federal
Bank
Reserve
State Banks and Trust Companies Not in Clearing
Banking Department reports weekly
figures showing the condition of State banks and trust
companies in New York City not in the Clearing House, as
follows:
COMPANIES IN
GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Bunking Department.)
v
,
Differences from
(
k Dec. 18.
Loans and Investments
...
..........
——
Deposits, eliminating amounts due from reserve doFQSltaries, and from other banks and trust com¬
panies In N.Y. City, exchanges and U.S. deposits
Reserve on deposits............................
reserve,
Dec.$ 1,094,900
7,994,400
18,581,400
Dee.
53,465,000
,
Currency and bank notes
Deposits with Federal Reserve Bank of New York,.
Percentage of
previous week.
$602,788,100
_
-
Total deposits....*....
Inc.
104,200
26,300
1,545,900
Dee.
3,400,200
633,103,800
Inc.
|
585,615,500
114,806,400
Dec.
9,311,300
Inc.
3,298,500
22.0%.
State
Banks
$27,091,600
Deposits In banks & trust companies
Trust
18.20%
Companies—
$52,949,200
14.20%
06.70%
9,796,100
06.58%
24,969,500
$36,887,700
Total..
24.78%
$77,918,700
20.90%
*
Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Dec. 18 were
$53,465,000.
Tbelsquitable
a
Trust Co. Is
no
longer Included In these totals. It having become
being now included in the statement of the
member of the Clearing House and
Clearing House member banks.
41.560,000
1,211,100
24,862,320.
49,296,000
39,000,000
160.497,085
245,765,331
38,000,000
238,053,000
307,385,000
25,000,000
473,618,633
139,321,505
444,262,416
138,260,788
570,438,000
45,602,000
612,940,138
582,523,204
616,040,000
461,010,764
464,248,799
584,588,000
461,010,764
Total gold reserves
Legal tender notes, silver, Ac
Total
Bills
reserves
464,248,799
discounted:
Secured by Government war obllg'ns:
For members
All Other:
The change began with the return for Sept. 25.
584,588,000
:v'■:ft:
For members
446,195,696
388,997,368
203,606,000
446,195,696
96,829,003
388,997,369
89,356,599
203,606,000
191,312,000
942,602,767
1,468|305
50,000
120,481,000
979,506,000
1,257,000
50,000
U. S. certificates of Indebtedness
1,004,035,464
1,468,305
50,000
78,666,000
Total earning assets
Bank premises
1,084,219,769 1,064,602,073 1,048,160.000
4,345,121
4,215,659
3,994,000
I
Bills bought in open market
on
hand
U. S. Government bonds
U.S. Victory notes
....
67,347,000
5% redemption fund against F. R. Bank
.notes.
.....
2,727,110
All other resources...................
Total resources
Liabilities—. ;
2,684,025
2,929,000
159,126,648
1,620,362
...............
UncoUected Items and other deductions
from gross deposits
188,520,324
1,340,994
235,090,000
1,305,000
1,864,979,150 1,843,880,280 1,907,518,000
.
=g==
Capital paid In
,
,,
a =
■
■
■
—•
12,256,285
F. R. notes in actual circulation
22,388,000
32,922,000
12,641,000
706,254,000
188,383,000
42,684,000
808,486,448
949,962.000
880,869,790
......
26,261,200
61,307,535
722,914
683,865,751
110,829,510
13,068,273
816,268,690
Due to members—reserve account
Deferred availability items...
Other deposits, incl. foreign govt, credits
Total gross deposits
-
■
20.375,650
51,307,534
941,039
696,124,104
106,947,261
Surplus.............................
Government deposits
RESERVE.
Cash in vaults
$
147,197,000
199,491,302
235,127,330
Total gold held by bank
Gold with Federal Reserve Agent
Gold redemption fund.....
Total bills
SUMMARY OF STATE BANKS AND TRUST
Gold
Gold with foreign agencies.
Dec. 26 1919.
$
111,078,010
24,556,755
of State bank
case
Includes also amount of reserve required on net time deposits, which was as follows:
Dec. 18, $5,975,940; Dec. 11, $6,214,290; Dec. 4, $6,554,850; Nov. 27, $6,768,900.
House.—The State
Gold settlement fund—-F. It. Board
Dec. 17 1920.
>
144,304,316
53,975,886
.
of members of the Federal Reserve banks
required on net time deposits, which was as follows:
Dec. 18, $6,070,380: Dec. 11, $6,255,810: Dec. 4, $6,669,150; Nov. 27, $6,784,410.
reserve
b This Is the reserve required on
$
Gold and gold certificates
871,522,230
824,944,000
F. R. Bank notes in circulation—net Ila-
,
billty
39,807,200
All other liabilities
50,350,285
Total liabilities
36,753,500
49,555,367
54,624,000
22,678,000
1,864,979.150 1,843,886,280 1,907,518,000
Ratio
W 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:
of total reserves to deposit and
F. R. note liabilities combined
Ratio of gold reserves to F. R. notes In
39.9%
39.1%
40.0%
circulation after deducting 35% against
deposit liabilities
44.3%
Ratio of reserves to net deposits after de¬
ducting j!0% gold reserves against F.R.
notes in circulation.-.
Contingent liability
39.7%
on bills
for foreign correspondents
37.7%
6,076,995
6,077,141
purchased
The Federal Reserve Banks.—Following is the
weekly statement issued by the Federal Reserve Board on Deo. 18figures for the system as a whole are given in the following table, and in addition we
present the results for seven preced¬
ing weeks, together with those of corresponding week of last year.
The seoond table shows the resources and liabilities sepa¬
rately for each of the twelve banks.
The Federal Reserve Agents' Accounts
(third table following) gives details regarding
transactions In Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal
Reserve banks.
In commenting upon the return for the latest week the
Federal Reserve Board say:
The
Large reductions in the holdings of discounted bills and
a
commensurate
decrease in deposit liabilities are indicated in the Federal Reserve
Board's
weekly consolidated bank statement issued as at close of business on Dec.
17 1920.
These changes reflect largely the week's heavy Government
oper¬
ations, including the redemption of the principal and the semi-annual
interest coupons of about 700 millions of tax certificates issued at the
begin¬
ning of the year, the payment of semi-annual interest on First
Liberty
bonds and
on Victory notes, the issuance of two new series of tax
certificates
aggregating about 590 millions and the handling of the last quarterly in¬
stallment of income and excess profits taxes due on the 15th or the month.
Redemption of large amounts of tax certificates enabled member banks
to reduce considerably their indebtedness to the Reserve banks.
As a
consequence the Reserve banks' holdings of paper secured by Government
war obligations show a decrease of 10.3
millions, other discounts on hand—
a decrease of 109.8 millions and
holdings of acceptances purchased in open
market—a decrease of 10.1 millions.
An increase of 37.3 millions in Treasury certificate
holdings represents
approximately the difference between the total of 93 millions of special
certificates taken by three Reserve banks to cover temporary advances to
the Government and the amount of tax certificates held
among their assets
and presented for redemption by the Reserve banks.
Total earning assets
are given as 3,223.8 millions, a decrease of 92.9 millions for the week.
I* Of the total holdings of about 1159 millions of paper secured by Govern¬
war
obligations 660.3 millions, or 57%, were secured by Liberty
ment
Combined Resources
and
Liabilities
Dec.
RESOURCES.
.
Gold and gold certificates
....
Gold settlement fund, F. R. Board
Geld with foreign agencies.
Total gold held by banks..
Gold with Federal Reserve agents
QoM redemption fund
Total gold reserve
17 1920. Dec.
$
211,497,000
353,866,000
67,745,000
of
bonds, 295.4 millions, or 25.5%, by Victory notes, and 203.3 millions, o*
17.5%, by Treasury certificates, as against 54.9, 27.5, and 17.6% of a
corresponding total of 1169 2 millions reported on the preceding Friday.
Discounted paper held by the Boston, Philadelphia and Cleveland banks
includes about 111 millions of bills discounted for five other Reserve banks
in the South and Middle West, compared with 125.4 millions held on the
previous Friday for the same five Banks and the Reserve Bank of New York,
which redeemed during the week a total of 6.4 millions rediscounted with the
Cleveland bank.
Acceptance holdings of the San Francisco Bank are
given inclusive of 6.9 millions of bank acceptances purchased from the New
York
Bank.
Government
deposits show an increase for the week of 24.8 millions, mem¬
deposits fell off 20.1 millions, while other deposits, composed
largely of foreign Government credits and non-members' clearing accounts,
increased by about 14 millions.
In connection with the large volume of
tax checks and drafts received by the Reserve banks the "float" shows an
increase of 126.3 millions.
Net deposits, as a consequence, were 107.7
bers'
reserve
millions less than the week before.
Federal Reserve note circulation shows an increase for the week of 32.5
millions, all Reserve banks, except those at Cleveland, Minneapolis and
Dallas, reporting substantial increases in their circulation figures.
There was also an increase of 2.9 millions in Federal Reserve Bank note
circulation.
Gold reserves show a further gain for the week of 19.1 millions
and total reserves—a gain of 22.1 millions.
The Banks' reserve percentage
shows a rise from 44.5 to 45.6%.
Federal Reserve Banks
the
10 1920.
Dec. 3 1920.
$
$
194,869,000
410.917,000
201,131,000
388,743,000
67,745,000
67,864,000
182,647,000
411,197,000
70,210,000
Close
of
19
1920 Nov. 12 1920. Nov.
$
Nov. 26 1920. Nov.
$
at the
$
Business Deo. 17 1920.
5
1920. Oct.
$
170,266,000
169,814,000
174,702,000
400,678,000
74,303,000
409,075,000
417.984.000
77,244,000
77,514.000
29
1920. Dec. 19 1919.
$
164,849,000
416,163,000
74,686,000
$
241,325,000
399,935,000
137,717,000
633,108,000
673,531,000
657,738,000
664,054,000
645,247,000
656,133,000
670,200.000
655,698.000
778,977,000
1,269,725,000 1.210,563,000 1,194.204,000 1,197,681,000 1,205,746,000 1,177,689,000 1.152.346,000 1,175,118,000 1,201,654,000
151,535,000
151,177,000
170,733,000
157,117,000
174,856,000
162,181,000
179.127.000
172.504,000
115,182,000
.
•
2,054.368.000 2,035.271.000 2.022.675.Of 0 2.023.916.000 12.008.110.000 2.008.678.000 2.001.673.000 2.003,320,000 2,095.813,000
THE
3497
CHRONICLE
7
Dec. 3 1920.
Dec. 17 1920. Dec. 10 1920.
180,100,000
Lsgal tender notes, silver, Ac...
Total reserves
.
Nov. 26 1920, Nov.
175,520,000
177,136,000
171,364,000
19 1920 Nov. 12 1920. Nov.
164,718,000
2,168,0p8,000
2,234,468,000 2,212,407,000 2,198,195,000 2,195,280,000 2,180,228,000 2,180,011,000 2,169,729,000
...
59,098,000
2,154,911,000
1,414,950,000
168,056.000
171,333,000
172,118,000
Dec. 19 1920.
1920
29
1920. Oct.
5
Bills discounted.
1 160.685,000 1,192,200,000 1,158,907,000 1,180,977,000 1,215,101,000 1,203,905,000
1,158,974,000 1,169,244.000
1,597,392,000
I,4o7,775,000 1,547,595,000 1,616,116,000 1,543,230,000 1,514,467,000 1,603,773,000 1,611.724,000
Secured by Govt, war obligations-
234,609.000
Bins bought In open market
'/f'i'f: :';C:'ii\;'i
Total bills On bn-nd
:
j
U. S.
.
247,703,000
69,000
..........
365,555,000
U. S. certlllcates of Indebtedness
69,000
69,000
328,294,000
69,000
293,676,000
287.010,000
69,000
69,000
69,000
69,000
54,000
331,154,000
269,310,000
268,047,000
269,434,000
303,558,000
Uncollected Items and other deductions
'
890,042,000
709,401,000
11,541,000
804,424,000
772,277,000
12,197,000
12,376,000
12,090,000
787,960,000
12,059,000
8,332,000
7,716,000
7,278,000
6,030,000
6,790,000
742,976,000 1,140,224,000
6,032,000
13,333,000
11,314,000
12,854,000
5.703.000
6,413,436,000 6.341.607,000 6,224,604,000
6,387,263,000 6,233,038.000 6,303,879.000 6,244,580,000 6,326,800,000 6,356,591,000
LIABILITIES*
Capital paid ln._
Surplus.............................
99,275,000
164,745,000
99.174,000
99,140,000
99,020,000
164,745.000
60,688,000
164,745,000
97,824.000
164,745,000
12,259,000
87,049,000
81,087,000
97.753.000
164,745,000
98,847,000
164,745,000
98,929,000
164,745,000
164,445.000
64,459,000
28,394,000
53,173,000
1,777,229,000 1.805.661,000 1,733,013,000
1,738,826,000 1,758,967,000 1,763.822,000 1,711,764,000 1,781,806,000 1,801,864,000
848,607,000
571.807,000
631.353.000
601,624,000
616,871,000
551,529,000
582,442,000
516,934,000
614,166,000
105,069,000
21,307.000
26,923,000
25,708,000
26,228,000
25,742,000
22,927,000
24,511,000
38,471,000
Government deposits..
Due to members, reserve account
Deferred availability items
_
Total gross deposits.
F. R. notes In actual circulation
llab.
F. R. bank notes in circulation—net
734,523,000
11,387,000
8,430,000
resources....................
Other deposits, Incl. for'n gov't credits.
666,505,000
12,530,000
from gross deposits
6% redemp.f und agst. F. R. bank notes
All other resources—...—.——...,.—.
AH other liabilities
15,909,000
18.754.000
47,378.000
17,845,000
2,447,041,000 2,482,883,000 2,417,529,000 2,751,148,000
2,444,636,000 2,328,806,000 2,401,781,000 2,333,042,000 2,437,164,000
3,328,985,000 3,354,180,000 3.351.303,000 2,988,894,000
3,344,332,000 3,311,842,000 3,312,039,000 3,325,629,000 3,307,435.000
259,975,000
214,961,000
214,533,000
215,080,000
213,881,000
214.939,000
214,610,000
214,523.000
217,434,000
56,451,000
95,316,000
99,271,000
101,893,000
104,646,000
111,235,000
107,534,000
113,948,000
116,841,000
6,356,591,000 6.413.436,000 6,341,607,000 6,224,604,000
6,387,263,000 6,233,038,000 6,303,879,000 6,244,580,000 6,326,800.000
Total liabilities
Ratio of gold reserves to net deposit and
F. R. note liabilities combined
46.4%
44.1%
43.1%
43.9%
43.8%
42.3%
41.5%
41.9%
44.1%
44.4%
44.1%
43.6%
43.0%
43.1%
46.8%
45.6%
44.5%
49.2%
48.8%
48.9%
48.6%
47.9%
47.0%
47.2%
53.2%
50
Ratio of total reserves to net deposit and
F. R. note liabilities combined
Ratio of gold reserves to F. R. notes In
circulation after setting aside 35%
against net deposit liabilities....
Distribution
580,162,000
566,266,000
3,421,575,000 3.396.043.000 2,891,836,000
3,223,841,000 3,316,749,000 3,333.792,000 3,303,747,000 3,306,695,000 3,368,846,000
12,986,000
15,993.000
16,081,000
16,677,000
17,456,000
17,047,000
17,333,000
17,658,000
17,952,000
Total earning assets...;..—
Bank premises
Total
298,375,000
299,769,000
287.854,000
275,227,000
3,099,672,000 2,561,378,000
2,831,358,000 2,961,529,000 3,019.856,000 2,983,133,000 2,948,601,000 3,072,604,000 3,126,594,000
26,846,000
26,868,000
26,865,000
26,863,000
26,857,000
26,871,000
26,869,000
26,857,000
26,859,000
,
Government bonds
U. S. Victory notes..,
243,055.000
244,690,000
5%
70,370,000
000
117,908,000
60,382 000
61,770,000
60,706 000
264.308 000
291,146,000
15-30 days bills discounted
85,226,000
461,966,000
483.727 ,000
16-30 days U. S. certlf. of indebtedness.
11-60 days bills bought In open market.
11-60 days bills discounted
11-60 days U. S. certlf. of Indebtedness.
4,500,000
61-90 days bills bought In open market.
81-90 days bills discounted
17,243,000
278,583,000
«
discounted
Over 90 days certlf. of Indebtedness
89.841,000
14,398 ,000
15,147 ,000
268,111 ,000
90 ,601,000
96,948 ,000
498,665,000
7,166,000
16,882,000
501 ,627,000
615,532 ,000
12 ,385,000
12,411 ,000
269.328,000
16 ,328,000
♦
234,289 ,000
4,921 ,000
11,499 ,000
4,999,000
3 ,920,000
55,947 000
51,438,000
224,569,000
51 ,695,000
48,613 ,000
220 ,299,000
220,849 ,000
231,128,000
231,799 ,000
8.100.000
82.560.000
76,589.000
604,721.000
26.419.000
508,238,000
24,850,000
20,054,000
338,166,000
8,947,000
36,680,000
206,422,000
18,510 .000
235 ,181,000
73.439,000
300,671,000
277,975.000
12.597,000
12,499,000
83,612,000
8,886,000
..
Federal Reserve Notes—
16,592,000
64,595,000
12,922 ,000
123,248,000
115.046.000
,591,408.000 1,328,059,000
48,578,000
15,370,000
131,993.000
,635,658,000
12,178.000
68,556.000
301,964,000
60,882,000
61-90 days U. S. certlf. of Indebtedness.
Over 90 days bills
22 ,045,000
8,859,"00
10,216 ,000
86.765 ,000
3,133,000
119,593,000
,599,696,000
97,488 000
,694,523.000 1,650 831,000 1,567,959 000
35 027,000
80,051 000
41,417,000
62,281 000
62 111,000
57,390,000
296 096,000
306,981 000
262.847,000
78 663,000
78,942,000
82,072 000
1,540,172,000 1,644,746
1-16 days U. 8. certlf. of Indebtedness.
15-30 days bills bought In open market.
$
$
$
$
bp Maturities-—
1-16 days bills bought in open market.
1-15 days bills discounted
512,062,000
28,883,000
22,631,000
27.330.000
375,876,000
10,927,000
32,595.000
368,446.000
14,135.000
28,710.000
205.926,000
202,946,000
106,219 000
134 643,000
2,072,000
188,830,000
362,091,000
6,221,000
147,969,000
151,465,000
9,029,000
18,854,000
237,658,000
Held by banks
3,657,488,000 3,660,033,000 3,659,448,000 3,666,170.000 3,220,560,000
3,682,755,000 3,677,562,000 3,664,949,000 3,653,281,000
231,666,000
314.867,000
305,268.000
331,048,000
350,053,000
352,910,000
327,652,000
365,720.000
338,423,000
In actual circulation
2,988,894,000
3,307,435,000 3,328.985,000 3,354,180,000 3,351.303.000
3,344,332,000 3,311,842,000 3,312,039,000 3,325,629,000
Outstanding
...........a..........
..
Fed. Res. Notes {Agents Accounts)—
Received from the Comptroller
Returned to the ComptroHer..........
Amount chargeable to Fed. Res. agent
In hands of Federal Reserve Agent
Bete Secured—
By gold and gold certificates..........
By eligible paper..
.....
Gold redemption fund
With Federal Reserve Board
............
244,648,000
277,776,000
277,776,000
276,756,000
276,776.000
276,256,000
267,726,000
267,426,000
266,426,000
2,018,906,000'
2,455,600,000 2,451,742,000 2,482,344,000 2,502.102,000 2,491,052.000
2,413,030,000 2,466,999,000 2,470,745,000
110,000,000
107.222,000
119,101,000
119,624,000
118,103,000
109,357,000
123.884,000
116,821.000
118,075,000
847,006,000
790,120.000
755,469,000
782,810,000
809,366,000
812,068,000
802,594,000
826,316,000
885,224,000
3,657,488,000 3,660,033,000 3,659.448,000 3.686,170,000 3,220,560,000
3,682.755,000 3,677,562,000 3,664,949,000 3,653,281,000
—
Eligible paper delivered to F, R. Agent—
•
4,250,817,000 4,264,422,000 4,250,197,000 4.184,819,000 3,545,288,000
4,293,309,000 4,283,806,000 4,261,938,000 4,271,910,000
324,728,000
518,649,000
590,749.000
604,389,000
593.329,000
618,629,000
596,989,000
606,244,000
610,554,000
3,220",560,000
3,657,488,000 3,660,033.000 3,659,448,000 3.666,170,000
3,682,755,000 3,677,562.000 3,664,949,000 3,653,281,000
Issued to Federal Reserve banks
Total
8,033,180,000 8,011,840,000 7,972,800,000 7.881.500.000 6,000,260,000
8,220,880,000 8,160,540,000 8,107,880,000 8,086,100,000
3,782,363,000 3,747,418,000 3,722,603.000 3,696,681.000 2,454,972,000
3,927,571,000 3,876,734,000 3,845,942,000 3,814,190,000
2,746,666,000 2,898,604,000
2,929,842,000 2,889,663,000 2,859,901,000 2,974,263,000
WEEKLY STATEMENT OF
RESOURCES AND LIABILITIES
Two ciphers (00) omltled.
Boston.
RESOURCES.
New York.
PhUa.
%
Federal Reserve Bank of—
S
$
Gold Settlement Fund, F. R.
B'd
Gold with foreign agencies
971,0
5,510,0
32,735,0
4,945,0
24,557,0
47,916,0
24,862,0
5,420,0
79,715,0
5,555,0
...
Total reserves
ernment war obligations
other
(a).
...
market (b)._
open
Dallas.
San Fran.
S
$
Total.
$
904,0
7,831,0
36,561,0
211,497,0
26,522,0
3,149,0
1,761,0
32,005,0
3,116,0
353,886,0
67,745,0
12,741,0
71,682,0
633,108,0
2,493,0
28,502,0
6,781,0
6,012,0
21,700,0
40,785,0
2,439,0
8,062,0
20,590.0
3,184,0
11,378,0
3,320,0
1,829,0
3,252,0
34,315,0
15,232,0
70,547,0
26,653,0
20,551,0
30,678,0
49,273,0
61,005,0 211,576,0
47,270,0
22,517,0
6,142,0
25,629,0
3,617,0
39,637,0
5,201,0
23,675,0 114,440,0 1,269,725,0
161,535,0
13,086,0
7,730,0
84,889,0 304,640,0
12,075,0
2,348,0
80,065,0
49,797,0
75,516,0
904,0
5,450,0
127,0
2,309,0
44,146,0 199,208,0 2,054,368,0
750.0
180,100,0
4,255,0
582,523,0 200,141,0 283,510,0
92,157,0
87,237,0 316,715,0
85,515,0
49,924,0
77,825,0
48,401,0 199,958.0 2,234,468,0
77,244,0
73,180,0
464,249,0 125,197,0
388,997,0 41,877,0 101,727.0
26,074,0
13.620,0
89,357.0
46,152,0
66,333,0 134,876,0
68,326,0 311,279,0
48,405,0
22,643,0
30,749,0
68,806,0
60,584,0
84,786,0
1,908,0
1,303,0
1,741,0
16,253,0 53,693,0 1,158,974,0
53,988,0 110,473,0 1,437,775,0
234,609,0
215,0 48,230,0
81,270,0
19,282,0
tor
assets
premises
Uncollected items and other de¬
ductions from gross deposits..
fund
78,285,0
188,520,0
against
notes..
....
1.072,0
2,684,0
448 ,Q
bank
All other resources
Total resources
1,341,0
74,076,0
1,300,0
982,0
88.857,0
1,139,0
327,0
Capital paid In
Surplus
Government deposits
7,718,0
12,351,0
608,0
Due to members, reserve account 117,120,0
Deferred availability Items
for. Govt. cred.
deposits
45.358.0
828,0
163,914,0
26,261,0
51,308,0
12,881,0
70,456,0 212,396,0 2,831,358,0
26,859,0
2,632,0
3,979,0
69,0
87300.6
10,881,0
365,555,0
82,735,0 225,909,0 3,223,841,0
17,952,0
231,0
1,621,0
36,678,0 121,196,0
43,854,0
24,533,0
58,425,0
47,008,0
52,088,0
890,042,0
386,0
916,0
586,0
665,0
171,0
387,0
1.294,0
644,0
12,530,0
8,430,0
451,0
616,0
2,092,0
623,0
759,0
202,0
1,051,0
824,0
8,485,0
10,352,0
5,285,0
4,033,0
13,907,0
4,364,0
3,400,0
4,456,0
13,712,0
8,067,0
7.050,0
23,917,0
8,395,0
18,234,0
773,0
5,884,0
2,580,0
5,178,0
4,644,0
4,472,0
9,$10,0
45,635,0 230,634,0
63,293,0
44,710,0
25,832,0
80,934,0
41,512,0
2,870,0
781,0
18,063.0
722,0
76,067,0
48,134,0
262,0
169,0
3,053,0
723,0
683,866,0 103,116,0 152,346,0
76,821,0
110,830,0 53,931,0
998,0
1,792,0
13,068,0
58,828,0
46,266,0
323,0
108,166,0
808,487,0 161.892,0 230,334,0 123,651,0 76,373,0 315,211,0
136,374,0
871.522,0 278,821,0 348,232,0 150,399,0 172,551,0 547,950,0
circulation. 293,067,0
circulation—
liability....
20.032,0
36,754,0
22,527,0
22,802,0
6,591,0
49,554,0
6,015,0
7,649,0
76,522,0
8,480,0
13,069,0
V. R. bank notes In
F. R. notes in actual
AH other liabilities
24,505,0
479,495,0 6,387,263.0
302,356,0 278.947,0 958,268,0 268,521,0 168,786,0 277,596,0 181,645.0
503,873,0 1,843,886,0 490,809,0 633,081,0
LIABILITIES.
Oth. deposits, incl.
2,637,0
93,126,0 139,025,0
1,018,0
646,0
5.0
32,571,0
Federal Reserve
65,662,0
5,737,0
8.652,0
84,530,0 117,276,0
8,867,0
116,0
1,0
notes
redemption
7,665,0
470,660,0 119,119,0
942,603,0 180,694,0 200,981,0 117,551,0 137,296,0
4,490,0
1,153,0
114,0
1,233,0
834,0
1,434,0
1,468,0
3,0
10,0
50,0
12",262",0 16.172,0 39",685",0 16,542,0
55,799,0
31,501,0
120,481,0
U. S. certificates of Indebtedness
Net
7,344,0
$
91,253,0
539,0
U. S. Government Victory
p* Total gross
2,879,0
$
131,046,0 153,585,0 514,835,0 136,814,0
210,911.0 1,064.602,0 213,629,0 257,624,0
891,0
2,379,0
629,0
1,421,0
1,624,0
681,0
4,216,0
2,595,0
on hand
U. 8. Government bonds
6%
$
444,262,0 199,451,0 281,467,0
2,043,0
690,0
138,261,0
177,796,0
PTotal bills
Total earning
%
199,674,0
10.888,0
54,307,0
Bills discounted: Secured by Gov¬
Bank
$
AT CLOSE OF BUSINESS DEC. 17 1929
St. Louis. Minneap. Kan.Citp.
210,562,0
reserves
Legal tender notes, silver, <fcc
bought in
Chicago.
13,333,0
Gold redemption fund
All
$
Atlanta.
90,780,0
160.497,0
245,765,0 132,063,0 178,176,0
12,511,0
13,081,0
38,000,0
45,125,0
Total gold held by banks
gftld
$
111,078,0
Gold with Federal Reserve agents 141,216,0
Total
OF EACH OF THE 12 FEDERAL RESERVE BANKS
Cleveland. Richmond.
7,445.0
Gold and gold certificates
Bills
3,048,546,000 3.000,646,000 2,494,034,000
Revised figures.
965,0
67,967,0 134,976,0
81,501,0 110,768,0
99,275,0
6,923,0
164,745,0
11,662,0
53,173,0
,6,398,0
48,285,0 114,926,0 1,738,826,0
614,166,0
31.654,0 34,831,0
4,091,0
4,152,0
1,709,0
427,0
15,435,0
38,471,0
82,075,0 171,590,0 2,444,636,0
81,296,0 271,851,0 3,344,332,0
217,43^,0
14,929,0
38,911,0
9,918,0
7,648,0
14,357,0
7,314,0
10,480,0
4,011,0
18,373,0
3,815,0
3,092,0
4,644,0
2,717,0
^989,0
116,841,0
277.596,0 181,645,0
278,947,0 958.268.0 268.521,0 168,786,0
503,873.0 1,843,886.0 490,809.0 633.081.0 302,356.0
476.495,0
6,387,263,0
11,562,0
3,392,0
2498
THE
Two ciphers (00) omitted,
Boston.
PhUa.
Cleveland.
CHRONICLE
Richmond
Atlanta.
Chicago.
[Vol. 111.
St. Louis
Minneap.
Dallas
San Fran.
LIABILITIES (Concluded)-
Batlo of total
reserves to net
de¬
posit and F. R. note liabilities
combined, per cent...
55.6
•
Memoranda—Contingent liability
as
endors
Discounted paper rediscounted
with other F. R. banks
.
Bankers' acceptances sold to other
F. R. banks without endors't..
Contingent llab. on bills purcb.
for foreign correspondents
(«) Includes bills discounted for
other F. R. banks, vls__._...
(6) Includes bankers' acceptances
15,298,0
bought fr
19,796,0
om
other F. R. banks:
Without their endorsement...
STATEMENT
OF
FEDERAL
Fsderal Reserve Agent at—
Resources'—
RESERVE
AGENTS'
ACCOUNTS
Boston
AT
Richm'd
CLOSE
Atlanta
OF
BUSINESS
Chicago
DEC.
17
1920.
Minn
Dallas
(In Thousands of Dollars).
Federal Reserve notes
on
hand
...
Federal Reserve notes outstanding
Collateral security for Federal Reserve notes outstanding
Gold and gold certificates
.
Gold redemption
....
lund-1—
Gold settlement fund—Federal Reserve Board
Eligible
paper:(Amount required..
[Excess amount held.
Total
...
.................
•i. Liabilities— v;
W
Federal Reserve notes received from Comptroller, gross.
Less amounts returned for destruction
Net amount of Federal Reserve notes received from
Comptroller of the Currency.
Collateral received from
.....
(Gold
Federal Reserve bank: (Eligible paper.............
Total
Federal Reserve notes outstanding
Federal Reserve notes held by banks..
Federal Reserve notes In actual circulation
•
Federal Reserve District
Boston.
New York
Phila.
Cleveland.
Richm'd.
Atlanta
St. Louis. Minneap.
Dallas
San Fran.
Number of reporting banks..
U. 8. bonds to secure circulation
Other U. 8. bonds, lncl. Liberty bonds..
U. S. Victory notes
U. 8. certificates of indebtedness
...
Total U. 8. securities...
Loans and investments, Including bills rediscounted with Federal Reserve Bank:
Loans sec. by U. 8. war obligations
...
Loans sec. by stocks and bonds
All other loans and Investments..
Total loans and
Investments, Including
rediscounts with F. R. banks
Reserve balances with F. R. Bank
Cash In vault
....
Net demand deposits...
Time deposits
Government
deposits
Bills payable with F. R. Bank:
Secured by U. 8. war obligations
All other
j.
...
Bills rediscounted with F. R. Bank:
Secured by U. 8. war obligations
All other
.....
2.
Data of reporting member banks In Federal Reserve
Bank and branch cities and all other reporting banks
City of Chicago.
Three ciphers ((K)0) omitted.
AU F. R. Bank Cities. F. R. Branch Cities. All Other Report. Bks.
Dec. 10.
Number of
reporting banks..,
U. 8. bonds to seoure circulation
Other U. 8. bonds, lncl. Lib. bonds.
U. 8. Victory notes
U. 8. certificates of Indebtedness...
Total U. 8. securities...
Loans and Investments, lncl. bills
discounted with F. R. Bank:
Loans
sec.
by U. 8.
war
re¬
obllgat'ns.
Loans sec. by stocks and bonds..
All other loans and Investments..
Total loans and Investments, lncl.
rediscounts with F. R. Bank...
Reserve balance with F. R. Bank...
Cash In vault
Net demand deposits
Time deposits
Government deposits
Bills payable with F. R. Bank:
Secured by U. 8. war obligations.
All other
Bills rediscounted with F. R. Bank:
Secured by U. 8. war obllgatlons.
All other
Ratio of U. 8.
paper
to
war
total
securities and war
loans and
Invest¬
ments, Including rediscounts with
Federal Reserve Bank, per cent..
•
Exclusive of rediscounts with Federal Reserve banks,
Dec. 3.
Total.
Dec. 10 '20Dec. 3 '20
|Dec. 12 '19
Dec.
3499
CHRONICLE
THE
251920.]
^'>-•7•
I
JfiwawjcM.
ianMug
MONEY RATES.
permanently lower interest rates in the near
the crops may bring
to look for
Reaction in business and the marketing of
easier tone temporarily, but the magnitude of international indebted¬
ness to be refunded, together with the wastage of war, cannot be made
an
good immediately and probably not for a somewhat indefinite time.
MONTREAL
BANK OF
see no reason
future.
IMPORT
RESTRICTIONS
ON
SECURITIES.
The action of the Minister of Finance in calling upon
6TH DECEMBER, 1920.
The 103rd Annual General Meeting of the
Montreal
Shareholders of the Bank of
:
Amongst those present were:
Angus, R. B. Angus, S. M. Baylis, E. W.
H. D. Anderson, D. Forbes
H. W. Beauclerk, George Caverhill, D. R. Clarke, Gen¬
J. A. David, H. R.
Beatty, K. C.;
Drummond, J. J. Fiske, C. J. Fleet, G. B. Fraser, Sir Charles
Gouin,
Lomer
Rodolphe Lemieux, M.P., K.C.; S. G. McElwaine, Wm. McMaster,
H. B. MacDougall, A. A. MacDougall, F. E. Meredith, K.C.;
Sir
Vincent Meredith, Bart.;
Lt.-Col. Herbert Molson, C.M.G.,, M.C.;
Walter Molson, G. L.
Ogilvie, Dr. C. J. Patton, John Patterson, Alfred
Piddington, H. E. Rawlings, K. G. Rea, Jas. Rodger, A. G. Ross,
E. Sawtell,
Lord Shaughnessy, K.C.V.O.;
Rt. Hon.
C. E. Spragge,'
On motion of Mr. R. B. Angus,
to act as Scrutineers,
seconded by Mr. H. W. Beauclerk, that
Hooper and Mr. H. B. MacDougall be appointed
and that Mr. C. H. Cronyn be the Secretary of this
meeting.
carried unanimously.
the General Manager, Sir Frederick
6th, 1920.
the
to
Before moving
result of the
moving the adoption of the Report of the
Shareholders,
said*.
the adoption of the Report, I may remark that as a
completion of a successful year's operations, due in part to
the high interest
rates for money that have prevailed outside Canada,
portion of our reserves are carried, your Directors decided to
declare a bonus of 2 per cent, making the distribution to shareholders
The
endeavoring to live on paper money and eleven out of
are not balancing their budgets.
England's trade position shows marked improvement.
The excess of
imports over exports for the first nine months of 1920 compared with
the same period in 1919 was reduced from £626,000,000 to £313,000,000,
and the full year's unfavorable balance should be more than offset by
are
revenue estimated at some £640,000,000.
France, while her industrial position is undoubtedly improving, is
greatly hampered by war's destruction in some of her richest provinces
and by the very considerable inflation in the currency, with tne conse¬
quent adverse foreign exchange.
Belgium is apparently in a more hopeful position industrially than
either France or Italy and Belgian trade figures show a fairly constant
invisible
THE PRESIDENT'S ADDRESS.
Sir Vincent Meredith, in
a
for the
those
twelve of them
The Chairman then called upon
Directors
CONDITIONS ABROAD.
Money is dear and not easily obtainable.
The wave of price
cutting continues and failures in business are becoming more numerous,
with liabilities larger.
The Continent of Europe is at present engaged in a more or
less
successful effort to recover from the effects of the war.
Many European
countries
was
Williams-Taylor to read the Annual Report of the Directors to the Share¬
holders at their 103rd Annual General Meeting, held Monday, December.
where
ECONOMIC
In the United States, economic conditions are not dissimilar to
•in Canada.
J. Fleet moved,
Lieut .-Col. George R.
This
109,000 entered Canada, or 31 per cent more than in the corresponding
period last year, and it is noteworthy that the increase was almost wholly
of persons lrom the British Isles.
There is reason to believe that the
movement of population into the Dominion will proceed in undimin¬
ished proportion from the United States and in steadily enlarging vol¬
ume from Great Britain.
Desirable immigrants should also be encour¬
aged from France. Belgium and the Scandinavian and probably other
countries.
Canada's vast areas of unfilled soil, coupled with the neces¬
sity for spreading the load of debt and taxation, demand a large popu¬
lation.
*
'77 -j ;;'
Sir Vincent Meredith was requested
to take the chair.
C.
The tide of immigration, checked during the war, has again begun to
In the seven months to October 30th settlers to the number of
rise.
•
R. S. White.
Mr.
IMMIGRATION.
I
Gordon,
K.C.M.G.; J. Maxtone-Graham, C.A.;
Samuel Hart, Lt.-Col. G. R. Hooper, C. R. Hosmer, L. Julien, Hon.
Sir
to
as well as from some quarters at home.
Nevertheless, the
Minister, in view of the enormous trade balance against Canada, has
wisely pursued the policy decided upon.
;v
An absolute embargo on the purchase of Canadian securities was, I
have reason to believe, not for a moment contemplated, as that would
obviously be detrimental to Canadian credit abroad, but dissuasion
from sending money out of the country at this juncture is to be com¬
mended and affords no ground for resentment.
It is hoped conditions
will soon permit of the return to an open market.
eral Sir Arthur Currie, G.C.M.G., K.C.B., LL.D.;
G.B.E.;
dealers
cism abroad
.
held at the Bank's Headquarters.
was
all
refrain for the present from purchasing Canadian securities held1 abroad,
for the purpose of conserving the country's resources, has met with criti¬
ANNUAL GENERAL MEETING, HELD
year
sum
14 per cent.
of $250,000, spread over five years,
has been donated to the
of your Direc¬
imprbvement month by month.
GOVERNMENT-OWNED RAILWAYS AND SHIPS.
McGill Endowment Fund, and I am confident the action
tors in this
Canada to-day has a very large National
connection will have your approval.
just closed has been a difficult one for bankers, but the
progress we have made and the results we are able to show will, I feel
sure, prove satisfactory to our shareholders.
An overwhelming demand for credit has taxed resources to the utmost.
Following a period of excessive prices and inflated currencies charac¬
teristic of war times, the country is now in the midst of the process of
readjustment.
It has been difficult to make producers, merchants and
others carrying heavy stocks, who have grown accustomed to high
prices, accept the inevitable by recognizing the fact that it is futile,to
attempt to overcome natural laws and to realize that economic condi¬
tions, which no artificial means can alter, alone are the cause of price
decline.
The demand for intervention through Government control is
still insistent in some quarters.
Canada alone cannot control world¬
The year
wide conditions and it is idle to turn to
•
In Italy the position is complicated by the uncertainty of the labour
position and the great difficulty of obtaining adequate supplies of coal.
Germany appears to be straining every nerve to restore some measure
of prosperity and her export figures show a surprising increase since the
conclusion of the Armistice.
the Government for relief from
falling prices.
This applies to wheat as well as to other commodities.
A lower price level must be reached before we can reasonably look for a
resumption of business activity on a sound basis.
To arrive at this
inventories must be reduced and deficiencies
drawing upon the excess profits of prevoius years.|
made good by
stage,
be cut down. My own
found if the Government, at the
ownership and operation of the
roads and places them under corporate control upon terms fair to the
country and upon conditions that will ensure the service for which the
public administration of the lines, deficits can
view is that the proper solution will be
earliest feasible time, divests itself of
construction of the lines was undertaken.
4
7y
same connection,
and speaking for myself alone, it would
desirable that no more national expenditure should be made for
the building of ships.
While a programme of shipbuilding during the
war
was
commendable, subsequent developments dictate a modified
policy.
In June 1914 the world tonnage totaled 49,000,000 tons; in
June 1920 it had risen to 57,300,000 tons, and, in addition, at the end
In
the
appear
of
September this year there were 7,565,000 tons under construction.
Tonnage at present exceeds requirements, and in expectation of rate
ana shrinkage in earnings, construction abroad has already
been arrested, and empty tonnage is now laid up in many ports.
There >
reduction
is
RESTRICTION OF CREDIT.
Railway System which is
being operated at a heavy loss, thereby increasing the load on an already
heavily tax-burdened country.
Sooner or later some means must be
found to relieve this situation.
Some confidently believe that by proper
no
ground for the belief that this condition will quickly pass.
The
United States recently failed to secure bids for standard ships; Japan
canceled orders for 100,000,000 tons in her own shipyards, and
has
Having in view the probability of a gradual recession in prices, your
early action to restrict credits to legitimate requirements,
Directors took
believing such a policy to be in the best interests of our clients as well
as calculated to preserve the financial stability of the country.
The strain on credit appears to be now reaching its peak.
An easier
tendency is the logical outcome of deflation of prices.
Manufacturers
and wholesalers are revising inventory values to meet the changed
conditions and retailers must adopt the same policy to induce the public
to again freely enter the market.
The pursuance of this course will tend
to ameliorate the labor situation by lessening unemployment and should
prove a
factor in warding off slackness of work, which acts and reacts
the detriment of business.
Employment is the logical remedy for
labor unrest.
The commercial mortality of Canada has been notably low
for several years past, but it must be expected that the process of aefaltion and slacker trade will somewhat swell the failure list, a contingency
for which prudent bankers prepare.
Some reduction of bank deposits
to
also be apprehended.
I believe, therefore, that this is a time to
keep closehaulea, to prepare against gusts without inviting gales, and to
recognize the existence of world-wide conditions presaging a substantial
readjustment of commodity prices before rock-bottom is reached.
As a final word in this connection permit me to repeat the observations
I made at our Annual Meeting two years ago, when I said:—
"Sooner or later we in this country will without doubt have to meet
may
foreign trade competition of cheap and skilled labor, together with ad¬
vantageous transportation facilities, to a more pronounced extent than
Canada has yet experienced.
If this competition is to be effectively
coped with, increased efficiency, co-operation and co-ordination are essen¬
tial.
Our best energies must be directed to greatly increased production
of our basic agricultural and other great natural resources.
In this way,
and by strict economy
in Government, Municipal and personal expendi¬
be found of our difficulties of exchanges, the main¬
favorable trade balance and the payment of our war debt.
Otherwise, we must look for a shrinkaeg in business, to be followed by a
readjustment of the scale of wages for labor and of the prices of all com¬
modities."
J i
i
tures, a solution can
tenance of our
.
DEFLATION.
.
,
-
The outcry for deflation, which at one time "was insistent In some
quarters, has largely died out.
Bankers feel that too rapid deflation,
accompanied by an abrupt fall in prices, is not a good remedy for existing
evils.
We want a decline in prices, but it should be an orderly one.
An arbitrary limitation of the currency would cause intolerable incon¬
venience, loss and disorganization of trade.
The desired result may be
brought about gradually by less buoyant trade, increased production,
drastic cutting down of all unnecessary expenditures by our Governments,
Dominion, Provincial and Municipal, and the practice of thrift by our
Pec?edit,
not merely in Canada but elsewhere, rests on an inadequate
should be contracted in conformity with the declension in
commodity, prices.
basis and
These factors constitute,
that Canada might well heed and stop
Norway is canceling orders in Great Britain.
in my opinion, a danger signal
all further new construction.
BANK'S
For the furtherance of
CONNECTIONS ABROAD.
Canada's foreign trade,
the policy of your
directors, as you are aware, has been to establish close connections with
of undoubted standing already firmly established in the field
rather than to open and operate Dranches of our own at distant points.
banks
So far, we have nad no cause to regret our decision.
In carrying out this policy, we purchased an interest in the Colonial
Bank, an old-established and highly regarded institution, giving us an
extended connection in the West Indies and West Africa, wnich enables
us to do business in these countries on favorable competitive terms.
resume
the situation in Canada at present, as I view it, is that
be any cause for apprehension, there is
every reason for the exercise of the utmost measure of caution.
Canada
cannot dissociate herself from world conditions, and world conditions
are
not satisfactory.
On this continent the two years supervening
upon the Armistice have been marked by unexampled grade activity and
prosperity, a circumstance common to the conclusion of all great wars, but
the reaction has set in and may not yet be in full play.
Happily Canada
is well buttressed on many sides, and the exercise of prudence and
sagacity should enable her to melet the shock of falling prices, restricted
credits and deflated currency, without serious impairment of her com¬
mercial and financial vitality.
To
sum
up,
while there does not appear to
THE GENERAL MANAGER'S ADDRESS
Sir Frederick
Williams-Taylor, the General Manager of the Bank, then
made his annual address, sa follows:
SIR FREDERICK WILLIAMS-TAYLOR'S
SPEECH
such as ours, with its manifold interests and
ramifications, are of absorbing importance to use who guide them day
by day, and naturally bear vitally on the year's results which it is now
my duty to submit for your approval.
Obviously such operations could not be described in detail, even were it
necessary or advisable to do so.
I shall endeavor, however, to explain
the salient points in our affairs of the past twelve months resulting in
the important changes in our balance sheet as compared with a year ago.
Of fundamental importance is the fact that our position is sound and
liquid; secondly, that our business has been conducted profitably, en¬
abling us to add a goodly sum to rest and profit and loss accounts,
after making full provision for losses; also, to pay an extra bonus of 2%
to the shareholders in addition to the usual dividend.
Let me make it clear that this result is not the outcome of higher
rates of interest on current loans in Canada.
The operations of a Bank
THE
2500
The rate of interest to the merchant and
[VOL. 111.
CHRONICLE
manufacturer at home is
about the same as it was before the war.
(i&aette.
Our satisfactory earnings are, in part, a reflection of the increased
current loans in Canada required by our customers in consequence of the
high prices of all commodities and general trade activity, while our losses
have been small.
•
■
^
The volume of our call loans in New York
is governed solely by
^
J
J
condition is that persons on fixed incomes derived from invest¬
higher cost of living, including income tax, with little
increase in revenue.
As everyone knows, the connection between the
price of money and the yield on investments is of the closest.
Following our purchase of a substantial interest in the Colonial Bank,
and in order to meet increasing business demands in Canada and else¬
where, your Board of Directors, in April last, decided to increase the
Bank's paid-up capital stock by $2,000,000, bringing our total out¬
standing capital up to $22,000,000.
The new shares were allotted to
shareholders at $150 per share in the proportion of one new share for
every ten then held.
[
money
ments face the
EXPANSION
BUSINESS IN
OF
Wall Street,
our
requirements in liquid reserves.
We do not increase or diminish them on
account of higher or lower rates, but we have been fortunate this year in
that rates have averaged high
As comparisons are constantly made between Canada and the United
States, owing to general similarity in conditions, one anomaly attracts
special attention, viz.: that with credit restriction as acute here as it is
across the line, the price of money is materially lower in the Dominion.
This condition, in days of world-wide high interest rates, has attracted
much attention in other countries, and is regarded as a tribute to
Canada's good banking system.
The one disadvantage of this cheap
CANADA.
known influences which have
Loan8 in Canada.
$168,557,000
358.878,000
$123,147,000
240,725,000
1914
1920
Our London
Canada•
in
vious decline, Reading
our
ReplogJe Steel
closed
derives from the premium on New
York funds is that American money earned in Canada remains here in
considerable volume, and is not likely to be withdrawn so long as the
present premium continues.
Although suffering from the effects of unusual departures necessitated
by the war, the financial situation in London may be looked upon as
sound.
Money rates have been raised with the double purpose of retain¬
ing foreign balances in that centre and gradually forcing a reduction in
the price of commodities.
Another influence towards high rates has
been the heavy demand for capital, chiefly through emissions of industrial
issues, borrowers having to offer attractive terms to induce public
buying.
The banks have been criticized at times for their attitude in
"rationing" credit, but their balance sheets plainly show that not onlly
have stock exchange speculative loans been eliminated in favor of in¬
dustry, but banking resources have been actually strained to meet the
requirements of the latter.
The banking situation in New York has been under a strain for months
past owing to the heavy demands on the banks for money by merchants,
and others, carrying commodities at the high prices prevailing.
The
price of money for general purposes has risen to heights unknown for manyyears.
The call loan rate, with which we are principally concerned,
averaged 8.4% for the twelve months ending 31st October last, partly
making restitution to bankers for the many lean years before the war in
which New York loaned at extremely low rates.
Readjustment in the
financial and trade situation is to be expected, but there is good reason to
believe it will be effected without undue difficulty, especially as the
country has been blessed with bountiful crops.
Heavy losses have been
made in such commodities as sugar, silk, cotton, hides and woollens, but
the large profits of previous years to dealers in these commodities have
enabled most houses to weather the storm.
advantage
that
Canada
STONG
FAITH
IN
impressive
is the undeviatingly
sustained faith expressed
time, particularly every young country.
stronger today than ever before.
You will doubtless agree that
That faith is
It is
such publicly
have been made in consequence of the safe policy of this institution for
fifty years prior to Confederation, for over fifty years since Confedera¬
tion, and that this discretion still remains our guide.
Your President has clearly outlined the hazards of the present situa¬
tion, and his ripe and unique experience cannot fail to carry great weight.
I might add that, in my opinion, we have never faced a banking and
business situation requiring more delicate handling.
Since August 1914, the world bas'travelled far along the road to ruin.
We
may be thankful that the waste and destruction ended before the
point of utter exhaustion was reached.
Canada has not escaped, but we
are still a virile people in a
goodly land. There is no reason for dismay
over our national outlook, but there is every reason for sober
thought
while we take stock of our resources and of our prospects.
We must bear in mind there is no royal road to the stable conditions of
former years, no magic by which we can restore the wealth that has been
wipe out the debts, incurred.
There is nothing for it nut to repair
the damage, retrench, and confidently work out our salvation.
or
ELECTION
less closely
or
OF
to
course,
short covering,
to
substantial recovery has taken place.
a
as
more
noted above.
have occurred this'week of shares not
detailed list
our
of
Directors
were
elected
as
follows:
D.
Forbes
Angus, R. B. Angus, J. H. Ashdown, E. W. Beatty, K. C., H. W.
Kennedy, William McMaster, Sir Vincent Meredith, Bart., Lieut-Col.
Herbert Molson, C. M. G., M. C., Rt. Hon. Lord Shaughnessy, K.C.
V. O.
The meeting then terminated.
At a subsequent meeting of Directors,
on
the
pages
which follow:
Sir Vincent Meredith, Bart.,
B. E.,
was
re¬
Range for Week.
Range since Jan. 1.
for
Lowest.
Highest.
$ per share.
Par. Shares
Air
Lowest.
Highest.
$ per share.
Week.
34
$ per share $ per share.
32
Dec
34
Dec M
Dec
87
Dec 20
Reduction...no"par
Allegheny & Western .100
Sugar, 1st pref.100
500
32
Dec 23
500
87
Dec 20
87
Dec
87
Dec
Amal
100
98 >4 Dec 18
98% Dec 18
98%
Dec>101
American Bank Note.50
900
42 %
43% Dec 20
39
Fet
Oct
Apr
__50
200
41% Dec 20
41% Dec 18
40
Aug
AmBrake Shoe&F.wo par
y
Preferred...
.100
1,100
45
40
Dec
60
July
81%
Dec
90
July
Dec
73
Nov
Preferred....
American Radiator...25
Preferred.
100
40
400
200
Amer Teleg & Cable. 100
Am Wholesale, pref. 100
10
Associated
Preferred
.100
Atlas Tack Corp..no par
•
46%
89% Dec 18
2% Dec 22
90
Dec 22
89%
84
33 925
100
Auto Sales Corp
15% Dec 24
2,500
.50
Barnsda 11, Class A
B
25
6%
Dec 1570
Dec 114
Dec
Dec
24
May
Dec
82
June
2%
Dec
19%
Dec
93
Jan
Dec
93
Jan
22%
Dec 20
Dec 20
26
Dec 24
21%
Dec 23
69
Dec 20
60
35
Dec 22
36
Dec 21
33
Nov
50%
35
Dec 22
Dec
43% May
30
700
Dec 21
Dec 18
3
61
30
36
Dec 21
37% Dec 20
36
Dec 118%
250
80
Dec 20
80
Dec 20
80
Dec 100
Brunswick Terminal. 100
1,000
3% Dec 20
5
Dec 23
Buffalo Roch & Pitts. 100
350
60 J Dec 23
62
Dec 25
50
Calumet & Arizona... 10
3,100
3%
Dec
8%
69
Mar
Dec 18
40
Dec
100
39% Dec 21
39% Dec 21
38
78
80
78
Aug 42
Dec 101
Central RR of N J.. 100
100 190
..100
Preferred......... 100
35
f300
Eastman Kodak ....100
Emerson-Branting___100
pref--.100
62
9% Dec 18
6
Feb
17
8
Dec
23%
100 r80
34
25
.
8
20 495
100
Dec 18
26
Dec 24
16% Dec 24
Dec 22
Jan
56
Jan
Nov
82
Jan
Dec
40
Dec
Sept
36% May
Dec
67%
Dec 22
32
84
Dec 18
Jan
15
.
Dec 18 195
7
Oct
Sept
25
Dec 20
32
86
Jan
Jan
Dec
66%
Dec 23 505
Dec 106
Dec
Nov
Dec 104
Dec 21 r80
34
35% Dec 23
66% Dec 21
Dec 18
Dec 22
32
100
2,500
Dec 20 r40%
Dec 21 r80
15% Dec 21
1,000
200
Dec 24
Dec 21
600
....100
Dec
8
Davison Chemical
Preferred.
35
46
100
Durham Hosiery.....50
Dec 18
37
Dec 24
8
100
300
.wo par
Dec 24
Jan 2401
Dec 24 175
Dec 24 190
6% Dec 22
1,000
Continental Insurance .25
.no par
Dec 18
3,800 z40% Dec 21
Computing-Tab-Rec-100
De Beers Cons M
43
Jan.
Mar
Dec
700
Dec 22
May
65
Case Thrt sh M. pref. 100
Dec 21
Mar
Jan
Canada Southern.... 100
40
Jan
Nov 154% June
Dec 22 108% Dec 18 102
359
Preferred
Nov
15%
Am
10
200 103
Cluett.Peabody & Co 100
Jan
Feb
62
100
100
Ce*t-Teed Prod..no par
Chicago & Alton.... 100
Apr
Mar
Dec 22
100
Preferred
Jan
Apr
60
900
Class
95
Dec 125
84
Dec 20 925
17% Dec 18
Aug
Aug
Dec
Nov
2% Dec 18
21% Dec 22
500
400
300
Barrett Co (The)
Brown Shoe, Inc
2
Dec 115%
June 62
Jan
8% Dec 24
61
1,400
Barnet Leather...wo par
Preferred
..100
25
2% Dec 18
88% Dec 21
Dec 20 960
600 103% Dec 21 104% Dec 23 102%
Austin,Nlchols&Cowo par 17,880
Preferred
Dec 22
48%
45%
Dec 101
81%
90% Dec 23
48% Dec 23
600
100
100
65%
Dec 20 101
Dec 20 101
'900
10
Oil
Atlantic Refining
Dec 20
83% Dec 23
67% Dec 20
90% Dec 23
48% Dec 23
300
_
Asset s Realization
Dec 23
65% Dec 20
100 101
■
Dec 18
81% Dec 23
300
American Snuff-....100
Nov 102%
Dec 535
5%
Dec
29
Jan
Jan
Aug
Jan
6% Dec 23
97% Dec 18
97% Dec 18
97%
Feb 108%
35
Dec 22
42
32%
Dec
43
Dec
78
Dec
Dec 18
Mar
.100
900
75
Dec 22
78% Dec 23
71
Dec
Genera 1 Chem, pref. 100
General Chem Chem Con
100
83% Dec 20
83% Dec 20
83%
Dec 100
Jan
Dec
Dec
Preferred.
_
certifs of deposit
Gen
Cigar pref..... 100
General Electric rights..
Hartman Corporation100
Homestake Mining.. 100
111 Cent leased line.. 100
10
1,200 123
200 84%
3%
34,208
200 69
600 48
Dec 20 123
Dec 20 117%
Dec 24
Dec 23
84% Dec 24
3% Dec 18
3
Dec 20
69% Dec 23
69
Dec 20
50.
100
56% Dec 23
100
100
14% Dec 22
84%
134%
Dec 100
Nov
4%
Dec 108
45
Oct
71
Jan
56
Oct
56%
Dec
14%
Dec
20
Aug
82
Dec
82
Dec
88
82
Dec 20
Dec 20
82
79
Dec 18
79% Dec 23
78
85
Dee 20
85
100
600
5
Dec 22
CFtS&Mem, pf.100
Kayser (Julius) & Co.100
Kelsey Wheel, Inc
100
150
58
Dec 22
58
Dec 22
57
Sept 103
May 13%
Nov 60%
200
900
70
Dec 20
70% Dec 23
70
Nov 118
Dec 18
36
Dec
Dec 22
82
.100
Iowa
Central.
...;
K
Dec 20 100
5% Dec 20
ti4
36
Dec 21
39
100
100
82
Dec 22
82
LIggett&MyersClB.lOO
Loose-Wiles, 1st pref. 100
200
100
500
125
10% Dec 20
93%
9%
400
400
47
Dec 22
50
Dec 20
47
25
16
Dec 22
16% Dec 18
16
Nov
t c.wo par
600
14% Dec 23
17
Dec 21
12
.wo par
1,700
11
Dec 21
12% Dec 20
16
Preferred..
Mallinson (H R)._wo par
Preferred....
100
Manhattan Shirt..
Marlin-Rock
v
Martin Parry
Dec 18 127
93% Dec 21
9% Dec 22
50
1,100
14
Dec 22
100
700
2
Dec 23
1st preferred
100
Ctfs dep stpd asstd.
300
3% Dec 23
1,900
3
Ctfs dep stpd asstd.
500
2,000
2% Dec 20
M St P & S S M l's'd. 100
200
Mathieson Alkali
Maxwell Motor
2d
preferred
100
Mullins Body
Norfolk
1 %
54
Dec 18
Dec 18
Dec.22
Jan
Apr
Jan
Apr
Jan
Dec
45
Mar
Dec
80%
33%
Apr
Dec
63
Feb
11
Dec
30%
Dec 20
14
Dec
33
July
2% Dec 21
2
Dec
38
Apr
4% Dec 20
4
Dec 20
3% Dec 23
3%
Dec
3
Dec
2%
Dec
'
Dec 20i
8
Jan
Jan
Nov
Jan
%
1% Dec 24
55
63%
30%
Jan
Dec
3
Dec
Feb
60
Jan
Dec
51
Jan
50
Dec 125
Jan
July 116
100
Jan
Ohio Body & Blow .wo pa*
Otis Steel, pref.
100
Owens Bottle, pref. .100
Pacific Mail SS
5
Pacific Oil wi
Parish & Bingham .wo par
100
1,500
9
Dec 23
13
Dec 18
9
Dec
29
Mar
300
1,200
300
100
67
Dec 20
67
Dec 18
64
May
72
Jan
10
Dec 22
10
Dec 20
70
Dec 21
75
Dec 18
70
Dec
95
Dec 21
95
Dec 21
95
Dec 100
200
14
Dec 24
15
Dec 20
15
Dec
38%
Jan
7,700
Southern... 100
.
Oct
Dec
Sept 100
93% Dec 21
2,100
Norfolk & West, pf.
Feb
98%
Oct
1,600
100
.....100
95
Dec
Sept
Dec 155%
Dec 18 125
19%
19% Dec 23 20% Dec 24
99% Dec 18 102% Dec 24 97
Dec 22 103%
Dec 22 107
100 107
no par
Biscuit
Jan
Dec 20
1,100
50
.100
Int Paper, pref
Jan
Nov
56% Dec 23
14% Dec 22
100
Preferred
Int Nickel, pref
Penney (JC), pref
Peoria & Eastern
President and Sir Charles Gordon, G.
elected Vice-President.
re-electea
Sales
STOCKS.
Week ending Dec. 24.
National
DIRECTORS
Beauclerk, Colonel Henry Cockshutt, General Sir Arthur Currie, G. C.
M. G.. K. C. B., LL.D., H. R. Drummon, G. B. Fraser, Sir Charles
Gordon, G. B. E., Sir Lomer Gouin, K. C. M. G., C. R. Hosmer, Harold
was
of
that of stocks,
represented in
•Preferred
Board
United Fruit 15%,
including foreign exchange, wheat and cotton, followed
expressed confidence,
combined with conservatism, has been a factor for good in preventing
even disaster.
No one will maintain that Canada has not,
made any mistakes, but we are surely justified in saying that fewer
The
15 %,
interesting fact that prices in several other markets,
an
Indian Refining.
mistakes and
lost
led,
These prices
9%.
Oil
Atlantic G. & W. 1.10%, and Vanadium
General Asphalt..... 100 41,000
in Canada's future, and in her ability to wm safely through those periods
of inflation and depression which every country must meet and undergo
from time to
Houston
week,
time
same
speculative and also perhaps to investment buying, with
Fisher Body,
FUTURE
In glancing through the published reports of our annual meetings of
the past hundred years and more, one cannot but be struck by the
recurrent warning regarding the commercial, financial and economic
outlook sounded by our predecessors in office.
Equally
last
Mexican Pet. 10%,
At the
4 to 5.
22 points below the price at which it
was
business.
abroad, with an increase in our own exports.
It would then be only a question of time when investment capital
would pour into this country of opportunities, and the full value of the
Canadian dollar be restored.
One
On
ago.
7%, St. Paul 5H, Mo. Pac. 5^ and
other issues in this group from
The following sales
and New York offices remain necessary and profitable
several weeks
recorded, Southern Pacific had added 7%% points to its pre¬
173
302
Nevertheless, our chief duty is to provide
facilities at home, and in Canada there is ample scope for expansion.
Canada is still suffering from the slings and arrows of outrageous
fortune in the premium on New York funds, which continues an everpresent factor in our banking and commercial activities.
When this condition will disappear one cannot venture to predict, cer¬
tainly not while the trade balances run so heavily against Canada.
Un¬
doubtedly, relief would come were we to borrow abroad in large volume
by way of public loans, but that would be merely a palliative, not a
remedy.
In addition to this, the conversion rate of sterling precludes
loans in London, while, in the United States, interest rates are penalizing.
The advantage gained in bringing capital from New York in the premium
on American funds is offset by tne loss in providing interest thereon.
What is wanted is rigid economies in the purchase of non-essentials
adjuncts to
downward movement begun
the result that
Deposits in Canada. Branches
well-
time past,
some
Tuesday, when the lowest prices of the week were generally
that the greatest expansion of the Bank during the
has been in.our own country.
This is revealed in our
ranches opened loans the deposits
greatly increased during and period. • in Canada and in the number of
Stocks.—Under
prevailed for
the stock market has this week, perhaps, reached the limit
of its
It is noteworthy
past few years
Friday Night, Dec. 24 1920.
Miscellaneous
and
Railroad
35
Dec 22
35
Dec
Dec
12%
Dec
39%
47%
Dec 22
38% Dec 21
12% Dec 20
83
Dec 22
83
Dec
98
9% Dec 22
9
June
1,200
100
12% Dec 22
83
10
100
100
9% Dec 22
Pettibone, Mulllken.100
Phillips Jones
wo par
100
2,300
34% Dec 23
34% Dec 23
34%
27% Dec 20
30
Dec 22
27%
Pitts F W & Oh. nref. 100
138 114% Dec 23 117
Dec 24 113%
Dec
29% June
82
18%
Nov
Jan
Jan
May
Apr
Oct
44
Mar
Dec
68
Mar
Aue 125%
Jan
Dec. 251 920.]
STOCKS.
Sales
Week ending Dec. 24.
for
Week
Par. Shares
Rand Mines, Ltd.no pai
Reis (Robt), let pref-100
Arizona
21V, Dec 18
Dec 21
63M Dec 20
600
Sears, Roebuck, pref.100
Seneca Copper....no par
Shattuck
$ per share.
20 M
100
99
4,000
10
$ per share. $ per share.
June
20
Nov 29
Dec
Dec 18
99
Dec 119 V
Mar
16 H
Dec 23
14 V
Oct
23 V
4V
Dec
12V
Jan
Dec 2G
73
Dec 22
70
23 M
Dec
18
20
Dec
Dec 160
Apr
Dec 18
Dec
14
Oct
95
TemtcrC&FP CI A
21% Dec 21
22V Dec 20
12
Third Avenue Ry___100
Tidewater Oil
500
2.200
Tol St L & W pf tr rects.
Underwood.
Dec 18
95
Dec 102
Jan
19V
Dec
47
Apr
9%
Aug
22 V
13
Dec 23
Dec 22 180
Dec 22
180
Dec 22
14
Dec 20
10
Dec 21
13 V
11
800
8*4
18
Dec
95
16
Dec 24
11
Dec 23
100 180
100
Rights..
9%
Dec 22
Dec
24V
Dec 18 100
Dec 21 100
Submarine Boat_.no par 18,700
Superior Steel, 1st pf_ 100
100
1,100
Apr
Dec aro
Dec 22
8X
Mar
Dec
16
Dec
Dec
24 M
Sept
100
100 121
Dec 22 121
Dec 22
121
Dec 200
200 126
Dec 23 126
Dec 24 126
Dec 170
Oct
Jan
....
98% Dec 18
98V, Dec 18
98 M
1,200
100
1st preferred.......50
91% Dec 22
94
Dec 21
91V
Dec 111%
Dec 148
42 J4
Dec
53
200
43
Dec 20
43
Dec 20
United Dyetvood
200
100
Weber & Heilbron.no par 16 600
50
Dec 21
50
Dec 21 z48
White Oil
14 V
no par
Apr
300
United Drug
14 800
Jan
$39,622,000
120,959,000
a
market
the
week
are
an
list of
a
ago,
Pennsylvania, Bait. &
the trans¬
Jan
Foreign Exchange.—Sterling exchange has ruled active
firm, with a slightly upward trend.
The continental
and
exchanges showed
irregularity, but changes were not
some
significant.
To-day's (Friday's) actual rates for sterling exchange were 3 46% @3 47
sixty days, 3 50V @3 51 for cheques and 3 52@3 52V for cable.
on banks, sight, 3 50 V @3 50%,
sixty days 3 43 V @3 43
ninety days 3 40V @3 41, and documents for payment (sixty days) 3 43% @
for
Commercial
14 V
Dec,
25 V
Oct
3^44^ Cotton for, payment 3 50% @3 50%, and grain for payment 3 50V
STOCK EXCHANGE
To-day's (Friday's) actual rates for Paris bankers' francs were 5.79@5.78
and 5.85@5.84 for short.
German bankers' marks are not yet
quoted for long and short bills.
Amsterdam bankers' guilders were 30.98
for long and 31.34 for short.
Exchange at Paris on London 59.95 fr.; week's range 58.74fr.high and,
for long
'
State, Mun.
& Foreign
U. S.
Bends.
Bonds.
59.95 fr. low.
$6,614,600
$357,000
,
,
.
T
The range for
737,000
17,954,000
970,500
26,106,000
foreign exchange for the week follows:
Sterling Actual—
Sixty Days.
Cheques.
3 53%
High for the week
3 48 V
Low for the week
3 42
3 48%
Paris Bankers' Francs (in Cents per Franc)—
5 94
High for the week
4 86
3 54%
3 49
5 83
5 84
1 38%
1 34
1 39%
1 35
31%
31 %
1,127,000
20,211,000
91,263,700
8,251,000
812,000
5,641,500
612,500
17,352,000
18,043,900
Low for the week
50,947,900
6,103.712 $513,439,100
Total
bonds in
the best
point lower than
continental line issues.
615,915
..
few notable exceptions
Ohio, Reading, Ches. & Ohio, and practically all
1,089,272
.
$37,760,500
$4,616,000 $106 281500
Low for the week
Friday
a
which includes New York Central,
Nov
$2,397,000
8,227,000
6,880,000
6,364,000
74,767,000
135,879,500
1,421,040
a
Mar
Ac.,
Thursday.
usual, however,
of
11
Bonds.
908,850
Several
57V
Railroad,
Par Value,
474,675
are as
of about
average
15% Dec 24
Dec 22
1,593,960
issues.
Dec
NEW YORK
Sleeks.
Saturday .......w.
Monday..........
Tuesday....—...
Wednesday
tendency, including Mo. Pac. 4s and local traction
Dec
Dec. 24 1920.
Shares.
There
7%
DAILY, WEEKLY AND YEARLY.
Week ending
more
lower
to this
8 H Dec 20
7% Dec 22
TRANSACTIONS AT THE
a
Oct
Dec 229
United Cigar Stores.. 100
Preferred
100
....
general tendency towards
Nov
5%
Dec 20
Prices have fluctuated
case.
a
level.
Apr
63 M
Dec 21 100M
So Porto Rico Sugar. 100
1,300 70
South Pacific rightsl
84,600 20
Standard Milling.... 100
500 100
no par
84
Dec 20
63 H
15% Dec 22
4% Dec 22
8,500
widely than of late, with
Highest.
Lowest.
Highest.
$ per share.
3,600
of issues than is often the
Range since Jan. 1.
Range for Week.
Lowest.
2501
CHRONICLE
THE
5 75
Germany Bankers' Marks—
High for the week
•_
Cables.
5 95
Amsterdam Bankers' Guilders—
Sales
Week
at
High for the week
Exchange.
Stocks—-No. shares...
6,103.712
311,968,806
226.634,440
4.087,208
31%
30 9-16
31
Domestic
1919.
1920.
1919.
1920.
30 15-16
Low for the week
Jan. 1 to Dec. 24.
ending Dec. 24.
New York Stock
Exchange.—Chicago, par.
St. Louis 15@25c. per $1,000
discount.
Boston, par.
San Francisco, par.
Montreal, $177 25 per
$1,000 premium.
Cincinnati, par.
Par value........._ $513,439,100 $354,584,800 $19,356,583,675 $28,411,303,730
$22,400
Go vernment bonds... $106,281,500 $107,950,000
$2,823,768,500
Outside
$48,200
$2,757,201,400
Bank shares, par
Bonds.
Market .—Renewed
selling
in
pressure
fore part of the week served to depress "Curb"
the
stocks so.
'
bonds
4,616,000
6,717,000
334,312,900
279,815,500
RR. and misc. bonds..
37,760,500
26,482,000
788,241,000
597,430,500
$148,658,000 $141,149,000
$3,879,755,300
$3,701,014,500
State,
mun., &c.,
Total bonds
that quite
provement
a
number of
noted
was
new
in
low levels were reached.
the
last
two
days,
Im¬
but the pre-
holiday dulness checked any material appreciation in val¬
TRANSACTIONS
DAILY
AT
THE
PHILADELPHIA
BOSTON,
AND
Selling of Tobacco Products Exports
ues.
BALTIMORE EXCHANGES.
new
Boston.
Baltimore.
Philadelphia.
Shares.
24,580
Bond Sales.
Shares.
Bond Sales.
Shares.
[BondSales.
$62,000
86,903
Wednesday
Thursday
Friday
......
25,480
24.153
64,092;
_____
Tuesday
104,400
254,705
24,726
68,554
Monday
$58,600
146,850
65,262!
Saturday
402,200
36.154
11,040
70,000
3,005
15>000
137,649 $1,330,950
24,366
$331,500
37,459;
Total
28,000;
346,850
$183,800
124,800
$994,755
2,742
38,800
393,850
5,319
115,700
197,650
5,552
74,000
360,850
16,096
2,469
5,279
Son com.,
rell &
after
com.,
26,000
an
-and broke to
to
United States Bonds.—Sales of Government
bonds at
limited to $10,000 4s coup, at 104^ and the
are
15, with to-days business advancing the price-
The preferred lost 14 points, to 36, and to-day re¬
23%.
covered all the loss, though it sold
finally at 48.
Hercules.
Paper lost two points to 15%, and closed to-day at 16.
Retail
Oil
7.
were
a
Todd
point to 71, then reacted to 69. United
7% to 6%, and up
prominent as far as
Syndicate, after early im¬
Stores sold down from
Candy
finally to
losses
various Liberty Loan issues.
Wm. Far-
Goodyear Tire.
early advance from 20 to 25, was freely sold,
gained| two points to 15.
Shipyards advanced
the Board
resulted in a
the stock dropping from 7 % to 5, but a
better demand to-day advanced the price to 8.
Week ending
Dec. 24 1920
low record,
stocks
more
were
Carib
concerned.
provement from 7% to 7%, dropped to 5%, then recovered
Daily Record of Liberty Loan Prices. Dec. 18 Dec. 20
First
High
Liberty Loan
89.90
.
90.00
4%
Converted
bonds
of
Second
1
-m
85.90
84.90
84.82
84.32
84.60
85.04
85.00
85.00
84.98
84.90
85.62
58
283
621
490
94.12
95.50
94.00
94.00
94.00
94.00
95.50
94.00
85.50
XC
w
sYoo
47
85.50
Close
High
(First
Lew
94.00
.Close
1932-47
84.52
«.
85.00
95.00
Low
95.00
4%s)
84.52
85.10
85.22
85.80
4% %
Converted
1,975
84.52
'mm mm
84.80
High
.
Second
90.00
1,884
....
f-.'V. 6
1932-47 (First 4%s)
Total sales in $1,000 units.
89.80
2,303
_
'
4%% bonds of
Converted
89.52
89.72
1,461
84.80
Close
Total sales In $1,000 units.
■
89.66
89.70
84.80
1932-47 (First 4s)
90.50
t
High
of
89.90
89.82
1,630
Low
bonds
22 Dec. 23 Dec. 24
89.94
89.92
89.90
Total sales In $1,000 units
21 Dec.
90.50
89.26
Close
1,130
.
Dec.
90.20
Low
3%% bonds of 1932-47..
(First 3 %s)
90.00
"25
395
»
-
-A
9
3
High
84.56
84.00
83.60
83.70
84.80
Low
84.56
83.50
83.30
83.52
84.00
Close
84.56
83.50
83.36
83.70
84.80
16
Total sales in $1,000 units.
Second Liberty Loan
4% bonds of 1927-42 ! ;I'V :
■
(Second 4s)
.-■V-
9
40
12
12
High
85.04
84.60
84.20
83.90
84.04
84.60
83.00
83.50
83.40
83.60
4%s)
-
84.60
'
5
-
—
83.70
83.64
84.04
84.60
7,039
3,957
4,758
3,769
4,225
87.52
87.20
86.80
86.50
86.60
87.40
Low
4% % bonds of 1928
(Third 4Ms)
83.10
639
High
Total sales In $1,000 units.
Third Liberty Loan
87.20
85.60
85.70
86.06
86.26
86.50
87.20
86.56
87.20
-
—
85.60
86.10
86.30
1,185
2,612
4,932
3,454
3,208
3,021
High
85.40
85.20
84.30
84.12
84.92
85.20
83.50
83.68
83.94
84.00
•
85.28
83.80
84.00
84.08
84.50
at first from 26 to.
Maracaibo Oil lost a
point to 12%.
Merritt'Oil eased off from 11% to 10%, and
closed to-day at 10%.
Ryan Consol, moved down from 11%
to 10, and sold finally at 11.
In bonds, Goodyear Tire 7s,
in keeping with the decline in the stocks, dropped from 84
to 80, and closed to-day at 80%.
Allied Packers 6s weak¬
ened from 52 to 50, and finished to-day at 50%.
A complete record of "curb" market transactions for the
Guffey
Gillespie
Oil
in U. S.
5,839
6,606
4,731
5,400
4,574
95.10
95.06
95.00
95.50
94.96
94.96
94.84
94.90
94.88
94.90
Close
(Victory 4Ms)
Total sales In $1,000 units.
95.06
94.96
94.96
94.92
94.90
94.94
Gold certificates
923
1,630
6,239
2,571
2,995
2,317
Standard silver dollars
High
95.06
95.02
95.00
95.00
94.94
94.96
Silver
Low
94.90
94.90
94.84
94.92
94.86
94.92
94.86
94.98
94.90
94.96
Subsidiary silver
Treasury notes of 1890
3,177'
1,752!
1,086
635
94.90
Note.—The
above
89.80
84.20
83.50
86.12
lst3%8-_.~
lst4Ms_.__.
50
305
2d 4 Ms
117
3d 4Va
State
and
bave been
The
988
only sales of coupon
includes
Transactions in registered bonds were:
bonds.
250
table
94.94
276
.Close
Total sales In $1,000 units.
to
to
to
to
89.92
84.70
84.78
87.40
248 4th
175 Victory 4M8--.-J.,
49
94.76 to 94.96
to 94.96
L—94.80
Victory 3Ms
Stale
bonds
market for railway and
a
larger number
J
and
-
3,691,231
-
346,681,016
Federal Reserve notes
c3,663,592,795
Federal Reserve Bank notes
239,569,800
National Bank notes
734,010.797
a
.....
15,857,417
-
266,609,065
United States notes
—
b879,529,142
351,563,056
97,095,305
979,881,024
155,289,410
415,692,081
82,416.283
157,6^2,692
262,917,134
1,615,362
241.951,420
1,702.266
6,962,414
339,718,602
327,488,796
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
8,281,659,486 492,327,078 6,363,498,999
This statement of money held in the treasury as assets
5,929,874,791
of the Government does
and in national banks
special depositaries to the credit of the Treasurer of the United States amount¬
deposits of public money In Federal Reserve banks
ing to $183,017,285 20.
$403,542,320 39 Federa Reserve Gold Settlement
Treasurer of United
c
held by Federal Reserve banks,
figures.
1
Fund deposited with
States.
Includes own Federal Reserve notes
Note —on Dec.
industrial bonds has been
and1 the trading included
..........
269,857,494
certificates
d Revised
reported at the Board this week.
$
2,761,338,519 430,386,732
Treasury)
b Includes
Railroad Bonds.—No sales of
unusually active
in
not include
....82.90
in Treas. Dec. 1 1920.
Gold coin (Including bullion
Total
83.80 to 84.90
4Mb
10 2d 4a
a Held
$
95.00
2,453
-
Money in Circulation
Dec. 1 1919.
$
$
-Stock of Money Dec. 1 1920
95.10
3M% notes of 1922-23
(Victory 3Ms)
2511.
STOCK OF MONEY IN THE COUNTRY.—The follow¬
Low
-
weakened
ing table shows the general stock of money in the country,
as well as the holdings by the Treasury and the amount in
circulation on the dates given:
High
Total sales in $1,000 units.
4M% notes of 1922-23
com.
week will be found on page
85.10
'
Victory Liberty Loan
at
25%, but recovered finally to 25%.
84.46
Close
■
4%% bonds of 1933-38
(Fourth 4%s)
being
to-day
Midwest
85.30
Low
Close
Total sales In $1,000 units.
Fourth Liberty Loan
16.
84.08
Close
bonds of
1927-42 (Second
7%, the iclose
at
84.90
Low
Total sales In $1,000 units.
Converted 4% %
7.
Internal-Petroleum
16%> and ends the week
Refining was conspicuous for a drop of
some 9 points to 134, though it closed to-day at 137.
Gren¬
ada Oil receded from 5 to 3%, and to-day recovered to 5%.
to
declined from 16% to 15, sold up to
,
Federal Reserve agents held
coin and bullion. $201,018,28a
notes, a total of $1,425,833,409,
1920 Federal Reserve banks and
Federal Reserve notes $898,841 309 gold
geld certificates and $325,973,820 Federal Reserve
against
against $1,235,493,365 on
Dec. 1 1920.
2502
New York Stock
Exchange—Stock Record, Daily, Weekly and Yearly
'.V.'.
OCCUPYING THREE PAGES
V'For record of sales during
■
the week of stocks usually Inactive,
preceding page.
see
per
STOCKS
Sales
share, not per cent.
high and low sals price—per
NEW
for
YORK
Monday
Tuesday
Wednesday
Thursday
Friday
the
Dec. 18.
Dec. 20.
Dec. 21.
Dec. 22.
Dec. 23.
Dec. 24.
Week
1 per share
$ per share
79%
78%
$ per share
$ per share
$ per share
$ per share
80
81
Shares
79
79%
75
5%
5
77
5
4*4
85
79
74
4%
84%
75%
75
75
76*4
73%
4%
7914
78%
81
74%
73%
4%
76
85
4%
84
85%
4%
84%
31%
32%
31
31*4
30
31
30
{-$
31
47%
9%
47%
47%
47%
47%
47%
47
9%
6%
6%
9%
6%
46%
9%
47
9*4
9%
6%
6%
111% 112%
6*4
6%
85
84*4
934
111*4 112*4
64%
"5"
"5"
7%
7
5
17
16%
24%
17
25
26
38%
39%
65*4
"oh "7%
7*4
7
16%
15%
17
25*4
21
25%
67
36*4
40
38
66
61
102
102
100
64%
*101% 102%
38
38%
56%
....
7*8
16%
16%
24%
39%
24
17%
25%
38*4
41
60
64
102
10
113% 114%
55%
5084
0%
6%
5%
5%
7%
7%
17%
16%
26%
25%
115
53%
....
6%
101
64*4
102
-100
1,900 Atlantic Coast Line RR
100
50,600 Baltimore 4 Ohio
Do
Pref
....100
2,800
10,400 Brooklyn Rapid Transit...100
Certificates of deposit..
3,600
100
34,800 Canadian Pacific...
6%
5
6*4
15%
23%
"5%
7%
7%
111%
53*4
5
434
85%
32%
48%
47%
9%
10
6%
51%
.....
"5"
6%
32i2
47%
9%
109*8 112
110% 112
64%
51*4
65
53%
55%
912
4%
39%
63%
02%
64%
102
*101
2434
25
24
25
21%
24
22%
25
24%
66'
66
66%
65
66%
65
67
60
50
56%
56%
55
50
56%
67%
58%
61
62
65*4
50%
61*4
58
3*3"
"31%
*58%
25
~33r
70
M
.
7"
33%
.
-
.
•
26"
25
26
'.
-
55*8
itl
1--I
IIII
.«U
.
22%
"m
22t2
.
23%
24%
..
94"
"93%
210
215
215
95*
*93%
94%
95%
Do
210
210
200
210
200
"
Do
4,300
1
h
1%
1
1%
1%
-
"12% 72%
1
1
1%
.
*3
....
*4
1
1%
1%
T«
*4
1%
1%
3
4
Do
28,900
64%
34,100 Chicago 4 Northwestern..100
1,800
Do
12
*11% *1*2%
12%
17%
18%
16%
18%
16%
13
13
12
12%
12
72
72%
12%
71%
72%
70%
72%
70%
25%
25%
8*4
26%
834
21%
81%
83
25%
25
26%
10
22
-
*10%
85
3%
3%
9*8
9%
10
12%
53"
50*4
52
97
97
97
50
45%
25%
7*4
21
3%
10%
16%
16%
43
10%
23
51%
49
98
97
51%
97%
50*4
96%
44%
45
45
*
-
.
£ '
10
*8% *9%
67%
67%
9%
9%
21%
4%
9%
17%
18*4
....
42%
4,200
11,900
1,300
3
234
318
4%
16*4
4%
234
4%
17%
10*4
17
30
36I4
35%
37
3%
334
4
4%
1034
11%
34%
69%
61%
61%
60
68%
51
51%
'67%
52
*00
08
*59
52
68
*58
68
*58
65
*57
65
*57
65
16
16
16%
16%
95%
75%
96%
76
39%
3934
1534
16%
16%
95
I684
16%
16%
90
93
16%
94%
75%
92%
7234
95%
7434
7534
73%
75%
39%
39%
38%
39%
38%
39
50
15% Dec 13
17%
96%
7934
11,700 Norfolk 4 Western
61,200 Northern Pacific
39
38%
39%
52,401 Pennsylvania
12,700 Pere Marquette v t c
Do
prtor pref v t c
1,200
Do
500
pref v t c
15%
15%
53
39
26
27%
27
28%
"28"
*68
71
71
74%
50%
81%
74%
80%
50
7734
51%
77%
52
50
51
56
57*8
56%
18%
57
52%
56 84
53
54
55%
55%
19%
18%
17%
19%
19
22
20%
22"
"22%
36%
6%
*32
34
30
32%
33%
6
5%
6%
9
91
6%
9%
94%
8%
93%
9%
95%
97%
20%
57%
95%
19%
55
17
173s
16%
17%
36%
36%
*30
V
8
8%
8
18
18%
16
18%
7%
19%
13
13%
934
10%
14%
14%
26%
70
9
20
53%
17%
15
54%
15%
35%
36
11134 114
64
0434
6434
8
8%
15%
16%
7
7*8
7%
*35%
41
36
111% 113%
63
64
8
20% F21%
55% *57
15
P17
8%
1634
7%
15%
7
36
8,800 St Louis Southwestern
'33
5%
884
35
2,700
8%
1534
9%
18
7%
19%
1784
19
17
18
18%
13
18%
12%
12%
13
10%
1534
9%
15%
2234
260%
10%
10
7%
9%
10%
15*8
14%
2384
67
67
8%
9%
15%
15%
15%
25
67%
8%
15
9
•15%
33
6
9%
94%
9%
7%
19%
19
1834
13
13.
10%
10%
1034
17
103-1
17
17%
1734
22%
24
25
25%
64
*60
70
8%
9
9
9
15
15
64
9
1534
17
60
Do
16% Nov
95
Dec
77
Dec
12%
37
Decl6
57%
39
21%
Febll
24
70
63%
40%
24%
112%
99%
48%
33%
Apr
100
Oct 4
39% Oct 2
84*4 Sept 25
Dec
100
66% Aug 10
64«4 Febll
32% Mar 9
33% Mar 9
15% Febl3
103
Nov 3
61
Octl6
Febl4
20%
118%
33%
50
Febl3
66%
Octie
Oct 4
Oct 2
Sept27
Oct22
Oct 4
Oct 4
Nov 4
Oct 5
Oct 5
14
Dec21
47
r
Mar22
65%
23%
Jan14
33%
48%
11
Febll
40
20% May 24
5% Dec24
49*4
8% Dec22
.
100
100
Do
pref B
100
13,400 Western Maryland {new)..100
Do
2d pref
100
5,500
100
6,000 Western Pacific
Do
pref
100
1,800
8,800 Wheeling 4 Lake Erie Ry.100
Do
pref..
100
1,500
100
88%
18
Febl3
27% June23
Feb13
110
61% May24
11%
39%
75
Dec
Jan
70
Apl
July
July
July
May
May
May
Det
Dee
53% Dee
44*4 June
84% June
Dec
Dec
93% June
38is Feb
39% May
27*4 Jull
37
May
10% Dec
23% June
23
37% June
73% Dec
33
Dec
33*4 Dec
10*4 Jan
20
Dec
12
6% Dec
12
July
23*4 July
June
Dec
91% Nov
115
20% Dec
52% Dec
33
27%
70% July
Oct22
29*4 Dec
119% Aug
63
May
72% May
Jan
129% Nov 4
43
Mar
Sep!
83*4 June
33% July
Mar
pref
100 Wisconsin Central
33
,40
Nov
25% Dec
56
100
100
pref A
14
60
66*4 Dec
23*4 Sept
60% Dec
Feb27
100
pref
13,800 Wabash..
Do
Oct 15
37% Dec
4% Dec
28*4 Apr
Febl9
100
2,000 United Railways Invest...100
Do
4,900
pref
100
22,100
1,200
Octl5
Feb
68
Do
3,900
pref
100
100
13,600 Texaa 4 Pacific
900 Twin City Rapid Transit. .100
....100
42,700 Union Pacific
3,950
73%
70
37% Sept23
27% Oct 4
105% Nov26
95% Nov 5
4%
8% Jan
22% Nov
32
56,200 Southern Railway
24
8%
Do
84% Nov 5
65
Octl9
100
100
pref
7,700 Seaboard Air Line
14,200
Feb28
55% Oct 4
8*4 Oct 4
05% Oct29
July
May
May
July
25% July
38% July
58*4 June
24%
98%
109%
16%
Jan
Dec23
17%
19
Deo
Dec
19%
Dec22
57%
7%
70
90
14
21%
9%
18%
90*4
Oct 5
Oct 4
Nov 6
21
95
53
15
40
122*4 May
88
Jan
100
9534!l29,800!Southern Pacific Co
114% 115%
64
6434
60*8 June
104% Aug
37% Dec
100
100
"20%
*"5634
~
40% Dec
Jan 5
Oct22
Oct 7
1
13
<
Do
0
May
July
May
56% Nov 3
44
50
21,500 St Louis-San Fran tr ctfs.. 100
Preferred A trust ctfs... 100
800
24
Feb
67
37% May24
50
30%
16
84% Junel6
6684 Junel2
Dec
50
100
50
*2*0*"
*35%
11234 115%
63%
64
13%
9%
15%
19
55%
26
25
67
♦68
20
14
8%
18%
12%
9%
14%
26
18%
17
7%
97
53
40%
113% lmt
64%
92%
8%
34
100
80% 126,000 Reading
Do
1st pref
51
4,400
Do
2d pref
3,100
19%
2*4* *
57
7%
70
.100
100
15,000 Pittsburgh 4 West Va_.
Do
200
pref
2334
19%
19
10%
96%
20%
57%
114% 115
6434 6434
78%
50%
28%
2,300 N Y Ontario 4 Western
301?
17%
I "2284
1034
19%
44,800 N Y N H 4 Hartford
17%
53
6%
9%
Febl3
Feb 13
Aprl3
41% May 4
preferred
77%
82
96%
Central
95%
53
10%
York
Nov
14
Feb21
JunelS
13
9% June
31% June
25% May
26
Febl9
3% Dec20
Dec
Feb
18
31
10
Dec
11
33% Dec22
May
104
85% Dec
3% Mar
13
31%
100
15%
6
Dec22
Dec
Oct 6
Decl4
23*4
54
6%
Feb13
62*4 July
12% July
40% July
Jan
Sept
40
Dec21
17
52
6%
8% Dec21
100
53
35%
65*4
23% July
100% May
7
33/
77%
80%
35
112%
July
33
Dec
Dec
40
2%
90
53
20
Aug 9
38% July 2
94
100
15
2734
23%
39'4 May24
Dec
7
July
6*8 July
117a July
20% May
Dec
30
May
May
15% July
Oct 4
Oct 4
Oct 4
27%
11%
94%
7434
82%
18%
50
100
100
Febll
12%
18%
13%
75%
31*4
54% June
74
July
31*4 May
68% July
51% May
62%
24*4
Missouri Kansas 4 Texas. 100
17%
52
22%
16
Oct 2
Oct 4
Oct22
Do
pref
100
4,000
35,900 Missouri Pacific trust ctfs.100
Do
pref trust ctfs
100
19,700
16%
16%
80%
273i
100
40
First preferred
54%
76
97%
6%
17% Nov 4
Aug 4
8% Decll
Second
14
*61
Febl3
3
2.800 N Y Chicago 4 St Louis... 100
54%
76
80%
68
15%
*68
35*4
51%
55%
41% MarlO
17% Oct 4
Dec22
65
14%
73
Jan 24
7
13% May 5
Mayl9
8% Febl3
100
100
Oct 2
3012
18%
64%
17%
_
91% Nov 5
100
16%
8
6534Junel2
25
Decl3
4,200 New
51%
16%
100
City Southern
pref
3
Jan
9
22*4 Sept20
69%
*59
26012 Septl5
Dec2l
12
68%
39
*68
MaylO
Dec 9
9% Febl3
16% Dec2l
600 New Orl Tex 4 Mex v t C..100
54%
27%
100
9,900 Nat Rys of Mex 2d pref.. 100
16
"26"
24
5
55
2*9* *
6% Feb
2% Deo
6*8 Apr
37%
15%
"27%
Feb24
Oct *
12*4 Oct
21% Sept20
3
5%
58
38%
1434
27%
217
4%
55
26%
110
172% Mar
3% Apr
4%
58
65
15%
16%
Feb
91% Dec
17*8
68
65
16%
45
Oct
4%
54
68
15%
Dec
Decl4
16%
36%
69%
52
163-4
48
46
108
80% June23
52
1534
54
Augll
63
*60
17
July 6
83% June29
165
Feb10
% Nov 22
% Nov23
100
*58
51%
46
35
100
4%
6684
Feb
100
37%
107
Dec
900 Minn St P 4 8 S Marie
Do
pref
334
82
Deo
Sept
69*8
35%
Dec
88
19
67%
9",§56
July
Jeb
July
67
63
10
**2% "3"
73
55% Aug
Jun«
32
1,300 Manhattan Ry guar
7,400 Mlnneap 4 St L (nets)
3
84
100
18,300 Lehigh Valley
Jan
32% July
Jan
Dec
Oct2l
Oct E
3,082 Louisville 4 Nashville
4%
08
Octl9
45%
17
22%
Sept28
98
4%
133
62
100
pref...
July
May
105
Dec
36%
98
2%
Nov
...100
Western
July
76
85
110
69
45%
9%
10
12
30% May
52*4 July
Decl8
Decl7
68%
9%
Jan
Febll
97%
52%
Mar
84*4
Mai
Jul!
Jul!
Jul!
Mai
July
July
Dec
21
61%
31%
46%
23%
Do
Dec
3% Dec
20
900
56
3%
Do
3
7%
100
1st pref
2d pref
Kansas
126% Dec
61% Dec
48% Dec
91X2 MarlO
Jan
Febll
25%
53%
15%
55
41
25%
51%
24
284
4%
33%
120
400 Lake Erie 4
1584
35%
3%
4%
57%
68%
57
"67%
2%
15
35%
334
3%
3%
3%
2%
4
4%
June28
14
*12
12
"
•
Dec21
Dec22
98
69%
33%
28%
170%
68%
13%
17%
34% Dec
44% Nov
65
Oct
Nov29
..
9%
-
Sept27
17% 8ept27
14% Oct '
33% Oct
15
June20
.100
9,000 Illinois Central...
5,700 Interboro Cons Corp. _iVo par
Do
pref
100
18
42%
10*4
70% Nov
89
3,800
8534
85*4
\f- 4 ;• C'4..-
85*4
Dec
58
4,400 Gulf Mob 4 Nor tr ctfs.-.lOO
Do
Pref
100
9
22
Dec
5
54
.100
100
100
40,100 Great Northern pref
Iron Ore propertiea.No par
26,900
26*4
9
9
12
66
67%
25*8
25%
18%
84*8
10%
<#.*»
45%
9%
72%
15%
43
•"
49
97%
67%
73%
10
Jea
15% July
Mai
55% Mai
107
100
1st pref
2d pref
Do
Oct 15
May
89
Mar
MarlS
she
per
104
87% Dec
28*4 Dec
38% Dec
13% Marl5
134
Jan ~
100
pref
Do
0
Eights'
s
80% Dec
76% Deo
17
60
Febl3
i
$ per share
54
100
Erie
2,600
13%
74%
12% Sept27
104% Oct 5
49% Oct 15
100
Delaware 4 Hudson
12,400
18%
13%
_
Oct
71% Oet
72% Oct
95
Mar30
Colorado 4 Southern
27*300
*13%
18
13%
23
^
23
10%
3%
10
12%
18*4
13%
71*4
41%
17
15%
41%
•
23
10%
83%
83%
17%
42*4
11%
8
19
3%
9%
43
43%
*45
25%
8
83%
3%
9%
16%
97%
71%
18%
3*4
334
9%
17
11%
1%
17%
1
"
21
83*4
83
334
9%
*52*
20
.
*20
*12% *13 "
17%
.12%
'
*8
*21
16%
*42%
%
Jan
21% Dec2l
1,750 Delaware Lack 4 Western. 50
1,400 Denver 4 Rio Grande.....100
Do
pref..
.100
12,700
205
Dec22
Dec21
82
64
Clev Cln Chic 4 St Louis.. 100
3,700
15%
21
100 Dulutb S S 4 Atlantic..-.100
Do
pref..............100
*11% *12*
18%
13
21%
96
1%
1%
Dec22
4% Jan 10
6% Dec21
36 34
Lowest
share
90% Nov
per
100
4,900
Do
%
109%
%
100
6% preferred
500 Chic St P M 4 Omaha
Do
pref
....
59
O
17%
100
pref
39,400 Chic Rock Isl 4 Pac
7% preferred
5,300
3
1%
..100
pref...
41
Q
•
100
pref
""800
195
5% Septl4
pref trust rects
"MOO
95*4
40% June28
9% Aug31
Febl3
54,800 Chicago Mllw 4 St Paul...100
24%
96%
199*4 200
1
%
Febl3
27%
Feb 17
900
-
*94*4
x82% Junel8
4
Do
"94"
11
May20
4% Dec21
47
Do
"m"
Feb
100
....
....
....
.
24
58
76
72
9,000 Chicago Great Western.__ 1C0
58
:
Year 1919
Highest
$ per share
600 Chic & East Illinois trust recta
25,900 Chesapeake 4 Ohio..,
100% 100%
24% 25%
68
68%
25%
66
Lowest
Par
Railroads.
29,000 Atcb Topeka 4 Santa Fe_. 100
£>0
5,800
pre!..
100
4,700 Atlanta Blrm 4 Atlantic., 100
78
85%
32%
4%
83%
30%
84*4
76%
share
Range for Preticm
lots
EXCHANGE
Saturday
75
per
share
Range since Jan. 1.
On basis of 100-share
STOCK
60
June
1381a May
74*4 Ma»
27%
Jan 3
Oct23
Oct25
Oct 4
Oct 5
Oct 8
Sept30
Octl8
16
Dec
14% July
30% July
40
8ept27
17
Feb
20
54% Feb 5
8% Dec22
78
Nov 9
52% Feb
10
Oct 4
7*4 Mar
15
28
Oct
7% Augl2
Aug 9
7
May20
14
17
69%
15%
32%
13
Dec22
34%
12%
Dec20
23%
8%
Feb 13
15%
11
20%
July30
Feb 13
25
May 20
Mayl9
22
7%
15
7%
Dec
Jan
15% July
Jan
34*4 July
13*8 July
Dec
May
20% Dec
38
14
Dec
25% July
Apr
9%
5
Oct 2
17
Jan
48
25
Dec
Apr 1
29% Apr
04
\
July
61% Jan
18% Sept
28*4 Sept
41% May
Industrial A: Miscellaneous
26
14%
15
45
4534
20
26
%
1
46%
8684
28
70%
%
1%
47
8684
28%
70%
15
40
42%
25
26
243.1
26
24
2534
1
46
47
4484
46
86
86
8534
29
27
8534
2834
55*4
"54"
5434
80
*76
71
71
79%
*76
54%
55%
2234
17
17
60%
60%
35
73
53
74
117
119%
106% 106%
16%
*59
7
7
115
114
7%
.
114%
6%
37%
22
14%
45%
15
25%
25
%
%
45%
25%
%
28%
11,000 Allls-Chalmers Mfg
70%
54%
70%
54%
70%
54%
"54%
54%
*76
45
80
*76
35
33%
*60
35
1
1%
46%
115%
107
80
80
37%
16
80
36%
39
*65
5
6
35%
39
37%
36%
38
55%
53%
32%
53%
53
49%
48%
50%
iV, 400
24%
23%
76%
24%
17,700 American
76%
113
16%
118
77%
115% 118
106% 106%
"17%
16%
1734
30%
9%
33%
42
47
Amer BoBCh
4,300
6%
6%
110% 111
5%
534
6%
110
5%
111%
"6% "7"
113% 113%
7
Do
100
35
36%
•
78%
934
81%
•100
100%
8
8%
•
*9%
9%
48%
9%
5034
77%
100
7%
7834
100
93
74
100
8%
Bid and asked prices; no
783s
100
6%
78*
Jan
6
95
Jan28
87
Sept
96%
Jan 10
z92
Dec
103%
Aprl6
02
Jan
Jan
84*4
Jan
7934 Decl6
Dec21
3234
75
Oct2S
93
3
5
Jan 3
pref
—100
12,250 Amer Druggists Synd cate. 10
1,500 American Express
100
3,600 American Hide 4 Leather. 100
Do
10
2,800 Am La France F E
43
45
45
45
7,600 American Linseed
100
74%
76%
100
111
6%
95
5
Dec22
Feb
6
Dec21
61*4
80
15%
175
30*8
Mar20
30
81%
Jan
Jan
84%
113
61%
97
Oct
Sept
113% May
103
Mar
101*4
Feb
Jan
119
Feb
Dec
95
July
39%
Jan
67ia July
88
Jan
93
Janl4
10% Nov
Mar31
76% Sept
13% Jan
Jan 3
4% Jan
3*4 July
Oct
May
143% Nov
08% Sept
107% June
148*8 Nov
84ia May
42%
x98
May
Apr
14% Mar
May
43% July
142*8 Oct
103
100
35
Dec22
100
37
AuglO
53% Marl9
100
46,200 Amer International Corp..100
53
Feb 13
68
30%
Dec21
120%
10
9
Novl0
....100
42
Dec21
80
Aug
3
99%
Jan27
85
Mar
74
Dec21
109%
Apr 8
58
Jan
98% Apr
117% Oct
Mar 9
100
Jan
109*4 July
12,700
630
100
t Ex-rights,
92
Dec
54*4
80
sales on this day.
Novl9
51
116%
44
8%
69
105*4 July 7
15% Dec21
60
Dec21
100
Jan
62% Septl7
92% Nov 9
53% Jan 3
Apr 9
Feb 4
5,800 American Cotton Oil
1% Dec
1*4
Dec22
26% Dec22
147%
*9%
8
Dec22
2% Mar24
3
Mar 31
Dec22
42
884
Dec22
*4 Dec21
2
33%
99
July
%
3
32%
*9%
6%
113
3
33«4
99
Jan
Jan
32
7
60
Jan
32%
984
6%
Jan 5
Jan
53
♦98'4 100
88*4
128*4
37,700 American Car 4 Foundry. .100
Do
600
pref
100
Do
pref
600 American
7834
8034
*9834 100
Dec22
101
53
80%
24
Decl8
53
77
June
Dec22
Dec21
53
30%
76
7234
80
555%
July
Jan
2134
6%
38
7%
38*4
54
50ia
45%
37%
38
Jan
Janl2
100
37%
36
21
72
Magneto—No par
100
Can
pref
36
35
46% Mar29
Dec22
44%
pref
22%
75%
200
55%
35
Do
42*4
Dec 2
84%
100
Do
500
pref
100
6,700 Amer Agricultural Chem__10G
200
Do
pref
100
100
11,800 American Beet Sugar
80
Dec24
14
40
..........100
pref
"■4734
107
15%
Do
900
73
111
1
60
36
7,300 A J ax Rubber Ino
46%
76
39
pref
4534
49
6%
3634
100
..100
50
10
"28%
23%
39
100
86
75
6%
36%
Do
2,900
28%
45%
684
7%
112% 115
900 Adams Express
2,700 Advance Rumely
85%
22
39
6
22
14%
43%
2684
5334
60
26'
85
45%
75
117%
106% 106%
15%
16%
14%
423,1
24%
84
%
6,000 Alaska Gold Mines
7,300 Alaska Juneau Gold Mln'g. 10
no par
11,300 Allied Cbera 4 Dye
34
2234
113
66
7
115
17
73
48%
2I84
73%
23
7234
36
*65
54%
22
80
3234
37%
*65
*22
28
70%
53%
•28%
39%
7234
7334
120% 122
106% 106%
7,
34
44%
84%
26%
79%
22%
*14%
1
%
35
74
14%
%
:r5434
*65
25%
43
14%
4334
14
45
56
*55%
25
26%
14%
*43%
Do
Do
Ice...
pref
pref
23,500 American
Locomotive
600
Do ' pref
-.100
25
34,300 American Safety Rasor
f Less than 100 shares,
a
Bx-dlv. and rights
90% June 1
0% Dec21
« Ex-dlridend.,
122
Jan
3
71%
Jan
37ia Aug
2
54*4
Jan
Jan 3
62*8
Feb
Jan
14%
Jan22
95
Apr 7
70% June
70% June
Oct
132%
107
17% Junelfl
e Full paid
44% Mar
89
Nov
New York Stock Record—Continued—Page 2
For record of sales
during the week of stocks usually
PER
HIGH
AND
PRICE—PER
SALE
LOW
SHARE,
NOT
STOCKS
Sales
CENT.
PER
YORK
NEW
for
Monday
Tuesday
Wednesday
Thursday
Friday
the
Dec. 18.
Dec. 20.
Dec. 21.
Dec. 22.
Dec. 23.
Dec. 24.
Week
$ per share
% per share
$ per share
$ per share
$ per share
$ per share
Shares
8%
834
68%
39%
3934
8%
8%
70
*66
39%
33
8%
32%
34~"
33%
8%
8%
70
*60
■■
36%
:
8
8%
8%
8%
68>»
38%
*66
34%
Lowest
Indus. & Miscell. (Con.) Par
Am Ship & Comm Corp .No -par
21,900
67
*60
3534
80
80%
76
79%
7434
7534
74
75%
74
I 74%
29
27
28%
29
2784
79%
29%
29
30
80%
80%
1,000
83%
82%
84
82%
83%
8538
85%
89%
87%
89
99%
99%
99
99%
98%
97%
9834
9834
9834
98%
99
67%
68%
65
99%
67%
6734
6934
*77
82%
80%
68
6834
80
80
80
*80
98
9734
109
109
31
30
89%
32%
32%
6%
30
29
29
29
29
5%
27
35
35%
32
35
30
6%
6%
18
18
18
50
50
52
38
38
"7~
"7"
*54%
86
87%
109
*99
3034
32
78
83%
"51%
51%
50%
*
'•'i—
*10%
8%
%
%
%
2%
2%
2%
49
51%
50%
*5034
53%
52
51%
*90
51
93
48
49
"
-J
J---
J
--
99%
99%
3%
90
3%
3%
3%
-Y'
54%
....
3%
3%
3%
49
49
48
49%
48
49
76%
4%
77
77
78
80%
334
81
10
10%
10%
11
80%
76
10
4%
4%
10%
334
4%
10
-
-
4%
10%
834
8
8%
8
8%
-
4
—
-
-
4
3%
11
11
8»4
8%
•
—
8%
8%
8%
8%
12%
11%
11%
12
10
11%
10%
10%
12
Y12C
12
57
58
58
60
59
60
25%
27%
26%
27
9%
61%
61%
58
61
55%
59
24
24%
24
26%
2434
27
24
26%
68%
*66%
66%
66%
6%
67
66%
5%
66%
68%
~35~
"33"
35%
♦85%
86%
2634
33
65
Apr 6
54% Nov
77% July
17%
65%
Dec
82
Aug
100
Class B
pref.....
....100
Do
cum conv
8% pref. 100
Booth Fisheries
.100
No par
800
63
65%
26,400
62%
60
60
61
62
8%
16%
8%
17%
California
1,000
Packing
.No par
Petroleum
100
California
Do
pref
100
Case (J I) Plow Wks. _Wo par
Central Leather
100
Do
pref
100
Cerro de Pasco Cop...Wo par
Chandler Motor Car ...Wo par
9%
52,400
Chicago Pneumatic Tool.. 100
Chile Copper.....
..25
64
2,400
1734
18%
17%
16%
17%
19,600
Chino Copper
20
20%
18
20%
18%
19%
18%
19
19
19%
17,300
Coca Cola
25
25%
22
25
2234
2334
25
25
26
27
5334
54%
52%
54
52%
54%
53%
55%
54%
55
9%
10%
10
9%
10%
10
10%
5934
60
60
58
58
600
5119
51«4
52
52%
53
700
74
72%
73%
63
61%
61%
53
52
62
51%
73
*72
10%
*72
73
72
72
77%
71%
75%
75%
7734
7734
5%
*5%
5%
15,
*72
7234
73%
4% •>:s>
5%
18%
5%
18%
18%
18%
18
18
61
61%
*58%
58%
55%
4%
58%
*qsi,i
100
*98
5%
4
64%
65
98
97
97
*94
27%
27-%
26%
27%
24%
81
82%
79%
82
84
64
*81
83
*81
.•>
3%
4%
61
•96
17%
54%
-
-
-
'•
«
17%
-
-
-
to
-
484
64%
62
64%
97
25%
75%
81%
74%
82%
82
82
28
27
27%
83%
79%
84
821*
65
18%
57
56%
58
14,400
24
27
29%
18,200
14
27%
9%
14%
50%
51%
50
51
5034
47
85%
85%
85
85%
85
85%
1,900
40
41
44
43
49%
84%
45%
85
42
49
25,300
69
5
5
24%
70%
24%
*80
85%
*80
85
70%
22
22%
5%
22%
2334
78
80
80%
10-%
10%
80%
10%
13%
12%
14
69
69%
5
5
21%
*75
70
10%
10%
10%
10%
10
15
14
14%
12%
2%
2
13%
2%
12%
2% ;v/:? 2
2%
5%
5%
10%
10%
2
50
50
48
48
46%
47%
55
S3
54
52%
53%
51
81%
81
81
82
81%
81%
*67
67
67
81%
118% 118%
70
-
--
-
-
-
-
Do
Do
Do
50
50
...100
..100
No par
7,700
Gaston W
14%
2%
2%
45%
50
1,100
Gen
53%
53%
2,200
General
79%
2,800
118% 118%
20,400
900
67
10
Corp
25
Co
W, Inc
Amer Tank
No par
Car..Wo par
Cigar, Inc
Debenture
100
pref.....
100
General Electric
100
General Motors Corp pref. 100
Do
temporary ctfs No par
13%
1234
13%
13%
12%
13%
13
13% 122,000
60%
59%
60%
5834
59%
59
59%
59%
59%
70
70%
69%
70%
69
69%
69%
7034
70%
70%
32%
33%
32%
27
30
27%
33%
31%
34
26,800
75%
75
*72
72
70
28%
7134
28
75%
30%
74%
70
70%
71
72
2,200
19
16
18
15
15%
15%
15%
16
*16
18
1,800
11
11
9%
16%
10
9
9
17%
9%
10
10
700
Granby Cons M 8 & P.... 100
Gray & Davis, Inc
25
(6%)..1100
4,100
13%
11%
12
11%
12
1134
12%
12%
12%
5,100
29%
27%
28
25
26%
25
27
26
28
Guantanailno Sugar
No par
Gulf,States Steel tr ctrs-.lOO
54%
54
53%
53%
54%
53
55
14
51%
14%
14%
14%
14%
15
15
1,900
66%
51%
13%
55%
4,100
7,700
64
58%
64
64
65
29,800
Houston Oil of Texas
9%
9%
67%
9%
63%
9%
10%
12,500
Hupp Motor Car Corp
0
6
■
18
54%
14
14
13%
14%
65
73
65%
9%
54
9%
5%
17
9%
6
15
163s
9%
9%
534
5%
534
2834
2934
28%
10
10
16%
163s
16%
1584
9%
5,900
6
Haskel & Barker Car...No par
Hendee
Manufacturing...100
100
10
5
Refining
Indiahoma
6%
6
29%
6
•6%
29%
28
29%
28
10
46
42
44
45
46
47
47%
2,400
Inspiration Cons Copper.. 20
Internat Agrlcul Corp
100
Do
pref...
100
95%
94
96
93%
96
*93%
94%
9,600
Inter
500
Do
293s
49
46%
46%
934
40%
95%
9434
95%
94%
9%
10%
10%
*47
95
9%
•
101% 102
103
29%
28%
46,425
10
9%
28
*934
11%
1,900
103
104
104
~Io% "lY"
11%
11%
11%
11%
10%
11%
10%
11
11%
12
10,700
47%
49
47%
48%
46%
48%
48%
47%
49%
49
*29%
30
30
30
29
30
46%
29%
29%
30
32
32
49%
32%
31,200
4,800
*68
71
*68
72
*68
74
*68
72
*55
59
*56
59
*55
58
*56
58
12%
4634
12%
12%
12%
11%
12%
1138
123s
47%
43
46%
38%
44
39%
44
69%
69%
70
70
■**
,
"21%
22
28
~
484
20%
21%
19
2038
19%
21%
29
30
28
29
2734
3
3
33
33%
85
*75
47%
3934
16%
48%
4
3
3
3
8%
14%
31%
---
-
1334
----
14
29
85
*75
85
15
15%
16%
14%
15%
6%
6%
6%
6%
45%
15%
16
00
45
47%
16%
16%
16
16%
131
♦130
95
95
95
95
16%
16
16%
139%
12934 130
14%
Bid and asked prices; no
100
*90
16
32%
6%
47
4634
Internat Motor Truck.Wo par
Do
1st
Do
2d pref
pref
100
100
International Nickel (The). 25
International Paper
..100
Do
Products Corp
Iron
Jewel Tea, Inc..
8%
2,000
1,300
13%
3,400
Jones Bros Tea, Inc
13,100
33
31%
85
-----
v t c_.
11,800
Keystone Tire A Rubber..
16,.500
-
114
Dec21
80%
Dec22
108%
24l2
613s
60
Dec22
Dec22
60
Nov27
Jan 5
Jan 3
164% Mar29
111%
21%
714 Nov30
163s Dec2l
Apr 8
31
Jan
90
Nov
68
Apr
Dec
Jan
3
168/
32% Feb
37% Nov
-
-
| Less than 100 shares.
July
67% July
Nov
141%
113% Nov
29% July
50% July
700
Copper
No
69
Oct
75%
58
Dec24
9234
6H2
80
72
Dec22
Dec21
7134
412
Jan 14
95%
54
Aug
75
89% Aug25
93% Mar22
X78
Aug
8638 July
Dec21
Dec
1063s July
Dec02
203s
Jan 5
Apr26
Apr 9
10234
14%
9
7834
5% Apr
30% Dec
65%
100%
85%
Dec20 n605
914 Mayl9
13
1338 Dec21
28
52%
Feb
261
Oct
91
Jan
105
July
Jan
55
Dec
87%
Dec
69% Mar
»150
Jan
Jan
2
2338
Dec
147
Jan
6
104
Jan
3
Dec20
95
Jan
5
66
Dec21
91%
Decl7
2H2 Dec21
78
Dec22
80
June
101% Aug
83
Dec
16% Mar30
9
^Dec
4434 Mayl4
25
Dec
23% July
48% July
Oct
39% Nov
55
Oct
Dec22
121a
Dec21
36%
Jan
5
31%
Dec
64% July
1%
DeclO
19%
Jan
5
15
Dec
3884 July
4412
Dec23
Dec22
77% July23
51
79kMayl9
11612
75%
Jan
9434
47
Jan
90
Dec
101
144%
Feb
176
Oct
Jan
95
June
Jan 5
Dec21
172
6412 Novl8
1234 Dec20
42
5834
8934
3
Jan
2
Jan
3
82
95% July
Aug
Mar26
De< 22
85%
Jan
6
"82"%
Feb
"94%
Apr
69
Dec22
94
27
Dec21
85%
Apr20
Jan 5
5612
Jan
93%
70
Dec22
10234
Jan
3
Aug
109%
Oct
Apr
15
Dec21
55%
Jan
3
47% Dec
80
Jan
9
Dec22
4934
Jan
5
4688
Dec
538' Nov
16
Dec22
38%
Jan
3
32% Dec
47% July
20% Aug 17
102
11%
Dec22
25
Dec22
Jan
8
49%
Feb
89%
51%
Dec22
78% July
8
40
Feb
71% July
13%
Dec21
46%
78% July
55% Dec21
9% Dec22
84%
Oct
Aprl9
116% Sept20
23%
Apr 9
934
Apr 6
61%
Apr 8
Aprl4
42%
Feb
27
10%
Jan
Dec21
88%
Apr! 5
48
Jan
88
NovlO
142%
Aprl3
110%
Jan
100
Nov 19
115
Jan24
111
5% Augll
28
Dec20
9%
Dec23
40%
10%
44
28l*
68
Dec
37«4 July
July
91
149% July
120
June
Dec22
5134
Jan <8
21%
Jan
67«4 July
NovlS
111%
Jan
9234
Feb
128% May/
170
Apr
Dec
9
5
Nov! 8
84
Jan 19
5734 Nov 17
11% Dec21
71
Apr 9
Jan 7
20%
Dec
33% June
38%
Dec2l
9184 Marl 8
30%
Jan
82
Nov
69%
Dec21
79%
62
Jan
80
July
Dec22
47% July 15
34
Dec
65
15
Dec
48
Mar
38%
Dec
91
Mar
44
July
164
Nov
19
2734
Dec23
4
Dec
3
DeclO
8
7% 8ept29
2634
51%
Jan
3
Jan27
Jan
9
2484 Dec
68
Jan
80
Decl5
105
Jan21
101%
Dec
14%
De<22
33%
Apr 7
534
Dec 13
48%
Jan 5
45
Dec21
9184
35
Aug
Dec22
38%
15%
127% Nov2«
95
Decl8
14%
Dec22
aPar value $100.
"
•
Nov
7% July 9
21*4
5
No par
Ex-div. and rights.
Deo
July
10
5
100
Do
107%
123
173
Jan
100
Deo
150
Jan
38%
134% Mar20
48
Jan 3
Jan
No par
16% May
43
July
Aprl5
5
Oct
Jan «410
10%
Dec24
Oct
2038
3
Dec24
Oct
109% July
Jan
8412
158s
99
Jan
Jan21
40
37% Nov
10334 June
110
June
102
7
Aprl7
Oct
23
Jan
Aprl4
2112
Oct
1034 Sept
June
46
Apr29
Apr 7
Jan
Feb
Jan 10
1,100
pref
Loew's Incorporated
33s Dec22
47
Oct
Oct
91% Dec
Aug27
30
Ligeett A Myers Tobacco.. 100
a
Feb
50S4
45%
Lee Rubber & Tire
33,100
39%
5
15212
100
Lackawanna Steel
Laclede Gas (St Louis)
J Ex-rights,
9
Jan
Dec 22
2,400
320
Jan
65%
Dec22
10
July
Oct
67
1334
par
43% Nov
Det'22
912
25
Tire
50%
-
116% July
Jan
3012
1934 Junel8
10434
Jan 5
25%
Temporary 8% preferred 100
51,100
----
-
Feb
Dec22
100
100
pref
Kelly-Springfield
1Q
.100
7%
48%
-
Do
Transp
Kennecott
7
«
-
Island Oil <fc
16%
15%
-
...100
50
No par
stamped pref
Invincible Oil Corp
3%
135
*125
*128% 135
128% 129
100
*94
*95
100
95%
9934
15
15%
15%
14%
15%
14%
sales on this day.
100
3,000
39
17
100
pref
64,800
*75
48%
37%
16%
Do
4%
7%
37%
pref (new)
Int Mercantile Marine
13%
16
7
16,200
100
100
(new)
30%
8%
30
22%
1
Harvester
4%
3%
8%
29
14
27
17
47%
8%
*13%
*75
6%
40
16%
428
3
85
*75
29,900
69
4%
371*
:
130
16%
25%
4%
16%
17
7%
7
85
14
4
3%
3
8%
34
1634
4%
9,700
46
§69
21%
28
4
"is"
33
-
4%
*16"
*75
-
200
------
12%
44
45%
-
58
12
12%
42
— -
70%
70%
*55
-
30%
8%
15%
-
1134
22"
4%
3
3
8%
«
30
4%
15
70%
70%
—
"21%
30
♦
Deb stock
Do
Deb stock (7%)...100
Goodrich Co (B F)
100
Do
pref
100
?
17
54%
'
6,100
"29%
14% *_•.
9%
Do
6,800
GreeneCananea Copper... 100
30%
56%
104%
Sis
Decl7
10
12%
YT%
86% Sept
54
100
Sugar
60
17%
Jan
100
13%
2934
64%
278%
70%
*13
Jan 6
Dec25
(8%)
100
Mining & Smelting 100
81
*8%
Oct
75%
Nov20
Dec2l
60%
*11
57%
63
Dec21
13
*18
Jan
I6I2
70
1234
2038
8112
60
,
3
100
Free port Texas
13,200
66%
Jan
No par
7,500
10-%
14%
67
Deo
46
43%
pref
53
67
87%
15% Nov20
Dec21
No par
10%
*79%
54% May
Jan
24i2
7412
No par
preferred
Federal
46
117% 118%
37% July
Dec
Jan
pref
81
V
Feb
19%
48%
107
Fisher Body Corp
Fisk Rubber.:
600
2%
16%
6
Jan
Dec20
EndJcott-Johnson
1,900
-
85%
*81
Jan 12
Jan28
97
100
Famous Players Lasky No par
2,900
500
--
•
-
--
13,600
52%
-
116% 11734
67
673s
116% 118%
67%
67%
72%
-to -
-
■
29%
Jan22
Aprl6
Aprl4
Mines, Ltd
44%
52%
82
5%
2
2%
*53
118% 119
72
74
24%
85
66
3984 July
28%
85%
105%
pref
Elk Horn Coal
40
25%
*14
Do
3,300
85%
70%
70%
17
Jan
Dec21
Dec21
;...
5,000
43
"25"
Feb
Dec22
61
pref...
9%
85%
45%
43
Do
Dome
14%
51%
50
6%
Dec21
9734 June22
Do
pref
Cuban-American
1734
56
S3
July
918
100
Continental Candy Corp No par
Products Refining.. 100
Cuba Cane Sugar
1734
52
July
Sept
55 >4
98
Crucible Steel of America..100
24
,
26
46%
Corn
700
56%
85
8
111?
Dec20
Dee22
87,310
2234
52%
Dec22
Dec23
27,800
55
85
334
17
82%
18%
17%
51%
1
5414
82%
24
934
25
100
Textile.-Wo par
Cosden .& Co
56%
9%
Wo par
24,500
16%
13%
100
Consolidated Cigar
Do
pref
300
22
14
pref
par
Continental Can, Inc
Do
pref
55
10
Do
Graphophone Wo
Consolidated
18%
9%
Columbia
100
Consolidated Gas (N Y).._100
Cons Inter-State Call Mg__10
14,400
66%
13%
116
Dec
56
25
10
Jan
11
Mayl9
56%
14%
101%
9
50
16%
978
5
15
Columbia Gas & Electric.. 100
34,000
21%
13%
108
Jan
Jan
114
Decl5
Jan
Feb
55%
10
10734 July
12
Oct
Dec
3434
17%
14%
Jan
90
102%
2
26%
10
55%
102%
Aug 3
Dec22
3
58
14%
55%
Jan 3
Feb24
Dec21
90
Jan 3
26
15
96^8 May 6
4878
9914
2»4
May
2% May
Oct
Jan
17%
56%
10
Dec21
Oct
45
Jan
17%
14«4
47
Jan
Sept
44%
16%
10
119
1%
26
4034
37,200
97%
*81
Feb
Jan 5
Apr 9
41%
4%
7834
78%
81%
110
1%
32%
Dec21
67%
*96% 100
2534
26%
105% Nov 5
Aug20
De<21
3,100
-
97%
26%
Nov22
12
2i4 Nov 17
18
5
...Wo par
3,500
-
4%
63%
100
*92
4%
4%
111% June
145
July
22
200
17
-
Jan
100
13,700
-
5
,17
'
55
Dec
103
Colorado Fuel & Iron
5,300
-
-
100
Oct29
8,800
73
V
-
4%
Jan 5
130
5,000
inn
4%
63%
5%
5%
18
17
*70
72%
75%
434
102%
Butte & Superior Mining.. 10
Caddo Central Oil & Ref__l00
6534
63
Dec23
Nov20
6,700
8,000
8,700
17,100
6234
*51%
92
Oct
76% May
Apr
Act
65
52%
156%
192%
16
60
62%
Jan
Jan 9
Jan 6
183s
6212
52%
64%
10
67%
9%
5934
Jan
Apr 9
Butte Copper & Zinc v t c..5
Butterlck
100
12,000
10%
64
148%
Aug
_
20%
26
Feb
Jan 7
•Dec22
166
Burns Bros
18
"10% Yo%
92
75
78
Dec
Brooklyn Edison, Inc
Brooklyn Union Gas
20
25
Dec23
Dec22
DeclO
115
19,800
17%
6is
Apr 7
26
17%
80% May
129
34%
82%
8%
Feb
102
par
Corp
Jan
Mar
58%
971s
100
common.
61
74%
*53
20
No
Jan 3
Janl7
7534 Jan 7
20% Augl2
176% Jan 5
67%
Dec20
82%
*60
Dec20
76
25
8%
Decl5
100
81%
8%
Decl7
May
26%
8%
18
4978
38
July
July
92
81%
"8%
Jan
66%
50
100
102
25
8%
16%
29
40
30
Dec 9
Dec21
Dec
3238
60
Jan
25i2
Dec
84,
25l'2
8%
Jan
11
85%
3284
63%
Feb
27%
41
80%
69%
94%
Oct23
24%
8%
Jan
169% Deo
11084 June
69
Oct
Apr
31%
*68%
Oct
106
65
83
34%
314%
Dec
9634
26%
33
Feb
93%
Oct 4
83
30%
210
191%
Jan 7
June29
Sept24
85%
25%
61%
9734
83
26%
35%
Dec22
85U May20
10018 Dec22
48
5%
5%
—
108% May
1041s
120% June
100
May
Jan 9
Jan 9
Do
700
6
Dec
100
85
73%
72%
6%
Aug
Dec
95
10034 Marl8
283
Jan £
100
-
1,500
5,300
26%
63
26%
Steel
«
■
-
90%
10634 Mar22
105
Aprl2
12,350
2,400
90
49%
49%
Decl3
92% May22
Jan29
Jan 3
'
*80
*80
73
79
21%
59%
100
Bethlehem
2,200
65
May
6138
100
100
Motors
5,100
119
105%
Do
3%
148%
Jan
Dec2l
pref
2,600
99% 100
99% 100
Jan
113%
Dec22
preferred
Bethlehem
51,850
Apr 14
Jan26
111%
11834
Dec21
25
2,500
54%
142%
Dec22
Dec21
8812
2934
534
Do
pref ctfs dep
1,300 Batopilas Mining
95
60
51
13
"
«4
2%
48%
90
81%
4%
4%
100
34
2%
51
5138
*80
*96
%
96%
Dec20
82*8
97'8
100
2d
Do
Dec
Jan
Barrett Co Chem Cons ctfs
3,200
2%
99% 100%
3%
93
104% 105
Aug
Oct
91
45%
pre/
100
Baldwin Locomotive Wks.100
84% 121,900
93
1,100
%
48%
*88
—
93
103% 105%
103
*80
90
50
*»'-•
3%
33s
3%
♦80
92
9234
82
8434
53%
109% July
47
July
Janl9
Dec21
Jan 2
Do
800
Dec
33% May
9312
7912
16512
Atlantic Fruit........Wo par
Atl Gulf & W I SS Line
100
3,900
8934 July
Dec2l
pref
Do
47,100
2%
.
47
49
80%
510
400
-
94% June
56%
Associated Dry Goods
Do
1st preferred.
3,200
-
-
53
104
h
2%
5134
.
101% 101%
92%
102
18
47%
Dec
100
Anaconda Copper Mining.
85,400
54%
-
Class B..100
pref
Do
1,500
-
8
6%
101% 104
100% 106%
5434
5434
54
86%
18
54%
-to--
6%
6%
6%
54
*98
1
39
—
97% 103%
93
93
2%
18
50%
38
-
-
54
54
86% ::;v:8Dv-
*%
2%
48%
18
50%
—
0%
7
104
1
-
-
32
31%
18%
"
—
103%
--
50
18
50
■
Do
5,800
6%
100
Amer Writing Paper pref..100
Amer Zinc Lead & Smelt.. 25
4,200
30
(new)
Amer Woolen of Mass
61,950
5,00
29
30
Amer Telephone & Teleg.,100
Amer Tobacco.
.*100
16,400
"•'-.to-- ;1*
29
102% 106
234
90
29%
313s
*98
104
90
29%
29
94
*%
6034
6
106
234
common
30
105
~
Do
6
94
155"
16,000
30
6%
100
54%
54%
85%
57%
%•:
pref
31
Y;
tmm
7%
7%
102% 104%
106%
103
Do
6
18%
100
pref....
*
3,000
6%
50%
Do
106% 108%
603s
58%
87
29%
:1—
Amer Sumatra Tobacco... 100
225
57%
Wv
-
9,400
100
21,600
30
50%
"
—
Mar22
79%
29%
5%
6
18
18
{50
89%
Jan 13
50
95%
109% 112
86%
87%
102% 108%
100% 104
67
59%
30
60%
94%
86%
IOOI4
NoV20
pref
Oct
Dec
Dec
61%
94
Dec23
26
Do
share $ per share
79%
3
74
No par
American Sugar Refining.. 100
70%
79
94%
1053s 110%
87
87
60%
89%
56%
88%
61%
61%
6
9434
69%
9534
Jan
100
pref
Pref temp ctfs
23,745
2,900
81
*75
82
95
104% 107%
87%
104% 107%
60%
68
65%
86%
109%
108
79%
*78
95
95%
106% 110%
96
110% 112%
87%
87%
873s
87
86
*95%
110% 111
79%
79%
80
83
per
26
Jan 5
Mar30
3012
72
Do
9,300
80
83%
27%
79%
8234
Dec22
DeclG
Dec22
Am Steel Fdry tern ctfs.33 1-3
3,400
28%
8
68
32*2
100
Smelting & Refining. 100
Highest
Lowest
$
$ per share '
Am Smelt Secur pref ser A.
38,200
83
28%
SHARE
Range for Previous
Year 1919
Highest
$ per share
Amer
100
35%
2834
80%
*82
PER
SHARE
Range since Jan. I.
On bas ts of 100-share lots
STOCK
EXCHANGE
Saturday
68%
2503
Inactive, see preceding page.
.
27% Nov
38%
Dec
110%
43
Oct
July
126% July
10734 Nov
62%
Jan
Oct25
6
33
Dec
21
Jan
40
Oct
207
Jan 10
195
Dec
250%
Aug-
109%
Jan 31
107
Jan
115
July
36
Anrl2
57%
Jan
5
Jan
©Old stock,
83
x Ex-dividend.
Jan
2504
New York Stock
For
record of sales during
Record—Concluded—Page
week of stocks usually inactive,
the
third
see
3
page following.
PER SHARK
AND
HIGH
SALE PRICES—PER
LOW
NOT PER
SHARE,
CENT
Sales
STOCKS
lor
NEW
the
N'UUrdav
Monday
Tuesday
Wednesday
Thursday
Friday
Dec. 18.
Dec. 20.
Dec. 21.
Dec. 22.
Dec. 23.
Dec. 24'.
$ per share
% per-share
% per share
9 per share
$ per store
Stores
10
10
10%
0%
*25
30
28
28
♦102
106
100
100
125
125
12434 12434
98
98%
08
0812
57
57
~60~
6~8<
*65
70
56%
56%
120% 124%
9734
99
57
57
66%
*9334
155% 160%
...
68
66
65
*23
27
300
105
100
,126
126
*97%
98
5,000
121% 124
57
59%
*95
152% 159%
"56*
57
64
64
70
63%
67%
*93%
....
155
150% 157
:
2%
47%
70'4
68
68%
68%
68%
68
2
2%
46
90
81
2
2%
45
45%
*86
2%
*89
81
18%
17%
17%
16%
17
*3834
41%
35%
80
80%
52
50
50
49
28%
28
29%
27
27%
*10
12
3%
4
12
3
9
3%
2%
4%
4%
4%
24%
24%
120
3%
120
14%
I.334
14%
12%
43%
45%
43%
44
471-
47%
117
47%
13
13%
11%
47%
45
46
44
46
74
75%
"71%
74%
"69%
68%
69%
6%
65%
68%
641-
67
6%
07g
6%
7
30
6%
73%
32
29
31
32
33%
31%
32%
30%
31
27
28
30%
26%
31%
27%
27
28
19
2834
19%
72
72
10%
10%
28
1834
71%
10%
*76
"56%
56%
85
13%
13%
'54*
54"
07%
41%
32
79%
55%
13%
77
79
78
19
15
72
69%
tf
10%
56%
86%
13%
17
67
10
9
54
95%
56
55
56
85
*84
85
12%
98%
41%
44
74
"54"
"53"
54
99%
13
12%
72%
75
90%
77h
90%
13
97% 100%
42%
40
41
32%
78
30%
31%
30
30%
73%
77
73
74
11%
"16% To%
70
70
69
6912
59%
56%
17%
58%
25%
4-7%
55%
30
11
10%
28
26
24%
44%
55%
69%
58%
49%
57%
17%
18
17%
17
18
17
17
55%
58%
54
55%
54%
57
55
57
10%
11
10
10%
10%
10%
10%
10%
3%
13%
2%
3
3
3
11%
12%
2%
88%
89%
87%
38
3834
23%
23%
36%
22%
*47
50
*47
2%
11
2%
3
11
88%
37%
85%
33%
23%
20
2%
88%
37%
22%
48
44%
47%
3%
2%
.
3%
9
11%
2%
87%
238
91%
36%
37%
20
21
43
4434
79%
8734
*79%
*79%
87% *79% 87%
79%
603
601
§600
§578
600
§600
577
§570
103% 10334 103% 103% 103% 103%
103% 103%
79
79
79
80
*78%
79%
73
79%
25
26
25% 26%
26% 26%
25
24%
28
28
3934
40
*26
39%
81
81
811*
12%
42%
12%
12
7
41%
32%
7%
50%
*80
6%
37%
*66
26%
22%
40%
37%
81%
12%
7%
34%
"7"
"7%
41%
42%
32
34%
7%
"50"
81
*78
7
37%
"51"
37
81%
6%
37%
6%
23
25
38%
39%
81
81
12%
12%
42%
42
42
6%
41%
33%
6%
40%
4138
22
29%
7%
50%
7
7%
46
48%
83
80
80
34%
6%
37
5%
34%
6%
37%
6%
40
29%
7%
50%
25%
40
*U% "12%
42
42%
42%
48%
*78
5%
6%
70
66
66
62
65
613,
63%
20%
20%
20%
20%
30%
27%
20%
30
20
30%
20%
29%
21
30%
27%
28
195
198% *189
51
51%
*11
12%
'42
42
51%
*11
41%
*6
12
190
48
52
11
189%
52%
186
11%
40
42
41%
7
182% 187
49
45%
10%
10%
39% 40
7
*534
"l7"
*18%
15%
17
"15%
16%
15
16%
63
63%
60%
63
58%
60%
583/
6138
92%
92%
38
38%
61
'■
61%
32
40
40
79%
"38
61%
105% 105%
47%
8%
40
78%
105
48%
9
9434
95
9134
41
41%
34
34%
5%
83
6%
52
76%
77%
104% 105
44% 46
8%
8%
35%
29
32%
28%
24%
27%
6%
95
88%
91
6%
53
"~6% "7%
51
51%
92
I
92
92
92
40%
32%
41%
40%
40%
40
40%
33%
31%
32%
31
5%
30%
38%
37
105
78
*70
78
*54
58
*54
58
32%
66
45
Nov 19
88
Novl 1
National
63%
Dec21
Do
"~5% "
5%
...100 #100% May2l
8
Novl8
New York Air Brake...... 100
78
Novia
New York Dock....
Do preferred.....
9
Dec22
"¥%
117
119
3,500
11%
4,600
11%
44
46
11
2,300
"38"
75
38
7
100
75%
83,100
69%
3,000
i
I
Novl7
Otis Pllevator
.No par
107
May20
Otis
.No par
Pacific
♦Bid and asked prices; no sales on
Development.
...
12
Dec22
i42%
Dec22
11
2ft
Dec23
Pacific Gas 4 Electric..... 100
41% May20
Pacific Teleph 4 Teleg
Pan-Am Pet 4 Trans
37
Jan13
..50
69%
Dec22
50
64%
Dec22
No par
6%
Dec22
Do
Class B
100
•
Penn Seaboard St'l
v t c
33
33%
33%
13,200
People's G L 4 C (Chic)..100
27
32%
10,900
28%
28%
14,000
Philadelphia Co (Plttsb).__.50
Phillips Petroleum
No par
2*6% Dec21
17%
1034
17%
21,200
01
66
64
10
10
»%
72%
56
64
10%
m
74%
57%
1,800
12,300
1,000
Pierce-Arrow M Car
No par
Do
pref..............100
Pierce Oil Corporation
Do
pref.
"57"
57%
*84v
85
*84
85
13
13
zl.2%
12%
1,200
74
75%
7534
76%
4,600
100
Do
84
AuglS
12
DeclO
100
72
Dec22
Do
101%
24,700
44%
29%
31%
31%
32
20,600
37,000
Punta Alegre Sugar
Pure Oil (The) k
74
77
77%
7712
54
400
2,100
Dec20
Dec2l
DOC23
100
73
Dec22
100
92% May 3
25
...
11%
25
27
25%
27
47
49
30
45
27,800
Ray Consolidated Copper. 10
Remington Typewriter v t clOO
Replogle Steel
No par
6684
59%
59
60
56,300
Republic Iron <fc Steel
85
85
300
J-.—
,
2,700
17%
"58"
62
17%
1,700
61%
11%
43,000
3%
2,400
11%
3,000
10%
11%
*2%
; 3%
59%
11%
3%
10
12
10%
2%
2%
91%
38%
20%
44
96%
40%
22%
453fj
75
75
2%
4,300
92
95%
29,200
40
14,400
22
22% 172,000
46
46
3,300
87%
200
149% Cl49% 150
103% 103%
103% 104%
79
79
77%
77%
*25
26
25%
26
1,285
*73
cl44
9,000
1,070
3,700
28
28%
28%
28%
3,500
39
41%
40%
41%
46,500
95
82%
82%
12%
12%
10,500
42%
42%
42%
900
7%
13,900
12
42
6%
7
6%t
40%
43%
42%
24%
28%
26
6%
7
46
80%
5%
6%
37%
37%
8
50%
80%
*62
43% 116,600
29% 133,600
8%
48
>
50
82
82
7
6%
36%
36%
4,200
20%
28%
29%
22,600
10,000
186
1,443
197
46%
10%
39%
192
194%
11,000
51
49
50
54,810
11
11
11
2,300
Dec24
16%
Dec 9
49%
Decl3
San Cecilia Sugar v t 0.N0
par
Savage Arms Corp
....100
2%
Dec22
9
Dec22
Republic Motor Truck.No
par
Saxon Motor Car Corp .No
par
Sears, Roebuck <fe Co
100
Sbell Transp <fe Trading...£2
Sinclair Cons Oil Corp.No par
Sloss Sheffield Steel & Iron 100
Do
preferred.
ion
Standard Oil of N J
25
Do
pref non voting
100
Steel 4 Tube of Am pref ■ :i:. 100
Stewart Warn 8p Corp.No
par
..
Do
pa
41
25
40
Dec21
Texas Pacific Coal & Oil.... 10
Times Sq Auto Supply.No par
Tobacco Products Corp
100
22
Dec22
Company (The)
100
40%
40%
30%
33
""7% "7%
"5% "5%
1
46
80
Dec2l
Dec23
Dec22
Dec22
....
U S Express..
100
U 8 Food Products Oorp .100
U 8 Industrial Alcohol.. ..100
Do
pref..
100
United States Rubber
Do
1st pref
100
100
pref
50
.100
Copper
Utah Securities
.10
v
5%
Dec23
15
Dec22
58%
Dec2l
90
Aug 6
35% Nov20
53
97
29%
39%
Dec23
Dec23
DeclO
Dec30
76% Dec21
104% Dec23
44% Dec22
pref
Virginia Iron C 4 C
47
Jan
07
Jul
40
Jan
97
Jun#
Aprl7
5% Mar 8
9% Apr 6
28*4 8ept20
Jan 5
34%
Jan 2
49
Jan 2
78
01%
46
116%
111%
36%
70%
Jan 5
June22
22
Aprl4
07
Dec
Mar
Dec
681# Dec
Jan
Jan
Aprl4
92%
Apr
27%
Dec
Apr
8
Dec
67
May
Jan
43
Ap-
88%
101%
Jan
Jan
"99"
6"o*
16
Jan
7
93
Dec
72% 8ept23
45
Jan
98
Feb
109
Oct
104%
Feb 2
ino
Mar
106
July
91% Ja»
132% Jul?
68
Jan28
60
Dec
124
Marl9
110
Nov
120
Aprl9
01
Apr
*427g July 7
106% Aprl2
"6*8i#
112
Nov 3
104
Feb
Jan 0
19
Mar
94
Jan
08
Aug
46
Dec
71%
Jan
Jan 13
Jan 2
100
123% MaylO
84
Aug
121
July
Aprl2
12%
Dec
17
July
25% Junel8
83% Apr 6
21% Janl3
"53%
106%
55%
177g
243
Aprl4
Jan
0% Mar
1681# Feb
90%
Jan28
74
48%
Jan
5
Jan
44% Sept
Dec
82%
Jan26
Dec
401# Feb
94%
Aprl9
85
41%
Mar
91% June24
51% Mar26
118% Apr 8
126% Apr 8
101% Jan31
20% 8eptl3
60
Apr
8
13% Mfar31
c57% Jan 2
53% July 7
34% JulylS
95% Jan 3
106
38%
66%
82
9%
*184
Ja*
647# Junr
17% May
0*t
Jan *345
72%
Jan
115
Juo»
971#
Jun»
84%
Jan
3
87%
Dec
Dec
Jan
120
5
75
Jan
100
34%
87%
Dec
6
5
Oct23
157
80%
25%
Jan
3
14
55%
377g
Apr 7
Apr 6
Jan
Feb
Aug
Jan
42%
Jan
10%
F^b
66
Apr
78%
Jan
5
116%
103%
69%
143%
116%
Jan
8
*97%
Jan
6
96%
Apr 8
17%
Dec
Jan
Jan
76
5
73
Jan
Janl3
109
Jan
Jan
Jan
3
47% Mar27
43%
Jan
45
Jan
109
Jan
5
88%
115%
80%
Jan28
111%
3
65%
Feb
Dec
Feb
Dec
Jan
Oct23
8
94%
Jan
128
3
40i#
Jan
69% Mar29
32% Seot20
45
Jan
23%. Jan
3
5
Jan
r>o
nref B
1OO
53% Deo21
D~
92% July
1167# Oe«
Jan
Jan
360
62
Ju »
Ju«»
Jul*
Jum
Oct23
Jan
56%
78% No*
60
Ml
116%
117%
97%
21%
Jan
92%
82%
56%
5078 Jun*
139% No*
119% July
D*
93
100
OH
119% O"
38% Au*
74% Jul*
32% Ma'
91% On
107
May
111
M*>
Mt/
32
pref A
215
79
7
Do
0<*
58% JuD
z88
7
73
Oc*
July
Mar
Dec
200
747#
45%
7
Mar31
Dec
75
8%
62% No*
51% Nov
82
Sept
June
Dec21
75
O '
0*«
7
34%
35%
No*
Jan
26
103
89
97% Jut*
Jan
3
Dec23
100
D«
D»*
64% No*
Der
54
100
Aui
109%
161
Feb13
O..100
29
230%
81%
104% No'
Jan
30%
v t
"94% bv
Jan
96%
White
pref
106% July
74% No*
Jan
Jan
80%
76
7,200
No*
92
Jan
42
63%
145
45%
Feb
41
106%
113% Mar25
110
38%
Orti
D«»
3
112% Jan 7
120% Sept 17
38%
No*
Juni
27% July
93% July 7
Jan 3
124%
51
38
Oc
98% De*
107"%
22%
107
31%
Feb
54% Dec
Novio
May
Feb
Feb
Dec22
5%
74%
98
#59
12%
88%
5
Oc
Aprl2
55%
Wlckwlre Spencer Steel
106%
113%
85% Mar
Aprlfl
Willys-Overland (The).
25
6,800
Do
pref (new)
100
4,250 Wllflon4Co.I«c,v t c
No par
1,000 Wool worth (F W)
100
28% Mai
Jan24
Jan 5
Aprl4
47,800
09*
111
91%
27%
14
29%
July
32
80%
29%
Oct
De*
68
140%
80
97
19
104%
Oct25
Dec22
50
Otu
80
75% Jul?
41
Dec
JanlO
119
Motor
No*
39% No*
74
Oct
45
Dec21
5%
H% No*
149*"
42%
44% July 2
827g Jan 8
108% Jan 8
23% Jan 8
Dec22
Do
Nov
417*
40
Worthlngton P 4 M
5% Mar
128
65
80% July 13
89% N »vl9
32%
Aprl4
Aug25
No par
Express
87%
Jan
65%
Jao
92% M*y
July
597# JUD*
86
0*»
40% Jua98%
145
Aorl4
120
Feb
104% J<l»>
136% Ma*
JulylQ
Dec21
116%
Jan
112%
Dec
117% JU!*
95
Jan27
50
Feb
117
Dec2l
93%
Janl3
88
Jan
981#
Oil
60
Jan
81
D
June
3
76
tan
6
6
Oct
this day.
| Leas than 100 shares,
t Ex-rights,
a Ex-dlv. and rights.
% Ex-div.
0 Reduced to basis of #25 par,
nParflOO.
Name changed from Ohio Cities Gas to present title
July 1 1920, range laol. prices from July 1 only; range for Ohio Cities Gas Jan. 1 te
July 31. 87: May 20.50
Jan 3.
1
_
157
Western Union Telegraph-100
Westlngbouse Air Brake
50
Westlngbouse Elec 4 Mfg..50
32
5
22%
2,600
Vivaudou
Jut?
Oct25
Jan
7
30
40
75
61%
77%
76
1,500
145% Oct
70% Jul;
19%
21
22,800
Feb
Feb
91%
44% Mar
100
Do
Oc»
July
21% JuL
28%
24%
100
112
13% Nov
100
t c
Vanadium Corp
No par
Virginia-Carolina Chem... 100
V
Dec22
10% Novl8
39% Dec23
88% Jurn
Mey
941#
3
Jan
45%
24% Jul#
604
3
53
176
Dec23
Oct
Jul!
108% May
Jan
Decl8
200
38
6%
Feb20
No*
Jull
Jul*
No*
75
Jan
46% Nov20
41
5
Jul/
92
48%
l(K)
92
Jan
83
01
Wells Fargo
40%
>107% 107%
6
1,000
53
""5% "5%
3
Jan
2247g
Utah
*50%
80%
81%
Sept
Jan
17%
117%
FebII
...100
United Retail Stores ..No par
U 8 Cast I Pipe 4 Fdy
100
Do
pref
100
24,000
91%
81
102
110
Dec21
Do
15,400
Jan
27%
12.400
400
52
04
No par
United Alloy Steel
United Fruit..
Do
pref
50
United States Steel Corp.. 100
50%
80%
Aprl2
93%
Jan
U S Smelting Ref 4 M.
"~6% "7%
Jan
Aprl4
1,100
500
Feb
93
38
4,000
91
45%
127
32
91
2
7
Dec23
79% 319,500
93%
6%
8% Dec
Jan
Jan
Dec2l
42
*88
Apr 7
102%
Dec22
41
3,000
13
89%
19%
31%
9,000
Dec
61%
78%
70,300
103
34%
1,800
8%
32%
Janl3
No par
Oil
97%
35
102%
Union
97%
8%
Jan
Transue 4 Williams St. No par
Union Bag 4 Paper Corp. .100
4,000 U 8 Realty 4 ImprovementlOO
29%
Nov
5%
74,900
31%
87
.No par
58%
33%
Dec23
Superior Steel Corp'n
100
Tenn Copp 4 C tr ctfs.No par
39%
31
77%
24% Dec22
Texas
56%
30%
100%Juuel7
Dec 9
"39%
28
Dei 23
DeclO
42,700
104% 105%
47%
48
75
29%
70
c]142% Dec22 c212% Mar25
11%
63%
40
Dec22
76-
62%
33
Dec2l
100
n,
62%
77%
79%
104% 104%
45%
47
9
8%
20
43
(The)... 100
pref.
Superior Oil.
60%
39%
Dec21
Dec21
Dec21
19,200
33
Dec22
Dw2l
17
100
2%
85%
33%
37%
16%
3,000
Dec20
22%
..No
~*5%
6%
10
pa'
Stromberg-Carburet
Studebaker Corp
39%
5%
17%
"
Dec22
Dec24
85
15%
5%
24%
30
55% Dec21
100
pref..
600
Do
pref..
35,400 Transcontinental Oil
"2fjr4
70
19% 20%
28% ' 28%
1,200
15,300
NovlS
Royal Dutch Co (N Y shares)
St Joseph Lead
10
600
12%
*81
10
100
.
12,600
39%
2%
Do
Dec21
*29%
10%
25,200
53
40
Yi%
10%
90% Dec22
95%
...50
Railway Steel Spring
pref
51% Febl3
10
pref..............100
42%
100
8
Dec22
44
54
Dec
72
41
99% 101
59
Dec21
pref
..........100
PubllcServ Corp of NJ
100
Pullman Company
loo
"""
Dec22
Dec21
9
Pittsburgh Coal of Pa.....100
100
15
100
Pressed Steel Car
6,600
Aug 9
30%
.25
Pond Creek Coal
37
53%
Bottle
32%
32%
31
27
5319
Steel
Owens
29
30
37
73
Dec22
3% Novl9
27%
15%
27%
73
2%
23
Oct
32
3
Jan
_
...1
13,600
7%
72%
68%
6%
69%
6%
37
38
Dec23
Dec21
Nunnally Co (The)
No par
Oklahoma Prod 4 Ref of Am.5
Ontario Sliver Mining
..100
16,400
66%
16%
35%
1,600
13%
26
35%
100
100
Dec22
45%
28%
105% 108%
pref........
NevadaConsolCepper____._5
May20
13
38%
37
100
Dei 20
26
45%
"70%
2
48
13
34%
35%
Lead.
Nov 11
.100
Nova Scotia Steel 4 Coal.. 100
45
11
26
103% 104
39%l
*70
"5% "5%
105% 105%
105% 105%
*102
pref..............100
Nat Conduit 4 Cable.No par
Nat Enam'g 4 Stamp'g.. .100
Do
pref..............100
4,100
12%
85
80%
28
38%
Do
209
44
40
8
53
37%
105%
800
1,300
40
47
85
31%
"38"
101%
North American Co
....
125
98
27%
37%
105
*107
97
98
80%
92%
5%
45
80
100
28%
31
5%
Oct 20
90% Nov 1
Orpheum Circuit, Inc.
98%
32%
78%
104% 105%
*90
37%
5%
59
Dec23
Dec22
600
4,100
31
7%
37
51%
z80%
45% Nov20
83%
26%
8,400
1,100
25,100
1,700
39%
58%
44%
9
30
6%
Jul*
4%
39
40
28
82%
93
Fe»
"43%
24%
53
761.4
35%
534
106%
Jan
Sept
4%
39
40
*91
"82%
Nov
24%
60%
79
94%
83
100
Marl 9
2,400
7,61X1
3
37%
40
105%
30%
85
0
Mar25
40
4%
55
31%
47%
8%
37%
Jan
40
Dec21
25%
39%
32%
99
"31%
36%
30%
83
58%
61%
99%
31%
99%
783/
r..
9934
31%
'
"38% "391
60%
100%
De< 21
Do
57
*3
Dec21
12%
103
*98
*13
I
53
97%
40
78%
32
29%
15%
66%
*84
73
42%
32%
7934
31
18%
70%
10%
72
78
"ll% Ti% ■?;;,:''li V*26%
29
76
*84
85
10%
40
76"
3434
W3
25%
.
700
51
2%
12%'
43%
13%
28%
32%
Do
Pref.
100
Mont Wd<kCo Ills Corp .No par
National Acme....
.50
Nat Anil 4 Chem Cons otfs__
Do
preferred ctfs dep
National Cloak <k Suit
100
100
2,100
31%
4.
12
69%
7
Feb
Nov
18%
49%
24%
24%
118
15
*13
*38
7
54
42
30%
9%
242%
14%
45%
69
40%
7
18%
50%
4%
23%
13%
"74%
0
6
Jan
42
30
3%
4%
45%
12%
13
Jan
9,700
49
Sepv
Jan
16,800
18
Oi>
118%
32%
71%
02%
52%
5,400
80
264
71%
100% 100% *100
101%
8%
8%
8%
16%
162% Jan
De
Oe
Ma y
69%
4,800
*37%
110
Dei 22
67%
66%
Jan
Dec21
92
67
104
July
Aug 5
3
*86
90
131%
10
46%
2%
45%
46%
66
9%
3
68
85%
26%
68%
27
50
27
4%
24%
123
123
*10
12
49
26
68%
3
78
80
16%
39%
23%
24%
120
125
3%
4
%
23%
79%
16%
*36%
37%
49%
45
*86
90
63% 65%
64%
66
100% 100% *100% 102
8%
8%
8%
8%
40%
81
45%
2%
2%
45%
90
85%
26%
3
137
Jan
28%
47%
84
30
88
60
Aug
47%
47%
83%
84
148
100
........
Janl2
June
60
Middle StatesOlliCorp..... 10
Mldvale Steel <k Ordnance..50
Montana Power.......... 100
800
46%
46%
pref
.100
#03
130
62,400
3,200
*26
45%
Do
15,600
81
♦10
100
pref.....
79% Mai
53,800
14%
17%
38%
28
Nov
26%
47%
66%
67
*100% 102% *100% 102%
8
>8%
8%
8%
*50
Dec
21
13%
67%
67%
93
0
26%
27%
♦86
90
6
Jan
14%
26%
2%
46%
*86
Jan
26
26%
83%
71
Jan
105
12%
27%
♦67
222
25%
47%
Jul/
Dec22
13%
27%
Jul!
115
14%
25%
83%
245
Jan
Dee
Aug 9
Mar 13
Mexican Petroleum....... 100
12%
29
Apr
03
Mlauri Copper.............5
13%
85%
147%
107
69%
13,100
28
48
*27
183%
107
..........100
D*
Jul#
Jnn>
110%
Dw21
Oct29
12%
47
29
120
95%
pref
Department Stores.. 100
Do
—...
14
*67
86
*28
Feb
Dec24
Do
*93%
96%
157% 162
162,400
300
*93
94
Jan 2
Jan 8
Jan 7
04% Mar22
151% Aprl4
137% Aprl9
81
Feb
94
Dec 14
28%
25%
45%
83%
Dec21
Dec21
56
100
75%
40%
Dec22
48
85%
48%
r
*93
93
120%
97%
-100
*.
Companies
#25% Dec
65
30%
*93
93
3
J»ul9
56
11%
25%
45'%
3
115%
61%
47%
96
96
Jan
Jan
70
Dec20
May
30%
*47
Mackay
27%
28
Dec21
100
100
Lorlllard (P)
Do
pref
1,175
9% Nov20
100
preferred
ManaciSugar............100
12
47%
2d
600
48
30%
13%
9 per short
1,100
30%
29%
47%
*28
9vcrshare
2,900
11%
11%
30
48%
*93
$ per Store
70
29%
10%
28%
48
10%
Higkstr
$ per share
65%
14%
15%
1919
Lowest
*56"
65
*65
15%
12%
12%
14%
29
48%
1178
14%
51
*48%
96
14
14%
64%
69%
96%
161%
94
14%
30%
49
*93
90
15
20%
12
30%
*28
90
14%
1U«
11%
30%
*48%
*84
"l5%
Do
800
90
"l5*
15%
15%
98
56
*60
*93%
*97%
99
9%
9%
9%
Year
Highest
Loose-Wiles Biscuit tr ctfs.100
*99
56
66%
96%
155% 15934
30
105
98
66
70
*93%
6,700
*21
*99
120% 122
56
57
*65
10
30
110
95;
SHARE
Range for P evion.
Lowest
*98
9%
1
hasis 0/ lfXhshare lots
-
*23
27%
110
56
EXCHANGE
Indus. 6c MisceJl. (Con.) Pur
Loft Incorporated
No par
0?
9%
27%
*98
PKtt
Range since Jan.
On
STOCK
Week
t Per store
YORK
New York Stock
Exchange—BOND Record, Friday, Weekly and Yearly
3505
Jan. 1 1909 ihe Exchange method of quoting bonds tons changed and prices are note—"and interest"—except for inrrme and defaulted bonis.
I^V'
BONDS
Price
'
W. Y. STOCK EXCHANGE
Dec.
fa!
Week's
Friday
Week ending Deo. 24
Last Sale
BONDS
Range
Since
I*
Jiangs or
24
Jan
Week
Week$
Price
XV. Y. STOCK EXCHANGE
1
ending Dec.
l|
24
Dec.
Rang
Range or
24
Since
Last Sale
Friday
!
Jan. I
—r—
U.
S.
Government.
Bid
Ask Low
No. Low
Sigh
High
Bid
Liberty Loan
90 -00 Sale
10383 89.10 100.40
89.52
90.20
84.52 Sale
84-80
85,50 S^Me
94.50
Conv 4% of 1932 1947
Conv 4tf % of 1932 1947.....
2d conv
8432
Conso
7, 83.00 93-48
85-52
85-90 1894 84.00 94.0 i
55 86.00 101.10
95-00
10-yr
gold 5s
temp secur 0s June
94.00
84.-0 Sale
•
83-30
84-80
8300
85 04
87.20 Sale
85.60
87.40 18412
85.10 Sale
83-50
85.40 29603 82.00 93.00
95.50
15675'
94.70 99.40
94.84
95-06 7914
94.64 99.40
Registered
105
106%
100
79%
89%
867«
Craig Valley 1st
g 5s..
Dec'20
76%
79
20
76%
39
40%
27
39
92
94%
86
92
99
72
Sale
71%
73
47
70%
80%
M
s
75%
76%
34
75%
92%
79
79
79
External loan 4HiS—
1949
Dominican Rep Cons Admsf 5s 58
Dominion of Canada g 5s..
1921
Go
do
...1920
F
A
60
61
60%
60%
2
F
A
71
72%
72
73%
26
A
O
98%
52
F
J
A
A
O
2-yr 5Hs gold notes Aug 1921 F
1929 F
French Republic 25-yr ext 8s 1945 M
Italy (Kingdom of),Ser A 6Hs'25, F
Japanese Govt—£ loan 4%s.l925 F
second series 434s
1925 J
do
do
"German stamp".
<t«riiuK loan 48.—.
...1931
Sale
»ale
'
75
997«
"j
X
$"*55 " slfe"
J
O
|
10
76
87%
93%
99
85
83
81%
767a
19
80
95%
105
69
82
193
67%
82
77
6
76
76
8
92%
99
-50
26
404
102%
93%
29%
22
39%
88i2
95%
100% 104%
9
42
45
97%
9778
215
82%
83%
655
92% 09%
81% 90%
86% Sale
86
88%
917
83
95%
94b Sale
94%
947S
206
93%
95%
89%
93%
957g
94% Sale
5)4 % notes
1921
20-year gold bond 5His..l937
10-year conv 534s..
.1929
5-year conv 5)4s
pl922 F
Zurich (City of) sf8s__._..1945 A
42
61
99
t7 hese are prices on the basis of S5to£
85% Sale
M
O
85
S
A
■V
....
85
90b
4His Corporate stock July 1967
}"
D
1963 M
S
4% Corporate stock
1959 M
N
4% Corporate stock
4% Corporate stock
1958 M N
1957 M N
4% Corporate stock reg..1950 M N
New 4Hs
1957 M N
4 Hi % Corporate stoca.. 1957 M N
....
90%
....
91
Sale
81
Sale
95%
84
93
90
6
100%
13
88
14
80
80
Dec'20
79%
80%
Oct'20
82%
89
....
82 %
91
95
90
91
95
90%
9078
..
101
J
"m% t.
75%
....
J
......1995 A
O
Registered...——.1995 A
49
—....
Nov
Nov
General 6s stamped.
91
91
July'20
93
97
Registered
Sinking fund deb
Nov'20
108
99
tuly'20
'
95
95
71%
76%
47%
! 73% Sale
72%
"68%
67%
69%
6778 Sale
67
69%
74
69%
74%
707
Dec '20
"l7
40
67% Sale
66%
67%
57
80
79
80%
38
S
J
82
83%
66%
83%
4
71
Cal-Arlz 1st Aref 4Hs"A
S
77%
77
77
S
87
S
74%
1962 M
3 Fe Pres A Ph let g fis—. 1942
M
M
J
N
D
4ia Mid 1st gu gold 5s...1928 M N
Bruns A W 1st gu gold 48.1938 J
J
Oharles A Sav 1st gold 7s. 1936 J
J
L A N coll gold 4s
...01952 M N
Sav F A W 1st gold 68
1934 A
O
let gold 5fl
1934 A
O
Bait A Ohio prior 3Hsj._-.1925 J
J
Registered...........*1925 Q
J
1st 50-year gold 4s... ...*1948 A
O
Registered
,....*1948 Q
J
10-yr conv 4Hs..
...1933
Refund A gen 5s Series A. 1995 J
D
..1929 J
J
Temporary 10-yr 6s
Pitts June 1st gold 6s
1922 J
J
10-year secured 7s.......1930 M
3en unified 4Hs—
P JuncAMDlv
1964 J
lstg3Hsl925M
4S..1941 M
P L E A W Va Sysref
Southw Div 1st gold 3HS.1925 J
Cent Ohio 1st c g 4H8..1930 M
N
N
J
S
O
D
A
Ohio River RR 1st g 6s.
1936 J
General gold 58
1937 A
O
Pitts Clev A Tol 1st g 6e. 1922 A
O
Tol A Cin div 1st ref 4ff A. 1959 J
J
Buffalo R A P gen g 5s...i.1937 M
S
Consol43*8—
19574V! N
CI Lor & W con let g 6s.. 1933
.
.
^
Sale
82%
66%
—
71
Sale
79
"
58
89%
66%
10
64%
71
71%
16
67
77%
68%
82
5
87% Nov'20
74
100%
70% Sale
73
....
107
....
77%
112
101%
30
7078
8
70
91%
100
Dec'20
7918 Oct '20
90
91
78% Sale
78
79%
Oct
38
Sale
87
Sale
'20
Apr'20
65
Feb'20
334
62%
65%
62
65
87
61
Sale
73% Sale
81
59%
72
85
"87 " "91%
81
83
83
84
lstg4Bgu....l998jA
O
1922 J
D
O
D
98%
1062A
1940 J
99% Sale
99%
100
as j
D
70
74%
Vov*<?n
CftT
A Ohio 1 a* nti-rrr Ro
82
f!S*No price Friday; latest bid and asked, a
99%
Sale
72
99
Nov'20
81
82%
41
|
217,
65
Sale
63%
66%
60
70
Sale
63
6578
249
61
76
72
Sale
72
74
I
31
70
58% S.-de
57
59
I
52
53
67%
Dec'20
94%
93% Feb '20
93%
97%
93%
99%
...
—
-
"97
9 Vs
99% Sale
61%
D
79
97% 102
80
D
99
J
83
94%
21
04
58
70
Nov'20
78
80
Dec'20
977s Nov'20
75%
77%
94
81%
92
81
81
59%
70%
89%
81
65%
N
Sept' 19
——i
64%
70%
F
Dec'20
July'20
65
...
12
|
70
697s
74%
70%
7278
74%
Dec'20
N
89%
93
93%
9378
O
94
99%
99
97%
99
Sale
109%
O
99
99
99%
8678
o
"84%
70
..
8478
Apr'20
-—(,99
Apr'10
98
I
90%
..-I 94%
—
Feb'20
99
"07
35
94% Nov'20
94%
o
98
Apr'19
N
N
D
8
I
96
80
79%
98
103
99
94%
99
Mar'19
~25 1*83%
"9l"%
90%
87%
88%
90% Nov'20
101% 101% 101
101%
.
90%
I.I.
...
9
101%
III!'
101% Dee '20
02
Nov'20
8
99%
99%
907*
Apr'20
S
97
J
08
100
98%
75
75
2
98%
62
»»%
•—|j 95% »97«
Sept'lQ
'96% 100%
Dec'20
88
Nov'20
I
71
1934*"
O
58%
85%
90%
8
s
64% Sale
63% Sale
62%
62%
75
i
-
441
64%
64%
Apr'20
97%
74
95
Nov'20
Nov'20
Keok A Des Moines 1st 5s 1923 A
St Paul A K c 8h L 1st 4Hs *41 F
Chic St P M A O cons 6s
1930 J
Cons 6s reduced to 3His.. 1930 J
Debenture 5s...
1930 M
North Wisconsin 1st 6e. ..1930 J
Consol 50-year 4s...
Cln H A D 2d gold 4Hs
1952 J
1937 J
_
.1931
199r3
impt 6s Series A...1929
M
J
J
J
J
88
74
O
61
Feb* 19"
A
61% Sale
"81 " "82~
65
I
99% 101% 100% Dec '20
D
S
J
76%
77%
62
79%
79
Dec'20
78
87%
N0VI6
65
69%
103
95
May'181
Dec'20
Dec'20
73%
N
55%
90
Sale
54
Mar'17
81
98
May'17
88
J
69
W4
80
69%
100% 101% 101%
54
75%
58
98
79% Sept 20
III! "66%
J
20,
118
86
j 99 '
8
D
M
60%
77%
Jan'2C
63
52%
64
73%
III"
81
81
63%
64%
63%
65
65
60
J
76
77
75%
76
11
69
II
D
81
87
88
86
J
M
M
4s_. —1940 J
Sale
J
D
"j
J
64%....
J
62
71%
44%
58%
92%
83%
73%
Peoria A East 1st cons 4s. 1940 A
O
85
79
"33
50%
60%
69
Nov'20!
....
"sf" HI-
82
68
Dec'20'
71% Dec *20
....
80
88
90
75
70
73
85%
74% Jan '19
84
Nov'If
80
Nov'20
82% Sept'IF
88
Nov'20
*88 " "88"
98
Nov'20
98
98
74
98%
Nov'20
74
74
55
Dec'20
J
Income 4s
1990 Apr
O
Cleve Short L 1st gu 4Hs...1901 A
F
M
J
A
J
8712
61%
O
J
74
*20
62
75
S
F
J
85%
Oct
67
59
N
C C C A I gen cons g 08—1934 J
Ind B A W 1st pref 4s.... 1940 A
O Ind A W 1st pref 5s...41938 Q
1929
.1935
Ft W A Den C 1st g 6s
1921
Conn A Pas Rivs 1st g 4s
1943
Cuba RR 1st 50-year 6s g—1952
87%
D
..
Cairo Div 1st gold 4s.....1939 J
Colorado A Sou 1st g 4s
Refund A Ext 4Hs
101% 101%
1, 02
99%
90
98%
j 99% 104
Oct'10
A
90%
99% 100
75%
28
99i2
83
85i2
85%
A
99%
62%
122;
70%
70%
9778
A
F
91
97%
60%
CI St L A C 1st g 4a
*1936
Registered
*1936 Q
Cin S A CI cons 1st g 5s... 1928 J
77%
61'a
80
66
53%
0778
64
82
92%
99% 100%
977a 10C
62%
87)
186
o
81%
85
58%
N
Ref A
Jan'20
"l2
75
56
71
Day A Mich 1st cons 4Hs 1931
Clev Cln Ch A St L gen 4s. 1993
Apr'20
73%
82
72
J
90%
Consol 1st g 6s..
58% Sale
73%
59%
1988' J
91%
Canada Sou cons gu A 5»"
Canadian North deb s f 7s
Sale
73% Sale
C R I F A N W 1st gu >-..1921
Ch Okla A G cons 5s.....1952 M
76%
99% Nov'20
*56%
109.
66
76%
71
71
69
91
A
Dec'20
617S
92% Feb '16
56%
58
05
W W Val Div 1st g
6s—1921;F
73%
69%....
64 % Sale
"62% "73"
70
85
Roch A Pitts 1st gold
Dec'20
o
57%
Dec'20
73
*08%
79
81
73%
08
May'19
69%
C Find A Ft W 1st gu 4s g 1923
85
80%
68
Mar'20
63
10
79
77
58%
" 97
37,
09%
75
91
79
.—I
85
J
48
Nov'20
51%
5e._1943 J
1
88
91
88%
70%
73%
188
07
677s
Clear A Mah 1st gu g
"99% II"!
—....
General 5s Series B...
92% Nov'20
51%
93%
68
J
N
85%
67
34
93
64%
Dec '20
72
J
o
52
Mar'17
72
J
o
85%
86%
20
89%
79
84
60
50
R I Ark A Louis 1st 4Hs_. 1934
Burl CRANR
5*
..1934
75%
54
93%
.
68
,
85
85
88
Aug'19
99% Mar'18
80
Refunding gold 4a.
294
52
48
94
41
41
«3%
66
74
51
J
J
J
J
O
A
D
C
J
■* *
* *
19%
87%
"82%
J
61%
94
70%
F
M
Cln W A M Div 1st g 4s..1991
St L Div 1st coll tr g 4s.-.1990
8pr A Col Div 1st g 4s..1940
5178 Sale
D
48% Sale
.
20%
,
May'20
85% Oct '20
97% Feb'13
32
79
07"
140
Dec'20
80
92
....I
1988'J
.
57%
91% Dec'20
90% Mar'20
84
J
78
_
411 A West
Registered....
20-year deb 4Hs
Mar'20
73
83%
*68',i
Chic A West Ind gen g 6s..«1932 Q
60~" "81 *
J
S
J
■*
J
J
J
*59%
60
150
73
60
A
100%
6.0
*20
75%
80
60
J
432'
89%
98
04
14
'19
34
7278
45
J
Superior Short L 1st 5s g.t'1930 M
Chic T H A So East 1st 58—1960 J
Jan'12
Oct
40
96
35
|
3378 Dec '20
03% Nov'20
76
75
o
79%
81
29%
36
.
77%
Nov'20
3078
95
*76b
Chic R I A P—Ry gen 4s
*
72
31%
32
n
S
73
57% • 74%
J
9078 Oct
"74% Sale"
N
91
40
62%
60%
112
III- "73%
1933
00%
98% 101%
81
64
1921
5s
A
A
A
A
A
A
M
M
78
Aug'15
65%
68
100% 104% 10078 Nov'20
~63% Sale'
82
87%
*0
6978
95% 103%
68
78%
90% 92%
1297«
65% Sale
"64" Sale"
69
73%
74%
70%
91
75
.1921
J
J
*
J
F
F
M
Q
M
M
M
Mich Div 1st gold 0s... 1924 J
Mil Spar A N W lstgu
4s.l947(W
St L Peo AN W 1st gu 5a 1948 J
79
77%
Sale
101
077g
82
89
S
--
ManGBANW 1st 3Hs.19411J
Milw AS L 1st gu 3Hs—„194FJ
Mil LS A West 1st g 08—^1921 w
82%
62
5s
Ext A Imp s f gold 5s—. 1929
Ashland Div 1st g 6s—.1925
69
02
N
Des Plalnes Va' 1st gu 4His '47 M
Frem Elk A Mo V 1st 6s_. 1933 A
107%
50
50
M
J
87%
Registered
1933
10-year secured 7sg...._.l930 J
71%
—
D
D
Atl Coast L 1st gold 48....*1952
1987
June'20
W
*ocky Mtn Div 1st 4s...1965 J
Trans Con Short L 1st 4s. 1958 J
....1955 J
lonv 4sIssue of 1910.—..I960 J
East Okla Div 1st g 48... 1928
1987
93
50
O
*1995
*1995
—„pl987
....1987
Stamped 4a
Atchison Topeka A Santa Fe—
tdjustment gold 4s
Htamped
1987
General 4s..
Railroad
*1£90 Q
1886-1920
Debenture
71% Oct *20
75% Dec'20
!V»
IVI
1949 J
89
95
S
5s deferred Brown Bros ctfs..
Ann Arbor 1st g 4s
(
89
99
32
-26|
87%
Sept'20
100
Feb'20
79%
90
101
49%
.
37%
98
86
90
Mar'20
41
42
35
75
Dec'20
May'20
42%
35%
Sale
Aug'20
101
72
.
Feb'lSl.
447$
86
90
102
..
101"
58%
SeptT0|.
78
Sinking fund 0s
1879-1929
Registered—...1879-1929
Sinking fund 5s.—1879-1929
Registered——..,1879-1929
99
anal Improvement 43*8.1965 J
"75
Nov'20
88%
i
91
92
~71%
61%
N
89% 100%
89% 100%
71%
81
Q9
89%
63%
71%
J
71%
IIIZ "9l"
"77%
70
57%
15
IV*
70
89
3
381
72
113
--
gu 4s.
Registered—
90
60%
238
!
71%
69%
1937.M
General gold 3Hs.
91
Dec'20
79
Dec'20-
June
Sale
g 6s.. 1924
Registered—
100%
90%
82%
09%
I
80%
70
Wis A Minn Dlvg 68—. —1921
Ohio A N'west Ex 4s„. 1886-'20
8978 100%
52
81
N
anal Improvement 4s... 1960 J
anal Improvement 4Hs. 1964 J
J
84
Dec'20
87% Dec '20
90%
90%
90%
90%
9L
90%
81%
811;
95
78%
July'2U|.
J
Milw A Nor 1st ext 4Hs_. 1934
Cons extended 4Hs..—1934
95%
81
Imrpovement 4s_..1961
anal Improvement 4a... 1962 J
Virginia funded debt 2-3S..1991
817g
82
80
J
Highway Improv t4Hs..1963 M
highway Improv t 4X8.. 1965 M
.29
85
82%
*81%
.
3H% Corporate stock...1954 IVI
x State—4s.
....1961 M
85%
87%
35
—
CM4 Puget Sd 1st
Fargo A Sou assum
3
...
42
i
...
state and
M
A
84
i
164
Mar'Uf
71
" "80%
Ma"''19!.
66
Chicago Great West 1st 4s—1959 M
Ohio Ind A Loulsv—Ref 6s .1947 J
Refunding gold 6a. —..1947 J
Refunding 4s Series C—1947 J
Ind A Loulsv 1st gu 48 —1956 J
Chic Ind A Sou 50-yr 4e.... 1956 J
Ohio L 8 A East
1st 4Xs>. 1969 ■»
Ch M A St P gen g 4s ser A ,el989 J
Registered
.el989 Q
Gen'l gold 3Hs8er B—*1989 J
General 4Hs Series C...el989 J
Gen Aref Ser A 4His
a2014 A
Gen ref conv Ser B 5s.„a2014 F
Convertible 4 H a
1932 J
Permanent 4a
..1925 J
25-year debenture 4s ....1934 J
Chic A L Sup Div g 5s....1921 <1
Chic A Mo Rlv Div 5s
1926 1
Chic AP W 1st g5s__—1921 J
92%
144
91
S
.
71
7912
71%
0
Puroh money 1st coa 1 5e. 1942 F
Chic A Ind C Ry 1st 5s... 1930 *
77
52%
30
N
12
j
73%
J
Guar Tr Co ctfs of dep
76
40%
88
June'20'
A
Stamped
97%
99% 102%
"270
98%
79
F
U S Mtg A Tr Co ctfs of dep
511
56%
III11
Genera! consol 1st 5s
99
83% Sale
5-rear
M
Chic A E 111 ref A Imp 4s
i
U S Mtg A Tr Co cts of dep.
A*
1st consol gold 6s...
l&o.i «•
86
97% Sale
S
63
7
92%
55
90%
i HI
Dec'20
1
General 4s
90
75%
Jan'20
Dec'20
>
76
72
88%
100%
75%
101%
.1
glllf
>4
60%
95%
861.1
29
Sale
J
7
80
37%
43
70%
)
Joint bonds
45
76
91% Sale
69
7278
100%
99%
71%
69%
08%
75
84
90
87%
)
54
Sale
102% Sale
69%
J
>
30
76
J
*61%
J
92%
76
o
J
J
99%
Sale
X 39% Sale
28% 29%
*71%
92%
76
N
D
21
76
J
63%
)J
89
80
75% Sale
75V Sale
A X
Ohio A
101
98%
86%
76%
71%
79
|
20
69%
787g Sale
98% 100
98
85%
"41
86
;
88
A
<old debt 4s of 1904.....1954
Tokyo City 5s loan of 1912..... M
C K of Gt Brit & Ireland—
95
99% Sale
80
Sale
S
Mexico—Exter loan £ 5s of 1899
Paris (City of) 5-year 6s.... 1921 A
Switzerland (Govt of) s f 8s 1940 J
89%
94
Dec'20
923
98 >8
A
A
N
Lyons (City of) 15-yr 0s—. 1934
Marseilles (City of) 15-yr 6s 1934
97%|
99%
85%
987s 99'sj 98%
86% Sale I 86%
85% 80
O
...1931 A
94
77%
....
70% Sale
O
;
50
Sale
anal
78%
D
75
68
166
97
94
70% ' 85
Deo'20
70
86
!V|
Sale
N
69%
82
95%
88
83
105
85%
87%
)J
87%
92
4Hs Corporate stock
Sale
F
Feb *15
39
1965
no
73~"
J
79% Apr '20
871
Mar'20
89
94
O
Corporate stock
87% Sale
*
J
N
_
3
S
July'18
D X
City Securities.
Y City—434s Ccrp stock. 1960
43* s Corporate stock
1964
4His Corporate stock
1966
N
N
97%
A
A
J
10-year 5Hs
84%
98%
97%
A
1
•Chrlstianla (City) 8 f 8s.... 1945
Copenhagen 25-yr s f 6His..1944
Cuba—Externa! debt 5s of 1904.
Kxter dt of 5s 1914 ser A..49
Berne (City of) s f 8s
1945 M
Bordeaux (City of) 15-yr 6s. 1934.M
■Chinese (Hukuang Ry) 5s of 19111J
.
100%
*83
)
90
81i2
..
do
81
J
J
10
High
85
75%
11
85
97% Dec,
1
99
Belgium 25-yr ext a 17Xs g.1945 J
1-year 0% notes.....Jan 1921!..
5-year 0% notes
Jan 1925
;onvgo!d4s
.99
IVI
647®
95'2 Sale
995s
8578 Sale
90
9178
76% Sale
g 4s.
97
J
M
General gold 43*8
101%
|
jen
80%
97
S
IVI
106%
104
July *20
104%
104%
98% Mar'19
106
foreign Govornmont.
Argentine Internal 6s of 1909—M
.
82
77%
J
M
.1
Registered
100% 101
105
1901 Q
1914-'34 q
Philippine Islands 4s
100
100i2 Nov'20
100% June'20
Pan Canal 10-30-yr 2s
Pan 1 'anal 10-30-yr 2s reg..l938;Q
Panama Canal 3s g
1901 Q
N
82
75
95%
J
94.84
4Hs
J
J
M
94-96 Sale
coupon
80%
Dec'20
,
J
41930Q
L..41930 Q
1925Q
1925 Q
*1936.Q
registered
"82%
N
Q
85.60 95.00
low
74% May 19
90
May'18
07% June'17
J
M
94.94 Sale
N
83
O
J
J
24497 81.10 92.86
3H% Notes of 1922 1923
Go
84%
J
2a consul registered
2s consol coupod..
4s
84%
J
Liberty Loan—
4s
84
J
4tf% of 1933 1938
victory Liberty Loan—
4 H % Notes of 1922 1923
II
92
82
84%
77 81.40 92.90
84.60 Sale
.......
4^% of 1927 1942
4X% of 1928
fourth
89
81
lu2>
Cbird Liberty Loan—
No.
High
87%
N
J
4J4% of 1932 1947...
4% Of 19271942.
Conv
8* LOW
A
M
104;
Second Libery Loan—
v.:
4
F
3H% of 1932 1947..
A
N
O
O
J
50
55
15
20
80%
81
76% Sale
69
HMe
92
93%
55%
63%
"47*" "67"
16
84
Dee'^O
77%|
68
70
92
Dec'20
"67 " NoV'20
57
100
36
73
27% Dec '201
75%
89
85%
74
66%
91%
79
98
"63" "73"
60i«
Due Jan d Due April. sDue May.
Due June. *Dn« July. tDue Aug. fDue Oot. pDue Nov. ©Due Dec. t Option sale
35 06
New York BOND Record—Continued—Page 2
W
Y.
Del
Lack
Price
^
Dec. 24
ending
Range
High
No.
69
99%
14
66*4
68
66%
N Y Lack & W 1st 6s
9912 100
99%
89%
High
72%
98% 100%
92% 9784
92% May'20
Delaware &
...
91
8934
102%
90
95%
1st A
7312 Sale
73%
equip g 414s.-—1922
ref 4a
1943
10-year secured
80
104
100
Dec'20
Sale
60
62%
64
Sale
64
65
69%
65
68
5
103
14
70%
65
30
61%
29%
60%
48
Sale
78
1934; J
75
20-year p in deb 5s
1937|IW
Guar refunding gold 4s... 1949 IW
5
15
29%
58
68%
N Y B A M B 1st con g 58.1935 A
3
48
56
N Y & R B
*63" ~63~
30
69
8538
"2
93
96
2d gold 6S
1930 J
Paducah & Mem Dlv 4s.. 1946 F
47
60
St Louis Dlv 1st gold 6s-_ 19211 IVI
2d gold 3s
1980 IW
Atl Knoxv A Cin Dlv 4s.. 1955! IVI
58%
58%
Atl Knox & Nor 1st g 5s. .1946
D
50
Hender Bdge 1st
S
72
Gen conv 4s Series D..1953
Chic A Erie 1st gold 5s... 1982
Cleve & Mahon Vail g 5s. 1938
Erie A Jersey 1st s f 6s.-.1955
IIII
80
f 6S..1957
Long Dock consol g 6s_..1935
Coal A RR 1st cur gu 6s. .1922
84
37
72
30%
47
36%
34
30
4134
120
34
46%
5334
7434
106%
....
*88" "III
76%
Jan'17
18
66%
85
"II "77""
N Y Susq A W 1st ref 5s. .1937
56
2d gold 4J4S1937
General gold 5s..
1940
Terminal 1st gold 5s... 1943
Mid of N J 1st ext 5s
1940
35
Wilk A East 1st gu g 5S..1942
A Ind 1st cons gu g 6S..1926
51
—
60
....
67%
103
78%
90"
79
86
85
...1927 J
D
1921 A
O
1934 M
N
Nov'19
48
60
1st A refunding gold 4s.-.1949 IW
Ref A ext 50-yr 5s Ser A_.1962,0
Des M A Ft D 1st gu 4s.. 1935 J
Iowa Central 1st gold 5s.. 1938 J
73% Sale
59%
Galv Hous A Hend 1st 5s... 1933
Grand Trunk of Can deb 7s 1940
Great Nor C B & Q coll 4s—1921
95% Sale
73%
61
77
Sale
1961
*78% "84"
1933
9934101
..1933
*101
....
„...
87% Sale
91
1933
80%
Mont ext 1st gold 4s... 1937
73%
80
"87
100
Dec'20
99%
92%
507
95%
76
I
100"%
96%
89
96%
70
58
78%
85%
June'16
82%
101%
8ept'20
99
81%
Jl
80%
99
99
83%
13
87%
87%
120% May* 16
"88"%
96% 1053g
92
i
.
80%
Sept'19
76%
80
83
Mar'20
82" "83"
70%
78
7634
Dec'20
7634
82
98
99%
97
Feb'20
97
99
"70"
1922
9934100
...1937
1937
96%
20
101%
83%
96% 106%
136% May'06
*89% "91%
1st guar gold 5s
1937
Will & S F 1st gold 5S..1938
Green Bay A W deb ctfs "A"..., Feb
----
Debenture ctfs "B"__
Feb
Gulf A S I 1st ref A tg 5s..61952!J
J
65»4
73
1st A
7
13
1st A
08%
Col & H V 1st ext g 4s
1948 A
73%
68
5934
773)
Col & Tol 1st ext 4s......1955 F
Houston Belt A Term 1st 5s. 1937 J
Sale"
" Sale"
71
66% 68%
66% Sale
*
*69%
76
7034
54%
60
58
*65
1951
64%
66%
Registered..
"I
73
62%
"73 "
56
62
66
...
74
1923 J
89
61% Mil
62%
4s...1951
79%
70
1
68
80
Dec'20
54
60
Dec'20
6034
69
June'16
No price Rrlday: latest
*70"% "84%
69%
69%
Aug* 19
24
50
23
26%
28
53
45
60
55
55
10
7
683s
87%
74%
89
74
78
52%
Oct'09
I§9
49%
59
Dec'20
7138
"~92
69'4
168
80
8IS4
80
Nov'20
82%
827g
Aug'19
Dec'fO
7934
78
a
63%
62%
93
"78""
76%
72
72
65
26%
26%
36
"51
55
55
Oct'20
60
42
Dec'20
64
67
62
62%
Oct'20
51
Dec'16
70
37
Oct'20
80
79%
7934
9
86%
86%
86%
6
84
83%
91%
82
82
2
74%
89%
49%
60
"59"%
72
58
n
a
"eo
S
S
....
77
A
A
m
a.
82
a
n
-
•
|
Salel
-
-
-
-
+
m
-
77
a
75%
82
j
81%
84%
89
66
-
~
-
73%
—
"16
80%
81
July'14
'
65%
"~5i
—
87
80
95%
J
77
_
....!
66
50
63%
72
8ept'20
80
87
Dec'20
91
102%
90
Dec'20
86%
51%
95%
76%
80%
75
80%
68
77
84
9734
17%
30
J
64
65
70
75
m
64% Nov'20
80%
80%
74
Dec'20
98
99
d
92
23%
~25~%
Dec'20
17
34%
34%
Dec'20
Dec'20
24%
22
65
71
72
59
-
Sale
"J
D
-
-
-
"l5
5 Due Feb.
13
25
25
40%
Dec'20
15
24
Dec'20
72
80
56%
90»4
67
.—.
.
60
58%
"51
92
9
'
92
Sale
52
Sale
91
1935
O
52
56%
46
deb 6s_1935
N
87% Sale
87
86
1930
100% Sale
100
90%
100%
396
S
85
100
41%
96
64
93*4
103%
72*4
1998
A
65
Sale
64%
66%
46
63
Ref A imp 4^8 "A".....2013
New York Cent A Hud River-
O
71
Sale
70
73
29
69%
82%
...1997
j
66% Sale
65
66%
70'
61%
70%
65
65
Dec'20
57%
67%
74%
76
69
82%
76%
76%
3 V£8__
Registered.
Mortgage
1997
j
..1934
N
1934
N
1942
Debenture gold 4s
J
Registered
-
-
-
-
76
"""I
66% June'20
73
68
Sale
58
Dec'20
58h
1998
.1998
A
58
A
55
59
A
57%
58%
57%
A
-
-
-
-»
Battle Cr A Stur 1st gu 3s. 1989
Beech Creek 1st gu g 4s. .1936
D
-
-
-
•»
66%
65
•
"76
52% May'20
Mich Cent coll gold 3 J^s.. 1998
Registered....
1998
shb
Registered
Registered.
-
-
-
Sale
gold 5s
31^8.51951
4s
1981
Gouv A Opwe 1st gu g 5s.
June,
h Due July,
81
.1942
n
Doe Sept.
60
54
66
58
49%
81
"2
58
49
"
81
104
82%
May'16
73
June'20
1936
Registered.
Beech Cr Ext 1st g
gu g
Feb'20
66
52%
Aug'20
49
55
""5
95% Nov'16
1936
guar
59
58
60
-
1936
2d
81
—
—
55%
1
66
t
tj
831»
# Due
64%
110% Mar'17
J
31
"l
Nov'20
O
Cart A Ad 1st
*79" "87"%
"72%
87
97%
S
J
84
67
_
"e"6~" "76"
90
J
conv
m
" "7934
76%
69%
Oct'17
70
90
A
o
40
97%
96
d
jj
428
Aug'20
80%
65% Sale
j
29%
June'19
67%
*
62%
74%
Oct'20
102
68*4 Sale
j
52%
60
72%
20
Oct'18
73%
79%
73
O
50
58
-
48%
33%
74
68
-
-
10
Dec'20
71
-
54
•
36
57
87
52
S
Dec'20
72
Spot'19
Due Jan.
Oct'20
Nov'20
40
O
4%Js__1926 jJ
Lake Shore coll g
73
50
60%
48%
23%
37
34
O
Guaranteed general 4s... .1977
30-year deb 4s.
69%
80%
88
88
66
*
93
88
6734
bid and asked this week,
84 *
70% Sale
79
60%
25
36% Nov'20
91
1925
30%
Nov'20
60%
72%
*
35%
56
91
.1951
46%
17
33%
J
Nat of Mex prior lien
46%
27%
33
J
4^8.1957
Nat Rys of Mex pr lien
23%
Dec'20
Consol 4s Series A
6984 Sale
North Ohio 1st guar g 5s__1945
Leh Val N Y 1st gu g 4>4s~1940
52
52%
41
28% Nov'20
48%
41
"63%
180
33
33%
192s, a
6s
56%
33
10-year coll tr 7s.
Nov*17
78
53
30%
Sale
90
N O Tex A Mexico 1st 6s
73
1950
Lake Erie A West 1st g 5s. .1937
2d gold 5s
1941
Dec'16
J
65
Mar'19
69% Sept'20
52
g
_
Non-cum Income 5s A
65% July'18
78%
79%
74*
Jasper Branch 1st
N Y Cent RR
Oct'20
52»4 Sale
Ref & Impt 5s.
Apr 1950
Kansas City Term 1st 4s._.1960
95
1928 J
St L A Cairo guar g 4s_. 1931 J
Nashv Chatt a St L 1st 5s.
58%
Nov'10
87
74
1927 f
61%
63
87
88%
5s. 1947 M
g
53
77%
..
1938 Q
4s
NO A N'Elst ref A imp 4 Ms A '52
New Orleans Term 1st 4s... 1953
79% May*19
Kansas City Sou 1st gold 38.1950
1940 J
*52" "62"
80% Nov'16
87%
gold
..51927 J
1st consol 4s...
58% Dec'20
58% Sept'20
St Louis Sou 1st gu g 4S..1931
Registered
59%
63
Int A Great Nor 1st g ext 78.1922
James Frank A Clear 1st 4s. 1959
Registered
85
92%
55
N
S
St Louis Div 5s.
83
65
73
85
N
Montgomery Div 1st
"§I
1951
Ind HI A Iowa 1st g 4s......1950
91
82%
32
5s... 1926 IW
1st ext gold 6s...
General
88
....
4s-..1933!J
g
781'
63
88
Memph Dlv 1st
88
Dec'20
Dec'20
32
gold 6s____1927 iw
65~"
86
'73
Dec'20
63
new
62%
67%
68
73
78
...
1
"41
62" "74%
117% May'10
87
1951
g
"13
Dec'20
66
...1951
334s
1929 J
Rlv A G Dlv 1st g
Mob A Ohio
July'09
69
74
68%
93%
92
Joint 1st ref 5s Series A .1963
*
Gen con stamp gu g 5s.. 1931 A
Unified A ret gold 4s... 1929, A
Nov'15
69%
69%
953s Sept'12
73
70-%
.
Registered
83%
"72""
48%
82%
89%
56% Sale
S
63%
0
102
*98
Carb A Shaw 1st gold 4s. 1932 Ml
Chic St L A N O gold 5s..1951
Gold
70
70%
85
A
n
1948jM
"29
78
75
35%
Dec'20
68%
85
84%
54%
S
22
87
....
D
1938 Ml
4s
g
IVI
79%
Dec'20
Sept'17
58
"59% "65 ~
1951 IF
Registered
90% Nov'20
1945'M
2d extended gold 5s
1938,F
St L Ir M A 8 gen con g 5s 1931 J
70
68%
8738 Sale
Western Lines 1st g 4s... 1951
Bellev A Car 1st 6s
19751
General 4s........
Missouri Pac 40-year 4s
3d 7s extended at 4%
Verdi V I A W 1st
Omaha Dlv 1st gold 3s... 1951
St Louis Dlv A Term g 3s. 1951
Gold 334s..
1951
334s
87
N
O
Litchfield Dlv 1st gold 3s. 1951
g
76%
83%
80
Louisv Dlv A Term g 3 ^s 1953
Middle Dlv reg 5s
-.1921
Registered...
41%
75%
85%
TO" IIII
15-year secured 5J4s.____1934 j
Cairo Bridge gold 4s.
1950 j
Sprlngf Dlv 1st
41
74
83
1952 J
.1953, M
40
78
84
4s_..1953!m
50%
J
Nov'20
1955, M
Registered
40
S
83
1952 A
L N O A Texas gold
5S..1942 J
g
refunding 5s Ser Bo. 1923 F
refunding 5s Ser C..1926 F
Cent Br U P 1st
1951: a
Registered-...
56
5
70%
D
1st gold 3s sterling...,....1951 M
1st refunding 4s
Purchased lines 334s
42
40
Pac R of Mo 1st ext g 4s.. 19381J
1951: J
69%
2
70
69
92
Collateral trust gold 4s... 1952 m
20
45
40
69
70" IIII
1951 A
2
41
45
70%
Nov'20
___________
Registered
69
40
47
39
81%
84%
75%
49%
69
Sale
70
69
Illinois Central 1st gold 4s.. 1951 !j
Registered..
.1951; J
1st gold 3J4s..--....
1951 J
Extended 1st gold 3 J4s
Oct'18
65%
34%
70
40
d
55
69
97%
33
Sher Sh A So 1st gu
Texas A Okla 1st gu g 5s.. 1943 M
Missouri Pacific (reorg Co)—
1st & refunding 5s Ser A.. 1965 F
70
Dec'20
91
J
N
72
68
95
Sept'20
41
4s__1990,F
91%
73% June* 18
99
95
91
D
Mo K A E 1st gu g 5s.... 1942 A
M K A Okla 1st guar 5s. .1942 IW
M K A T of T 1st gu g 5s. 1942 M
91%
68%
2004 M
notes "ext".. 1916
Dall A Waco 1st gu g 5s.. 1940 M
Kan City A Pac 1st g
Apr'20
Dec'20
....
85
Mar'20
67
Trust Co certfs of deposit
91%
1999 J
Nov* 10
95
....
Gen sinking fund 4 !^s
1936 J
Trust Co certfs of deposit
St Louis Div 1st ref g 4s. .2001 A
Mar'10
July'20
__
Trust Co ctfs of deposit....
1st ext gold 5s
1944 M
9*4"
68%
434s. 1999 J
..1938
f 4s__.__1941 M
s
Mo Kan A Tex—1st gold 4s. 1990 J
2d gold 4s
pi990 F
85*"
9% Nov'20
85%
99
99
....
J
Dec'20
Registered.
5s._
Dec'20
92%
J
90
8
97 *
98
S
F
'26 J
93
89
97
75
5% secured
78%
....
1937
Pacific ext guar 4s £...1940
E Minn Nor Dlv 1st g 4s. .1948
cons
M S S M A A 1st g 4s lot gu
1st A refunding 4s
Dec'20
101%
1951 IW
77
s
Mississippi Central 1st 5s... 1949 J
Dec'19
99%
94%
1st
1st Chic Term
*51% *64" "
61
96
J961
Refunding gold 4s
M St P A S S M con g 4s int gu '38 J
73%
Aug'10
94%
A1921
67
Nov'11
76
99"% Sale"
"92"
June'12
92
61
96
70
Minn St Louis 1st 7s
72
Florida E Coast 1st 4J4s_..1959
93%
76%
61
93%
51
Fort St U D Co 1st g 4^S.. 1941
Ft Worth A Rio Gr 1st g 4s. 1928
90% Nov'20
85% Dec'20
64%
S
81%
"91
"98"
64 %
D
Sale
95
97
92%
Stamped guaranteed
1977 M
Midland Term—1st s f g 5s. 1925 J
67
1
100 '00
99
62
Pacific Ext 1st g 6s
1st consol gold 5s
89
Dec'20
N
78
8ept'20
88U
82
69%
97
89
78
\
76
97% May'16
78%
Dec'20
'''•
76
104" "
58
Feb'05
88
54
72
67
95
Mex Internat 1st cons g 4s..l977 M
51
65%
66
...
s
78
108
" "9~5~
71%
A
81
"40" IIII
90
J
O
55
67
Dec'20
66
101%
63%
79%
Dec'20
40
Jan'17
Aug'20
80
75%
96% 100%
45%
60%
"1%
95% Nov'19
84
Manila RR—Sou lines 4s...1936 IW
Dec'06
75%
99%
65
1936 F
36
1st gold 6s.__1923
.......
cons gu
Dec'20
80%
Sale
100
100
Dec'20
83%
79
90
85
69% 103
Feb'20
80
---.
50-yr 5S...1963 A
S A N Ala cons gu g 5s
105
104
64
J
s
91
Jan* 18
89
71
A
Dec'20
70%
68
J
51
IIII "99"
1942
50%
Pensac A Atl 1st gu g 6s..1921 F
99
99%
51%
70%
99
50
J
71%
6s..1921
98%
O
84%
91
103%
86% Sept'20
Dec'20
S
N
72
84
100% 100
71%
73%
91
Dec'20
23%
70
159
Dec'20
99%
S
A
51
73
A
51952 Q
50
Ev
Registered-
Registered
92
N Fla A S 1st gu g 5s.... 1937 F
Gen
Feb'20
56
L & N-South M joint 4S..1952 J
J
87% 100
102
88
99%
La A Jet Bdge Co gu g 4s... 1945 IW
Jan*18
100%
Lex A East 1st 50-yr 5s gu 1965 A
L&N&M & M 1st g 4^8 1945 M
86
J
11
79%
81% Sept'19
87
103% Sale
N
N & C Bdge gen gu 4HS..1945 J
83% Dec'20
83% Nov'20
108% Sept'19
91
Dock A Impt 1st ext 5s.. 1943
N Y A Green L gu g 5s... 1946
"79%
72%
34%
38%
"
f g 6S..1931 M
s
Kentucky Central gold 4s. 1987 J
....
72%
34
72%
Sale
34% 35
39% Sale
75% Sale
1953
1
.
93
78
89%
58%
_
65
Dec'20
99% Nov'20
93
83%t
38
—
June'16
cons g
87
92
Aug'19
Dec'19
91
1
91%
June'20
Nov'20
80%
J
L Cin A
73
Hockina Val 1st
75
99%
N O & M 1st gold 6s.
34
_
62%
91%
67%
64%
91% IIII
78% Sale
80
50-year "onv 4s Ser A..1953
Minn Union 1st g 6s
Mont C 1st gu g 6s
s
87
90% June'19
D
99%
44
Registered-
89
Jan'11
86
92
92
200
Registered
74
87
93%
40%
1933
gold 4J$s. 1933
68%
88%
N
N
*61% "73%
74
84
1930 J
921*
59%
J
1930 IVI
91
60
95
N
4^S—1931jM
72%
65
s
10-year secured 7s...
79
64%
67
0
1931 M
92
77
66
8
Collateral trust gold 5s
Lex gold
84%
66% Sale
S
80
50%
Oct'20
Registered, j
1940 J
1940 J
73" "73"
Oct'20
60
Oct'20
50
1st consol g 6s
Unified gold 4s
Jan'20
98%
60
....
Jan'20
39
Registered
—1937 M
5s
103
91%
Sale
Dec'20
50% Sale
St Paul M A Man 4s
Gold
Registered
39% Sale
lBt A ref 4^s Series A
91
*77~% "79""
Nov'20
1996
1996
1996
Registered/
1996
Penn coll trust gold 4S..1951
Registered
80
93%
9434 Nov'15
1st consol gen Hen g 4s
1st g 5s._1930
.
92%
5s.ol932 Q
Louisiana A Ark 1st g 5s
1927 M
Louisville A Nashv gen 6s.. 1930 J
60
93
Registered
Mt Vernon
1st gold 5s... 1927 M
Nor Sh B 1st con g gu
66
N
99
98%
Erie 1st cons g 4s prior
cons
1949, IVI
92
Dec'20
Oct'13
May'20
72% Oct'20
91% Dec'20
99% Oct'06
65% Nov'20
72% Dec'20
IIII *65*
S
D
92
96
....
N Y L E & W 1st g fd 7S. .1920
gold .5s.
Registered
24
98%
92%
79
80
J
91% 8ept'20
98
4S...1947
gold 4148.-----_.1923
gold 5s__—1920
gold 4s____
1928
1st general
—
73%
73
87
D
70%
4s...
95
90
—
.1932 J
1949 IW
76
87%
J
92
Unified gold 4s
Gold
83
89%
s
s
Debenture gold 5s—
69
"77"" IIII
75
54
High
60
14
105
80
82%
N Y & Erie Istextg
Series B
Ferry gold 4^s
Low
15
Mar'12
98
....
D
56
Dec'20
8538
85%
105% Mar'08
"II "80'
1937
72%
No.
68
76%
77%
92% Nov'20
98
92%
51931! Q
..1938 J
1922 IW
4s
74%
Nov'20
73
93%
....
1st consol gold
35
48%
Sale
Registered
_._1945j M
Long Isld 1st cons gold 5S../H931 Q
General gold 4s
Dec'16
63
"73""
*9112
83%
Elgin Joliet <Sr East 1st g 5s. .1911
Erie 1st cod» 1 gold 7s
1920
Registered..
"97%
Since
Jan. 1
High
66%
113
O
1941
6s._nl928
"j
1933
J
Registered
1933 J
J
1st int reduced to 4s
1933'J
Leh A N Y 1st guar g 4s
1945!M s
10
82
66%
Sale
Registered
38
61
48
63
4^8.1961
.1941
Dul A Iron Range 1st 5s.__.1937
Registered
1937
Reduced to
87
63
29%
"60% "61
Dul Mlssabe A Nor gen 5s.
Sull Co Branch
O
68
Apr'11
---.
Det Rlv Tun Ter Tun
Evansv A T H 1st
5s.. 1941 A
Leh V Term Ry 1st gu g
"65
36
70% Jtfly'20
4s..l939
Mtge & coll trust 4s A..1949
Det A Mack—1st lien g 4s.. 1995
Gold 4s
199«j
s
77
60
42%
35
1940
Genesee River 1st
66
N
5834
62%
Dec'20
39%
3512 Sale
Rio Gr West 1st gold
72%
100%
100
"89
6
661?
4012 Sale
58—1939
Rio Gr Sou 1st gold 4s—1940
Dul Sou Shore A Atl g 5s...
18
102%
Rio Gr June 1st gu
Guaranteed
833s
96%
67
86%
73
87%
99% 105%
27
62
_
9434
76
100
7S..1921
4s.l936:j
Consol gold 4»481936 J
Improvement gold 5s
1928 J
1st A refunding 5s..
-1955
Den <fc R Gr—1st cons g
3rd ext
N
Leh Val RR 10-yr coll
Dec'20
10212 Sale
6978 Sale
All) A Susq conv 3148
Rensa A Saratoga 1st
Trust Co certifs of deposit,
82
80
—-1935
7s.------1930
1946
39-year conv 5s
do
94
Feb'08
Ask Low
Lehigh Val (Pa) cons.g 4S..2003 IW
General cons 4^8—
2003 IW
Leh Val Coal Co 1st gu g 5s.
96
5th ext
Nov'20
Hudson—
1st lien
4th ext
63
Range
*1
Range or
Last Sale
Bid
Low
7
Week's
Friday
24
Dec.
ending
Week
Dec. 24
EXCHANGE
STOCK
Y.
N.
Jan. 1
Morris A Essex 1st gu
3^82000 J
1921
Construction 5a
-.1923
Term A Improv 4s—.1923
Warren 1st ref gu g 3j^s..2000
Since
Price
BONDS
Rdnge
or
Last Sale
Ask Low
Bid
Western—
<fe
Is:
Week's
Friday
EXCHANGE
Dec. 24
STOCK
Week
Q
£
BONDS
N.
t Due
....
.
Oct.
» Option sale.
•t*
-
"73"
2507
New York BOND Record —Continued—Page 3
3*
BONDS
Friday
Range or
Since
n. Y. STOCK EXCHANGE
Week ending Deo. 24
35
Dec. 24
Last Sale
Jan. 1
BONDS
NY Cent 4HRRR (Con)—
Alt Low
Bid
1997 j
Lake Shore gold 334a
Registered
Debenture gold 4a
67
1928 M
"68 " IIII
86I2
1931 Q
...1940 j
J L A S 1st gold 3>*8—1951
let gold 334a
......1952
20-year debenture 4a...1929
N Y Chic A St L lat g 4a—1937
841a
"69"" "75%
93%
M
"69" "77"
651*
6834
70
73%
78
75
a
78i2
79
7734
72
67%
81%
78
Nov'17
68I2
*69*2 III!
69i2
94
Nov 20
71
71
Pine Creek reg guar 6a... 1932 J
R W A O con lat ext 5e_ .41922 a
96
Rutland 1st
oon g
98
101
68
65
68
40
N
47
39
1948 j
1930 f
58
39%
4012
40
1956 j
39
Non-conv deben 4s
1956 J
Harlem R-Pt Ches 1st 4s. 1954 M
B A N Y Air Line 1st 4a—1955
IfYW'chesAB 1st Ser 14J4s '46
Boston Terminal 1st 4s... 1939
_
TOAWrel 1st g4a
62%
69
64%
6412
60
Norfolk A Sou 1st gold 6s.. 1941 M
orf A West gen gold 6s._„1931 M
Improvement A ext g 6a. .1934 F
New River 1st gold 6s
1932 A
W A W Ry lat cone g 4a..1996 A
1996 A
1944 J
10-25-year
conv
conv 4s
4s
1932 M
10-25-year conv 4Mb...1938 M
10-year conv 6s.;..—. 1929 M
Pocah C A C joint 4s...1941
5S..1922 J
Scio VANE 1st gu g 4s_. 1989 M
Northern Pacific prlof Hen rail¬
way A land grant g 4s
1997 Q
1997 Q
Registered
a2047 Q
_a2047 Q
2047 J
A
J
F
Registered certificates.. 1923 Q
St Paul-Buluth Dlv g 48..1996
St P A N P gen gold 6s... 1923
St Paul A Duluth 1st 5s..1931
Q
1968 J
1st consol gold 4s
1948 Q
6s.. 1933 J
Oregon-Wash 1st A ref 4s
1961 J
Pacific Coast Co 1st g 6s
1946 J
f 4 Ha..1955
J
4s..1923 M
.1943 M
Consol gold 48.
Consol gold 48
1948 M
43^8
I960 F
General 4V$s
1965 J
General 5s
1968 J
...1930 A
4s.. .1942
gu
4s g 1936
1st g 4*49--1921
—1921
Registered
Guar 334s coll trust reg A .1937
Guar
33^8 coll
trust Ser B. 1941
Guar 3 *4 8 trust ctfs
C...1942
Guar 3*4s trust ctfs D__.1944
M
F
J
J
M
F
J
J
A
_
M N
4s..1931
f 0-year guar 4s ctfs Ser E.1952
Cln Leb A Nor gu 4s g
1942 M N
01A Mar 1st gtl g 4 *4s„ -1935 W N
01 A P gen gu 43^8 Ser A.1942 J
J
Series B...-.
..1942 A
Int reduced to 3*4s—1942 A
Series C 33^8
1948 M
Series D 3*4s
1950 F
Erie A Pitts gu g 334s B..1940 J
Series C
1940 J
Gr R AI ex 1st gu g 4348.1941 J
Ohio Connect 1st gu 4s... 1943 M
_
Guar 15-25-year gold
M N
J
"
Series B 434s
1933 J
Series C 4s
1942 M
O C A St L gu 434s A..1940 A
Series B guar
1942 A
Series C guar..—.....1942 M
Series D 4s guar
1945 M
Series E 334s guar gold. 1949 F
Series F guar 4a gold... 1953 J
Series G 4a guar
1957 M N
Series I cons guar 43<b-19«3 F
A
General 5a Series A
1970 J D
•fNo price Friday latest bid
61
51
31
.
Nov'20
32
46
Feb'14
74%
Dec'19
58%
61
59% Nov'20
57
Oct '20
56 34
56%
100
10034 102
71
s73% Sale
74
51
6434
10
a a n w 1st gu g5s
60
Louisiana West 1st 6s
48
62
No of Cal guar g 5s
82
100
Oct *20
104%
100% 103
67%
80
74%
Oct '20
74
74
70
78%
76
74%
Dec'20
70
76
78
54
102%
75
19
76
Jan'20
74
—-
Dec'20
71%
94% 10534
7212
98%
69
81
98%
....
~93%
89
84
54%
74%
16
'20
100
69
Tex a n o con gold
Nov'20
97
76%
So Pac rr 1st ref 4s
37%
69
106
83
97% 102%
96
68
69'%
68
70
....
52
100%
103% 108
62
76%
75
Dec '20
65
78% Sept'20
Dec'20
75
78%
89
93%
93
1
8078 Sale
80%
8034 Sale
8134
80%
80%
24
88
8734
88%
71
75% Sale
74
84
84
77%
86%
103% Sale
101%
354;
80%
83%
75%
83
86%
92%
73
84%
229;
82
92
101
104
93%
105
78%
Dec'20
72%
82
83
Feb'20
83
83
98"#
98
80%
85
76%
98%
98%
97% Oct '20
69% Mar'20
95%
98%
97%
~63% "73%
79%
Registered. .......
....
68
Feb'20
80
80
84%
Dec'20
82%
84%
96% May'18
Dec'15
Feb'12
90%
Dec'12
6934
88%
Feb'17
69%
75
Apr'20
69%
....
81
....
84%
8034
83
"78"' "79"
and asked,
82%
96
"79"
"73% Sale
6834 70
81% Sale
*58 ~
25
6 Due Feb.
g Due
June.
83
64%
7134
74
83
69
69%
84%
80
85
39
62%
73%
57,
77
90
84%
84%
'20
58%
55%
Nov'20
56%
55%
68"" "7934
283
54
10
50
62%
71%
61%
90
76%
80
81%
81%
89%
55
87
05% Dec '20
81% Mar'16
84%
69
"67"
60%
Dec'20
89%
79%
92%
90
90
87%
84
87%
90
Dec '20
57
63
Nov'20
40%
95%
97
Dec '20
97
96
Nov'20
96
97%
90%
"47%
93
93%
89% Dec '20
85
70%
74%
78
67
65
290
87%
j
17
91
53
100
80% May'20
05
Aug'19
80%
65
"87%
69%
87% Nov'20
60
Feb *20
j
j
a
85%
m
55%
98%
91
ivi
iv!
00
102% June'11
88% Dec '20
88%
95
98
104% Dec '16
87
Nov'20
84%
90
79
85
89%
86%
60
92
1*1
81
80
"55" "62%
86%
65
....
----
82
60
80% June'20
55
80%
80%
70
Oct *20
70
70
83
Sept'20
79
83
60
a
87%
80
70
66
81
84
70
80
80
"66 ' "70%
1930
j
2000
Mar
02000
1935
6s.........1935
Kan a m lat gu g 4a
1990
2d 20-year 5s
..1927
Tol p a w 1st gold 4s
1917
Tol St l a w pr Hen g 3*4s.l925
59-year gold 4a
1950
Coll trust 4s g Ser a
1917
96
80%
93%
85
j
j
93%
96
84
a
1931
f
531930
95%
July'19
06
"56%
" "87*"
85%
35
Apr'20
80% Aug '20
65
Western Dlv 1st g 5a
62%
74%
81
85
75%
85
July'20
76%
75%
76
Sale
45
55
35
Dec'20
35
85
65%
j
69%
70
Nov'20
70
70
106% Nov'04
"88%
j
63%
a
j
64
84
Dec'20
36
75%
75% Nov'20
68
85
j
"83% "93%
Dec'20
90%
71%
65%
a
"38"
80%
4934
15
30
15
19
15
74
63
78
77%
52
"79% Safe"
"78% Safe"
85%
52
397
15
63
77%
Dec'20
Sept'20
80%
Dec'20
15'
63
63
79
66
15
Nov'20
77
81%
15
15
63
73
85
42%
Dec'20
50
82
80
81% Oct '20
"47"
-f
j
.
62%
64
a
j
80%
Feb '19
65
Dec'20
65%
50
Tor Ham a Buff 1st g
A Due July,
58%
81%
97%
95%
91%
96
62
General gold
.
87%
59
St l m Bridge Ter gu g 5s.
62
74%
85%
77
79
88%
78
80
"160
78
74
255
80
81
95
103
74
Sale
70%
99
Sale
99
9934
Dec'20
—|
81
66%
96% 101
73%
74%
76%
95%
87
98
97
98
5
8734
88
14
82
78
75
74%
85
88
1
84%
92%
20
28
88
7634 Sale
88
Sale
76%
88
89
93
Feb '18
80% Dec '19
1955 f
76
b......1957
Vera cm* a Plst gu
Sale
56%
..1936
j
5s,.2003
a
1st cons 50-year 5s.. 1958
f
w o a w 1st cy gu 4a
1924
j
Spokane Internet 1st sr 5s.. .1955
a
Term Assn of 8t l 1st g 4 *4 a 1939
f
1st cons gold 5s
1894-1944
j
Gen refund a f g 4s
1953
4a Ser a
86%
84% Oct
Va a So'w'n 1st gu
cona g
91
9334
03
12
Apr'20
85
ivi
Consols 4s Series
91%
Sale
82%
82%
84%
Sept'20
j
General 5s_.
85%
74%
Mar'19
83
69
.....1926
87
81%
—
95% Sept'20
59
86
..
99%
j
74%
—
TT"
a Due Jan.
94
"84 "
"951*2
84% Sale
Vandalia
76% June'20
78%
80%
96%
94%
j
Virginia Mid Ser d 4-58-1921
Series e.5s
1926
82%
85
Aug'20
Dec'20
94%
94%
78
82%
Apr'20
82% Nov'20
72%
60%
85%
81
88%
.
3
82%
87
85
82%
72% May'20
"82" IIII
Dec'20
97
79
76
Dec'20
80
8034
'74% "90"
82%
84%
„j
25
65
80
82%
73%
62%
341
87% Sept'16
72%
72%
j
72%
82
9234 117
65% 78
j
84
82
88% Sept'17
81%
306
07% Nov'20
86
Nov'20
80
20
82
"86%
72%
"84»4
j
82%
86%
7012
419
65
65%
j
80
86% Oct '20
73
70%
74%
97
72
Nov* 18
m
78
Mar'10
61%
IIII "80%
a
1946
2nd gold income 5s
68
84
a
Dec'20
80
93
85%
92
;;::u
66%
69
70% Oct '20
j
Oct '20
80%
80
82
89
92
Oct '20
j
90
76%
Sept'20
82
84%
81
Nov'20
Oct
95
j
79%
75
84
84%
*20
Oct '20
89
j
.1922
68—1925
Mob a Blr prior lien g 5s. 1945
Mortgage gold 4s.
1945
Rich a Dan deb 5a stmpd.1927
Rich a Meek lat g 5s
1948
Series f 5s
"74% "80"
Dec'20
80
82 38
85
4a..11946
Ulster a Del lat cona g 5a...1928
lat refunding g 4s
1952
Union PaclUc lat g 4s
1947
Registered
1947
20-year conv 4s
1927
1st a refunding 4a
02008
10-year perm secured 6a.. 1928
Ore rr a Nav con g 48.. 1946
Ore Short Line 1st g 6a.—1922
lat consol g 5s
1940
Guar refund 4a
1929
Utah a Nor gold 58—1920
lat extended 4a
1933
68
80
81
Dec '15
Oct '18
Trust co ctfs of deposit...
79% May'19
76% Apr'20
~82% "84
69
98
100
87
Tol a Ohio Cent 1st gu 5s..1935
80
70
64
72% Sale
j
Ga Pac Ry 1st g 6a
67
52
Sale
....
a
Ga Midland 1st 3s
49
90
6934
48—1949
j
5s—1930
m
Cons 1st gold 5a
.1956
ivi
Tenn reorg Hon g 5s... .1938
w Min w a n w 1st gu
81
96%
e
36%
Dec'20
86%
1948
4s.
73%
"e~7~" "80""
77%
104
2d
61
45
May'20
Nov'20
9234
a
Atl a Yad 1st g guar
66%
30
90
m
1948
73%
66
84
38
70% Sale
j
1951
71%
Nov'20
84
40
89
j
Ala Gt Sou 1st cons a 6s—1943
66
77
67%
175
Sale
a
1994
St Louis dlv 1st g 4s
La Div b l 1st g 5s
Nov'19
77%
34
49%
64
(vi
Mem Dlv 1st g 4 34 8-53—1996
9734
69%
69%
66%
85
32%
36%
72%
95
j
Develop a gen 4s Ser a...1956
Texas a Pac 1st gold 5s
95%
Jan'20
77
63%
50
Aug'20
73%
63%
76%
68
"~2'
64
73%
Knoxv a Ohio 1st g
Nov'20
68% Sale
52
"73% Sale
j
1950
82
Dec'16
Sale
64%
55
Dec'20
50
77%
1955
San Fran Term! 1st 4s
77
59%
Oct'19
85
Sale
69
ivi
Southern—1st cons g 53—1994
80%
Feb'19
70
"92"% "93*
54%
92
a
5s...1943
Atl a Danv 1st g 4s
49%
82%
June'20
60
70
67%
16
59
57%
70
'13
79%
e t Va a Ga Dlv g
7534
Oct
64'8
106
49
66%
83
j
1938
77
Nov'19
96
qq
50,
f
Atl a Charl a l 1st a 4*4 81944
67%
Dec '20
53%
....
981#
472
74%
83
80
60%
1111*80
j
Mob a Ohio coll tr g 4s.—1938
Dec'19
101%
56
~74% Sale"
59
101
m
So Pac of Cal—Gu g 5s—. 1937
j
So Pac Coast 1st gu 4s g—1937
77%
Mar'20
733<
75
Sale
60%
60%
f
1st 30-year 5s Ser b....1944
*63%
7134
39%
48%
—.100
m
Ore a Cal 1st guar g 5s... 1927
Nov'16
98%
74U Sale
60
33
j
1941
1921
71%
Dec'20
9634
IIII *73%
37
59%
51
32% Sale
3734 Sale
—.64
j
Waco a n w dlv 1st g 6s '30
63
57
76
75
65%
Dec'20
57%
Sale
j
gu—1937
59%
Dec'20
....
I02" Sale"
62%
50%
f
Gen gold 4s Int guar... 1921
67
9234 100
56% 70
86%
81%
Dec'20
58%
a
1933
92 34
64%
55
"57% Sale
Gila v g a n 1st gu g 68-1924
m
Hous E a w t 1st g 5s—1933
1st guar 5a red
85
67
86%
*20
98% Jan
a
1931
3
>
60
102
82
81%
j
Through St l 1st gu 48.1954
64%.
77%
52
60%
62% Sale
m
Sept'17
45
Oct
418
May'17
92%
92%
60% Sale
-iv- .... 1949
h a t c 1st g 5a int
76
85
"93 " IIII
j
.01929
1934
48—1949
Cent Pac 1st ref gu g
36
122
77%
10
j
—*1949
Registered
20-year conv 4a.
Dec'13
"74" "7414
95
j
59
Mort guar gold 3 *4 b—*1929
10012 101
70
39%
65% Sale
52% 56%
coll)._jfcl949
Registered...
101%
Pitts Y A Ash 1st cons 5s. 1927
F
Gold 4s (Cent Pac
Aug'13
ioi% Io978
56%
727
j
5s..1930
July* 14
77
Tol W V A O gu 434a A..1931
37
1st land grant ext g
May"15
4778
701
48
Consol gold 6s———1943 j
Ga a Ala Ry 1st con 6s__©1945 j
5838
J
O C A T 1st guar gold
General Hen gold 3s
•
74
4512
62%
Fla Cent a Pen 1st ext 68.1923 j
99%
88%
1932 J
10-20-year
i
106%
6218
59
91%
60
4334
Southern Pacific co—
44
"4h2
81
a
2d exten 5s guar
N
62%
69
j
ghasamap 1st 58.1931
Norfolk Sou 1st A ref A 5s.. 1961 F
Dlv'l lat Hen A gen g 4a.
Oct'19
70
83
86
Refunding 4s
1959
AtlA Blrm 30-yr lat g 4a.el933 m
Caro Cent lat con g 4s...1949 j
83
01992 M
Registered
July'18
31
71
Ga Car a no lBt gu g 5s..1929 j
Seaboard a Roan 1st 5s..1926 j
67% Nov'20
....
70%
83%
a
1932
1st terminal a unifying 5i. 1952
Gray's Pt Ter 1st gu g 5s. 1947
s a a a Pass 1st gu g 4s
1943
Seaboard Air Line g 4s
1950
Gold 4a stamped
.1950
Adjustment 5s
ol949
87
III I
Sale
(vi
20-year conv 5s.
Registered $6,000 only—01992 M
General 4s
1955 J
gu
87%
5378
3212 Sale
J
Providence Secur deb 4a..1957 W
B'ge 1st
50
6834 Dec *20
64% Nov'20
63
6H2
Prov A Springfield 1st 58.1922 J
Providence Term 1st 48—.1956 M
W A Con East 1st 4^s...1943 J
0 R RR A
Jan'12
39
65%
65
N
1945 J
Consol 4s
Pennsylv Co
50
141
49
47 —
A
1945 J
Wew England cons 6s
g
39%
56
60%
Oct
2d g 4s Income bond ctfs.pl989
_
!f Y Prov A Boston 4s... 1942 A
16-year secured 7s
Alleg Val gen guar
39
60
56
6~4
58%
83% Sale
60
sale
Consol gold 4s
48%
Oct'17
60
J
M
Housatonlc Ry cons g 5s. .1937 M N
Ifaugatuck RR 1st 4s
1954 M
Consol
40%
91%
F
Cent New Eng 1st git 4s.. 1961
Hartford St Ry 1st 4s__—1930
g
40%
37
.
46
39%
2
39%
50
1955 i
Non-conv deben 4s
s
52%
45%
56
Sale
1954 J
Pennsylvania RR 1st
40
-
Non-conv deben 4s.
Paducah A Ills 1st
Dec'20
39%
79
05%
Dec'20
4412
40
73
"94% "97%
36
Sept'20
41
44
35
a
Oonv debenture 6s
Nor Pac Term Co 1st g
64
76%
46
1956 M
Wash Cent 1st gold 4s
64%
76
64
64"
00% Sale
k c a m r a b 1st gu
St l s w 1st g 4s bond ctfs. .1989 m
"95% "95"%
117
Feb'19
75
Sale
40
Won-conv deben 4s
Oonv debenture 3^s
ser
685a
Nov'20
3, 55
88
68.1928
48.1930 a
58.1929 a
k c Ft s a m Ry ref g
93%
84
96
87
General gold 5s
1931 j
St l a s f rr oons g 4s..1996 j
Soutbw Dlv 1st g 5s...1947
88
75%
72
Oct '20
84
"64 " IIII
&19g0
k c Ft s a m cons g
6712 June'20
1955 J
Registered
Ref A imp 4 34s
67
90
60%
93%
71
304
43
93%
88%
86%
St Louis a San Fran gen 68.1931 j
60
82
67
M
1947
1954
66%
71%
52
53
82
9912
"7512
1947 M
Won-conv deben 4s
95
92%
6734
n
Equip trust 434b._ 1920-1925 j
NY Connect lstgu4*4s A..1953 F
N Y N H A Hartford—
Non-conv deben 334 s
Won-conv deben 334s
46% Sale
95% 97
84
90
71%
40
Apr'20
76%
61955
Income Series a 0s
80%
87%
71%
58
97% Dec '17
75
78%
71%
80%
9134
75%
Dec '20
40
93%
71
-
Jan'09
95U June'20
——
1928
82
Sale
36%
80%
80%
9134
80%
80
66
78%
65%
1950
130'8
85
65%
Prior lien Ser c 6s
-
'20
Sale
79
Prior Hen Ser b 5s
9212 Nov'20
Oot
j
94
Nov'16
~92% III!
81
80% Sept'20
83
1950
"95" ~98 ~
99
82%
78
80%
80%
9134 Oct '20
n
Prior lien Ser a 4s_
Nov'16
97
NYC Lines eq tr 68.. 1920-22 M
Aug'20
Nov'20
60%
103
85
West 8hore lat 4a guar...2361 j
Registered
——.2361 1
non-conv 4s.
60
90
1943
Cum adjust Ser a 6s
Dec'20
96%
74
80%
32
May'15
97
55
Pitts McK A Y 1st gu 6s__1932 J
2d guaranteed 6s
1934 j
Ry
71
113
IIII "60'
2d gold 6a
1996 a
Utloa A Blk Rlv gu g 4a
1922 J
Pitts A L Erie 2d g 5a__.al928 a
Uons
71
7112 Nov'20
4^a._.1941 J
OgAL Cham 1st gu 4s g. 1948 J
Rut-Canada 1st gu g 48.1949 j
StLawr A Adlr lBt g 58...1996 J
Non-conv deben 4s
....
97
I
,
Sale
92%
j
8
Philippine Ry 1st 30-yr s f 4a 1937
Pitta sh a l e 1st g 5a
1940
lat consol gold 5a
High
Lots
*93
Jan
f
63
~64" ~69%
Dec'20
91
102
"76% Sale
Feb'16
N Y A Northern lat g 5a. 1923 a
NYAPu lat cons gu g 4a.1993 a
j
m
No.
96% Oct *20
78
May'20
Reading Co gen gold 4s
1997
Registered
...1997
Jersey Central ooll g 4s...1951
Atlantlo City guar 4s g._.1951
St Jos a Grand Ial lat g 43—1947
St Louis a San Fran (reorg Co)
"eT" "75"
68i2
89'2
68I2 Sale
72%
81%
High
Ask Low
95
1956
66%
63%
75
85
Debenture 4a
.....1931 m
N J June RR guar lat 4a__ 1936 f
N Y A Harlem g 3Hs
2000 m
66%
Nov'20
m
61921
Marquette lat Ser a 58.1956
1st Series b 4s
74*4 Sept'20
6618 Mar'20
A
2d gold 4*4s
Pere
Since
Jan. 1
n
Peoria a Pekln Un lat 6a g__1921
93%
98ij Nov'18
82
Nov'19
74
1937 a
Registered
74ia
89
Dec'20
o
68—1932 a
M
Phlla Bait a w lat g 4s..1943 ""
Sodua Bay a Sou 1st g 5a. 1924
Sunbury a Lewia 1st g 4a. 1936
u n j rr a Can gen 4s„ 1944
c St l a p lat cena g
87%
93U May'20
99% Aug'17
----
...1940 j
Registered.
76
Range
Range or
Last Sale
Bid
Pennsylvania Co (ConeJ.)—-
71%
69
10
69
1931 m
4a--—...
65
Aug'20
81%
77
High
65
|3
Friday
Dec. 24
Week ending Deo. 24
84% Nov* 19
Registered
1931 m
Moh A Mai 1st gu g 4a_..1991 M
Mahon C'l RR 1st 5a
1934 J
Michigan Central 5a
Registered
Low
35
7914
80%
7712 Sale
—..1931 m
NO.
67
65
■
8oi2
80%
High
66
6612 Sale
1997 j
25-year gold 4s
Week't
Price
Week'e
Prtci
is
Range
N. Y. STOCK EXCHANGE
II'V
25
80% June'18
22
Dec'20
4%a„1934 j
7T-—;
k Bne Aug.
out
#Dueoo«-
r
9
*
Due Nov.
f Due
Deo.
» Option sale
'
2508
New York BOND
BONDS
N. Y. STOCK
Price
EXCHANGE
week't
Friday
.Week ending Deo. 24
Dec.
|
Ask low
Virginian 1st 6b series A—.1962
N
81
130
84%
85
84%
Debenture series B„_.
74
A
1939 J
8
63
SO^yr
J
J
Dot A Ch Ext 1st g 5e
1941 J
Dm Moines Div 1st g 4S..1939 J
Om Dlv 1st g 3He—
1941 A
J
g term 4s... 1954
vol A Ch Div g 48
Wash Terml let gu 3Hs
gold 4s
Income 5a
A
70
.1945 V
A
82
1952 A
O
1937 j
J
1943 A
Western Pao 1st
g 5s
1928 J
1930 F
52"
12
60
36
82
84
81
-391
81%
Nov'20
63%
92%
84
84
90% Mar* 17
Sale"
S
Winston-Salem S B 1st 4a..I960 J
Wis Cent 50-yr 1st gen 4s...1949 J
Sup ADul dlv A term 1st 4s'36 M
47%
Sale
50%
53
60
66%
66
61
70%
60%
61
74%
N
63%
72
Nov'20
"60%
1st refund conv gold 4s...2002 J
3-yr 7% Becured notes..*1921 J
Stamped
g
4-5S...1950
J
A
1956 f
2
24
55
59
|59
52
o3
59%
59%
52
31
Dec'20
J
J
1951 j
ser A
59
J
Sale
65
f"
tnterboro-Metrop coll 4HB.1956
A
"j
Stamped tax-exempt
1990 a
Manila Elec Ry A Lt s f 5s.. 1953 M
Metropolitan Street Ry—
Bway A 7th Av 1st c g 58.1943 J
O
Mllw Elec Ry A Lt cons
g 5s 1926 f
Refunding A exten 4HS--1931 j
Montreal Tram 1st A rof 5s. 1941
New Orl Ry A Lt gen
4HB..1935
N Y Munlclp
Ry 1st s f 5s A. 1966
N Y Rys 1st R E A ref 4s.. 1942
Certificates of deposit
O
d
S
S
A
A
61
36%
15
Sale
30
*90
J
j
71
Saio
60
J
J
j
J
~ie~" Safe"
16
Certificates of deposit—
N Y State Rys 1st cons
4Hfl-1962 M
Portland Ry 1st A ref 5s
1930 M
Portld Ry LtA P 1st ref 5s. 1942 f
Portland Gen Elec 1st 5s. 1935 J
St Jos Ry L H A P 1st
g 5s. .1937 M
St Paul City Cab cons
g 6S..1937 j
I'hlrd Ave 1st ref 4s
I960 j
Adj Income 5s
a i960 a
Third Ave Ry 1st g
J
6s......1937
Trl-Clty Ry A Lt 1st s f 5s.. 1923 a
Undergr of London 4Hs..—1933 j
Income 6s
...1948
United Rys Inv 5s Pittslss..1926
United Rys St L 1st g 4s....1934
St Louis Transit gu 5s
1924
United RRs San Fr s f 4s
m
J
Sale
71
64
01
57
J
J
O
j
O
J
j
A
6j
....
65
15%
16
771
3%
4
56:
41% Sale
24% Sale.,
73
76
85
88
41
95
146
8
3
59%
59
39%
24%
75%
42%
25%
^5
65
Sale
50
Sale
68
65%
2
1
85
56%
75
99
80
37%
19%
103
75%
84
85
37
93
May'19
~50" To"
Sept'20
27
61%
63%
D
Bklyn Un Gas 1st
N
5s. 1945 m
Stamped
1927 j
Oolumbus Gas 1st gold 5s_. 1932 J
Oonsol Gas 5-yr conv 7s
1925 Q
Oona Gas ELAP of Bait 5
yr 5s'21 M
Detroit City Gas gold 5s
1923 j
Detroit Edison 1st coll fcr 5s.
1933 j
1st A ref 5s ser A
*1940 M
1st A ref 6s series B____ftl940 M
ffiq Q L N Y 1st oons g 5s.
1932 m
Havana Elee consol
g 5s
1952 f
.
.
Hudson Co Gas 1st
g 5s
Kan City (Mo) Gas 1st
Kings Co El L A P g 5a
1949 m
J
J
f
84
....
85
99% Sale
J
89
J
8
S
S
A
77%
75
87
"II
O
1925 m
S
J
O
N
d
d
f
A
J
j
F
24%
"21% "33"%
25
21
35%
24
26
20%
35
63
63%
63
70
n
j
J
Series... 1930 F^® A
Pat A Passaic G A EI 5s
1949 M
oons g
81%
89
5s
1947
Ch G-L A Coke 1st gu g 5s 1937
87
74
92
•
68
80%
Stand Gas A EI
5s_. 1922
oonv s f
74%
71%
....
~76% ~80
60% Sale
85%
-- —
83%
Sale
A
76
89
61%
65
80
65
86%
82"8
90
Refunding A extension 5s_1933 M
75%
0
70
80
sale
85%
77%
price Friday; latwl bid and asked. aDue Jan.
88
77
86
80
89
80
99 b
82
87%
*96% 102" "
88
90
95%
Dec'20
88
95
Apr'20
N
84
Sale
84
84%
""8
1941
O
76
Sale
75%
77%
248
81%
93
76%
86
6
71%
83%
N
1928
J
81% Sale
J
70%
o
90
91
I
Sept'19
80%
71%
80%
80%
104% Apr '17
76%
81
60
85
62%
Nov'20
83
76%
83%
80
84%
85
Dec'20
7334 Nov'20
70
Am Cot Oil debenture 69
1931 M
Am 8m A R 1st
30-yr 5s ser A '47 A
Am Tobacco 40-year
g 6s.__ 1944 A
Gold 4s
1951 F
Writ Paper s f 7-6s.__.1939 J
Baldw Loco Works 1st
5s..1940 M
Foundry 1st s f 6s
1931 F
Cent Leather 20-year
g5s._1925 A
Consol Tobacco g 4s
Refg
s
f
1951 F
90
3Hs..-.1942
61%
70
100
62%
1st A ref
s
82
S9
95
77%!
Mar'20
&Due April.
5s
•
80%
98%
78
140
90%
53
1951
Nat Enam A Stamp? 1st 58.1929
Nat Starch 20-year deb 5s.
.1930
National Tube 1st 5s
1942 M
N Y Air Brake 1st conv
0S..1938 M
Standard Milling 1st 5s....1930 M
Union Bag A Paper 1st 5a.. 1930 J
Stamped
N
N
N
J
1920 J
20-yr p m A imp s f 5s... 1936 J
Buff A Susq Iron s f 5s___..1932 J
Debenture 5s.
a 1920 M
Cahaba
* M Co 1st
gu 6s__1922 J
30
77
77
16
104%
77%
21|
17
99% 111
89%
70
97%
88%
88
Oct'2U
88
96%
83
93%
99%
85
84%
Sale
86%
81
83
"80%
88
86% Nov'20
80% Nov'20
06^
89
79
72
95%
Sale
48
87%
26
Dec'20
87
Sale
87%
85
86
Sept'20
78%
80
97%
86%
82%
10
84%
12
94%
334
96
Dec'20
J
N
J
D
87
Sale
77
Sale
87%
36
77%
54
76%
711
70
93% July'19
85% Nov'20
....
100
101
76%
03%
05
76%
Dec'20
67
72
75%
J
77%
87%
95
90%
91%
"yd"
72% Sale
72
83%
~7~2~% Sale"
72
10
■
•
.
92%
73%
Aug'20
74
74
34
"27
58
*442
M
N
1931 M
1953 J
70
85
84%
71
87
87
88%
90%
884
89%
Oct'2u
86
80
52
70
82
83
83
Dec'20
72
Sale
71%
73%
63
63%
78%
63%
80
185
75%
92%
77
388
94
102
Sale
88% Sale
J
.1936
1933
1946
1925
N Y Telep 1st A gen s f
1924] F
4Hs.l939]M
1949| F
1937!J
Pacific Tel A Tel 1st 5s
South Bell Tel A T 1st s 1 5s.
1941; J
We3t Union coll tr cur 5a
1938; J
1950;M
5s____1941tM
Fund A real est g 4Hs
Mut Un Tel gu ext
....
88
82
75% Sale
94
Sale
101% Sale
85%
63
67
101
Nov'20
85
Dec'20
85
85%
97%
76
89
74
80%
~85%
70"% "95%
74
70
72%
83%
"84"
89%
*94%
93%
72
99%
83%
83%
85%
71
—
79
7,
82%
80%
90
07
72%
93
80
88%
9934
88
99%
80
80
80" ~87425;
71%
80%
02%
77%
72%
69
85
93%
209
92
99%
128
95% 102%
81%
96
3
Dec'20
Aug'20
60
64%
Jan'18
98
~70" "86%
apr'16
82
*8*3"" "85~
78
J?
Dec'20
64%
68%
78%
....
Dec'20
"82" "96~
73
Sale
72
73%
400
72
81%
83
Sale
82
85%
154
82
96%
78%
80%
13
76%
88%
47 j
78%
85%
86%
81%
77%
80
80% 3ale
80
81%
78
78%
78%
78%
12
70%
73%
77
73%
75%
101% Sept'i/
37
70
99
Northwest Tel gu 4Hs g._1934!J
oDue Oct,
97%
96
96
Mar'19
"89%
78
N
S
92%
80
88
N
89% 101
70
72%
M
98%
95%
93
65
75%
84%
J
95
105
Feb'19
75%
85%
85% Sale
89
85%
Nov'20
"?6 ~ Sale"
70
Dec'14
63
98
96% 103%
96
76%
"76 " "77"
O
5
75
S
D
20
76% Sale
86%
87
88
74
89%
93%
90%
92
93%
94% Sale
93%
90
87
11
93
N
91
88
91
92%
A
70%
110
Dec'20
89%
J
92
84%
99%
86%
76
100
89
N
f-1940
*Due Aug.
102%
81
89%
Registered
2397 Q
Cumb T A T 1st A gen 5s...1937 J
Keystone Telephone 1st 5s..1935 J
Mich State Teleph 1st 5s
ADue July
Jau'2u
Nov'20
89
Bell TelePh of Pa 8 f 7s A.. 1945
Cent Dlst Tel 1st 30-year 5s. 1943! J
Commercial Cable 1st g 4s. .2397 Q
yDue June.
95% 100%
71%
99%
89% Sale
f 53.1957
f 0s.Feb
"n
87
M
80
s
97
2!
Telegraph & Telephone
Am Telep A Tel coll tr 4s
1929
30-year deben
70%
81
87
1940 A
...
39
91
60
87
1925 J
4Ha
10
95
S
4s
18
83
95%
88
39
S
conv
100
74
438
M
f
76
83
97%
Lehigh C A Nav s f 4H A..1954 J
MIdvale Steel A O conv s f 5s 1936 M
Pleasant Val Coal 1st s f 5s. 1928 J
s
89% 100%
91%
90
1942 M
Corp—/coup.._dl963
10-60-year 5s[reg
dl963
506
97%
72%
J
Coal, Iron & Steel
Beth Steel 1st ext 8 f 5s
s
97%
70
O
89
81%
84%
1935
s
85%
89% 100%
D
1931 M
1952
Jeff A Clear C A I 2d, 5s
1920
Lackawanna 8tee! 1st g 5a__ 1923
1st cons 5s series A
.1950
81%
A
Wesfingh E A M 7s._.
Illinois Steel deb 4Hs
Indiana Steel 1st 58
82%
97
95
U S Smelt Ref A M conv 68.1926
Va-Caro Chera 1st 15-yr 58.1923
Conv deb 6s.
el924
West Electric 1st 5s Dec
1922
6s
73
90%
68
95% Sale
87
Sale
J
A
conv
72%
85
D
1947
...1930
1st A ref 5s guar A
1100%
74%
Nov'18
80
Sale
62
81%
119
91
J
70%
.
65%
.87
99%
77
5
::•!
90
Sale
~88~
J
30-year temp coll tr 5s
7-year convertible 6s
70%
87
J
Union Oil Co of Cal 1st 5s..1931
U S Realty A I conv deb
g 5a 1924
U S Rubber 5-year sec 7s. ..1922
20-year
95
60% Sale
87% 100
88% 99%
89%
73
70
J
Dec'20
88%
65%
85%
J
77%
sDue May
83
J
1930
81
94%
79
74
88%
395
Nov'20
76
Sale
101%
76% 79%
76
103% 103 '8 104
Victor Fuel 1st s f 5s
Va Iron Coal A Coke 1st g 5s 1949 M
70
92
80
8,
I
92
74%
"75"
A
73
92%!
Dec'20
85%
87
73% Deo'18
89% Sept'20!
78% Sale
D
10
73
73
70
77%
89%
23
I
92
~89%
D
...1951
.
90%
79
1
J
O
Liggett A Myers Tobac 7s__ 1944
Utah Fuel 1st sf 5s
74* "86 "
—
A
Lorillard Co (P) 7s........1944
80%
;
-
117
92%
82
70%
67%
54
-
Oct'20
102
89
85
Oct'20
O
86% Sale
f conv ser A... 1947
71%
Mar'17
76
95
Dec'20
69%
98%
87%
Apr '17
Nov'20
July'19!
,
73%!
70
117
"77"
71%
84
85
Nov'20
70% Nov'20
67% Aug '20|
98% Oct '17
73
Sale
92% Sale
69% 70
Sale
73
70
86%
J
A
N
St L Rock Mt A P 5s stmpd. 1955
Tenn Coal I A RR gen 5s. .1951
May'19
86%
68
A
57
39
72
117
A
N
Feb
75%
Dec'20
O
O
1940 F
20-year deb 6s
78%
Nov'20
96
90
88%
74
Ingersoll-Rand 1st 5s
1935 J
Corp 1st 20-yr 53.. 1932 M
lilt Paper conv s f g 5s
1935 J
Pocah Con Collier 1st
July'17
84
75%
69%
m
88%
80
1952 M
Repub IAS 10-30-yr 5s
83
88
88%
73
98% Sale
5s
82%
"85"
86%
85
70
S
Debenture
79%
72%
Dec'20
85%
53%
Dec'20
88%
73%
O
A
N
N
E I du Pont Powder
4H3...1930 J
General Baking 1st 25-yr
6s_1930 J
Gen Electric deb g
F
Convertible
76
Sale
1934 M
Cuba Cane Sugar conv
7s..1930 J
Distill Sec Cor conv 1st
g 53.1927 A
92
84
303
79
N
77
74%
58%
6
90% July'19
80%
85%
78
80%
Sale
52
59%!
58
94%
85
75%
63
1!
65
93
88
70
Nov'20,
93%
83
M
5s.....1931
g
U S Steel
31
Sale
Am
Cent'
75%
ii
58
"8*6"
93
81
76%!
75%
65
93
85%
91%
Dec'20;
78
D
& Industrial
Am Agric Cftem 1st c 5s
1928 A
Conv doben 5s
1924 F
89%
..I
To""
5
2!
•
Manufacturing
73%
69%
9
75% Sale
64
1928
Dec'20;
81
O
Elk Horn Coal
"85%
92
91%|
76
J
~58% "08*
91
91%
84
N
95
87
Dec'20
63
87
Sale
95
89
95%
June'16
59%
A
O
72
86%
O
95%
»
81% Seot'20
"ill's
94
83%
75
Apr'14
94
56%
N
Wash Water Power 1st
5s_. 1939
Wilson A Co 1st 25-yr s f 03.1941
72
83
J
Pub Serv Corp N J
gen 5s. .1959
Tennessee Cop 1st conv 6s..1925
6s
80
71%
j
A
Niagara Falls Power
conv s f
86
1940
Montana Power 1st 5s A...1943
10-year
May'20
f 0s
Colo F A I Co gen s f 5s
1943 F
Col Indus 1st A coll 5s gu__1934 F
Cons Coal of Md 1st A ref 6s 1950 J
Oct'20
92
92
12
f 5s
79
70%
Dec'25
Feb '18
77
81
114
Morris A Co 1st s f 4Ha. —.1939
Mtge Bonds (N Y) 4s ser 2.1966
10-20-year 5s series 3
1932
*
"140 "70% "83%
76%
104%
s
95%
82%
Dec'20
74%
103%
s
79
79
Apr *20
95% A or '20
86
76
United Fuel Gas 1st
s f 8s—1930; J
Utah Power A Lt 1st 5s
1944* F
Uflca Flee L A P lRt g 5a
1950 J
98%
79
Dec'20
79
June'19
89
1st g 5s_.1949
Union Elec Lt A P 1st g 58—1932<M
87
75
86
6s._1926
EI
81%
82%
70
80
105
....
S
Syracuse Lighting 1st g 5s. .1951
Syracuse Light A Power 5s.. 1954
Trenton G
80
66%
74%
Nov'20
78% May'20
82
78
Con G Co of Ch 1st gu g 5s 1936
Ind Nat Gas A Oil 30-yr 6s 1936
Mu Fuel Gas 1st gu g 5s..1947
conv g
85
Sept'15
75%
92% Dec *19
...
90
6s. 1943
Refunding gold
75
74 %
91
A
M
Pacific G A E gen A ref 5s..
Pao Pow A Lt 1st A ref
20-yr
80
Sale
J
1st A ref 5s series A
94
64%
O
o
1927 m
2
70
103% Sale
J
N
g
10-year 7Hs
90
N
J
Philadelphia Co
81%
n
J
Peop Gas A C 1st
75
83
j
1997 A
Milwaukee Gas L let 4s
5a International
74%
J
1937 A
Ed El III Bkn 1st con
g 43.1939 j
Lao Gas L of St L Ref A ext
5s '34 a
81
58
J
f 6s..l941
50
103
75'8 Sale
O
g 53.1922 A
Purchase money 6s
Convertible deb'6s
108
Wickwire Spsn Stl 1st 7s
Electric Light
Atlanta G L Co 1st g 5s
1947 j
Bkly Edison Ino gen 5s A. 1949 j
cons g
106
88
62
75%
Qua and
Olnoin Gas A Elec IstAref 5s
1956 a
Columbia G A E 1st 5s
1927 j
100
63%
June'17
Sale
82%
6|
112
47%
Dec'20
79%
82
70%
317
60%
50
65
65
71%
Mar'18
65
50
28
4
68
69
70%
62
50
29%
65
09%
62% Sale
79
80
65
69%
21
10
68
Sate
65
O
7%
45
July* 17
65%
J 8
85%-
""66 "so"" "93"
83
91
31
3
Dec *19
73
25%
j" "j
55
32
15%
9
73
05
O
O
80
55
88
77
15
Oct'20
50
25
Union Tr (N Y) ctfs
dep
3%
47
1952 A
Int Agrlc
28
163
Sale"
73
144
Sale
75
July' 19
July'19
65%
o
O
68
64
90% Feb '17
30
N
42
"92" *94%
15
3
J
n
27
26
68
68
54
67
40
Dec *19
46
A
60%
15
Apr '20
Nov'20
46% Sale
n
60
40
15
15
.
1963
1st 25-yoar s f 5s
Dec'20
90
20%
84%
90
Corn Prod
Dec'20
92
3% rtaio
n
58
'19
54
3% Sale
O
1927 a
EqultTr (NY) Inter ctfs.:...
Fa Ry Pow 1st A rof
5s_..1934
15
~y5~"
65
36%
24%
23%
49%
12
27
11
10
49%
52%
Oct
78
70
41%
286i
25:
50%
63%
25%
*378;
52
75
30
13
17u2'
60
60%
73
13%
54
80
65
207
70%
53%
49
Sale
15%
75%
63%
Feb'18
N]
28
60%
68
2u9
12
Sale
22
15%
50
68
*107
47
53
61
58%
60
60%
58%
13
*20
22%
Nov'20
13%
13% Sale
48% Sale
J
j
al942 A
77%
8
J
_
20
Sale
15
O
Deposit
Interboro Rap Tran 1st 5S..1966 j"
Manhat Ry (NY) cons g 4s. 1990 a
Col A 9th Av 1st gu
g 5s..1993 M
Lex Av A P F 1st gu
g 6S..1993 M
Met W S El (Chic) 1st
g 4s. 1938 F
Sale
74%
A
Jan
56%
55
N
60
60
58
Sale
D
Sale
O
A
O Pow 1st 5S..1954
54%
Dec'20
59
....
57
21
1957
1932
60
73
Ntag Lock A
66%
18
96
50
Sale
Nor States Power 25-yr 5s A 1941
Ontario Power N F 1st 53.. 1943
Ontario Transmission 5s
1945
68
£0%
Dec'20
74
45
55
66% June'20
69
8
A
18
54%
66
....
J
1957 f
80-year adj inc 5s
20
54% Sale
A
81%
10
D
66
50
53% Nov'20
16
11
2
O
00
2
34
N Y Dock 50-yr 1st
g 4s
1951
1st 5s..1932
Ref A gen 6s
al932
May' 18
24
58%
51
N Y A Jersey 1st 5s
of
80
23
A
Adjust income 6s
Certificates
24
Dec'20
A
Det United 1st cons g 4Hs__ 1932 j
Ft Smith Lt A Tr 1st
g 53... 1936 M
Hud A Manhat 5s
24
61
64
"58"" Safe"
A
49
1
29%
34%
73%
N
34%
31%
115
"i
f
50
118
38
33
61
42
41%
10
15%
56
O
Stamped
38
35
40%
21
21%
29
35%
1949 F
4Hs
guar
49
25%
29% Sale
40% Sale
34% Sale
Nassau Elec guar gold 4s. 1951 j
Chicago Rys 1st 5s
-.1927 f
Jonn Ry <k L 1st A ref g 4 H s 1951 j
Stamped
24%
g 4s_.1949 F
guar 4~5s_
Kings County E 1st
Stamped guar 4s
31%
35 % Salo
J
J
Certificates of deposit
Certificates of deposit stmp'd
Bk City 1st cons 6s..1916-1941 j"
Bk Q Co A 9 con gu g 5s.. 1941 M
Bklyn Q Co A S 1st 5s
1941 J
Bklyn Un El 1st
25
0
55
15
15%
1955;J
Great Falls Pow 1st
Int Mercan Marine
Street
Railway.
Brooklyn Rapid Tran g 5S..1945 A
2
15
guar tax ex..1900(A
Coraputing-Tab-Rec
74
63
56
14%
10
GranbyConaMSA P conOsA 1928
09
69
66%
61%
45%
56
S
Chic C A Conn Rys s f 5s
1927
ChlcUn Sta'n lstgu 4Hs A.1963
1st Ser C 6Hs
61
"*69*
j
j
48%
S
s
6s.._1926! A
1931! F
f
(ctfs)
80
52
47%
High
Chile Copper 10-yr conv
7s. 1923
Coll tr A conv 6s ser A...1932
*76% "88"
Oct'20
s
Consol 5s...
Building 5s
S
..1949 M
Low
1948!M
1925! M
Braden Cop M coll tr s f 6s.
Bush Terminal 1st 4s
92
54
1
*17
Oct
Oct'19
1926 M
Armour A Co 1st real est 4%s '39: J
Atlantic Fruit conv deb 7s A 1934! J
*47" *59%
66
86
80%
Adams Ex coll tr g 4s
Alaska Gold M deb 6s A
Conv deb 6s series B
Booth Fisheries deb
"72"
Aug* 18
86%
A
Refunding 4Hs series A..1966 M
RR 1st eonsol 4s
*50% "55%
*66
60
20
J
88%
Nov'20
89%
Since
Jan. 1
no.
High
Nov'19
88
--
——
Range
S3
87
96
D
I3
or
Miscellaneous
84%
Sale
80%
69%
88%
Aik l010
J
5s—_1957jJ
Range
84
69%
51
Sale
'si'
O
Westchester Ltd gold 5s—1950IJ
72
Week'e
Last Sale
Bid
Utica Gas A Elec ref
91
74% Oct '19
Sale
51
O
1926 A
68%
8-% Sale
60
pi943 Nov
A 5s.. 1946 M
8
ser
Wheel Dlv 1st gold 5s
Eiten A inapt gold 5s
>
8
1945 F
ten
Wheeling A L E 1st
1
1941 M
1st 40-yr guar 4s—
West Maryland let g 4e
West N Y A Pa 1st g 6s
'
48%
63
37
74
Qas & Electric Lt—(Concl.)
80%
79
69% Oct'2()
88% Mar'20
80
Aug '12
50% Dec* 20 i
J
O
High
Price
Fri&riy
Dec. 24
22
72%
90
Aug '18
97% July'19
48%
equip 8 Id g5fl.—. 1921 M
1st lion
73%
68'%
j
tst lien
Low
48
75
If. Y. STOCK EXCHANGE
Week ending Dec. 24
Jan. 1
No.
79%
85*2
81
N
High
Sale l
m
Wabash let gold os........1939 M
2d gold 5s...
.L—1939 F
BONDS
Since
c3
J$i
range'or
Ijvti Sale
>
24
Record—Concluded—Page 4
Range
94
pDueNov
No v'l 6
«Due Deo
aOptlon Bale.
";i!
i;.-
2509
BOSTON STOCK EXCHANGE-Stock Record sJX
page
SB ARB PRICES—NOT
PES CENTUM
Sales
STOCKS
for
BOSTON STOCK
the
PRICES
EXCHANGE
Monday
Wednesday
Thursday
Friday
Dec. 20.
Dec. 18.
Tuesday
Dec. 21.
Dec. 23.
Dec. 24.
Dec. 24.
1211s
121
61
82
20%
19
20
30
2812
28*8
61
1912
*
*128
|
60
"312 ~1~8%
t
■
*130
135
65%
*4i2
,*130"
6512 *
"1"
61
76i2
19
17
17%
30
28
125
125
Gl%
134
"18"
"l9%
125*
125
.10
.10
""1% ■~TUa
"3"
1%
*4i2
*4i2
125""
33
4%
1,170
135
.10
400
500
X%
4%
Nov'20
Last.Sile 130
68
68
6534
~""§5
66
1633.1" oYlO
Last Sale 72
36
1534
16
78
*74
35%
157s
64
*15
18
*75
62'4
*15
*75
....
3714
1014
351-2
34%
1534
1612
78
*""
-80,
64
3412
1534
3512
Lowest.
Railroads
37U
37i2
*50
2:48
76
79
62
62%
18
18
62
Febl7
60
May 25
100
76% Dec 23
Boston A Maine..
100
13% Dec 21
Do
100
3'
110
Oct 25
62
Dec
89% Nov 9
40
8ept14
85
Dec
134
Nov
68
Dec 23
49
Oct 21
40
Oct
Jan 28
143
MarlS
130
Sept
Boston Suburban Elec._»o par
Dec 21
IOC
Oct 20
25s
1
Dec 13
7
Mar
8
3
Nov 18
11
Mar
o
130
Jan 30
132
Jan
8
132
Oct
65% Dec 17
86
Jan
2
84
Feb
pref...
no
Do
pref
100
63
Jan 12
32
Dec 23
*72~ "Mar 30
34
2,347
Maine Central
16%
16%
2,130
N Y N H A Hartford.....100
15% Dec 18
Dec 21
70
Northern New Hampshlre.100
Norwich A Worcester prof. 100
76
76
77
July21
89
63
346
Old Colony
Rutland pref
100
62
Dec 21
86
100
15
Jan 20
Vermont A Massachusetts. 100
70
West End Street
50
36
60
48
Last Sale 78
76
62%
Dec'20
*
63
63
*18
*75-
18
10
—
Last Sale 75
Dec'20
"
1,396
37i2
36
3714
37
40
3714
39
38
38%
48
49
49
48
49
48
48
49
49
106
Do
100
pref
3% Nov
2% Nov
99% Mar
33%
*
lOc^Deo
par
Wore Elec pre.no par
Chic June Ry A U S Y....100
Do
Boat A
17%
76
Jan
28
124
35
78
28
100
18%
62%
Deo
.100
pref
Boston A Providence
32
*17
*75
...
119
100
pref
Do
16%
*70
63
Boston A Albany
Boston Elevated
Georgia Ry A Elec stampd,100
Do
pref«.i».*........100
Mar'20
Lowest.
Highest.
3-!
*69
7a
...
3,972
265
....
Last Sale
35
1,290
28
125
61
617
76j2
15t2
....
*130
123
122
...
60
82
*25
—
135
*123
601"
30
.10
~T
H2
4%
122
128 I
128"
*.10
4%
60
60'g
*78
....
*1
121
120U 121
12H2
61%
*78
61
Year 1919.
Week
SHares
121
Range for Previous
Range since Jan. 1.
75
Sept 27
37% Sept 24
86
Jau 6
70
Mar
59% Dec
25% Dec
86
Deo
July
7
94
Oct
1
x71
Deo
5
15
Dec
June 15
Apr
27% Oot
89% Nov
Oct
45% Jan
7
55% Jan
8
3
0
82
Dec 21
38% Sept
47
Sept
July
Miscellaneous
*1
2%
1%
2
2
2,550
Am Oil Engineering......
10
1'%
13g
3,427
Amer Pneumatic Service..
25
1
Feb 24
8
2%
1%
*7%
8
8
8
5
Feb 10
95'%
94%
9534
95
95%
50
100
80
72
72
72
72
72
72
*1%
21"
*1%
2%
*li2
*8i4
134
13g
1%
13g
2l2
112
2ig
Us
9
814
8
8ig
7i2
9734
98%
8%
2:95I2
96
95%
94%
72
72
72
72
72
72
72
72
72
72
*70
72
70
71
71
71
*.09
*.05
.10
*12
*12
1234
1734
18
1734
*414
947g
♦
.10
"l234
16%
*414
I
10
13
*12
6,186
243
147
300
1234
17
5
825
.10
13
1234
1714
18
2.
.15
.05
.25
1234
2lg
'■
17
17
17%
123.i
16%
190
16%
*12
1,880
305
5%
5%
5-%
534
.65
5%
.65
5%
.65
5%
.65
4%
514
.65
.65
.70
.60
.65
.85
.85
.85
.85
.50
.85
.50
.70
.50
.60
J21-.
12%
*123*
121?
12%
12%
12'%
12%
12%
12%
12%
1,269
*3%
23%
4%
2334
1212
4i2
23l2
4%
21%
"2!%
2"t%
2,402
17
17
*16
75
*70%
4%
r
4i2
412
5%
.65
4%
53g
3%
4
"5% ~~6
"
*70i2
156
*3%
225g
154
160
157s
15%
*834
9
1578
*8%
35
34
*34
2214
21
*20%
7
7%
7
287g
25%
4%
478
1114
434
*11
12
12
40%
90%
1178
90s4
■
41?
75
>
98
9%
10ig
2434
*2414
*9l2
24
512
■,
21
21%
856
Internat Cement Corp.no par
21
612
11
6%
6%
6%
30
*24
26%
434
11%
15%
4
*24
4%
11
4%
10%
III4
"21%
7
4%
1178
1212
117S
121.4
*12
90i2
90
90
*8931
4%
11%
11
99
10
339
1734
18
17%
18%
3~095
Mexican Investment Inc..
10
17% Dec 24
95
94
94%
1,255
10%
10%
New England Telephone.. 100
Ohio Body A Blower...no par
82%May 8
9% Dec 23
24
Nov 18
147
Doc 13
85
Dec 3
13
Nov 17
10
10
9%
24
24%
148lg
24%
148
86
*13~
19
.
*1734
10
"19
18%
99
"98%
52
21%
33i2'
32%
3334
2334]
23%
2334
24
17%
16l2
I6I4
17
16%
163.4
17
16%
14*2
17
15
15
151*
*25"
*?5~
30
*
10034
100%
6
6%
9i2
30
.75
41%
4234
*.20
.35
.05
13%
6%
5%
6
9
9
.03
.03
200
217%
12%
6%
26
2
.05
206 ~
221
17
2
9%
5%
*9
17
2%
57g
25
15
16
2%
2%
5%
6%
9%
*9
.03
210
210
13%
12%
1234
6%
25%
3%
*6
25%
6%
2534
.03
212
12%
,
26
5%
7%
7%
7%
7%
2%
23g
3Jg
3%
3%
3
3
*2%
3
H2
1%
1%
3%
1%
.40
.50
*40
*3
1%
.50
52%
16%
♦2%
48
78
52
51
77%
77%
17
17
16
*134
1%
1%
1%
1%
2
1%
*.85
14%
.75
7%
9%
.00
2%
2%
3%
4
*1%
14%
Vw
*42%
—
*84
84
13%!
.70
.80;
*.25
*49
*84
84
'84
7%
8%
7%
9%
8%
.50
*.25
..->0
Last Sale .25
1%
15%
23%
*.75
1%
*.75
1%|
1%
15%
15%
i
22
22
34%
35%
27%
28
1
16
j
16%
*1.5%
.75
.75
.60
*
_
1% i;
3%
.89
.
1%
"*.0~4
*1
15%
22%
3 534
21%
35%
28%
27
22
La-stSaHnu
.72!
.80
.70
•08;
.03
3
1%
27%
Dec'20
.75
1%
3%
1%
.90
.85
.95
.90
.95!
.85
.90
.00
.38
.35
.35
.35
.38
.37
.37
.38
2%
2%
2%
2%
3%
2%
2T4
2%
2%
2%
2%
3
3%
3
3
3
3%
.90
*85
.90.
.85
1%
*1
1%
*3
.90
*.40
.50
.40
934!
9%
*1
*.25
3%
.95
3
-
.85
1%
*1
.45
*35
10
.50
Bid and asked prices
10
*.25
.50
10
.50
.35
.35
9
9
*25
.50
0 Ex-stock dividend
i
1
.
.90
.90
.85
Last Sale, 1%
Dec'20
*.35
.50j *.35
.50
9
Last
9
8%
Stle1.13
4 Ex-dlvlden
25
25o Nov 11
8%
NTiv'I'V
and rights.
Oct
Jan
May
28
Aug
17
Mar
15
Feb
21
37
Jan
9
38
Jan
.50
Apr
33
Feb
Jan
Jan
Sept20
1% Feb 27
77
Jan
3
Jan
32% Deo
Apr 7
Jan 5
Apr 27
Jan
2
Jan
3
Jan
5
% Jan 14
60 Sept 22
75
Nov 11
82
15% Dec 22
38
June 21
Jan
Nov
Jan
Mar
12% May
12
Mar
39
Mar
2
Mar
Feb
Feb
l%May
6% Mar 31
4
6
20c
350
8
Jan
5% Apr
Feb 13
"ld% "Feb
4'4
14% Jan
39
Apr
10c
40% Jan 10
10% Jan
48% Jan
4% Mar
10
62% Mar
Jan
3
May
20c
Feb
50o Mar
4
42
78
24
Apr
Apr
Jan
-
6
Copper..
.....
2% Dec 13
5
25
Lake
Keweenaw
1% Dec 14
1% Dec 15
2% Jan
4% Apr
3% Jan
25
1% Dec 17
21
25
90 c Dec
3
Mar 24
3%
Oct
5
99c
Mar
7
3
Jan
3
Jan 21
2
Apr
2%
Apr
4
Feb
25
3% Dec 23
11% Jan
7% Jan
2
2
Jan
2
2%
Feb
Mar 27
49%
14%
0%
8%
57*4
8%
Feb
Mar
May
Feb
Mar
Jan
,
6
840;
1% Dec 15
25
50 Michigan
1-4671 Mohawk
3,135! New Cornelia Copper—
_
..
New Idria Quicksilver..
IE\
Do pref...
1-700, Nlplssfng Mines
,
,
10,77o: North Butte.....
------!
.
41
25
North
5
485'
,
Mar
79
Feb
7
Dec
Sept 27
,12% Jan
3
9
Feb
25
15
Dec
2114
Dec
58
Jan
3
45
Mar
25
34% Dec 21
25% Dec 21
65
Jan
3
52
Mar
58
Jan
5
40
Mar
12%May 24
23
Nov 11
13
Jan 27
2% Jan 26
37% Jan 5
Dec
22
2
25
10c Mar
10
2% Apr 15
3c
3
?
7
2% Dec
1-930; utah Consolidated..—.
4.965; utah Metal A Tunnel—..
23
18
42c Nov
1
Victoria
25
25
Wyandotte.............. 25
—
23
Dec
Dec
l%«Aug
Mining—
Winona
Dec
21
75o Nov 11
33c Dec 2
1
Tuolumne Copper.
...
Wolverine—
paid
80c
60c
4.055; Trinity
utah-Apex
21% Apr 20
10
S^th Utah M A S
« A«^-wment
8
95
Dec
'
900
5
Oct 16
1
1-045; Superior
j-000 superior A Boston Copper.
---^-1
000
Jan
7% Jan
48
8% Dec
% Oct
st Mary's Mlaeral Land- 25
Seneca Copper Corp...no par
South Lake........
0.705
24
25
Osceola—
3,115: shannon
A92
72
25
.....
005 Quincy
------
21
16
20
24
12
16
10
22
14
17
22
24
15
25
Lake
'250| OJlbway Mining
1-527
Dec
12% Nov
60c Dec
5
.....100
.....
5
3,430! Old Dominion Co
.33
1%
...
16
3
*
3%
1%
Helvetia
535; Lake Copper Co
Oct* 20
3
i%!
15U
.03
3
1%
1%
"65
Last Sate 2
11
2% Dec 8
1
Aug 17
Jan
25%
7%
5% Jan
92
3634
27%
3
-
9%
Dec'20
1%
15%
1%
♦
3
1
9
.37
*1
.50
.08
3
,
7%
9
83
7%
.90
1
2%
1%
■
"*.04
3
.40;
i
23
35%
*15%
7%
8%
15
27
22
.08
*.30
15%
7% Nov 20
50c Aug
25
44
1% Dec 20
.60
35
15
3% Dec 21
4% Dec 22
100, New River Company....-100
7%
9J
35
•
.75
*.85
7%
25%
.
17
1
7%
20
Jan
25
*42
82
Jan
52%
3,910, Mayflower-Old Colony....
4
14
70
25
25
....
250- Mason
Valley Mine
Mass Consol...
2%
13%
115
1'130
43%
.70
....
3,040; La Salle Copper.
2
423i
6% Dec 21
Dec 21
25
......
Franklin
"
100
„
15% Dec
Jan
3
Dec
10% Nov 23
Davis-Daly Copper....... 10
1.490, Kerr
2%
*134
....
10
20;
Do pref.
—.
1
2,555; isle Roy ale Copper...
25
.90
3%
43%
14
5
10
Copper
o
Ml
*2
2
43%
13%
25
410 Indiana Mining
25
1.296: island Creek Coal—...
1
234
*1%
*.25
36
•
13%
m
1%
7%
29
*.25
2%
25
.
.90
*42
-
2
3%
43%'
1,025
16
*2%
Jan
39i2June 18
26
21
%
15
Dec 23,
42
2
Aug 6
4%
5% Dec 2
16%
6% Mar 18
10%
2c Oot 2
40c
200
Dec 11
409
470. Hancock Consolidated—25
77%
.50
23
934
•,
850
48%
9%j
23
.89
"mm
3%
4,235
2
48%
*1%
134
2
Allouea
...
20c
25
4,858; East Butte Copper MIn... 10
...
*74%
1534
7%
15%
*3
-
1%
*1%
1%
16
40% Dec 23
140; Daly-West
9%
*134
*.40
93i
.50|
1%!
1%
15%
2%
*1%
42%
1
-
2%
1%
2%;
3%
14
-
*1%
.95
""2%
2%
*.75
•76
.75
2%
1%
134
*
44
43%
13%
49%
77%
234
1%
*1%
*2%
2
...
49%
77%
15%
16
15%
2%
*1%
1%
.90
2%
43%
14%
84
*.25
*1%
4
43
84
78
1
2%
3% 4
*134
2%
4334
44
43
*76
2
1%
1%
2%
1%
*.40
'48
77%
16%
2%
1%
17S
*2%
1%
1%
.50
50%
2%
2»4
*1%
1%
48
5
40o
25
...
2
7
44% Jan 26
Aug 10
25
Ah meek
Algomah Mining
375; Centennial
331
Jan
32
5,886; Copper Range Co
2%
5%
2
23% Apr
24
243
5%
73i
2%
7%
*2%
73i
*2%
Jan
_
Dec
2,375 Arcadian Consolidated
6%
2%
133
19
Wlckwlre Spencer Steel...
Mining
Adventure Consolidated..
13
3'4
4%
Dec
32%
35
100
26%
5
4
30
6
8
23
1
7%
2%
*33i
4%
7
Dec
1.950, Carson Hill Gold
7%
2%
4
31% Jan
25% Apr
49% Apr
25
25
2i2
*3%
4%
July
2d pref—.
4,147, Arizona Commercial
3%
35
Do
103 Bingham Mines
4,950; Butte-Balaklava
3%
5%
3
14% Dec 22
14% Dec 24
19% Dec 23
27
Dec 13
Warren Bros..
955j Calumet A Hecla
6%
I
Jan
Manufacturing. 20
i;
1st pref
Walworth
6
26
.
1,480
.04
13
6%
pref..
213
210
13
*6
25%
Do
9%
03
Jan
55
Feb 11
15
2%
2%
5%
14
Do
17
*9
2
Mar 19
Dec'20
17
Feb
93
Jan
19
"""40
.35
i45"
Jan 12
16
20
800
41
47% Nov
83
Sept
99
49
19%
*20
36% Jan 3
34% Mar 30
176% Jan 19
12% Feb 11
15
Dec 17
19%
.35
Feb
Nov
32% Dec 21
22% Sept 23
Waldorf System Inc..
Waltham Watch
....100
*.20
130
101
United Shoe Macb Corp...
2,867
1,408
2,360
40%
138% Jan 21
53
Jan 26
Apr 13
17
42
Dec
MarlO
16%
1434
141.1
Last Sale .50
67% Nov
60
76
17
"19""
Jan
1
8
28
Ventura Consol Oil Fields.
14%
90
Nov
22
22,302
15
28% Nov
8% Feb
63% Nov
86
Dec
857
40%
31% Apr 8
12% Sept 15
101% Jan 10
Nov 15
6,783
Dec'20
Mar
July
5% Dec
21
17
25
19
75
52
25
33%
Last Sale 27
Jan
80% Feb
8% Apr
Union Twist Drill
24
15
*55
*
..100
Apr
29% Oct
45
Torrlngton
16%
14%
19%
.70
9%
Swift A Co
Oct
28
118
24
19%
.20
6
*914
*76
Oct
23%
844
21%
33%
25
18
no par
16%
14%
42%
2
Stewart Mfg Corp
24%
14%
.20
17%
2,355
52%
21%
25
Slmms Magneto
16%
16%
"J
42%
2%
Shawmut SS
"2",892
2
19% Sept 7
6
Nov 19
27
Dec 22
97% Nov 13
18% Dec
Root A V Dervoort C1A no par
24
*.55
18%
Plant (Thos G) pref.
100
Reece Button-Hole....... 10
""""55
10*1
52%
"lO"
25»
Pacific Mills.
21%
33%
20
I8I4
l
299
33
*
25
pref.....
.—..100
Mergenthaler Linotype... 100
203
13""'Dcc"20
18%
14%
*
20
115
Do
1,635 Orpheum Circuit Inc.....
86%
20
143
1434
1412
*
"
147" 148"
*51
*2334
752
100
21%
33
Dec'20
Last Sale 20% Sept'20
5
6
6
7
514
27i2
98
IOOI4
7912
59%
25
148
Last Sale
"5"
51"
79%
59%
Last Sale 120
148
13l2
.30
Massachusetts Gas Cos...100
94
85
.30
9% Apr 30
89% Dec 24
68% Feb 6
57 June 8
118
Nov 19
....
97
52
.70
10
Theatres
18t;
79512
*9l2
241?
"9814
•44
Loew's
Mc El wain (W H) 1st pref. 100
*119%
1734
99
*50
25
10% Nov 15
Llbby, McNeill A LIbby.. 10
464
"89% "90
59%
5%
25
Dec 22
59%
21%
25
4
79
2H2
25
10
79l2
53
*
Island Oil A Trans Corp..
Nov 30
59%
2H2
3212
*
21
25
59
85
15
Apr 14
6 % Dec
100
783.1
149
1634
16
Products.....no par
pref
~m
*9l2
20
Do
79%
*21
10012
Internat
no par
90
79%
147
534
Corporation.
593g
9858
247g
Elder
300
12
90
4,290
1,612
1,555
1,030
28%
4%
11%
12
21%
7
6%
*24
28%
91
20
*.50
39
138
21
2012
6%
26Sg
43g
7%
*
5l2
Apr
Nov
20i2
2134
26'2
434
11%
16%!
7%>
88
164
May 25
163-
712
*2i4
Jan
Apr
Aug 10
60
17
414
Jan
Dec
6
May 15
32% Dec 14
1634
7
4%
31%
62
25
3234
72334
167g
26
Dec
Deo
140
Greenfield Tap A Die.....
17
7
Dec
2%
0
100
120
34
2534
*334
5%
7
pref......100
34
24
133g
16
34
34
1634
3
21
25
35
34
24
j
10
Manufacturing...
Eastern
34
35
33%
220
6% Mar 23
36% Jan
28%May
East Boston Land
June
55
215
3% Dec 22
Deo 22
Nov 24
Feb
14% Sept 17
20
21%!
.05
Nov 18
12
30% Jan
21%
►
12% Apr 14
3% Jan 3
7
Jan 6
15% Dec 22
9
Dec 14
55
2l2
Dec 21
50
22
*18
Dec
Nov 10
50c
Gorton-Pew Fisheries..
55
*.20
5
10
910
27
.70
Jan
2,425
*1812
44
17%
9
100%
4314
Apr 20
16
55
*50
38
9
*21
20
Nov 24
10
16
19
1434
Dec
9
*18'4
1512
994
Jan
16
16
*13
*_
153
78%
5
6O0
Do
152
79
Jan
Boston Mex Pet Trusteesno par
Edison Electric Illnm.
75"
*70%
Dec
Apr 20
Jan 13
9
13l2
1512
1434
75
95
83
Century Steel of Amer Inc. 10
Connor (John T)
10
Bigheart Prod <fe Refg
Eastern S3 Lines Inc.
154
Jan
Apr
35% Apr 17
10
Apr 23
8
Dec
19
167
9
166"
1512
1412
16% Dec 24
3% Dec 23
2%
Nov 12
9
85
100
Atlas Tack CorporatIon.no par
Beacon Chocolate...
10
5
55c
5c Dec 22
_
9
*13
534
152
70
16
149
5?8
*70%
70
157g
19
19
72
Amoskeag Mfg..
no par
Do
pref
no par
Anglo-Am Comml Corp.no par
Art Metal Construe Inc... 10
Apr 30
Nov 26
85
16
7% Mar 15
3% Nov 4
13% Nov 5
100%Sept 16
*83/
13%
*123/
72
151% 152l2
15i2 16
200
Amer Telep A Teleg
3o Dec 14
9
*148
150
16
6,105
pref
16
85
*J48
4%
x21%
16
75
79%
7:)5g
7912
79l2
59
59
59i2
60l2
*119% 12U2 *11912 121% *119i2
21
1834
1912
1912
*1912
99
22
16
15114 154
7912
60
99
21
17
*70
157
4
3i2
23
21%
*16
1
25U
*37g
.
17
9,055
11,950
"".50 "~55
Do
h Ex-rights.
*
3
Dec
Jan
7
Apr
75o
Mar
30% Mar
Jan
1% Mar
40c
Jan
Jan
Jan 10
8c
Jan
7
4
Mar
6% Jan 29
2% Jan 19
1
Mar
25c
6
1%
1% Jan 10
71o
4
Oct 21
9% Feb 20
3% Jan 5
3% Jan
8
Jan
7
25c 8ept
9
2
81» Doe
24
23
Jan 10
1% Mar 22
Ex-dlvidend.
25c^
w Half-paid.
Dec
Dec
1% May
7% Jan
1% Jan
1% Mar
60c
Jan
15
Mar
40C
Mar
Highest
THE
3510
[Vol. 111.
CHRONICLE
Sales
Friday
Outside Stock Exchanges
Last
Sale.
Stocks (Concluded)
Veek's Range
Range since Jan. 1.
for
Week.
of Prices,
Low.
High.
Shares.
26?*
26?*
100
26%
Dec
45%
3%
25%
1,975
4%
1,356
3%
25?*
May
27
64%
Price.
Par.
64%
120
643*
Dec
75
362
67?* May
oie.
High.
Boston Bond Record.—Transactions in bonds at Boston
Stock
Exchange Dee. 18 to Dec. 24, both inclusive:
Last
Week's Range
for
of Prices.
Price.
Low.
89.44
83.34
84.04
Lib L'n 43*8 1927-42
3d Lib Loan 4 ILL 8
J 928
83.40
85.00 124,650
85.74
87.64 138,4.50
4j*s 1933-38
83.80
Victory 4 ?*B—1922-23
ser B 6s.. 1926
94.50
95.18
4th Lib L'n
Alaska Gold
Am Tel & Tel coll 4S..1929
15
High.
89.84 839,150
89.04 May
100.00
84.04
200
82.04 May
92.34
Jan
85.84
2,900
82.14 May
93.80
Jan
Jan
81.60 May
85.74 Dec
92.98
Jan
94.96
Jan
85.60 306,7.50
81.74 May
92.98
97,750
94.50 Dec:
99.30
Jan
14
Mar
15
Dec
72
15
1,000
Jan
72
73
J*
9,000
Dec
81
Mar
76
72 X
Collateral trust 5s..1946
Atl G & W I SS L 58.. 1959
76
1,000
735* May
82
Jan
695*
7,000
68
81
Jan
Dec
72
Dec
Nov
150
Jan
69
Butte Electric 5s
71?*
72
20,000
90
..1951
Carson Hill Gold 7s... 1923
90
6,000
Aug
715*
90
Chic June & U S Y 53.1940
77 %
77 %
2,000
74
July
84 H
Gt Nor-C B & Q 4s... 1921
Mass Gas 4?*s
1929
Miss Riv Power 5s.__.195l
95
95
3.000
93
Jan
83
1,000
80
July
July
995*
83
915*
Mar
695*
Mar
77
Nov
19,000
77
Aug
85
Mar
96
10,000
92
Jan
96
Oct
81
J*
43,000
79
Dec
935*
Jan
76 %
77
38,000
80 3*
79
*79"
75
96
Swift & Co 1st 5s.....1944
Western Tel & Tel 5s. 1932
Chicago
Jan
80
80
.
%
74
N E Telephone 5s
1932
Pond Creek Coal 6S..1923
77 J*
42.000
76 5*
Dec
84
Jan
Stock Exchange.—Record of transactions at
Chicago Stock Exchange Dec. 18 to Dec. 24, both inclusive,
compiled from official sales lists:
Sales
Friday
Last
Week's Range
Sale.
Stocks-
Par.
American Radiator
of Frices.
High.
655*
160
64
Dec
85
90
76
Dec
120
12?*
Dec
American Shipbuilding-100
...
15
Preferred..._.......100
Armour & Co pref
Beaver Board
100
(*)
76
78
125*
125*
125*
875*
815*
80
875*
835*
325*
35*
795*
325*
325*
Booth Fisheries, new—.(*)
Preferred—
100
.
Briscoe,
common
r_(*)
...10
Case (J I)
1st preferred
2d
35*
25
85*
.....
100
100
Chicago City Ry
100
21,306
941
9
65*
Low.
High.
Dec
95?*
Feb
79?*
Dec
110?*
Dec
225
455
2,700
80
Dec
3 3*
Mar
Jan
Jan
Dec
8%
13?*
74
75
Jan
40
12
Nov
17?*
Apr
2,890
5
Dec
24?*
Sept
97?*
98?*
Feb
73
100
73
Dec
800
49%
Dec
45
58
Nov
25
505*
45
325
45
Jan
Nov
60?*
Chic City & Con Ry pref (*)
55*
35*
6
4,508
3%
Dec
11?* June
Chicago Elev Ry pref.. 100
Chic Pneumatic Tool... 100
Chicago Rys Part Ctf Ser 1
5*
35*
35*
3,000
3%
Dec
635*
11?* June
Apr
110?*
60
615*
10
1,500
1,704
2
3
1,540
200
202
90
Commonwealth Edison. 100
Continental
Motors
10
102
101
102
6,765
100
Cudahy Pack Co com..100
55*
545*
57
2,320
Decker
21
21
320
77
100
55*
(All) & Cohn,Inc(*)
Preferred
Dec
200
10
Part Ctf Series 2
Chicago Title & Trust. .100
55*
5,635
60
Dec
10
%
Sept
Oct
20
Jan
Oct
5?*
May
215
Nov
108
Feb
Jan
5%
Dec
50%
Nov
101
Feb
21
Dec
42
Jan
77
Dec
97
Jan
13?*
Feb
100
77
77
Deere & Co pref
100
86
86
87
110
86
Dec
102
Diamond
100
955*
95?*
Dec
125?*
205*
965*
205*
475
Godschaux Sugar com.. (♦)
Great Lakes D&D
100
200
20
Dec
61
May
57
58 5*
308
55
Dec
92
Jan
69
705*
1,050
68
Dec
105
Jan
Match
Hartman Corporation.. 100
Hart.Schaff&Marx com 100
Holland-American Sugar 10
Hupp Motor...
Illinois
10
Brick..
705*
645*
645*
8
Dec
8
96
Dec
64?*
com.
Preferred
Mitchell Motor Co
105*
1
105*
115*
45*
2
115*
55*
Dec
64
Dec
89
150
1
Dec
5
Sept
Nov
32
Apr
8,600
13,500
565
9?*
6%
Dec
4%
9?*
Mar
Jan
100
14~~
14
15
1,271
11
Aug
22
Jan
235*
225*
245*
1,760
22?*
3%
7%
23%
29%
20%
10%
Dec
45?*
Jan
Dec
44
(*)
National Leather.
10
Orpheum Circuit, Inc
100
Pick (Albert) & Co
(*)
Piggly Wiggly Stores Inc(*)
Pub Serv of No 111 pref. 100
Quaker Oats Co
100
Preferred
4
35*
75*
...100
Reo Motor
.10
Shaw (W W) com
(*)
Rights
Sinclair Oil............50
Stewart-Warner Sp
Swift & Co....
com
100
100
Swift International.
15
Temtor Prod C&F "A".(*)
When issued
20
2,860
115*
3,005
105*
8
2,325
25,700
750
Dec
15?*
Dec
35
Dec
50?*
Dec
43
81
Dec
90
Mar
148
149
285
148
Dec
310
Mar
840
81
825*
81
815*
17
17
18
Dec
98?*
16?*
Dec
28
18
Dec
52
Jan
13,100
85
Dec
243
Apr
5,450
51
Dec
90
900
15
Nov
100
21
Dec
24?*
Dec
2,180
185*
185*
200
~92~~
85
965*
525*
51
55
165*
17
21
165*
"255*
21
245*
265*
905* 101
245*
255*
215*
235*
225*
235*
445*
"475*
105*
115*
165*
36
235*
3,435
165*
245*
49 5*
10
100
11,800
8,800
50?*
Apr
Dec
Mar
Apr
Dec
128
Jan
8,500
23
Nov
55
2,990
20
Dec
49
1,661
22?*
Dec
52?*
Mar
42,600
44f*
Dec
74?*
Jan
Dec
42
Apr
Dec
23
Apr
Nov
56
May
9
38
910
36
925*
800
88?*
Dec
116
Jan
125*
85*
135*
145*
17,690
95*
3,260
12?*
8?*
25
70
58
Dec
40
Mar
Nov
24
Nov
400
37
Dec
76
Mar
70
758
70
Nov
58
26,000
58
Bonds—
32
32
4,000
Dec
32
Dec
81?*
Apr
72?*
Feb
45
Oct
Mar
545*
555*
54%
Dec
70
36,
36
36
3,000
36
Dec
49M
Oct
70
20
20
5,000
20
Dec
20
Dec
88
88
88
2,000
88
775*
18,000
775*
615*
795*
81
28,000
2,000
25,000
16,000
79
1941
63
61
795*
79
63
"61
79
10,000
Dec
97?*
77
Aug
87
Feb
60
Oct
70
Mar
58
May
70
Oct
Jan
79?*
Dec
92?*
Jan
79
Dec
97?*
Jan
Baltimore Stock Exchange.—Record of transactions at
Stock Exchange, Dec. 18 to Dec.
m-
24,
both
elusive, compiled from official sales lists:
Sales
Last
Arundel Corporation
Atlan Coast L
for
of Prices.
Baltimore Brick
Celestine Oil
Cent Teresa Sugar
101
Price.
Low.
22 5*
85
23
Nov
23 3*
Dec
126
23
Nov
104?*
Feb
18
Dec
19
19
10
15?*
57?*
16
100
143*
Feb
17?*
57?*
10
57?*
Dec
95
Jan
65
653*
126
60
July
70
Jan
Pennsy Wat & Power. .100
77
77?*
120
74
Feb
9
9?*
2,530
9
12
12?*
155
12
83
Aug
Lincoln Motor......
50
Monon VallTrac pref...25
United Ry & Elec
50
Wash Bait & Annap
50
95*
87
Bait Spar P & C 45*8-1953
Charles Con Ry, G&E 5s'99
80?*
Chicago Ry 1st 5s
1927
City & Sub(Wash)lst 5s *48
54%
62%
87
87?*
72
72
71?*
93?*
73
26,000
93 3*
96?*
Consolidated Gas 5s..1939
General 45*8
...1954
Cons G, E L & P 45*8.1935
715*
5 per cent notes—
Consol Coal
conv
Cosden & Co
conv s
87
75
10
235*
81
3
35*
84?*
Nov
Dec
15
;
Dec
20?* IJan
Jan
89J*
Nov
Oct
83
10,000
70
Aug
82
Apr
56
22,000
54?*
Dec
70
f Jan
62?*
10,000
50
Aug
63
Nov
5,000
85}*
Aug
96
|Jan
4,000
72
1,000
79?*
Mar
Dec
83
Feb
81
|PJan
2,100
Dec
71?*
923* June
95?*
Nov
963*
4,000
96
Jan
98?*
Apr
91
7,000
83
May
74
5,000
73
Sept
97 J*
80
|Nov
74
Md Electric Ry 1st "5s. 1931
Norfolk St Ry 5s
1944
78
78 3*
6,000
78
Dec
85
80
803*
14,000
80
Aug
—
Feb
fJan
Income 4s
4js
1949
60
60
60?*
47,000
55
May
...
United Ry & E
92?* Pjan
69
FJan
1949
425*
42?*
43
31,000
42
Mar
49J**Sept
60
60
100
56
Mar
65?*
Funding 5s small...1936'.
Nov
Philadelphia Stock Exchange.—Record of transactions
Philadelphia Stock Exchange, Dec. 18 to Dec. 24, both
inclusive, compiled from official sales lists:
at
Sales
Friday
Last
Sale.
Stocks-
Par.
American Gas
Week's
for
Range
Range since Jan. 1.
Week.
of Prices.
Low.
High.
Shares.
29
Price.
.100
Amer Pipe & Construe.—.
Amer Railways, pref
American
100
29?*
610
Low.
High.
Stores ...no par
1st preferred
28
Dec
64%
Jan
4
4 9-16
707
4
Nov
4 9-16
Dec
165*
15
17?*
443
15
Dec
64?*
Jan
44
43?*
46?*
1,972
90
90
43
100
Feb
37?*
10
89
Nov
56?*
Oct
93
Feb
Buff & Susq Corp—
Preferred
c——100
v t
Cambria Iron..........50
100
Consol Trac of N J
Elec Storage Battery. _. 100
5th & 6th Sts Passenger...
General Asphalt
87
53
43
Dec
50
Jan
36
261
35
June
40
Feb
34?*
78?*
35
181
Dec
40
Jan
92
14,990
34?*
78J*
200
48
200
Dec
40?*
475
77
81
Jan
200
Dec
Dec
34?*
141
Dec
200
36?*
120
Jan
81
10
Preferred
4
75
193
Jan
Dec
4
Dec
13
Feb
13
Feb
47J*
Jan
10
275*
100
Keystone Telephone....50
Dec
9
10
"85*
50
10
27?*
28 K
333
6?* June
6?* June
27?* Aug
45
.......
Insurance Co of N A.
J G Brill Co—
74
4
9
100
280
4
Preferred
Hunt & Broad Top
Preferred
Pref ctfs dep
43
36
43
"35"
100
50
165
34
Aug
63
8?*
965
7
Dec
13
Jan
29?*
83*
8,717
29
Sept
35
Feb
8
29?*
Lake Superior Corp
100
"75*
Lehigh Navigation
Lehigh Valley.
50
645*
50
7
43
Oct
7
Dec
22
64
70
597
57
June
80
Nov
50
53
644
503* May
56
Nov
29?*
30?*
Central....—50
65
65
16
60
Sept
O.Eisenlohr & Bros, pref—
88
88
367
88
Dec
90
Nov
64?*
383*
65?*
362
Nov
76
Jan
39?*
Aug
44
Dec
Mid vale Steel & Ord—__ 50
Northern
Pennsylvania Salt Mfg..50
Pennsylvania
50
615*
Phila
Insul
—25
Preferred
Phila Rapid Transit
50
6,973
Dec
29?*
Mar
Jan
51?*
693*
Jan
9,912
63?*
37%
32
255
30%
42?*
Jan
25?*
253*
116
25
Jan
31
Jan
28
31
1,897
28
Dec
36?*
Jan
53?*
25?*
Jan
27?*
Nov
51
Wire...no par
Phila Elec of Pa
9,560
30?*
Philadelphia Co (Pitts)..50
Preferred
(5%)..
50
Pref (cumulative 6%) .50
215*
265*
14
513*
185
50?*
July
21
21?*
5,540
20?*
26
27?*
1,205
25
Sept
Sept
July
Oct
14?*
7,236
123*
Philadelphia Traction...50
513*
523*
571
49?*
Oct
63
Jan
22
22
65
22
Dec
29
Mar
Reading
75%
82
263
65
Feb
103
Nov
50
513*
250
57
Dec
1?*
2,465
1?* 1 7-16
3,915
1
Aug
4,573
23
July
37
12
163
July
185
Jan
26
Dec
57
Jan
...50
1st preferred
50
Tono-Belmont
Devel. —1
Tonopah Mining...
Traction.
Union
__
United Cos of N J
United Gas Impt
15*
1
—50
29
100
166
50
275*
Preferred
13?*
Oct
Phila & Western, pref—50
1 5-16
283*
U S Steel Corp
Preferred
45
3,100
.
100
Warwick Iron & S
19,576
50
77
793*
104?* 104?*
.100
10
West Jersey & Sea Sh
50
Wm Cramp & Sons....100
30
1653* 168
26
27?*
49?*
7?*
50
80
8
33?*
Mar
1 1-16. Sept
Oct
49%
77
28
Jan
3 1-16
Jan
2?*
Feb
503*
Jan
Oct
Dec
104?*
7?*
108?*
Jan
Dec
114
Feb
Dec
8%
Jan
34
34
35?*
55
34
Dec
40
Feb
50
50
50
10
50
Dec
150
Mar
30
30
90
29
Aug
32
Jan
York Railways, pref....50
Bonds—
$
U S Lib Loan 35*8.1932-47
2d Lib Loan 45*8 1927-42
4th
89.68
Victory
45*8
Amer Gas & Elec 5s...2007
do
small
..2007
Jan
85.28 347,600
82.30 May
92.88
Jan
95.20
92,100
94.70May
99.34
Jan
69?*
69?*
3,000
68?*
Oct
82?*
Jan
600
Sept
Range since Jan. 1.
Shares.
27,000
69?*
Bethlehem Steel p m 6sl998
70
92
Bell Telephone of Pa 7s '45
923*
10,000
69?*
903*
94,000
97
933*
49?*
500
10,000
Dec
110
56
34,000
Sept
65
Jan
300
50
Dec
66
Feb
26
3,000
25
Oct
"66"
60
60
20,000
60
44
44
25,000
43
Dec
76?*
76?*
12,000
70
June
Lehigh Val Coal 1st 5s 1933
Natl Properties 4-6s_-1946
Penna RR 10-yr 7s... 1930
General 45*8
1965
93
93
1,000
85
July
45*s
70
40
1?*
103
Peoples Pass tr ctfs 4s. 1943
555*
80
81
63
Jan
Jan
Jan
99
Jan
55?*
1?*
Dec
30
100?*
Apr
105
Oct
3,000
88
55
85
82?*
12,000
74?*
88
1960
Dec
30?* May
14,000
1?*
104
74?*
743*
Dec
83
Jan
June
92
Jan
Aug
72
Dec
86
Nov
July
86
Nov
55,000
84
45,000
53
Jan
Feb
793*
81
1966
82
823*
Reading gen 4s
1997
76
78
58,000
72
Apr
86?*
Nov
Welsbach Co 5s
1930
91
91
1,000
91
Dec
98?*
Mar
1st 5s.. 1966
small..
199,000
700
79
793*
Pittsburgh Stock Exchange.—Record of transactions at
Pittsburgh Stock Exchange Dec. 18 to Dec. 24, both in¬
clusive, compiled from official sales lists:
Sales
Last
Jan
Aug
93?*
Lake Superior Corp 5s 1924
Consol
Jan
Jan
Dec
50
Leh Val gen cons 45*8.2003
Keystone Telep 1st 5s. 1935
82
99?*
102?*
52
*
Oct
Oct
Jan
26
Inter-State Rys coll 4s 1943
High.
205*
Dec
94.60
50
93?*
54
Friday
Low.
89.68
101?* 101?*
Baldwin Locom 1st 5s. 1940
Elec & Peop tr ctfs 4s. 1945
do
small
1945
Jan
83.20 May
85.80 Dec
91.91
66,950
94.90
695*
100.00
87.30
83.92
1922-23
Dec
85.04 102,500
85.80
45*s... 1928
Lib L'n 45*8 1933-38
89.90
83.68
3d Lib Loan
Stocks—
Par.
Dec
905*
25*
Feb
Apr
Am Wind Glass Mach.. 100
Week's Range
for
of Prices.
Week.
Price.
Low.
High.
Shares.
Range since Jan. 1.
Low.
High.
Jan
5,100
15*
100
15*
Dec
Jan
.90
3,205
.75
Arkansas Nat Gas com..10
Dec
3.40
Jan
600
Barnsdall Corp class A..25
25*
95*
Jan
25*
55*
Jan
90
f
.75
5
Feb
38
6s.. 1923
Fair & Clarks Trac 5s. 1
45*
25*
25*
Dec
1,445
5
Nov
82
Dec
82
82
85
1,248
82
815*
83
589
$41,000
803*
.75?*
Sale.
225*
50
Bonds—
Atlan & Charlotte 1st 5s '44
15*
.75
..10
Consol Gas, EL&Pow.lOOi
Consolidation Coal
1001
High
81
35*
100!
1|
Jain
23
23
Week.
(Conn).. 100
Atlantic Petroleum
Preferred
50
Week's Range
Sale.
Par.
93?*
23
23
Mt V-Wood M pref v t rlOO
Northern Central
50
do
Baltimore
Sitocks—
Jan
par
no
1st preferred
Phila Electric
value,
Friday
Jan
Apr
132
25
I. Benesch
Mar
885*
885*
Mar
Dec
Jan
90?*
16?*
Chicago City Ry 5s...1927
Chicago C & C Rys 5s. 1927
par
18?*
46
Jan
Mar
100
Wrigley Jr common
Wilson & Co 1st 6s
Oct
Jan
July
350
375*
Ogden Gas Co 5s
1945
Peo G L & C ref g 5s.l927
Swift & Co 1st s f g 58.1944
Jan
82
Western Knitting Mills/*)
Wilson & Co com
(*)
Chicago Railways 5s__1927
5s, Series "A".
1927
Purchase money 5s
Chicago Telephone 5s. 1923
Commonw Edison 5S..1943
45
Dec
Apr
Mar
81
Waldorf System Inc
10
Wabl Co........__...(*)
Ward, Montg, & Co pf_100
1,225
21
295*
205*
"16?*
Thompson (J R) com...25
Union Carbide & Carbon 10
United Iron Wks, v t c_.50
245*
345*
"33~~
Dervoort—(*)
Sears, Roebuck com...100
45*
235*
75*
1
Peo Gas Lt & Coke
(*) No
Jan
18?* May
Apr
23?*
100
Middle West Util
Root & Van
500
Feb
Mar
100
Io>*
100
Kan City Ry pref certfs..
Llbby, McNeill & Llbby 10
Lindsay Light
10
75
645*
8
72
3?*
Jan
32 J*
73
45
27
Houston Oil trust ctfa._100
Jan
Mar
525
495*
7)05*
5
Mar
17?*
12,915
125*
5
(*)
preferred
255*
85*
125*
........
Bunte Bros
Range since Jan, 1.
Shares.
100
Armour Leather
for
Week.
Low.
64
Price.
par
no
Preferred trust ctfs—100
Low.
1st Lib L'n 4Ms 1932-47
2d
Range since Jan. 1.
High.
U S Lib Loan 33*8.1932-47
2d Lib Loan 4s„ 1927-42
Co..
Preferred
Week.
Hale.
Bonds-
&
Davison Chemical, .no par
Hales
Friday
■
Cosden
745* June
11
1035*
89
Jan
Jan
May
Class
B__
__25
109
Preferred
109
1,270
Dec
106
Jan
"35"
8
26,930
Dec
45
Jan
35
250
35
Dec
46
Apr
35
35
500
84
Aug
45
Apr
65*
5*
5
1
1,100
25*
26
25*
195
255*
265*
10,025
65*
135
35
75*
Carbo-Hydrogen Co com.5
Guffey-Gillesple011(no par)
103
5*
Dec
35*
Jan
25*
Dec
5
Jan
155* June
39
Jan
Dec.
251920.]
Week's Range
for
of Prices.
Week.
Lota.
50
Preferred
Kay County Gas
__25
24
5
2%
July
160
1
3
......
Ohio Fuel Supply
Oklahoma Nat Gas
Plttsb Brewing com
Preferred
Jan
..100
230
235
30
230
Dec
372
Sept
Southwest Pa Pipe L.r.lOO
Standard Oil (Calif)-r. 100
59
59
10
59
Dec
67
Oct
395
300
Aug
South Penn Oil.r
93*
285
310
19 X
Apr
Standard Oil (Ind) r ...100
P313
t>323
16 X
Dec
Mar
Standard Oil of N Y.r.100
296
323
630
296
Dec
480
May
103
103
100
103
Dec
103
Dec
273*
620
IX
1,432 /vi4.G
Dec
8X
Apr
Mar
Apr
Stand Oil (Ohio) pf.r-.l00
52 X
820
61H
Mar
72
flSept
Mar
843*
Aug
92
Jan
Allen
Dec
Nov
8
15
5X
57 X
85
Dfec
25c
Jan
Allied
Nov
15-16
Aug
53c
Jan
Arkansas Natural Gas.r. 10
73*
7
7X
12,925
Dec
18
Mar
Boone
5
13*
IX
IX
Dec
172
Apr
Boston-Wyoming
Oil_r..l
X
X
6%
X
10,500
39,900
7X
27,700
30c
Plttsb Oil & Gas
100
11X
12 X
3,185
Plttsb Plate Glass
100
103*
815 zll33*
1133* 115
18%
Dec
Apr
Other Oil Stocks
Ajax Oil class A.r...... 10
Oil.r
Oil.r
......
100
2c
Dec
5c
Jan
65,000
2c
Dec
7c
Jan
Carib
6
Dec
37 X
Jan
Cosden & Co
Dec
10734
11834
7
6,700
79
763*
79 X
1,230
763*
923*
91X
93
2,241
90
403*
403*
413*
1,062
40X
Nov
55
Dec
7
Trading.r
V--5J
Jan
Cushing Petr Corp com r.5
X
Jan
Jan
Denny Oil.r
%
r.....
_
$7,000
69
69
66 X
7,000
943*
943*
96
Dec'
53
Jan
85
July
Dec
103*
7-16
IX
6,700
2
73*
73*
8
IX
IX 13-16
to Dec.
24, both inclusive.
It
covers
give
Week ending Dec. 24.
Last
Week's Range
IX
12
1,000
5
74
78
300
74
Dec
Sale.
Par.
Stocks—
<
High.
Lotg.
1
3X
8,800
3X
26
Nov
1-16
2,400
1,000
25}*
1-16
X
.100
Mexican Panuco Oil
"~43*
48"
43*
113*
July
Dec
93*
Dec
'"53*
57%
4%
5734
53*
3X
434
10,600
X
X
X
113*
Feb
68
Apr
Pennock
163*
763*
Jan
Producers
Mar
Rtckard Texas Co.r
Ryan
Dec
25
Dec
92
Dec
1103*
Sept
13*
1,600
13*
Aug
13*
Sept
4
43*
3,400
4
Nov
123*
Jan
Dec
July
Sapulpa
July
91
July
Dec
61
Oct
113*
Dec
283*
Jan
113*
Nov
283*
Jan
X
Dec
23*
Sept
80
1,000
79
200
46
48
2,200
3*
,
.
5,700
29
■
13*
------
13*
11
X
Aug
25
Dec
1
Dec
13*
3
Dec
Dec
17
Dec
Alaska-Brit Col
Dec
823*
Dec
19
Dec
Arizona Globe
Apr
Atlanta
73*
July
54
Dec
293*
33*'Sept
19
Dec
53*
60
July
Aug
May
Booth.r
5
3
May
700
3.:. l
Apr
300
3
Dec
133*
173*
1,800
33
500
143*
23*
Mar
23*
17
5
Internatl Products com r(t)
93*
9
93*
500
7
Dec
1
13*
2,000
1
Dec
_.l
Cortez Silver, r
Oct
Cresson Con Gold M&M.l
23*
Apr
Divide Extension... i.... 1
13*
Dec
m
-
5,100
1
62
210
53
Dec
82
Nov
11
11
400
10
Nov
32
Apr
Emma
Meteor Motors.r.. (no par)
.
10
_r
National Leather.r
..10
N Y Shipbuilding, (no par)
Nor Am Pulp & Paper..
(t)
Perfection T & R_r__
10
-----
Eureka
------
'---MM-
"l
3-16
300
58
Dec
92
Mar
83
210
75
Anr
96
Jan
600
15
Dec
53
Jan
1
13*
400
1
Dec
35
Jan
Goldfleld
33*
1
Dec
39
Jan
Gold Zone Divide_r_____l
193*
1,700
5,000
383*
100
153*
1,750
12
73*
12,000
7
1,350
25
43*
4,000
1 3-16
1
12,300
193*
Dec
383*
Dec
Harmil) Divide.r
Oct
153*
Dec
Hecla Mining
Dec
18
Jan
50
Iron
Dec
33*
Aue
Oct
73* June
53*
Jan
12
1,800
103*
Dec
13
Dec
12
400
113*
Dec
36
June
1
~"~x
.1
13*
Motor Car.r.
Sweets Co of Amer.r__ 100
International.r__.15
Tobacco Prod Exp.r
"~3X
13*
15,300
13*
13, .500
13*
33*
250
16
13*
700
600
31
33*
1,100
23*
9,000
13*
13*
33*
69
13*
13
IX
13*
27c
Kerr Lake
Star.r......
(t)
U 8 Distributing com.r.50
Candy.r
7
63*
73*
63*
16,000
10
13*
Wayne Coal
5
""23*
r>referred_r__100
1,700
27
13*
3,000
1
Dec
13*
29,000
1
Nov
400
54
Dec
70
5,600
2
Dec
500
5
Dec
53*
263*
1,7.50
17
Dec
2
55
23*
5
Willys Corp com.r (no par)
100
293*
1
54
Van Raalte Co pref.r..100
------
10
17
19
6
10
6,335
6
Nov
55
28
1
283*
U S Ship Corp.r
U S Steamship
Conner
Mining
...1
Dec
3*
.....5
Dec
15c
June
44c
134c
16c
25c
27,700
1,200
2c
8,800
6c
8c
16,200
4c
434c
34
3-16
3*
46,000
15,000
3-16
5,200
16
6c
21c
534c
New Jersev Zinc.r._... 100
15—16
Oct
Jan
Feb
Jan
43*c
Mar
65c
Mar
Oct
5
534c
II,000
24c
4,300
5 34c
2,100
Jan
Dec
%c
July
15c
Jan
Aug
15c
Jan
4c
4c
X
Oct
8c
X
Dec
Oct
Jan
1-16 May
97c
Jan
16
Dec
39
Apr
Dec
32c
Jan
6c
17c
43*c
29
128
127
127
200
8c
43*
2%
127
3,200
7
Dec
Mar
Dec
65c
Jan
6V*c May
300
Apr
734
Jan
34
734
7-16
123*
7-16
May
13*
Feb
5-16
5-16
5-16
1,850
2,400
J*
2
3*
Auc
1 3-16
Ray Verde Copper......
Rex Consolidated Min___l
1 3-16
1 7-16
6,100
15-16
Dec
Consol
Rooer Group Mining
St Croix Silver
I
South Am Gold
Standard
Success
5c
1-16
1
5,000
4c
Dec
9.000
1-32
Dec
Dec
Jan
Oct
Jan
X
Jan
13*
Sept
34
2,500
134c
4,.500
14,100
lc
Oct
14c
Jan
5c
2c
Jan
30c
Mar
4
3-16
13,100
33*
Dec
X
Nov
2c
15,600
3*
33*
"3-16
34
134c
134c
lc
1,200
134c
7,500
134
1 3-16
10,950
16,550
Tonopah Belmont Dev..
Tonopah Divide.r
134
13-16
Jan
134
1
Jan
Tonopah Extension
134
134
134
2,545
Mining.r
1 7-16
134
134
1.770
Tononah
3*
\X
12c
lc
2c
1
Dec
4c
34
"""5c
Mining
Sutherland Divide.r
1
1-32
Plat.r 10
Silver-Lead
734
4c
1
Silver Pick Cons'd.r....
Oct
Jan
12c
July
I
Jan
Jan
3*c
....5
Feb
85
lc
11c
2.000
16
4c
McKinley Darragh Sav__l
5
100
13,800
43,500
lc
634c
3-16
Motherlode
43*
Aug
2c
22c
Jan
Feb
Silver King Divide.r..... 1
Jan
lc
Apr
Jan
Feb
.....1
Nov
Jan
23*
15c
43*
1
78
33*
Dec
7-16
10c
Dec
19
Nov
4c
Dec
..5
69
Aug
3*
5,000
28,700
15-16 Jan
Sept
Kewanus.r.
1.345
Dec
1 15-16
Jan
71
1
1
Feb
20c
134c
"20c"
Oct
Aug
9-16
Sept
69
6,800
6c
2X
3-16
5,800
13c
Prince
,
134
5-16
Mar
12,500
386,000
27c
Jan
13*
2c
21J4C
134
4c
16
Mar
Aug
32
13*
"""5c"
33*
Dec
Jan
1.5-16 Jan
July
Dec
Jan
40c
X
1
4c
5
Jan
17,500
Oct
July
10c
24,500
3*
9-16
3
19c
16,200
8
78
21.700
Jan
23*
15,700
Nipissing Mines
Dec
29c
10
65c
Sept
23*
Ophir Silver Mlnes.r
Sept
32c
X
Aug
Mar
I X
52c
2,900
2 34
Jan
3*
34
234
13*
450
32,400
3-16
Apr
45
134
26c
64c
Mar
X
Oct
53* I? Jan
2,580
Marsh
600
33*
3
62c
12c
5c
Jan
6,470
Dec
19c
59
3*
Dec
13*
8,600
Magma
June
X
900
3,550
MacNamara Mining.r... 1
63*
Dec
400
3*
Jan
Jan
4c
J*
2
Jan
234
Louisiana Consol
May
534c
Sept
1-16
23*
Jan
7
4c
Jan
7-16
1
4c
Lone
6
Dec
June
14c
Dec
45
10c
43*
3
29
1-16
15,100
24,300
5c
Knox Divide.r..
Sept
11,000
3*
13c
18c
Nov
49
Aug
42c
1
22
45
Jan
92c
Oct
__1
500
5-16
7c
Mar
15c
2%c
Jan
3-16
43*
Aug
Dec
30c
Mar
49fei
Jan
X June
3% 3 13-16
Dee
Dec
11,300
86,400
21,500
4c
38c,
Butler.r...
25
13*
3-16 May
Apr
Mar
15-16 June
23*
24
23*
42,500
23*
1 3-16
Oct
X
Jumbo Extension
Jim
Dec
Dec
13*
34
3*
Dec
X June
X
I,100
10,600
10c
Dec
Dec
16
30
334c
Dec
1
25c
5
23*
......
Triangle Film Corp v tc.15
Union Carbide & Carb r (t)
United Profit Sharing..25c
Dec
30
(t)
Todd Ship Corp new.r.(t)
Dec
8
16
"ix
Reynolds (R J) Tob B.r.25
Roy de France Toilet Prod5
1
100
13*
10
Republic Rub.r._(no par)
2,200
10
Blossom.r__
Mar
X
Dec
2,250
13*
8
3*
13*
.5
.
3*
3*
1
8
June
2c
34
Howe Sound Co
Jan
85c
May
2c
2
Great Bend.r.......__.. 1
Dec
113*
_
10c
Dec
103*
Mfg.r.
10
Radio Corp of Amer.r..(t)
Devel.r
15
Piggly Wiggly Stores.r
Profit SbC&RS.r.
10
383*
223*
lc
19,900
5-16
23*
Printz Biederman Co.r.25
Pyrene
4%C
Forty-Nine Mining.r....!
43*
Jan
17,400
11c
40c
Goldfield Consol'd.r
223*
Jan
83*
14,300
3-16
1 7-16
Holly Mln.r.._.I
60
7
93*
Dec
4c
4c
3
Silver.........
Eureka Croesus Min.r.._l
58
183*
Jan
Nov
134c
42c
17c
X
143*
—
-
*23*
lc
2c
3c
El Salvador Silver Min...l
23
383*
M
Nov
15,500
15c
1
153*
-
Mar
7-16
1
34
X
X
39c
Consol Virginia Silver.r..5
Dec
50
18
—
'''
—
-
Jan
93*
1,600
40c
Consol Copper Mines....5
79
-
13*
Dec
3,300
Cerbat Silver M & M.r_.l
Jan
3*
Cash Bnv Consul.r...... 1
Mar
Jan
20
Dec
Jan
:
Apr
73*
Nov
Locomobile Co.r__(no par)
Jan
Dec
34
5-16
Calumet & Jerome Cop.r. 1
Candalaria Silver.r
1
3,712
73*
Lincoln Mot Co cl A.r..50
Txc
3 3*c
Caledonia Mining
Dec
Jan
Mar
134
16Xc
..1
Boston & Montana Dev. .5
5
Second
Big Ledge Copper Co
Jan
23*
preferred,r
Belcher Extension.....10c
June
Nov
9,100
1
Jan
Nov
3c
"ixc
.1
10c
June
1,000
— —
X
X
Copper.. .1
Mlnes.r
Belcher-Divide.r
34
23*
—
Oct
5-16
100
153*
.100
73*
1
1
132
13*
13*
77
6%
7-16
Metals. .1
Oct
33*
l
73*
1
Dec
3
50
76 X
77
IX
Dec
6,800
First
133*
4
6,100
United Retail Stores
Dec
15
36
33*
Swift
85
6%
8,759
53*
Reo
Dec
13,200
America Mlnes.r...
83*
.
733*
Jan
Dec
Mining Stocks—
13
80 X
5
.
Dec
70
6%
76 X
10
150
73*
.
22,800
Prop.r...(f)
Oil.r
700
3
r.
Valverde Oil
Victoria
800
53*
Preferred.
634
...10
3
3%
r__
6%
6X
73*
10
Jan
73*
Preferred.
33*
Dec
Dec
50
Dec
'mm
Aug
Woodburn Oil Corp.r..(t)
15
bo"
IX
Vulcan Oil.r.._g........5
11
a.''
2,200
Jan
200
------
3.34
Jan
(nc par)
10
~
Aug
' 29
1
Lehigh Val Coal Sales.r.50
4X
5X
X
;
4,700
Culti pref.r
Dec
262
25
Dec
Nov
5,100
"~16
9
3,300
8
134
15
'MM
3,800
43*
9
450
Dec
Munson Furniture
Oil.r.__
15
36
143* May
1034
6%
2,600
153*
__
Jan
4%
"ox
Jan
Feb
7-16
19
48
56
2%
823*
900
403* May
Dec
5
new.r
Refining.r
803*
43*
Nov
24
X
Jan
950
25
ox
400
United Tex Petrol.r..... 1
443*
Dec
5,900
4
4,800
13*
23*
15
1134
26
X
4
17
233*
May
Apr
113*
100
J*
Dec
Jan
300
1,215
X
X
IX
X
Mar
5
3*
X
91
193*
Mar
3,500
74
5
IX
57,100
Dec
19
Nov
3*
13
------
Jan
6,000
Jan
3*
mm
—
103*
90
X
15
MM-
93*
Dec
X
--MM
— ——
Dec
3%
X
1
Sept
1,100
Dec
4%
5
40
1,600
67 X
Texan Oil & Land.r
62
13*
40
4,700
Tex-Ken Oil Corp.r
400
293*
Jan
Apr
400
25
—
Feb
7%
Sept
433*
13*
mm''''
Jan
43*
4
63
13*
5%
Dec
Dec
"
142
43
11
Dec
X
1
2.000
2
Aug
62
113*
Apr
Dec
25
360
31
4%
11
Simms Petroleum r(no par)
Sinclair Con Oil pref.r. 100
Skelly
1 5-16
.5
Savoy Oil
Settled Prod.r:_
453*
2,000
9-16 June
IX
.
....
Salt Creek Producer
68
108
1,400
803*
Nov
9
1,710
6,100
.5
Cons'd.r
Dec
673*
803*
10
Salt Creek Producers.r_.25
Sept
673*
48
Ref.r
Jan
Dec
3*
143*
10
Red Rock OH & Gas.r
1
200
&
Jan
Jan
190
24
5
Dec
75
92
American Oil.r...5
Dec
43*
20
1,000
1
253*
25
North
43*
Aug
May
G;t4cr.. July
2,100
Panhandle P&R pref r 100
Oil.r.*..
10
10
32,600
Jan
Dec
X
44,800
3*
313*
100
Mercer Motors.r..(no par)
934
11-16
9
9
11-16
234
29
293*
100
Preferred.r
28,000
X
3,900
Havana Tobacco com.r 100
Motor Products.r.
Prod.r
34
3*
IX
23*
Goidwyn Pictures r(no par)
Goodyear T & R com r 100
Libby McNeill & Lib.r.10
Lima Locom com.r....100
]
5-16
IX
1
Kay County Gas. r...... 1
Certificates of deposit
1
Noble Oil & Gas
13
Heyden Chem_r__(no par)
Imp Tob of G B & I_r__£l
Jan
128
X
IX
2
2
Hercules Paper.r.. (no par)
21
6
11,300
4,625
IX
25
....
r
Mountain
Oil.r
143
Northern Texas Oil.r
2
Steamship.r..(f)
Internat
Midwest-Texas
134
1
134
137
Omar Oil <fe Gas........10
29
Eastern Potash com.r
Indian PackGorp
Apr
""lYi
800
7
6
10
10
Refining.r..._50
Jan
600
Conley Tin Foil.r
(t)
Crude Chemical, com.r...
_r
Jan
Dec
83*
1,500
Co.... (t)
Pr ef erred, r.
223*
9
3*
Colombian Emer Synd
Preferred
Dec
49
123*
(j)
10X
40
12
25
Godschaux Sugar com.r
6,900
Dec
113*
Cities Serv Bankers shs r(t)
Cities Service pref.r...100
Garland
Jan
July
Dec
3*
Empire Tube & Steel...(t)
Farrell(Wm)&Son com r(t)
Gardner Motor Co (no par)
9
29
Nov
123*
Carbon Steel com.r....100
Preferred .r
Dec
Dec
8
123*
Empire Fuel & Gas pref.r.
Dec
16
5
Dec
13*
X
2%
12 X
30
27
Feb
1,800
100
,
Jan
Dec
Nov
2,300
9,100
1
3
133*
1134
600
5
Davies (Wm) Co, Inc.r.(t)
Dec
1,020
£1
Auto
iox
10%
13*
183*
38
Nov
23
8
123*
Brit-Amer Tob ord bear.£l
Cleveland
14
1,537
17
80
~
Brill (J G) Co com.r...100
Car Ltg & Power.r
Nov
May
7
2,700
80
673*
Ordinary
3*
13*
100
Carbo-Hydrogen com
12,400
373*
92
Automatic Fuel S.r
100
10
48,550
16
1
______
Refrigerator.r__
Preferred.*
r
X
2X
12%
X
1
(f)
X
X
Jan
16
Apr
Jan
393*
33* May
Dec
253*
15
23
^
1-16
16%
5-16
34
16
400
20
Am Lt & Tract com.r_. 100
Borden Co com.r
1
25
93*
5
20
com.r..(no oar)
Amer Foreign Trade Corp.r
American
Lone Star Gas.r
8
Am Chicle
Amer Wilt Paper com. 100
......
Petrol.r_new.no par
Inter
30
"163*
Amalgam Leather com.(t)
Amer Candy com (no par).
Amer Hawaiian S S.r_..10
5,400
10
83*
Reduction.r. (no par)
Aluminum Mfrs.r
X
9
certificates _r
Bache
Hudson Oil.r..
53*
Jan
3%
Dec
25%
Oct
120
IX May
3,600
53*
10
new.r
Mexico Oil Corp
1
Jan
253*
Midwest
Explosives.r(no par)
Aetna
I Air
'.
Coal.r
Mar
Mexican Eagle Oil—See no te belo W
High.
Low.
Shares.
Industrial & Mlscell.
Acme
X
4X
163*
Corp CI A.r 10
Guffey-Glllespie Oil.r..(t)
Magma Oil & Ref_.
Maracaibo Oil Explor
Merritt Oil Corp.r
Week.
of Prices.
Price.
Dec
Nov
2X
Gum Cove Oil
Feb
1%
10,000
234
2
Mar
1-16
2,500
234
.10
Lyons Petroleum.r
i
1-16
Jan
113*
7%
Feb
1-16
Nov
10
Oct
10%
Range since Jan. 1.
for
Aug
May
1
1
Sales
Friday
6X
5
the week ending Friday
.
IX
(no par)
a
afternoon.
3
Dec
Esmeralda Oil & Gas.
Grenada Oil
we
Nov
2
9,000
14,700
Jan
Jan
X
X
300
2
5
100
Mar
Dec
Dec
Federal Oil.........
record of
the transactions in the outside security market from Dec. 18
New York "Curb" Market.—Below
ixl
5
5
Gllllland Oil pref.r
Glenrock Oil.r..
Jan
Jan
18
Jan
Ex-cash and stock dividend.
Jan
7X1
145
Duquesne Oil.r
Fensland OH.
z
5X
Apr
45
Nov
75X
July
6X> Dec
IX Dec
X Apr
4,500
8,600
Engineers Petrol Co.r___l
MX
33*
6
Elk Basin Petrol.r
Bonds—
12o
100,000
25
18
5
com
X
X
600
1
18c
15c
16c
Carib Syndicate.r
3c
3o
X
1
650
X
X
1
Oil.r
2c
2o
1949
Nov
553*
3,000
Plttsb Brewing 6s
Mar
34%
28,580
Westinghouse El & Mfg 7s.
355
Dec P320
110 C313
Feb
1,740
IX
6
285
Dec
44
45c
Westinghouse Air Brake.50
West'house Elec <fe Mfg.50
Mar
278
Dec
330
63*
Mar
730
Dec
Nov
3o
"""3c"
101
Dec
5X
3c
1
1
Dec
189
10 X
3c
Transcontin'l Oil..(no par)
U S Steel Corp com
100
85
429
Feb
Apr
Pittsb-Jerome Copper
1
Plttsb & Mt Shasta Copp.l
Ross Mining & Milling
San Toy Mining
Jan
10
Prairie
645
28X
55
123*
May
90
UX
85
114
Feb
163
720
6
4
143
Aug
60
63*
740
573*
Dec
150
85
38 X
1,259
100
90
12
190
Dec
17
100
com...
Preferred
30
430
Dec
47
-—....SO
Pittsburgh Coal
90
155
31
85
2X
163*
453*
.....
90
153
Dec
16.
189
40
163*
463*
50
2,250
429
Jan
Jan
Jan
12 X
273*
IX
173*
100
Prairie Oil & Gas.r
613*
UX
283*
16
5|0
Apr
45 X
53*
ux
25
16 %
100
23*
Dec
July
IX
Shares.
Pipe Llne.r....100
Dec
233*
11H
;__25
Illinois Pipe Llne.r
Indiana Pipe Llne.r
48 X
113*
Ohio Fuel Oil
Eureka Pipe Llne.r
Apr
1,360
23,840
50
50
com
....... *
Apr
High.
Low.
High.
Price.
£1
1,720
9,960
1
Fireproofing
5X
153*
Nov
Range since Jan. 1.
for
Week.
of Prices.
Low.
HI"
Anglo-Amer Oil.r
Nov
755
Jan
102
SIX
2%
2X
10
93
Week's Range
Sale.
Far.
lv
243*
233*
503*
Marland Petroleum
High.
Low.
80
513*
Last
Subsidiaries
Shares.
50
Middle States Oil.
Preferred^
"I X
1
Lone Star Gas
Mfrs Light & Heat
Nat
IH
50
High.
1003* 100 X
1
IX
3
33*
IX
IX
Price.
Harb-Walk Refract preflOO
Indep Brewing com
Former Standard OH
Range since Jan. 1.
Last
Sale.
(Concluded) Par.
Sales
Friday
Sales
Friday
Stocks
3511
CHRONICLE
THE
/
83*
X
Jan
Jan
Dec
7c
Jan
%c June
1 3-16 Aug
7c
Jan
33*
43*
Jan
lc
1
Aug
1 5-16 June
1
July
Jan
15-16 Jan
33*
Jan
Sales
Friday
Par
Low.
New York City Realty and Surety
Week.
of Prices.
Price.
Range since Jan. 1.
for
Week's Range
Last
Sale.
Mining (Concluded)
[Vol. 111.
CHRONICLE
THE
2512
Shares
High
Low.
Eastern minings
United
_„10c
2%
Aug
10,500
4e
Dec
5c
11,900
4c
July
15-16
White Caps Mining....10c
wiibert Mining
—
6,600
% 15-16
%e
%c
ioe
Extern,,
Yukon-Alaska
4,835
7%c
4e
"l"lAc
5
Victory Divide.r
West End ConsoI'd.
White Caps
2%
5c'
2%
2%
""5c
3c
lc
lc
Trust.r.(f)
9,500
l%e
20
Yukon Gold Co.r......
300
20
1
Bonds-
Mtge
190
196
Jan
City Investing
57
75
85
20c
Allied Pack conv deb 6s r'39
7s.r.
Axner Tel & Tel 6s.r__1922
Amer Light & Tr
12c
j " 6% notes
-1924
Anaconda Cop Min 7s r '29
*93%
91
Arxnour&Co
7% notes r '30
Bergen (City of)Norw 8s '45
Beth Steel Eq 7s. r.„. 1935
Cons Textile deb
l66"
"98""
10,000
Dec
93
94
85,000
45,000
87%
92%
90%
Aug
Dec
89% 270,000
97%
96%
96%
98%
92
87%
Dec
81
20,000
80
Dec
99%
98
Aug
94%
95%
38,000
83,000
93%
Dec
94
Dec
98
",96%
Empire Gas & Fuel 6s. r '24
7.75
7.00
7.50
6.75
97
[100
—100
104
108
50 *26
Cumberland Pipe Line—100 *120
80
Eureka Pipe Line Co
100
46
Galena Signal Oil com—100
29
Oct
Dec
91
99%
Sept
89
Dec
Dec
92
Dec
96
Dec
101
99%
Dec
85%
Oct
100%
Oct
90% ' Oct
Aug
80%
Dec
85%
91
Dec
96%
49%
Dec
77
58
10,000
22,000
58
Dec
59
93%
Keunecott
Laclede Gas Light 7s..r
Morris & Co 7ms.r.
National Leather
93%
80
67%
87%
66%
84% 164,000
67% 1.50,000
87%
90
83
Copper 7s 11930
93%
80%
83
1930
76
Dec
98%
94 %
Aug
Dec
*40
7s.r
94
99%
52
60
.58
99% 140,000
98%
Dec
99
5,000
97%
Oct
117,000
i
95
1924
Dec
1,000
91%
91%
100
Nov
94
14.000
90
10,000
95
90
..1923
.
Dec
98%
1922
10,000
.50,000
90%
84
Erie 4%,
8.25
7.20
7.75
7.00
7.12
6.40
7.12
6.40
*15%
16
5s
Hocking Valley 4%s, 5s
*22
24
155
50
85
160
90
275
25
*35
6.87
6.40
7.60
6.50
7.12
6.40
_—
100
435
450
Michigan Central 5s, 63
7.00
178
1182
Minn St P A 8 S M 4%S—.
7.75
0.75
350
370
7.37
6.50
97
100
8.25
7.25
South Penn Oil--
235
-100
Equipment 5s A 7a..
Missouri Kansas A Texas 5s.
Missouri Pacific 5a
245
Southwest Pa Pipe Lines .100
55
290
295
Standard Oil (Kansas) —100
560
390
[420
...
97% June
Standard Oil (Nebraska).
100! 390
97
Sent
Standard Oil of New Jer.
25[*149
1151
96
Oct
Dec
27
9,000
93
Nov
ser notes r Oct i5'22
94%
93%
94% 135,000
93
Ber notes, r. Oct 15'23
Sinclair Con Oil 7Ms.r.'25
93%
92%
94
87
86%
Solvay a Cie 8s.r
99%
98%
99%
Southern Ry 6% notes 1922
92
92
8outhw Bell Telep 78—1925
wBtand Oil (Calif) 7s r *31
91
92%
wStand Oil of n y 7s.r.'25
100
100
Dec
100%
Dec
Imperial Oil.
7% ser gold deh.r..l92fi
7% ser gold deb.r.. 1927
100
100%
41,000
100
Dec
100%
Dec
Magnolia
100
100%
28,000
100
Dec-
100%
Dec
Mex icanEagleOil-
100
100%
28,000
100
Dec
100%
Dec
Rights.—.—
100
100%
21,000
100
Dec
100%
Dec
100
100%
100
-—100
Preferred
103
6.90
6.40
Pennsylvania RR 4%s
7.00
6.40
Equipment 4h—
Plttsb A Lake Erie 6%
Reading Co 4 % s
7.00
6.40
7.00
6.40-
Standard Oil of New Y'fc. 100
310
320
Standard OU (Ohio)——100
380
400
Preferred
-.100
102
105
Nov
Oct
Swan A Finch
100
25
40
St Louis Iron Mt A Sou 5s..
8.25
7.25
92%
Dec
98%
Oct
Union Tank Car Co
100
100
104
St Louia A San Francisco 6a.
8.25
7.25
88% 265,000
86%
Dec
98
Apr
42,000
98%
Dec
1,000
91
Dec
26,000
90
a ug
94,000
%
99%
—- -
Jan
Washington Oil
97
93
96
280
290
10
•30
35
Vacuum Oil
96
Dec
-100
100
Preferred
Oct
100%
100
Dec
100%
100
Dec
100%
92%
94
156,000
Switzerland Govt 5%b 1929
Texas Co 7% notes_r. 1923
77
77
80
96%
Union Tank Car eq 7s. 1930
Western Elec conv 7s r '25
q9%
99%
96%
6.40
7.60
0.75
7.60
6.75
6.90
6.35
Virginian Ry 6s
9%
7.60
7.50
0.75
138
Tobacco
Stocks—Per
Share.
Par
Bid
Ask.
Dec
American Cigar common. 100
v78
84
Jan
Preferred ——————100
79
83
99% May
Arner Machine A Fdry..l00
170
American Tobacco scrip.
British Amor Tobac ord_.£l
93
*12
12 %
Brit Amer Tobac, bearer,.£1
*12%
1258
Conley Foil (new).-.no par
Helme (Geo W) Co. com .100
*10
13
140
160
88
92
Dec
Dec
97%
55,000
77
Dec
93
97%
23,000
96 %
99%
47,000
96 %
Aug
97%
42,000
96%
July
97
Dec
101%
99%
Oct
Apr
&
>>
Municipal Bonds
(.Dollars per 1,000 Marks)
Cologne
4s.
12%
46,200
12
Oct
14
14
15
15.000
12
Dec
14
10.000
10
Sept
14%
15
20,000
14
14
14
5,000
13%
...
12
14
4s.r
Dresden
13%
r
Frankfort 4s.r
14k
28
29% June
27
June
95
MacAndrews A Forbes.. 100
100
Preferred
Odd
lots,
f No
%T
1V,
"
a
'
:
prospect.
9
r
Unlisted,
to
When
issued,
t Dollars per 1,000 lire, flat,
x
Ex-dividend,
k Correction.
t>
y
Ex-rights,
0
Bid
Ask
America*
185
235
245
Exeh—
Atlantic.
—_
Battery Park
215
167
per
!
Trust Co's
190
205
|
195
202
NY.
the
Bid
»9
11
110
»77
82
106
Com'w'th Pow Ry A Lt—100
9
12
—
86
*30
32
99
Missiaaippl Riv Pow com. 100
11
-100
59
62
74
75
"is"
25
..100
96
87
Tobacco Prod Corp scrip
Weyman-Bruton Co, oomlOO
Preferred--
Preferred
90
Firestone Tire A Rub.com. 10
*75
80
North Texas Elec Co com 100
81
83
Rubber
100j
com. 100,
!
—
325
-
90
20%
Preferred
22
47
48
75
15
100
Preferred
17
40
60
70
Ctnl
315
322
Am Cot Oil 6s
83
290
Amer Tel A Tel 6s 1924. FA A
91%
■v.-.
93^
93%
490
Empire
Equitable Tr.
300
6% notes 1922—
A AO
Am Tob 7% notes 1921MAN
145
155
Nat American
150
Bryant Park*
145
155
Nat city
298
304"
Farm L & Tr.
320
330
Butch A Drov
32
36
New
Neth*__
160
170
200
210
dent Meroan.
195
205
Fidelity Inter.
New York Co
135
145
Fulton
260
Chase
270
310
320
New
460
480
280
288
Chat A Phen.
240
250
Pacific *—...
160
[Guaranty Tr.
Hudson
155
Chelsea Exch*
125
145
Park
400
420
110
Public—
Republic*
Seaboard
225
255
Lincoln
165
7% notes July 15 '23 JAJ15
Mercantile Tr
280
305
G00~~
Canadian Pac 6a 1924.MAS2
625
Metropolitan-
240
250
Federal Sug Rfg 6s 1924 MAN
90
Mutual (West¬
Goodrich (B F) Co 7s '25 AAO
<80
82
Columbia *__.
150
170
Second
450
460
Commerce
205
212
State*
200
210
Tradesmen's*
200
225
i23d Ward*—
iUnlon Exch..
220
210
Comm'l
Ex*.
Common¬
wealth*
160
155
170
N Y Trust.
—..
99%100
48
Per
160
22
98%
93%
99%
Preferred .^—_--i---100
62
65
165
Anglo Amer Oil7%a '25 AAO
Arrn'r ACo7s Julyl5'30 JA J15
94%
American Hardware.
100
130
134
120
Beth St 7s July 15 '22-JAJ 16
97
97l2
Amer
Typefounders com. 100
38
41
94
94%
91%
93
125
Hocking Valley 6b 1924MAS
Interboro R T 7s 1921 MAS
510
K C Term Ry 4%s 1921.JAJ
Brass
80
*22
27
50
*50
60
Borden Company com..-100
82
84
Celluloid
—100
77
82
Company.,--.100
130
140
"9l" *93'
615
265
275
Laclede Gas 7s Jan 1929 FAA
82
84
385
Yorkville*—.
Lehigh Pow Sec 6g 1927-FAA
60%
61%
375
425
United
810
830
LlggettAMyersTob6s'21 JAD
Penn Co 4%s 1921—JAD15
97
97%
Preferred
98%
98%
1st g 5a June 1
160
Nov
1923—MAN1G
15
100
145
152
Debenture stock
100
75
77
Havana Tobacco Co
100
1
A Co, com
——100
3%
/45
1922..JAD
910
Brooklyn
Coney Island*
Pub Ser Corp N J 7b '22.MAS
Intercontinen Rubb com. 100
140
155
Brooklyn
Brooklyn Tr.
88
930
85
Fifth Avenue*
480
500
150
165
First
Reyn (R J) Tob 6a '22.FAA
96%
96%
International Salt
Fifth...
205
215
Hamilton
260
270
Sloss Sbeff 8 A I 6a '29-FAA
85
87
Kings County
Manufacturers
630
660
Southern Ry 6b 1922
195
203
Swift A Co 6s 1921...FAA15
PeopIe'B—
275
290
7% notes Oct 15 '25 AA015
920
First
900
160
180
Garfield
220
230
Homestead*—
80
100
Gotham
190
205
Mechanics'*.
85
92
Green point—
MAS
Lehigh Valley CoalSalea.
50
*50
55
Phelps Dodge Corp
100
Royal Baking Pow com. .100
160
175
105
110
95%
100
x78
80
Singer Manufacturing—100
Singer Mfg Ltd
—..£1
v90
95
250
770
790
Nassau
225
350
360
U S Rubber 7%s 1930.-FAA
North Side*—
195
205
Utah Sec Corp 6s '22.MAS15
505
People's
Ridgewood—
150
78%
80
495
160
West Elec conv 7s 1925. AAO
96%
97%
Imp A Trad..
•
his
95
Texaa Co 7s 1923..
200
•Per
Banks marked with (*} ore State banks,
week,
t New stock.
*
Ex-dividend.
MAS
t Sale at auction
tr
Ex-rights.
or at Stock
Exchange
share.
/ Flat nrice
v
«
6 Baals.
Nominal.
Ex-50% stk. dlv.
*84
~7l4
92%
Hanover
85
/68
98
Greenwich *—
Montauk*
9
56%
1951——AAO
International Silver pref. 100
lBt gold 5b
93%
97%
Hantaan
"
7
100
1%
7
55
92
97i2
92%
96%
94%
.
83
du Pont (E I) de Nemours
590
6a
28
Preferred————..-100
Preferred
Preferred
"66" *69
165
Bliss (EW) Co, new—No Par
375
<-«•.«*
share
100
American Chicle com.no par
JAJ
Title Gu & Tr
_
50
89
Series B
1929
U S Mtg A Tr
East River.
100
2%
18
88
7b
165
-
1
1%
15
Industrial
425
170
97
%
100
end Miscellaneous-
99i2|100
155
States
32
19
350
120
11
*30
60
lUnlted States*
Wash H'ts*..
140
*10
18
328
1C0
94
50
58
130
Cosmop'tan*
-100
-
-—100
318
Cuba (Bk of).
-
preferred...-.
Preferred
Continental..
__
....
—100
Corn Exch*..
«.
-
American
490
Trust
6
19
87%
81
105
chester)
5
17
85%
80
N Y Life Ins.
&
79
17%
54
Western Power Corp....100
93
Trust
77
15%
50
99% 100
Bronx Nat-..
540
68
60
.
Preferred,
1st
72
64
^—100
—
78
68
-100
Tennessee Ry LAP com. 100
91%
145
—MAN
-
Preferred
86
280
Commercial—
7% notes 1922
-
United Lt A Rys com
[Columbia
7% notes 1923
MAN
AnacondaCop Mln 6s'29. JAJ
i,
Standard Gas A El (Del)
48
275
"75"
*—-100
------
Republic Ry A Light
100
Preferred
—-100
South Calif Edison com. .100
72
195
265
_
Pacific Gas A Elec 1st pref 100
100
1924..MAS2
——-
Preferred
40
Puget Sd Pow A Light.-.100
100
.100
-—- -
69
80
—100
Short Term Securities—Pe
-
--..500
100
Preferred
8
■
Preferred
....——_ _
Goodyear Tiro A R,
Preferred
Flrat Mtge 5e
Stocks
Miller Rubber
Ask
~
13
North'n States Pow com .100
295
240
-
93
185
530
-
95
285
225
—-
85
Manhattan *.
Meoh A Met.
350
76
87
Mutual*
Coal & Iron..
48
74
t-85
160
Chemical
44
100
125
Colonial*
7
100
Preferred
100
Preferred
Young (J S) Co..
150
Law Tit & Tr
6
Preferred .————.-100
i
ctock
Preferred
318
__
-
1951—JAJ
Northern Ohio Elec. Corp. (f)
Preferred
----100
105
York-
-
Great West Pow 5e 1946. JAJ
158
Bronx Boro*.
450
---
-
Traction 100
91
150
Swinehart Tire A R.oom.100
Bankers Trust
63
62%
100
-100
Broadway Cen
Bowery*.
237
2-------_-100
*80
d vidend.
Central Union
340
234
Preferred
Colorado Power com
Preferred
32
American
Liberty...—.
Cities Service Co com—1Q0
8%
81
New York
i
175
31
78
Mohawk Rubber
Portage Rubber, com
Ask
27
29
share.
Bid
Industrial*...
Irving Nat of
195
Amor
prices dollars
Light! com 100
Carolina Pow A
-100
Ex-150% stock dividend.
Banks
j
20
Federal Light A
City Banks and Trust Companies,
AH
Banks—N Y
10
16
Elec Bond A Share pref—100
Preferred
Hew York
62
5
100
Preferred
90
New stock,
r Ex-stock
Amer Public Utilities com 100
82
...
.Tune
•
on
58
—-100
6% preferred
—..100
7% preferred
,..100
Gen'l Tire A Rub, com
100|
.
i Listed
Preferred
95
27% June
as
96
80
Dec
< Listed
42
77
2%
"
value.
par
75
39
85
...—
Preferred
*
70
100
2% 120.000
Exchange this week, where additional transactions will be found.
85
Preferred —————100
Scrip
Reynolds (R J) Tobacco. 25
B common stock—
25
Note.—One hundred shares Mexican Eagle Oil
reported sold last week at 15%
should have been at 35%.
34
83
Porto Rican-Amer Tob—100
28
Dec
96
*32
July
29%
Nov
12
Amer Lt A Trac com
.Tune
31
Dec
12%
12%
12%
Johnson Tin Foil A Met. 100
*93
60
Preferred
Amer Power A Lt com*. -100
*71
June
Nov
14
10,000
13% 135,000
4s.r
—100
Imperial Tob of G B A Ire..
June
2%
German Elec 4k8_r—
Hamburg 4s.r
4Ks.r
Vienna
Preferred
Marks
\2%
50
-100
Amer Gas A Elec com
.Tan
76%
90%
6.75
Public Utilities
Dec
94
60,*136
Midwest Refining
6.90
7.12
Union Pacific 7a
36
*7%
6.40
4%s
Equipment 7s
Southern Railway 4%s——
Equipment 5s__
Toledo A Ohio Central 46—
95
I
7.12
7.12
Southern Pacific Co
175
—j *32(2
8.25
8-25
Dec
.55,000
*90
100 pi65
___25
Petroleum
6.40
Equipment 4%a
Other Oil Stocks
Dec
29,000
—
6.96
Seaboard Air Line 5g
Jan-
100%
82,000
'
6.40
Oct
78%
Berlin 4s.r
7.12
Northern Pacific 7s
Pacific Fruit Express 7a.
103%
Oct
100%
Govcrnnient
6.40
Jan
76%
German
0.40
7.00
64
Dec
78
97%
7.25
7.12
99%
98%
40%
99% 100% 494,000
100%
31,000
i00m
6.75
6.50
8.00
N Y Ontario A West 4%s.
Norfolk A Western 4%a
410
Dec
7.25
7.75
...
Equipment 7a..
600
Standard Oil (Kentucky) 100
0.35
7.25
...
New York Cent 4%B, 5a
68
*66
Oct
8.25
Mobile A Ohio 4%, 5s
58
Standard Oil (California) -100
Standard Oil (Indiana)— 25
1,86,000
7% ser gold deb.r.. 1931
Swedish Govt 6s j'ne 15*39
Swift a Co 7s.r
1925
.——
7.00
-100
Bolar Refining
100
Southern Pipe Line Co.-100
Prairie Oil A Gas—
13
'
—
Kanawha A Michigan 4%s..
Louisville A Nashville 5s
35
Nov
12
—
Equipment 4%s
Equipment 7s
95
25 *265
Prairie Pipe Line..
Oct
99
7.75! 6.75
_
Illinois Central 5o.
97 v* 212,000
7% ser gold deb.r_.1930
!|
*83
46
ser
6.35
8.20
12
7%
7.10
Colorado A Southern 5s—
96%
gold deb.r._ 1928
gold deb.r__1929
6.50
Chicago A N W 4%a
Chicago R I A Pac 4 %s, 63.
42
ser
7.50
158
42%
7%
Chic St Louia A N O 5s__
100
97%
100%
48
100
Seaboard Air Line 6s......
1927
;
95
Bears,Roebuck a Co 7s r'2i
7%
7%
6.76
95
90%
>
7.50
154
90%
Russian Govt 6.^8 ctfs.r..
Chic Ind A Louisv 4%s
Dec
101%
Oct
90
Penn Mex Fuel Co
Nov
08%
Dec
95%
7.50
7.50
!
New York Transit Co—100
Jan
99%
6.60
8.50
1(F)
Northern Pipe Line Co__KM),
Jan
99
60
99%
r
Ohio Cities Gas 7a.r_.l92J
7s.r
Atlg
130
Ohio Oil Co
Dec
Apr
94
n y n ii a Hart 4s. r_ 1922
7s.r...
99
87%
83
13,000
dec-
6.40
National Transit Co—12.50,
Oct
sb %
43,000
86%
Nov
6.80
7.25
8.50
—
100
new
Indiana Pipe Line Co
Nov
80
99%
..
8s.r
Norway, Kingd of, 8s
r
93%
Chesapeake A Ohio 6%s--
Equipment 5a.---..——.
Chicago A Alton 4%s, 5s
Chicago A Eastern HI 5%s_.
International Petrol,(no Par)
Dec
Galena-Signal Oil 7s.r 1930
Goodrich (b f) Co 7s. 1925
Interboro r t 7s.r—1921
.
6.40
Preferred
July
58
7.40
Preferred old
Oct
18,000
10434106
Illinois Pipe Line.——.100
Dec
97% June
French Govt Cs.r
975
Crescent Pipe Line Co—
1021% Nov
97%
Co
Continental Oil
Dec
38,000
14,000
.
6.40
Central of Georgia 4%s_;
30,000
—
6.37
Carol Clinchfield A Ohio 5s.
92
;
6.40
7.00
6.76
84
49%
80%
..1926
7.10
190
91
——
7.75
7.10
410
49%
r.
875
Basis.
Baltimore A Ohio 4%a
Buff Roch A Pittsburgh 4%s
16%
*82
Nov
7,000
Ask
*16
175
Nov
99%
RR. Equipments—PerCt.
share
Bid.
390
.
100
r
100
French Government 5a.r.
6s.
160
Borne Scrymser
95%
88%
82%
85
150
Buckeye Pipe Line Co— 50
Chesebrough Mfg new—100
Preferred new..
100
Jan
97% 400,000
52,000
88%
160
75
Oct
Mar
101
Dec
99% 100%
Duquesne Light Cs.. .1949
150
West A Broni
Jan
93%
85%
3,000
Pe
Anglo American Oil new. £1
Atlantic Refining
100
Preferred:
100
Jan
98% 490,000
4,000
92
96
99%
187
120
Title A
Equipment 4a.,
Equipment 6a
Canadian Pacific 4%o A 6a.
94% 110,000
10,000
85%
92
Y
Mortgage..
Par
Nov
98
25,000
97%
N
Quotations for Sundry Securities
98%
Jan
96% Nov
85%
100
101
89%
89%
7s.il923
Denmark(Kingd of)8s.l945
Diandond Match 7^8.r '35
Nov
93%
93%
Columbia Graph Mfg 8s '25
Cons Gas of n y 88—1921
Dec
95
93%
Brazilian l & Tr gs.„....
Canadlau Nat Rys 7s. 1938
50
11,000
94
1
—
Standard Oil Stocks
255,000
99
94
100
Title A M G
Oct
52
80
94
Ask
100
Assoc
^11 bond prices are "and Interest" except where marked "f.'
90%
87%
88%
6% notes Ser a
1929
Anglo-Amer Oil 7%s..r.'29
j
186
110
.
Bid
(Brooklyn).
U S Casualty.
Realty
Mar
1%
95%
89
87%
93%
80
'Oct
26
95
— .
Surety.
112
Apr
50
50)4
95%
Nat
65
Preferred
$
Aluminum MIrs 7s.r
.
Lawyers Mtge
68
Jan
Jan
%
80
63
Bond..
105
US Title Guar
70
Arner
3c
Dec
20
2.500
1%
29c
2 7-16
Alliance R'lty
SuretyBond A M G.
Ask
75
Jan
Apr
Jan
1 lc
%
Dec
%c Dec
3c
Dec
lc
Dec
2,000
18,300
6c
4%
Bid
Ask
Bid
u s Continental Mines.
Companies.
All prices dollars per share.
High.
& Purchaser
Preferred
also
pays
accrued dividend.
pEx-100% stock dividend,
x
Ex-dividend.
*2%
83
3
eNew stock.
»
Ex-rlghtt.
2513
[titfjestrotftti mid glatoad Intelligence.
RAILROAD GROSS EARNINGS
The
earnings of various STEAM roads from which regular weekly or monthly returns
aan be obtained.
The first two columns of figures give the gross earnings for the latest week or month, and the last two
aolumns the earnings for the
period from Jan. 1 to and including the latest week or month.
The returns of the electric railways
are brought
together separately on a subsequent page.
following table shows the
gros3
Week
or
Month.
Alabama &
Vicksb. October
Ann
Arbor
Atch
Topeka & S Fe October
2d
wk
Dec
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
332,685
247,273
2,869,816
Gulf Colo & S Fe_ October
Panhandle S Fe_. October
Bangor & Aroostook
Beliefonte Central-.
Belt Ry of Chicago
-
Bessemer & L Erie.
.
Bingham & Garfield
Birmingham Souths
Boston & Maine
Brooklyn E D Term
Buff Roch & Pittsb
Buffalo & Susq__
Canadian Nat Rys.
Canadian Pacific.
.
Can Pac Lines in Me
Caro Clinch & Ohio..
Central of Georgia
Central RR of N J.
Cent New EnglandCentral Vermont
Charleston & W Car
Ches & Ohio Lines..
2,968.629 2,349,412 21,927.617
7,624,251
701,129
914,358
527,620
455,211 4,816,548
254,615 2,523,843
243,216
277,564 4,153,364
328,564
October
6.395,511 5,539,216 59,866.284
October
25015394 18917 768 187589 266
October239,443
1,814,512
281,168
October
482,540 5,450,151
671,776
October
100,120
10,499
13,559
October
556.647
389,627
3,739,607
October
2,156,030 1,244,327 12,660,178
October
39,232
163,777
1,333,766
October
520,878
47.672
63,098
October
8,713,545 7,224,195 71,722,728
October
969,659
98,363
130,539
2d wk Dec
483,126
312,847 22.059,641
October
245,034 2.515.210
335,927
2d wk Dec 2.550.249 1,898,694 104113714
2d wk Dec 5.179,000 3,935,000 195287000
October
220,570
176,490 2,312,338
October
571,717 6,124,904
789,394
October
2,246,462 1,952,520 21,135,712
October
5,650,965 4,077,471 41,836,692
October
900,117
765,560 6,025,184
October
725,475
559,887 5,913,471
October
300,328
296,008 2,869.512
October
10075 590 6,771,577 73,044,113
October
3,112,400 2,429,236 24.675.201
Chicago & Alton..
Chic Burl & Quincy. October|
October
Chicago & East IllChicago Great West October
Chic Ind & Louisv
October
Chicago Junction.. October
Chic Milw & St Paul October
Chic & North West- October
Chic Peoria & St L
October
Chic R I & Pacific.. October
2,287,577
4.273,672
4.998,979
128.031
109,631
20612086 18025518 176553299 144822598
Atlanta Birm & Atl_ October
Atlanta & West Pt_ October
Atlantic City
October
Atlantic Coast Line.
Baltimore & Ohio..
B & O Ch Term..
17,226,312
5,121,281
4,156,670
2,256,464
3,906,677
51,815,734
151527 692
1,658,242
4,204,215
85,255
3,111,865
11,226,250
1,010,966
Southern...
Ft W & Den City
Trin & Brazos Val
Wichita Valley
Colo & Wyoming
Copper Range
Cuba Railroad
Camaguey & N uev
Delaware & Hudson
Del Lack & Western
Denv & Rio Grande
Denver & Salt Lake
Detroit & Mackinac
Detroit Tol & Iront.
Det & Tol Shore L
Dul & Iron Range
Dul Missabe & Nor
Dul Sou Shore & Atl
Duluth Winn & Pac
East St Louis Conn.
Elgin Joliet & East
El Paso & Sou West
Erie Railroad
Chicago & Erie..
N J & N Y RR
Florida East Coast.
Fonda Johns & Glov
Ft Smith & Western
Galveston Wharf.
_
_
Georgia Railroad...
Georgia & Florida
Grand Trunk Syst._
._
Atl & St Lawrence
ChDetCanGTJct
Det G II & Milw.
Grand Trk West
Great North System
Green Bay & West.
Gulf Mobile & Nor.
Gulf & Ship Island
.
Hocking Valley
Illinois
Illinois
Central
Terminal-__
Internat & Grt Nor.
Kan City Mex & Or
K C Mex & O of Tex
Kansas City South.
Texark & Ft Sm.
Kansas City Term.
Kan Okla & Gulf...
.
Lake Sup
& Ishpem.
Ry
Lehigh & Hud River
Lehigh & New Eng.
Lehigh Valley
Los Ang & Salt Lake
Lake Term
Louisiana A
Arkan.
Louisiana Ry & Nav
Louisville & Nash v.
Louisv Hend & St L
Maine Central
Midland Valley..--
Mineral Range.:
•_
Minneap & St Louis
Minn St P & S S M_
Mississippi Central.
Missouri Kan & Tex
2,725,980 2,429,787 20,620,665 18.117,970
1,308,023
1,708,545
220,006
162,936
11715985 9,398,504 95.660,483 76,882,429
2,989,546
October
3,460,398
545,893
368,731
1,515,524
October
2,603,617
198,814
272,967
1,135,514
October
1,308,530
224,391
165,111
October
2,307,002 1,858,640 20,415,596 16,284,729
1,264,313
October
1,430,475
78,867
158,679
330,111
381,650
1st wk Dec
6,285
8,946
1,067,249
October
1,469,560
19,435
211,148
1,914,446
October
2,233,281
191,846
266,218
1,660,897
October
332,247
229,789 2,401,380
Mo K & T Ry of Tex September
October
Monongahela
Monongahela Conn.
Montour
Nashv Chat & St L_
Nevada
Northern.
_
Nevada-Cal-Oregon
Newburgh & Sou Sh
New Orl Great Nor.
N O Texas &
Mex_.
Beaum S L & W_. October
Octooer
New York Central.
Ind Harbor Bolt- October
.
157800000
2,189.933
5,168.798
17,690.512
36,973,106
5,617,335
4,827,338
2,507,730
60,445,039
21,120,693
Increase
♦
(13 roads)
(15 roads)
(18 roads)
Oct
(20 roads)
Nov (20 roads)
Nov (19 roads)
Nov (20 roads)
Nov (19 roads)
Dec (16 roads)
Dec (20 roads)
Oct
Oct
Oct
17,548,585
18.221,855
19,594,766
27,081,898
19,138,392
18,754,798
18,862,044
24,998,832
15,876,023
18,272,112
13.253.628
13,670,975
14.822,387
21.930.629
14,230,219
14,264,410
14.919,321
19,207.734
12,573,3^0
14,455,009
Decrease.
+4,019,303
+4.550,880
+4.772,379
+5,151,569
+4,908,173
+4.490.388
+3.942,723
+5,791.098
+3,302,633
+3,817.103
totals,
We no longer include Mexican roads in any of our
1,126,767
644,338
5,447,281
7,480.658
7,468,981 73.440,786 60,561,108
3,044,449 2,425,489
268,544
2,286,073 27,630,835 23,594,509
1,018,873T0,591,491 7,869,533
477,400 4,325,116 3,681,965
1,957,582 22,979,249 19,665,068
12407 601 10346762 103107731 87,075,144
893,950 10,589,315 9,285,770
1,145,641
3,230,886
3,741,635
490,830
360,072
5,353,564
699,721
666.483
6,544,356
9,336,496 7,459,599 69,019,932 63,482,642
12032 973'10703 040 91,649,489 83.246.512
883,061
1,060,376
109,465(.
83,190
5,463,239
6,722,210
802,853
673,861
1,401,913
1,802,835
182.466
109,577
Pitts & Lake Erie October
Tol & Ohio Cent. October
Kanawha & Mich October
N Y Chic & St Louis October
N Y N H & Hartf.. October
N YOnt& West... October
N Y Susa & West.. Octo ter
October
Norfolk Southern.
Norfolk & Western- October
_
October
Northern Pacific.
Minn & Internat
Northwestern Pac.
_
October
October
.
Oahu Ry & Land Co October
October
Pacific Coast..
Pennsylv RR & Co. October
628.089
553,404
60603431 47112 824 456155874 412147 998
1,388,746
167,010
143,724
1,044,027
141,699
144,976
981,489
812,170 7,881,007
2,325,876 1,854,252 21,805,205
1,115,849
122,034
128,533
741,306
6,693,888
735,792
1,677,039
169,326
200,374
1,349.427
900,029 11,985,623
11636306 8,930,380 87,111,428
1,298,562
158,263
151,131
4.332,742 3,539,290 33,888,564
Bait Ches & Atl_. October
Cine Leb & Nor.. October
Grand Rap & Ind October
October
Long Island
Mary Del & Va_. October
N Y Phila & Norf October
Tol Peor & West. October
W
Jersey & Seash October
Pitts O C & St L. October
Peoria & Pekin Un. October
Pere
October
Marquette
October
Perkiomen
121,430
99,137
.
Pittsb & Shawmut.. October
Pitts Shaw & North October
209,723
180,948
132,435
138,999
Pittsb & West Va.i October
291.663
139.347
October
207,774
141,137
914,261
607,246
194,895
103,438
969,543
445.546
280,368
7,662,183
185,795
138,792
1,236,245
663,972
549,997
116,191
437,229
71,283
3,657.284
51,446
Port Reading...
Quincy Om & K C__ October
Rich Fred & Potom. October
October
Rutland
425,231
9,412,726
October
205,907
October
187,914
October
2,033,979
October
995,426
2d wk Dec
669,134
October
133,595
October
813,368
October
135,606
October
4,334,067
St Jos & Grand Isl'd October
St Louis-San Fran.- October
Ft W & Rio Gran
St L-S F of Texas
St Louis Southwest
St L & S W of Tex
Total system.
St Louis Transfer.
San Ant & AranPass
San Ant Uvalde & G
Seaboard Air Line..
_-
Galv Harris & S A October
Hous & Tex Cent. October
Hous E & W Tex. October
Louisiana West'n. October
Morg La & Texas October
Texas & New Orl. October
Southern Pac Syst._ November
Southern Railway.. 2d wk Dec
October
Cin N O & Tex P. October
Georgia Sou & Fla October
Mobile & Ohio.... 2d wk Dec
New Orl & Nor E_ October
North'n Alabama October
South Ry in Miss. October
October
Spokane Internat
Spok Portl & Seattle October
Staten Island R T_. October
Tenu Ala & Georgia 2d wk Dec
Tennessee Central.. October
TermRRAssn of StL October
StLMer Bdge I
.
October
2d wk
Texas & Pacific
Dec
Toledo St L & West. October
October
Ulster & Del aware.
_
October
Union Pacific.
Total system
November
RR&N October
Union RIi (Peon).. October
October
Utah
October
Vicks Shrev & Pa
__
1,541,283
1,114,423
9,201.084
4,087,634
2,849,594
76,911,535 64,363.484
1,321,553
1,605,552
1,265,353
1.443,928
17,494,977 10,876,734
5,457,185
7,590,818
30,975,007 21,007,926
925,180
1,145,222
3,649,245
4,852,855
909,946
1,281,385
40.428,691 33,956,086
882,267
1,452,190
1,094,742
694,766
370,704
362,119
2,974,924 1,917,813
1,373,543 1.023,432
336,Of 2
219,268
508,203
408,315
767,957
59,389
985.986
751,761
26654805 21958735
3,872,800 3,525,264
939,701
1,035,860
1,879,814 1,382,590
486,889
389,804
298,680
357,013
618,062
530,322
145.030
118,375
190,797
201,752
137.041
140,388
927,553
724,015
182,775
219,129
4,150
2,248
219,271
291,882
414,507
511,368
367,391
507,994
810,357
908,320
827,617
1,118.618
140,953
153,019
8,520,726
5.303.766
3,369,652 3,077,953
21,252,092 17,540,860
9,620,229 7,584,751
1,943.634
2,453,495
3,396,485
4,378,567
6,333,768
8.475.710
8,104,727 6,646,996
257264259 217431782
163377974 137347089
8,489.661
9,482,184
17,211,269 13,295,154
3,567,683
4,404,868
17,704,593 14,741,577
6,390,299
1,250,122
1,518,662
1,280,584
7,594,078
1,984,577
172,136
2,449,480
3,894,986
3,522,204
39,475,024
9,404,873
1.249,172
14743 231 11825305 108233 295
19547152 15720959 192654109
1,612,594
138,113
212,550
3,704,544
325,254
439,671
2,058,217 1,363,915 14,555,288
6,282,610 5,185,113 48,556,405
471,021
293,810 19,121,746
2d wk Dec
1,744,342 1,780,853 13,399,769
October
2,325,270
213,812
October
242,083
October
2,032,726 1,324,427 14,491,915
1,977,831
252,745
230,737
September
October
2,042.009 2,315,003j23,834.664
j
Virginian Railroad. October
October
Wabash RR
Western
Maryland.
Western Pacific....
Western Ry of Ala..
Wheel & Lake ErieWichita Falls & N W
Yazoo & Miss Talley
5,311,828
960,795
1,458,681
948,300
6,124,342
1,897,671
137,340
2,099,194
3,247,076
2,554,056
34,229,809
6,650,029
1,032,760
92,571,714
163516422
4,529.174 3,951,560 37,197,148 31.619,028
3,145,810 2,825,629 27,676,513 237604,752
6,523,312
8,790,473
683,211
1,286,361
Oregon Short Line October
Ore-Wash
1,443,597
1.284.765
2,010.264
1,360,231
951,778
6,834,117
20,902,802
1,146,273
6,834,622
1,372,806
10,397,484
77,920.045
1,018,199
28,966,321
913,020
689,183
61,042,066
994,737
973,211
1.145.167
2,097,422
915,994
10,429,724
3,974,858
2,451,135
171,644
20860 06? 17567996 166400434 139322 831
November
South
Buffalo
October
Southern Pacific.
Atlantic S S L nas October
Arizona Eastern. October
Ala Great South.
1.026.709
1,116,762
138,581
76,336
10583 897 7,277,754 74,869,827
Phila Beth & N E.. October
Pliila & Reading. _ October
1,003,430
2,733,679
9.992.168
39,912,316
12,949,187
11,146,097
2,095,349
10,843.043
1,593,145
20,315.648
Monthly.
Current
or
%
$
1st week
2d( week
3d
week
4th week
1st week
2d
week
3d
week
4th week
1st week
2d we^k
1,103,000
1,818,769
8,989,923
447,097
4,655,112
1,544,746
577,427
2,492,529
17739415 14252 588 136952 506 116365240
286.947
231,919
1,453,415
2,273,328
13199480 11372558 112620286 91.777,948
Year.
134,376
234,092
4,506,214
746.439
6,287,055
537,216
38219 521 29205871 302245348 258216642
St L Brownsv &M October
ClevC C & St L.¬ October
Cincinnati North- October
17499474 14798636 138776613 125060892
Year.
Year.
854,158
14,441,280
1,941,829
89.073.367
683,752
572,534 5,482,458 4,042,612
3.184,708 2,818,819 26,282,971 22,682,130
716,932
532,395 4,847,536 3,600,532
October
2,563.301
307,126 3,699,177
417,486
2d wk Dec514,949 29,593,213 24,315,302
641,552
October
9,089,144
1,330,621 1,059;220 10,542,919
October
303,671
146,812
1,690,147
1,105,615
October
910,952
159,748 1,420,013
172,192
October
876,724
57,282
837,889
107,619
October
845,860
116,710
97,687
814,618
8.388.647
September 1,194,589 1,094,970 9.257.083
140.629
2.326.084
2,072,289
143,12
September
October
4.219.250 3,354,154 35,734,658 28,997,866
October
8,836,825 6,401,622 64,840.464 59,376,607
October
4,055,959 3,477,549 32,090,329 27,020,629
October
292,153
349,649
2,371,081
2,396,731
October
196,524
247,274
1,723,348
1,380,352
October
598,053
430,830 4,230,907
3,149,024
October
214,027
225,198 1,589,484 2,044,421
October
603,653 10,065,045 7,397,771
1,414,918
October
2,819,900 2,229.239 17,813,621 18,698,783
2d wk Dec
104,274
76,784 5,561,650 4,502,705
October
269,609
176,270 2,033,012
1,588,630
October
109,587
157,832
1,202,569
1,009,936
October
2,809,343 1,151,891 20,279,448 16,128,294
October
1.399,749 1,168,006 11,949,886 10,460,981
October
11579587 8,751,988 87,664,561 76,050,004
October
954,229 10,490,954
8,620,445
1,499,825
October
102,969
937,212
1,102,335
133,253
October
1,078,116
812,119 10,959,368 8,260,140
October
102.589
123,049
1.192,659
1,042,374
October
209,552
252,573
1,600,972
1,340,391
October
101,989
1,484,109
726,766
256,604
October
723,78]
5.535,072
662,870
5,177.735
October
91.636
818,535
162,905
1,251,063
2d wk Dec 2,441,248 1,832,822
October
2~,485~580 2,538"; 128
213,091
333,339
October
148,794
213,034
1,535,038
1,761,178
October
518.560 4,004,149
440,541
3,677,04.6
October
1,727,088 1,275,346 14,368203 11,491,544
October
13261977 11790299 102049 090 89,025,304
October
135,403
1,050,083
132,208
1,007,439
October
461,075
306,827 3,276,222 2,298,000
October
326,073
223,412
2,525,124
2,021,332
October
2,131,704 1,418,374 13,702,047 10,001,359
14671029 10774863 118706595 89,670,631
October
October
887,432
788,160
115,079
90,033
October
2,442,224 1,364,461 15,757,190 11,742,020
October
1,378,071
178,849
148,593
1,137,714
October
972,009
145,091
221,944
1,558,628
October
2,126,779 1,463.259 16,190,922 12,360,549
October
255,349
163,624
1,762,657
1,234,948
October
146,04.5
165,345
1,327,192
1,156.457
October
1,232,474
313,894
211.767 2,168.011
October
204.543
97,442
920,784
1,520,067
October
93,372
150.373
1,141.834
930,184
October
309,462 2,460,422 2,256,903
364,533
October
449,423
3,219,201
566,422
3,796,112
October
8,486.513 6.210,026 60,202,479 53,379,837
October
1,930,409 1,577.112 16,871,749 14.080.585
October
178,348 3,464,236
1,712,103
401,291
October
328,597 3.506,563
459,170
2,911,687
11592764 10450909 103636 597 89,043,902
October
October
300,356
280,294
2,445,883
2,598,201
October
2,239,932 1,594,679 17,220.614 14,447,1.54
October
391.768
4.061,555
511,965
3.269,221
2d wk Dec
722,564
10,395
13,565
651,187
2d wk Dec
272,1/4 16,384,394 12,783,235
444,361
October
5,382,988 4,483,018 39,357,891 35,162.854
October
904,147
843,511
103,975
126,984
October
3,970,639 3,235.979 32,951,581 28,328,571
Weekly Summaries.
Year.
Mo & North Arkan. October
Missouri Pacific
AGGREGATE OP GROSS EARNINGS—Weekly and
*
Previous
Year.
9,612,857 8,111,224
1,134,863
995,284
9,106,911 7,819,647 72,691,226 64,737,873
3,198,029 2,583,423 24,893,896 20,942,490
2,407,005 2,246,305 19,779,308 18,354,866
1,643,681 1,295,341 13,150,147 10,274,609
3.056.317
387.193
358,786 2,852,242
Previous
Current
Year.
Month.
Previous
Lake Erie & West October
Central October
18919313 16281562 151668275 128485759
Current
Jan. 1 to Latest Date.
Earnings.
Current
or
Michigan
480,310
Chic Terre II & SE. October
Colo
Week
ROADS.
59,675,321
Chic R I & Gulf.. October
Chic St P M & Om. October
Cine Ind & Western
Latest Gross
Jan. 1 to Latest Date.
Latest Gross Earnings.
ROADS.
30.02
33.28
28.05
23.48
34.49
31.49
26.43
30.15
26.27
26.40
*
Monthly Summaries.
Mileage.
Curr.Yr.
January
232,511
February ...231,304
March
213.434
April
..221,725
May
213,206
June.......213,525
July..
220,459
August
199,957
September ..226,955
October
231.439
t Comparison with 1917
ifigures,
Prev.Yr.
232,210
231,017
212,770
220,918
211,040
208,598
218,918
199,418
224,922
229.935
not 1919.
/
Previous
Increase or
Year.
Year.
Decrease.
494,706,125
421,180,876
408,582,467
387,680,982
387,330.487
430.931.483
392,927.366
348,749,787
347,090,277
372,828,115
348,701,414
369,225.761
401.376,485
367,865,628
480,408.546
503,281.680
467*351.544
441.423,158
594,192,321
633,852,568
%
+101778760 25.90
+72.431,089 20.77
+61.492.190! 17.72
+12,852,867| 3.45
+38,629.073 11.08
+61.705.722116.99
+65.925.059; 16.43
+73,557,530; 19.98
+ 113783776 23.68
+130570938 25.94
25U
THE
Latest Gross Earnings by Weeks.—In
follows
sum
we
CHRONICLE
the table which
separately the earnings for the second
up
week of December.
The table
[Vol. 111.
Latest Gross Earnings.
or
Current
26.40% increase in the aggregate over the
same
week last
year.
Previous
Year.
Company.
Year.
Month
20 roads and shows
covers
%
Key West Electric Co October
Increase.
1919.
1920.
Decrease.
$
20.484
298,950
Lake Shore Elec Ry__ September
Second week of December.
Ann Arbor
Duluth 8outh
Shore & Atl
Grand Trunk of Canada..
Grand Trunk Western
109,631
18,400
170,279
312,847
1,898,694
651,555
3,935,000 1,244.000
514,949
126,603
76,784 i
27,490
1,832,822
608,426
13,565
272,174
172,187
New York Dock Co.. October
June i
N Y & Long Island.
3,052
119,137
347,536
58,333
NYA North Shore.
April
N Y & Queens County June !
Iowa Central
Miss River Power Co October
Nashville Ry & Light October
Nevada-Calif El Corp October
New England Power. October
New Jersey Pow & Lt October
3,170
/
Nevada-California-Oregon
9,340
669,134
Mobile & Ohio
6,285
549.997
3,872,800
357,013
St Louis Southwestern
Southern Railway
3,525,264
2,248
298,680
4,150
908,320
471,021
Tennessee Alabama & Georgia.
810,357
*293,810
.
Pacific
Western Maryland
Total (20 roads).;
*
Metropol'n Edison Co October
eMOw El Ry & Lt Co October
Nebraska Power Co.. July
Minneapolis & St Louis
Net increase
.
June}
6Eighth Avenue.. June
1,902
97,963
177,211
18,272,112 14,455,009 3,822,175
3,817,103
(26.40%).
Monthly
Earnings
to
5,072
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.
$
.♦ Chicago Great
Western
$
Oct'20
10
mos
Oahu Ry & Land
Net after
Net after
Taxes. Equip.Rents.
$
$
2,407,005
2,246,305
150,864
68,979
55,935
*19
477,746
423,739
337,222
*20 19,779,308dfl,257,167dfl,970,254df2,714,287
'19 18,354,866
2,630,745
2,061,884
1,313,735
Oct '20
'19
Richmond Lt & RR__ June
Nov '20 26,654,805
*19 21,958,735
11
4,710,947
3,509,657
2,857,878
Tampa Electric Co.. October
6,271,825
5,472,895
257264259 35,504,084 21,430,622
5,066,501
Tennessee Power
'20
*19
'20
mos
17,848,782
'19 217431782 47,010,362 36,180,374 36,782,431
Union Pacific
Total Sjstem
Nov'20 19,547,152
5,061.213
4,683,589
*19 15,720,959
11
mos
*20
192654109 49,996,648
4,398,301
3,966,987
3,781,566
3,589,096
38,491,975 38,067,859
'19 163516422 52,383,444 44,242,782 42,374,761
,
Revised figures.
AND
PUBLIC
Latest Gross Earnings.
Company.
Month.
Adirondack El PowCo September
Alabama Power Co.. October
Atlantic Shore Ry
July
Bangor Ry & Electric October
^Barcelona Trac,L&P October
Baton Rouge Elec Co October
Beaver Valley TracCo October
Blnghamton Lt, H & P October
Blackstone V G & El
October
glrazilian Trac, LSysklyn Rap Tran & P
oBklynCity RR
aBklyn Heights RR
Coney laid & Bklyn
Coney Isld & Grave
Electric
f October
June
June
June
June
June
June
Brooklyn
New York Consol.
_
Bklyn Qu Co & Sub
Cape Breton Elec Co.
Cent Miss V El Prop.
Chattanooga Ry & Lt
June
June
October
October
October
Cities Service Co
November
Citizens Traction Co. September
Cleve Palnesv & East October
Colorado Power Co.. November
eColumbia Gas & Elec November
Columbus (Ga) El Co October
Com'w'th P, Ry & Lt November
Connecticut Power Co October
Consum Pow (Mich). November
Cumb Co (Me) P & L October
Dayton Pow A Light. October
Edison
November
Duluth-Superior Trac October
Duquesne LtOosubsid
power cos..
October
Current
Year.
435,405
394,420
UTILITY
COS.
St L Rocky Mt & Pac October
Sandusky Gas & Elec October
Schenectady Ry Co_. November
Second Avenue
April
17th St Incl Plane Co October
Southern Cal Edison
August
Southwest'n Pow & Lt October
October
hTenn Ry, Lt & P Co October
Third Avenue System. October
Twin City Rap Tran. 4pril
United Rys or Bait.. July
Utah Power & Light. October
UtahSecCorp&Subs.. November
29.161
929,385
7,571
239,544
Jan.
#Elec Light & Pow Co October
eEl Paso Electric Co. October
171,151
Equitable Coke Co
June
Erie Ltg Co & Subsid. September
123,916
108,544
East St Louis &Sub__ October
East Sh G & E Subsid
Eastern Penn Ry Co.
Eastern Texas Elec.. October
Edison El of Brockton October
September
Pall River Gas Works October
Federal Light & Trac. June
Port Worth Pow & Lt July
Galv-Hous Elec Co.. October
General Gas & El Co. October
Georgia Lt, P & Rys. June
Great Nor Pow Co
June
e Great West Pow Sys November
..
Harris burg Railways
June
Havana El Ry, L & P October
Haverhill Gas Lt Co. October
Honolulu R T & Land October
Houghton Co Elec Lt.
Houghton Co Trac Cb
Hudson & Manhattan
Hunt'g'n Dev & Gas.
October
October
June
October
October
Interboro Rap Tran—
Total system
June
Kansas Gas & Elec Co July
Keokuk Electric Co.. October
Keystone Teleph Co. November
Previous
Year.
1
89,766
347.735
242,370
353,234
1046,019
828,144
179.549
766,428
146.244
Previous
Year.
$
211.823
$
186,429
1.940,763
2.550.788
148,892
113,180
2,014,593
798,924
129,523
77,248
2.039,798
1,021,516
24,277
23,883
127.064
22,763
13,095
132,244
273,474 206,666
1690,571 1295,458 15,484,441 11,937,647
237,865 211,194 2.240.665 1,902,752
314,598 269,205
221,649
174,154
265,888
189,261 2,643~440 2,180,608
533,506
401,609 4,939,446 3,324,032
43,275
33.326
230,151
205,670 2,534,758 2,510,793
529,665 419.391 4,816.144 4,285.237
49,229
52,408
236,519
269,151
5,767
21,120
12,442
45,752
106,709
101.105
551,300
520.656
677,418
i3,889,190
96,099
460,684 7.264,767
1,087,657 1
38,400
165,952
87.967
67,171
1,025,099
837,858
899,926 796,765 9,308,961 7,528,102
370,034 331,137 3,276,895 2,758,069
43,254
34,955
29,308
26,182
90,169
72,767
2947,200 2187,326 28,193,764 21,175,342
214,682
185,911
144.808
186,806
169.204
217,471
1062,727
731,806 12.048,576 9,839,768
143,052
123,925 1,470,076 1,025,246
63,464
67,651
733,203
673,437
3726,376 3055,953 34,917,706 32,216,937
200,473
166,994
1,434,011
1,214,525
123,917
95,171
1,151,240
935,477
862,267 725,635 7,794,072 7.101.729
881,636 772,894 8,137,792
254,716 224,473
730,761
497,446
61,092
50,350
285,907
256,536
48,352
43,684
490,671
392,88
4,275,522 3,406,342
63,907
48,087
165,481
142,793
1,727,780 1,505,699
51.821
42,662
183,803
158,918
4,571
4,058
37,270
34,258
1528,108
972,974 9,147,564 6.856.625
979,792
592,464
125,948
111,991
1,199",699 1,027",795
221.817
183,930 2,030.530 1,787,528
558.248
467,507 5,293,559 4,561,787
1151,994 1030,115 10,276,967 9,437,616
1017814
882,221
4.135.038 3.500.724
10046665 8241,056
571,387 487,491
843,500
661,621
989,079
824,996
156,083
203,115
932,270 1.175.052
47,462
42,301
185.818
154,315 2,288,712
1,925",247
62,413
47,9341
456,917
363,133
to Latest Date.
Current
Previous
Year.
Year.
$
$
332,583
275,142 3.398J19 2,363!801
21,891
119.582
93.030
98,274
1,013,652
879,608
2215,217 21,344,299 16,092,969
33,257
380,528
298,668
52,026
595,869
500,465
J5.135.865
832,184 \
41,467 14,614,845
1,196,530
968,173
44.408
37,271
571.858
3,121.347
2,660,462
85.005
83,374
432,318
382,474
1763,610 1464,144 10,461,584 7,008.850
165,114
137.402
912.349
729.943
63,255
50,591
520,223
477.084
42,764
37,261
402,399
341,776
115,747
93,714 1,093,583
823,346
1942,230 1613,081 22,871,546 18,219,928
82,421
62.642
65.261
56,770
673",880
577,993
104,429
98,425
1355,202 1118,743 13",156",217 10,644,345
128,819
128,697
1,298,028 1,070,067
2767,988 2446,264 28,303,030 23,375,882
137,558 112,770 1,215,381
1,025,126
1301,770 1121,459 12,856,135 10,283,263
266,639 241,017 2,566.872 2,267.147
325,091
259,176 2,974.517 2,302,455
2176,859 1615,615 19,660,624 14,746,417
154,513
163,844
1.598.985
1.598,771
15,611
West Pow Co of Can. October
Western Gas & Elec.. August
Youngst & Ohio River September
114,824
2795,106
39,069
63,077
77.002
46,959
294,174
157,733 2,686.636 2",236"706
13442000 9980,000 110107000 93,539,000
1352,188
427,476
34,978
151,891
140,231
109,344
31.003
Traction
Rutland Lt & Power. October
Virginia Ry & Power. November
Wash Bait & Annap.. June
RAILWAY
Name of Road
d Illinois
Puget Sd Pow & LtCo October
ReadingTrans&Lt Sys October
Republic Ry & Lt Co. October
17,154
defl9,164
def35,160
13,467
mos
Southern Pacific
light &
Portland Gas & Coke July
Porto Rico Railways
October
Port(Ore)Ry, L&P Co October
30,472
def9,190
124,811
64,848
Nov '20
11
d Detroit
November
Phila Rap Transit Co November
34,221
def5,524
168,061
105,181
'19
South
Phila & Western.
171,644
51,446
1,452,196
'20
*19
Nassau
Subsid Nat Gas Cos October
Philadelphia Oil Co_. October
64,055
15,559
622,043
460,939
South Buffalo
or
Penn Cent Lt&P&Sub September
Pennsylv Util System October
Philadelphia Co and
64,055
15,559
622,043
460,899
mos
Current
Year.
■
June
Avenue
78,258
25,559
761,882
560,899
10
ELECTRIC
& Ninth
Nor Caro Pub Ser Co August
Northern Ohio Elec.. October
North Texas Electric. October
NorthwOhloRy&PCo October
Ocean Electric (L I). June
Pacific Gas & Elec Co October
Pacific Power & Light July
182,466
109,577
1,802,835
1,401,913
Co
♦
Newp N&H Ry,G&E. November
6 N Y Railways
Comparison with 1917, not 1919.
Net
34,223
128,031
483,126
2,550,249
5,179,000
641,552
104,274
Milw
19,650
232,645
26,360
346.565
84,545
347,818
102,794
10,395
444,361
Canadian Pacific
Colorado & Southern
Texas &
June
June
Lowell Electric Corp. October
Manhattan & Queens June
Manhat Bdge 3c Line Jun
•
2.441.248
Buffalo Rochester & Pittsburgh.
Canadian National Rys
Detroit Gr Hav &
Canada Atlantic
Mineral Range
Long Island Electric
Louisville Railway..
$
$
$
Jan. 1 to Latest Date.
Name of Road
204,937
14.834
505,128
971,527 12,200,527
330,532 3,509,003
25.366
9,684,754
2.614,775
129,238
1.813,470
123,980
99,391
27,578
141,605
107,025
62.137
75,399
297.350
104.719
254,514
834,083
691,751
1,327,857
1,083,410
296,773
1.554,571
457,893
1.436,848
1,137,881
882,129
237,469
1.272.473
460.677
131,650
581,781
128,634
871,621
38,271
63,504
21,813
951,118
5,874,325
a The Brooklyn City RR. Is no longer
part of the Brook^
System, the receiver of the Brooklyn Heights RR.
approval of the Court, declined to continue payme
since Oct. 18 1919. the Brooklyn
City RR. has been operated by Its owners.
b The Eighth Avenue and Ninth Avenue RR companies
were formerly
leased to the New York Railways Co., but these leases were terminated on
July 11 1919, respectively, since which dates these roads have been operated
separately,
c Includes Milwaukee Light, Heat & Traction Co.
d Includes
II sources,
e Includes constituent or subsidiary companies.
/Earnings
iven
in m lire is.
g Subsidiary
companies only,
h Includes Tennessee
lailway. Light & Power Co., the Nashville Railway & Light Co., the
Tennessee Power Co. and the Chattanooga Railway & Light Co.
i Includes
both subway and elevated lines,
j Or Abington & Rockland (Mass.).
k Given 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 Earnings—
1.912,108
1,254,242
712.085
2,556,893
3,132,336
1,589,326
861.948
1,329",461
-
661,195
4,873,160
775,573
7,596,468
310.352
623,770
243,579
1017,031
9.329,356
42,024
370,445
74,069
693,992
23,282
264.194
1863,982 1602,692 16,909,154 14,095,468
571,237
481,397
3.131,010 3,014.543
118,990
88,052
53,179
39,855
388~912
322,505
4733,162 4280,838 44,453,920 38,499,354
233,289
181,116
1,904,527
1.510,300
31,057
27,052
293,492
256,874
144,404
139,634
1,588.600 1,490,515
Current
Year.
Year.
Year.
$
$
104,429
1,107,070
98,425
1,111,516
$
50,898
513,709
51,560
571,423
Great West Power Syst-Nov
766,428
Jan 1 to Nov 30--*
5,874,325
581,781
4,873,160
470,213
3,232,662
324,737
2,788,663
142,793
14,846
171,955
348,148
3,743,111
Colorado Power Co
Nov
Dec 1 '19 to Nov 30 '20_
Schenectady Ry Co
Nov
165,481
1,727,780
1,505,699
23,744
165,083
Utah Sec Corp.Nov
843,500
Dec 1'19 to Nov 30 *20, 8,453,325
661,621
7,251,109
438,841
4,018,087
Jan
Subsid
1
to
Nov
30
cos
Gross
Earnings.
Net
Columbia Gas
Nov '20
& Electric
1,355,202
1,118,743
'20 14,634,468
'19 11,855,099
*19
12
Commonwealth
Power & Lt
mos
Nov '20
'19
11
Consumers Power
mos
Nov '20
mos
12
mos
New England Co
Power System
'20
'19
Newport News &
Nov '20
*19
Hampton Ry, G&E
11 mos '20
'19
Nov '20
Western
'19
11 mos '20
'19
Philadelphia Rapid Nov '20
Transit Co
'19
11
mos
mos
'19
'20
*19
Fixed
Balance»
Surplus.
Charges.
$
.
877,221
716,387
9,916,869
7,658,095
424,322
404,035
5,085,319
4,710.534
452,899
312,352
4,831,550
2,947,561
964,902
948,325
9,541,248
9,534,954
825.487
800,563
9,031,913
8,507,596
139,415
147,762
509,335
1,027,358
552,648
530,424
5,089,133
5,010,956
298,640
268,506
254,008
261,918
3,660,349
3,390,877
1,428,784
1,620,079
533,506
401,609
5,834,482
4,038,894
147,415
186,656
1,573,317
1,452,120
40,850
40,337
490,437
486,527
106,565
146,319
1,082,880
965,593
230,151
205,670
2,534,758
2,510,793
34,666
35,127
341,402
452,421
26,751
25,951
294,116
270,821
47,286
181,600
67,651
63,464
733,203
673,437
20,196
27,662
284,935
277,513
14,763
14,225
161,895
155,829
5,433
13,437
123,040
121,684
3,726,376
3,055,953
1,192,200
1,032,844
9,854,238
10,606.098
819,273
813,854
8,995,932
8,923,349
259,756
325,296
1,252,377
1,597,302
190,160
187,689
966,754
924,146
'20 34,917,705
'19 32,216,937
Virginia Ry&Power Nov '20
5
1,301,770
*19
1,121,459
'20 14,011,966
*19 11,237,722
Oct '20
'19
Philadelphia &
2,767,988
2,446,264
'20 28,303,030
'19 23,375,882
after
Taxes.
S
623",454
2.258.288
Previous
Year.
11
730",674
Net Earnings
Previous
Current
Companies.
989,079
824,996
4,734,009
3,929,502
7,915
9,176
•
372,927
218,990
858,306
1,682,749
69,596
137,608
285,623
673,156
DEC.
2515
CHRONICLE
THE
251920.]
Kansas City
FINANCIAL REPORTS.
Annual, &c., Reports.—The following is an index to
of steam roads,
other financial reports
annual and
all
street
railways and other companies published since Nov. 27.
This
index,
does not include
given monthly,
which is
Full-face
Baltimore & Ohio RR__
2224
Southern Pacific
Ulster <fe Delaware RR
Electric Railways—
American Cities Co., N. Y
Birmingham Railway & Light Co___2422
Chicago Elevated Rys. Coll. Trust..2224
2140
2330
City Ry.)
Companies
Ry_______.2135
2325
.2322
Pine Bluff Co.. Arkansas
2229
Pittsburgh & West Virginia Ry
2230
Mass. Northeastern St.
-New York State Railways..
Northern Ohio Electric Corp
2424
Public Service Ry. of New Jersey
United Rys. &
.2326
..2230
Elec. Co. of Bait
Winnipeg Electric Ry
Industrial Companies—
Air Reduction Co., Inc
Empire Coke Co.—Empire
Electric
Co.
Fajardo Sugar Co., Porto
—2143
Gray & Davis, Inc., Boston
Guantanamo Sugar Co..
Gulf States Steel Co
2234, 2322
2143, 2429
Habirshaw Electric Cable Co
2234
Houston Oil Co
2330
Imperial Tobacco Co. of Canada
2421
Island Creek Coal Co
2144
(Julius) Kayser & Co., N. Y
2421
Keystone Tire & Rubber Co
2429
Manati Sugar Co
2430
Massachusetts Lighting Cos., Boston2226
Mergenthaler Linotype Co., N. ]iT.
2137
Nov. 23 1919, and a recurrence
epidemic, affected passenger receipts up to Mar. 1.
The loss in
$150,000.
The coal strike also greatly increased
operating expenses due to the necessity of burning poor quality coal and
paying open market prices for such as could be obtained as well as exceed¬
ingly expensive fuel oil.
However service was kept at the maximum
allowed by the local coal committee.
As
2431
2431
..2331
Avg.Maximum Car Service (at present Equal To the
2142 Packard Motor Car Co., Detroit..w-2136
Phila. & Reading Coal & Iron Co...2229
2232, 2328
2142 Pond Creek Coal Co.......-.-.-.-2145
Co...2232 Producers & Refiners Corp., Denver
and Tulsa.....__.%.'i
2145
Commonwealth Light & Power Co..2142
2137
Consolidated Cigar Corp
I
2232 The Pure Oil Co.. New York
2322
Consolidated Textile Corp
2232 Santa Cecilia Sugar Corp
United Drug Co
2432
Cosden & Co. (of Del.), Baltimore
Dominion Glass Co., Ltd
Edison Elec. Ilium, of Boston
United Gas Improvement
2427
..2226
Chicago Peoria &
U. S. Realty &
St. Louis RR. Co.
William Cotter report
YEARS ENDING DEC.
1919,
$1,321,917
305,127
Operatives Revenues—
31.
1917.
1918.
$1,799,412
48,779
265,161
20,127
35,691
63,274
288,534
21,690
29,943
52,709
$2,147,466
$2,192,288
$461,549
Passenger
$1,763,212
$1,736,078
Freight
$425,157
784,931
$261,462
Mail
19,864
Express
40,391
Miscellaneous
Total oper. revenues
813,963
35,607
1,070,841
Transportation
485,850
71,782
961,743
71,429
44,302
1,197,682
Traffic
113,345
89,092
Cr. 126
78,097
90,803
""91,788
$2,573,277 $2,631,967
def$837,199 def$484,501
53,341
29,577
$1,944,055
sur$248,233
31,450
$40,368
33,569
$51,028
General
Transportation for invest
Tax accruals, &c
Total operating expenses
Balance, sur or def
income
Non-operating
Deduct from income—
Hire of freight cars
rents,
$10,350
i. 37,680
&c__
Interest on funded debt.
x
Does not
41,222
114,190
1920, the effect for June being as follows: June
June 1919, $388,228 increase $108,282 or 27.9%.
The above increases were approximately 35% over the wage scale existing
prior to July 1 1919, but reduction in forces to some extent reduced this
percentage increase.
Other Expenses.—The cost of coal advanced from $3 65 per ton in June
1919, to $4 55 in June 1920; fuel oil from $1 84 a bbl. to $4 08 per bbl.
As a result of the above increased cost of labor and fuel, operating expenses
for the year have increased over year ending June 30 1919, $1,437,733.
Amount
of Gross Revenue Expended in Maintenance,
Depreciation.
:
1920.
1919.
1918.
expended..$2,167,838 $1,760,270 $1,291,162
YEARS ENDING DEC. 31.
1919.
U. S. Government,
$127,540
13,117
Crl ,155
Gross income
Deduct—Rent, &c
Interest accrued on Prior Lien Mortgage
...
bonds
Interest on equipment trust notes
Interest on unfunded debt
Revenue and expense
Net income
4,013
Cr4,882
$115,579
$410
90,000
19,718
2,346
$128,410
def.$33,060
RECEIVERS' GENERAL BALANCE SHEET
1919.
Tnv.
in road, &c
$239,245
Current assets
269,074
Deferred assets—
599,593
Unadjusted debits.
76,615
P.&St.L.RR.
217,957
C.
1918.
Total
Liabilities—
$212,226 Current liabilities.
151,928 Deferred liabilities
566,920 Unadjusted credits
34,202 Profit and loss—
balance
219,467
$1,402,484 $1,184,743
$1,388
90,000
21,240
2,964
36,164
prior to Jan. 1 1918 (balance)
transferred to profit & loss account
Assets—
1918.
$127,540
compensation accrued
Operating expenses, general
Non-operating items
1919.
Assets—
1918.
Working fund adv.
Unadjusted debits.
Profit & loss, bal. .
350,000
381
850,000
1,074,346
increases.
evidenced by thel results of July and August
is bright, despite the seeming present
A rerouting plan for the entire system is now in the hands of the
city authorities: it should save approximately $625,000 a year in oper. costs.
Negotiations have for the past six months been carried on with the Kansas
City Power & Light Co.
[See news item below] for securing our power
requirements from its modern Northeast station recently completed.
This
transaction also involves the sale of our power generating and transmission
facilities to the Light Company.
The consummation of these negotiations
will result in the saving of at least $400,000 in operating expenses and a
The future of the property,
and the Increasing passenger revenue,
handicaps.
material reduction
77,218
fare, should be at least $1,250,000
return should be much larger.
61,845
1919.
Uabilities—
Funded
debt
1918.
118,000
59,000
6,874
447,743
6,874
447,754
Total
transportatlon$8,697,672 $6,414,148
1,492,465
1,506,473
Revenue from power
142,154
Other income
107,976
$10,332,290 $8,028,598
Operating Expenses, &c.—
Gross earnings
$718,740
1,134,674
do
plant & buildings
314,424
Power—operating
1,121,029
Conducting transportation.. 3,391,035
Maint. of way & structures._
do
equipment
$8,172,404 $8,069,759
$547,161
496,519
247,481
1,024,585
1,985,609
$802,060
374,900
65,154
734,957
1,866,038
321,755
439,414
16,117
29,771
Board of control
Injuries and damages
Taxes
$530,366
922,233
307,671
1,039,490
2,916,026
$6,622,706 $6,909,603
1,432,561 1,041,967
117,137
118,189
.
deficit
1,722
32,092
7,092
26,578
738,556
Traffic
Net operating income
Miscell. Income—company..
inc.fr.*Missouri
ma¬
tured unpaid...
Revenue from
30.
1916-17.
450,875
2,041
31,307
519,393
323,722
473,150
632,363
582,983
458,501
615,460
510,796
517,125
1,265,448
24
1,363,501
13,388
1,159,183
644,071
$387,126def$522,727 $1,130,883
$1,991,189
:—
4,710
17,352
17.411
18,815
$391,837def$505,317 $1,148,234 $2,010,005
89,002
Fund, debt unmat.
991,797
YEARS ENDING JUNE
1918-19.
1917-18.
1919-20.
Company's share of income
Capital stock
350,000
$10,414,700$10,332,226
561.
net earnings for
and at the present
economics the
while with the aforesaid
78,921
Unadjusted credits
Total
in fixed charges.
Receipts are steadily growing.
At the present rate the
the year ending June 30 1921, without further changes
Joint net oper.
$196,119
820,701
Unmat'd int. accr.
-V. 110, p.
180
1918.
1919.
$390,677
872,745
$4,000,000 $4,000,000
5,145,000
5,086,000
283,324
283,324
456 Acc'ts & wages pay
390,275
472,760
850,000 Int. mat'd unpaid.
road&equip$8,l39,972 $8,139,972
Inv. In affil. cos...
1916.
The average age is 36 for a well trained, highly efficient organiza¬
tion.
The employees Brotherhood, which in December 1918, had
members, now has over 2,000, comprising practically 90% of the transpor¬
tation forces.
The shop committee system is a model of its kind: all griev¬
ances are adjusted promptly and harmoniously.
Against 4,200 employees
in June 1919, the company to-day has approximately 3,800, and further
reductions are being made in every department, as the efficiency of the
Auxiliary oper.—power
DEC. 31.
CHICAGO PEORIA & ST. LOUIS RR. CO. BALANCE SHEET DEC. 31.
Inv. In
1917.
$1,242,114 $1,281,812
property.
do
do prior July'14 (net)
General & miscellaneous
$12,817
$1,402,484 $1,184,743
Total
Repairs, Renewal and
21.92%
15.80%
15.39%j
17.02%
expended for maintenance and upkeep in
the past year was to a great extent due to the strike.
The equipment,
owing to Inexperienced trainmen and the depredations of the strikers, was
in extremely poor condition prior to June 1919.
Since then the complete
overhauling or rebuilding of more than 600 cars, has put it in better
condition than at any time in the past four years.
Equipment maintenance
costs should, therefore, be materially reduced in the coming year.
Outlook.—The labor situation is the best known in the history of the
INCOME ACCOUNT FOR
tossx831,886 ?ossx528,861
Inc.73,243
include the Standard Return amounting to $127,540.
INCOME ACCOUNT FOR
effective July 1 1919,
Three wage increases were necessary,
16 1919, and June 1
Net Income or loss
RECEIVERS'
632.5
1920 payroll, $496,510:
men
Operating expenses—
Maint. way & structures
Equipment..
;
585.8
% of Gross rev..
20.98%
The unusually large amount
follows:
as
OPERATING INCOME ACCOUNT
536.1
,
Amt.
1919.)
(Report for Fiscal Year ending Dec. 31
Misc.
2322
2433
Corporation..
i
Refining Co
White Eagle Oil &
The receivers Bluford Wilson and
substantially
Co--2333
Co....2433
2333
Improvement
V. Vivaudou, Inc.........
Willys
613.1
Sundays and
ponding rates then in effect in Missouri.
The last increase has resulted in an average fare of 7.42 cents per passenger
and would have met all operating and fixed charges in March, April and May
of this year had labor and coal costs remained on the same basis as of August
1919. The deficit for the three months mentioned was exactly the amount
of the increase in fuel and labor.
Increase in Wages.—The upward trend of expenses continued, in aggra¬
Oct.
,Pa_'_2135
1917.
589.8
for last 6 mos. of e&ch year.. 636.4
524.8
586.6
638.9
Fares.—Under orders of the Mo. P. S. Commission, the fare was increased
as follows:
(a) Aug. 20 1919—from 6c. to 7c;
(b) Dec. 14 1919—from 7c.
to 8c. cash fare, 2 tickets for 15 cents, and 5 tickets for 35 cents.
:
In Kansas the rate was Increased on Jan. 4 1920, from 6 cents to corres¬
vated form.
2233
1918.
551.2
holidays
Columbia Graphophone Mfg.
Corp...2421
2428
1919.
503.7
Sundays and holidays
Average per day excluding
Coca-Cola Co
Curtiss Aeroplane & Motor
Highest Point in 1917).
1920.
574.6
'
Average maximum cars per day
Average maximum cars per day excluding
Ltd..2421 Sperry Flour Co..-...—--.—.....2145
2226
Co...
2328 Springfield Gas Light Co
Standard Oil Co. of Louisiana
2135
(of Mary¬
...2232, 2336 StewartsWarner Speedometer Corp. 2145
Stromberg Carburetor Co
—. 2332
Co., Charlotte,
Crucible Steel Co., Pittsburgh
With the present
passengers.
6.37%
130,116,889
rate of fare this will result in in¬
creased revenue of $578,649.
(J. I.) Case Plow Works
N.C
30 1920.
Increase.
of Revenue Passengers Carried Since June
Number
revenue
Central Teresa Sugar Co.
Chino Copper Co
and
labor and fuel increases,
July.
August.
September. Tot. 3 Mos.
10,793,790
10,899,339
10.844,297
32,537,426
10,120,056
10,430,811
10,037,167
30,588.034
At this rate the year ending June|30 1921, will show a total of
Canadian Car & Foundry Co.,
land)
carried and the increased fares
of greatly increased operating costs due to
1920
2327 Paragon Refining Co
American Stores Co., Philadelphia..2425 Pierce Oil Corporation
2431
American Sumatra Tobacco Co
..2327 Producers & Refiners Corp
Autocar Co., Ardmore, Pa
2426 Reo Motor Car Co., Lansing, Mich.2332
2235
Autosales Corporation, New York..2426 Santa Cecilia Sugar Corp
Shaffer Oil & Refining Co......
2332
Avery Company, Peoria, III.......2136
Brown Shoe Company
2225 Sherwin-Williams Co., Cleve._2145, 2420
...2136
Bush Terminal Buildings Co
2142 South Porto Rico Sugar Co
Chadwick-Hoskins
result of the increase in passengers
operating deficit of $505,316 for the fiscal year 1919 has been changed to
an operating income of $391,837 for the present year.
A gradual Increase in business is noted since the first rate increase effective
July 16 1918, although there has been no letup in jitney competition, which
is costing us about $3,000 a day in revenue.
The promise of continued
increase in business is further reflected in the following:
Stamping Co....2331
American Malt & Grain Co
a
In spite
an
2235
Nat'l Enameling &
alone exceeded
revenue
2224
National Acme Co
Nipissing Mines Co., Ltd.......
35.9%.
or
The nation-wide coal strike which began
.2136
American-Hawaiian Steamship Co..2327
of 122,319,221 revenue passengers
12% the previous year, in spite of
$8,634,500 an increase of $2,283,-
Year 1919-20.—A total
of the flu
...2231
American Cotton Oil Co
19
337
(Concl.)—
Page.
2420
Rutland Railroad
Des Moines (Iowa
Results for
Gas &
2225
Rico
2329
2325 Famous Players-Lasky Corp., N. Y.2143
2428
2223 Firestone Tire & Rubber Co
Fisher Body Corporation
—2143
2428
...2137 Goodyear Tire & Rubber Co...
.2227
Boston & Maine RR
Gulf Mobile & Northern RR
Hudson
Industrial Companies
2420
_
Philip J. Kealy (who has resigned but will,
it is stated, aid the receivers in an advisory capacity), writing
Oct. 20 says in substance:
length.
figures indicate reports published at
Page.
30.)
(Report for Fiscal Year ended June
President
was carried, an increase of 13,045,905, or
increases in fare.
Passenger revenue was
reports in to-day's "Chronicle."
Steam Roads—
Railways.
Operating all lines of Street Railway in Kansas City, Mo., Kansas
City, Kan., Independence, Mo., Rosedale, Kan., & Jackson Co., Mo.
$10,414,700$10,332,226
Net
properties
Net inc. fr. Kansas properties
Miscellaneous income
$459,589def$324,238 $1,003,140
def72,462 defl98,489
4,710
17,411
$391,837 def505,317
Deductions from Company's Income—
Bond and note interest
$1,863,822 $1,709,547
Bond disc. & expenses
Miscellaneous expenses
155,479
13,998
161,547
14,705
127,743
17,352
$1,687,455
303,735
18,815
$1,148,234 $2,010,005
„
.
$1,482,648 $1,442,568
33,314
71,290
46,418
dfl.641,463df2,391,115def$439,019
$519,494
"The net Income as reflected in the Income Account is after charging off
all expenses of operation, maintenance of way and equipment, and providing
the allowance for maintenance, repairs, renewals and depreciation, and for
personal injury and damage claims, as provided in Section 28 of the Fran¬
Net income
chise
Ordinance."
2516
7
THE
COMPARATIVE
STATISTICAL
STATEMENTS
JUNE 30.
Electric Railway—
1919-20.
1918-19.
Revenue passengers
122,319,221| 109,273.316
Transfer passengers57,810,704
Passenger
car miles—-
per.car(cts.)
4.99
35.26
Miles of track oper_.—
295
Streets, &c occupied miles
159
earns.
1917-18.
131,401,497
51,815.940
21,174.642
5.16
24,489,084
.
Per. pass, per car mile._
Pass,
YEARS
ENDING
295
158
INCOME ACCOUNT
137,394,1*3
69,516,515
26,527,687
5.58
27.78
Total
5.18
158
-
1920.
1919.
LtabilHUs-—
equip:
Missouri prop..130,132,735
$29,766,866
do
6.634,472
invested
come
98,589
6,121,646
Kansas property
Total
98,589
5,651,597
$36,352 ,971
Int.
on bi lis payable, &c
Depreciation.
Dividends
.-.U.*
Acer .lnt .on
224
....
Fd bonds--..
a$l,733,037
41 ,190
306 ,167
1,000,000
Growing
779,662
857,738
Materials & suppi.
Mtges. & loans...
483,737
75,782
493,856
163,744
1,000,000
126,534
2,230,835
141,914
1.552,698
1,049,380
1,123,953
1,882,748
712,011
844 ,679
Insur.fund,cash.
7 059
6,851
Matured debt..
Dividends pay..
24, 754.
213, 014
368,493
Wyand. bridges.
Due on viaducts
Employes' depos
43 223
5,594
Unadj. debits—
Ins.in advance..
Dlsc.A exp_
Suspense
equip...
—
Due on
354 766
Accrued interest
Tax
1,200
cost to date on
10,205
260,019
x
y
74,771
86,238
3,153
98,589
98,589
City, Mo.
Co.,
length
1919-20.
1918-19.
Cardenas Ref.(l,0001bs.)
1,600,797
256,127
75,675
GramercyRef. (1,0001bs.)
206,450
1917-18.
143,590
CONSOL. INCOME ACCOUNT FOR
1919-20.
1,863,802
298,208
30.613
145.321
YEARS ENDING SEPT.
1918-19.
1917-18.
tSugar sales
30.
1916-17.
$90,413,179 $49,324,349 $38,251,539
$38,653,479
Molasses sales
1,028,105
342,475
650,353
714,304
Interest received.......
426,982
347,061
234,959
208,850
Profit on stores,
876,149
753,279
952,465
768,921
Total
$92,744,415
Prod. & mfg. costs, sell¬
ing & general
$50,767,165 $40,089,316 $40,345,554
37,721,928
29,840,043
29,523,594
$22,282,659 $13,045,236 $10,249,273
$10,821,960
Deduct—
Raserve for
war excess
as
may
income and
profits taxes
be finally de-
termined
Discount on bonds
Interest on bonds
Int.
on
.
$8,500,000
1,096,797
Depreciation
$4,000,000
999,022
<
Discount on notes
Loss on Lib. bonds sold.
Interest on notes.
Res. to reduce cap.
exp.
Bond sinking fund
Preferred divs. (7%).
Common (cash)
307,323
45,833
69,706
145,808
552,566
Balance, surplus
and refined sugar
produced, less
CONSOLIDATED
BALANCE
1920.
$
34,668,570
Good-will........ 3,929,340
Advances to Colo-
5,500,239
Pl't'dAgrow'g
cane 3,399,366
Live stock & equip. 1,518,624
Inventory of raw
material, Ac... 6,494,370
Raw & ref'd sugar. 9,099,564
Cash
4,837,836
U. S. bonds, &c_._
445,600
aAcc'ts & bills rec. 3,042,686
Other def. charges
431,169
Advances
688,716
Total
v
256,443
715,229
96,128
552,566
$7,670,714
$2,578,559
$7,117,590
$3,704,370
SEPT.
$
Preferred stock...
$
7,893,800
7,893,800
2,000,000
462,193
4,000,000
2,171,866
2,164,347
3,103,731
Salaries and wages
120,178
Interest accrued..'
38,769
loans...
Accounts payable.
bRes've for income
1
462,193
refined sugar
reserve..
459,535
1,069,699
sales..$44,135,326 $61,587,219 $75,801,507
$91,078,514$114,980,969
Net earns.x
5,837,021
4,619,298
4,664,615
Net, after ord. deprec., but before Fed',
taxes, &c.
$9,306,978
$9,396,912
Depreciation of Inventories
8,151,750
Dividends
2,597,787
See below
...
...
$6,709,191
not shown
Fifteen months—end of fiscal
year changed from
July 31 to Oct. 31.
x After Preferred
dividend, Federal, &c., taxes, &c.
Note.—The dividends paid on the
pref. shares in year 1919-20 called for
$1,300,000.
The amount distributed on
the common stock is not
stated,
but the several payments are
understood to have aggregated
43J^%, viz.:
March,
20%; June, 20%; Sept., 2%; Dec.,
1H%Company's Dividend Record on Common Shares as
1910.
5
1911.
1912.
7
5
1913.
1914.
10
1915.
13
';vr:
1920.
1916.
10
1919.
§
/;
$
Land, bldgs., ma«
chlnery & equlp.29,412,397 18,820,215
Investments:
Reported
1917.
Unofficially
1918.
42J4
62^
25
1920?
1919.
62
43H
Cash.....
...
from
rec.
empl's
V
1920.
1919.
Liabilities—
$
^ ij "
6% Cum. Pref. stk.10,000,000 10,000,000
7% Cum.Pref.stk.
(authorized $40,-
U.S. Lib. L.bds.
1,264,217
895,805
.......
Misc.stks.Abds. 3,665,212
Inventories (cost).45,163,710
000,000)
Com.
& insurance.
real
5,398,519
6,258,678
29,931,765 22,367,140
Rico.
James Bliss Coombs, together
with
sheet, will be found on a
10,000,000
,VV
Accounts payable.
Accrued
salaries,
5,004,811
;
to
U.
Provision
401,461
year's
out
:
/
1,639,870
1,899,112
238,709
...
for
8,151,750
Reserves for:
■■
3,812,410
Depreciation.
Welfare
work
pensions
Insurance
107.404,201
576,833
.......
of
earns,
inventory losses.
un-
5,812,691
3,336,518
S.
Lib. Loan bonds
.......
594,089
estate-y3,632,081
3,500,009
751,919
taxes, Ac
Mtges. A notes pay.
Subscrip.
House & lot accts.
sold
(auth.
...
439,104 v
Expend, applic. to
future operations
receivable &
10,000,000
stock
24,159,520
$25,000,000)
3,750,000
5,198,060
3,749,744 Notes A trade ac¬
13,034,702 15,645,417
ceptances pay..31,355,816
purchases
and
sundry advances 6,264,847
Prepaid, int., taxes
Total
9,229,714
6,939,716
(Report for Fiscal Year Ending July 31 1920.)
The report of Pres.
tax..
*
..
73,753,599
8,098,495
A
_f.
1,341,639
838,630
554,539
x33,880,757 35,430,539
...
.
....
losses
Surplus
74,056,079
Porto
*
Balance, subject to corp. income & profits
Total
107,404,201
73,753,599
The profit and loss surplus as here
shown is before making
any pro¬
vision for Federal income and
profits taxes
x
Less
accrued for year
mortgages.
Note.—The company has a
contingent
of notes receivable discounted.—V.
liability as endorser
Ill, p. 2428.
1919-20.
on
$1,091,361
,
Pacific
Gas
&
(,Statement for 10
Fajardo Sugar Co. of
In
NET SALES AND EARNINGS FOR
FISCAL YEARS ENDING OCT. 31.
v.
*1915-16.
1916-17.
1917-18.
1918-19.
1919-20.
p. 2046.
The
readjustment
a
Net
y
Total
Electric Co.,
Months
In connection with the
ended
San Francisco.
Oct.
31
1920.)
bondjoffering described
on a
follow¬
ing
page the reader will peruse with interest the
following
statement condensed from the November
issue of the
"Pacific
the income account and balance
Service
subsequent
number of the
magazine contains a 17-page
article, profusely illustrated and
accompanied by a map,
page.,
o
«
81,160
60,301,279
After deducting reserve for bad and
doubtful accounts,
b In 1920 the reserve of
$9,229,714 covers both income and
excess profits
taxes and revaluation of stock of refined
sugar; in 1919 the reserve
for in¬
come and war excess
profits taxes only.—V. Ill,
a
Issued 57,601 shares
1
2329.
2,206,225
104,330
and war taxes &
reval. of stock of
Deprec'n
Surplus
73,346
acct. Com. stock
1919.
v-
Bankers
5,014,333
5,591,657
74,056,079 60,301,2791
■
Due
30.
10,000,000 10,000,000
1st lien 6% notes.
Reat est. Ms., &c.
Bills payable....'.
3,817,658
2,754,304
1,318,668
2,311,213
1,199,240
2,067,828
194,217
576,481
-
enforcing
Notes & accts.
commissions, &c.
Liabilities—
Common stock...
31,526,341
3,929,340
442:.344
505,563
77,074
Assess—
637,926
552,566
(10)999,950(20)1999,137
SHEET
117,756
500,000
CONSOLIDATED BALANCE SHEET OCT. 31.
1920.
'
ma¬
nos, Ac.a.
498,420
83,520
1919.
$
Assets—
Lands, bldgs.,
chinery, Ac
p.
vV?:%y
$7,506,505
$5,538,731
$7,564,625
raw
$2,500,000
762,030
'
83,990
197,095
306,009
137,500
552,566
deductions.....$14,718,033
t Denotes
909,794
348,652
108,333
227,933
270,000
divs..(40)4,000,000(10) 1000,000
Total
$3,500,000
...
bills payable, &c.
60.967
•
—
70,461,756
expenses
Net earnings.
1
Common
capital stock under our established
employees' stock plan.
A big asset is
our young,
loyal and enthusiastic
organization, who are stockholder in
the company.
With our inventories
adjusted, our expenses reduced, and the quality of
our product never so
good as at present, our position in the
trade is most
favorable.
I am confident of the
future and that the ensuing
year will see
your company grow in strength and
stability.
1916-17.
1,724,750
275,960
50,277
151,026
1,965,641
314,503
43,164
and
$9,396,912.
Out of this profit we have
deemed it advisable to set aside
$8,151,750 for
depreciation of our inventories.
Building.—We plan to finish the Canadian
factory early next year.
A
rubber preparation mill and
warehouse ta Singapore, Straits
Settlements,
has been completed and the
plant is in operation.
The new steel plant and
tne new rnecnanfcal
building, in Akron, are practically completed and both
will be put in
operation when the demands of production
require them.
New Stock.—Last December we
issued 25,000 shares of the
on a
GENERAL STATISTICS FOR YEARS ENDING
SEPT. 30.
...
3,428,706
_
every line of manufacturing and
merchandising.. In the face of these conditions we have been
able to show,
after allowance for
depreciation and bad accounts, earnings of
subsequent page,
including the remarks of President E. B. Hawley, the consoli¬
dated balance sheet and consolidated
profit and loss account
Total bags
Total in tons
Ill,
abroad,
New York.
(Report for Fiscal Year ending Sept. 30 1920.)
The report will be found at
_
.
Results.—Sales for the year were
$114,980,969, as compared with sales for
the preceding year of
$91,078,514, an increase of 26%.
The past year, the 20th
anniversary of the company, has been the most
unusual and difficult in its
history.
During the first half of the year there
was such an unusual demand for
our product that we increased
our output
until in April we reached an
average of 28,000 tires per day.
Then followed
unseasonable weather and a general
business depression both at home and
Sink .fund 2dM.bds
414,298
Profit A loss... def6,631,996def3,111,788
Sugar
_
Rubber Co., Akron, Ohio.
(Report for Fiscal Year ending Oct. 31 1920.)
President H. S. Firestone,
Akron, Dec. 15, wrote in subst.
94,512
$351,100 2d M. sinking-fund bonds held, but not shown,
payable In monthly installments.—V. Ill,
p. 2324.
Cuban-American
_
Firestone Tire &
17,173
1,787
Amount due;
The
83,457
258,526
1.791,770
payable
Insurance etc., res.
Preferred.
Corporate surplus:
...$39,184,014 $37,452,371
342:149
Dividends
Surplus..
2,231,071
surplus Income
Totals
1,182,874
each; Preferred, 15,000 shares of
$100 each.
Common stock of $100 each; no
—V.
Suspense
Kansas
175,218
620,776
Total.........10,854,313 7,991,559
Total.
..10,854,313
7,991,550
x Including molasses,
y In 1920
authorized.Common 70,000 shares of
$100
6,675
719,030
Other reserves..
Unred.car tickets
200,384
276:626
399,102
30,000
200,384
'14-20...
accts.
Deferred charges.
1,200
30,000
y423,249
liability
ages
484,123
bills rec
1,000
10,413
1,150.000
accounts
strong
2,467,734
Demand loans....
Cash.
Reserve for dam¬
of
viaducts.....
Misc.
payable
Planters'
Accounts rec.—for
sugar sold
certificates...
Materials & sup.
1
Raw sugar on hand
1,000
32,450
3,338,300
Accts. payable....
L. W. & P. Arm¬
81,556
270,952
1,750,044 xl,388,537
Liberty bonds
Notes payable..
406,347
818,148
Co.'s propor.
1,000,000
Bills
$
5,760,100
Bank overdraft...
cane
1919.
S
Capital stock
Fajardo Devel. stk.
27",750
and accts
receivable
Liabilities—
.
1,000
AuditedacctsAc.
Special deposits.
$181,572
prolfts taxes,
1920.
S
3,145,283
635,068
25,250
112,818
41,600
1919.
$
Property and plant 3,168,645
Live stock A equip
651,562
109,800
5% A 6% rl.est.
6% damage. Ac.,
164,649
Loans
Assets—
7,750,000
170 ,238
$331,703
excess
Plant ser-/ accounts
notes, Ser A..
366 ,400
a$137,258
Invest, at cost....
7,750,000
354,766
258 ,742
4b:000
3,939,300
notes, Ser. A.
Car Tnist notes.
Cash
$692,008'
75,434
144,199
103,453
38,440
174,895
165,431
154,349
98,275
x3,723,88Q (10)333,775 (10)333,720
(10)333,720-
1920.
10,533
Other lnv.A adv.
2,790,670
for Federal income, war and
Dividends paid: Cash $1,352,070; stock
$2,371,810.
x
3-yr. Coll. 7%
'
curities Co's.sk.
3,591,184
_
Balance surplus
Before providing
6,290,426
15,917,400
6% rter.A.
4,290,400
do 5% bds.Ser.B
1,000,000
2-yr. Coll. 6%
se¬
1916-17.
$3,286,360
196,312-
$859,902 $1,002,468
79,239
79,243
a
$100,000
2d M
$35,517,053
425
2d M.sink fund.
3,841,421
Net income
$5,790,861
Prov. for replacements
83,614
Purchase of San Cristobal
1919;
$100,000
6,295,276
Stkholders'equlty
lstM.5% gold b(lsl5,917,400
surplus in¬
JULY 31
1917-18.
BALANCE SHEET JULY 31.
1920.
Capital stock...
ENDING
1918-19.
$4,532,427 $4,366,671
168,897
226,982
-.$12,425,333 $4,701,324 $4,593,653
$3,482,678*
costs, Ac.—.
COMPARATIVE BALANCE SHEETS JUNE 30
A ssets—
YEARS
Deduct—Producing and mfg.
156
Earnings per mile
$54,260
$40,043
$41,427
$43,667
Population terr. served
(estimated)
475,000
450,000
430,000
420,000
Population per mi .of track
1,607
1,525
-1,460
1,465
Power Statistics—
K. W. H. generated
-210,226,710 202.264,946 223,698,280 240.265,649
Cost per K.W.H.(mills).
12.58
13.26
10.52
5:86
K.W.H.of power sold
100,567,100 102,782,783 108,219,491 110,022,511
Total cost of fuel
$1,966,763
$1,904,164
$1,741,317
$1,135,913
Road A
FOR
1919-20.
$12,268,337
156,997
Miscellaneous receipts
25.78
286
294
[VOL. 111.
July'SI Years—
Sugar, &c., produced
1916-17.
65,848.171
23,598,155
29.99
do
CHRONICLE
The
Magazine," which the
same
company
publishes.
DEC.
regarding the region drained by the Pitt River with its daily
a billion gallons a day, and sites for 15 or more hydro-:
electric plants which the company will be able to install
when and as required to keep pace with its rapidly growing
flow of
business.
As to
2517
CHRONICLE
THE
251920.]
whi ch are connected by
blocked out is estimated to contain a net
ore
substance:
Siepa & San Francisco Power Co., the former by
and the latter by lease on Jan. 1 1920.
The normal growth of upwards of $3,000,000
company has ever
purchase on Oct. 1 1919
in gross is the largest the
experienced in any like period of its
leled by the net addition of
history and is paral¬
33,262 new customers.
in the Long Hike, Starlight,
tramway with the
mill.
The
profit of $500,000.While the
mine particularly, has been disappointing,
the Elkoro group of mines has large possibilities.
The minimum estimate
of probable ore is placed at 100,000 tons, which will yield a net profit of
$500,000 additional.
This figure may be greatly increased by further
development, in the Long Hike
development.
earnings, &c., the magazine says in
Earnings.—The increase of $7,200,386 in the volume of business in the
first ten months of the present year, as compared with 1919, is attributable
in about equal proportions:
(a) To the normal growth of business; (b) to the
taking over of the properties of the Northern California Power Co. and the
about two years ahead
Ore is blocked out for
and O.K. mines, all of
V.:.vV'
; 1
:
Mayo Silver-Lead.—In July of 1919 a strike of high grade silver-lead ore
reported in the Mayo district, about 125 miles from Dawson, Y. T.
Options were taken and development work begun with the result that two
strong veins were developed carrying high grade silver-lead ore.
Several additional veins were discovered on " Keno Hill."
In late August,
nine veins had been found.
The ore developed to Oct. 1 was estimated at
was
shipping grade, averaging 200 ozs. of silver, and 68% lead,
considerable tonn^e of lower grade disseminated
be profitable.
The ore developed
operating profit of approximately
5,000 tons, of
There is also a
to the ton.
which will require concentration to
to Oct. 1 is estimated to contain a net
ore
The substantial increase of $1,116,247 in net income is merely a reflec¬
latger investment the company has in its properties.
Its "plants
and properties" account on Oct. 31 1920 stood at $163,070,197, an increase
since Jan. 1 1919 (the period covered by the above comparison) of $23,754,201.
This latter sum represents the additional investment made in a
$1,000,000.
period of 22 months.
Business Development.—At Oct. 31 1920 there were 562,825 customers
receiving service from the company, the net addition being 33,262 con¬
sumers.
If each of these new customers be considered as representing a
family of four persons, this additional business would be equivalent to
extending "Pacific service" in the first ten months of the current year to
every family in a city twice the size of Sacramento.
Sossible as to is approximatelythese veinsIf the values go greatest vertical
at depth. The down only, say
epth in ore the behavior of
100 ft.
,
Statement of Consumers
31 (Total 562,825).
by Departments as of Oct.
'
Gas
Increase.
Water Steam Sales
Electric
Depart.
Depart.
Depart.
13,296
16,303
10,798
Total.
Depart.
424
434 >
434
506,578
33,870
266,572
226,286
562,825
56,247
1920
283,383
262,705
385,807
385,807
Gain, 13 yrs. 164,536
210,039
Sales of First Pref. 6% Stock.—As a result of our recent offering of First
Pref. stock, 2,362 subscriptions, aggregating $2,456,650, were received
down to Nov. 30 1920.
This represents an average of about 11 shares per
subscriber.
One of the company's directors has presented a share of this
stock to each of his twelve grandchildren.
1919
MONTHS ENDED OCTOBER 31.
INCOME ACCOUNT FOB TEN
$21,714,429
uncollectible
883,339
11,772,695
5,200,800
.$20,469,822 $14,385,683
7,328,746
3,532,622
173,269
$6,084,139
1,116,247
540,753
73,139
833,333
1,279,769
228",912
16,973,495
accounts...
Total expenses
income.±..L«.'2ia;■_„.8,444,993
4,073,376
Bond discount and expense
246,408
Additional depreciation reserve
833.333
Net
Bond and other interest....
Dividends accrued on Pref. stock
Dividends accrued on Common
Balance
$7,200,386
2,612,988
Oper. exp.v rentals, taxes (incl. Fedl
taxes) and reserves for casualties
and
Increase.
1919.
1920.
Gross earnings, incl. miscel. income..$28,914,815
Maint. and reserve for depreciation..
3,496,327
stock.
1,508,682
1,416,836
1,416,836
$366,357
$92,916
$273,442
following page.—V. Ill, p. 2049, 1858.
...
.
See bond offering on a
Yukon Gold Company.
{Special Report to Stockholders Dec, 10
In the districts in question for
several years.
1920)
Operating conditions, metal
to use
recoveries and costs are known and established and we shall be able
much of the equipment released from our expired gold operations.
Our engineers
ground already acquired
properties and equipment and
estimate the resulting profit from
or in
process of acquisition, after paying for
allowing for Operating costs, depreciation and all other charges, will amount
to between $10,500,000 and $16,500,000, depending on the price of tin,
realizable over a period of fifteen years.
In addition to the proven property
the company has under option a further large area of tin bearing
Following the new strike of silver-lead ores in the Mayo District, Yukon
Territory, Canada, we have also been able to acquire on favorable terms, con¬
trol of all the claims on Keno Hill, the richest area so far opened up in the
vicinity.
On these claims, there had been developed up to Oct. 1, 5,000
tons of ore assaying 200 ounces of silver and 68% of lead to the ton, and
estimated to yield a net profit of $1,000,000.
In this field, if present
ground.
promise is realized, the company has what should prove an exceedingly val¬
uable silver-lead property.
Expenditures.—On the Malay tin project, the company has expended to
Nov. 1 approximately $1,200,000, chiefly in the acquisition and proving of
the property and in the installation of dredges, &c., preliminary to placing
the Mayo silver-lead property, the
the development
Further
project between now and June 30
Further expenditures on theMayo
Nov. 1 and Aug. 1 1921 aggregate
expenditures on the Malay tin
will amountto
approximately $700,000.
silver-lead and other projects between
$800,000.
All of these further expenditures will be met by the
present resources of the Yukon Gold Co. and the Yukon-Alaska Trust
combined— V. 102, p. 2082. 2173; V. 104, p. 1296; V, 106. p. 1125.
Relations with Yukon-Alaska Trust Financing.—The Guggenheim Explora¬
about
dissolution in 1916, owned upwards of 2,800,000 shares of the
3,500,000 outstanding shares of the capital stock of the Yukon Gold Co.
Such shares were conveyed to the Trustees of the Yukon-Alaska Trust
together with certain other property, including eight promissory notes of
the Yukon Gold Co. aggregating $5,000,000, representing money loaned by
the Guggenheim Exploration Co., one of which notes has since been paid.
The Trustees as at once the principal creditors and major stockholders of
the Yukon Gold Co. thus became on behalf of the trust beneficiaries, ma¬
terially interested in the permanent success of the Yukon Gold Co.
Accordingly, as requirements demanded, the Trustees consented to ex¬
tending the time of payment of three notes of the company for $625,000
each1, thus enabling it to use the money represented thereby in the acquisi¬
tion and development of new property.
The trustees have now consented
to make further cash advances aggregating $1,000,000, to be used in the
development of the Malay tin and Mayo silver-lead projects.
Further Financing.—It may be advisable to postpone for a time the com¬
tion Co., at
pletion of the equipment program as outlined in the accompaning reports
but it is necessary to the success of the Malay enterprise that sufficient
funds be provided now to insure the completion of the purchase of the prop¬
erty and the continuance of the examination work.
The necessity of fully
financing these new enterprises at this time is happily avoided by the agree¬
ment of the Yukon-Alaska Trust to make the advances stated.
It is believed that before June 30 financial and commercial conditions
will have so far improved as to permit the company to obtain the additional
capital it requires upon satisfactory terms.
Balance Sheet.—In balance sheet of Nov. 1 1920 appended hereto, all
i
ead district of the in the territory are carried at cost.
iiroperties acquired Yukon Federated Malay States and
distance from
Malay, the disbursements
inOn account silverthe Mayo of the
estimated.
in Malay since Sept. are
of Gen. Manager O. B. Perry, N. Y., Nov. 5.
Placer Gold Properties.—No new properties have been acquired since 1917,
and the earnings have steadily decreased as costs have gone up and lower
grade ground has been worked.
On revised estimates, the Dawson opera¬
tions, dredging and hydraulicking, have three years remaining, with an
estimated net profit of $350,000.
The California and Idaho dredging
properties have an average life of 4J^ years, with an estimated net profit
of $770,000;
making the total estimated net profit from the placergold
Extracts from Report
properties,
$1,120,000.
,
'
Co., (Jarbidge, Nev.).—The total of ore milled to Nov. 1
all from the Long Hike mine, is 104,469 tons, which yielded in bullion $1,181,900, with a net operating profit of $555,229.
This profit
Elkoro Mines
expended in completion of plant; in development
of interest on Elkoro Mines Company notes.
and
north
faulting east and west.
The high grade ore is
phide) carrying silver and averages 14 inches
150 ft., the veins
having
a gross
fissures running
from the main
nearly pure galena (lead sul¬
in width.
No prediction is
20,000 tons of ore,
with possibilities of large
discovered thus far should yield some
value of five to six million dollars,
bodies of concentrating ore.
A power
plant is being installed
Hill and all necessary equipment
with transmission line to the top of Keno
for mining on a small scale.
Arrange¬
been made to mine 3,000 tons of ore during the winter which will
be hauled to the head of navigation for shipment during the coming open
season.
Under present conditions, the cost of mining, shipping and smelt¬
ments have
ing is estimated at $95 per ton.
This cost will be
large tonnage is developed.
Discoveries of high grade ore have also been made
materially reduced if a
in other locations in the
been taken on other groups of claims.
its extensive and high grade mineralization, the Mayo
considered very promising, and the Yukon Gold Co. contiolling all of the important discoveries stands to profit largely.
district, and options have
Considering
district must be
Malay Tin.—For the past two years the company has been actively
engaged, in the examination of alluvial tin deposits in the Malay Peninsula.
The company now has options on several thousand acres in the heart of
the producing fields and is employing some eighteen drill crews and a large
staff of engineers on the examination work.
Over 5,000 holes have been
sunk to date, and the selected areas have been carefully check drilled.
C H. Munro, Examining Engineer, estimates that the area developed to
Oct. 1 contains a net profit in addition to return of capital expenditure,
of over $13,500,000 with tin at 45c. per lb.;
with the probability that
adjoining ground within the next year will increase this profit by at least
50%.
By systematic examination and purchase of selected areas, the
company's holdings should be very materially increased,
and
the
The company has expended on this enterprise to Nov. 1, $1,200,000,
will require an additional $2,470,000 approximately to complete
purchase and equipment of the projects already developed.
If the program
outlined by Mr. Munro is followed, approximately $1,000,000 of this amount
will be required during 1921.
Additional equipment to bring the
up to full production will cost $1,470,000, all or any part of which can
provided out of earnings of the first three dredges now
course of construc¬
tion.
If the Malay business is further enlarged along the lines suggested,
it
properties
be
in
capital outlay will be
additional
required, with corresponding returns.
Summary.—The properties owned or controlled by the company in the
Yukon Territory, and the Malay States, are estimated to
operating profit of approximately $20,000,000.
Further
developments in the Malay fields and In the Keno Hill properties are ex¬
pected to considerably increase this figure.
The Dawson,
Nevada, and Idaho properties are fully financed, equipped, and operating.
The Malay financial requirements have been fully dealt with herein.
The
purchase of the Keno Hill properties (Mayo silverlead) has been practically
completed, and the equipment provided for operation on a small scale.
If the development work snows up large bodies of concentrating ore,
equipment will be required, but no estimate of the requirements, or cost
equipment, can be made at the present time.
[The pamphlet report closes with a somewhat detailed report by O.
Munro on the Malay Tin properties, the present status of the Malay tin
industry, &c.; and also maps and balance sheet.—Ed.]
United States,
contain a net
President Wm. Loeb, Jr., N. Y., Dec. 10, wrote in subst.:
New Properties.—Ever since our original Alaskan properties began to
approach exhaustion, competent mining engineers have been steadily em¬
ployed in the examination of mining properties in this country and abroad.
Current operating earnings have been utilized in this work.
The company has been fortunate in optioning and acquiring an extensive
tin territory in the Malay States, capable of profitable exploitation through
large scale dredging operations.
Tfn dredging has been successfully carried
on
veins on which work is being done are fault
south, and are thought to be cross fractures
The Keno Hill
tion of the
has been
work; and in payment
California,
further
of
H.
PROFIT AND
LOSS STATEMENT TO
NOV. 1 1920 (PARTLY EST.)
Dec. 31 '18
Oct. 31 '20 Dec. 31 '19
(Feb. 28 1907) to—
From Organ.
Capital stock par value issued for cash
or properties
$17,500,000
Net amount realized from operations- 14,375,569
$17,500,000 $17,500,006
14,818,797 14,403,466
$31,875,569 $32,318,797 $31,903,466
Total
Deduct—
Distributed to stockholders
$9,858,110
Revaluation of properties.7,303,849
5,167,059
4,976,556
Depreciation of equipment
6,716,829
$9,858,110
7,303,849
$9,858,110
7,957,005
Depletion of properties
liabilities (see
below) incl. properties owned at
March 1 1913 on the basis of their
fair value and those subsequently
acquired at cost
Balance of assets over
$
Assets—
ments as
Def.
cable
Advance
179,477
..
373,251
......
165,458
.
17,463
royalties—
(adv.
rec.
261,940
270.323
to
Co.)l,924,290 1,874,107
collectible.
175,085
99,683
72,809
902,828
Elkoro Mines
Accounts
Cash
1919.
$
\
loan bonds,
2nd & 4th issues.. x200,000
200,000
x49,000
49,000
Can. vie. loan bonds.
Total
Liabilities—
...7,891 695 7,776,692
Yukon
Trust.....4,375,000 4,375,000
Notes held by
Alaska
Accounts payable...
370,591
Unpaid drafts (Malay
pay, 2 to 5 mos.)
156,215
316,382
Res. for
replacemefits
...
08,585
Balance (cap. stk. eq-
.
Bullion
in
uity, but see text
transit
(realized in Nov.).
302,560
26,568
104,270
—— —
Mine office accounts
in
(Concl.)
(appli¬
Materials and supp..
Notes
1920.)
1
Liberty
future
to
_
«
1920.
$
reval..2,354,806 2,291,874
work)
Examinations....
—
$3,146,892 $4,255,576
AND AUG. 31 1920 (WITH EST. "
Assets
revalued.2,267,457 1,506,137
charges
5,813,338
$2,829,722
1919.
Properties and invest¬
Equipment as
4,672,594
6,380,233
>
BALANCE SHEET OF DEC. 31 1919
CHANGES TO NOV.
1920.
wl
transit........
Pledged to secure
•V. Ill, p. 2433.
x
Root & Van
and table
Total.....
above)..2.829,722 3,146,892
...
.7,891,695 7,776,692
unpaid drafts.
Dervoort Engineering
{Financial Plan—Official Statements
Co., East Moline, III.
of "Dec. and Nov. 1920.)
Vice-President H. A. Holder writing Dec. 10 says:
condition of the R. & V. Motor Co. to-day, I can only say that
is the Root & Van Dervoort Engineering Co., without trade lia¬
bilities except for purchases since Dec. 1 1920.
The automobile business is,
of course, at this moment very dull, and it is very doubtful if the operations
of the company for this month and the next month or two will show its
operating expenses earned, but in the six-cylinder Knight car this company
has what is, in my opinion, fundamentally the best specialty in this country,
and certain faults of construction, which have prevented its receiving full
benefits from this type car, are, I feel, being eliminated.
1 can only say
that I am hopeful for the future and meanwhile, for several months at least,
the company should remain in good credit because of its financial con¬
dition and its ability to take care of purchases very promptly.
[Under the pending plan the Engineering Company (V. 109, p. 278) will
As to the
it is, as
cease
to be an
operating concern
owning
111, p. 223o),
Pref. stock,
of which [s
corporation
and become a holding company,
indicated below under "Effect of plan' (see also V.
for the benefit of its $1,180,000 8% Gum.
and in the second place for the $1,187,300 Common stock, all
owned by the Root & Van Dervoort Corporation.
The latter
the stocks
in the first instance
has outstanding
90,000 Class A and
10,000 Class B shares of no par
value.]
2518
THE
CHRONICLE
R. & V. Motor Co. Tentative Ral. Sheet July 31 1920
(each side $4,568,509).
(Taking into consideration
new
money since received for Pref.
Real est., bldgs. & equip,
$731,152
Current assets ($3,837,357)—
Inventories
Acc'ts and notes rec'ie
Cash
Investments
Deferred charges.
Status
of
$500,000
1,230,000
500,000
249,200
2,163,634 Reserve, general
299,766 Surplus
Current liabilities—
1,358,773
.
Digest
stock, &c.]
Common stock—
Preferred stock
12,500 Acc'ts and notes payable,
2,684
&C
2,089.309
—
in
1920.—The
year
started
most
The gross profits on this business for the seven months
amounted to
$255,854, which, divided by number of new cars sold, equaled $448 per
this profit was made on a production equal to only one-sixth of the
plant's estimated capacity and under unfavorable conditions of cost.
car, and
Effect of Plan.—In effect, present Pref. stockholders will have placed
in place or assets removed, (a) $1,180,000 Pref. stock
new Engine Company, with
sinking fund of $100,000 a year, or 10%
of the earnings, whichever is greater, the Moline Plow Co.
itself agreeing to
purchase any deficiency in amount required to make up the sum of $100,000.
(6) All the $500,000 Common stock of the R. & V. Motor Co.
(c) The
100,000 shares of special Pref. stock of the Moline Plow Co. received for
balance of the assets turned over,
(d) Bonus received from Plow Co. sale.
behind their stock,
of the
Circular Sent to Shareholders of Engineering
Vice-President H. A. Holder, Nov. 30 1920.
Early
Co.
by
Profits
auspiciously.
fyromised greatly accounts receivable and of net earnings after taxes shown
1919.
Cash, to exceed the $392,241 inventories amounted to $3,646,or
104; current liabilities, including bank loans of $755,000, were but $1,982.Orders indicated an annual business
$12,000,000 to $15,000,000.
862.
Results Not Realized.—In April President W. H. Van Dervoort,
owing to
severe heart illness, was forced to retire from
the management.
amounts of materials had been contracted
for, but production was
Large
handi¬
capped by non-deliveries of materials, and also for reasons of management.
Engine contracts fell behind the time set and into a period of increasing
costs.
The company in Jan. 1920 had booked for dealers
practically 5,000
six-cylinder cars.
January shipments were, however, but 33 cars, Feb. 51,
March 79, April 101, May l70 and June 107.
Moreover, in design and
construction the car failed to arouse enthusiasm.
No four-cylinder cars had
been produced by July 1.
Plan.—Early In July the company was in a serious situation.
Its bank
loans aggregated $3,100,000, which, with trade
accounts, made total current
liabilities of $4,401,325.
The value of inventory had Increased to $4,490,943, but cash and accounts receivable were but $1,533,382, an amount
The Class A Common stockholders of Root
advisable, together with
the sale of the poppet valve engine business and the
raising of additional
money for the automobile business.
The Moline Plow Co., the
buyer of the largest part of the production,
agreed to take over your poppet valve engine business at cost of plant
at time of
purchase less customary depreciation, together with all inven¬
tories and accounts receivable
belonging to that business.
It is also agreed
total
liabilities
as
was
the
assume
liabilities of the
same
percentage of
inventory and accounts receivable taken
over
to the whole.
Also, the Moline Plow Co. planned [and has formed] a new company (the
Moline Engine Co.], which would issue
$1,180,000 in 8% Cum. Pref. stock
and
certain Common stock for the
equity beyond that which the Moline
Plow Co. would take and for which it would
give an issue of (100,000 shares
of] special Preferred stock of its own company [bearing dividend of $2 50
per share per annum], with a redemption value equal to the net worth of
the equity thus determined, plus
86% as a bonus.
Root & Van Der Voort Engineering Co. Division
of Assets and Liabilities,
Total.
July 31 1920.
Inventories
Engine
Automobile
Dept.
Dept.
$2,163,634
$4,490,943
Accounts, notes receivable
Investments....
Liberty bonds,
$2,327,309
698,280
Cash
398,514
6,000
4,925
840,052
441,279
398,773
19,059
2,006,185
16,375
1,275,033
2,684
731,152
$8,077,944
4,401,325
$4,469,435
2,312,016
$3,608,509
2,089,309
$3,676,620
$2,157,419
$1,519,200
...
18,500
4,925
Deferred charges..^
Plant and property
Total assets...
Liabilities
Excess of assets
—
over
liabilities....
299,766
12,500
Note.—If to the $2,157,419 of net assets shown for the
Engine Dept. we
add the bonus of $840,581 and deduct the cash
commission of $46,000 and
the $1,180,000 Pref. stock of the Moline
Engine Co., we get $1,772,000 as
the redemption value of Moline Plow Co.
special Preferred stock.
While some details remain to be
concluded, the result, if the sale is by
your vote [on Dec. 27] consummated, will be
approximately as above.
Financing.—In order to put the automobile company in financial position
advantage of its opportunities, your directors have transferred to
company, to be called the Root & Van Dervoort
("R. & V.") Motor
Co. all assets of the automobile
department as divided above in exchange
to take
a new
for all of the Common stock of that
company.
The Root & Van Dervoort
Corporation has from the special fund belonging
to the Class B certificate holders of
that corporation subscribed to and paid
In cash $960,000 for
$1,000,000 Pref. stock of the R. & V. Motor Co.,
and takes for the balance of avails from
Government contracts belonging to
them as part of the Root
& Van Dervoort
Engineering Co. surplus, an
an additional
$230,000 in Pref. stock of the R. & V. Motor Co.
The banks, in consideration of the above
plan being carried out, have
agreed to loan to the new engine
company until Dec. 31 1921 the sum of
$1,839,100, and to the R.
& V. Motor Co. $1,492,100 until
Sept. 1 1921,
the endorsement or
guaranty of the Root & Van Dervoort Engineering
Co., and the Engineering Company or the Motor
Company agree to loan
such part of $600,000 as
may be necessary to the new Engine Company for
additional working capital until
Sept. 1 1921.
By this arrangement both companies are assured
ample working capital.
Earnings, &c.—In spite of the fact that your company found Itself over¬
extended, your profit & loss account shows ror 7 months ended
July 31 1920:
on
Gross
profit: Engineering, $408,470; automobile division,
$255,854-$664,324
Selling and gen. exp., $292,186: interest paid,
$83,262; discount
and bad debts, $2,832, less
profit of $4,291 on sale of scrap...... 373,989
J9"etUFofIt
„
Add—Discount received, $40,061; int.,
$4,331; sundry, $3,392
Net Income before
providing for income and
excess
—-$290,335
47,784
your inventories are much too
large under existing
conditions, and will probably be depreciated to meet new market con¬
ditions by the new companies on
Dec. 31, yet all the material covered
by
them is new and merchantable and
current for present production.
New Management .—On
July 26 H. A. Holder was elected Vice-President
of your
and both the direction of this
reorganization and the
handling of your business have been under his
charge.
Your former of¬
ficers
the
company
have withdrawn from salaried
positions and active participation in
automobile company,
although retaining their stock
new
through membership
voort will be made
on your
w^y possiDi©.
as
holdings and,
board of directors, of which W. H. Van Der¬
his health permit, will assist in
every
Chairman, should
Mr. Bolder will continue in
active direction of the R. & V. Motor Co.
President and General
Manager, and a new Treasurer will be secured
co-operation with your banks.
Van Dervoort
Corporation
Dividends and redemption of special Moline Plow Co. Pref. stock are
to be protected by the deposit in trust of all the Common
stock of the En¬
gine Company, which may, under certain circumstances, be sold for such
payment.—V. Ill, p. 2235, 799.
Cumberland County (Me.) Power & Light Co.
(Report for Fiscal Year Ending Dec. 31 1919.)
The report dated July 31 1920, says in substance:
Wages.—The directors delayed forwarding to the stockholders
a
repor-
for the calendar year 1919 until labor arbitrations
upon wages and the det
cision of the P. 17. Commission upon an increase of fares
upon
the Railroad
concluded.
were
The Arbitration Boards decided unamimously to increase
of employees of the company approximately 20% over the scale
tJ. S. W. Labor Board in Nov. 1918.
This approximate 20%
increase in wages has been in effect from
May 1 1920, and is incorporated
in the labor union contracts for the current
year to May 1 1921.
Fares.—-The P. U. Commission granted July 24 1920 an increase in ticket
fares upon the railroad
property from 7 cents to 8 cents and in cash fares
wages
fixed by the
from 9 cents to
10 cents.
This Increase takes effect Aug.
1
1920.
Your
company petitioned for a 9 cent ticket fare and 10 cent cash fare.
*
Fiscal Results.—The very severe winter of 1920 not
only seriously inter¬
rupted service upon your railroad property, thereby materially decreasing
its revenue, but entailed
extraordinary expense for removal of snow and
much damage to railroad
equipment.
The railroad failed to earn its rentals
for the first six months to
July 1 1920, by nearly $150,000, this deficit having
to be made up under the lease
by your company.
Railroad wages to-day
take nearly 62 cents out of every dollar collected on the railroad.
In spite of
this fact, however, it Is
hoped that with the increased fares a substantial
portion of the deficit on the railroad to July 1 may be made
up in the balance
of this year.
Lewiston-Augusta & Waterville Street Railway.—The properties of this
railway company were sold in September, 1919, under a decree of fore¬
closure upon the First and Refunding
Mortgage to a committee representing
the First and Refunding
mortgage bondholders.
The property was trans¬
ferred to a new corporation.
The Androscoggin & Kennebec
Railway Co. (See V. 110, p. 1088) with
First Preferred and 2nd Pref. stock to the amount of the former
Lewiston,
Augusta & Waterville Street Railway First and Refunding mortgage debt,
principal and interest.
This foreclosure made valueless the $2,400,000 of
Lewiston Augusta & Waterville
Street
Railway
common
stock held by your
company.
In order to meet this loss,
among other readjustments, the common stock
of your company was reduced
50% from $2,700,000 to
$1,350,000, where
no interest in the Androscoggin &
ownership of a substantial amount of
its First and Second Pref.
stock, pledged upon the $614,000 of 7% 3-year
notes of this company due June 1 1921.
Improvements, &c.—During 1919 substantial improvements were made in
it now stands.
Your company now has
Kennebec Railway Co. other than the
your power properties and the Bar Mills
property, so-called, was acquired
This property as now developed gives the
and has since been
improved.
company one-half of the Saco River at Bar Mills and adds
materially to its
power capacity.
Improvements made during 1919 in existing hydro¬
electric stations and now In
progress on transmission lines will make further
add itions to your
company's power
capacity.
Outlook.—The important problem before your directors at the present
time, beside that of bringing the railroad to a point where it will earn the
cost of service, is to
provide for large hydro-electric developments in the
immediate future, in order to
keep well in advance of the power require¬
ments of your
company's market.
Your company, like the steam railroads and the
trolley roads of the
country generally, is handicapped by the practically prohibitive cost of
new capital;
in fact, it Is hardly an exaggeration to state that new capital
for trolley properties cannot now be obtained.
The earnings of the power
and lighting departments are
good, but even in those departments new
capital for further development of the service is not forthcoming.
The foregoing conditions, which have existed for over two
years, have
required the use of earnings for absolutely essential
capital expenditures
required of your company to maintain its properties in
proper operating
condition and meet the needs of public service.
Your Directors are
encouraged by the
Improved showing of your company
1919 over 1918 in spite of the
continuing railroad deficit, but In view of
its bond and note maturities
early in 1921 (amounting to $1,114,000), and
the impracticability of
obtaining new capital, deem it imprudent at this time
to declare a dividend
upon the preferred stock.
profits taxes_$338,119
Inventory.—While
trade
&
will, because of the issue of Pref. stock of the new Engine
Company balanc¬
ing the present Pref. stock of the Root & Van Dervoort
Engineering Co.,
have as an equity all of the redemption value of the Moline
Plow Co.
special Pref. stock, which is $17 72 per share for each share of Root & Van
Dervoort Common, plus the value of the Common stock of the R. &
V.
Motor Co., which, by the figures shown, will be $12 49
per share, making
total asset value as above $30 21
per share.
The cumulative dividends
of $2 50 per year on Engine
Company's Common stock will accrue to it,
together with earnings from the R. & V. Motor Co. after the 8% cumulative
dividends on its $1,230,000 Pref. stock.
much too small in view of the volume of
production.
A reduction of activities was therefore deemed
they should receive cash and
[VOL. 111.
INCOME
ACCOUNT FOR CALENDAR YEARS.
Calendar Years—
Gross income (excl. Lewiston
See
1918.
1919.
Aug.& Wat.St.Ry.—
text)
$2,768,599
1,813,933
672,252
__
Oper. expenses and taxes
Other deductions
Preferred dividends
$2,376,967
1,516,368
661,005
a69,000
-
Balance surplus.
a Includes dividend
paid May 1
1918 in 5
year
$130,594
$282,414
6% scrip.
EARNINGS OF THE SEVERAL COMPANIES FOR CALENDAR YEARS'
Cumb. Co. P. & L.
1919
1918
Income$997,7*98
through
Gross
Automobile Business.—The Motor
Company has the six-cylinder Knight
engine, and the present car, with
changes and improvements already well
Oper.expense 323,112
Taxes accr__
78,109
appeal very strongly to buyers looking
performance with economy bf
operation.
A smaller 4-cylinder
production, deliveries on which will commence within
the next
As the producer of
heavy Knight engines for the Fifth Avenue
buses In New York, and also for
the bus lines of
Chicago and Detroit,
it has a potential asset of
great value.
In addition to dealers at various
points, your company runs its own retail
store on Michigan Ave.,
Portland RR. Co.
1919
York Co. P. & L.
1919.
1918.
1918.
Net, aft. exp.
In
hand, should in the next
season
for continued
car is now in
six weeks.
& tax
Deductions
Dividends
$1,513,500 $1,216,358 $369,797 $314,855
284,506
1,160,210
918,820
233,561
182,472
80,453
85,964
69,119
12,912
11,037
$596,577 $543,372
254,725
247,815
$267,326
247,721
(5)99,950
__
at
a
Kast years, and in&1920, report, Jan. 1 to July 31, engines and
from outside of 14 truck in spite of
larwick-Mltchell
Co.
hand cars sold by Chicago store, that there
In addition, repair parts sold amounted to
were
Assets—
$
slightly
handicaps
52 second¬
over
$150,000.
Liabilities—
$37,892
$
Plant, property & franchises..16,313,557
Pref. stocked .Co. P.& L. Co..
Investments
Pref .stock—Yk .Co .P .Co
1,000,835
Supplies
387,883
Bills & accts. receivable.
207,713
Cash
156,106
Special funds
Unadjusted debits
59,226
108,807
Prepaid accounts
Disc.
on
1,983
securities sold
339,241
Capital stk., P.RR.Co
Funded
debt
Acer. int. & taxes
Bills & accts. payable
Oper. exp. reserves..
Depreciation reserves
Profit and loss
Total
-V. Ill, p.
18,575,351
Total.
1187.
See "Electric
■
Railway Section, page 116.
"if
.
•
1
2.300,000
383,000
Com.stock, Cd. Co.P.& Lt. Co 1,348,400
Unadjusted credits
profit in
570 automobiles sold.
$44,855
CONDENSED COMBINED BALANCE SHEET, JULY 31 1919.
year.
Profits.—Your automobile business has been conducted
$228,419 $123,324 $121,346
238,724
55,489
60,474
(5)99,950
22,980
22,980
Bal., sur__$341,852 $295,557 def$80,345def$110,255
Chicago.
At East Moline your new automobile
company will own the new plant
built for the manufacture of naval
ordnance and which was taken over
by
the Root & Van Dervoort
Engineering Co. during the past year.
In addi¬
tion, it will lease various other buildings and land now
used in
assembling
and testing automobiles.
Its equipment is modern and
complete for the
manufacture of four and six-cylinder
engines of both heavy duty and auto¬
mobile types; also for the painting and
trimming of bodies and tops.
Its whole plant is carried on its books at
only $731,152, and it is estimated
that an output of 75 cars per month will
carry its overhead and general
expenses and earn the dividends on its Pref. stock.
On the other hand
the facilities and equipment are such
that, if used to the fullest extent, it
is estimated could produce in
engines and cars up to 6,000 per
_
$908,331
1,999,000
10,743,000
188,895
171,037
—
66,344
716,775
9,143
649,757
.18,575,351
Dec.
251920.]
estimate makes
INCLUDING
ELECTRIC
ROADS.
coal rates while the State Att'y Gen. institutes suit to enjoin
full particulars under "Current Events" above.
suspends higher
the roads.
See
Anthracite Coal Wages.—Operators refuse to reopen award.
Times
Dec. 24, p. 8.
Miners reported less insistent.—"N.
Dec. 24, p. 2.
Anti-RR.
Strike Bill Passes
their local
to Long Island
"N. Y.
Y. Sun,"
Senate.—The Poindexter anti-strike
New England"Divisions Case".—The hearing before the I. S. C. Comm ssion on the application of the New England roads for a larger share of
through rates has been adjourned till Dec. 28.
The other trunk lines are
said to have offered an adjustment giving the New England roads $12,000,000 additional revenue, but the latter stood out for $25,000,000 as a mini¬
mum.
See Bost. N. B. Dec. 22, and Bost.& Maine and N. Y., N. H. &
.
below.
H.
R. R.
going;
Earnings.—(a) October net below expectation: Where the money is
"Ry. Age" p. 1050, 1051; N. Y. "Times" Dec. 18. p. 20; (b)
see
Western roads report less tonnage in December, "Fin. Am" Dec. 20.
Recommendation as to RR. Mergers—Prof. Wm. Z. Ripley is expected
to file with the I. S. C. Commission early in 1921 his report as to what com¬
bination of RRs. may properly after hearing be approved by the Commission
in compliance
with the suggestion of the Transportation Act of 1920 that
consolidated into a few large but competing
the roads of the country be
S stems. p. 7.
Compare Act V. 110, p. 727, sec. 407 etc.,
17,
ec.
andWaU St. Jour,
of Lehigh Valley RR. Decree.—See that Co. below.
Miscellaneous.—(a) Annual report of I.-S. C. Commission with data as
to valuation, rate increase, &c. "Ry. Age" Dec. 17, p. 1075 to 1078.
(b)
Board of Adjustment abolished.
Idem, p. 1066.
(c) Measure sanctioning
continuance till Dec. 31 1921 of right to make joint purchases of railroad
supplies.
Idem, p. 1070; (opposition, see "N. Y. Times" Dec. 22, p. 20).
(d) Waterways and railroads, co-operation and railroad ownership of boats.
Charles H. Markham, Pres. of 111. C|ent. RR.
Idem, p. 1057.
(e) Railroad
export and import rates, limitation suspended, hearing on special rates.
Idem, p. 1083.
(f) National Rys. of Mexico expected shortly to come
under U. S. per diem car hire rules, so that cars can enter Mexico.
Idem,
p. 1081.
(g) Belgian State Railway, completion of orders in U. S. for 150
locomotives. Idem, p. 1069.
(h) Merger of express companies.
See "Amer. Ry. Express Co." below.
Matters Frilly Covered in "Chronicle" of Dec. 18.—(a) Federal and State
authority as to railroad rates, p. 2363.
(b) Securities returned by British
Treasury, p. 2372.
(c) Spanish Govt, aids railroads, p. 2373.
(d) Posi¬
tion of railroads, p. 2390.
(e) Long-term railroad bonds considered attrac¬
tive; Brown Bros, booklet.; p. 2390.
No Reconsideration
&
Boston
Lowell
3Ks,
a letter to the holders of the $329,000
the $290,000 Connecticut River RR. 3k's,
and
maturing Jan. 1, 1921 asking the holders thereof to exchange their
bonds for B. & M. 10-yr. 7% oonds.
The letter says: "On account the present financial conditions these bonds
cannot be sold on the market at satisfactory prices.
Holders assenting to
both
proposition should deposit their bonds as earls'- as possible with Old
Colony Trust Co. of Boston."
See also Atlantic Coast Line RR. above.—
V. Ill, p.2422.
the
Boston & Worcester Street Ry.—Fare
N. Y.
Bridge Operating Co.,
It is stated that early after Jan. 1 the
Dividend of 3 %.—
of 3% has been declared on the Common stock, payable
Jan. 1 1921 to holders of record Dec. 22 1920.
In July last a distribution
dividend
5% was made, compared with 4% in Jan. 1920 and 3% in July 1919.
The board fixes no specific time which this Common dividend covers.
—V. 110, p. 2568.
of
City.—Municipal Oper.
city will take over and
line which runs over the Williamsburg Bridge connecting lower
operate thi
Manhattan
have appropriated $300,000 to equip
with Brooklyn.
The city authorities
the line.—V. 99, p. 673.
Brooklyn Rapid Transit Co.—Listing—Fares.—
The
N.
Y.
Stock
Exchange
has
authorized the listing of $3,041,000
Co. certificates of deposit) of 5% 50-Year Gold Mtge.
bonds, due Oct. 1 1945, with coupons due April 1 1919 and subsequent
attached, deposited under the terms of the deposit agreement dated April 4
1919. (V. 109, p. 72. 1366.)
The New York P. S. Commission has suspended until March 12 1921
Equitable Trust
the new tariffs filed by the B.R.T. system and the Brooklyn City RR. Co.
Dec. 14.
The tariffs filed proposed to make important changes in
operation by the creation of zones and to impose 10-cent fares in some
instances.
These tariffs, unless suspended by the Commission, would
have become operative Jan. 13.—V. Ill, p. 2227.
on
Railways.—Vice-President.—
Canadian National
R. C. Vaughan has been
Central
Coal
elected
New
RR.
of
Suit
Prevents
Trust
Vice-President.—V. Ill, p. 2423, 2139.
Jersey.—Injunction in Reading
Payment at This Time of Usual
F.
of 2%.—Secretary
Dividend
Semi-Annual
Special
a
T.
Dickerson in circular dated at N. Y., Dec. 21, says:
has heretofore for many years declared a dividend of 2%
in December payable out of dividends [of 13% per annum] received by it
on its $8,489,400 stock in the Lehigh & Wilkes-Barre Coal Co.
The coal
company this year has declared its usual dividend [6%% semi-annually,
J. & D.J, but the railroad company is enjoined from receiving its part of
this dividend by decree of the Federal Court in the so-called Reading Trust
Suit.
[V. 110, p. 1816.]
The Railroad Company confidently expects ultimately to receive the
amount of this dividend from the coal company and to distribute it to its
stockholders, but is prevented by the injunction from doing so now.
[The Central RR. of N. J. in addition to the 2% paid semi-annually in
June and December out of Lehigh & Wilkesbarre Coal Co. dividends has
The company
long paid 8% p. a. (2% Q.-F.) from
Alabama Company*'—Common
A
Increase.—
Department of Public Utilities has dismissed the complaint
fare increase.
The new fare
in fare zones.
It Increases
cash fare from 7 to 10 cents, substitutes 5 cent cash fare for certain 4 cent
tickets, and abolishes $6.75—50 ride ticket between Overbrook and Chest¬
nut Hill.
Estimated new fare schedule will give $30,000 additional revenue.
—V. 108, p. 682.
The Mass.
of patrons of the line, relative to the proposed
schedule effective Dec. 17 makes no change
bill was
passed by the Senate with only half a dozen Senators present, and recon¬
sideration is sought.
In any case favorable action by House is considered
very duoubtful.
"Journ. of Com.," Dec. 22, p. 3.
an
President Hustis has addressed
,
News.—The
following table summarizes recent railroad and electric rail¬
way news of a more or less general character, full details
ooncerning which are commonly published on preceding
pages under the heading "Current Events and Discussions"
(if not in the "Editorial Department"), either in the week
the matter becomes public or shortly thereafter.
Intra-State Rates.—N. Y. roads, no longer enjoined, advance
reduction in volume of business,
allowance for the present
indicate a much larger
adequate return is earned on the common stock it will
not be possible to refund existing bonds on reasonable conditions, or to
secure
the new capital which is absolutely essential.
Unless
deficit.
General Railroad and Electric Railway
passenger rates from 3 to 3.6 cts. per mile.
Exception as
RR. and Staten Island Rap. Tran.
Ohio Utilities Comm.
no
and results for current months und6r existing rates
GENERAL INVESTMENT NEWS.
RAILROADS,
2519
CHRONICLE
THE
its own earnings.]—V. Ill, p. 1364.
Central Vermont RR.—Bonds
Commission
bonds
or
has
notes
Authorized.—The I. S. C.
authorized the following roads to issue
as
follows:
Central Vermont RR. to
issue Refunding Mortgage 5%
gold bonds to
and satisfy in full an equal amount of indebtedness to the Grand
Trunk Ry. of Canada
_$1,359,000
Lehigh & Hudson River Ry. to issue additional capital stock to be sold
pav
RR.—Applications Made to I. S. C.
Commission .—The following roads have made application
to the I. S. C. Comm. for permission to issue bonds, notes, &c.
Atlantic Coast Line
Atlantic*Coast Line RR. for permission to issue the obligations imposed
by a trust agreement and a lease whereby carrier agrees to pay to Safe
Deposit Trust Co., Baltimore, $6,220,000; $1,720,000 to be paid in cash
and the balance of $4,500,000 to be paid in 15 annual instalments with
interest at 6H%.
The obligations are for the purpose of purchasing
additional equipment and if permission is granted the carrier intends that
the entire $4,500,000 equipment trust certificates shall be sold to J. P.
Morgan & Co. at not less than 94.06% of their face value, or on a 7y>%
basis.
—
-$4,500,000
Boston & Maine RR. for authority to issue $609,000 7% bonds, to be
dated Jan. 1 1921, due Jan. 1 1931, proceeds to pay off $319,000 3Yi%
bonds of Boston & Lowell RR. and $290,000 3y% bonds of Connecticut
River RR., both of which mature Jan. 1 1921
----$609,000
Raritan River RR. for authority to issue additional capital stock, proceeds
to be used to reimburse the treasury for monies expended for current
$160,000
[The New Jersey P. U. Commission has protested to the I. S. C. Comm.
against the latter taking any action to the road's application unless the
company also apply to the N. J. Commission, as it holds it is required under
New
taxes, etc
Jersey
law.]
Toledo Terminal RR. for
i
authority to issue certificates of indebtedness
payable on demand at 6% to roads which own the company's stock to secure
advances made to the road from time to time
-$98,685
Washington & Lincolnton RR. for authority to issue 7% Cum. Pref. stock
for making improvements to property
$100,000
—V. Ill, p. 1751.
Boston & Maine
RR.—Status.—Pres. James H. Hustis,
the recent hearing on the petition of
at
railroads for
on
bonds dated July 1
a
the New England
readjustment of the division of freight rates
through traffic between roads east and west of the Hudson
River, said in substance:
\
and betterments for the growing needs of the property
$48,000,000 during the period from July 1 1910 to Dec. 31 1919,
or an average of about $5,000,000 per year.
None of the net income from
April 1 1913 to Dec. 31 1919 applicable to dividends on the old pref. and
com. stock, and amounting to about $5,000,000, has been paid to the stock¬
holders.
There must continue to be spent annually even larger amounts
for the upkeep and extension of facilities. •
Your honorable board has recommended the adoption of steel for wooden
cars.
This one item alone would represent for the Boston & Maine at
The additions
amount to
present prices an expenditure of approximately $50,000,000, with a doubtful
salvage value of present passenger equipment (of which about one-fifth is
more than 30 years old and about one-half is 20 or more years old).
The
adoption of steel passenger car equipment carries with it collateral expenses
for heavier locomoties to haul the heavier cars, and for yard and shop
facilities for taking care of such equipment, running into a very large capital
investment.
The adoption
of the most modern methods of electrically locked signaling,
be unnecessarily delayed, would require a further ex¬
which ought not to
penditure likewise running into millions.
The recent requirement for the
adoption of electric locomotive headlights on the B. & M. alone represents
a capital expenditure of approximately $300,000 and an annual increased
operating cost of at least $30,000 per annum..
If the Boston & Maine should realize a 6% return on even its conserva¬
tively stated book value it would have a net railway operating income of
more than $14,000,000, enough to meet fixed charges, preferred dividends
and leaving a surplus of more than $5,000,000 with which to meet equip¬
ment installments, sinking fund requirements and provide a return on
approximatelv $39,500,000 common stock, much of which was sold at sub¬
stantial premiums above par and some of v. hich was sold in the market for
than $200.
Actually the latest estimate
more
,
of net railway operating income is
$3 500,000 to
stocks which
..
less than
1% on the Dook value of the property.
Boston & Maine would fail by nearly
meet its fixed charges, not including dividends on first pref.
until recently were guaranteed rentals on leased lines.
This
$2 700,000, or slightly more than
If this estimate were realized the
of which matured July
Chattahoocha & Gulf RR.—Bonds Called.—
First Mortgage bonds have been drawn for payment out of
1 at the Citizens' & Southern
——
--
expenses,
proceeds to be applied to retire $2,587,000 Gen. Mtge.
1890 and $400,000 debenture bonds, dated May 1 1907,
1 1920
—
$2,987,000
Minneapolis & St. Louis RR. to issue 36 promissory notes each for $5,055.55 bearing int. at 6% p. a., maturing monthly, beginning Fob. 1 1921,
for 36 months, and payable to Union Refrigerator Transit Co. at par in
part payment for 100 refrigerator cars purchased from company at contract
pricee of $227,500
-.$182,000
—V. Ill, p. 1369.
at not less than par,
both
Twenty
the sinking fund and will be redeemed on Jan.
Bank of Savannah, Ga.—V. 109, p. 2439.
Chicago & Eastern Illinois RR*—Reorganization.—Ap¬
plication has been made to the I.-S. C. Commission for the
taking over of this road by the Chicago & Eastern Ry., a
new corporation.
The application asks for permission:
(1) To take over the underlying equipment obligations of the
carrier, amounting to
---$5,350,000
(2) The issuance of prior lien bonds (int. to be determined later,
196i) to the amount of
Mortgage 5% bonds due Jan. 1 1951
and not maturing before
The issuance of General
(3)
amountingto
—
The issuance of 6% Preferred stock, amounting
The issuance of Common stock amounting to
Ill, p. 2040.
(4)
(5)
to
4,285,000
32.156,000
24,030,150
---25,500,000
—V.
Chicago
Milwaukee
&
St.
Paul Ry.—Status.—
quoted as saying "The country is too big and pros¬
perous not to resume.
St. Paul is being rehabilitated and making en¬
couraging progress.
I am optimistic as to the future of our road.
It is
in good physical shape, traverses some of the richest territory in the coun¬
try and is bound to produce and handle its share of traffic, particularly as
operating efficiency is showing a steady improvement.
I look for a big
movement of freight commencing with the spring.
Road building materials
and grain probably will be offered in large volume.
As general business
improves railroads will profit proportionately.
We have not had time
enough to study the bearing of new rates or wages.
See Chicago Terre Haute & Southeastern RR. below.—-V. Ill, p. 2423.
President Byram is
^
Chicago & North Western
Ry.—New Vice-President.—
traffic manager in Chicago, will become Vicetraffic on Jan. 1, succeeding H. R. McCullough.—
A. C. Johnson, passenger
President In charge of
V. Ill, p.
2423, 2227.
Chicago Terre Haute & Southeastern Ry.—Proposed
Lease, &c.—jj^res. M. J. Carpenter, in circular dated at
Chicago,
N<#. 20,
says
in brief.
999-Year Lease.—The directors of the Chicago Milwaukee & St. Paul Ry.
have offered to lease for 999 years the railways and property of the
Chicago Terre Haute & Southeastern Ry. Co.
Your directors have ap¬
Co.
proved the general terms of a lease, which, with respect to income bonds
and stock, are as follows:
,
■
Income Bonds.—The lessee will endorse upon each Income Bond its guar¬
anty of the payment of both the principal of said bond and a sum equal to
the full 5% annual interest thereon, beginning with the interest payable
Sept. 1 1921.
To obtain this guaranty, each income bondholder must
surrender for cancellation all coupons bearing date prior to Sept. 1 1921,
representing accumulated and unpaid interest: (that is, all unpaid coupons
up to and including No. 40,) depositing (same with First Trust & Savings
Bank, Chicago, as depositary.
[The aforesaid coupons will be held by the
depositary for a period of about five years from date of leasewhile the
_
amount of net assets
(available for payment of coupons)
.
.
remaining after
of current liabilities and unfunded debt existing on
determined.
After this period all unpaid coupons
canceled by the depositary.]
full payment
lease are being
date of
will be,
2520
CHRONICLE
THE
While the deposited bonds are held by it, the depositary will collect such
of the coupons therefrom as may
be paid by the Southeastern Co. out of its
earnings and income! prior to the date of the lease, and will remit the
proper amount to each Income bondholder.
The Southeastern Co. has
paid a total of 15y% interest on these bonds
since Dec. 1 1910, or only slightly more than iy% annually, whereas under
the proposed lease the full current 5% annual interest thereon, as well as
the principal when due, will be guaranteed.
(The deposit agreement
states that the guaranty will be in substantially the following form:
|For
value received, Chicago Milwaukee & St. Paul Ry. Co. hereby uncondi¬
tionally guarantees the payment of the principal of the within bond with
interest thereon at the rate of 5% per annum, payable semi-annually begin¬
ning Sept. 1 1921. (Signed at) Chicago, 111
1921.
Chic. Milw. &
St. Paul Ry. Co., by
Treasurer.)
Stock.—The Chic. Milw. & St. Paul Ity. Co. offers, under said lease, to
purchase the capital stock from the holders thereof for $10 per share.
To
effect said purchase, the holders of the present voting trust certificates
(which are exchangeable for stock on and after Dec. 24 1920) should send
their certificates, endorsed in blank by the owner, to First Trust & Savings
Bank, Chicago, 111.
The stock, during the past five years, has had a merely nominal market
value of only one or two dollars per share.
The whole arrangement is contingent upon the purchase of at least 75%
of the Southeastern's ($4,300,000! capital stock.
[Par $100.]
The lease must be approved by the stockholders of both companies.
For that purpose a meeting of the Chic. T. H. & S. E. stockholders will be
net
^-
called
as soon
will act
wise be
as
,
convenient, and the Chic. Milw. & St.
Paul
stockholders
thereon at their annual meeting next May.
The lease must like¬
approved by the Illinois P. U. Commission, the P. S. Commission
of Indiana and the l.-S. C. Commission, respectively.
The above service of First Trust & Savings Bank will
be rendered without
charge to the depositors.
To
date
bondholders
income
owning $2,291,600 of
[the $6,336,055]
income bonds, and voting trust certificate Holders representing 12,400 shares
of the capital stock, have agreed to the above
terms.;—V, 111, p. 2227.
Cincinnati Northern EE.—Government Loan.—
See New York Central RR. below.—V. Ill, p. 2139.
Cleveland Cincinnati
Cuba RR.—Notes Extended.—
*
Cumberland (El.) Ry., Carlisle, Pa.—Sale.—
Warwick M. Ogelsby has announced the sale of the road to McGovern &
Y.
City.
The road, extending from Carlisle to Newvdle,
discontinued operations on Nov. 1.
It had previously defaulted in the
payment of interest on outstanding bonds.
("Electric Railway Journal ")
—V. Ill, p. 1851.
Cumberland
The
Maryland
8.
Commission
authorized
the
effective
company,
Dec. 1, to increase fares in each zone from 7 to 10 cents, and to sell monthly
commutation tickets good for 56 rides, at the rate of 7 y cents a zone. Co.
must also transport miners, traveling in miners' cars, at the rate of 7 cents
and must sell tickets to clergymen and school children at the rate
of 50 for $2 50.
Valuation placed at $1,888,304.—V. 104. p. 2451.
a
zone,
Delaware & Hudson
The
N.
Y.
The sale of the road to the Western Pacific
was not
Confirmed.—
stockholders to intervene.
The stockholders' committee has filed in the Federal Court in
two complaints charging conspiracy in matters
leading
up
£100 stock.
The levy of y % is In accordance with the agreement that each side shall
,
ordering the sale and mentioning various corporations and persons as de¬
In addition the bill mentions charges against railroad directors
These suits are designed to block completely the transfer
•of the Denver property to the Western Pacific.—V.
Ill, p. 2323.
and financiers.
City Ry.—Fare Increase.—
Federal Judge Martin J. Wade entered an order on Dec. 11
putting into
an 8-cent fare in Des Moines as soon as the
company puts into opera¬
tion a 40% increase in service which is ordered in the court's decree
effect
fixing
the fare.
Ten tickets will be sold for 75 cents and 5 for 38 cents.
According to
officials of the company it will be at least Dec. 20 before the
necessary
schedules can be worked out and full arrangements made for
operating under
the new plan.
The court's order follows
generally the recommendations
made to
Judge Wade by the three masters in chancery appointed to inves¬
tigate the situation in Des Moines, although there are some minor changes
such as continuing the present 2
y-cent fare to school children and highschool pupils.—V. Ill, p. 2140.
Detroit United Rys.—To Cut Wages.—
in
any expenses that may arise.
deducted will not exceed y % on the old
It is hoped that the amount to be
guaranteed stock and y % on the
debenture stocks."
The subsequent dividends on the Guaranteed Stock,
therefore, should be at the full rate of 4% per annum, less tax.
As regards the junior securities, the board of three arbitrators will com¬
mence their sittings on Feb. 1 next.
It is impossible to say how long their
deliberations will last; it may possibly be a matter of months.
Obviously
no distribution can be made to the preference or ordinary stockholders until
after tne award has been given by the arbitrators and the new Guaranteed
Stock has been issued in exchange for the existing securities at present held.
As regards the [$34,879,252] Grand Trunk Pacific Railway 4% debenture
stock, concerning which inquiries are frequently received, this stock has
meeting
come
dividend for three
no
half-years.
[Last payment March 1919].
It is confidently assumed that the Canadian Government will be¬
responsible for the interest on those debentures, including the arrears.
In the arguments and correspondence passing between the directors and
the Government it has always been understood that the Government would
"take over the Grand Trunk Pacific Railway and branch lines and the
Grand Trunk Railway Co. and acquire all assets and assume all obligations
of both
in
will
company have announced that commencing Jan. 1, It will
to reduce the wages of motormen and conductors possibly
Owing to the failure of the city to afford xelief during the war, the
operation has so burdened the company that a readjustment is
necessary.
Members of the street railway men's union representing motormen and conductors have voted to refuse to
accept the proposed 20% reduc¬
tion in wages.
The agreement between the company and the union regard¬
ing wages, &c., does not expire until May 1 next.—V. Ill, p. 2423.
and in future
be met by the Canadian Government,-but that payment up to date
not be made until the Government formally takes over the Grand
Railway, which will not be until the arbitrators ha\e given their
formalities of purchase and sale have been completed.—V.
award and the
Ill, p. 2423, 2324.
Illinois
Central
RR.—Appoints Electric Commission.—
The company has appointed a commission of engineers to consider the
best methods of carrying out the electrification of its Chicago terminals.
The members of this commission are: A. S- Baldwin, Chairman: Daniel J.
Arnold,
It
George Gibbs, Dr. Cary T. Hutchinson, and
probably will be about six months before the report
Ill, p. 2324.
of the commisison can be made.—V.
Interborough Rapid Transit Co.—Manhattan Railway
Rental—Jan. 1 1921 Obligations.—Pres. Frank Hedley says:
"It Is impossible at this time for the company to make any definite state
of the Manhattan Railway rental on Jan. 1 1921
ment as to the payment
^amounting to about $1,050,000.—Ed. ]
T
are progressing
for the renewal of the
I.
R.
T.
Co. six
months' notes.
These were issued a year ago to aid in meeting the Man¬
bond Interest and other obligations.
They were renewed
last July and become due Dec. 31 1920.
"With the renewal of these notes and the further forbearance of the holders
hattan
rental,
<
of the
floating debt of which we are hopeful and fairly normal traffic con¬
ditions for the remainder of Dec., it is expected that it will become possible
to pay the Manhattan rental on Jan. 1 1921 or shortly thereafter."
The Pelham Bay Park line of the extension of the East Side subway
was put Into operation on Dec. 20 thus
completing rapid transit construc¬
tion provided for the Bronx In the dual
system contract.
The extension
runs from Westchester
Sq., a distance of 2\i mils to the terminal.—V. 111.
P. 2324.
International Ry.,
Buffalo.—Modifies Franchise.,—
The Council of Lockport, N. Y., has granted the company a franchise
permitting the resumption of service on Grand and Gooding streets.
Sorvice on these two lines was suspended in August 1919.
Provisions of the
franchise, which is effective for ten years, release tho company from paying
any part of the cost of paving the streets until 1924.
Freight cars may be
operated on Grand St. on the Olcott division between 11 p. m. and 6 a. m.
only.—("Electric Railway Journal.")—V. ill p. 2228.
Kanawha & Michigan Ry.—Government Loan.—
necessary
See New York Central RR. below.—Y. Ill, p. 2140.
of
Kansas
V
City Rys.—Fare Extended—Report.—
The Missouri P. S. Commission has granted the receivers permission to
continue to charge the present rates of 8 cents for a single trip fare for six
months*from Nov. 20.
Compare "Annual Reports" above—V. Ill,
Eagles Mere RR.—Receivership.—
p.
2324.
Knoxville Sevierville & Eastern Ry.—New
H.
Laussat Geyelin was appointed temporary receiver for the road
by
Judge Ferguson in Common Pleas Court at Phila. on Dec. 22.
The com¬
pany has defaulted in payment of interest on its bonds for the last three
months.—V. Ill, p. 2324.
It is therefore confidently expected that the interest
on the Grand Trunk Pacific Railway 4% debentures
companies."
arrears
will
20%.
Eastern Texas RR.—To
,
and old guaranteed stockholders will be deducted from the first payment of
dividends after the appointment of the committee of management to assist
Officials of the
cost
,
'he its own costs and that costs common to both parties shall be holders
Say circular of Feb. 2 1920 said: "A contribution from the debenture shared.
"Negotiations
Denver
to the decree
fendants.
be
April 1917 will receive a cash payment on Jan. 1
period May 22 to Dec. 31.
This will be the first payment to
guaranteed stockholders under the agreement for purchase of the line
by the Canadian Government.
The payment dates from the date of the
appointment of the committee of management (May 21 last), and therefore
covers a period of six months and forty
days, and the gross amount per
£100 of stock is £2 8s. 9d.; deduction of [English] income tax at 6s. in the £
(14s. 8d.) leaves £l 14s. Id., from which has to be subtracted 10s., being
y% levy to pay for the costs of the arbitration.
The net amount of the
pavment on Jan. 1 next, therefore [to English holders] will be £1 4s. Id. per
the
confirmed in St. Louis
Dec. 18.
The matter was held up by Federal Judges Sanborn and Lewis,
pending the decision of the Federal Appellate Court on the right of the
on
^
Holders of Guaranteed Stock of the Grand Trunk Railway who have been
W. M. Vandersluis.
Exchange has authorized the listing of $10,000,000
10-Year 7% Secured Gold bonds, due June 1 1930.
See offering in V. 110,
p. 1972.—V. 111. p. 2323.
Denver & Rio Grande RR.—Sale Not Yet
arbitration.; The "Stock Ex¬
next for the
Crumley, Blon J.
Co.—Listing.—
Stock
Des Moines
provided in the Government Purchase Agreement,
without dividends since
Trunk
(Md.) & Westernport Elec. Ry.—Fare Inc.
P.
as
change Gazette" of London on Dec. 9 said in substance:
next.
We have been officially informed that the $2,000,000 6% notes due Nov.
15 1920 have been extended to Nov. 15 1922.—V. Ill, p. 1751.
Inc., N.
1920,
less Yz of 1 % to cover cost of
It is guaranteed by the Grand Trunk Railway as to interest, and ranked
after the prior charges of the Grand Trunk Railway, and therefore in front
of the latter's old Guaranteed Stock which will receive a dividend on Jan. 1
See New York Central RR. below.—V. Ill, p. 2323.
Co.,
tion at1 the rate of 4% per annum under the guaranty of the
Canadian Government on the £12,500,000 Guaranteed de¬
benture stock covering the period from. May 22 to Dec. 31
received
Chicago & St. Louis RR.—
[VOL. 111.
President.—
John W. Green has been elected President succeeding William J. Oliver,
S. E. Cleage has been elected a director and also as General Manager.—
V. 93. p. 940.
Lake Erie & Western RR.—Government Loan.—
Sell Road.—
See New York Central RR. below.—V.
The company is offering for sale all of the
property owned by it, free of all
for $50,000, to any party or parties interested in the com¬
munity served by the road, on condition that the purchaser, or purchasers,
shall continue its operation ,in accordance with
the order of the Inter-State
Commerce Commission.
See V. Ill, p. 2324.
Ill, p. 2140.
encumbrances
Oswego, N. Y.
Commutation rates are advanced to a basis of
\% cents a
The fare has been 2.77 cents for cash and ticket
fares and 1 y cents
for commutation fares.—V. Ill,
p. 2041.
mile.
Exeter
Hampton & Amesbury St. Ry.—Municipal Oper.
The citizens of
Hampton, N. H., have voted to purchase the road at a
$80,000, with the understanding that if the road failed
to exceed
to pay expenses the town of Exeter would make
$2,500 for a term of five years.—V. Ill, p.
See Central Vermont RR. above.—V. Ill, p. 1949.
Lehigh Valley RR.—Modification of Decree Denied.—
The tJ.
Empire State RR.—Fare Increase.—
The P. S. Commission granted the
company, effective Dec. 1, permission
to charge 3 cents a mile for cash fares on its
line between Syracuse and
cost not
Lehigh & Hudson River Ry.—Additional Stock.—
an
annual contribution of
p.
2263.
Georgia Railway & Power Co.—Fare Increase Denied.—
Judge John B. Hutcheson, recently denied the motion of the
company for
supersedeas permitting an increase in fares from 5 to 7 cents in Decatur.—
V. Ill, p. 2324.
Marcellus
Trunk Pacific
Ry.—Vice-President.—
R. C. Vaughan has been elected a Vice-President.—V.
Ill, p. 2324, 1566.
Grand
Trunk
Ry.
of
Canada.—Initial
Payment
Jan. 1 of Interest Guaranteed by Canadian Government
Guaranteed Stock—Status of Grand Trunk Pacific
p.
78.
(N. Y.) & Otisco Lake RR.—-Suspends.—
Market Street Ry.,
San Francisco.—Bonds Redeemed.—;
The company on Nov. 29 last, purchased $161,038 First Consol. Mtge.
5% 30-year bonds of 1894, at 74 to 77y, for cancellation through a sinking
fund —V. Ill, p. 896.
/
; «
Michigan Central RR.—Government Loan.—
on
4%
Ry. 4% Deb.
Stock.—Payment will be made Jan. 1 of the initial distribu¬
1 Rental.—
Rapid Transit Co. above.—V. 110,
The road, it is stated, has suspended operations.
The line owned by
Philadelphia interests, had been leased by Marcellus men.
This lease
expired Dec. 15.
There is said to be no present prospect for a resumption
of operations.—V. Ill, p. 692.
a
Grand
Dec. 20 denied the company's petition to
Manhattan Rail way.-^Jart.
See Interborough
The Collins & Ludowici RR., a portion of the old
Georgia Coast & Pied¬
mont, which was abandoned some time ago, it is
stated, will be sold Jan. 4
on
Long Island RR.—Justice Benedict Further Enjoins
Proposed 20% Increase in Passenger Rates Pending Final
Determination of Injunction
Suit.—See article in Intra¬
state rates under "Current Events" on a preceding page.
V. Ill, p. 2140.
Georgia Coast & Piedmont RR.—Sale.—
public sale.—V. 109,
Supreme Court
so as to omit the requirements that tne road separate
itself from the Delaware Susq. & Schuylkill River RR.—V. Ill, p. 2423.
1660, 792.
at
S.
modify the decree
See New York Central RR. below.—V. Ill, p. 2423.
on
Michigan Northern RR.—Application Denied.
The
to
company's application for permission to construct a line from Lansing
Midland, Mich., with a 17-mile branch from Pleasant Valley to Mt.
-
DEC.
THE
251926.]
The I. S. C. Commission has denied the
Milford
&
common
Uxbridge St. Ry. —Discontinues Line.—
The company discontinued service between Franklin and Medway, Mass.,
about 4 miles, for an indefinite period on Nov. 21, by order of the directors.
The Franklin-Medway line is one of the lines of the Medway & Dedham
St. Ry., operated by the Milford & Uxbridge Street Ry. unler lease since
Oct. 1914.
("Electric Railway Journal."}—V. 110, p. 1415.
In a decision handed down by the Superior Court, the Pennsylvania P. S.
Commission has been ordered to refrain from an investigation of the rentals
paid by the P. R. T. to the underlying companies.
The city and two local
business men's associations sought to have the Commission investigate,
regulate and if possible reduce the rentals of the underlying companies in an
effort to clear the transit situation and bring about an equitable rate of
fare.—V. Ill, p. 2229.
Pittsburgh Shawmut & Northern RR.—Co-Receiver.—
Henry S. Hastings, formerly Comptroller aud Auditor, on Nov. 6 1920
appointed co-receiver with Franklin Sullivan Smith, now deceased.
See V. Ill, p. 2141, 2230.
was
Minneapolis & St. Louis RR-Notes Authorized.—
See Central Vermont RR. above.—V. Ill, p.
New
Raritan River RR.—Stock
2423.
Jersey P, U. Commission has denied the application of
the
company to increase fares from 7 to 8c. in each of the four fare zones between
Trenton and Princeton, but approved the petition for an increase of 40%
In commodity freight rates and 20% increase in package express tariffs.—
V. 107, p. 2290.
New York Central RR.—$26,775,000 Govt. Loan.—The
I.-S. C. Commission has approved a loan of $26,775,000 to
the New York Central and
seven
subsidiary lines to help
finance the purchase of new equipment and additions and
betterments to cost $56,625,000.
The roads are to furnish
$30,000,000 for this
jointly.
purpose
and the fund will be expended
Vice-President A. H. Harris is quoted as saying:
"This is a Government
made avail¬
supplement financing already done by
the New York Central Lines (V. 110* p. 1526).
No independent new
financing is in prospect at the moment.
Following are the subsidiary lines to be aided: The Michigan Central,
the Big Four, Cincinnati Northern, Toledo & Ohio Central, Zanesville &
Western, Kanawna & Michigan and Lake Erie & Western.
loan to the New York Central Lines from the Revolving Fund
able for the I.-S. C. Commission to
Injunction
Vacated—Increase
in
Passenger
Rates
entitled"New Intranstate Rates" under
preceding page.—-V. Ill, p. 2424, 2229.
See article
a
of
Spokane & Eastern Ry. & Power Co.—Consolidation Off.
See Washington Water Power Co.
panied by revival of rumors that the Delaware Lackawanna & Western
may take over the property on some basis.
Representatives of the D. L. &
W. inspected the property several weeks ago.—V. Ill, p. 1365, 389.
Third Avenue Ry.,
of the Brooklyn
New York New Haven & Hartford RR.—Circumstances
Requiring New Division of Through Rates.—hi the hearing
before Chairman Clark of the Interstate Commerce Com¬
Dec.17, President Pearson, said
in substance:
Improvements, &c.—In its endeavor to expand capacity and Improve
with the growing demands of traffic,
the company
service coincidently
during the past seven years has devoted all the funds it could earn,
or obtain from the sale of non-carrier properties and has
made a
borrow,
capital
expenditure of $49,276,715.
During the same period there was received
In addition $21,391,000 of new equipment under equipment trusts.
Since Sept. 30 1913, no dividends have been paid, but if they had been
paid at the rate of 6% on capital stock they would have aggregated approx¬
imately $66,000,000 up to date.
Increased Efficiency.—As indicating the gain made In operating efficiency
of the New Haven, its freight traffic increased from 1915 to 1919 approxi¬
mately 960,000.000 net ton miles or 35%, and passenger milis increased
538,029,988, or 36%. with a decrease of 5.8% in freight train mileage and a
decrease of 7.5% in passenger train miles.
Special Conditions Burdening the Company.—Important among these are:
The increased transportation cost of fuel; the different ratio of freight to
passenger revenues on which rate advances apply: and the relatively larger
number of employees all of whom are subject to the wage awards, but who
at the same time produce a smaller number of traffic units because of the
■character of the service performed.
Because of the distance from the sources of fuel supply the cost to the
New Haven of transportation over foreign lines for bringing its fuel to its
lew Haven always
carriers for transporting its fuel charges paid of the
Gateways hasto otherbeen a large item. The increase in because only by the
raises in rates, not to mention similar increase in cost of
transporting its
other materials and supplies, is approximately $3,050,000 per annum.
Rate advances have been more liberal on freight than on passenger traffic
Thirty-Fourth St. Crosstown Ry.—Abandonment.—
Stockholders will vote Jan. 19 1921 on abandoning the right, privilege and
franchise to construct, maintain and operate its horse car railway in, upon
and
along 34th St. from a point just east of 11th Ave.,
St., to a point near 12th Ave., 972 feet.—V. Ill, p. 794;
one-fourth passen¬
the increased revenue to the New Haven since 1917 would
have approximated $7,300,000 per annum.
Owing to short hauls, frequent junctions and yards on the New Haven a
larger number of employees to handle the same amount of traffic is required
on the New Haven than on most other roads.
President Pearson estimated
the payroll increase due solely to this larger number of employees to handle
a corresponding number of ton miles at $9,000,000 per annum.
In these three items alone, New Haven suffers to the extent of $19,350,000
as
shown below:
•
Secretary A. J. Becht in a notice to the holders of the
outstanding $1,-
May 1 1921, says:
due, and though busi¬
yet the abnormal con¬
ditions prevailing have prevented the accumulation of a cash surplus.
Consequently company is not in a position to redeem the bonds (or any
part thereof) on date of maturity.
Therefore, it is advisable and expedient to ask the holders to agree to an
extension from May 1 1921 to May 1 1941, reserving to them all liens,
securities, equities and rights which exist under or accrue to the original
bonds, the same as if such extension has not been made, and increasing the
rate of coupon interest from 5% to 6% p. a. during such extension.
The Ohio P. U. Commission has authorized such extension and increase.
Holders of the bonds are requested to deposit them with the Central
Trust Co., Cincinnati, O., depositary (first detaching the int. coupon due
May 11921) for proper stamping, &c.—V. Ill, p. 2326.
While all coupons have been promptly paid when
ness has shown a steady increase for several years,
Toledo & Ohio Central RR.—Governemnt Loan.—
See New York Central RR. above.—V. Ill, p. 2141.
Toledo Terminal
RR.—Application.—
See Atlantic Coast Line RR. above.—V. Ill, p.
295.
Railway Co.—Dividend.—
Union Passenger
The semi-annual dividend of $4 per share has been declared on the stock,
payable Jan. 1 to holders of record Dec. 15, less third and fourth quarterly
installments of the 1919 Federal income tax, amounting to 45 cents per
share.—V. 109, p. 2440.
United RRs. of San Fran.—Reorganization Plan Ap¬
proved.—The California Railroad Commission has approved
the proposed reorganization plan without any changes.
See Market Street Railway
above.—V. Ill, p. 1950,1853.
Valdosta Moultrie & Western RR.—Order
J.
W.
road at
V.
Talbot
an
has
Sold.—
appointed by Federal Judge Evans to sell the
$165,000.
No date has yet been set for the sale.—
been
upset price of
Ill, p. 2042.
|
Washington
&
Lincolnton RR.—Stock Application.—
See Atlantic Coast Line RR. above.
Washington Water Power Co.—Consolidation
Plan Off.
"While in New York and Chicago I had
control of the Spokane & Eastern
Ry. & Power Co.
We discussed the question of a consolidation of the
railways at considerable length.
For various reasons, it is not possible
President D. L. Huntington says:
Increased cost on transporting fuel
$3,050,000
Disproportionate amount of passenger traffic..
7,300,000
Wage increase to excess employees in freight service.
9,000,000
Passenger traffic is now relatively more profitable than freight.
Freight
traffic on the New Haven has become virtually non-supporting.
The
difference in character of freight traffic on the New Haven from that on the
several talks with those interested in the
at this time to
Hire.—Prior to 1902 foreign
paid for at the rate of six mills per mile, an average of about 9
day.
At present the per diem rate is $1.
The change in basis
has meant a difference of $6,259,750 to the New Haven.
Compare state¬
ment by Vice-President Buckland in V. Ill, p. 1942.—V. Ill, p. 2423,2140.
were
cents per car
bring it about.
the consolidation will involve the expendi¬
thousand dollars.
This expenditure would have
at'the present time wishes to put such large sums
nto a property which is earning no return on present investment, to say
nothing of additional expenditures.
"Therefore, it seems that one of the necessary steps to be taken before
serious consideration can be given to consolidation will be to place the
"One of the difficulties is that
ture
of several hundred
to be in cash,
trunk lines works to its disadvantage.
Increase in Per Diem Charges for Freight Car
cars
Green & Southern Traction Co.—
Mtge. 5s Due May 1 1920, to be Extended to 1941 at 6%.—
420,000 1st Mtge. Consol. 5% 20-year gold bonds due
New Haven revenues are more nearly half and half.
If the New Hav.
could have enjoyed the trunk line proportion between freight and pas¬
senger revenues,
westerly in 34th
V. 62, p. 549.
Toledo Bowling
ger.
en
N. Y.—New Secretary.—
formerly Secretary to LindlayM. Garrison, Receiver
Rapid Tarnsit Co., has been elected Secretary.—V. Ill,
1747,390.
p.
1st
Trunk line revenues average about three-fourths freight,
See also V. Ill, p. 2326,
Robert Crosbie has been elected Comptroller.
Garrow T. Geer,
5%
mission in Washington, on
below.—V. Ill, p. 1280.
Spokane Portland & Seattle Ry.—Comptroller.—
"Current Events"
has been declared on the outstanding $14,000,000
Common stock, par $100, payable Jan. 15 1921 to holders of record Jan. 3.
Common dividend record:
1910 to 1912, incl., 3% p. a.; March 1913, 4%.
The declaration of the dividend on the common stock has been accom¬
dividend
A daily news agency has substantially the following from Philadelphia:
It is understood that the Reading segregation plans are gradually assum¬
ing shape and that it is unlikely the company will ask for an extension
beyond the 90 days from Oct. 8 fixed by the U. S. District Court.
Market action gives no indication of what is in store.
Reading stocks
have declined with the general market, but the Preferred issues have
shown greater relative strength than the Common.
Parties conversant
with the situation note that it would be possible to file a main [skeleton]
plan of segregation and later file a supplemental plan giving in detail how
the segregation would be carried out.
It is generally agreed that whatever the plan it will be protested by some
class of security holders.
If the Pref. stockholders do not share equally
with the Common, it is understood certain of them propose legal action
to secure equal recognition.
While if all three classes of stock are treated
on an equal basis then it is expected that action will be brought by Common
stockholders who believe that the surplus of the Reading company which
was built up from funds which might otherwise have been disbursed as
dividends on the Common shares belongs to them.
Compare V. Ill,
p. 1473; V. 110, p. 2388, 2488, 2292,1850.
2230,2042.
New York Chicago & St. Louis RR.—Common Dividend
of 5% to Be Paid Jan. 15, the First Since 1913—Rumors —
A
2477.
Reading Company.—Segregation Plan Expected Shortly.—
From
3 to 3.6 cts Per Mile in Effect Dec. 20.—
«n
Application.—
See Atlantic Coast Line RR. above.—V. 107, p.
Jersey & Pennsylvania Traction Co.—Fares.—
The New
Transit Co.—Validity of Rentals Upheld.—
Phila. Rapid
company's application for per¬
a line from Lansing to Midland, Mich., with a 17-mile
branch from Pleasant Valley to Mt. Pleasant, the whole line, incl. branch,
to be about 102 miles.
The company was organized in Mich, in May 1919
to build a road from Lansing to Bay City, some 235 miles.
Authorized
mission to construct
■capital $2,400,000 pref. and $600,000
2521
CHRONICLE
and
no one
_
properties in a condition where they can earn a reasonable return upon the
invested in them and thus justify the expenditure of the further
necessary sums that would be called for by consolidation.
As every one
knows, the cost of money is very high at the present time and it is not
forthcoming except to enterprises that cap pay liberal returns to attract St.
—V. 110, p. 659.
/
money
New York State Rys.—Valuation of Syracuse Lines.—
The company in its application to the P. S. Commission for an increase
In fares to 10 cents in Syracuse has placed a valuation of $21,000,000 on its
•Syracuse lines, contrasting with $12,300,000 by engineers employed by the
Syracuse Street Railroad Commission.
It is stated that the $750,000 People's RR. 1st Mtge. 5% bonds, due
Jan. 1 1921, will be paid off on' that date from funds supplied by the New
York State Railways.—V. Ill, p. 2325.
Ottawa Traction Co.,
An extra
Ltd.—Extra Dividend.—
dividend of 1% has been declared on the stock, along
with the
quarterly dividend of 1%, both payable Jan. 1 1921 to holders of
15 1920.
A like amount has been paid extra in Jan. of each
since 1915, making a total of 5% per annum.—V. 109, p. 2263.
usual
record Dec.
year
Pennsylvania RR.—Large Rail Order.—
it is announced, has ordered for 1921 delivery 200,000
($9,400,000), contrasting with 106,000 tons purThe new rails, it is said, will be used chiefly to restore
the tracks that were badly worn during the war.
The order is distributed
as follows:
Illinois Steel Co., 50,000 tons; Carnegie Steel Co., 50,000 tons;
Bethlehem Steel and Midvale Steel & Ordnance Co., 40,000 tons each, and
Lackawanna Steel, 10,000 tons.
An eight-page circular setting forth the position of the company and its
capital stock has been prepared and published under the auspices of the
Business Development Committee or the Philadelphia Stock Exchange
for the information of the public.—V. Ill, p. 2424.
The company,
tons of
rail at $47 a ton
hased in 1919.
West Philadelphia Passenger Ry.—Dividend.—
A semi-annual dividend of $5 per share has been declared on the stock,
payable Jan. 1 to holders of record Dec. 15, less third and fourth quarterly
installments of the 1919 Federal income tax, amounting to 45 cents per
share.—V. 109, p. 2441.
White Pass & Yukon
Ry.—Earnings, cfee.—
"The directors' report for the year ending June 30 1920 states that the
profit and loss account shows a loss of £13,206, which reduces the p. & 1.
credit
3.1100 to
£54 541,
"The shareholders have acted or are about to act upon a provisional agree¬
ment made with Close Brothers & Co., Ltd., under which the latter will
years, on similar terms to
of arrangement. The re¬
Close Brothers & Co., subject to
finance the company for a further period of two
those approved by the Court under the scheme
maining "A" shares are to be issued to
certain conditions."—V. 107, p. 2478.
Wichita Falls Ranger &
Frank Ketch of Ardmore,
Ft.
Worth
Oklahoma, has been
the
late
Jake
L.
RR.—Officers.—
elected President to suc¬
been elected as Vice-
Hamon.
J. H. Frazer has
President to succeed Mr. Ketch.—V. Ill, p. 794.
ceed
THE
2522
CHRONICLE
Winnipeg Electric Ey.—Pre/. Stock Offering.—Nesbitt
& Co., Ltd., Montreal in October last, offered
at 90 yielding 7 3-4% with a bonus of 30% in Common
stock $3,000,000 7% Cumul. Pref.
(a.&d.) stock.
Div.
Q.-J.
A circular shows:
II •
Thomson
Properties.—Company does a power, lighting and gas business, and
oper¬
the entire street.railway system of the City of Winnipeg, consisting
Has a hydro-electric development of 33,000 h.p. capacity
auxiliary steam plant of 13,000 h.p.
In addition controls a large
undeveloped water power capable of 170,000 h.p. development capacity.
ates
of 120 miles.
and
an
Franchises
are
considered
very
satisfactory.
Valuation.—Properties (exclusive of the value of the large undeveloped
power), were valued by the Manitoba P, U. Commission at $24,369 ,431.
This replacement value is equal to over $450 per share for the Pref.
stock or about $100 per share for the Common stock.
Earnings.—Average annual net earnings for 3 years ending Dec. 31 1914
water
i
$1,148,193
Average annual net earnings 3 years ending Dec. 31 1919 were $496,637.
Net earnings (est.) for 1920 based on actual figures for first
8 months
were
—
.
(equal to 3 times Preferred dividend)
Increased Fares & Rates—The P. U. Commission authorized
the
price of gas $1 75 per 1,000 ft. as from Sept. 1 1920.
Purpose.—Proceeds will be used to retire notes and bank loans.
With
these paid off it is expected that company will be in a position to recom¬
mence payment of divs. on its Common stock [last payment of 2% made
Jan. 2 1916] within a reasonable time.
Capitalization after this Financing—
Common stk
Authorized. Outstanding.
$11,000,000 $11,000,000
[inc.from $10,000,000 Dec. 4]
5% Bonds ($289,000 retired by sinking fund)._._
3,000,000
5,000,000
4k % Perp. Deb. stock
Bonds of subsidiaries (less held in treas $746,000)
1,900,000
3,000,000
4,711,000
4,380,000
1,154,000
—V. Ill, p. 2326, 2230.
Wisconsin
&
Michigan
RE.—To
Restore 20
Miles.—
operation of 13 8 miles of road in Dickinson County, Mich.
In Feb. 1918, the Railroad Administration ordered the service between
Faithorn Jet. and Iron Mountain discontinued.
In Nov. 1918, company
removed its rails between Faithorn Jet. and Aragon Jet., 7.17 miles.
Since that time the 13.8 miles of line between Aragon Jet. and Iron Moun¬
tain has been out of service.
The ties, culverts and trestles on,the 7.17
miles of right of way were left in place, and with some minor expenditures
repairs
1 bridge and for surfacing, the line only requires relaying of
possible resumption of operations to Iron Mountain,
Total estimated cost $62,740.
the
rails
on
make
to
at
105.
Due Nov.
Sinking
Fund
1
1935.'
$30,000
payable M. & N. without deduction for
per
Red. all
year
normal
Data
From Letter of Pres. Philip R. Mallory, Port Chester, N. Y
Company.—Business established in 1840.
Has developed a diversified
ln related lines, manufacturing gas ranges,
stoves, a variety of
business
steam and water heaters for use in
homes, apartment houses, office build¬
ings, schools, etc., electrical washing machines, and soil pipe and fittings.
Plant located at Port Chester, N. Y.
Property covers over 6 acres.
Capitalization
After This Financing.
First Mortgage 15-year 8% sinking fund gold bonds
.$700,000
775,000
Purpose.—Proceeds are to be used to reduce outstanding obligations and
to provide additional working capital.
Common stock,
authorized $800,000: issued
Net Earnings Available for Bond Interest, Federal Taxes and Depreciation
Year—
xl920.
1919.
1918.
1917.
Net earnings
Int. times earned..
x
$260,000
4.6
2 months estimated and after
reserve
$204,708
$141,753
3.6
for inventoires.
$132,864
2.5
2.3
Acme Packing Co., Chicago.—To Acquire Indian
Packing
Corp.—Capital Increase—Stock Dividend.—
The directors have recommended the declaration of
a
stock dividend
o
325%.
The stockholders have voted to increase the capital stock from
$700,000 to $12,000,000.
The increase in capitalization is with a view to
acquiring the Indian Packing Corp, which see below.
Adams
Express Co .—Consolidation Approved.—
See American Railway Express Co. below.—V. Ill, p. 986.
Aetna
Explosives Co., Inc.—Over 80% of Stock Deposited*
announce that more than 80% of com¬
pany's stock has been deposited with them under the plan
of sale to the Hercules Powder Co., Inc.
See V. Ill, p.
2425, 2326, 2043.
—J. S. Bache & Co.
The I. S. C. Commission has authorized the company to rebuild 7.17
miles of road between Faithorn Jet., and Aragon Jet., Mich., and to resume
for
1 1920.
or part on 30 days'
beginning 1921.
Int.
Federal income tax not La
excess
of 2%, at Liberty
National Bank, New York, trustee.
Penn.
4 mill tax refunded.
Denom. $1,000, $500, and $100 (c♦).
notice
-.-$630,000
company to
Increase street railway fares to 7c. cash or 4 tickets for 25c, and to increase
Preferred stock
Dated Nov.
[VOL. 111.
The company was incorp. in Aug. 1918 as successor to the Wisconsin &
Michigan Ry. sold under foreclosure (V. 105, p. 2096).
Capital auth.,
$1,500,000: outstanding $847,500.
Main line owned, Menominee to Iron
Mountain, Mich., 60 miles. Pres John March, Chicago.—V 105, p 2096.
Zanesville & Western RE.—Government Loan.—
AND
Co., Inc.—Listing—Earnings.—
of its 10-Year
7% Conv. Deb. bonds (V. 110,
p.
1749), and 14,029 shares
official notice of issuance and payment in full with statement of
applica¬
tion of proceeds or property acquired, making a total amount applied for
of 231,072 shares.
on
Earnings for 9 mos. ended Sept. 30: Gross, $5,362,536; operating income
$1,819,529; net after current charges (amounting to $742,028), $1,077,501
profits before Federal taxes (est. $207,233), $1,025,828; dividends
$458,966: profit and loss surplus Sept. 301920, $1,055,982.—V. Ill, p. 2231'
net
Allied Chemical & Dye
See New York Central RR. above.—V. Ill, p. 2141.
INDUSTRIAL
Air Reduction
The N. Y. Stock Exchange has authorized the listing of 153,023 shares
of Common stock (auth. 293,334 shares), no par value, with authority to
add 64,000 additional shares upon official notice of issuance, on conversion
Corp.—Listing—Earnings.—
The N. Y. Stock Exchange has authorized the listing of temporary cer¬
tificates for $37,326,400 7% Cum. Pref. stock, par $100, and temporary
certificates for 2,143,455 shares of Common stock, no par value, on official
notice of issuance in exchange for present outstanding Chemical Consoli¬
dation Certificates of Deposit, viz.: (a) General Chemical Co., $15,438,000
MISCELLANEOUS
General Industrial and 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
Pref. stock and
"Current Events and Discussions"
Combined Statement of Income of Consolidated Companies Six Months Ended
June 30 1920 (Inter-Company Dividends Eliminated).
Department"), either concurrently
matter becomes public.
(if not in the "Editorial
early as practicable
New Packing Plan—See
or as
after the
Swift & Co. below.
Pork,
Dec. 20 13.55
mess...
Lead....
Copper.
Cotton mid
..Dec. 21 29.50
Dec. 22
Live stock
values
14.05
Jan.
Jan.
30.00
.04%
0.13%
0.15%
Dec. 23 33.00
34.00
at Chicago are reported at
..Dec. 21
uplands.-Dec. 22
Iron 2x Phila
and
Common stock.
Net income before depreciation, taxes, &c., per books
Deduct estimated reserves for depreciation, taxes, &c
$22,381,650
9,545,408
Net income after depreciation, taxes, &c
—V. Ill, p. 2425.
$12,836,242
\
Price Recession.—The sharp break in the stock markets this week was
attended by new low prices for the year for various commodities notably:
Low 1920
Dec. 15
High 1920 Dec. 1919
Coffee No. 7 Rio
Dec. 22 $0.06% $0.06%
Jan. 11 $0.16% $0.15
Lard prime
$19,456,600 Common stock; (b) Solvay Process Co. $21,083,200 Common stock; (c) Semet-Solvay Co. $10,297,700 Common stock;
(d) Barrett Co. $7,113,900 Pref. stock and $15,350,200 Common stock,
and (e) National Aniline & Chemical Co., Inc., $13,588,800 V.T.O. for
Pref. stock and Pref. stock, and 288,283 shares V.T.C. for Common stock
.04%
.13%
0.14%
9 23.50
2 47.00
23.25
47.00
Mar 15 0.09%
0.07
Jan.
8
0.19%
0.18%
July 22 0.43%
0.39%
Aug. 31 53,51
41.10
lowest since 1916 "Bost
N. B." Dec. 23, p. 6.
The Spanish River and Abitlbl Mills of Canada have agreed to fix their
price for
news print for the first 3 mos. of 1921 at 6% cents instead of 7 cts.
Steel and Iron.—The independent steel mills have generally reduced their
price for heavy open hearth steel rails to $47, as quoted by U. S. Steel Corp.;
and at this price the Pennsylvania RR. has placed orders for 200,000 tons
and the N. Y. Central for 75,000 tons for 1921 delivery.
The leading cast iron pipe maker has reduced his
price for water pipe
(Class B) from $74 to $55.
The "Iron Age" of Dec. 23 further reports the U. S. Steel Corp. as still
operating at 85 to 90% of capacity, the independent cos. at 40 to 70%,
with some of the smaller plants closed.
Wage reductions of generally 20%
(with elimination of overtime) at Johnstown and Coatesvllle, Pa., Wheeling;
All
Package Grocery Store Co.—State Lien.—
According to a decision of 17. S. Supreme Court, the State of New York
a prior lien over all creditors
upon the assets of the company to the
amount of the franchise tax and license fees.
The suit was brought by the
State of New York against H. Snowden Marshall, receiver for the company.
—V. 110, p. 360.
has
American Car &
The company'8
destroyed by fire
p. 1754.
Foundry Co .—Fire Loss.—
Helmbacher Rolling Mills plant at Madison, 111., was
on Dec. 15.
Estimated damage $1,000,000.—V. Ill,
American Express Co.—Consolidation
Approved.—
See American Railway Express Co. below.—V. Ill, p, 1951.
American Foreign Trade Corp.—To Reduce Stock
—
The stockholders will vote Dec. 29 on reducing the authorized Common
stock from $58,500,000 to $20,000,000 and the authorized Preferred from
$5,000,000 to $2,000,000.
There is outstanding $1,362,000 Preferred and
$19,441,000 Common.—V. Ill, p. 1568.
W.
Va., and Buffalo.
Inland Steel Co. returns Jan. 1 to two 12-hour
shifts (recently three 8-hour).
Expectations of RR. buying, the "Age"
says, appear to have been "far too optimistic."
New oil developments
promise to keep pipe mills active for some months.
Coal and Coke.—The anthracite coal operators on Dec. 23 refused to
accede to the demand for a reopening of the wage award with a minimum
wage of $6 for an 8-hour day.
"Times" Dec. 24, p. 8.
Output of bituminous coal for week of Dec. 11 makes another high record,
12,865,000 tons.
Steam coal at ConnellsvllJe Dec. 23 $2 75, "hardly pro¬
ducing cost," and foundry and furnace coke of best grades at $6 50, against
about $9 Nov. 23 1920.
Independent coke producers closing down.
Coal trade investigation by Senate committee, N. Y. "Times" Dec. 21,
p. 5; Dec. 22, p. 1; Dec. 23, p. 15.
Textile Industry.—The Fall River cotton and textile interests on Dec. 23
announced a 22%% wage reduction, effective Jan. 3.
The New Bedford
textile workers Dec. 18 voted down a strike
proposition and accepted wage
reduction of 22%% under protest.
Such reduction is becoming general in
nthe New England industry, except for American Woolen Co., which see
below.
|
Of the 111 textile mills in Fall
River, 12 are said to be closed and all
except 8 or 10 of the remainder are operating from 2 to 4 days a week.
Boston "News Bureau" Dec. 20, p. 1.
New Packing Plant.—See Swift & Co. below.
Matters Fully Covered in "Chronicle"
output in Nov., p. 2354.
of Dec.
(b) Cotton crop est.,
18.—(a)
2354.
p.
Transvaal gold
(c) Wheat crop
est., p. 2355.
(d) Russian land concessions of Washington Vanderlip, p.
2359 ("Times" Dec. 23, p. 9: "Eng. & Min Jour." Dec. 18,
p. 1187).
(e)
Proposal for regulating packing industry, p. 2365.
(f) Farmers' emergency
legislation (editorial), p. 2368.
(g) Immigration in 1919-20, p. 2371. (h)
Foreign Trade Financing Corp., p. 2376 to 2379 (compare V. Ill, p .2264,
2278).
(i) American Products Export & Import Corp., p. 2379.
(i)
Federal International Banking Co., cotton, p. 2380.
(k) War Finance
Corp., revival, Senate approves, p. 2381.
(1) Live stock industry, proposed
aid, p. 2381.
(m) Agricultural Aid, Rep. McCumber, p. 2386.
(n) Sus¬
pension of war time laws voted by House, p. 2388.
(o) British Govt,
holds £60,000,000 wool, p. 2388.
i
(p) Fertilizer prices pronounced excessive by'Dept. of Agric. Warning,
p. 2388.
(q) Live stock and wool embargo, Denver appeal, p. 2389.
(r)
Great Britain's reduction of foreign debt, p. 2372.
(s) Floating debt of
Europe to American citizens, p. 2374.
(t) Readjustment process in 1920,
report of Federal,Reserve Board, p. 2383.
Abendroth
Brothers, Port Chester, N. Y.—Bonds
Offered.—Lawrence Chamberlain & Co., New York are
offering at 97% and int. yielding over 834% $700,000
1st (Closed) Mtge. 15-year 8% Sinking Fund Gold Bonds
American Fuel &
Shipping Co .—Bankruptcy.—
An
Involuntary petition in bankruptcy was filed in the U. S. District
on Dec. 15 against this
company, 17 Battery Place.
The claims of
the petitioning creditors are $865,543 by Davis Coal Co.
Mozgantown, W.
Va., $55,579 by Rumbough & Mayers, Greensburg, Pa. and $74,419 by
Frame. Friend & Stineman, Inc., New Haven.
Court
,
American Piano Co.—No Stock Distribution.—
The regular quarterly dividends of
1%% on the
and 1%% on the $3,858,600 Preferred
Common
outstanding $3,658,800
stock
(par $100 each)
have been
declared, both payable Jan. 1 1921 to holders of record Dec. 24
Initial dividend of 1 % % in cash was paid on the Common shares, together
with
a 5% stock dividend; like amounts were
paid in cash and in stock in
April, July and October last.—V. Ill, p. 1280.
American
Railway Express Co.—Consolidation Approved.
C. Commission has approved the permanent
consolidation of the transportation business and properties
of the American, Adams, Wells Fargo & Co. and the Southern
Express Co. into the American Express Co.
—The
I.-S.
Condensed Extracts from Statement by Commission.
Even prior to
Federal control and the existing consolidation therelwas
practically no competition so far as express transportation rates and charges
were concerned, express rates being made on the block system prescribed
by us and applying alike to all express companies.
While to
some
extent there was
competition with respect to the service
rendered the economies and elimination of wasteful services resulting from
the consolidation would appear to be more than sufficient to offset any
advantages to the public growing out of the separate operation of t he four
express companies.
As to the rates and practices
of the consolidated company we may regulate
same extent as if there were separate operation.M
We are not authorized under the I.-S. C. Act to prescribe terms as}to
the manner in which claims [of the protestants to the consolidation] shall be
handled as a condition of the continuance of the consolidation.
Nor arelwe
authorized to require the resumption of operation by the constituent com¬
and control them to the
panies.
We are merely empowered to approve and authorize the existing
consolidation,
[see Trans. Act of 1920 in "Chronicle," Feb. 21, p. 727;Jsec.
407,ipar. 7.]—V. Ill,
p.
1474.1
L American Safety Razor Corp.—Sale of Rights\to\English
Co .—Consideration £165,000, Payable in 165,000 "B'gShares.
See British-American Safety Razor Co., Ltd., below.—V. Ill; p. 2425.
Dec.
251920.]
THE
American Shipbuilding Co.—Extra Dividend.—
Asbestos Corp. of Canada,
An extra dividend of
2H% has been declared on the Common stock in
addition to the usual quarterly dividend of 1 %
%, both payable Feb. 1 1921
to holders of record Jan.. 15 1921.
Extra dividends of like amount have
been paid quarterly since Feb. 1919.—V.
Ill,
p.
Smelting & Refining Co.—Termination on
Jan. 1 of Joint Selling Agency
for Copper.—The company in a
printed statement dated Dee. 18 says:
American
Smelting & Refining Co., which has, for many years,
own copper, the copper of other companies whose
product is treated in its refineries, announces that this practice will be dis¬
continued, and that hereafter it will sell only its own copper, just as it has
heretofore sold only
ifs own lead, spelter, tin, silver, gold and other metals.
As a
consequence, the copper of the Utah Copper Co., the Ray Consol.
Copper Co., the Chino Copper Co., the Nevada Consol. Copper Co.,
the Chile Copper Co., the Kennecott
Copper Corp., and the Braden Copper
COf. will after Dec. 31 1920, be sold by a separate agency.
tS
a
along with its
smelting and refining contracts between the American
copper
smelting & Refining Company and the other companies mentioned, will
however, remain unaffected.
The termination of the joint selling agency, as it heretofore existed, is a
natural, if not inevitable, incident to the growth of the industry.
With
with
changed conditions in the industrial, commercial and financial situa¬
and abroad, with wholly new conditions in the Worldf
metal markets, a certain
divergence of interest could not fail to arise from
time to time and on various
points in handling so large a volume of copper.
As a joint
agent, representing a number of very important interests, at
the same time that it
represented its own. The American Smelting and
Refining Co. had come to bear a responsibility greater than it was willing
to assume.
The several copper companies on the other hand, recognized a
necessary difference in point of view as between a smelting and refining
company, as such, whose copper is chiefly derived from metal purchased in
ores, and a mining company as such, whose copper is
derived from its
own mines,
and preferred, under the changed conditions mentioned, to
have their product marketed independently.
It was decided, therefore,
that the termination of the agency would be for the best interest of all
parties concerned.
>
>
1
The new arrangement will become effective on and after Jan. 1 1921 and
beginning with that date, Mr. Hamilton M. Brush will have charge of
selling the copper produced by the American Smelting & Refining Co.
tion in this country
[The firm of Guggenheim Brothers announces that on and after Jan. 1
1921, their organization will act as a sales agent for the sale of metals.
This agency will sell the entire production of copper of Utah Copper Co.,
Chino Copper Co., Ray Consolidated Copper Co., Nevada Consolidated
Copper Co., Chile Copper Co., Braden Copper Co. and Kennecott Copper
Corp. The sale of metals through this agency will be under the management
and executive direction of Joseph Clendemn, who is now Vice-President
in charge of sales for the American Smelting & Refining Co.—Ed.]
Suit by Former Vice-President.—
Justice Burr has reserved decision in
a
suit filed in the Supreme Court
by Karl Eilers, former Vice-President and owner of shares of stock, alleging
management and asking for a mandamus directing David A.
Crockett, Transfer Agent, to permit him to inspect the stock lists and to
copy the names of the stockholders.—V. Ill, p. 2142.
wasteful
American Steel Foundries.—Listing.—
share], making the total amount applied for $20,401,000.—V. Ill, p. 2231.
American
Tobacco
Sumatra
Co .—Dividend Outlook-
Authoritative Statement.—A director, affiliated with the com¬
since its inception, makes the following statement:
There is every reason existing now vhy the company should continue
the 10% dividend rate on its Common stock.
The next quarterly payment
involves a disbursement of only $375,000 as against earnings for the quarter
ending Oct. 31 last of $1,147,000.
The company is in a strong cash position
with current assets of over $18,500,000 as against current liabilities of about
$4,500,000.
Practically all of its matured tooaccos have been sold at a
profit, so that the company has virtually no inventory except the tobaccos
now in process of curing.
Prices for its merchandise are higher than ever
before, and as a result of a short crop the company is forced to urge its
customers to reduce their requirements for the coming year so that the
tobaccos may be fairly apportioned to the company's customers.
Con¬
sumption of tobacco does not seem to decrease materially even in hard times.
There has been no thought on the part of the directors of reducing or
passing the dividend as long as earnings will permit.
Compare V. Ill,
p. 2327, 2044.
American
Woolen Co.—Wage Action Deferred.—The
reduction of 22^% has made further progress this
week among the New England textile mills, and on Dec. 22
wage
it
was
announced
Fall River
as
effective Jan. 3 in about 100 mills in
35,000 operatives.
Even this
reduction is said to leave them with a wage scale from 50%
to 100% higher than in 1914.
employing
some
President William M
on
.
Wood of the American Woolen Co.
the American Woolen Co.
was
behind
competitor or industry.
We stated we should be among the last to
We have kept our word.
reduce.
The situation that has compelled and
is compelling the reduction in wages we face with great reluctance, hoping
that in some way it might not be necessary.
But economically it seems
inevitable.
We are still studying the question.
But we are confronted
with the serious question of competition.
We cannot hope to secure orders
for our mills against both foreign and domestic competition if they pay wages
lower than our own.
We
are very
the best
reluctant to make any move, and before deciding definitely
would like to give the matter a little more
course to pursue we
thought.—V. Ill,
p.
2426.
Anchor Post Iron Works, New York.—Stock Offering.—
H. J. Kane & Co., New York, are offering at $10 per share, 20,000 shares
(no par value).
A circular shows:
Capitalization after This Financing (No Bonds).
Authorized. Outstanding.
Preferred stock, 8% Cumu,t($100 par)__
$150,000
$75,000
Commbn stock (no par value)
50,000 shs. 44,000 shs.
Company.—Incorp. in New Jersey in 1892.
Business, manufacturing
and building of wire fences, gates and railings for all purposes.
Specializes
in anchor posts and high protective fences of chain link woven steel; also
electrically welded railings and gates.
Manufacturing plants owned and
operated in Garwood, N. J., and Cleveland, O.; also storage warehouses in
Boston, Hartford, Mineola. L. I.
Earnings.—Net earnings for the 10-year period ended Dec. 31 1919, after
Pref. divs., interest, taxes and depreciation, have been at the rate of $1 26
per share, and for the 5-year period ended Dec. 31 1919 at the rate of $1 82
per share on the outstanding 44,000 Common shares.
Dividends have been
paid on the capital stock without interruption since 1909.
Purpose.—Proceeds will be used to provide additional working capital.
Common stock
Anglo-American Oil Co., Ltd.—Interim Dividend.—
that the company wilj pay on Jan. 15 1921 an
interim dividend of three shillings per share from the net earnings of the
current vear, free of British income tax.
The dividend will be paid by the
National Provincial & Union Bank of England, Ltd., Bishops Gate, London,
or at the Guaranty Trust Co. of N. Y., 140 Broadway, N. Y. City, at the
equivalent in U. S. currency of $3 50 per pound sterling (equal to 52K<*~
per share) to all holders of share warrants to bearer issued in exchange for
coupon No. 20 attached to such share warrants.—V. Ill, p. 2426.
The directors announce
I
r~
Ansco
Co., Binghamton, N. Y.—Capital Increase.—
The stockholders on Dec. 16
$500,000 8% preferred issue.
up to
voted to increase the capital by an additional
This it is stated will bring the total capital
$1,500,000—V. Ill, p. 2327.
a
7%
p. a.
basis.—V. 110,
2659.
p.
(J. H.) Ashdown Hardware Co., Ltd.—Capital Increase
Supplementary letters patent have been Issued under the Seal of th
capita
Secretary of State of Canada, dated Dec. 13 1920, increasing the
stock from $2,000,000 to $8,000,000, par $100.—Compare V. 96, p.
Atlantic-Adriatic
489.
Steamship Corp.—Receivership.—
George W. Sterling, Asst. Director of Operations for the U. S. Shipping
Board, was appointed equity receiver by Judge Julius M. Mayer in the
U. S. District Court on Nov. 17 on complaint filed by Marsh & McLennan,
insurance brokers of 80 Maiden Lane, in an equity suit to recover $27,325
insurance premiums.
The liabilities of the defendant are estimated
for
at more than $3,000,000; assets were not stated, but are said
to consist
principally of 7 ships of the U. S. Shipping Board.
The corporation was
recently organized by Benjamin W. Morse, a son of Charles W. Morse, to
operate a line of freighters between New York and Mediterranean ports.
Atlantic Ice & Coal Corp., Atlanta.—Bond
One hundred and five ($105,000)
Call.—
First Mtge. 6% 20-year gold bonds of
1910 have been drawn by lot for redemption Jan. 1 1921 at the
pany
Trust Com¬
of Georgia, trustee.—Y. Ill,p. 191.
Atlas Tack
Corp.—Dividend Omitted.—
dividend due
dividends of
last.—V. Ill, p. 2327.
The directors have omittfed the declaration of the quarterly
Feb. 1 1921 on the Common stock (no par value).
Quarterly
75 cents per share were paid in May, Aug. and Nov.
Autosales Corp.—Listing—Earnings.—
New York Stock Exchange has authorized the listing on or after
1920, of $119,385 6% Non-cum. Particip. Pref. stock, (par $50)
(auth. $3,000,000), on official notice of the issuance as a 4j^% stock divi¬
dend, making the total amount applied for $2,775,535.
Income account, 10 months ending Oct. 31 1920, shows gross collections,
$2,312,482; income from operation, $219,061; Federal taxes (1920, esti¬
mated), $30,000;
net income, $118,035.—V. Ill, p. 2426.
The
Dec. 31
Avery Chemical Co., Boston.—Receivership.—
Judge Anderson In the U. S. District Court at Boston on Dec. 14 ap¬
pointed William H. Hitchcock, of Dedham and Boston, as receiver on the
petition of Edward D. George, of Plainfield, N. J.
Assets estimated at
$700,000; liabilities, about $400,000.
Barnsdall
Corporation.—Listing—Exchange of "B" Stock
for Stock of Bigheart Producing &%Refining Co.—
The New York Stock Exchange has authorized the listing of $3,250,000
(auth., $15,000,000) Class B non-voting stock, par $25, on official notice
of the Bigheart Producing &
Refining Co., making the total amount applied for $4,250,000.
The directors on Dec. 17 adopted a resolution to enter into an agreement
with the officials of the Bigheart Producing & Refining Co. of Mass.,
whereby Class B stock of Barnsdall Corp. will be issued in exchange for
Bigheart stock in the ratio of 1 share of Barnsdall stock for each 5 shares
of Bigheart stock.
The Guaranty Trust Co., N. Y., is appointed depositary and fiscal agent
to receive the Bigheart stock and to exchange therefor the Barnsdall stock.
All Bigheart stock deposited for exchange before Dec. 31 1920 shall be en¬
titled to a bonus of 62 li cents for each full share of Class B stock to which the
of issuance in exchange for outstanding stock
depositing stockholder is entitled, such bonus to be payable Jan. 31 1921The acquisition of the Bigheart is to give this company the use of the Big¬
heart refinery, field lines, tank cars and other facilities in Oklahoma, where
the Barnsdall has a big oil production.
Consolidated statement (incl. sub. cos.) of income
Gross sales and earnings of all cos.,
Jan. 1 to Oct. 31 1920.
of which entire stock is owned, $o,88b,-
745; net producing and operating income, $3,542,923; other income, $525,603; total earnings, $4,068,526; deductions (incl. $655,000 provision for
Federal taxes), $1,769,111; net income of consolidated companies, $2,299,415; Barnsdall Corp.'s proportion of earnings (after all
cos., not consolidated,
in excess of divs. received,
charges) of affiliated
$450,338; Barnsdall
Corp.'s proportion of earnings of all cos., $2,749,753; divs. paid, $1,025,000;
profit and loss surplus, Oct. 31 1920, $6,340,669.—V. Ill, p. 1755.
Barrett
Hamlin
Company.—New Officers and Directors.—
Mcllravy has been elected Chairman of the board, and
Rianhard, President, succeeding Eversley Childs and William
Childs, respectively.
W. H. Childs becomes Chairman of the
William
Thomas
N.
M.
Directors.—Resignations;Harry W.Croft, J. H. Fulton,
WilUamS. Gray,
Powell Stackhouse, Hamilton
and Horace S.Wilkinson.
Process Co.; W. H. Nichols
Jr., Pres. General Chemcal Co.; Orlando F. Weber, Pres. National Aniline
& Chemical Co.( Walter B. Harris, M. H. Phillips, D. W. Jayne, Clark
Alexander C. Humphreys, Isaac B. Johnson,
Stewart, J. Henry Staats, H. D. Walbridge
New Directors.—E. L. Pierce, Pres. Solvay
McKercher and E. J. Steer.
■
,
„
[These changes follow the organization of the Allied Chemical
Corp., per plan in V. Ill, p. 1379 to 1382. —V. Ill, p. 2426.
Beacon Chocolate
Initial
dividends
of 2%
par $10 and on the Pref.
of record Dec. 20 1920
Dec. 22, said in brief:
In the upward movement of wages
no
on
6 to
.
The New York Stock Exchange has authorized the listing on or after
Dec. 31 1920 of $2,185,900 additional Common stock (authorized $25,000,000), par $33 1-3 on official notice of issuance as a 12% stock div. [$4 per
pany
a
the volume of production by the several mining ocmpanies,
Tcrease
Ltd.—Extra Dividends.—
The directors have declared extra dividends of 2% on both the Common
and Preferred stock in addition to the usual quarterly dividends of 1H %
on the Common and
1%% on the Preferred stock, all payable Jan. 15 to
holders of record Jan. 1.
The directors in June last increased the dividend
rate on the Common stock from a 5 to a 6% p. a. basis, and the Pref. from
1663, 1366.
American
marketed
3533
CHRONICLE
Beaver
Board
Co., Boston.—Initial
& Dye
Dividends.—
have been declared on the First
Pref. stock
stock, par $10, both payable Jan. 1 1921 to holders
Compare offering V. 110, p. 169—V. Ill, p. 495.
Companies.—Notes Offered.—Imbrie &
Chicago, are
Co., New York, and Federal Securities Corp.,
offering, at 99
and interest, $5,000,000
Sinking Fund Gold Notesb
A circular shows:
8% 12-Year
_
payable J. & J., without
extent of 2%.
Company
agrees to refund Penn. State tax and Mass. State tax not exceeding b%.
Denom $1,000, $500 and $100.
Callable, all or part, upon 30 days notice,
on any int. date: at 106 and int. on or before Jan. 1 1924; at 105 and int.
after Jan. 1 1924 and on or before Jan. 1 1927; and at 1% less each year
until Jan. 1 1931; at I0QYi on July 1 1931 or Jan. 1 1932; and at 100 on
July 1 1932.
Central Union Trust Co., N. Y., trustee.
Security.—The senior obligation and only funded debt, with the exception
of $915,689 mortgages and serial notes of three subsidiary companies, exist¬
1921, due Jan. 1 1933.
Int.
deduction for normal Federal income tax to the
Dated Jan.
1
ing when acquired.
,.
,
Earnings.-—For the past 5 years, average net
..
earnings applicable to this
issue, after depreciation but before Federal taxes, amount to more than 5
times interest charges on these notes.
For the first 10 months of 1920 net
earnings were more than 11 times
year.
the interest on this issue for the entire
Compare V. 109, p. 1369.—V. 110, p. 2490.
Berger, Fleming & Brown Co.,
Calif.—Consolidation.—
formed in California with an authorized capital
$5,000,000 for the manufacture of machinery for canners and dried fruit
packers.
A consolidation of B. & C. Machinery Co., Hayward; Smith
Manufacturing Co., San Jose; Wonder Dehydrator Co., San Francisco,
and National Axle Corp. of San Jose.
Officers are: Otto A. Berger, chairman, W. W. Fleming, President &
Gen. Mgr.. and E. W. Brown, Vice-President & Treasurer.
General offices
and factories in San Jose, Calif.
This company was recently
of
,
Berlet Silk Yarn Co., Paterson,
N. J .—Receiver.—
Judge Lynch in the U. S. District Court, Newark, N. J., on Nov. 27,
appointed Nicholas Hughes of Paterson, receiver.
Counsel for the creditors
stated that an application would be made for an ancillary receiver in N. Y.
City, where, it was said, one-half of the assets of the company are located.
Most of the creditors are Japanese and Russian raw silk producers.
Bethlehem Motors Corp.—Stockholders'
The committee named below in a letter to the
Committee.—
stockholders urging them
deposit their stock with the Bankers Trust Co., depository under a
deposit agreement to be dated Dec. 15 1920, says in substance:
On Aug. 25 1920 Clinton E. Woods was appointed receiver.
At the instance of a number of shareholders we have consented to act as a
to
committee to protect
their interests, and with *he
ultimate hope of being
stockholders a plan of reorganization which will pre¬
It is of the utmost importance that the stockholders
able to present to the
serve
their equity.
should act together in this matter, owing to the present condition of
automobile industry, as well as general financial conditions.
Committees have been appointed to act for the banking creditors and
the
for
the merchandise creditors, and it is hoped that the stockholders' committee
can co-operate with the creditors' committees in presenting to all parties
interested a practical plan.
The committee hopes to send to shareholders,
within the next few weeks, a summary of the statement of the affairs of the
company, as compiled by auditors employed by the receiver.
Stockholders' Committee.—B. W. Jones, Chairman; Otis A. Glazebrook,
Martin E. Kern, M. Morgenthau, Jr., Felix A. Jenkins, Sec., 14 Wall St.,
New York City.—V. Ill, p. 2231.
present outstanding certificates of the Consolidated Interstate-Callahan
Mining Co., with authority to add $350,100, on official notice of issuance
and payment in full, making the total amount applied for
The stockholders of Consolidated Interstate-Callahan
below.—-V. Ill,
Bethlehem Steel Co.—New
p.
Calumet & Hecla Mining
Officers.—
E. B. Hill, formerly Treasurer of the Bethlehem Steel Co. and the
Shipbuilding Corp., has been elected Vice-President of the
Shipbuilding Corporation in charge of operations, succeeding J. W. Powell.
W. F. H art man, formerly Assistant Treasurer, has been elected Treasurer
Mr.JliU.—V. Ill, p. 1281.
;'
Bigheart Producing & Refining Co.—Acquired.—
391.
Canadian
Corp.—$250,000 Cash Subscribed.—
See American Smelting & Refining Co. above—V. 110, p. 564.
Brier Hill Steel Co.—Stock for
Employees.—•
of Common
stock
to employees at $27 a share under a.monthly payment plan, with
bonuses each y ear for five years to those who buy stock.—V. 111, p. 1186.
American
Oil
Co.,
Ltd.—Capital Increase.—
Supplementary letters patent have been Issued under the Seal of the Sec¬
of State of Canada dated Dec. 10 1920, subdividing the 30,000
shares, par $100, each into 120,000 shares, par $25, and Increasing the
capital stock from $3,000,000 to $10,000,000, par $25.
It Is reported that the company has acquired the assets and business of
the Winnipeg Oil Co., Ltd.—V. 102, p. 1164.
retary
British-American Safety Razor Co., Ltd.—Stock
Offered.
An issue of 225,000 "A" shares of £1 each were recently
offered in London
at par, of which 100,000 shares were underwritten by two of the directors
and their friends and 25,000 shares were taken at par by the American Safety
Razor Export Corp. of N. Y.
Total auth. stock, 225,000 "A" shares and
175,000 "B" shares of £1 each.
Each 5 "A' shares are entitled to one vote
and
each "B ' share to
one
vote.
The company has been formed for the purpose of acquiring from the Amer¬
ican Safety Razor Export Corp. of New York the sole and exclusive rights
for the United Kingdom of Great
Britain and Ireland, the whole of Conti¬
Europe, Africa, Mesopotamia, India and Australasia, of manufac¬
turing and dealing in the well-known safety razors known as the "Ever
Ready," the "Gem" and the "Star," and the "Safetee" shaving soaps,
shaving powders, brushes, and other toilet requisites connected therewith.
As soon as it is deemed advisable, the company will establish and equip in
England a factory similar to those existing in II, S. for the manufacture of
safety razors, blades, and other articles for sale in England and in foreign
markets, where British labor will be. largely employed.
The consideration payable by the company to the Export Corporation
for the good-will, trade marks and patents, has been fixed at £16o,000 (of
which £35,000 is payable for good-will), to be satisfied by the allotment to
the Export Corporation or its nominees of 165,000 "B" shares credited
as fully paid.
Under the same contract the company will acquire from the Export Cor¬
poration ali stocks of safety razors, blades, shaving brushes, powders, toilet
requisites, and other stock in trade in England and France, and certain
book debts in England and on the Continent guaranteed by the Export
Corporation, and the leasehold premises at Paris, at a valuation which is
estimated (excl. of the said book debts) to amount to £31,000, the amount
of such valuation being payable in cash.
Directors include George L. Storm (Chairman American Safety Razor
Corp.), Chairman; T. Blundell Brown (director, British Empire Trust Co.,
Ltd.), Vice-Chairman; Eric H. Rose (partner in Rose, Van Cutsem & Co.);
Capt;. William J. Todd (director, Findlater, Mackie, Todd & Co., Ltd.),
London; Joseph Kaufman (Pres. American Safety Razor Corp.); Julius
B. de Mesquita (Treas. American Safety Razor Corp.); Nelson W. Greenhut (Vice-Pres. American Safety Razor Export Corp.), New York.
Office,
14 Copthall Ave., London, E. C. 2.
nental
British-American
Tobacco
Co.,
Ltd.—Listing.—
The London Stock Exchange on Dec. 2 granted an official quotation to
25,545 additional Ordinary shares of £1
amount listed to £15,868,889.
Final
&
Interim
The directors
on
each, fully paid, increasing the
Dividends—Earnings.—
Dec. 20 decided to recommend to the shareholders at the
annual
9%
meeting Dec. 30, the payment on Jan. 10 1921 of a final dividend of
free of British income tax, upon the issued Ordinary shares.
The
directors also declared
Chile
interim dividond of 4% for year 1920-1921 on
of British income tax, payable Jan. 10 1921.
British Empire Steel Corp.—Merger in Abeyance.—
Montreal dispatches this week stated that official confirmation has been
received from London to the effect that Canada Steamship Lines. Ltd., will
not be included in the merger.
This, however,
according to other sources
information, does not mean that the merger plan is entirely off.
Al¬
though nothing definite regarding the plan can be obtained, it is said that a
committee will be appointed to carry out a modified
plan of amalgamation,
but details may not be available for some time.—V. Ill,
p. 2426.
of
Brooklyn Edison Co.—Indictment Dismissed.—
Judge Julius M. Mayer In the TJ. S. District Court
demurrer and dismissed
an
indictment
on
Dec. 20 sustained
charging the
spiracy to violate Section 4 of the Lever Act.—V.
company with con¬
Ill, p. 2328.
Brundige Co., Boston.—Receivership.—
elevators.
California
Sutro Bros.
Packing Corp.—Dividend Rumor Denied.—
& Co.,
R.
N. Y., from advices received from California, state
Armsby denies the
rumors that the company
to cut the dividend and that the move is not contemplated.
intends
Earnings
have
been satisfactory and the company, it is officially said, has four
years'
dividends in reserve.—V. Ill, p. 1372.
Callahan Zinc-Lead
Decrease.(
Co.—Copper Production for
Exploration
3d Quar.ilbs.)
1920—11 Mos.—1919.
Increase.
72,015,054
27,674,930
Six Months.
1,140,016199,691,984
10,000,000
Chile
2d Quar.ilbs.)
1919.
1920.
8,072,166
7,161,444 April
10,304,848
8,994,210 May
7,500,000
7,043,702 June
1920.
9,904,000
10,630,691
9,501,669
1919.
5,024,028
5,065,394
5,003,430
(3d qu.)30,036,360 23,199,356 Total (2d qu.)25,877,014 15,092,852
Av. per mon._10,012,120
5,030,951
7,733,118 Av. per mon.. 8,625,671
Combined Earnings of Chile Copper Co., and Chile Exploration Co.
Mos. Ending Sept. 30.—[Based on copper actually sold and
1920—3 Mos.—1919.
Net
profit (after deprec.)_ .$1.500,485
def30,102
Miscell. income
Int.
on
_.$1,710,575
Total income..
Amort, disc,
35,000
787,204
bonds
on
Accrued bond interest
Exp. of Chile Copper Co._.
10,363
.
for 3 and 9
delivered.]
1920—9 Mos.—1919
$901,498
$825,535 $4,314,503
119,013
de/69,775
78,607
18,185
625,866
18,185
$773,945 $5,018,976
35,000
105,000
686,242
2,360,906
7,588
17,310
$1,038,696
105,000
2,037,227
25,723
240,192
loans, &c
Balance, surplus....
$878,006
$45,115 $2,535,758 *$1,129,253
*
Loss in 1919 period.
During the quarter there were treated 1 104,648 tons of ore, averaging
1.51% copper; in the preceding period 1,067,608 tons, averaging 1.46%
Tne cost of copper produced during the September quarter was
only 11.179c. per pound, including selling and delivery expenses, but ex¬
cluding depreciation and Federal taxes and with no credit for miscell. income.
President Daniel Guggenheim, says in part: >v
•
"In this period of world-wide disturbed economic and financial readjust¬
ment it will be of interest to know that your companies have at Dec. 15
$11,163,000 representing cash on hand and Liberty bonds, and some $275,000 due for copper delivered but not yet paid for at that date."
See American Smelting & Refining Co. above—V. Ill, p. 2142.
copper
Chino Copper
See American
Co.—New Selling Agency.—
Smelting & Refining Co. above.—V. Ill, p. 2328.
Goods Co., San Francisco.—50%
City of Paris Dry
Stock Dividend—Earnings.—
A
50% stock dividend has been declared on the outstanding
Common stock, par $110.
President Paul Verdier says
1921 Is very good.
east
a
$400,000
,
substance: "The dividend outlook for
Earnings to date would warrant placing the stock on at
in
10% basis.
for the first nine months of 1920 were greater than the net
year of 1919, with three of the best months yet to come.
"Net earnings
for the whole
Net revenue for the year endign Jan. 31 1921, after making allowance for
Federal taxes, will be approximately $250,000, or more than seven times
the dividend requirements on the Preferred stock issue.
>
"November sales
were
larger than those of Nov.
1919.' —V. 109, p. 1276.
Association, Chicago.—Bond Offering.
Clinton Realty
First Trust & Savings
Bank, Chicago, are offering at price to net 6%%
$700,000 personally guaranteed Chicago 1st Mtge. Gold Bonds issued
Robert P. Lament, William V. Kelley, John Barton Payne and George
by
E.
Scott, individually and as trustees of the Clinton Realty Association.
Denom. $500 and $1,000 (c*).
Dated Sept. 1 1920.
Maturity 1 to 6
years.
Int. payable M &
Red.
trustee.
S.
at First Trust & Savings Bank,
Chicago,
at 103 and int.
approximately 206,000 sq. ft. occupy¬
ing practically all of two square blocks in the business district of Chicago.
The property, with the exception of 50 ft. frontage is all improved with 11
principal buildings.
Prior to thepurchase of this property by the present
owners, it was owned by the Western Electric Co.
All the available
The bonds
are a
first mortgage on
is rented and is reported as bringing in a gross
$280,000.
The property Is appraised at $3,649,378.
space
Coast
Valleys
Gas
&
annual income of
Electric Co.—Notes
Offered.—
Blankenhorn-Iiunter-Dulin Co., Los Angeles, &c., are
offer¬
and int., yielding 8%, $220,000 Coll. Trust 10-Year
8% gold notes.
A circular shows:
ing at
par
Dated Nov. 1 1920.
Due Nov. 1 1930.
Optional at 105 until 1926 and
1% for each year of unexpired term.
Denom. $1,000. Int.
payable M. & N. at Anglo-California Trust Co., San Francisco, trustee, or
New York Trust Co., New York, without deduction for any normal Federal
thereafter at
income tax up
to 4%.
Security.—Secured by deposit of First Mortgage 6% bonds at
,
of $3,000 bonds to $2,000 notes.
_
the ratio
^
Company.—Incorp. in March 1912.
Owns electric, gas and water
properties and operates without competition in Monterey, Salinas, Pacific
Grove, Carmel, King City and other towns in the Salinas Valley and
adjacent territory.
On Oct. 31 1920 had 5,422 electric consumers, 2,838 gas consumers and
1,486 water consumers.
Electricity generated and purchased year ended
Oct. 31 1920, 20,844,802 k.w.h., as against 15,336,525 k.w.h. in Oct. 31
1919.
Co. generated 86,712,441 cu. ft. of gas for year ended Oct. 31 1920.
Purpose.—Proceeds are to be expended for the acquisition of additional
property and for the construction and completion of extensions and impts.
Authorized. Outstanding.
$2,000,000
$2,000,000
3,000,000
3.000,000
First Mortgage 6% bonds due 1952-10,000,000
x99< ,000
Collateral Trust 8% notes (this issue)......
400.000
220,000
x In addition $28,000 held alive in sinking fund and $330,000 deposited
Preferred stock
Common stock....
as
Co.—Listing—Earnings.—
-
—
security for the 8% notes.
Earnings Years ended Oct. 31—
1917-18.
$338,066
109,127
Gross earnings
Net, after maintenance and taxes
Annual interest on bonds and notes
Balance
The New York Stock Exchange has authorized the listing of $4,629 900
par $10, on official notice of issuance in exchange'for the
capital stock,
Copper Co.—Copper Prod, (in lbs.)—Quart. Report.
Capitalization—
William C. Evarts, Brookline, Mass., has been
appointed receiver by
Federal Judge Anderson at Boston on the petition of the Western Electric
Co. and the Automatic Switch Co. of N. Y.
Company manufactures
that Chairman J.
Like amounts were paid in July and Oct. last.—
1920—Nov.—1919
8,859,984
an
Ordinary shares, free
Net profits for year ending Sept. 30 1920, after deducting all charges
and expenses for management, etc., and providing for income tax and
corporation profits tax and adjusting the liability in respect of excess profits
tax for the year are officially reported as £4,879,177, as against £3,776,507
for previous year.
After paying final dividend of 9% carry forward will be
£1,636,462.—V. Ill, p. 1086.
?
a
York below.—V. Ill, p. 2426.
Total
The company has announced that it will sell 15,000 shares
British
Ltd.—New Office.—
V. Ill, p. 1372.
July
August
September
Copper Co.—New Selling Agency.—
Co.,
Ltd.—Equatorial Oil Capital Increase.—
holders of record Dec. 15.
plete payments in connection with the construction of the 750-ton mill
Being erected at Ellchorn, Mont.
Subscribers are to receive 8% one-year
Braden
Lumber
Cement Securities Co., Denver.—Extra Dividend.—
A quarterly dividend of 3% (said to be a regular of 2% and an extra of
1%) was payable on the outstanding $8,700,000 Capital stock, Dec. 23 to
stockholders has subscribed $250,000 to com¬
notes, convertible into stock at maturity.
This subscription, it is said, was
necessitated by the inability to sell $500,000 notes about a year ago, owing
to unfavorable financial conditions.—V. 110, p. 2490.
the Cumulative Preferred
Compare V. Ill, p. 2426, 2328.
24 1927.
Western
Carib Syndicate,
Boston & Montana
Decrease.
18.671,595
Foundry Co., Ltd.—Scrip Div.—
See Equatorial Oil Co. of New
A
It is stated that a group of
on
The stockholders will vote Jan. 4 on changing the head office from Fraser
Mills, B. C. to Toronto, Ont.—V. 101, p. 1015.
(E. W.) Bliss Co., Brooklyn, N. Y .—Dividends.—
quarterly dividend of 55 cents per share has been declared on the new
Common stock (no par value) together with regular quarterly dividends of
$1 per share on the First ITef. stock, par §50, and of 15 cents per share on
the Second Pref. stock, par $10, ali payaole Jan. 3 to holders of record
Dec. 24.
See plan in V. Ill, p. 391, 1372, 1952.
Mas.—
112,654,575
The 22% % scrip dividend to cover arrears on
stock will become due Dec.
to succeed
See Bariisdall Corporation above.—V. Ill, p.
11920—11
11,670,749(93,982,977
Canadian Car &
Bethlehem
t
Mining Co.
Co.—Output (lbs.) Incl. Subs.—
Decrease.
1920—Nov.—1919.
7,326,763
18,997,512
—V. Ill, p. 2045.
1281.
$5,000,000.
April 12 1920 authorized the change of its corporate name to Callahan
Zinc-Lead Co.
Such change of corporate name has in no way affected the
corporate identity of the company, or its rights, powers and obligations.
Financial statement 9 months ending Sept. 30 1920: Net value of ship¬
ments, $1,310,422; misc. income, interest, &c., $2,433; total, $1,312,856;
total operating costs and expenses, $1,036,716; net income, $276,139;
previous surplus (net), $383,844; total surplus, $659,984; dividends paid.
$565,955; balance, surplus, Sept. 30 1920,$94,029.—V. 110, p. 1645.
See
also Consolidated Interstate-Callahan Mining Co. in V. Ill, p. 2046.
"Bethlehem Shipbuilding Corp., Ltd.—New Officers.—
See Bethlehem Steel Co.
[Vol. 111.
CHRONICLE
THE
2534
1919-20.
$561,loO
140,743
1918-19.
$446,325
142,713
77,420
— ....
-
<-
$63,323
Property.—Owns and operates two gas plants (total generating capacity
cu. ft. per day, with holder capacity of 150,000 cu. ft.), three steam
816 000
leectric generating plants
(total installed capacity about 1,832 h. p.), and the
DEC.
251920.]
water systems
of Salinas and King City.
Electricity is transmitted and dis¬
tributed #ver a system of about 453 miles
covering Salinas Valley and adJacent territory.
Gas is distributed through 55 miles of mains.
The water
distribution system aggregates about 22 miles of mains.
Present value of
the properties is approximately $1,588.692.—V.
Ill, p. 2427.
Cohoes (N.
.
t
{P. I.) Electric Co.—V. 108, p. 272.
T
no
1
on or
after
of not exceeding 63,535 additional shares of Common stock,
on official notice of issuance as a ^ % stock dividend making
1921
value,
par
the total amount applied for 1,403,671 shares
The Guaranty Trust Co., N. Y. is now
prepared to exchange outstanding
trust receipts for definitive
5-year 8% sinking fund gold notes, due 1925.—
V. Ill, p. 2232.
new
Results for
brick generator house, built
Co.—Earnings.—
Fiscal Years ending June 30.
-
Mining cost
Taxes
1,079,593
65,276
507,552
....
General expense
Balance,
$1,421,087
759,944
58,952
203,653
38,0521
71,389J
$457,489
$367,244
$292,178
surplus
The stockholders,
by .the Astoria Light, Heat & Power
$1,944,600
$1,362," 135
$1,239,240
762,555
165,679
revenues
„
$1,206,696
32,544
$1,778,919
Total receipts-—
,
1918.
1919
1920
Ore returns
Detroit Steel Products
Consolidated Gas Co. of N. Y.—Gas Plant.—
A
to meet present requirements
necessitated by previous over¬
loading.
The usual quarterly dividend of 2% has been declared payable
Jan. 151921 to stockholders of record as of Dec. 311920. —V. Ill, p. 2233.
Miscellaneous
Graphophone Manufacturing Co.—Listing.
The New York Stock Exchange has authorized the listing
Jan.
has available sufficient generating capacity
and continue the overhauling of equipment
Davis Daly Copper
Y.) Power & Light Corp. —Resignation.
T.W. Flowers has resigned as Sec. & Treas., to become associated with
/S,e \ Si White Management Corp. as Assistant Auditor of the Manila
Columbia
2525
CHRONICLE
THE
Co.—300% Stock Dividend.—
it is reported, have increased the authorized
capital
k°* a^Ast2,na- L. I., at
from $1,250,000 ($1,000,000 Common and$250,000 7% Pref.) to $5,250,000,
the $4,OOO,O0O new stock being all Common.
A 300% stock dividend, it
V. Ill, p. 2328.
has been reported, has been declared.
The company had
stock outstanding on Dec. 31 1919 and reported a profit
Dec.
a cost of abotit $6,000,000, was put in use on
The company is a subsidiary of the Consolidated Gas Co.—
20.
Consolidated Gas, Electric Light & Power Co. of
Baltimore.—Bonds Offered.—Alex. Brown & Sons, Brown
Brothers & Co., Jackson & Curtis and Lee, Higginson & Co.
are
offering at 97A and int., yielding about 1ZA%, $5,000,000
First Kef. Mtge. Sinking Fund 7K% gold bonds,
Series B.
Dated Dec. 1 1920, due Dec. 1 1945.
Int. payable J. & D. at office of
Sons, Baltimore, and Bank of the Manhattan Co., N. Y.,
without deduction for Federal income tax up to 2%.
Bankers Trust Co.,
N. Y., trustee.
Denom. $1,000, $500 and $100c*&r*.
Red. all or part
at any time on 60 days' notice at 110 prior to Dec. 1 1930, during next 5
years at 107, during the next 5 years at 105, during the next 3 years at
102 Yt and during the last 2 years before maturity at 101; plus int.
Alex. Brown &
Data from Letter of Pres. Herbert A- Wagner, Baltimore, Dec. 18 1920.
Company.—Incorp. in Maryland June 20 1906,
a
consolidation of the gas
and electric light companies of Baltimore.
Does entire gas, eiectric light
and poweit business in Baltimore, also the suburbs and surrounding counties.
Population about 775,000.
Cal. Year
1919.
^
'*
———Year ended June 30
1906.
^
earnings.
Net, after taxes_
Fixed charges
Dividends
-
Balance
1918.
1913.
'
Gross
'
3,595,574
1,653,989
1,178.759
457,306
19,924
"""'
y?
Year to
Oct. 31 '20.
^
6,114,973 10,619,588 12,813,617 14,930,681
3,151,792
4,203,904
4,800,711
5,295,634
1,476,767
2,071,339
2,283,622 '2,438,941
810,672
1,150,864
1,162,026
1,168,575
864,353
981,701
1,355,063
1,688,118
Purpose.—Proceeds, together with additional cash to be furnished by
company, will provide $5,625,000 for. refunding $468,000 Consol. Power Co.
of Balto. 6% notes due March 1 1921, and for additions and extensions to
gas and electric plants, transmission lines and distribution systems/ all of
be completed before end of 1921.
Security.—Thb $5,000,000 First Ref. Mtge. 7Hs, Series B
which
will
hereafter acquired.
Sinking Fund.—Annual sinking fund of 1 % of all First Ref. Mtge. bonds
from
tjLme to time outstanding, first payment not later than Aug. 1 1923,
their purchase or call and retirement.
Capital Stock unci Dividends.— Capital stock outstanding, $14,608,700.
Cash divs. have been paid since 1909 at rates averaging 61a'% p. a., for
the last 11 years.
Present rate, 8%, has been paid since April 1 1917.
is to be used for
Funded Debt of Company Proper and of Constituent
and Subsidiary Companies.
bonds, Feb. 14 1935
__.x$13,845,000
7% Secured Conv. gold notes, Aug. 1 1922 (V. 108, p. 1062)-. y5,000.000
Convertible 5% notes, Nov. 15 1921
8,253,100
First Fef. Mtge. Sink. Fd. 7Ms, Series B (this issue)
y5,000.000
General (closed) Mtge. 4H%
Issues of Constituent and
Subsidiary Companies.
Secured notes,
Consolidated Pbwer Co. of Baltimore 5-Year 6%
y5,000,000
Aug. 1 1922 (V. 105, p. 501)
Consolidated
Power
Co.
of
Baltimore
3-Year
6%
notes,
1 1921 (refunded through this issue)
Consol. Gas Co. of Balto. City 1st Cons. 5s, 1939 (closed)
Consol. Gas Co. of Balto. City Gen. Mtge. 4)^s, 1954
March
United Electric Light & Power Co, 4 M>s, 1929 (closed)
Roland Park Electric & Water Co. 1st Mtge. 5s, 1937
Guaranteed bonds and Pref. stock of Baltimore Electric Co;
Guaranteed bonds and Pref. stock of Public Service Building-x
$592,400 Common
and loss surplus of
of that date.
(Henry)
&
Disston
Sons,
Tacony,
Inc.,
Phila.—
Dominion Glass Co., Ltd.—New Director.—
Ralph King has been elected a director, effective upon increase of per¬
sonnel of board.-V. Ill, p. 2428, 2142.
Durham Hosiery
Mills.—Scrip Dividend.—
quarterly dividend of 87% cents
the Class "B" Common stock, payable in scrip, Jan. 3
1921 to holders of record Dec. 20 1920.
Dividends paid in cash during
1920 were:
Feb., 4%; April, July and Oct., \%% regular quarterly and
M of 1% extra each quarter.—V. Ill, p. 1283.
The directors have declared the regular
share (1%%)
per
Electric
President
on
Storage Battery Co.—Status.—
Herbert
Lloyd says in substance:
are $334,000, with
no incumbrances and no fixed
charges.
The value of the quick assets, exclusive of inventory, exceeds the
liabilities by over $7,000,000, or over $35 a share on the outstanding stock.
The inventories, after being marked down to present market value, are
equal to approximately the same sum, making a total of $70 a share.
The
business continues to be satisfactory, and the earnings for 1920 are the
largest in the company's history.—V. Ill, p. 1087.
The
total liabilities
Equatorial Oil Co. of New York.—Capital Increased.—
The company on Dec. 21, filed a certificate in Delaware, increasing the
Capital stock from $15,000,000 to $150,000,000.—See V. Ill, p. 797.
Famous
Players
Canadian Corp., Ltd.—Earnings.—
ended Aug. 28 1920
$324,896, and after dividend payment $144,196.—V. 110, p. 469.
Net earnings before Preferred dividends for the year
(equally with
Series A bonds pledged under the 7% Secured Convertible
$8,253,100 outstanding Convertible 5% notes—see V. 108,
1167) are secured by mortgage upon all property now owned or
note issue and
1062,
as
The stockholders will vote Jan. 17 on Increasing the Capital stock from
$3,350,000 (all outstanding) to $6,000,000. par $100.—V. 102, p. 1438.
were
$3,500,000 6%
p.
$1,527,162
Farr Alpaca
$1,155,000 additional deposited as collateral under $3,943,000 Baltimore
1947, now in the hands of public,
y $11,000,000 First Mtge.
Electric 5s.
5% bonds of Consolidated Power Co. of Baltimore (auth. $15,000,000) are
deposited as collateral under the above four issues, incl. $2,032,000 so de¬
posited (and $468,000 to be so deposited, under the First Refunding
Mortgage —V. Ill, p. 2232; V. 110, p. 1645.
3 1921
on
(a) increasing the authorized
Capital stock from $7,200,000 (par $100) to $12,600,000 (par $100).
The
1921 to stockholders
On further increasing
the Capital stock from $12,600,000 to $14,400,000 by the Issue for cash at
par of 18,000 additional shares (par $100); the additional 18,000 shares to
be offered to stockholders of record Jan. 3, for subscription in the proportion
of one of the shares authorized by this vote for every four old shares held
additional 54,000 shares are to be issued as of Jan. 3
of record of that day, as a 75% stock dividend,
(b)
Treas. Frank M. Metealf to stockholders,
Dec. 6 wrote:
surplus property, that is, the amount by which the sum total of
the amount of Capital stock and debts, is now more than
$6,750,000, and is invested in plant, working capital and other assets.
The
company's finishing plant is being reconstructed, a new weave shed
is nearly completed, a cloth inspection and storage building and a wool
storage warehouse are under construction, and land has been bought to
provide generally for possible future developments, and particularly for a
cotton warp mill, plans for which are drawn and which the company may
The
assets exceeds
build
y468,00Q
3,400,000
6,100,000
4,428,000
300,000
4,943,000
1,600,000
Co., Holyoke, Mass.—75% Stock Dividend.
The stockholders will vote Jan.
soon.
In view of these facts and of the consequent need for additional working
capital, the directors recommend an increase of the Capital stock from
$7,200,000 to $14,400,000 and its distribution as stated above.
[The regular quarterly dividend of 2% has been declared on the out¬
standing $7,200,000 capital stock, paybalo Dec. 31 to holders of record
Dec. 20.
Extra dividends of 7% each were paid in Doc. 1916, 1917, 1918
and 1919; none for 1920.]—V. Ill, p. 2329
(William) Farrell Son, Inc.—6 Mos. Earnings.—
officiallyreportod as_$8,652,932
profits after reserve for bad debts, depreciation, taxes and all
Sales for 6 months ending Sept. 30 1920, are
Net
other
charges
,
439,533
would have made a much
hampered by insufficient supply, due to
transportation difficulties and labor conditions at the mines. —V. 110,
p. 2079.
President Thomas Farrell says:"The company
better showing if it had not been
Consolidated
Interstate
Callahan
See Callahan Zinc Lead Co. above.—V, 111, p.
Consol. Power Co. of Balto.—To Pay
See Consol.
Co.—
Mining
2046.
$468,000 Notes.—
Gas, El. Light & Power Co. above.—V. 107, p. 1482.
Consumers'
Gas
Co.
of Toronto.—Stock Offered.—
will receive sealed tenders at its office 19 Toronto St.,
The company
Toronto, until Jan. 5 1921, for the purchase of 12,786 shares of the unissued
stock (par
$50.)—V. Ill, p. 2138.
Continental Candy Co.—Dividend Omitted.—
The directors on
par value.
Quarterly dividends of 25
the stock during 1920, making a total
on
V. Ill, p. 1664,
cents per share have been paid
for the year of $1 per share.—
1282
Corning (N. Y.) Glass Works.—$3,000,000 Pref. Stock.
The stockholders have authorized the issuance of $3,000,000
ulative
preferred stock.
—
quarterly dividend of 4% has been declared on the stock, payable
holders of record Dec. 15 1920.
During 1920 total dividends
amounted to 48%, as against 19% paid In 1919.—V. Ill, p. 1187, 77.
(H. H.) Franklin Manufacturing Co., Syracuse, N.
—SI,500,000 additional 7% Preferred Stock.—
Y.
co.
recently announced that it proposedSto issue $1,500,000 addi7% Cumulative Preferred stock and that the proceeds will be used
capital.
With the disposal of this amount the total authorized
$5,000,000 Pref. stock will be outstanding.
Sales for the Franklin car, it is reported, averaged 40 a day during the
first 10 days of December, and it is stated the year 1920 has eclipsed all
Franklin sales records, 9,525 cars having been shipped from Jan. 1 to Dec. 1.
Production is being maintained at the rate of 33 cars daily.
[An adv. on Dec. 7 shows the reduction in prices effective Sept. 23 (f. o. b.
Syracuse) including Touring car, $3,100 to $2,600, &c.]—V. Ill, p. 1374.
The
Dec. 20 omitted the declaration of regular quarterly
dividend due Jan. 20 on the outstanding 500,000 shares of Capital stock
no
Decreased
Flint Mills of Fall River.—Dividend
A
Jan. 3 1921 to
8% Cum¬
A part of this issue is to be sold to employees.
by Boston bankers.
The proceeds
expanding the local plants and those at Wellsboro, Pa.,
lonal
for working
.
The entire issue has been underwritten
are
to be used in
and Kingsport.
Officers are Alexander D. Falck, President;
George B. Hollister, Vice-Pres.; Eugene C.
Sinclaire, Sec.; John L. Thomas, Treas.
Corn Products Refining
Sullivan, Vice-Pres.;
William
Co.—Usual Extra Dividend.—
dividend of H of 1% has been declared on the Common stock,
the regular quarterly dividend of 1 %. both payable Jan 20
1921 to holders of record Jan. 3 1921.
An extra of % of 1% was paid in
each of the four quarters of 1920.—V. Ill, p. 2329.
An extra
In addition to
Cuban-American Sugar Co.—To Pay $2,000,000 Notes
The
$2,000,000 1st Lien 6% Serial gold notes (Series C) maturing Jan. 1
1921, together with
In
Central
(Robert) Gair Co., Brooklyn.—Capital Increase.—
increasing the authorized Common
value) and increasing
Company has an authorized issue of
$3,000,000 7% Pref. stock and $4,000,000 7% 2d Pref. stock.—V. Ill,
p. 2233.
A certificate has been filed in Albany
Arthur L. Day, Vice-Pres.;
the coupons thereon, should be presented for payment
Union Trust Co., New York, on or after Jan.
"Annual Reports" above—V. Ill, p. 2046.
3 i921.
See under
stock from 400,000 shares to 600,000 shares (no par
the stated
capital to $10,000,000.
Co.—Bonds Offered.—Drexel & Co.,
offering at 98lA and int., to yield about
8.20% by advertisement on another page, $4,000,000 8%
10-year sinking fund Conv. gold bonds.
Dated Dec. 1 1920.
Int. payable at Bankers Trust Co., trustee.
General
Asphalt
Philadelphik,
are
Data from Letter of Pres. Arthur W. Sewall,
Camden, N. J., Dec. 17
Company.—Through its subsidiary companies,
is engaged in the pro¬
of a wide range of
Its diversified production gives it a dependable earning
power throughout the year and has developed allied industries which are
already established and capable of great future growth.
Property.—Includes valuable rights to deposits of asphait in Trinidad and
Venezuela and under United States patents in State of Utah; also a well
equipped railroad of 68 miles, owned and operated in connection with the
Utah property.
The refineries and manufacturing plants are being ex¬
panded to care for the increasingly diversified character of the business.
The oil interests, including association with the Royal Dutch-Shell Group
in the ownership of petroleum rights on 312,500 acres of land in Venezuela,
duction and sale of asphalt and oil, and the manufacture
Delaw. Lack. & Western Coal
The stockholders on
Co.—Stock Increase.—
Dee. 21 ratified an increase in the capital stock from
$4,943,025 will be issued as a 75%
S6,800,000 to $20,000,000, of which
stock dividend.—V. Ill, p. 2329.
Detroit Edison Co.—November Earnings.—
preceding page ["Earnings Dept."]
the first month which reflects the
full effect of rate increases and the removal of restrictions on use of current
made possible by the placing in service of the new large turbine and the
large turbine which was rebuilt after the accident in July.
The company
an
Referring to the earnings reported on a
official statement says: "November is
their products.
are
considered
a
valuable asset.
Capitalization Outstanding upon Completion of Present Financing.
Haytian-American Corp.—Protective Measures.—
8% 10-year Conv. bonds.$4,000,0001 Preferred stock...-.
$7,541,000
6% Deb. 1925 (closed)
1,415,000!Common stock—
xl9,688,350
Funded debt of New Trinidad Lake Asphalt 6% Deb. 1930
599,945
x There Is held in trust an additional $3,770,550 common stock to protect
the conversion privilege of the preferred stock.
There is also reserved
unissued $4,000,000 authorized common stock to meet the conversion privi¬
lege of the new $4,000,000 issue of bonds.
Assets.—Consolidated net assets after completion of this financing are in
excess of $37,000,000, or approximately 6 times the amount of its outstand¬
ing obligations,including this Issue.
Earnings.—For the 5 years ending Dec. 31 1919, average earnings avail¬
able to meet interest and sinking fund charges were $1,284,063, or 2H
times the amount which will be required to pay the company's total fixed
charges for interest and sinking fund upon the completion of this financing,
exclusive of the sinking fund on the outstanding 6% debentures of General
Asphalt Co., which is 10% of annual net earnings.
Earnings for Jan. 1 to
Oct. 1 1920. available for the same
purppse were $1,795,956, which are the
largest in the history of the company for the same months.—See description
of bonds, &c„ in V. Ill, p. 2143, 2233, 2329.
—-
—
-
An official statement says: "In view of the present market for sugar
the company is unable to further finance itself through banks, using as
credits such sugars as may be produced during the grinding season begin¬
ning Feb. 1 1921.
Therefore other source® of credit must be employed.
"Your directors are doing the best they can to protect all the interests,
including the notes and shareholders, and to avoid a receivership.
At
this moment we request you not to file any of your securities with any
committee or sign any proxies.
We shall keep you advised of our prog¬
ress."—V. 109, p.
1991.
Hercules Powder
See Aetna Explosives
20% Pref. Dividend
Payable in Preferred Stock.—
A dividend of 20% in Preferred stock has been declared on
stock, being the accrued cumulative dividends thereon to
payable on Dec. 31 1920 to such holders of record Dec. 24
or shall have assented to the plan of Nov. 10, outlined below.
The regular Pref. dividend ot 1%% will be paid Dec. 31
the Preferred
Oct. 1 1920,
1920 as have
to holders of
record Dec. 24.
Digest of Plan Submitted by Pres. Wm. Deininger,
N. Y., Nov. 10.
The accumulated dividends
on the Pref. stock on Oct. 1
1920 amounted
For the past year the company has been gradually reducing the
accumulated dividends by regular payments from current earnings, in
addition to payment of the current dividends, and so far as is now apparent
this course can be continued.
This is a slow process, however, and your
to
20%.
board has concluded that the best solution
equal at
General Electric
Co.—Listing.—
The New York Stock Exchange has authorized the listing on or after Jan.
15 1921 of $2,756,500 additional Capital stock on official notice of issuance
2% stock dividend, and $27,565,000 on or after Jan. 20 1921, on com¬
pletion of subscriptions and full payment for stock subscribed for, making
the total amount applied for $168,379,700.
Compare V. Ill, p. 2233.
as a
General Motors Corp .—New Plant.—
The Scripps-Booth Corp., Detroit, a division of the General Motors
Corp., has approved plans for the erection of a new plant early in the spring
at Oakland, Cal., on a site recently acquired.
Estimated cost $1,000,000
with, equipment.—V. Ill, p. 2329.
p.
2330, 2047.
Co., N. Y.—Capital Increase.—
The shareholders on Dec. 15 authorized an increase in the capital from
$6,000,000 to $12,000,000.
The new stock is to be offered to shareholders
at $150 per share.
This will provide $9,000,000, of which $6,000,000 will
go to capital account and $3,000,000 to surplus account.—V. Ill, p. 1954.
Hotel Traymore Co.,
Altantic City, N. J.—Bond Call.—
One hundred eight First Mtge. 6% Sinking Fund gold bonds of $1,000
two bonds of $500 eacn, have been called for payment Jan. 2
each and
1921 at 102 and int. to Jan. 1 1921, at the Guaranty Trust Co., Atlantic
City, as trustee.—V. 109, p. 2268.
Independent Pneumatic Tool Co.—Extra Dividend.— A
An extra dividend of $2 per share has been declared on the outstanding
89,640 shares of capital stock (no par value) in addition to a quarterly
dividend of $2 per share, both payable Jan. 1 1921 to holders of record
Dec. 23 1920.
It Is understood that extra dividends of $4 per share were
paid in July and Oct. last.
Dividends of 5% were paid quarterly on the
old $100 capital stock from Jan. 1919 to April 1920, with an extra of 5%
April last and in Jan. 1919.—V. Ill, p. 587.
in
Indian Packing Corp.,
Chicago, 111.—Proposed Sale.—
The stockholders will vote Jan. 3 1921 on authorizing the sale and transfer
would be to issue Pref. stock
the accumulated dividends, so far as may be without the use
or fractional shares, in full satisfaction of all rights and claims to dividends
accumulated to Oct. 1 1920.
There is now authorized $10,000,000 Pref.
stock, of which $5,925,000 has been issued.
If this plan is approved by a
sufficient number of the Pref. shareholders, a distribution will be made to
assenting Pref. shareholders on the basis of 1 share of Pref. stock for 5
shares of Pref. stock now outstanding.—V. Ill, p. 2047,
par to
Co.—Sufficient Aetna Stock Deposited.—
Co. above.—V. Ill,
Home Insurance
General Baking Co., N. Y.—All the
Accumulations
[Vol. Ill,
CHRONICLE
THE
2526
of
the_property to the Acme Packing Co. of Illinois.
Peck, Dec. 22, writes in brief:
President F. L.
In addition to the transfer of all of its property
and assets, the company
pay Acme Packing Co. $637,500.
It will receive 425.000 shares
(par $10) of Acme Packing Co. stock, and Acme Packing Co. will also
assume all of the liabilities of Indian Packing Corp., except only any liabili¬
ty incurred in procuring the above $637,500.
Indian Packing Corp. has
made arrangements to procure by loan this $637,500.
It is the intention, as soon as the transfer has been made, to offer to the
stockholders of Indian Packing Corp. the right to purchase 127.500 shares
of Acme Packing Co. stock at $5 per share, and thus procure the funds to
repay the loan of $637 ,500.
Arrangements have been made whereby this
offer will be underwritten without expense to the corporation.
When the
loan has been repaid it is the intention to dissolve the Indian Packing Corp.
and distribute the remaining stock of Acme Packing Co.
The net result to stockholders of the carrying out of the plan is that each
holder of 10 share®, by paying $15 in cash, will receive 10 shares of Acme
Packing Co. stock.
If he does nob care to make any cash payment he will
receive 7 shares of Acme Packing Co. stock in place of 10 shares of Indian
Packing Corporation.
I
is
to
,
Goodyear Tire & Rubber Co.—Stockholder Suit for Re¬
ceivership Dismi88ed-~Company Reported Solvent.—Judge
Edmund B. Kinkead in the Franklin County Court at
The Acme Packing Co. will be incorp. in Illinois and will have an author¬
ized capital of 1,200,000 shares (par $10).
Press reports state that the
Columbus
publicly at par, and also a large block of stock to be offered later
by Miller & Co., New York.
The officers of the new company will comprise: C. E. Martin, Pres.;
Meyer Katz. V.-Pres.; John M. Clair,V.-Pres., and A. C. Folde. Sec.&Treas.
—V. 109. p. 1083.
Dec. 23 sustained the motion to dismiss the
on
and
upheld the demurrer filed by the company in
by a stockholder against the company,
its directors and subsidiary companies, asking for an ac¬
counting and the appointment of a receiver and a writ
restraining the borrowing of money.
summons
the
suit brought
Digest
of
Statement
by
President
F.
Seiberling.
A.
operating to their pseronal advantage and to the detriment of the stock¬
holders through a company known as the Goodyear Investing Co. is wholly
without any foundation.
No such
company now exists or ever did exist.
There is a subsidiary company, the Goodyear Improvement Co., owning
warehouses of the Goodyear Tire & Rubber Co. in various cities throughout
the United States and Canada.
This company is operated whollj for the
benefit of the Goodyear Tire & Rubber Co. and ail profits that ever accrue
to it have come to the Goodyear Tire & Rubber Co. and now
belong to it.
Mr. Monnett's statement that the stock dividend declared in June 1920,
and the quarterly dividend paid on the Common stock in
Sept. 1920, were
not paid out of surplus earnings is also inaccurate.
In common with all other industrial concerns the
country over, the Good¬
year Tire & Rubber Co. has suffered by reason of the present business de¬
pression.
This depression has caused a loss to it, as to these other concerns,
/ depreciation in its inventories and contracts taken and entered into at
the
beginning of the last fiscal year.
I can say, however, that after charg¬
ing off this entire loss the company still has ample assets with which to pay
its indebtedness and to cover its entire issue of Preferred
stock, and still
have many millions for its Common stockholders.
We have every indication that the bottom of the curve of business has
been reached.
Sales are steadily improving and it is most gratifying to
be able to state that in the readjustment of contractual
obligations with
cotton and rubber connections,
they have uniformly shown a spirit of help¬
fulness and willingness to adjust to
existing conditions.
plan providing for the permanent financing be adopted by the
stockholders Dec. 24, as we fully expect it will
be, the officers and directors
believe the future stability and
prosperity of the company will be assured
and the interests of all
stockholders, both Common and Preferred, fully
protected.
It seems to us that the instigators of this action had a deliberate
purpose
the
in view to embarrass the
company
tect the stockholders."
in its efforts
now
being
made, to pro¬
p. 2329, 2428.
Compare financing plan in V. Ill,
an
Approved.—It was reported on Dec. 24 that the
acted favorably on the permanent financing
plan and the creation of $50,000,000 bonds as outlined in
V. Ill, p. 2330, 2428.
stockholders
Albert W. Goodrich, it is stated, has
disposed of his stock holdings and
control of that company to H. W.
Mr.
Thorp in taking
The
Goodrich
Thorp, W. J. Thorp and other associates
It is also stated that certain Manitowoc,
Arizona,
Carolina,
are
and operates the steamships Alabama,
Florida and Christopher Coiumbus, main-
owns
Indiana,
5%j^big year-round service between Chicago and Muskegon,
Milwaukee.—See V. Ill, p. 593.
and Chicago and
a
A
Dec,'2? °Pr«ted declaration of the dividend
a
Aug. last at 50c.
stron^financ^
position
share, after
an
on
the capital
intermission of 1
years.
meta* market, it is though tbest to maintain
Position (upon a Consolidated Basis).
1
31 1919 was $7,837,309; profits for
nr,Jw??
the year ended Dec. 31
1920 (December estimated), $842,449; dividends
paid during
surplus Dec. 31 1920, approximately $8,179,758. u uurmK
of
a
year,
owes for
advances
on
expend?"—^lll^pn2330e2234ebtedneSS except for
Hamilton
Woolen
metal $1,812,848.
curreilt' operating
Co., Boston.—50 Stock Dividend.—
"Employees who became shareholders recently by purchasing the
snares
as was
than
which
new
issued in Aug. last, have received
a-50% stock dividend
promised them at the time of their purchase of original shares.
More
were
100 employees are now shareholders."
See plan in V. in, p. 900.
Dec. 17.)
Dec. 23 omitted the declaration of
on
the capital stock.
The directors decided that
on
An official statement says:
account of
markets, resources should be conserved
prevailing conditions in the metal
and the present strong financial
position maintained; therefore no dividend was declared.
Summary of the Financial Position as of Dec. 31 1920 (Dec. Results
Net income from the beginning of operations to Dec. 31 1919
amounted to $44,726,076; the surplus Dec. 31 1919 was———
Estimated).
$9,879,259
Profit for year
1920, after making allowance for all expenses,
including Federal income tax and loss on Liberty bonds sold,
1,938,844
is estimated at
During 1920 the company declared three dividends at average
rate of $117 per share, amounting to.
——-w
Leaving
a
4,136,884
surplus at Dec. 31 1920 (December estimated) of— $7,681,218
basis of the contract price
The company has in copper on hand, upon the
for that which has been sold but not delivered and cost for the balance, a
total of $10,216,724, against which it owes for advances on metal $2,212,848.
Company has no other indebtedness except for current operating
expenses.—V. Ill, p. 2330,1857.
International Cement Corp.—Earnings
Miscellaneous
—
income
reserve
June30'20
$2,297,568
$665,799
$676,462
128,872
—
Total income
Interest,
(Partly Est.).—
Sept. 30'20
.$2,569,011
$892,402
10,463
$902,865
248,764
Quarters endind—
Sales, less discount, allowances, &c
Net profits (partly estimated)
for Federal taxes, &c
10,663
Surplus (partly estimated)
$654,101
$547,590
The company has to date declared two dividends of 62H cents each,
payable on its 268,396 shares of capital stock of no par value on Sept. 30
and Dec. 31 1920, respectively.
Compare annual report in full in V. Ill,
p. 997.—V. Ill, p. 2234.
International Paper Co .—Bonds
Called.—
Forty-eight ($48,000) Consolidated Mtge. 5% sinking fund convertible
gold bonds of 1905, have been called for payment Jan. 3 1921 at 105 and
int. at the Equitable Trust Co. of N. Y.—V. Ill, p. 2047.
Invincible
Oil
Corp.—Production—Earnings.—
officially estimated that the total production for the current year
approximately 3,000,000 barrels, and that earnings would be
in the neighborhood of $8,000,000, or at the rate of about $20 per share.
—V. Ill, p. 2234. 1756
would
be
Junior
Orpheum,
Los
Angeles.—Bonds
Offered.—
The bankers named below in Nov. offered at par and int. $1,500,000
1st Closed Mtge. 7% serial gold bonds, unconditionally guaranteed principal
and interest by Orpheum Theatre & Realty Co.
Dated Nov. 15 1920 and
due serially Nov. 151922 to 1935 inclusive.
■
These bonds are secured by a closed first mortgage upon a lot
Southwest corner of Hill and Eighth Sts., Los Angeles,
.
situated on
containing
27,825 sq. ft., on which will be erected a modern reinforced concrete and
steel building, which will include a theatre with a seating capacity of 3,100;
10 ground floor stores,! and 7 floors of modern offices.
The lot is owned in
fee and no part of the building is on leased ground.
The bankers offering the bonds are Los Angles Trust & Savings Bank,
Girvin & Miller, E. H. Rollins & Sons, iirst Securities Co., California
Company and Baer-Brown-Parsons Co.
$500,000;
year' ^uu.uuu,
*2 copper on hand, upon the basis of the contract
chas b.ee2
W not delivered and cost for the balance,
-340,305,
against which it
on
the
Greene Cananea Copper Co —Dividend—Status.—
stock resumed in
syndicate of New York and Chicago bankers
which will shortly
Inspiration Consolidated Copper Co.—No Dividend—
associated with
over control.
company
a
It is
Goodrich Transit Co.-4-Aeio Control.—
mi7ian<;*al. interests, represented by Elia Gunnell
has sold to
Status.—The directors
Plan
totheroinpanyfor $1,000,000.
company
issue of $1,850,000 8% Convertible 1st Mtge. bonds,
be offered
the dividend
•
From
a
summary of Mr. Monnett's petition in the papers, 1 can say
that his allegations are inaccurate.
The claim that the directors have been
If
new
("Boston Financial News
"
Kansas
City
Power
&
Light
Co.—Bonds
Offered.—
Continental & Commercial Trust & Savings Bank, Chicago,
Guaranty Co. and Halsey Stuart & Co., New York, are
offering at 100 and int. to yield 8% $10,000,000 1st & Ref.
Mtge. 20-year 8% Gold bonds, Series A (see adv. pages).
1 1920.
Due Dec. 1 1940.
Int. payable J. & D. in New
Chicago without deduction of normal Federal Income tax deducti¬
Dated Dec.
York
or
ble at the source, not in excess
of 2%.
Denom. $1,000, $500 and $100
(c*r*) $1,000, $5,000, $10,000 and $25,000.
Red. all or part on any int.
60 days' notice on or before Dec. 1 1925, at 107H and int.; thereafter
and on or before Dec. 1 1930, at 105 and int.; thereafter and on or before
on
Dec.
251920.]
McGraw Tire & Rubber Co.—No
■£®c- trust deed 102 H and int., and thereafter until maturity at 101 and int.
1 1935, at will
i tie
provide for an annual maintenance and depreciation
amounting to 12^ % of gross earnings.
Penn. 4 mills tax refundable
Data From Letter of Pres. Joseph F. Porter, Kansas City, Mo., Dec. 18.
lund
Company.—Incorp. in 1919 in Missouri.
a
Has acquired and
owns
now
Preferred Dividend.—
dividend of 1 % % on the
in order to conserve cash resources.—
The directors have voted to omit the quarterly
Preferred stock, usually paid Jan. 1,
V. 109, p. 1797.
McKeesport Tin Plate Co.—233 1-3% Stock Dividend.—
operates properties formerly owned by Kansas City Light & Power Co.
j
and Standard Electric Light Co.
2527
CHRONICLE
THE
equal to 233 1-3%, it is reported, has
A stock dividend of $7,000,000,
Controls electric light and power business
"J Kansas City, Mo. and also serves adjacent territory, including practically
been declared, payable to stock of record Dec. 23.
President E. R. Crawford says:
"This company
Kansas
Capital stock from $3,000,000 to $10,000,000, making a stock dividend of
$7,000,000; this has been done to take care of the extensions and improve¬
ments made to the plant and property, covering the last 10 years.
Previous¬
ly they have not been represented in the company's Capital stock."
The company, it is stated, doubled its capacity in the last 10 years.
installing improved machinery and purchasing additional property in
Portvue, opposite McKeesport.
In 1915 a stock dividend of 100% was paid.—V. 106, p. 1348.
all of Jackson
County, Mo., and Johnson County, Kan., and a portion of
City, and other territory in Wyandotte County.
Also owns and
Population served
gating plant in Kansas City.
?
includes 2 electric generating
capacity of 83,250 kw., and 16 sub¬
stations with transformer capacity of 73,894 kw.
Has 126 miles of high
tension transmission lines, 140 miles of underground cable and 860 miles
of low tension distributing lines.
Of the installed capacity 60,000 kw. is
located at Northeast Power Plant recently completed.
This plant is so
designed that its present installed capacity may be increased to an ultimate
capacity of 240,000 kw.
owned
Capitalization after this Financing—
Authorized. Outstanding.
Common stock
$5,000,000
$20,000,000
First Preferred 8% Cumulative stock.
First & Ref. Mtge. 8% bonds (this issue)
25,000,000
4,000,000
(See below)
10,000,000
Kan. City Lt. & Pwr. Co. 2d Mtge. 6%,1944.
1,917,300 bl,695,500
Kan. City Lt. & Pwr. Co. 1st Mtge. 5s ,1944
(a)
3,060,000
(a) In addition to bonds outstanding $4,617,000 6% bonds are deposited
as collateral for 1st & Ref. Mtge. Bonds and any additional bonds that may
be issued must be so deposited,
(b) $221,800 additional have been pur¬
chased through Sinking Fund.
Purpose.—Proceeds will be used to retire $8,000,000 1st Mtge. & Coll.
1921.
Security.—Secured (a) by a direct first mortgage on the Northeast Power
Plant, certain substations, and transmission and distribution lines, &c.,
valued at $10,500,000, (6) on the remaining property, subject only to the
underlying bonds now outstanding; (c) through pledge of $4,617,000 1st
Mtge. bonds of Kansas City Light & Power Co.
Valuation.—Total value of properties, as recognized by Missouri P. S.
Commission for rate-making purposes, is in excess of $22,400,000.
Additional Bonds.—Under the trust deed, there will be immediately
issued and deposited with the Trustee, $4,977,300 1st & Ref. Mtge. 6s,
Series B, due Dec. 1 1945, reserved for the refunding of the above 1st
Mtge. and 2nd Mtge. bonds.
v >
,
Additional bonds may be issued in series as directors may determine (not1 1940) only for 80% of permanent
improvements, &c when
annual net earnings have been at least twice the annual int. requirements
on all outstanding and proposed bonds.
before Dec.
Earnings.—Gross earnings have increased from $2,805,646 for 1915 to
$4,749,419 for year 1919.
Earnings Twelve Months Ended Oct. 31 1920.
_____$5,762,844
1,975,886
(incl.
1,068,038
Gross earnings.
Net earnings after maintenance & taxes..
Annual int. on mtge. debt outstanding in hands of public
this issue) and bonds held alive in sinking fund requires
-
—
Note.—$600,000 of these interest charges are attributable to construction
expenditures from which company has not yet received full benefits.
Net earnings before depreciation for calendar year 1920, are estimated at
$2,150,000, over twice the annual interest requirements shown above.
Franchises.—Franchise situation eminently satisfactory.
Electric light
and power
Supply Co.—Gross Sales.—
Manhattan Electrical
1920—10 Mos.—1919.
$144,1501$6,359,339
$5,727,566
Increase.
Decrease. |
1920—Oct.—1919.
$607,203
$751,353
—V. Ill, p. 2048, 1666.
-Jv'V
■
■■
_
$631,773
.
—
— -
Trust Notes due Jan. 1
Dec. 22, increased its
franchises both in Missouri and Kansas are, with minor excep¬
Steam heating franchise runs until 1935.—V. Ill, p.2234
Magnolia Petroleum Co.—100% Stock Dividend—Regular
Quarterly of 1^%—Extra of
of 1%.—
A
Dec.
100% stock dividend has been declared on the stock, par $100, payable
28 to holders of record Dec. 27.
IStoclc outstanding Dec. 31 1919,
$58,675,500.!
,
An extra dividend of H of 1% was .also declared in addition to the regular
quarterly dividend of 1M%. both payable Jan. 5 1921.
All dividends are
payable to holders of record Dec. 27.
Dividend record:
4%
.
1918.
6%
1916-17.
6% p. a.
1919-20.
6% p.a.,
1%
1915.
1914.
dividends.;
in cash.;
Stock dividends. —.100%
Regular
2%P-a.
Extra£
25%
—
—';v-
—
Jan. 1921.
1££%
H of 1%
'100%
t
approximately 45 % of the stock,
amounting to about $261401,900.—V. Ill, p. 1476
The Standard Oil Co. of New York owns
and will
receive stock
Marconi Wireless Telegraph Co.,
Ltd.—Interim Div.—
An interim dividend of 5% has been declared on the Ordinary shares
together with a dividend of 7% on the Preference shares, (less English rax)
both payable Feb. 1 1921 to holders of record Dec. 16 1920.—V. 110,
p. 2572.
■\
:;/
Kent, Ohio.—Sales, &c.—
Kent, O., Dec. 14, reports in substance:
Mason Tire & Rubber Co.,
Treas. D. M. Mason,
for the fiscal
"Sales
ending Oct. 31 were $6,598,000, being
year
95%
greater than in 1919.
Net earnings, after reduction of inventories to
present market values, amounted to $524,000, being 135% increase over
1919.
The company has no high priced fabric or rubber on undelivered
finished tires is less than normal.
October, have since gone steadily
contracts, and its stock of
gradually declined until
Sales, which
upward, and
January sales will almost be normal."
Comparative Sales and Earnings for the Past Four Years.
1920.
1919.
1918.
.$6,598,000 $3,468,000 $2,324,000 $1,200,000
Earnings
524,743
223,706
203,406
104,458
—V. Ill, p. 1857, 1088.
Years Ended Oct. 31—
Sales..
tions, perpetual.
Kennecott
Copper Co.—production
1920—Nov.-—1919.
11,146,000
6,570.000
Refining Co. above.—V. Ill,
See American Smelting &
Metropolitan Edison Co., Reading, Pa.—Trustee.—
(in Lbs.).—
Increase.\ 1920—11 Mos.—1919.
4,576,000(106,617,860 74,034,880
p.
Refunding & Imprt. 8% 15-year gold
1920.—Compare offering V. Ill, p. 2430.
Series "A"
2048, 1665.
of the Mechanics' Bank of Brooklyn,
John Gribbel of Phila., Charles H. Dickey of Baltimore and Travis H.
Whitney of Brooklyn, N. Y., have been elected directors.
In explaining his policy of giving representation on the board of directors,
President Ralph Elsman says:
"There will also be elected to the board a
representative of the consumers and a representative of the employees, so
that the public of South Brooklyn and the employees, who are devoted to
the interests of the company, will have a voice and a share, along with the
owners, in the management of the company."
The P. S. Commissioner has authorized the company to issue $2,000,000
Francis
Weeks,
Vice-President
8% Cumulative Preferred stock.
Of the proceeds company is ordered to
expend $1,750,000 for improvement of its plant, including the installation
of add'l water gas generating sets, &c., and $250,000 for working capital.
President Elsman has announced that the stock would be offered to
residents in the territory served by the company with a view toward making
it an enterprise in which the consumers would to some extent have a voice
in the management.
To this end a citizens' committee of 16 members has
been appointed.—V. Ill, p. 2234.
(B. B. & R.) Knight, Inc .—Initial Dividend— Vice-Pres•
An
dividend
initial
has
been
declared
the
on
Preferred stock payable
of the Providence "Journal."
2048.
Colonel G. Edward Buxton, Jr., Treasurer
has been elected Vice-President.—V.
Ill, p.
Lancaster Water Filtration
Co., Phila.—Bonds Called.
Thirty C$30,000) First Mtge. 6% gold
New York.—New
Lawyers Mortgage Co.,
William. S.
■/
.
Loew's
Charles
Cruikshank and
v
- Vv-> ;
Directors.—
(Canada),
110,
v'V;:'"'.'
■
■
::
■
of this new company for shares of the
|
Libbey-Owens
Income Account for
1920.
& Ordnance Co.—Viage Readjustment.—
posted at the company's Coatesville works:
schedule is made necessary by reason oi the extensive
decline in the soiling price of iron and steel products.
New wage schedules
for each department are being prepared and will be made effective Jan. 1
$904,206
Depreciation of patents and miscellaneous expenses
563,085
(estimated)
—
x2,225,000
322,621
$2,001,638
Balance, surplus
f
x
Including contingencies.—V. Ill, p.
Lucey
September.
--$1,142,716
Results to Sept. 30 1920—
Gross earnings
Net earnings
applicable to int. on 8%
notes
Amount per
944,4.50
30,000
262,500
$102,497
$179,141
$651,950
share per annum
definitive notes
of the 10-year
"A
at the Guaranty Trust Co.,
Compare note offering, &c.
The engraved
9 Months.
$9,250,093
296,641
30,000
87,500
Notes
temporary notes
$3,332,310
141.664
10,000
29,167
Estimated Federal income taxes--
Availablefor dividend on 37,500sh.
Class "A" stock & sink.fund.---
3 Months.
Ready.—
are now
$32 80
$19 10
$23 18
ready for delivery in exchange for
8% convertible sinking fund notes, Series
N. Y.. trustee, 140 Broadway, N. Y City.
V. Ill, p. 994, 299.—V. Ill, p. 2048.
labor rate will be 30 conts per hour
Oil
Midwest
extra
addition
(present rate 36H c.J
to
Co.—Extra Pref.
adjusted
adjusted
Dividend—Common
Div.
dividend of 1% has been declared on the Preferred stock in
dividends of 2% each on the Preferred and Common stocks,
Jan. 1914
all payable Jan. 15 1921 to holders of record Dec. 31 1920.
In
initial .dividend of 2% was paid on the Common stock; none since.
on the Pref. shares was erroneously reported last week as a
dividend
distribution of
Moline
The
single
2M%-—V. Ill, p. 2430.
Engine
Company.—Financial Plan.—
See Root & Van Dervoort
Moline Plow
Seet Root &
Van Dervoort
The company has
enforcement of
Engineering Company below,
Company.—Financial Plan.-—
Muscatine (Iowa)
a
filed
Engineering Co. below.—V. Ill, p.
798.'
Lighting Co.—Files Appeal.—
an appeal in the U. R. Supreme Court from the
city ordinance fixing a
price of gas alleged to be confisca¬
tory.
Narragansett Mills Inc.,
Charles E. Collins of Pawtucket,
—V. Ill, p.
1757.
Pawtucket, R. I.—Receiver.—
has been appointed permanent
receiver.
■
Screw &
The company has
Tack Co., Cleveland.—Acquisition
and holdings of the Adams-
taken over the property
Co., Cleveland, manufacturer of small motors, lamp
reflectors and fans.
The plant of the latter company will be operated as
the A-B Products Division of the National Company.
W. D. B. Alexande
is president of both companies.—V. 103, p. 1596.
Bagnall
Electric
National
E.
^
—
Interest on 8%
185,000
2430, 2331.
Manufacturing Co.—Earnings—Notes
common
time will be discontinued.
"All other hour, day, turn, tonnage and piece work rates will be
in conformity with this new base.
The salary schedule will be
upon an equitable basis."—V. Ill, p. 1858.
$396,586
Reserve for taxes
'
J"
1921.
and the time and half time for over
National
1919.
$4,789,723
-
the increase of the authorized capital
160,000,000 pesos, and the granting of sub¬
announces
to
Midvale Steel
Years Ending Sept. 30.
,y
pesos
'A revision of the wage
Sheet Glass Co.—Earnings.—
Total income
115,113,580
The following notice has been
'
Ltd.—Consolidation.—
The exchange of common shares
companies to be consolidated, it is stated, will be on the following basis:
1. For each $100 par value of Marcus Loew's Theatres, Toronto, 80
common shares of $10 par value in new company.
2. For each $100 par value common stock of Loetf's Montreal Theatres,
Ltd., Montreal, 25 shares of $10 each par, in new company.
3. For each $25 par value common stock of Loew's Ottawa Theatres,
Ltd., 5 common shares of $10 par value in new company.
4. For each $25 par value common stock of Loew's Metropolitan (Mon¬
treal) Theatres, Ltd., 3% common shares of $10 par, in new- company.
5. For each $10 par value common stock of Loew's Windsor Theatres,
Ltd., 1H common shares of $10 par in new company.
Compare V. Ill,
p. 2430.
•
further
The company
rom
An
Fairchild.—V.
S.
Inc.—
scription rights for new shares at par in respect of every two shares now
hela.
These rights expire on Jan. 31 and in order to exercise them coupon
No. 16 on the Ordinary shares and coupon No. 23 on the Pref. shares must
be sent to London, together with sheck for 28 shillings per full new share or
14 shillings per half new share.—V. Ill, p. 1330.
bonds of 1905 have been called for
Trust
Howard S. Borden and Frederic R. Coudert, have been elected directors
,
Joseph Walker & Sons, 61 Broadway, are officially informed that the com¬
has declared a div. of 54%, payable Dec. 31 at American Exchange
National Bank against presentation of coupon No. 15 on the Ordinary, and
coupon No. 22 on the Pref., with $2 6865 per share.
Of this 54 % div., 49%
represents the final distribution for the fiscal year ended June 30 1920,
making with the 5% paid last Jan. and 6% last June, a total of 60% (S3
per share for the year).
The remaining 5% are a first interim dividend in
respect of the fiscal year ending June 30 1921.
■
'
payment Jan. 2 1921 at par and int. to Jan. 1 1921, at the West End
Co., trustee, Broad St. & South Penn Sq., Phila.—V. 81, p. 671,
succeeding
p. 560.
dated
pany
"The
Jan. 1 1921 to holders of record Dec. 20 1920.
bonds,
Eagle Oil Co., Ltd.—Dividends—Capital
Mexican
Kings County Lighting Co.—New Directors—Capital.—
for the
Nov. 1
of N. Y. has been appointed Trustee
The Guaranty Trust Co.
Increase.
32,582,980
Surety Co.—New Director.—
Doheny, President of the
Petroleum & Transport
L.
American
V.
Ill,
p.
Mexican Petroleum Co. and the PanCo., has been elected a director.
1956.
Naumkeag Steam Cotton
Co.—No Extra Dividend.—
The regular semi-annual dividend of 5% has been declared on the stock,
payable Jan 3 1921, to holders of record Dec. 17 1920.
Extras of 5% each
were paid in Jan. and July last and in July 1919.—V. 110, p. 2662.
.
Nevada Consol. Copper Co.—Selling Agency.—
Refining Co. above.—V. Ill, p. 2331.
See American Smelting &
New
England Oil Corp.—Sub. Co.
The New
Capital Increase.—
filed a certificate of increase in
with the Massachusetts Commission
2048.
England Oil Refining Co. has
capital from $1,500,000 to $7,500,000
of Corporations.
Compare V. Ill, p.
3528
New
THE
Idria
CHRONICLE
Quicksilver Mining Co.—Receiver.—
Pacific Oil
Federal Judge Anderson at Boston on Dec. 20
appointed J. D. Colt,
attorney, receiver.'-,
U
President Andrew Adie states: Owing to several causes, application for
appointment of a receiver was made to preserve the assets and property
some plan of refinancing can be formulated and carried out.
The suit
brought against the company is a friendly one.
|
The causes which have created the present condition of the
company's
finances are:
(1) Excess of cost of rebuilding plant above the estimates
after the fire last June.
(2) Loss of production during reconstruction.
Inability to sell product at proper prices owing to the dumping upon the
market of large quantities of quicksilver purchased for
speculative accounts
In Japan and Italy.-—V. Ill, p. 2431.
I
until
New York & Honduras Rosario Mining Co.—
New York Mutual Gas Light Co.—Dividend Decreased.
f3,409,700 Capital stock,
has been declared
on
elected: Henry W. de Forest, Chair¬
Shoup, President; Hugh Neil!, Sec'y and Treas.
Mr. de Forest,
Charles A. Peabody and Mortimer L. Schlff have been elected members of
man; Paul
the
the outstanding
New York Title & Mortgage Co.—Extra Dividend.—
An extra dividend of 2% has been declared on the stock in addition to
the usual quarterly dividend of 2%, both
payable Jan. 2 1921 to holders
of record Dec. 24 1920; this
compares with an extra of 1% paid in Jan.
1920.—V. 110, p. 1193.
North Atlantic Oyster Farms, Inc.
•Deferred Interest.—
The Old Colony Trust Co. of Boston on Dec.
and 8, due Jan. 1 and July 1 1918 on the First
No. 7
5%
gold bonds dated July 1 1914.—V. 106, p. 92.
The company has filed a certificate at
Albany increasing Its capital from
»2,700,000 to $4,700,000.—V; 108, p. 176.
Otis Elevator.Co.—Extra Dividend of 2%.—
An extra dividend of 2% has been declared on the
outstanding $9,482,08/
Common stock, par $100, in addition to the
regular quarterly dividend of
2%, both payable Jan. 15 1921 to holders of record Dec. 311920.
Apr '11 to Jan '14 Apr *14 to Jan '20 Apr '20 to Oct '20
Jan. 1921
4% P. »• (1% qr.) 6% p.a. (1H%QVI.)
2% quar.
2% qi. & 2% extra.
197
Ill, p. 1571.300.
Corp.—Listing—Earnings.—-
The New York Stock Exchange has authorized the
listing of 258,676
shares of capital stock, no par value, on official notice of
issuance, in ex¬
change for a like number of shares of the par value of $50 each; with author¬
ity to add on or after Jan. 10 1921, 64,388 shares of
stock, no par value,
upon official notice of issuance and payment in full.
Income account, 6 months ended June 30 1920: Total
income, $610,790;
expenses,
$141,320:
net income,
$469,470;
previous surplus, $83,723;
adjustments (cr.), $6,223; Dividends paid, $326,321;
surplus June 30 1920,
$233,096.
See V, 111, p. 2144, 2331, 2431.
Pacific Gas & Electric Co., San Francisco.—Bonds
Offered.—National City Co, and E. H. Rollins & Sons are
offering, at 99 and int., yielding 7.10%, by advertisement
on another
page, $10,000,000 1st & Ref. Mtge. Gold bonds,
20-year 7%, Series A.
1
1920.
Due Dec. 1 1940.
San Francisco without deduction
York
or
tax of
Int. payable J. & D< in New
of the Normal Federal income
2%.
Denom. $500 and $1,000 (c*&r*) $1,000, $5,000 and $10,000
an,y lnt- da^e uPon 60 days' notice at 110 and Int. oh or before Dec.
1 1930, and at 105 and int. thereafter.
National City Bank, New York, and
Mercantile Trust Co., San Francisco, trustees.
v
Sinking Fund.—Mortgage will provide for a semi-annual sinking fund of
<°, ° *ad outstanding bonds of company after deduction of underlying
sinking fund payments, to be utilized In the acquisition and
redemption or
retirement of First & Ref. M. Bonds.
A large fund Is also provided annually
for the maintenance and
replacement of the properties.
Data from Letter of Pres. W. E.
Cceed, San Francisco. Dec. 18.
Organization.—One of the largest of the well-established and successful
public service corporations in the U. S.
Operates 24 hydro-electric generating plants, aggregate installed
capacity
of 271,500
hp., 4 modern steam turbine electric plants aggregate Installed.
hP >and 20 &as manufacturing plants total daily capacity
of 71,600,000 cu. ft.
System extends into 36 counties of central and
northern California.
Estimated population 1,850,000.
lit River
Project.—Through Mt. Shasta Power Corp. company controls
•
undeveloped water power on the Pit River and Its tributaries for one of the
promising hydro-electric power projects on the entire Pacific Coast
an ultimate
development of more than 420,000 hp., continuous power.
most
with
Ihe construction of three new
hydro-electric plants on the upper,tribu¬
taries of the Pit River with a
proposed installation of 126,500 hp. is how in
progress.
Additional capacity or 13,000 hp. is also in the course of
in¬
stallation in another plant of the
system.
It is anticipated that 46,500 hp.
of this increased
capacity will be in operation during the coming
spring,
and the remaining
93,000
tion ot
c2
of
®
hp.
within
the following year.
The opera¬
this additional
capacity in modern steara plants would require the
of 2,500,(1)00 barrels of oil per annum at an approximate cost
$5,000,000.
Number of Consumers Calendar Years.
Gas.
inn_
Jo?£—
122,304
-152,395
Electricity .Water.
54,772
5,539
83,005
6,726
Common
stock.....__..$34,004,058jGen.
Steam.
Total.
.....
& Ref. 5s.__,_
x$36,542,000
7<?1 Co»- Notes—- loiooolooo
iDivis.bds,(closed mtges)y49,786,100
nnn
n°tJ"clude $16,000,000 deposited as collateral for Notes and $1,?,m;Pc00Q^nc^y^nnipai?yV y In a<*dition. $6,231,200 held alive in sinking
funds, and $505,700 are in
10,000,000
treasury.
Security.—A direct first mortgage on the entire properties find,
the new
River power plants and
high tension transmission line) of the Mt
Shasta Power Corp. which will join with the
Pacific Gas & Electric
Pit
Co in
execution of the mortgage.
Also a direct mortgage on the entire
properties
of the company now owned and
hereafter acquired subject to the
prior
liens of underlying mortgages.
As additional security, company
agrees
to secure from time to time the
certification of all Gen. & Ref. M.
bonds
which It may issue and will pledge the same under
the new.
mortgage.
Statement of Earnings Calendar Years.
at
$441,626.—V. 110, p. 1193.
Philadelphia & Reading Coal & Iron Co.—Obituary.—
William George Brown, formerly Vice-President
In Philadelphia, Dec. 16—V. Ill, p. 2229, 1571.
and
Secretary,
died
Plymouth Rubber Co., Canton, Mass.—Bankruptcy.—
A petition in bankruptcy has been filed in the Federal Court at Boston
against the company.
Claims of petitioning creditors amounted to only
$3,000, but prior to the filing of the petition, it is stated, U. S. deputy
marshals attached funds of the company amounting to $100,000 in four
local banks in connection with a suit by A. D. Juillard & Co., New
York,
claiming $76,000 damages for alleged breach of contract.—V. 105,
p.
1425.
Portland Gold Mining Co.—Dividends Omitted.—
The directors have omitted the declaration of the quarterly dividend
usually paid Jan. 15 on the $3,000,000 capital stock, par $1.
Quarterly
dividends of 1
% have been paid from April 1920 to Oct. 1920 incl.
Total
dividends paid up to Oct. last amounted to $11,692,080.—V.106, p. 714.
The directors have declared an interim dividend of 85%, payable early in
February to holders of record Dec. 31.
This makes a total of 145% paid
during the present fiscal year as against 100% in the year 1919-20-—
V. Ill, p. 2431, 2049.
Ray Consol. Copper Co.—New Selling Agency.—
ill,
p.
2332.
Remington Typewriter Co.—Listing.—
The New York Stock Excnange nas authorized the listing of (a) $1,407,600
7% 1st Pref. Cum. stock, par $100, issued and outstanding with authority
$2,592,400 additional In exchange for outstanding v. t. c. therefor,
making the total amount applied for $4,000,000.
(6) $1,217,000 7% First
Pref. Cum. stock, Series S, par $100 each, In exchange for outstanding
v.
t. c. therefor, with authority to add $1,618,000 additional on official
notice that same has been issued on conversion of First Mtge. 6% Conv.
bonds, due serially 1921 to 1926, making the total amount applied for
$2,835,000.
(c) $1,558,100 8% 2d Pref. Cum. stock, par $100, issued
and outstanding with authority to add $4,441,900 additional in
exchange
for outstanding v. t. c. therefor, making the total amount
applied for
$6,000,000.
(d) $1,714,200 Common stock, par $100, issued and out¬
standing with authority to add $8,285,800 additional in exchange for out¬
standing v. t. c. therefor, making the total amount applied for $10,000,000.
The voting trust agreement expires Dec. 31 1920,
See V. Ill, p. 2332
to add
Rhinelander
to
Paper
Co, Rhinelander, Wis .—Capital.
The company, it is stated, has increased its Capital stock.from $1,070,000
$3,500,000 to provide for additional facilities and equipment.—V. 104.
1495.
P.
Riordon Co., Ltd., Montreal.—Bonds Offered.—Harris,
Forbes & Co., E. H. Rollins & Sons, Parkinson & Burr,
Coffin & Burr, Inc., Royal Securities Corp., New York, are
offering at 99 and int., to yield about 8.10%, $6,500,000
20-Year Sinking Fund 1st Mtge. & Rc£. 8% gold bonds,
"Series A."
Dated Dec. 1 1920.
Due Dec. 1 1940.
Callable all or part on 60 days*
on any int. date to and incl. Dec. 1 1930 at 110; thereafter to and
Dec. 1 1935 at 107^; thereafter to and incl. Dec. 1 1936 at 105;
notice
incl.
thereafter to and incl. Dec. 1 1937 at 104; thereafter to and incl. Dec. 1
1938 at 103; thereafter to and incl. Dec. 1 1939 at 102; and thereafter at 100.
Denom. $1,000 and $500 c*&r*; $1,000 or multiples.
Int. payable J. & D.
in gold in Boston, New York and Montreal.
Montreal Trust Co., Montreal
trustee.
Company
agrees
to pay int. without deduction for any present
future Canadian taxes except income taxes upon residents of Canada,
for any United States income tax up to 2% which it may be
required
or permitted to pay.
A sinking fund for the purchase and cancellation of
the First & Refg. bonds is provided which, it is estimated, will retire at
or
or
least 80% of this issue before maturity.
Data from
Letter of
Vice-Prest. Carl
Company.—Incorp. in June
A consolidation,
[per
of bleached sulphite
V. 110,
Riordon, Montreal,
Dec.
20.
1920 under laws of Dominion of Canada.
p.
2573].
Is one of the largest manufacturers
pulp in the world and is one of the largest lessees of
pine and pulpwood timber lands in North America.
These timber lands
12,105 sq. miles and are estimated to contain not less than
25,000,000 cords of pulp wood and over 1,200,000,000 feet of pine, besides
large quantities of other saleable lumber.
Company's sulphite pulp mills
have an aggregate annual capacity of 102,000 tons, now being increased to
132,000 tons, of which over 93% will be bleached sulphite pulp.
The
timber areas are located on watersheds tributary to the company's principai mills on the Ottawa River.
•
aggregate
,
Capitalization after This Financing—-■
Authorized. Outstanding.
Common shares._...___.._...___....____.$40,000,000 $27,000,000
7% Cumulative Conv. Preferred stock
10,000,000
8% Cumu. 1st Pref. stock (V. 110, p. 2573)--_.__ 30,000,000
1st Mortgage & Ref. bonds (tnis issue)..30,000,000
Riordon P. & P. Co. 1st M. Deb. 6s, 1942..
Riordon P. & P. Co. Gen. M. 6s, 1929
Purchase money mortgages on
closed
closed
—
timber limits
10,000,000
10,000,000
6,500,000
xl.901,100
x4,000,000
2,793,000
The sinking fund for the 1st M. debentures will retire that issue before
maturity and the sinking fund for the Gen. M. 6s is to retire 35% of that
issue before maturity.
Earnings.—Net earnings from operation of the properties being mort¬
gaged to secure these bonds (excl. earnings from controlled properties)
for the first 10 months of 1920, after depreciation, taxes, &c.,were $3,218,082, or at the rate of more than three times the annual interest charges on
the total funded debt.
The average net earnings of the Riordon Co., Ltd..
as computed above, and of its predecessor for the last three calendar
years
(last two months of 1920 estimated) were $2,169,920.
These earnings do not include any income from operation of Kipawa plant
prior to April 1 1920, when its first unit started, and do not include the
substantial income accruing from subsidiaries, which, it is estimated,
will exceed $1,000,000 for the year 1920.
"The Kipawa mill properties
and leases on timber limits, upon which these bonds will be secured by a
direct first mortgage, could be independently operated and would alone
Sroduce annual net earnings very largely in excess of the interest and sinklg fund requirements of this issue."
Security.—Secured by a direct first mortgage on the Kipawa property,
including the pulp, bleaching and electrolytic plants, the 7,200 h. p. hydro¬
electric development and Kipawa town, together with leasehold rights on
937H sq. miles of timber lands.
Further secured by a mortgage subject
to $5,901,100 underlying liens on the entire physical property formerly
owned by the Riordon Pulp & Paper Co., Ltd., and by a mortgage on lease¬
hold rights on 1,995 sq. miles of timber lands, subject to $2,700,000 pur¬
chase money mortgages.
Compare V. 110, p. 2573.—V. Ill, p. 1190.
_
Gross.
1918
1919
.
yl920L_._.
xNet
Interest..
$20,321,728
23.105,718
26,582,688
34,586,508
$8,717,037
$4,285,957
10,075,388
10,333,561
11,782,023
4,304,085
4,493,208
5,173,709
Net
after operating expenses,
ended Nov. 30.—V. Ill, p. 2049.
x
director.
Pennsylvania Gasoline Co., Bradford, Pa.—Bankruptcy
x
182,615
}o!2
242,126
1^15
.227,586 166,119
9,432
378 403,545
1920 (Nov. 30 year)
.285,395 264,589
16,190
448 uuu,un
566,617
/ urpo.-Proceeds will
be devoted principally to the initial
develop¬
ment of the Pit River
project amounting to more than 126,500
hp. Installed
capacity and to reimburse the treasury for construction
expenditures made.
Capitalization Outstanding in the Hands of the
Public, Oct. 31 1920.
fffpoWA".-"-!1st & Ref.M,(this issue).
a
The company has filed a voluntary petition in bankruptcy in the U. S.
District Court at Pittsburgh.
Liabilities are placed at $148,147 and
See American Smelting & Refining Co. above.—V.
Oppenheim, Collins & Co., N. Y.—Capital Increase.—
Dated Dec.
elected
Peabody Co^l Co., Chicago.—Stock for Employees.—
Youngstown, O.—No Pref. Divs.—
Pacific Development
was
It is reported that the company has issued $1,000,000 stock, to be sold
employees at par on the extended payment plan.—V. ill, p.1667.
1858, 1285.
The directors have omitted the declaration of the
regular quarterly divi¬
dend of 1H %, usually paid Jan. 1, on the Pref. stock.—V.
105, p. 2461.
—V.
Buck
Rand Mines, Ltd.-—Interim Dividend of 85%.—
Ohio Fuel Supply Co.—Extra Dividend.—
An extra dividend of 2% In Victory Loan 4%% notes has been declared
on the capital stock, In addition to the
regular quarterly dividend of 2V> %
in cash, both payable Jan. 15 to holders of record
Dec. 31.
In October
last a like amount was paid in
Liberty bonds: this compares with 2% %
extra paid in Liberty bonds.
In January and July last and In January
p.
M.
Gordon
Ill, p. 2331, 2235.
among its
$100, payable Jan. 10 to holders of record
par
>ec. 29.
The company has been paying dividends at the rate of 9%
p. a.
1913, usually declaring a dividend of 4% about this time.
The
present declaration, it is stated, will bring the rate for 1920 up to 8%.—
V. 106. p. 2126.
Ohio Leather Co.,
Executive I Committee.
See V.
since
andiJuly 1919.—V. Ill,
Co.—Officers—Directors, &c.—
The following officers have been
assets
The "Engineering & Mining Journal" Dec.
18 contains a two page
Illustrated article regarding operations, plants, etc.—V. Ill, p. 1571,
002.
A semi-annual dividend of 3%
[Vol. 111.
/
maintenance
and taxes,
Balance.
$4,431,080
5,771,303
5,840,353
River Raisin Paper
See G. II. Wood Paper
Co.—Bonds Called
—
Co. below.—V. 104, p. 957.
6,608.31k
y
12 months
Root & Van Dervoort
See Root & Van Dervoort
Corporation.—Financial Plan.—
Engineering Co. below, and in V. 109,
p.
1993
DEC. 25
R.
& V. Motor
company
has filed
It is stated that the company
$150,000 into the treasury.
Reduced
lower prices for other raw materials, are
V. 110, p. 1533.
'
intends declaring a stock dividend.—V. 93, p. 51.
The company on Dec. 20 filed notice at Trenton,
i
Inc.—Extra Div.—
outstanding capital
has been declared on the
together with an extra dividend of 1 %, both payable Jan, 31
p?r
1921 to holders of record Jan. 15 1921.
See Midwest Oil Co. above.—V. Ill, p. 2431,
2332.
San Antonio Land & Irrigation Co.—
The London committee of bondholders, 3 London Wall Buildings, E.C.2,
on Nov. 29 from their lawyers in the United States a cable reading
received
in substance: "At last minute have
telegrams from
Stewart and his counsel
■tating owing financial conditions cannot proceed now with contract [for
purchase of assets].
Have reluctantly consented to sale as arranged, as
situation in Texas is such that some arrangement must be made at once."
—V. 107, p. 1198.
Santa Cruz Portland Cement Co.—Extra Dividend.—
An extra dividend of 1% has been declared on the outstanding $5,000,000
capital stock, par $100, in addition to the regular quarterly dividend of
1 Yi%, both payable Jan. 1 1921 on record Dec. 18.—-V. 108, p. 2246.
Saraguay Electric & Water Co.—Pref. Stock Redeemed.—
The Montreal P. S. Corp. has redeemed at par all the outstanding Pre¬
ferred shares issued in 1911 and at the same time has paid off the accumu¬
on the 6%
Preferred stock up to Nov. 1920.
The total
lated dividends
$237,000.
payment amounted to over
Nov. 26 1920.)
directors
Dec.
on
declared
20
a
dividend of 30 francs per
share,
payable Dec. 31 to holders of record Dec. 20.
With French exchange
quoted at about 5.93 cts. per franc the present rate, the dividend equals
Douglas Alexander
President
says
explanation of this
in substance: "In
extraordinary exchange
situation, we havo not been able to avail ourselves of the usual means
of liquidating the company's foreign balances, and the directors have felt
It wiser to distribute its French funds rather than to postpone the pay¬
we
that by reason of the
wish to state
time."
50% declared Nov. 11 will be paid Jan. 3 1921
to holders of record Dec. 20 1920.
The bulk of the stockholdings of the late Frederick G. Bourne, for many
years President of the Singer Sewing Machine Co., consisted of stock in
this company.
The total stockholdings have been appraised at $26,510,018.—V. Ill, p. 2049, 1957.
ment of a dividend at this
The stock dividend of
Company.—Consolidation Approved.
Southern Express
See American Railway
Express Co. above.—V. Ill, p.
Standard Oil Co.
The stockholders
on
196.
of New Jersey.—Capital Increase.—
Dec. 20 ratified the plan reducing the
value of the Common stock from $100 to $25 per share
and increasing the authorized Common stock from $100,000,000 to $110,000,000.
of enabling employees, with the as¬
sistance of the company, to acquire an investment interest in the shares.
The New York Stock Exchange has authorized the listing of $98,338,300
Common stock, par $25, on official notice of issuance in exchange for out¬
standing shares of common stock, par $100, with authority to add $1|1,661 ,700 additional common stock on official notice of issuance and payment in
full, making the total amount applied for $110,000,000.
Compare V. Ill,
p. 2145, 2236.
This action is taken for the purpose
Oil
of
Co.
New
Sold—
York.—Debentures
Earnings.—Equitable Trust Co., Blair & Co. and Wm. A.
Read & Co., New York, announce the sale at 100 and int.,
by adv. on another page, of $30,000,000 7% Serial Gold
debentures dated Jan. 2 1921 and maturing serially.
Total earnings, after deducting expenses incident to operation,
including Federal taxes and sundry reserves and depreciation.$26,194,976
Dividends paid _(8%)
—6,000,000
Surplus for period...194,976
Surplus Dec. 31 1919
142,583,873
Adjustments of amortiz., depreciation; taxes;
137,557
$162,916,400
Surplus June 30 1920...
Net Earnings before and after Federal Taxes.
Net before Fed. taxes...$58,330,176
43,165,109
For
of debenture
description
"Chronicle" page. 2432.
See
'
.
,
■:
:
.
.
Magnolia Petroleum Co. above.-—V. Ill, p.
Standard Parts Co.,
Creditors' Committee in
2432.
notice to the creditors says:
the legal matters for reorganization could not
be completed by Dec. 15, it being necessary to have an adjourned stock¬
holders meeting on Dec. 18, it will be impossible to complete the reorganiza¬
tion and make payment to the creditors and Issue the notes on Dec. 15.
The Reorganization Committee and other committees are using their
utmost endeavors to complete the financing so that payment can be made
shortly after Jan. 1 1921.
The Creditors' Committee will assume that if it is completed on or before
Jan. 10 1921, the creditors, who have already signed the extension agree¬
ment, will consent to the same and that payment at that time will be in
substantial compliance with the extension agreement.—V. Ill, p. 2432
of America.—Earnings.—
Steel & Tube Co.
Nov. 1920.
Interest,
V-
...
467,616
p.
—
...—
102,083
Superior Oil Corporation.—Earnings.—
For three months
ended Sept. 30 last, gross income from
Oil Co.—Listing.—
has authorized the listing on or after
New York Stock Exchange
additional capital stock, par 10, on official notice of
issuance as a 2H% stock dividend, making the total amount applied for
$8,44S,048.—V. Ill, p. 2333.
Jan. 3 1921 of $165,648
Thayer-Poss Co.—Preferred
Dividend.—
dividend of 1 % % has been
$100, payable Jan. 3 1921, to
Compare offering V. 110, p. 86.
Preferred stock, par
1920.
declared on the $500,000 ;
holders of record Dec.
20
Tiffany & CC.—Reorganization.—
The stockholders on Dec. 21 authorized the reorganization of the cor¬
poration, pursuant to the Stock Corporation law of the State of
so as to permit the issuance of shares without par value.
They also au¬
thorized the issuance of 12,000 shares of the stock, without par value,
present par value stock to be exchanged for the non-par value
ratio of 5 shares of non-par value stock for one share of par value
—V. Ill, p. 2432, 2333.
■
New York,
the
stock at the
stock.
■
Co.—Bond Redemption.—
Twenty-three ($23,000) Series "B" Consolidated First Mtge. 6% bonds
of 1906 have been drawn for payment at par and int. on and after Jan. 1
Water
United
Tonopah
Trust Co., 532
1921 at the Anglo-California
V.
109,
p.
Market St., San Francisco.—
2445.
Paper
Union Bag &
Corp.—Dividend Fund.—
set aside
specifically for the
informs us that the sum of $1,200,000 recently
deposited in a general dividend reserve and not
dividends to be paid in 1921.
The company is paying dividends at the rate of $8 per annum
outstanding $15,000,000 capital stock, par $100.—V. Ill, p.
The company
on its
2432, 2237.
United Eastern Mining
Co.—Production, &c.—
Cross
Tons Ore
Value.
Milled.
Operating Tailing
Costs.
Loss.
Operating
Income.
$977,260
100,109
11 mos.end.Nov.30'20 94.051 $1,998,276 $857,002 $63,904 $1,077,369
This company was incorporated in Arizona in Nov. 1913.
Capitalization;
Auth. capital stock, $1,500,000; outstanding Dec. 31 1919, $1,363,000; par
$1.
Dividend record: 1917, 30 cents; 1918, 60 cts. regular and 2 cts. per
share extra; 1919, 66 cts.; 1920, 72 cts.
Philip Wiseman is President, with
'20- 85,641
8,410
10 mos. end. Oct. 31
November 1920—
$1,814,347 $779,606 $57,480
183,929
77.396
6,424
«
Angeles.
offices at Los
Boston.—100% Stock Dividend.—
The Committee on Securities of the New York Stock Exchange on Dec. If
ruled that the Capital stock be not quoted ex 100% stock dividend on
Dec. 20 1920, and not until Jan. 17 1921.—Compare V. Ill, p. 2333, 2050.
United Fruit Co.,
Paperboard Co., Inc.—Listing.—
Stock Exchange has authorized the listing on or after
additional of Commonstock, par $100, on official
of issuance as a 10% stock dividend making the total amount applied
United
notice
for
New York
10 1921, of $918,600
.lan.
$10,105,000.
sales, $4,653,024;
total net profit,
profit and loss surplus,
3 months ending Aug. 28 1920: total
earnings, $1,176,691;
sundry profits, $32,391:
$1,183,779; divs. paid, $278,282; surplus, $905,497;
$2,534,908.—V. Ill, p. 2050. '
Income account
gross
United Shoe Machinery Corporation.—
Exchange has added to the list 1,425 additional shares
Preferred stock, making the total authorized for the list,399,845
snares.
These shares are issued for the purchase of outside shares in a
subsidiary company and in accordance with a vote of the directors had on
The Boston Stock
1573.
15 1920.—V. Ill, p.
Dec.
States Envelope
United
$9,166,433
;
Co.—To Increase Stock.—
increasing the authorized
7 1921 on
$1,000,000 to $4,000,000.
stockholders will vote Jan.
Common stock from
General Manager, Dec. 17 1920 writes:
organized in 1898, capital stock was fixed at
remained, un¬
Pref. stock was
the work¬
James Logan,
When your company was
$4,000,000 Preferred and $1,000,000 Common, and there
issued, $250,000 of each issue.
In Feb. 1913 the $250,000
issued to the stockholders at par, that being the only increase in
ing capital received by the company from Its stockholders since
The increased business, together with the increased cost of
organization.
materials,
the working capital; hence the proposed
be issued from time to time as the interests
of the company require.
At this time, it is proposed to issue $750,000.
Each Common stockholder at the time of issue will be entitled to sub¬
scribe for one share of new stock for each share of his present holdings.
necessary an increase in
increase in the Common stock to
make
—V.
Ill, p. 2146.
Utah Copper
Co.—New Selling Agency.—
Smelting & Refining Co.
See American
Mills, New
Wamsutta
Oper. expenses
$7,888,120
7,461,598
6,690,225
4,596,507
$1,764,494
$614,721
$1,197,895
$705,682
Balance
1920.
'
Assets—
Land,
Sheet October
1919.
buildings &
$2,658,393 $2,325,000
machinery
1916-17.,
1917-18.
$8,076,319
___
earnings..
Net
1.
1918-19.
.$14,234,518
& deprec. 12,470,024
1919-20.
Gross earnings.
above.—V. Ill, p. 2333.
Bedford.—Annual Report.—
Fiscal Years ending October
Results for
1,122,916
Mdse,, material &
stock in process.
Cash & debts rec._
L
1 ,548,025
4,834,217
1,830,813
1.
1920.
Liabilities—
Capital stock.._ _a?3,831,160
Notes & acc'ts ree.
577.005
Res.
1,357,288
4
$5,302,189
264,880
400,751
1,090,333
Depreciation
Total each
side.$8,563,706 88,990,030
Surplus.....
to
On
$831,160 of the
.
For
.
2,399,577
authorized capital stock was
The stockholders up to Oct. 1
additional stock.—V. 110, p. 1858.
April 15 last the
$3,000,000 to $4,000,000.
a
other Investment
1919.
$3.000,000
2,810,680
for Inventory
fluctuations
Reserve for taxes.
Dividends...
operations were
$1,116,493, compared with $829,730 for six months ending June 30 1920;
operating expenses, depreciation. &c., $436,838: net income from operations,
$679,655; other income, $27,335; total income,, $706,990.
Deduct: Reserves
$81,050; reserve for Federal taxes, $45,053; dividends, $477,104; surplus,
$103,783; previous surplus, $128,948; total surplus, $232,731.—V. Ill, p.
2146.
6%
Texas Pacific Coal &
The
2050, 1668.
110, p. 2663.
N. Y.—Call.—
15-year gold bonds due 1931, of $1,000 each;
bond for $100 have been called for pay¬
ment Jan. 1 1921 at 105 and int. at the Guaranty Trust Co. of N. Y.,
trustee, 140 Broadway, N. Y. C.—V. 102, p. 1065.
Thirteen First Mtge.
4,102,349
Sterling Coal Co., Ltd.—Interest.—
The company gives notice that Coupon No. 11, due July 1 1915, will on
presentation and surrender be paid at company's offices, 95 Bay St.,
Toronto, Can., on and after .Tan 3 1921, with compound interest thereon
from Julv 1 1915 to Jan. 1 1921, amounting to $11 30 on each $30 coupon,
aggregating in all to $41 30 (or $4 13 on a $3 coupon).
The coupons due
Jan. 1 and July 1 1915 and 1916 were deferred by a resolution of the bond¬
holders.—V.
2336.
Building Corp., Newburgh,
nine bonds of $500 each, and one
11 mos. '20.
$1,379,940 $14,391,698
$810,241
Balance, surplus
Ill,
yards would be sold.—V. Ill, p.
Tank Ship
;........$912,324 $10,289,349
Preferred dividends..
—V.
-
Federal taxes, &c
Net income
after which the
The
Owing to the fact that all
Total income
property and opposed any extension of time.
Counsel for Morris & Co. argued in favor of the proposal of that company
that trustees be named to operate its stock-yara holdings for five years,
•: :.
>
Cleveland.—Reorganization.—The
a
of the
of the
$40,000,000 value.
the
modified.
yards
consideration the condition
(par $25)
1918.
1917.
1916.
$44,157,080 $39,376,043 $37,401,764
28,642,387
30,000,672
36,638,495
bonds and other date see last week's
1919.
Calendar Years—
also asked to take into
was
market, counsel declaring that it would be difficult to dispose
property now except at a great reduction from the
They said that the sale plan proposed was feasible, despite
Govern¬
ment's opposition, but conceded that it would have to be
The Government asked that trustees be named to sell the stock
The
Earnings Six Months Ending June 30 1920.
Net after Fed. taxes
The Court
was
par
Standard
withdrawn its offer.
money
The regular quarterly
.about $1 78 per share, or approximately 1 %%.
dividend
for
proposed by
in
Stafford, in the District of Columbia Supreme Court, to approve a plan
the disposition of their stock-yard interests similar to that
F. H. Prince & Co., Boston bankers, and to give the companies time
wmch to find a new buyer in place of the Boston company, which has
Canada,
("Monetary Times" of
Singer Manufacturing Co.—Dividend Payable in Francs.
The
'
Approval of Sale of Yards.—
Co. ana Armour & Co. on Dec. 21 asked Justice
Counsel for Swift &
N. J., increasing its
capital from $300,000 to $3,000,000.
Salt Creek Producers' Association,
cheaper sugar and
said to be helping the company.—
costs, due to
Swift & Co.—Asfc
Rubber Celluloid Products Co., Newton, N. J.—
An initial dividend of 2%
which brought
loans
111., increasing its
at Springfield,
certificate
a
*Tom $3,300,000 to $5,500,000.
j
through
It is stated that the stockholders have approved new financing,
secured by mortgages on the company's properties
Engineering Company, above.
Rothschild & Co., Chicago.—Capital Increase.—
9s?
Inc.—Financing.—
Sweets Co. of America,
Company.—Financial Plan.—
See Root & Van Dervoort
3539
CHRONICLE
THE
1920.]
News, see page
2532.
564,880
333,749
930,333
120,000
1,230.388
increased from
had subscribed
——i——
2530
THE
CHRONICLE
[VOL. 111.
md■Sfyvmmmis.
THE FAJARDO SUGAR COMPANY OF PORTO RICO
ANNUAL REPORT TO THE SHAREHOLDERS FOR 1920.
To the Stockholders
THE FAJARDO SUGAR COMPANY OF PORTO
RICO AND
ATED ORGANIZATIONS CONSOLIDATED
of The Fajardo Sugar Company of Porto Rico:
BALANCE
The Board of Directors
hereby begs to submit its Seconc.
Annual Report of The Fajardo Sugar
Company of Porto
""CTT.
Rico.
The final result of the
Company's operations has been
of
The total
sugar.
a
outturn
of
molasses
was.
ground per day of run..2,148
Tons cane tandems per hour of work
55 33
Yield in 96 degree sugar.
11.22
Average sucrose in juice.
14 .74
Average purity of juice.
81 79
Total cane ground—
;
279,191 tons
_
give
we
you
75,782 00
Accounts—
163,743 96
Raw Sugar on Hand
1,750,044 38
Accounts Receivable—for Sugar Sold..
2,467,733 84
Miscellaneous Accounts and Bills Receivable
60,966 95
Demand
Loans..
;
500,000 00
Cash In Banks and on Hand
565,562 90
6,847,232 58
Deferred Charges to Operations:
Ratoons Purchased on Leased Lands
Rents paid in advance
$4,606
29,067
32,839
10,559
_
....
Miscellaneous Expenses
89
86
07
90
77,073 72
$10,854,312 90
LIABILITIES.
Capital Stock:
Authorized:
|
Common—70,000 shares of $100 each
$7,000,000 00
7% Preferred—15,000 shares of $100 each 1,500.000 00
1920:
$8,500,000 00
Issued—57,601 shares of Common Stock of $100 each
$5,760,100 00.
Fajardo Development Company—Outstanding Stock..
1,000 00
-
...
$1,323,357 53
.....
This i tem includes money we owe in
open account to our
agents in New York, to planters for balance of cane
Current Liabilities:
accounts, and other smaller accounts.
$1,323,357 53
.
$32,458 79
cane
270,020 54
399,102 21
620,775 99
—
1,322,357 53
Property and Plant, less Reserve for De¬
preciation..
$3,168,644 71
This was bought several years ago, and
represents a much higher value to-day.
Investments at Cost
109,800 00
American R. R. in P. R.
Govt; Bonds,
J
.
Bank Overdraft
Planters' Accounts—credit balances, for
delivered, not yet withdrawn.
Accounts Payable
L. W. & P. Armstrong
FOR THIS PURPOSE WE HAVE:
1
Investments:
Reserves:
For
;•>'
.
V/--'
..
anticipated Increased CoSt of Replace¬
ments
$242,149 61
'V 100,000 00
.
For Insurance
....
...
and Insular
342,149 61
Surplus:
Work Animals, Live Stock and
Equipment,
less Reserve for Depreciation
If sold to-day, these would bring at least
this figure.
Current Assets and Deferred Charges:
Cash In Banks..................
Demand Loans
i—i,..
...
........
Accounts Receivable for Sugar Sold
This amount has since been received in
cash.
Balance at August 1
Deduct:
651,561 89
$1,791,769 99
Income and Profits Taxes of Prior Years..
.
Profit
500,000 00
2,467,733 84
96,102 21
$1,695,667 78
for the
befor
$565,562 90
year ended July 31 1920,
providing for Income and Profits
per annexed accounts.
5,456,917 98
Taxes,
i
$7,152,585 76
Deduct—Dividends paid:
Cash
able
$1,352,070 00
2,371,810 00
i
Stock.
60.966 95
These accounts have been examined and
correct.
1919—
Add:
$3,930,006 60
Miscellaneous Accounts and Bills Receiv-
found
483,736 96
Mortgages and Agricultural Loans.._______
14 99
82.28
382,094 tons
THE
COMPANY OWES:
On Accounts Payable.
109,800100
$779,661 59
Planters'
explanatory statement showing
an
the standing of the company as of
July 31
651,561 89
of
57.52
11.28
_
...
Below
Planted and Growing Cane
Materials and Supplies
1920 Crop
2,147
cane
for
Investments, at cost (excluding uncalled installments
$88,200 00 on Insular Government Bonds)
Current Assets and Growing Cane:
'
...
1919 Crop.
,
$3,168,644 71
...
—
Unexpired Insurance and Taxes
:
„
ASSOCI¬
SHEET
^
ASSETS.
.—......
2,110,438
and 1920:
Tons
fcfe
Property and Plant, less Reserve for Depreciation.
Equipment, less Reserve
Depreciation.
very
comparison of the work done for 1919
~
1920-
Work Animals, Live Stock and
satisfactory.
Weather conditions were ver^ favorable dur¬
ing the year, in consequence of which the crop was the
largest in the Company's history, reaching a total of 382,094
tons of cane, being 102,903 tons more than in the 1919
crop.
Grinding commenced on January 8, 1920, and ended
July 3 1920, covering a period of 174 working days. The
factory output was 277,642 bags of sugar of 310 pounds net
weight of sugar per bag, this being equal to 43,034 net tons
gallons.
The following is
-jttese..*lit JULY 31
testiZudPiitwj
3,723,880 00
1
3,428,705 76
Planters'
Accounts....................
163,743 96
Raw Sugar on Hand
Y
1,750,044 38
'
$10,8.54,312 90
All this sugar has been sold since and
moneys received with the exception of a
small balance of raw sugar which we
have included in the above figure at the
LOVEJOY, MATHER,
market price of November 12 1920.
Growing Cane-w...
This represents money invested in the
coming crop for 1921 and 1922.
Materials and Supplies.
•
Represents general stock, coal, firewood,
fertilizer, etc.. on hand.
Mortgages and Agricultural Loans
Loans secured by mortgages which rep¬
resent property of much higher value.
Deferred Charges to Operations....
This amount includes
principally unex¬
pired insurance, taxes and rents paid in
E. W.
HOUGH
Lovejoy
J.
H.
Y'Y:,v. Y
■
European Firm
IVES, STAGG & CO.
Stagg
R.
Ives
C.
F. Noyes
R.
75,782 00
H.
15 Boulevard des Italiens
Leamy
Paris
C. Young
77,073 72
C. J. O'Donoghue
CERTIFICATE
advance.
■
-
$6,924,306 30
$10,854,312 90
This leaves
Set aside as
of Assets over Liabilities of..
insurance and replacement reserve
an excess
an
$9,530,955 37
342,149 61
Which leaves a net excess of Assets over
Liabilities of
$9,188,805 76
This amount is represented
by Capital Stock of
$5,760,100 and Surplus of $3,428,705 76.
From this
latter sum will have to be deducted the Insular
Profits
Tax for 1920.
The rates
applicable for the entire fiscal year will not be definitely
known until action on the matter has been
taken by the next legis¬
lature in Porto Rico.
Attached will be found Consolidated
well as Statement of Profit and
Loss,
Public Accountants.
For
the
Balance
Sheet
as
duly certified by
Directors,
JAMES BLISS
COOMBS, President.
THE
FAJARDO SUGAR COMPANY OF
PORTO RICO AND
CIATED
ORGANIZATIONS
ASSO
CONSOLIDATED PROFIT AND
LOSS ACCOUNT FOR THE YEAR
ENDED JULY 31 1920C
Sugar Produced, at prices realized
excepting
as to 34,246
bags still unsold which are at
cost
or
market,
whichever
was
lower
on
November 12 1920
Molasses Produced
$12,183,919 20
Miscellaneous Income
I
84 417 52
156 996 68
~
Less:
Expenses of Producing, Manufacturing, Selling, etc
Deduct:
Provision for
>7
512,425.333 40
6,634,472 52
I'YYYtYYYcY «5.79o',860 88
Depreciation
Provision for Anticipated Increased Cost
of
Replacements
Interest on Bills Payable, etc
.
$174,894 97
83,614 06
75,433 87
333,942 90
Net Profit, before providing for Income and Profits
Taxes $5,456,917 98
STAGG
V::-
C.E.Mather
483,736 96
&
Public Accountants and Auditors
Members of the American Institute of Accountants
123 Liberty Street, New York City
779,661 59
November 15 1920.
To the President and Directors of
The
Fajardo Sugar Company of Porto Rico:
We have examined the books and accounts of The
Fajardo
Sugar Company of Porto Rico and its Associated Organiza¬
tions, for the year ended July 31 1920, and find that the
annexed Balance Sheet and relative Profit and Loss and Sur¬
plus Accounts for the period have been correctly prepared
therefrom.
The raw sugar on hand has been valued at the net
prices
subsequently realized, except as to 34,246 bags still unsold
which have been valued at cost or market
price on Novem¬
ber 12 1920, whichever was the lower, less all estimated
shipping and selling expenses.
No provision has been made for Income and Profits Taxes
?or the year, due to the fact that the rates
applicable for the
entire fiscal year will not be
definitely known until action on
;he matter has been taken by the next legislature in Porto
Rico.
^ v:v;;;'C
The Consolidated Surplus includes the Capital Stock and
Surplus of The Fajardo Sugar Growers' Association, the
stock of which is held in trust by the Greenwich Trust1
Company for the benefit of the stockholders of The Fajardo
Sugar Company of Porto Rico.
Subject to the foregoing we certify that, in our opinion,
the annexed Consolidated Balance Sheet is properly drawn
up to show the true financial position of the companies at
July 31 1920, and that the relative Consolidated Profit and
Loss Account correctly shows the results from operations
for
the year.
LOVEJOY, MATHER, HOUGH & STAGG.
Members of The American Institute of Accountants.
Dec.
251920.]
CHRONICLE
THE
THE CUBAN-AMERICAN SUGAR COMPANY.
ANNUAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1920.
To
New York, Dec. 15 1020.;
Stockholders of the Cuban-American Sugar Com¬
the
pany:
Your Board of Directors submit the following report
for
is
confident
the
year's output should
highest record.
30 1920:
THE
Capital
BALANCE
2,217,616 Tons
(Bags 320 lbs.)
Cane Ground
Raw Sugar Produced:
...........
Delicias
_
Tinguaro
Unldad
—/
-
Mercedita
{Bags 320 lbs.)
Total
559,503 Bags
427,452 Bags
587,781
"
' 254,508
"
85,851
"
117,230
"
V
712,733
"
275,663
'
83,451
129,716
1
"
"
204,575
"
127,975
Constancia
place
to our
COMPANY,
COMPANIES.
SEPTEMBER
SHEET
30
1920.
Assets:
$9,391,747 76
Tracks,
24,600,837 58
675,984 57
.
1
—$34,668,569 91
Goodwill
Work Animals, Live Stock and Equipment
Current Assets and Growing Cane:
Planted and Growing Cane
$3,399,366
Advances to Colonos and Contractors (after
deducting Reserve for Bad and Doubtful
Accounts)
5,500,238
Raw Materials, Supplies and Merchandise in
i
Stores...
6,494,370
Raw and Refined Sugars
9,099,563
..
3,929,340 28
1,518,623 71
........
21
81
23
83
Accounts and Bills Receivable (after deduct¬
1,965,641 Bags
1,600,797 Bags
President.
ASSETS.
...
1918-1919.
2,745,554 Tons
1919-1920.
.
SUGAR
SUBSIDIARY
ITS
Buildings,
Machinery,
Railroad
Rolling Stock, &c_.
Investment in Other Companies- j
year's output of
for the last two years, appear in the
following table:
Chaparra__
HAWLEY,
Lands
experience.
The tonnage of the cane ground and the
and refined sugar
B.
CUBAN-AMERICAN
AND
CONSOLIDATED
•
only unusual in its extent and effect, but without prece¬
raw
its
at least equal
prove
R.
256,127
tons (of 2,000 pounds), a decrease of approximately 18% as
compared with the previous year. This decrease came from
a
drought that extended throughout the growing season
from September well into the spring of the present year, not
our
maintaining
Respectfully submitted by order of the Board.
The production of raw sugar during the year was
dent in
of
the most economical producers in the sugar world,
among
and
the fiscal year ending September
organization
your
Reserve
ing
Bad
for
and
Doubtful
Ac¬
■
;:•••-="
or
or
v
3,042,685 72
counts)
314,503 Tons
256,127 Tons
Victory Loan and Company's
Serial
Gold
445,600 00
Notes
Refined
Sugar Production:
Cash in Banks,
Cardenas Refinery, Cuba-.
Gramercy Refinery, La
43.163,954 Lbs.
143,589,696 Lbs.
75,674,874 Lbs.
206,449,920 Lbs.
with Fiscal Agents and
4,837,835 64
32,819,660 44
Other Assets:
The net profits of the Company for
the fiscal year
amounted to $12,117,19109, after deducting $6,500,000 for
Advances
of September 30th to the present
The usual provision has also been
made for doubtful accounts and the year's proportion of
unsold
"
in
with
connection
$688,715 61
7,537 12
Prepaid Insurance, Taxes, &c__
423,631 54
as
plantings, also for depreciation
and equipment.
cane
buildings, machin¬
on
Capital Stock:
Common (Authorized $10,000,000 00)—
1,000,000 shares of $10 00 each
$10,000,000 00
Seven Per Cent Cumulative Preferred Stock
(Authorized $10,000,000 00)—
78,938 shares of $100 00 each
During the year the Company sold approximately 50,000
of land, situated in the Tanamo Bay Section of Oriente
Province, acquired in the year 1918 and received in exchange
shares of the purchasing Company.
Regular quarterly dividends of 1%% were paid on the
preferred stock and an amount equivalent to $4 per share
for the year was paid on the new shares of the common
stock of $10 par value.
The First Lien Six Per Cent Serial Gold Notes (Series
B) for $2,000,000 with coupons attached, were retired at
maturity, January 1 1920.
The $2,000,000 Gold Notes (Series C) maturing January
1 1921, together with coupons attached, will be paid by the
Central Union Trust Company, 80 Broadway, when pre¬
sented on and after January 3 1921.
The further development at Chaparra and of our railroad
lines is in kepeing With the increased growth of population
and industries, and the equipment in cars and locomotives is
sufficient for handling the increased tonnage which is evi¬
dently in sight for the coming campaign.
Our factories and their mechanism with ample railway
equipment on every estate alike are fully prepared for their
required tasks in the course of our active operations.
The year under review has been the most erratic and
Current
Bills
contributed her full strength to the needs
Accounts Payable
the American
have witnessed in the year now
fever of speculation which not only interfered with
distribution of sugars to importing countries
where needed and accustomed to buy from us, but diverted
the
to
a
from producing
sugars
countries in
every
which usually went elsewhere,
part of the globe,
or
the growers re¬
soon
pass;
entering, our active operations will begin later than usual,
.....
Profit
on
at this
will await the improved sugar contents which
season
steadily increases.
It should also be noted
of the day exercise an influence in delaying
whole, this enforced attitude of the pro¬
ducer and distributor on both counts can have but one result,
that the prices
the industry as a
the market must
the output
876,149 33
$92,744,415 38
inevitably react to higer levels, otherwise
of sugar will largely decrease, and the field be
situated and prepared for every
In our state of development and readiness
Selling, &c., of
70,461,756 47
$22,282,658 91
Income and Excess Profits
on
Revaluation of Stock of
for
Reserve
and
Taxes
Refined
Sugar
Provision for
Discount
Interest
on
Bills Payable, Current
Accounts,
307,323 15
&c
Loss
$8,500,000 00
1,096,797 01
45,833 33
145.808 33
Serial Gold Notes
on
Interest
—
Depreciation..
Serial Gold Notes
on
on
69,706 00,
Liberty Bonds sold
■
.
10,165,467 82
Year......$12,117,191 09
CONSOLIDATED SURPLUS ACCOUNT FOR THE YEAR ENDED
T
SEPTEMBER 30 1920.
KM
Balance. October 1 1919
-$22,367,139 82
-
Add:
,
Profit for the year ended September
exhibit.
30 1920, per annexed
12.117,191 09
1
$34,484,330 91
Deduct:
Dividends
Paid
■
7% Preferred Stock:
on
2
Jan.
i920 for three
1 1920—
r
months to Jan.
1%%~
Paid April
1
months to
\%%.
Paid July 1
months
$138,14150
-
to
1920 for three
April 1 1920—
138,14150
1920 for three
July 1 1920—
138,14150
1H%
Paid
Sept. 30 1920 for three
months
v
to Oct.
1
1920—
138,141 50
\%%
$552,566 00
Dividends
on
Jan.
Common Stock:
2
1920
months to Jan.
for three
1 1920—
$250,000 00
2y2%
April 1 1920 for three
April 1 1920—
montns to
2^%
July
Paid
250,000 00
-
^
1920 for three
July 1 1920—
$1 75 per share
1,750,000 00
1
months to
Paid
Sept. 30 1920 for three
months to
Oct.
$1 75 per share
1
1920—
„
^
1,750,000 00
Equivalent to $4 00 per share for the year
on the new shares of $10 00 par value-$4,000,000 00
4,552,566 00
left to those most favorably
contingency.
„
Deduct:
Paid
we
...........
Stores, Cattle, &c
Less:
Expenses of Producing, Manufacturing,
Raw and Refined Sugars
—...
under these
conditions
_
_
Paid
full of moisture and the cane low in sucrose;
YEAR
Raw and Refined Sugars Produced, less Commissions, &c
..........—..$90,413,179 33
Molasses Produced
........—
1,028,104 50
Interest Received....
426,982 22
nearly every part of Cuba. Our cane
well advanced, but from recent general rains are
and this applies to
fields are
7,598,890 98
$74,056,078 61
while distribution lags,
actual home
consumption continues at a satisfactory rate in this country,
and the European demand for Cuba's sugar, It is confidently
believed, will exceed that of the year now closing.
Concerning Cuba's output to meet these needs and our
own relation to the year's work, in the season we are now
will
38,768 90
CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE
ENDED SEPTEMBER 30 1920.
quired for their own consumption.
This artificial situation
and the consequent congestion of supplies in American mar¬
kets
120,178 78
...
—
normal
us
........
Reserve for Income and Excess Profits Taxes and on
Revaluation of Stock of Refined Sugar
'
9,229,713 55
Reserve for Depreciation.......—
6,939,716 41
Surplus, per annexed statement
—
29.931,764 91
Net Profit for
In the absence of an understanding between
closing
*
.
of the
time.
.
$2,171,865 83
......2,164,346 74
3,103,730 73
......
.....
Loans
Salaries and Wages Accrued
Interest Accrued-..—-
prevailed for any existing food product in the world,
so
_
2,000,000 00
462,192 76
Liabilities:
Payable
Bankers
By general agreement for the two years of the war,
and
7,893,800 00
-$17,893,800 00
First Lien 6% Serial Gold Notes Outstanding:
Due January 1 1921
Real Estate Mortgages and Censos...
Cuba sold her entire production of sugar at the lowest prices
that
r
-
---
-—
sensational in the wide fluctuations of values in Cuba's his¬
and Cuban Governments, we
1,119,884 27
$74,056,078 61
LIABILITIES.
acres
tory.
.
■
Future Delivery of Fuel Oil..
on Serial Gold Notes
prevailing market price.
ery
J
Contracts for
Discount
Income and Excess Profits Taxes, and reducing the value of
refined sugar
on
Hand
Surplus at September 30 1920——
$29,931,764 91
\
;
CHRONICLE
THE
2532
[Vol. 111.
CERTIFICATE OP ACCOUNTANTS.
5pe (Bmxnxtxcml gimcs.
To the President and Directors of
Cuban-American Sugar
The
Company:
We have examined the books and accounts
of The Cuban-
COMMERCIAL EPITOxME
and its Subsidiary Companies
September 30 1920, and hereby certify
that the annexed Consolidated Balance Sheet has been cor¬
American
Sugar Company
for the year ended
rectly prepared therefrom and, In our opinion, sets
forth
companies as at that date
and that the relative Profit and Loss Account correctly
shows the results of the operations for the period.
The stock of raw sugar on hand has been valued at prices
the true financial position of the
subsequently realized after deduction therefrom of all esti¬
mated shipping and selling expenses.
Refined sugars are
carried at market price on September 30 1920 which was be¬
low cost, and a satisfactory
reserve has been provided
towards further declines in the market price since that date.
Institute of Accountants,
ter goods at the
has been
North and West, notably clothing.
|
in those
snow
sections, after
There
prolonged period
a
of mild weather, which certainly did trade a
good deal of
harm
in connection with
high retail prices.
Here in the
East the weather for the most part has continued
naturally it has had
mild, and
tendency to keep down business. A
a
fair amount of holiday trade has been done, but it has still
fallen
below
than
of
that
heretofore.
falling.
New York City.
123 Liberty Street,
York, Friday Night, Dec. 24 1920.
a
year
What
ago.
facturers throughout the country have been
Lovejoy, Matheb, Hough & Stagg,
Members of The American
New
More seasonable weather has helped trade some in win¬
is
more,
even
Unemployment is spreading,
Though prices
wages
are"
the cost
somewhat lower,
are
manu¬
less active
of
December 8 1920.
living is still high, at a time when wages under the dire
necessity of a bad market are being reduced.
Textile work¬
Wagner Electric Mfg. Co., St. Louis.—New Director.—
England have had their pay cut 22y2%, and
recently in the South such workers have been reduced 20%
to 30%.
Much of the week, too, the stock market has been
depressed. This has tended to cast a kind of pall over some
in
ers
George S. Jones, Vice-President of the Guaranty Trust Co.
been elected a director to succeed the late James M. Bell.—V.
of N. Y,, has
110, p. 1858.
of the
Company.—Consolidation Approved.—
Wells Fargo &
above.—V. Ill, p. 700.
gee American Railway Express Co.
Act
Western States Gas & Electric Co. of California.—
The company has petitioned the Calif. BR. Commission for authority to
$264,000 bonds.—V. Ill,
Issue
p.
503.
Westfield (Mass.) Manufacturing Co.—Annual Report.
$3,257,673
247,134
$3,030,882
257,262
1916-17
$1,560,380
226,232
Common dividends(18%) 144,000
4.965
(3^)14,000
(9%)72,000
25,778
(7)28,000
(6)48,000
23,475
(7)28,000
(6)48,000
$110,365
$156,169
$155,483
$126,757
1918-19
1919-20
Aua. 31 Years—
Sales
$3,181,541
254,?65
(net)
Net income
Bond & note int...
Preferred dividends.Pf. stk. ret.
........
Balance,
surplus
1917-18
Westmoreland Coal Co.—Extra Dividend of 5%.—
An extra dividend of 5% in Second U. S. Liberty Loan 4}i% bonds
been
declared
on
the outstanding $7,500,000 capital stock, par $50,
dividend of 2.%%, both payable Jan. 3
1921 to holders of record Dec. 21.
In Jan. 1920 an extra dividend of 2]/2%
was paid
in cash, while in Jan. 1919
was paid in Liberty bonds.
—V. 109. p. 2363.
in
addition to the regular quarterly
Wilson & Co., Inc.—New
The
it is stated,
company,
Leather Co.—Sinking Fund.—
has caused
the formation of the Phoenix
Leather Co., all the Common stock of which it owns.
The Phoenix Leather
Co., it is said, has acquired from Wilson & Co. its interest in the Phoenix
Tannery at Pittsburgh, and in the future this tannery will be operated by
the Phoenix Leather Co.
The Guaranty Trust Co. of N. Y., trustee, was to receive tenders up to
Dec. 20 last for the sale to it of First Mtge. 6% 25-year Sinking Fund gold
bonds, Series A, of 1916, at not exceeding 107H and int., to an amount
sufficient to absorb $228,877 in the sinking fund.—V. Ill, p. 2237, 1958.
,
x
.
,
Wisconsin Edison Co., Inc.—Larger Dividend.—
dividend
of
$1 50
per
share has been
now in the President's
Whether he will sign it or not Is purely
conjectural,
but rightly or wrongly there is an idea in
Washington that
he will veto it, partly, it is believed, on the advice of Sec¬
hands.
retary of the Treasury Houston, who plainly Intimates that
If the bill is signed it will entail another bond issue
by the
United
5M% Sinking Fund gold bonds
of $1,000 each, 35 bonds of $500 each and 17 bonds of $100 each, being all
the bonds now outstanding, have been called for payment Jan. 1 at par and
int. at the Union Trust Co., trustee, Detroit, Mich.
Bonds Nos. M-5 to
10, 20, 21 and D-l, called for redemption July 1 1920, have not as yet been
presented for payment.—V. 104, p. 958
(J. S.) Young Co., Baltimore.—50% Stock Dividend.—
50% stock dividend has been declared
on
the outstanding Common
stock, par $100, payable Dec. 30 to holders of record Dec. 22, thus increas¬
ing the outstanding Common stock to $1,500,000.
The usual quarterly
cash dividends of 2 H % on the Common and of 1 % on the Preferred stock
have also been declared, payable Jan. 1 1921 to holders of record Dec. 21.
—V. 106, p. 935.
Yukon-Alaska Trust.—Dividend Omitted.—
The trustees state that It has been decided to omit the dividend usually
J aid Dec. to Sept. 1920, incl., $1 per share have been paid quarterly from
Dividends of
1916 30.
une
-
See Yukon Gold Co. under reports
above.—V. 106, p. 1125.
c u r r e n t
n o t i c e s
Tully
&
Co.,
announce
to
Building,
San
their association under the
name
of
engage
Francisco.
Their correspondents
are
Kidder, Pea-
Exchange
34 Pine St., New York, have given a cash bonus to their employees amount¬
ing to 10% of all annual salaries. The announcement of the bonus was made
the occasion of their annual dinner recently given at the Bankers' Club
by the firm, which was attended by the entire organization.
Hall & Co., Insurance Brokers, 80 Maiden Lane,
This firm makes a specialty of placing insurance
fire, automobile, holdup and liability policies.
on
on
another
bonds, also
—Elliott Falk, formerly a partner in the firm
come
office
of1 Chase & Falk, has be¬
associated with Prince & Whitely as manager of their New Haven
Dr. William Kent Shepard, formerly of Yale University, has also
become associated with Prince & Whitely in their New Haven branch.
—M. M. Freeman & Co., of Philadelphia, have issued a list of New York
and New Jersey municipals,
—The Empire
yielding from 4.70% to 5.75% at present prices
Trust Co. has been appointed Transfer Agent and Regis¬
stock of the K-T Oil Corp.
trar of the Preferred
—Bristol & Bauer, 120 Broadway, are issuing for distribution to investors
a
descriptive circular
on
the American Tobacco Co. 8% dividend scrip.
private
Government Is
already saddled with
A bill to put a tariff of 30 cents a
prohibitive tariff on wool and imposts
bushel
wheat,
also
on
on
other
months seems
a
products of the country for a period of 10
likely to fail in the Senate as the measure is
considered contrary to public policy, at a time when food
and clothing are still high.
In fact, all special
of
legislation
palliative kind for the easing of present economic bur¬
a
dens is viewed with reprehension
by very many who prefer
to let all such problems work themselves out in their nat¬
ural way through the operation of economic law.
They
think, in other words, that the remedy is worse than the
disease.
Meantime retail trade falls well below that of
a year ago,
somewhat better than it
recently, and also, as already intimated, in some parts
For the most part the country has
been buying, however, from hand to mouth.
Merchants are
not buying ahead.
Cotton has further declined, and metals,
was
of the North and West.
Outside
prices of
steel rails have dropped $10.
Many cancellations of orders
for general merchandise are reported.
Large sums of money
are locked up in commodities in transit, which buyers de¬
cline to take.
This includes domestic and foreign trade.
Tobacco prices have fallen sharply In Kentucky and North
Carolina.
The farmer sees that what he has to sell has de¬
clined much faster in prices than what he has to
There
is where
buy.
section of the
Meanwhile the finan¬
the shoe pinches in a large
working population of this country.
cial situation within
a
few days has eased somewhat, al¬
though security prices average the lowest for three years
past, something which the commercial world has viewed
with
more or
less
disquietude.
The lumber trade is dull
are
also
on
doing little.
of other
keys have been selling here at 65 to 75 cents per pound.
Meanwhile a big export business has been done in wheat.
The condition of the winter wheat crop is good.
ber of failures is smaller than in recent weeks.
is
increased
costs of
stocks
tailers
The
num¬
But money
of the West is still tight, despite somewhat greater
at the East.
What the country
production.
output, and
throughout
production and
—The attention of bankers and brokers is called to the advertisement of
page.
time
same
obligations.
ease
—The firm of Freeman & Co., members of the New York Stock
Edward E.
fact that the
in parts
body & Co. of Boston and New York.
on
the
building materials are lower except brick.
Poultry is still high; also meats and dairy products, al¬
though 1,000,000 lbs. of Danish butter has just arrived. Tur¬
■
in the distribution of Government,
municipal and corporation bonds, with offices in the American National
Bank
At
the Pacific Coast and Southern mills
—George E. Jones, George W. Weeks, Herbert A. Northon, Jasper W.
Tully and Colis Mitchum
Government.
enormous
Prices
Mitchum,
States
projects looking to the advancement by the United States
Government of large sums to enable various Continental
countries to buy American products are deprecated because
provisions and pig iron are also down.
(G. H.) Wood Paper Co.—Bonds Called.—
One hundred seventy-nine First Mtge.
A
The War Finance Corporation
passed the Senate and is
although in the South It has been
declared on the outstanding
215,000 shares of Capital stock, no par value, payable Dec. 31 to holders
of record Dec, 23.
Dividend record: '
1914.
1915.
1916.
1917.,
1918.
1919.
June *20Dec. '20.
$3 50
$2 75
$4 25
$3 00
$2 00
$4 00
$1 00
$1 50
—V. 109, p. 2364.
A
commodity markets.
has
of the
V. 109, p. 2272.
has
New
have
been
larger market.
a
the
the
needs, needless to say,
That can only come from lower
country
Liquidation of retail
would
wholesale trade
react
of the
favorably
country.
on
Re¬
playing dog-in-the-manger.
Farmers and merchants have been
the fact that the Emergency Farmers'
greatly interested by
tariff, to be in force
for 10 months, passed the House of Representatives on Dec.
23.
There
was
a
defection of the New England delegation
because of the omission of dairy products and the prospect
that a prohibitive duty on wool and products of wool would
increase the prostration of the spinning industry.
Southern
Democrats were disposed to go over to the majority on the
rates allowed for rice, peanuts, cottonseed oil and
sheep and
it is said, are 600% higher than duties
Payne-Aldrich Act.
The flour millers of Min¬
wool.
Some rates,
under
the
neapolis tried to have
the 30-cent rate
on
an
amendment passed to except from
wheat all wheat under contract for im-
Dec.
251920.]
portation prior to Dec. 20, but it was lost.
that
out
there
CHRONICLE
THE
at
were
Port
Arthur
and
The fact came
Port
William
the terminal elevators 72,000,000 bushels of wheat
Importation into this country.
It
was
in
ready for
claimed that many
had
been placed over
the telephone and to adopt
the amendment would open the door for a vast amount of
fraud.
nounced
no
Court
decision
the State Arbitration Committee an¬
the Amalgamated Clothing Workers' Union
that
had agreed to accept
going
fused
Supreme
a
picketing,
its offer in the garment trades "war"
but that the Clothing Manufacturers had
on,
their offer.
re¬
The employers want an open shop and
dictation from workers and
determined to carry their
are
cut, averaging 30% under the peak wages paid
to clothing workers, was announced
piece-work wage schedule by the Clothing
Manufacturers* Association of New York. The War Finance
November,
with
against
point.
A wage
in
lowing the handing down of
now
orders
2533
the
1919,
new
Corporation Bill has passed and gone to the President for
his signature.
Opinions as to his action on the bill were
divided.
Washington, D. C., dispatches announce that all
financial restrictions in the way of trade and communica¬
United
Board say that
American firms must trade at their own risk, and may find
difficulties in obtaining payment for goods.
As to rumors
that department stores in this city intend to close for a
greater or less period after the holidays, possibly two or
three weeks, they are declared to be baseless.
The general
opinion is that the public is spending less than a year ago.
The Fall River, Mass., Bleachery Corporation announces a
wage reduction of about 22%%, effective Jan. 10.
The
Wachusett Shirt Co., of Leominster, Mass., employing 1,000
tion with Soviet Russia have been removed, but the
States Treasury and the Federal Reserve
LARD
prime Western $14 25 @$14 35; refined to
17^o.; South American 17He.; Brazil in
kegs 183^0. Futures have declined in sympathy at times
with wheat, stocks and cotton and packers have sold.
Cash
trade was dull.
On Thursday prices advanced with grain,
&c.
Hogs also have advanced.
Shorts covered rather
freely.
Cold storage stocks of meat and lard in the United
States on Dec. 15 were approximately 22,000,000 lbs. less
than on Dec. 1, when they had reached the lowest point in
several years, according to a statement by the Institute of
American Meat Packers.
To-day prices declined and they
quiet;
the Continent
closed lower than
DAILY
CLOSING
week ago.
a
PRICES
LARD
OF
Sat.
Mm.
January delivery—cts_13 07
May delivery
13 32
12.92
13.27
FUTURES
Tues.
12.92
13 42
CHICAGO.
IN*
Wed.
13 05
13.57
Thurs.
13 35
13-85
Fri.
13.00
13.50
PORK steady; mess $29 @$30; family $40 @$44; short
clear $33 @$38.
January closed at $23 40, showing an ad¬
vance for the week of 60 cents.
Beef lower; mess $16 @$18;
hands, has closed its plant until Jan. 3, owing to dulness.
and the Belvidere Woolen Co., at Lowell,
packet $19 @$21; family $25 @$27; extra India
$45; No. 1 canned roast beef $3 15; No. 2 $8.
five
Boston cloth¬
ing manufacturers have reduced wages 22%%, and shops
have been placed on a piece-work basis.
In London there is
said to be much unemployment and short-time in most in¬
dustries, especially textiles and clothing.
Trade disputes,
it is said, involve 1,138,000 workers.
Montreal had a pa¬
rade of unemployed,* estimated at 10,000.
Some declared
they had not eaten for two days.
One out of every four
quiet and lower; pickled hams, 10 to 20 lbs., 17^@18Me,;
pickled bellies, 10 to 12 lbs., 18@19c.
Butter, creamery
extras, 5634@57c.
A steamer from Denmark the other day
brought in 1,000,000 lbs. Cheese, flats 20@28c. Eggs,
fresh-gathered extras, 76 @78c.
The Stirling Mills
which have been closed for the last four or
Mass.,
weeks, resumed operations on the
workers in Massachusetts is
has
ture
job
the
seeks
Labor
asked
been
22nd inst.
said to be idle, and the Legisla¬
to appropriate
nowadays,
not
$2,000,000 for relief.
the job the worker.
Georgia Wholesale Grocers' Association has issued a
bulletin in which the depressed conditions in the South are
The
attributed to the attitude
of the cotton planters.
The "Bul¬
"Until our farmers are willing to take their
medicine like everyone else, just so long will we have pres¬
letin"
says:
continuation of stagnant1 business."
Paterson, N .J., has a report that many silk mills there
may reopen about Jan. 15.
One of the largest woolen con¬
cerns in Rhode Island has reduced wages 22%%.
A large
ent
and
conditions
hours
seven
a
week longer running time than in
New Eng¬
reducing wages 30% from top war-time
Southern mills have been underselling New England.
are
levels.
Law¬
Mass., cotton hands, who struck against a reduction
of 22%%, have returned to work. Knit goods mills of Troy,
Cohoes and Waterford have announced a cut in wages to
rence,
take effect Jan.
The Cambria Steel Co., at Johnstown,
3.
have made a reduction
of 25% in wages, to take effect Dec.
23, and all but a few of the smaller departments are to be
closed down for at least two weeks.
At Salt Lake City, the
of the largest lead producers in the
owing to the present low price of lead,
high freight rates, and inability to secure satisfactory con¬
Utah-Apex mine, one
State, closed down,
tracts with the
The
one
smelters.
Merrimack
Manufacturing Co., of Huntsville, Ala.,
the South, has posted notice of a
of the largest mills in
operating schedule from a 60-hour week to a
55-hour week and cuts of from 25 to 30% in wages.
Shoeworkers at Lynn, Mass., have refused to accept an annul¬
ment of the 20% bonus agreement made some time ago.
Knitting goods mills at Needham, Mass., have cut wages
20%.
Two auto-tire companies at Toledo,
Ohio, have
closed.
The Goodyear Tire Co. has defeated the attempt
to put it into the hands of a receiver.
Banks, it is said, may
help it.
There is a deadlock in New York's clothing trade
fight over the question of the open shop. Three more cloth¬
ing firms at Rochester, N. Y., have begun work on spring
orders.
Merchants of Rio Janeiro have rejected proposals
that
the
Government establish a moratorium for four
months.
At Chicago a reversion to war methods in fight¬
prices has been adopted. Russell J. Poole,
Secretary of the Fair Price Committee of the City Council,
announced that "fair price" quotations for meats will be
issued daily by the council committee.
Wholesale prices
quoted by packers at the stockyards will be made the basis
of the "fair price" schedule, he said.
To this will be added
overhead charges and a fair profit.
v Two more building trades combinations have been broken
ing high food
up
arraignment of the fifty-two individuals and
plumbing industry indicted last Monday
of the Donnelly anti-trust law, are
interesting developments in the Lockwood Committee's
here and
corporations in the
alleged violations
other
investigation.
on
the spot quiet but rather steady; No. 7
634@6%c.; No. 4 Santos 934@10c.; fair to good Cucuta
llM@HMe.
Futures have fallen in a dull market.
Bra¬
zilian finances are disorganized by the adverse rate of ex¬
change on dollars expressed in milreis.
But Brazilian
business
men
do not want
moratorium.
a
Shorts have been
There is nothing new as to the fundamentals
of the situation.
There is plenty of coffee and too little
demand or buying power.
Some hedging sales have been
made against recent purchases.
The trade has bought to
some extent.
To-day prices declined and they end iower
covering here.
for the week.
Stone mason
contractors have agreed to dis¬
competition. Roofers are to change their
rules.
An official revealed the fact that a corporation
controls all stone work done by fifty firms.
Some 26 more
combinations await inquiry, including the paint trade.
Fol¬
band and resume
cts_6.85 @6.871 July
cts_7.18 @7.19
J September
7.43 @7.44
—CtS-5.95 < >6.001 May
Dec
6.46 (
March
>6.48|
SUGAR higher;
centrifugal, 96 degrees test, Cuban and
Rican, 5.39c.
Refined remains generally steady at
7.90@8c. for granulated.
Futures advanced partly on
Cuban buying.
Trade in Cuban sugar on the spot is said
to have increased somewhat at higher prices.
Willett &
Porto
Gray state that there has been a checking up and readjust¬
ment of stocks in Cuban shipping ports, which shows that
there are now but 205,272 tons held there, 24,400 having
been deducted from previous figures of stocks held in ware
house as having passed into consumption during the past
month or so.
This is something.
Stocks, however, are
Peru in port sold at 434c.; later at 4.25c.
large.
Cuba
later afloat and prompt sold at 4.50c. cost and freight and
Porto Rico afloat at 5.51c. c. i. f.
On Monday, it is said,
the Cuban Congress will take up the question of negotiating
a loan with the United States.
The size of the sugar stocks
in warehouses here is large
and the insurance on such stocks
One large Philadelphia
is estimated at about $20,000,000.
change in the
for
COFFEE
Rio
a
part of the woolen industry of the State is likely to follow
suit.
Southern cotton mills, in addition to an advantage of
land,
$42 @
Cut meats
mess
refinery is said to hold stocks valued, roughly, at $9,000,000.
Beet sugar manufacturers, it is said, face a loss on the 1920
output.
It was stated that 500 tons of Peru afloat were
sold to a Canadian refiner at 4.875c. c. i. f., equal to 4.25c.
American refiners have been
and freight for Cuba.
cost
To-day futures declined, but they
moderate net rise for the week.
inclined to hold aloof.
end
at
Dec
January
a
cts_4.25@4.351 February cts_4.44 @4.471 May
4.34 @4.37 (March
i.-4.53 @4.541 July
cts_4.68@4.70
4.87@4.90
carloads 80c.;
less 86c. Ceylon
OILS.—Linseed quiet and lower; Dec.-Jan.
less than carloads
82@83c.; five bbls.
or
ll%@12c.; Cochin llM@12c.
Olive $2.75@$3.00.
domestic 75@76c.; Newfoundland 80@82c.
Spirits
turpentine, 78c.
Common to good strained rosin
bbls.
Cod,
of
$8.50.
PETROLEUM remains steady;
refined in bbls. 24.50@
bulk 13.50@14.50c.; cases 26.50@27.50c.
Gaso¬
line in only fair demand at unchanged prices, i. e. steel bbls.
33c., wood bbls. 41c., gas machine 50c.
Kerosene meets
with a fair inquiry.
Daily average gross crude oil produc¬
tion in the United States for the week ended Dec. 11, amount¬
25.50c.;
ed to
vious
1,291,220 bbls. compared with 1,291,915 bbls. the pre¬
week, according to an estimate of the American
California continued to lead, with out¬
Petroleum Institute.
put averaging
310,000
bbls.
daily.
Oklahoma produced
306,475 bbls. daily.
Pennsylvania
Corning
$6 10
4 25
4 46
Cabell
$3 83 Strawn
3 77 Thrall
3 77 Healdton.--
Indiana.—
Princeton
Illinois
3 48
Plymouth
Moran
3 50
Caddo, La., light-
Somerset, 32 deg.
and above---—
4 50
Kansas
Ragland
2 60
homa
Wooster
4 05 Corsicana, light-3 73 Corsicana, heavy.
3 00 Caddo, crude
175 De Soto
3 63 Electra
3 50
North Lima
South
Lima
&
Okla¬
Henrietta
$3 00
3
2
3
3
25
75
00
00
3 25
2 50
3 40
2534
THE
RUBBER
first
latex
dull
crepe
and
lower; smoked
ribbed
sheets
CHRONICLE
16c.;
pany.
OCEAN
33Kd.
FREIGHTS
have
remained
dull
and
more
or
depressed.
Some steamship companies find traffic
poor that they are layiwg up steamers.
so
less
Charters included 19,000 quarters gram from New York to Malta, 12s.
prompt; .33,000 quarters from Atlantic range to North Spain, 10s., Decem¬
ber; 20,000 quarters from a Gulf port to Antwerp, Rotterdam, Hamburg
or
Weser, 10s., December; coal from Atlantic range to Boucan, $6 .50,
December; to west Italy, $7: to St. Nazaire, $5 25; three
or six months
transatlantic time charter, 10s.; lumber from Puget Sound to San Domingo,
$32 50; 28,000 quarters grain from Atlantic range to two ports in the
United Kingdom, 8s. prompt; 28,000 quarters from a Gulf port to Hamburg,
8s. 6d. prompt; 25,000 quarters from a Gulf port to* north Spain, lis.;
option of Spanish Mediterranean, 12s. prompt; 22,000 quarters from At¬
lantic range, including Portland, to Spanish Mediterranean, 10s. 6d.;,coal
from Cape Breton to Rotterdam, $5 75, Canadian gold, prompt; 44,000
quarters grain from Atlantic range to the United Kingdom, / s. 6d.; Decem¬
ber; 28,000 quarters from Galveston to Hamburg, 10s. 6d. prompt; coal
from Atlantic range to French Atlantic port, excluding Rouen and Nantes,
$7 56, prompt; to River Plate, 47s. 6d., December; one round trip in West
India trade, $2 50; 28,000 quarters grain from a Gulf port to United King¬
dom, Antwerp or Rotterdam, 8s. 6d., January; coal from Atlantic range
to Amsterdam or Rotterdam, $4 2.5 prompt: ties from Brunswick to Phila¬
delphia, 40 cents; asphalt in barrels from Trinidad to Gulfport, Miss., or
Mobile, $2 75; coal from Philadelphia to Rotterdam, $4 57 prompt; timber
from a Gulf port to United Kingdom, 285s., January-February; coal from
Atlantic range to Rio Janeiro, $5 05 prompt.
TOBACCO has been dull and more or less weak or nom¬
inal.
Buyers are playing a waiting game. They look to see
tobacco price fall with those of other commodities.
The offerings at the series reached 54,000 bales, of
which it is estimated only 16,000 bales were sold.
16th inst. the sale at Brisbane was at 20 to
163^c.; brown crepe thin, clean 143^c.
Early in the week prices were depressed on the report that
an application for a receiver had been made for the
Goodyear
Tire & Rubber Co.
Bankers it seems are to help the com¬
[VOL,. Ill
bales
were
offered and 1,140 sold.
America was operating
Half-bred greasy superior sold at 12d.
9d. to ll%d.; inferior, 7d. to 8H>d.;
in good half-breds.
to
13!^d.; medium
cross-bred greasy 46s-48s, 8d.
be
On the
result of the manufacturer's
policy of aloofness for many weeks past.
Owensboro, Ky.,
wired Dec. 23: "The organization of tobacco growers of the
Green River district formed here recently to work for higher
tobacco prices, has disbanded.
Reports showed that to¬
bacco pledged to the pool was 3,000,000 lb,s. short of the
amount required before the association would attempt to
handle sales.
Meantime prices on the market here have
reached an average of $11 per 100 lbs., compared with $4.
the opening day
a
month ago.
In this period only 2,000,000lbs. have been sold bringing an average of $7.90 per
100 lbs.
About 6,000,000 lbs. had been sold at this date
last year for a $19 average.
At Wilson, N. C. 3,500,000
lbs. of tobacco were sold last week at an average price of
$17.79 per 100 lbs.
This is $1 lower than the previous week,
and is the lowest price seen since the season opened.
Thirtysix and a half million pounds were sold at Wilson, N. C.,
this year at an average price of $23.71 per 100 lbs.
The
warehouses there will close and will not reopen until Jan. 11."
falling steadily
as
COTTON.
small scale.
TIN quiet but steady at 32 3^.
Lead declined in sympathy
Trade is quiet.
Spot New York was quoted
at 43^@4%c.
Zinc remains dull at 5.65c. spot St. Louis.
PIG IRON has remained quiet and more or less depressed,
themselves hopeful of better things in
about to open.
Declines in prices are
smaller than recently.
Small lots of resale iron are being
disposed of. ' New England reports some low prices.
Fur¬
nace business is
very dull.
Cast iron pipe is down 25%, with
little trade.
Youngstown, Ohio, people are predicting pig
the
some express
new
year
now
iron at below $30.
50%. - Prices dropped $1 per ton for foundry iron
Chicago and gray forge at Pittsburgh.
STEEL has remained dull and certainly none too
As usual at this time of the year the demand
steady.
indistinctly
slack.
Some are predicting lower prices after Jan. 1.
They
are looking for cuts in
wages, as well as in product, with the
cost of living gradually
declining.
The railroad companies
have bought rails at lower prices, i. e. $10 a ton reduction
by
outsiders, to the level of that maintained for nearly two years
by leading interests.
It was said that orders have been
released for some 3,000 tons by
leading railways for which
reservations have already been made.
This is the one
bright spot in the steel business.
^
WOOL
plentiful and dull. Now and then there is a
inquiry, but it does not last.
Some are basing
hopes of better times in 1921 on an embargo on wool im¬
ports at American ports, or a very high tariff.
Prices are
^
little
.
telegrams from the South to-night, is given below.
For the
ending this evening the total receipts have reached
178,079 bales, against 189,642 bales last week and 210,301
week
bales the previous week, making the total
receipts since
Aug. 1 1920 3,288,986 bales, against 3,588,196 bales for the
period of 1919, showing
same
of
a
decrease since Aug. 1 1920
299,213 bales.
Sat.
______
Houston
Mon.
Tues.
Wed.
8,267
Receipts at—
Galveston
Texas City_____
10,997
22,477
12,531
Thurs.
Fri.
Total.
8,028
10,338
"8",467 "7,409
2,894
8,348
72,638
362
362
10,155
_
Port Arthur, &c_
New Orleans.
10,155
7,518
11,323
10,689
359
901
856
646
Mobile
2,894
1,689
782
53,754
5,233
2,373
12,977
Pensacola
Jacksonville
Savannah
Brunswick
1,784
3,317
3,442
1,132
929
200
200
Charleston
715
466
521
609
248
258
Wilmington
545
564
941
228
728
348
1,386
2,506
1,356
777
2,937
2,817
3,354
11,265
______
Norfolk
2,303
N'port News, &c.
29
29
""399
399
725
""113
105
200
125
25
838
709
455
29,458
51,787
25,094
19.946
29,578 178,079
Baltimore
"""709
Philadelphia
Totals this week_
22,216
The
following shows the week's total receipts, the total
since Aug. 1 1920 and the stocks to-night,
compared with
last year:
1920.
1919.
Stock.
Receipts to
Dec. 24.
This
Week.
Production is said to be at the rate of
about
at
THE MOVEMENT OF THE CROP, as indicated
by our
New York
Boston
with London.
though
Friday Night, Dec. 24 1920.
a
COPPER quiet and steady at 13H@14c. for electrolytic.
Large agencies refuse to sell under 14c.
There has been
some business, it seems, at
13%c. but it has been on a very
to lid.; 44s-46s, od. to 7lAd.:
36s-40s, Sy2d. to 5d.
other hand supplies of tobacco and cigars, some maintain,
must
On the
30% lower
prices on super-merinos and 30 to 40% lower on skirtings
of
all
kinds.
Inferior
grades were ignored.
Japanese
bought 10,000 bale? of indifferent selections.
Only a small
percentage of the offerings was sold.
But at Adelaide,
Australia, on the 18th inst. there was keener competition for
good top making wools and there were smaller withdrawals.
Prices were 5 to 10% above those of Nov. 27.
Inferior
merinos were neglected.
Of 15,000 bales offered, only 30%
was
withdrawn.
That looked better, partly, no
doubt,
because buyers had their last chance for a month.
No Aus¬
tralian sales will be held in January except in
Tasmania,
where there will be only moderate offerings suitable for the
American trade.
But at Bradford, Eng., prices were weak,
with great pressure to sell.
Tops and yarns were especially
weak and in the piece foods section prices were described as
chaotic.
It is reported that several firms there are
receiving
assistance to tide over this trying crisis.
London cabled
Dec. 20: "At the wool sale in Wellington, New
Zealand, 1,430
Galveston
Texas
72,638 1,605,880
362
13,871
10,155
243,548
2,894
17,834
53,754
732,505
5,233
48,156
City
Houston
Port Arthur, &c
New Orleans
Mobile
Pensacola
"
l"6l3
Jacksonville
Savannah
12,977
Brunswick
200
Charleston
2,817
3,354
11,265
Wilmington
_____
Norfolk
29
399
N'port News, &c_
New York
Boston
838
709
Baltimore
Philadelphia.
455
____
Totals
was
Since Aug
1 1920.
349,044
8,824
40,691
50,188
130,002
998
6,833
16,908
18,847
3,844
This
Since Aug
Week.
1 1919.
69,148 1,181,257
14,774
167,248
17,623
.44,891
15,514
32",721
547,438
4,995
169,913
11,170
"452
8,413
28,102
782,774
2,000
94,800
7,728
175,639
5,060
93,402
11,520
204,634
58
1,614
212
11,977
4
9,824
125
56,267
720
11,421
1920.
1919.
368,052
2,887
346,228
88,023
458,415
26,325
474",878
22,696
"
2,137
153,022
2,449
243,747
44,065
76,600
"7"666
349,251
20,000
68,781
50,943
86,006
23",358
62", 307
11,964
3,052
6,694
3,724
5,533
12,245
178.079 3,288,986 195,242 3,588,196 1,422,767 1,587,615
more
said to be a trifle steadier in some directions.
But some
doubt whether anything wilt be done at this session of Con¬
gress in the matter of a tariff r If an embargo or a high
tariff is
imposed the question is whether the President will
sign such a measure or veto it.
Meanwhile consumption
runs behind world's
supplies.
The October consumption in
the United States turns out to have been 38,510,0(30
lbs.,
which was larger than expected.
It is 45% less than in Oct.
1919, but it compares not unfavorably with that of July,
August and September this year, being almost equal to that
in those months.
The surprising thing is that the total held
up so well despite the curtailment announced by the mills.
Still it lagged behind what could have been wished.
In
London the series of wool auctions, so far as the British
Government wools are concerned, is over.
The last selec¬
tion, comprising 9,500 bales, maintained a fair average price,
but hardly 2,500 bales were sold/
Greasy merino from Syd¬
ney attracted the most attention, ranging from 15d. to
In order that
we
comparison
may
be made with other
give below the totals at leading ports for six
1920.
Receipts at—
Galveston
1919.
72,638
13,411
69,148
32,397
32,721
4,995
28,102
1918.
2,817
3,354
11,265
7,728
5,060
11,520
44,924
2,598
35,430
6,585
24,089
2,600
5,577
3,306
7,721
1917.
1916.
43,191
years,
seasons:
1915.
61,694
12,520
28,692
2,934
11,259
1.000
1,644
1,175
8,727
N'port N..&C.
All others—„
29
58
81
362
868
2,401
1,5*3
2,530
6,345
10,751
63,382
19,602
45,847
4,070
13,320
1,500
4,225
1,222
12,429
6,212
6,758
Total this wk_
178,079
195,242
135,441
124,475
142,234
178,567
TexasCity,&c.
Orleans
Mobile
New
_
Savannah
Brunswick
Charleston
Wilmington
__
Norfolk
53,754
5,233
12,977
200
2,000
4,829
37,322
251
18,154
3,000
3,414
952
6,655
Since Aug. 1__ 3.288,986 3,588,196 2,664.593 3,427.050 4,616,685 4,036,341
The exports for
of
140,558 bales,
the week ending this evening reach
of which
68,445
were
11,787 to France and 60,326 to other destinations.
are
a
total
to Great Britain,
the exports for the week and since Aug. 1 1920:
Below
DEC.
From Aug.
Week ending Dec. 24 1920.
Exported to—
W220 to Dec. 24
Exported to—
a
1920.
Other.
Houston
Texas
Britain.
Total.
11,379
Britain J France.
Galveston
43,119
10,155
10,155
___
483,040
127.259
8,980
City
Other.
France.
198,912
44,111
2,709
539,559
,221,511
72,178
6,373
243,548
18,062
8,244
650
650
Port Arthur.
San Antonio
950
950
217,733
401,771
818
11,700
PortNogalez
New Orleans
21,7.50
136,156
6,957
59,987
18
8,002
30,235
18
Mobile
47,882
3,925
701
77,221
7,499
4,900
4,900
_
213,323
7,427
"2" 800
35",206
7,427
"
l'ob",896
37,700
16",414
16,414
__
Brunswick..
Charleston
.
701
Jacksonville
10,299
37,700
Wilmington.
815
610
116
89
Boston
10.075
42,886
7,181
28,729
119
1,246
3,287
2,429
559
4,600
T
900,234
68,445
11,787
60,326 140,558
14,786
71,312 159,6251,397,070
Total
1919.
73,527
Total
1918.
39.(p64 35.550 3S A15 113 690
2,671,591
to-night also
give us the following amounts of cotton on shipboard,
cleared, at the ports named.flWeladdfsimilar figures
New York.
Ger¬
Great
5,173
33,986
20,322
27,399
10,138
2",375
Charleston
Total
1919.
Total
1918.
*
271,342
1,500
15,755
500
242,247
10,570
76,100
22,158
64,748
500
200
1,200
2,000
8,500
79,527
186,606
25,226!
67,863
40,537
3,398 112,043
75.671
48.8221
31.606
.
14,993
o
390,585
138,022
4,075 206,995 1,215,772
15,800 343,073 1,244,542
19.390 175.41Q 1.97S.410
3.675 for Japan.
Speculation in cotton for future delivery
has not been
The news and also the rumors have
been
The stock market has been falling and
another failure has occurred on the Stock Exchange.
The
against the price.
firm in
York Cotton
cotton contracts
question was not a member of the New
Exchange, and to all appearance had no
out through others.
But the Incident had a more or
less
unpleasant effect, being the second failure recently on that
Exchange.
An unconfirmed and apparently unwarranted
rumor that a Southern cotton mill had failed also had more
or
less depressing
miners
in
effect.
the Rhonda
A reported strike of
45,000 coal
Valley, England, certainly
did not
Neither did the sharp decline in spot prices
at the Southwest, nor the fact that exports were small, nor
the heavy selling of July here, which rightly or wrongly was
put down to spot interests.
And the ginning was big: It is
said that some 6,000,000 spindles are idle in New England.
Textile industries in this country, whether of cotton, wool
help matters.
or
Its
silk, are dull.
Manchester, too, is in a gloomy mood.
sales are small, both of yarns and cloths.
China and
suspended buying at Manchester.
fabrics there are £6 10s. lower
than the best quotations of last spring.
The cost of living
keeps up.
Wages are declining owing to dulness of trade.
New England operatives are accepting a decrease in wages
of 22y2%, though in some cases under protest.
Liverpool
sold here at times on a large scale.
And its own prices
have been declining sharply.
Private advices from that
market have been uncheerful.
Stocks there are big and spot
business small.
London advices were not cheering either.
India
Some
practically
have
of Lancashire's fine
owing to the persistent fall of
commodity prices and the general financial situation.
It
has all reacted on the cotton business of this country.
In
such circumstances, not only Liverpool, but Wall Street and
uptown interests, have been free sellers here.
Recent and
disappointed buyers for a rise have also been selling. What
is more the South has sold on perhaps a somewhat larger
scale.
In any case it has been a steady seller, partly, it is
supposed, for hedge account. And, as usual, at this season
of the year, selling of "Christmas cotton" to provide farm¬
ers and others with funds for the holidays, had a more or
less weakening effect on prices.
The spot situation has
not been calculated to cheer the farmer, v On the 21st inst.
spot prices fell 75 points here, 55 in Dallas, Texas, and 50
They spoke of depression
the assumption that the price is near the
bottom, if not actually at the bottom.
For one thing they
expect a big cut in the acreage next spring. This, it is be¬
lieved, will be practically mandatory through the influence
of the banks, not to speak of public opinion throughout the
South.
Banks in some cases have had to take cotton.
proceeding on
i.e., to reduce the acreage some 33 1/3%. Some land owners
are refusing to rent lands to farmers unless they agree to
as
regards the reviving of the
War Finance Corpora¬
inkling whether the President
will sign it or not.
It is believed that he will veto it. It
is in his hands after having passed the Senate.
Secretary
of the Treasury Houston is strongly apposed to the measure.
Meantime Europe is poor, finds it hard to get credits, and
the United States is in the throes of a transition more or
tion, nobody
less rough,
seemb to have
an
from a war basis to a peace
basis, which entails
to cotton 33 1/3%.
Meantime measures are
being pushed looking to the granting of credits to Europe.
It is believed that they wlil become operative early in 1921,
or
about Feb. 1, if not sooner, in certain instances. Po¬
buy 300,000 to 400,000 bales.
Possibly
say
would like to
land
The United States
trading with
Russia, only specifying that merchants must trade at their
own risk.
In Berlin there are said to be plans under way
some
way
will be found to supply her.
Government has removed all restrictions on
provide
vanced.
a
broader and possibly more stabilized market
At times foreign exchange has latterly ad¬
Mill operatives in New
England have, as already
intimated, had their wages reduced 22*4 %.
This, with the
big decline in cotton since last July, and the fall in the price
of coal opens up a better chance for mills to make goods
there on a basis that is likely to stimulate the market.
And
the Southern mills are similarly
situated.
In other words,
return to normal and healthy
conditions in the cotton manufacturing
business of the
United States.
And after Jan. 1 it is intimated that retail
the way is being
cleared for
a
country are likely to
hint from the banks,
which some time back gave a similar hint, it is understood,
to wholesalers.
Once retail business is loosened up, and
the blockade created by the refusal of the people to buy
freely is broken, the outlook, it is believed, will brighten.
In any case, the United States will take the lead in the
worlds revival of business.
London recognizes that fact,
and, as already intimated, not a few believe that the ebb
in this country will shortly turn to the flood.
To-day prices
were rather irregular, but advanced at one time, and ended
at a small net rise for the day.
But for the week they
were some 50 to 70 points lower on futures.
Spot cotton
ended at 15.25c. for middling, after having touched 14.50c.
on the 22nd instant.
The closing shows a net loss for the
prices of commodities throughout the
be
sharply feduced, possibly at a broad
week of 75 points.
quotation for middling upland cotton in the
each day for the past week hasbeen:
The official
New York market
Sat.
Mon.
15.65
Dec. 18 to Dec. 24—
Middling uplands..—.
15.50
Tues.
15.25
Fri.
15.25
Wed. Thurs.
14.50
15.00
QUOTATIONS FOR 32 YEARS.
quotations for middling upland at New York on
24 for each of the past 32 years have been as follows:
NEW YORK
The
Dec.
1920 -c
1919
—
15.25 1912
39.25 1911
1918 ——32.60
1917
.31.00
1909
16.75 1908
12.15 1907.
1914.— 7.65 1906
1913
12.60 1905
1915
13.20
9.50
15.15
15.75
9.45
11.70
10.55
—12.10
-c—.
1910
1916
1904
1903
.c
1902
1901
1900
1899
1898..
1897
—
7.60
13.70
8.75
8.56
10.31
7.56
5.88
5.94
1896-c
7.06
8.25
5.69
7.94
.
1895
.
1894
.
1893
1892
.
9.88
7.94
9.31
.
1891
.
1890—
.
1889
.10.25
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:
Closing Quotations for Middling Cotton onWeek ending
Dec. 24.
Galveston
New
Orleans..
Mobile
at Houston.
And
waiting for that, but are
members of the trade are not
some
for exchange.
active, trading, in fact, being on a more or less restricted
scale.
At the same time prices have been gradually falling
and have reached a new low level for the season and for
the calendar year.
at under 15 cents, especially
They maintain that the end of the long
cents.
to
Estimated,
fea¬
experienced men
under 14
lane of de¬
pression is not far off.
Proverbially the man who tries to
get in at the very bottom usually misses it. Mindful of this,
who believe in buying
cut the acreage
75
2,500
4,000
_
96,710
67,830
15,000
2,000
4,361
300
200
;
Other ports
Total 1920—
Stock.
33,150
Norfolk
New York *
Total.
wise.
28,152
V
Mobile
Leaving
Coast-
T.Sod
Cont't
3,000
9,019
Savannah
4,145
12,000
_
Other
""500
many.
And there are not wanting
They are in a position in not a few cases to require farmer?
to take the only course which the South believes open to it,
Shipboard, Not Cleared for-
Britain. France.
Dec. 24 at—
Galveston
New Orleans.
not
for
,
On
business banks
trade buying has been an evident
On the other hand,
R9* *70 1
077.QSQ 9S3
In addition to above exports, our telegrams
This, too, had an unfavorable
Ltd.
though it was not one of the big
even
ture at times.
341,291 1,053,631 2.295,156
271,176 1,003.345
some
of London.
4,600
Seattle
Total...
effect,
5,877
2,697
Los Angeles.
San Fran...
Tacoma
Street.
2,697
10,647
5,877
Philadelphia
"
of the country
are
and has been repeatedly
from
of the Farrows Bank,
4,024
'559
lb". 647
Baltimore
many
denied, only to be re¬
mysterious source, supposedly in Wall
And London on the 20th inst. reported the failure
weeks ago,
newed
42,125
5,678
349
New York..
32,811
6,215
2,272
"5,150
5*150
Norfolk
#
177
177
El Paso..
Savannah
Total.
""8,244
3,669
28,071
.
prices of every¬
of surgery in cutting
inclined to think that this
process has not ended.
The situation is not helped by the
presence of the rumor monger.
The circulation of stories
of a mill failure is only one specimen of his work.
Another
of a cruder and more bungling kind was a report that the
big department stores of this city would close down after
Jan. 1 for two or three weeks. This was started a couple of
And
downward.
Great
Great
heoric bit
rather
thing from securities and the great staples
Exports
from—
2535
CHRONICLE
THE
251920.]
—
Saturday. Monday.
15.25
14.75
14.75
15.2514.25
14.25
Savannah
15.75
Charleston....
15.75
15.75
15.75
Norfolk
14.50
14.25
Baltimore
15.50
15.50
Philadelphia
Augusta
Memphis
15.90
14.88
14.63
15.00
15.00
Dallas..
Houston
13.60
13.45
...
Little Rock...
Fort Worth
14.25
15.00
15.75
14.40
15.00
13.50
Friday.
Tuesday. Wed'day. Thursd'y,
15.25
14.00
14.00
15.75
15.75
14.00
15.50
15.50
14.13
14.50
13.45
13.75
15.00
13.25
14.50
13.75
13.75
15.75
13.50
15.50
14.75
13.50
14.50
12.90
13.00
14.50
12.75
14.00
14.00
13.75
15.75
15.75
14.00
15.00
15.25
13.50
14.50
13.35
13.25
14.50
13.25
14.00
14.00
1.3.75
15.75
—
-
-
4*.
14.00
15.00
15.50
13.50
14.50
13.50
13.50
14.50
13.40
2536
THE
CHRONICLE
FUTURES.—The highest, lowest and closing prices at
New York for the past week have been
'X' 1:'1
-'"!
■'. /
•
•
Saturday,
V-.,
Dec,
Monday,
18. Dec.
follows:
as
Tuesday, Wed'day, Thursd'y,
20. Dec.
22. Dec.
21, Dec.
Friday,
23, Dec.
24.
Week.
[Vol. 111.
AT THE INTERIOR TOWNS the movement—that is,
the receipts for the week since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year—is set out in
detail below:
•'
,
December—
15.13-31 14.85- .00 14.60-.95 13.85-.55 13.85-.55 14.30-92 13.85-131
Range
Closing
15.12-.15 14.90
14.73
—
—
14.05
—
14.45
—
—
_
—
—
•_
Movement
Closing
Tovms.
—.
14.98-.00
14.95
—
—
—i.
14.70
—,
_____
14.10
—
_
—
—
14.98-.00
—
14.55
—
14.65
—
-mi
—
Week.
Ala., Eufaula..
Range-—- 15.12-.30 14.80-.08 14.46- .05 13,82-61 14.05-.05 14.47-. 80 13.82-130
15.15-.18 14.80-.84 14.62-.66 14:03-,08 14.50-.52 14.58-.61
Closing
—
—
Selma
Range-
'
—
15.20
——
—
—
14.90
—
—
—
—
—•
14.65
—
—
14.10
—
—
—
—
—
14.57
—
—.
_
14.65
—
—
,
Range
15.15
15.35
—
—
15.00
—.—
____
—
—
14.75
—
14.45
—
14.25
—
14.68
..
—
1470
—
—1
""■**
Range
Closing
....
14.25-.95
15.10
—
—-
—
14.58
—
14.58
—
14.90
—
—
14.40
—
14.80
—
___■
Range
—-
15.45
Closing
—
—_
—
15.20
—
_o~
15.00
—
14.70-.80
15.00
—
—
14.60
—
—_
_
—
15.00
—
___
__
14.90
—
14.70-.00
—
November—
Range
—
——
—•
.
Closing
—
—
■
—
—
—f
—.
—
14.75
—
14.65
—<
—
—_
15.05
—
—
__
15.00
__
14.75
Clarksdale
23,793
1,027
130,370
4,397
SO
22,330
9,114
150
4,412
102,620
5,626
3,054
44,325
6,128
11,252
158,167
8,427
37.564
381,106
875
32,134
5,000
172,125
9,102 209,180
925 27,450
•5,254 50,000
1,000
40,447
1,137
1,984
57,389
1,859
17,000
54,685
2,836
6,511
90
1,387
1,072
2,881
27,739
719
20,635
776
63,016
825
60.454
6,961
83,226
77,876
176
4,648
2,657
88,315
3,500
95,664
3,000
48,817
2,834
64,957
12,766
3,000
89,438
2,500
37,000
500
27,191
500
13,500
450
24,108
350
500
500
700
12,154
9,697
14,441
7,952
9,929
100
88,862
12,050
496
5,044
__
3,532
1,185
Meridian
18,009
579
600
16,638
600
1,086
Natchez
9,548
305
•'
19,000
13,317
6,588
Vlcksburg
Yazoo City-_
Mo., St. Louis.
1,700
21,920
1,117
700
14,126
30,555
23,795
227,508
21,572
7,534
13,277
20,201
17,966
32,174
366,896
31,712
686
6,127
518
4,836
800
27.070
800
86
2,529
30,.503
25,835
104
255
68
8,043
100
2,908
16,453
1,955
10,467
7,134
Raleigh
Okla., Altus...
Chlckasha—Hugo
—
3,377
1,666
THE VISIBLE SUPPLY OF COTTON
to-night, as made
by cable and telegraph, is as follows.
Foreign stocks, as
well as 'the afloat, are this week's returns, and
consequently
all foreign figures are brought down to
Thursday
to make the total the complete
figures for
evening.
to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
But
December 24—
1920.
1918.
11,000
161,000
300,000
16,000
75,000
1917.
449,000
21,000
45,000
396,000
Stock at London
Stock at Manchester
Total Great Britain.
974,000 <;
3,000
89,000
837,000
13,000
134,000
_
Stock at Bremen
Stock at Havre
Stock at Barcelona
Stock at Genoa
__
182,000
8,000
65,000
45,000
23,000
148,000
2,000
65,000
64,000
14,000
25,000
483,000
Rotterdam, &c
299,000
103,000
240,000
1,000
Stock at Trieste
Total Continental stocks
Total European stocks
»
1,549,000 1,308,000
499,000
755,000
60,000
77,000
15,000
36,000
571,911
666,882
332,000
268,000
82,000
57,000
62,000
116,000
180,000
261,000
368,000
350,000
Stock in Bombay, India—
910,000
473,000
*550,000
*450,000
Stock in U.S. ports
1,422,767 1,587,615 1,453,829 1,310,580
Stock in U. 8. interior towns——
.1,686,965 1,341,811. 1,448,017 1,310,441
U. S. exports to-day
22,700
27,220
2,240
India cotton afloat for Europe—
Amer. cotton afloat for Europe.
Egypt, Brazil, &c., afloat for Eur_
Stock in Alexandria, Egypt
__
-
Total visible supply.
6,485,343 5,799,528 4,727,846 4,589,261
Of the above, totals of American and
other descriptions are as follows:
Liverpool stock
bales..
Manchester stock
Continental stock.
American afloat for
Europe
U. S. port stocks
U. S. interior stocks
U. S. exports to-day
Total American
.
......
-
—
_
378,000
3,000
10,000
68,000
60,000
82,000
180,000
910,000
_.
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt.
Stock in Bombay, India
626,000 ♦177,000
281,000
91,000
42,000
24,000
415.000
223,000
*86,000
*211,000
571,911
666,882
332,000
268,000
1.422:767 1,587,615 1,453,829 1,310,580
1,686,965 1,341,811 1,448,017 1,310,441
22,700
27,220
2,240
...
Total East India, &C——.
Total American.
__
—
—
211,000
♦128,000
16,000
33,000
77,000
57,000
261,000
473,000
21,000
*17,000
15,000
62,000
368,000
*550,000
11,000
70,000
76,000
168,000
*29,000
36,000
116,000
350,000
...
*450,000
6.485,843 5,799,528 4,727,846 4,589.261
9.54d
26.68d.
15.25c.
26.00d.
17.00d.
9.65d.
10.50d.
""
20.40d.
32.30c.
39.25d.
S53.00d.
39.50d.
30.79d.
24.50d.
37.00d.
18.04d.
24.35d.
18.29d.
22.68d.
31.65c.
33.15d.
32.00d.
21.65d.
21.83d.
Estimated.
bales
over
1917.
1918 and
a
gain of 1,896,082 bales
^
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the
spot each day during the
week at New York are indicated in the
following statement.
For the convenience of the reader we
also add columns which
show at a glance how the market for
spot and futures closed
days.
415
424
22,314 377,129
Spot
Quiet
Quiet
Quiet
Quiet
Quiet
Quiet
425
J
35 pts
15 pts
25 pts
75 pts
dec
dec
dec
dec
50 pts adv
25 pts adv
Total
1,727
3,333
500
34,178
424
10,110
247
415,523
36,738
544,161
1,725
933
3,565
1,847
31,008
2,048
3,656
222
4,314
40
5,585
50
2,150
600
88,677
9,498
21,400
800
12,700
791
33,478
872
7,518
1,204
29,233
1,039
16,931
2,330
46,085
2,267
18,726
700
19,500
900
9,799
1,065
23,081
1,167
3,306
415
Brenham
Clarksvllle
361
..
Dallas
Honey Grove
Houston
70,522 1,6.50,928
3,455
58,874
Paris
San Antonio.
Fort Worth*
820
.59,609 339,76.5
2,931 22,255
544
•
552
53,947 1,139,895
3,227
86,545
1,636
31,105
3,683
4,491
32,644
59,559
5,796
.
24,166 281,645
0.53
1,273
21,756
Total. 41 towns 212.100 3 SCO 220
1,500
74,917 214,211
4,256
10,078
994
2,962
24,000
2,000
27,200
1S9.946 4.027,118 195 902 1341.811
Last year's figures are for Cincinnati.
The above totals show that the interior market have in¬
bales
during the week 46,820 bales and
more
than at the
same
are
time last year.
to-night 345,154
The receipts at
all towns have been 22,253 bales more than the
last year.
same
week
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.—We give below a statement showing the
overland movement for the week and.since
Aug. 1, as made
from telegraphic reports Friday night.
The results for
Aug. 1 in the last two years are as follows:
up
the week and since
1
1920
Dec.
24—
Week.
Via St. Louis
Aug.
21,572
Via Mounds. &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes,
1919——
jSince
11
-
Shipped—
1.
Since'
Week:.:
Aug. 1.
c3l,712
a373,253
12,798
570
229,141
8,824
1,721
1,987
6,923
222,360
99,648
6,933
25,135
45,454
97,752
1,394
741
11,318
43,237
72,737
159,993
39,010
497,282
58,533
887,185
2,401
46,432
8,639
80,139
1,061
6,327
480
:
&c
Total gross overland--
-
-
-
Deduct shipments—
Overland to N. Y., Boston, &c
Between interior towns.
878
Inland1, &c., from South
8,844
Total to be deducted.
6,176
89,489
35,648
104,963
1
798
12,123
135,210
8,035
230,100
26,887
Leaving total net overland *
♦
362,072
50,498
657,085
Including movement by rail to Canada,
a
Revised.
The foregoing shows the week's net overland movement
has been 26,887 bales, against 50,498 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 295,013 bales.
I
In Sight and Spinners'
Since
Since
Week.
Aug. 1.
Week.
178,079
3.288,986
195.242
3,588.196
26,887
Southern consumption to Dec. 24a 48,000
362,072
1,350,000
50,498
657,085
73,000
1,448,000
5,001,058
827,024
318.740
*5,956
5,693,281
Receipts at ports to Dec. 24
Net overland to Dec. 24-
Total marketed
Interior stocks in
excess
—
252,966
46,820
299,786
*
Decrease
during week,
available.
a
Aug
1.
539,764
312,784
5,828,082
...
Nor. spinners'takings to Dec. 24.
44,714
723,118
6,233,045
71,791
1,312,243
These figures are consumption; takings not
|
Movement into
sight in previous
Week—
years:
Bales.
J
Since Aug. 1—
307,92211918—Dec. 27
317,55111917—Dec. 28
289,20111916—Dec. 29
1918—Dec. 27
1917—Dec. 28
1916—Dec. 29
—
Bales.
.5,822,142
.7,053,451
8,470,574
NEW ORLEANS CONTRACT MARKET.—The
closing
quotations for leading contracts in the New Orleans
cotton
as
follows:
'
Futures
SALES.
Saturday, Monday,
Market
Dec.
Closed.
Spot.
Contr't.
January
_
200
_
18. Dec.
Tuesday, Wed'day, Thursd'y,
20. Dec.
21. Dec.
22. Dec.
Friday,
23. Dec.
24.
Total.
December
Barely steady.
Easy
Steady
Barely steady.
Barely steady.
Quiet
'
29,573
markets for the past week have been
Market
Closed.
__
13,467
20,687
19,424
77,480
13,569
Came into sight during week
Total in sight Dec. 24
Continental imports for past week have been
132,000 bales.
The above figures for 1920 show an
increase over last week
of 128,361 bales, a gain of
685,815 bales over 191Q, an excess
Saturday
Monday
Tuesday
Wednesday.
Thursday
Friday
3,506
'
Takings.
Middling uplands, Liverpool—Middling uplands, New York—_
Egypt, good sakel, Liverpool
Peruvian rough good
Liverpool.
Broach fine, Liverpool
Tinnevelly, good, Liverpool
same
9,184
14,309
12,546
21,000
.1,691,000 1,236,000 1,189,000 1,191,000
.4,794,343 4,563,528 3,538,846 3,398,261
visible supply....
of 1,757,497
700
1,229
1,782
—
-4,794,343 4,563,528 3,538,846 3,398,261
East Indian, Brazil, &c.—
Liverpool stock—^
London stockManchester stock
596,000
79,000
_
192
4,397
^
Tenn., Mem phis
creased
202,000
14,000
81,000
39,000
-
_
16,700
32,558
28,896
»
Nashville
i
Tex., Abilene..
515 ,000
-bales.-
Stock at Ghent
1919.
-1,066,000 1,009,000
Liverpool
14,035
400
3,8.37
2,239
11,607
-
2,016
-
Oklahoma
S.C., Greenville
up
on
654
7,636
16,144
17.073
Rome
Greenwood
over
62,243
744
72,599
Macon
—
115c.
*
1,000
5,694
104,628
237,402
—
15.35-.50 15.10-.30 14.80-28 14.32-.88 14.75 .00 14.95-12
14.32-150
15,33-,35 15.10 — 14.95 — 14.48-. 50 14.90 —
14.95 —
Range
Closing
Stock at
26,586
116,388
1,902
La., Shreveport
Miss., Columbus
14.25-.95
October—
Stock at
1,114
N.C.,Gr'nsboro
—
September—
3,620
22,162
6,763
8,778
55,21°-
"l",334
33,585
3,756
...
Greenwood—
—
58,905
417
13,243
Augusta
—
15.35
"I" 376
16,699
100
Atlanta
August—
Range
Closing
32,496
69,435
6,476
58,811
32,311
160,876
18,736
19,276
8,556
—
15 30-.48 15.02-25 14.05-.18 14.11-.78 14.42-.82 14.70-.00
14.11-Z48
15.30 — 15.02-.03 14.80-.83 14.25-.32 14.69-.72 14.75-.79
—.
20.
4,634
126
6,280
Columbus
14.45-. 15
_
Dec.
""674
,
...
Stocks
Week.
Season.
6,434
7,452
Ga., Albany.._
15.22 .39 14.93 .15 14.60 .12 14.00 .75 14.34-.80 14,61-.97 14.00-1139
r
15.25 .27 14.93-.95 14.74-.77 14.1S-.20 14.65-.67 14.67- .75
Closing
1919
26
Ship¬
ments.
Week.
1,500
Athens._
June—
Closing
24.
Receipts.
4,199
.
Pine Bluff...
___
May—
Range
656
...
Little Rock.
,
i__
7,330
44,362
28,125
1,070
------
Ark., Helena
April—
July
Dec.
to
Dec.
Week.
Season.
200
Montgomery
March—
Closing
Stocks
.—
Closing..'.. 15.12
v
Movement
Ship¬
Receipts.
February—
Range
1920.
ments.
15.15-.40 14.90-.17 14.58-.06 13.92-.74 14.15-.73 14.50-.92 13.92-140
15.16-.18 14.93-.96 14.78-.80 14.15-.20 14.65 — 14.75-.80
—:
——
24
—
January—
Range
Dec.
to
200
""200 ""266
March
May
July
October
_
14.03
13.80
13.43
12.84
13.50-.55 14.32 —
14.30-.33 13.97-.99 13.61-.64 13.09-.16 13.60-.65 13.62-.69
14.55-.57 14.26-.29 13.93-.98 13.46-.51 13.94-.98 13.95-.00
14.75-.76 14.48-.50 14.09-.16 13.66-.67 14.16-.20 16.16-.20
14.81-.85 14.55-.58 14.20-.22 13.80-.85 14.23-.27 14.20 —
14.75 —■ 14.53 — 14.30 — 13.95 — 14.33-.35 14.22-.30
—
—
—
—
Tone—
400
400
Spot
Options
Steady
Steady
Quiet
Steady
Quiet
Steady
Quiet
Steady
Quiet
Steady
Quiet
Steady
DEC.
2537
CHRONICLE
THE
251920.]
WEATHER REPORTS BY TELEGRAPH.—Advices to
by telegraph this evening from the South indicate that
rain has fallen in most localities during the week, and that
at a few points along the Gulf the rainfall has been rather
heavy.
1919.
us
Abilene, Texas
..........
Brownsville
dry
0.52 in.
dry
2 days
1.86 in.
1 day
1.02 in.
...2 days
0.03 in.
1 day
0.32 in.
3 days
1.12 in.
3.54 in.
Dallas
1 day
Corpus Christi
Palestine
Antonio
San
Thermometer■ ";r
high 70 low 22 mean 46
high 84
low 40
mean 62
high 58
low 24
mean 41
high 80 low 30
mean 55
high 58
low 26
mean 42
high 76
low 30
mean 53
low 32
--high 68
low 36
mean 52
Rainfall.
dry
Rain.
Del Rio
_—_____
Galveston
New
Orleans, La
Shreveport
Vicksburg
Selma, Ala___
_
high
high
high
high
high
high
...
3
3
5
2
Mobile, Ala
Savannah, Ga
Charlotte, N. C
/_
in.
2.85
1.16
1.68
0.65
days
days
days
days
in.
in.
in.
of Egypt, Inc., Boston, has the
25
28
26
36
37
28
mean
40
Commercial Com¬
EGYPTIAN COTTON CROP.—The
pany
low
low
low
low
low
low
62
68
59
67
71
53
54
44
48
42
52
mean 54
mean
mean
mean
mean
mean
following by mail from
Alexandria under date of Nov. 13:
19280
32} Cop
OF COTTON.—
comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
gone out of sight, for the like period.
to Finest.
d.
©
40% 26 6
40
Visible supply
4,956,257
5,828,082
4,792,018
6,233,045
693,000
312",784
466,000
109,000
297,000
104,000
299*786
80,000
11,000
22,000
6,000
585,000
64,000
635,000
68,000
146,000
511,000
89,000
Dec. 24
©
26 6
@29 6
15.55 46
©
52
30
0
@34
6
25.50
32
©
37% 26 6
@29 0
14.56 48%
©
52
30
6
@35 0
24.93
29
@
35
0
@27 6
12.41 47%
©
54% 30 6
@35 6
23.75
26
28%
©
33% 24 0
@26 6
11.23 48%
@
55% 30
6
@35 6
24.58
57
31
0
25.47
25
CC'CCr'
Dec.
3
©
25
@24 6
10.46 49%
@
11.42 50%
10.58 52
@
59
34
0
@36 0
@38 0
@
61%
35
0
@39 0
26.18
@
63
36
6
@40 0
26.62
10
24
@
29
21
6
@23 6
17
24
@
29
21
0
@23 0
24
21%
@
26% 20 0
@22 6
SHIPPING NEWS.—Shipments in detail:
227,425
_.
-
76,000
-
To Rotterdam-
1920.
To
SAVANNAH—To
1918.
1919.
Since
Since
Since
Week.
50.000
469.000
406,000
Britain.
nent.
China.
Total.
Britain.
Japan
nent.
FIITotal140,558
arranged in
Great
21,000
30,000
13,000
26,000
19,000
53,000
315,000
165,000
461,000
645,000
54,000
108,000
56,000
40,000
57,000
102,000
113,000
187,000
2,000
2,000
2,000
6,000
12,000
4,000
4,000
0,000
44,000
6,000
1020
"2",000
24,000
30,000
19,000
243,000
135,000
417,000
23,000
34,000
59,000
31,000
209,000
518,000
54,000
No figures for
108.000
4,900
5,150
.
■"
"
18
16,414
4,900
5,150
____
—
■
111
«
r"
-
'''r
"■
1~~
'
4,946 140,558
6,466
9,365
11.787 39.549
68,445
Total1
COTTON FREIGHTS.—Current rates for cotton from
furnished by Lambert & Burrows, Inc., are
as follows, quotations being in cents per pound:
New York, as
Stockholm,
Liverpool, 1.15c.
Bremen,
1.25c.
1.25c.
Lisbon, 1.15c.
Oporto. 1.15c.
Barcelona, direct, 1.15c,
Japan, 1.25c.
Shanghai, 1.25c.
Rotterdam, 1.00c.
1.00c.
1.00c.
1.25c.
1.00c.
Gothenburg,
Fiume,
,50c.
Christ iania,
Vladivostok,
1.00c.
Trieste,
1.15c.
.85c.
Hamburg.
Danzig.
Libau.
Riga.
i
Reval.
:
Bombay, 2.75c.
have the folstocks, &c., at that port:
By cable from Liverpool we
LIVERPOOL.-
Dec. 17.
17,000
11,000
8,000
47,000
Dec. 10.
23,000
American
15,000
5,000
53,000
16,000
14,000
7,000
53,000
888,000
516,000
904,000
533.000
81,000
78,000
59,000
307,000
240,000
Actual
export
stock
Of which American
Total
imports-..
Of which American
62,000
—293,000
244,000
Amount afloat
Of which American-.
—
937,000
562,000
87,000
63,000
267,000
218,000
Dec. 24.
8,000
6,000
3,000
34,000
974,000
596,000
83,000
77,000
252,000
196.00Q
Liverpool market for spots and futures
The tone of the
the past week and the daily closing prices of
been as follows:
spot cotton have
Tuesday.
Monday.
Saturday.
Spot.
Wednesday.
Thursday.
Dull.
Quiet.
Friday.
Quiet.
•
Quiet.
12:15j
RECEIPTS AND SHIPMENTS OF
COTTON.—The following are the receipts and shipments for
the week ending Dec. I and for the corresponding week
of the two previous years:
2,946
5,838
Market,
1918.
ALEXANDRIA
P. M.
10.06
9.76
9.54
3,000
3,000
2,000
HOLI¬
HOLIDAY
Sales
9.91
3,000
Mid.Upl'ds
DAY
,
Quiet,
Quiet,
35@51 pts. 12@14 pts. 18@22 pts.
Easy,
Futures.
Alexandria, Egypt,
1918.
This week
Since Aug.
1
Market
\
opened
1919.
1920.
December 1.
Receipts (cantars)—
J
230,133
2,482,350
Exports (bales)—
To Liverpool
To Manchester,
&c
Continent & India—
To America..
Total exports
decline.
decline.
decline.
Steady,
Steady,
Easy,
Quiet, 15
34@49 pts.
5@9 pts.
decline.
4
decline.
P. M.
The
Week. Aug.
1.
,1.400
32,930
24,382
31,489
9,683
13,526
98,484
7,500
4,450
176
Since
Since
Week. Aug. 1.
Week. Aug. 1.
5,864 141,713
78,893
4,582 45,623
89,285
14,441
39,987 355,514
7", 106
46,970
500
•'":'rK-.".-V
Sat.
31,089
11,792
12%
to
Dec.
24.
12%
MARKET.—Our report received by
Manchester states that the market con¬
tinues weak for both yarns and cloths.
The demand for
both home trade and foreign markets is poor.^ We give
prices for to-day below and leave those for previous weeks
of this and last year for comparison:
MANCHESTER
cable to-night from
.
each day are given
1
■'
■
Mon.
12%
d
Tues.
Wed.
January
March
April
May
HOLI¬
June
DAY.
July
August
September
October
d.
12%
4
12%
...
4
p. m. p. m. p. m. p. m
d.
d.
d
10.31 10.33 10.16 10.24 10.01
10.45 10.47 10.31 10.39 10.16
February
November
4
p. m. p. m. p. m. p. m
December
1 were
•
Fri.
Thurs.
Dec. 18
7,606 167,964
This statement shows that the receipts for the week ending Dec.
143,861 cantars and the foreign shipments 13,526 bales.
.
40@45 pts. pts. adv. to
3 pts. dec.
decline.
prices of futures at Liverpool for
below:
78,113
15,100
Quiet,
9@14 pts.
decline.
Market,
320,840
3,029,853
143,861
1,652,026
Since
To
3,776
18
658,000
54,000
1918
*
5,589
—
each day of
all—
815
43,119
10,155
59,987
2,000
12,638
30,235
Total.
610
9,379
10,155
8,002
7,377
Forwarded
115,000
54,000
"2,000
22,000
1818
1919
Ger—OtherEuropeNorth. South. Japan.
many.
116
3,669
89
28,071
New York..
Sales,
Total.
the week,
particulars of the foregoing shipments for
our usual form, are as follows:
^The
Total
4,000
-
300
4,900
5,150
City, 4,900-_
Liverpool—Dec. 18—Grampian Range, 5,150
CHARLESTON—To Liverpool—Dec. 21—Johnson
Sales of the week
&
China.
India*
Total
1,200
2,176
100
Danzig—Dec. 20—Democracy, 2,176
Dec. 3.
Since August 1.
Conti¬
Great
Bombay—
Oth.
12,638
owing statement of the week's sales,
Week.'
JapanA
18
4,638---
Tirreno,
Dec. 21—Frederick Gilbert, 8,000
To Ghent—Dec. 20—Starkad, 1,200
Aug. 1.
Week.
Aug. 1.
54.000
357.000
Exports
1920
18—Mar
Bremen—Dec.
Charleston--
/
Aug. 1.
Conti¬
2,946
Japan—Dec. 29—Seattle Maru, 2,946
MOBILE—To Bilboa—Dec. 18—Schooner Fieldwood, 18
Genoa,
Great
100
1,076
4,212
550
To Venice—Dec. 23—Grof Tisza Istvan, 4,212
To Piraeus—Dec. 18—Anthracite Bridge, 550--
1.795.000
June 10.
from—
398
5,091
To Gothenburg- Dec. 22—Noruega, 100-;_-_,_——
To Genoa—Dec. 18—Gonzaga, 1,076
Havre,
For the
7,377
)werp—1
inver, 4,530.
the season
V
16,061
8,002
-
18—Oconee, 7,377._
Dec. 17—Andijk, 398
To Bremen—Dec.
Manchester,
58.000
10,155
14,174
18—Virginie, 8,002
To Havre—Dec.
Antwerp, 75c.
Ghent, via Antwerp, 75c.
Bombay
9,379
2,000
Nortonian, 8,500
122,000
COTTON
' ,.v\ '■.;;Vy
28,071
3,669
To Manchester—Dec.
Mobile
Savannah
MOVEMENT.—The receipts of
the week ending Dec.12 and for
from Aug. 1 for three years have been as follows:
'
14,113
Liverpool—Dec. 17—Patrician, 14,174
18—Alpine Ranger, 7,561
Dec. 20—
NEW ORLEANS—To
India cotton at Bombay for
7
250
-
-
18—Hogland, 9,379
Japan—Dec. 23—Seattle Maru, 2,000
To
6,664,535
4,869,535
bales in 1920 and 1,448,000 bales in 1919—takngs not being abailable; and the aggregate amounts
taken by Northen
and foreign spinners-—3,924,996 bales in 1920 and 5,216,535 bales in 1919,
of which 2,668,996 bales and 3,421,535 bales American.
6 Estimated.
•Week.
total bales.
HOUSTON—To Bremen—Dec. 21—Minnewawa, 10,155
404,746
282,746
Southern mills—1,350,000
Receipts at—
25.98
89
116
360
To Genoa—Dec. 21—Pollenzo, 360To Piraeus—Dec. 23—Glenetive, 250
GALVESTON—To
Liverpool—Dec.
17—Napierian,
Dec. 23—Philadelphia, 13,958
To Havre—Dec. 18—<3uistconck, 3,669--
Norfolk
V;
9.54 53
NEW YORK—To Liverpool—Dec. 21—Nile, 89
To Havre—Dec. 17—Remus, 116_—
Houston
Embraces'receipts in Europe from Brazil, Smyrna, West Indies, &c.
This total embraces since Aug. 1 the total estimated consumption by
■:
7
6
22
30
5,799,528
5,274,996
4,018,996
1,256,000
303,425
Of which other-
10% 24.25
10 @32
35
New Orleans-
!. '4SC
27
5
6,485,343 5,799,528
6,485,343
Total takings to Dec. 24 a
Of which American
;
50
19
Galveston
BOMBAY
©
d.
d.
s.
16.55 45
Britain. France,
6,788,768 11,760,339 6,204,274 12,464,063
Total supply
Deduct—
d.
s.
@29 6
5,772,490
6,356,982
Dec. 22 *
Other supply to
d.
d.
d.
d.
s.
Upl's
12
NORFOLK—To
Bombay receipts to Dec. 23-..
Other India ship'ts to Dec. 23.
Alexandria receipts to Dec. 22-
s.
Mid.
To Gothenburg—Dec. 18—Mar Tirreno, 100
To Rotterdam—Dec. 21—Frederick Gilbert, 300-
Season.
Week.
Season.
Week.
supply Dec. 17
Aug. 1__
d.
d.
To
Visible supply
Cot'n
8% lbs. Shirt¬
ings, Common
Twist
32%
1919.
1920.
American in sight to Dec. 24—
*
32s Cop
Upl's
29
WORLD'S* SUPPLY AND TAKINGS
a
Mid.
to Finest.
Oct.
The following brief but
Visible
ings, Common
Twist
To Bremen—Dec.
Crop 1920.—The Ministry of Agriculture, owing to exceptional diffi¬
with reserve and subject to revision if later
returns make it necessary, as follows: The total acreage planted in cotton
consists of 1,827,868 feddans, or an increase of 16.1% over previous year,
when it was 1,573,663 feddans.
This is a record figure.
69.5% of the
acreage was planted with Sakellarides and 30.5%
with other varieties.
Taking as a basis the returns received from the inspectors and ginning fac¬
tories, the total crop of ginned cotton may be estimated at 6,187,000 can¬
tors, being.-an^average of 3.38 cantars per feddan for the Whole of Egypt.
culties, publishes its estimate
Cotton Takings.
Week and Season.
'1./..' •:
Cot'n
8% lbs. Shirt¬
d.
12%
4
p. m. p. m
d.
d.
9.84
9.79
9.84
4
p. m.
d.
9.97
10.04
10.54 10.56 10.40 10.48 10.23 10.03 9.92
10.64 10.66 10.50 10.57 10.31 10.12 10.00 10.11
10.63 10.37 10.18 10.02 10.15
10.69 10.72 10.55
10.24
10.75 10.77 10.62 10.70 10.44 10.25 10.14
10.27
10.77 10.79 10.65 10.73 10.47 10.29 10.18
10.22 10.30
10.80 10.82 10.69 10.76110.52 10.33
10.20 10.28
10.75 10.79 10.66 10.7310.50 10.31
10.17 10.25
10.70 10.75 10.62 10.6910.47 10.28
10.14 10.22
10.66 10.71 10.58 10.66 10.44 10.25
10.63 10.68 10.55 lo.es'io^i lo.mojGoiio
f
p. m
9.99
9.95
12%
HO LI.
DA Y.
2538
THE
CHRONICLE
AGRICULTURAL DEPARTMENT'S REPORT
ON
WINTER WHEAT AND RYE DEC. 1—The Agricultural
Department's report
cereal
on
Dec. 1
crops
was
issued
purposes nullifying it at least for a time.
Many doubt the
expediency of such an enactment in time of peace.
Some are
hoping that the project to put a tariff on wheat will shortly
on
the 17th inst., as follows:
be carried out.
The condition of winter wheat
on Dec. 1 was 87.9, against 85.2 on Dec; 1
1918 and a ten-year average of 88.4.
The area sown this fall is 40,605.000 acres, which is 2.8% less than the
revised estimated area sown in the fall of 1919 (viz. 41,757,000 acres).
The condition of rye on Dec. 1 last was placed at 90.5, compared with
89.8 on Dec. 1 1919, 89.0 on Dec. 1 1918 and a ten-year average of 91.2.
1919, 98.5
The
Some export business has been done.
Belgium has been
The British commission, whichjbought heavily last
week, was out of the market early this week.
Continental
purchases early in the week amounted to about 1,150,000
bushels at the Gulf.
The export demand for a time lacked
its recent snap.
Later some 2,000,000 bushels were sold to
England and Germany.
Interesting news came from Argen¬
tina to the effect that wheat shippers there were
refusing to
make sales to Europe unless buyers agree to
pay whatever
surtax may be imposed by the
Argentine Government.
Foreign buyers have refused to trade there on those terms.
America has, it is believed, derived some
advantage from
this.
The United States visible supply decreased last week
1,035,000 bushels, leaving it 47,376,000 bushels, against
82',700,000 a year ago.
On Dec. 23 prices advanced 4k£
to 5Mc. on the news from Washington that the
emergency
farmers tariff bill had passed the House
by a big majority.
France is still reporting a larger acreage for wheat.
| In
some sections of
Italy sowings have been hindered by un¬
seasonable weather.
Floods have" damaged new
seedings
in some parts of that countiy.
The outlook in Spain isgenerally satisfactory.
Conditions in North Africa have
improved moderately.
Cereal sowings are expected to be
larger in Egypt.
Crop reports from Germany are more
pessimistic, and it appears that the yield will be smaller
than was atone time expected.
Premature frosts and extra
Dec. 1
on
this fall is 4,653,000 acres, which is
area sown
buying.
11.4% less than the
revised estimated
area sown in the fall of 1919 (viz. 5,250,000 acres).
Unofficial estimates place the indicated yield of winter wheat at 553,000,-
000 bushels, compared with the latest Government figures of 580,513,000
bushels harvested in 1920 and 729,503,000 bushels harvested in 1919.
Unofficial estimates put the yield of rye at 68,000,000 bushels, compared
with the latest Government figures of 69,318,000 bushels harvested in 1920
and 88,909,000 bushels in 1919.
Details for winter wheat by States are as follows:
WINTER
WHEAT.
1
Area Sown
Autumn
Autumn
1920
Autumn
1919,
Revised.
1920,
Pre-
liminary.
,
Compared -Condition Dec. 1with
10 -Year
1919-1917. Average.
1918,
Acres
State—
Ohio
Per Cent
2,253,000
1,953,000
2,470.000
839,000
_
Illinois
1
Michigan
2,476,000
2,170,000
86,000
77.000
Indiana
94,000
70,000
458,000
2,820,000
66,000
3,368.000
10,554,000
625,000
1
470,000
70,000
15,000
1,310,000
3,100,000
132,000
450,000
73,000
1,000,000
258,000
45,000
168,000
3,000
Wisconsin
Minnesota
Iowa
2,600,000
922,000
426,000
Missouri
2,820,000
South Dakota
66,000
Nebraska..
3,301,000
.10,343,000
625,000
.
Kansas
Kentucky....
Tennessee
Alabama
470,000
55,000
Mississippi
8,000
1,834,000
3,100,000
Texas......
Oklahoma
Arkansas..
132,000
Montana
292,000
66,000
920,000
284,000
47,000
143,000
' 3,000
91
90
95
85
82
86
-
90
79
82
91
88
89
91
89
92
90
91
110
93
100
95
91
91
84
87
91
82
80
75
82
94
100
78
91
95
93
90
90
90
88
84
80
86
89
53
140
100
85
89
86
86
79
89
83
100
65
89
75
71
83
89
80
92
f
100
98
98
100
v.
93
93
88
85
90
85
88
88
90
70
85
87
90
93
97
90
95
97
97
95
98
95
93
93
89
82
85
730,000
92
84
89
172,000
244,000
165,000
222,000
104
110
86
90
85
92
40,605,000
41,757,000
87.9
85.2
88.4
Colorado
New Mexico
Arizona
Utah
Nevada
Idaho
378,000
1,107,000
439,000
Washington
Oregon
445,000
1,035,000
815,000
78J,000
467,000
lJl.OOo
1,462,000
119,000
665,000
895,000
319,000
105,000
1,555,000
125,000
700,000
942,000
354,000
672,000
717,000
California
702,000
New York..
New Jersey
Pennsylvania
Delaware
Maryland
Virginia..
West Virginia...
North Carolina
t
South Carolina...L_.
abundance of vermin have done considerable
damage there.
The deficit has been estimated at
2,000,000 tons of bread
grain.
Wheat flour is extremely scarce in that
country.
To-day prices were irregular, closing 1 to 4c. higher for the
week.
In Washington, it is believed that the President
will
veto the War Finance
Corporation Act, also that the Senate
block the project to put a tariff of 30 cents on wheat.
Sales
90
89
Wyoming
Georgia
[VOL.111.
90
92
110
105
85
90
85
107
88
90
94
96
94
95
95
95
96
91
95
98
95
91
91
96
92
91
87
92
84
84
90
77
99
94
99
95
92
of late' to
89
bushels.
93
DAILY
90
94
91
exporters
CLOSING
No. 2 red
•
DAILY
92
90
CLOSING
_
are
estimated at
PRICES
OF
as
WHEAT
high
as
3,000,000
IN
NEW YORK.
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
cts.198
197
196
194
198
203%
PRICES OF WHEAT FUTURES IN
CHICAGO.
Sat.
Mon. Tues.
Wed. Thurs.
Fri.
December delivery in elevator.cts. 169%
94
95
90
91
March
95
91
May delivery in elevator
90
delivery in elevator
...163%
158%
170%
168%
162%
161 ^
161
158
Indian
corn
advanced partly on
Western elevator interests.
This at
166
160%
157%
170%
166
162%
large buying
one
time
was
171
165
161%
by
a
big
para¬
mount
United
States
97.2
feature.
Another leading factor was
reports that
exporters were in the market.
Their bids, too, were said to
be on a workable basis via the Gulf' of Mexico.
This and
buying by cash and elevator interests gave corn independent
BREADSTUFFS
'
Friday Night, December 24 1920.
Buyers have supplied their wants
for the most part by purchases from resellers at lower
prices.
Prices have been called in the main steady.
Certainly
mills have endeavored to maintain quotations,
despite some
weakness at times in wheat.
On the other hand, wheat has
now and then shown a
strength that tended to encourage
strength irrespective of the course of prices for wh^at and
It showed firmness, too, regardless of some
things in the corn situation itself which were a bit adverse to
Flour has been dull.
the mills.
and
Meanwhile what is certain is that trade is dull
opinions
as
the future of the
to
The fall in the stock market
trade
are
divided.
regarded by some as a kind
general.
Others take a more
hopeful view.
They look for better things early in 1921.
Viewed from the standpoint of supply and at least
potential
demand, they think the prospects are not bad or at any
rate may easily be painted in too dark colors.
The world
needs flour.
Buyers have been purchasing from hand to
mouth for a long time past.
It stands to reason that they
are not well
supplied.
Still it is a fact beyond controversy
that the present condition of the flour business is unsatis¬
factory.
Export as well as domestic trade is slow.
The
Continent wants flour, but the question of credits seems to
was
of barometer of business in
serious if not unsurmountable obstacle to business
But the rise in wheat of late has tended to
steady flour prices and to cause a slight increase in trade
which yot is still
unsatisfactory.
Broomhall cabled from
Liverpool: "Flour sales in the United Kingdom are showing a
slight improvement due to the reduction of Is.per sack of
280 pounds just made by the millers.
The quality of the
oppose a
at
other grain.
holders' interests.
has been
tariff
flour
has
been
strengthened by a shorter milling
reduction or extraction.
Supplies of bran and offal are now
expected to increase.
Government regulation flour 81s.;
government imported 88s. 3d. per 280 lbs.
Low grades
of Plate and American flours are
offering on the spot at 70s.
per sack of 280 lbs. or equal tc 358.50 a bbl. of
,196 lbs.
The controlled price of imported wheat flour in
Egypt has
been reduced by Is. per sack of 280 lbs.
equal to about 12c.
a bbl.
This is due to improved
sowing conditions of the
new crops and a
larger acreage is anticipated."
Wheat has been irregular, now and then
falling somewhat
with the stock market.
It ended higher for the week.
fall in the stock market has at times hit
wheat
a
Another failure
reported
Yet
hard.
the Stock Exchange on the
23d inst.
A bank failure in London occurred earlier in
the
week.
The War Finance Corporation bill has
passed the
was
on
U. S. Senate and is in the hands of the President.
knows whether he will veto it or not
whether it will be passed over his veto
the Treasury Houston is unalterably
Nobody
or^if he does veto it,
or
not.
Secretary of
opposed to the bill, and
it is suggested that if it should become law there
might be
delays in carrying it out or, in other words, to all intents and
more
There has been new buying.
bullish.
The passage of the
Sentiment
Emergency Farm
Chicago wired on
the Chicago Board
by the House has encouraged it.
Dec. 21: "An amendment to the rules of
was made
yesterday which makes all deliveries of r
grain now taking place between 8.30 a. m. and9.15a.m.,
of Trade
Chicago time, commencing today.
There will be no after¬
except on the last day of the month."
Larger receipts tended to hold back December now and then
when
other
months
advanced.
The
visible
supply is
4,127,000 bushels against 2,174,000 a year ago.
One of the
deliveries
noon
leading food industries closed down its plant on the 22nd in¬
stant until after the
holidays.
At times weakness in stocks
hurt corn as well as other grain markets.
Cash prices have
occasionally weakened.
Wall St. news caused some tem¬
porary pressure to sell.
Today prices declined, but they
end generally higher for the week
by 2 to 3 cents.
DAILY CLOSING PRICES OF CORN IN
present.
wheat
The visible supply decreased last week
352,000 bushels.
»
„
No.
,,
2 yellow
cts.
Sat.
Mon.
99%
98
Tues.
NEW YORK.
Wed. Thurs.
99%
96%
97%
Fri.
95
DAILY CLOSING PRICES OF CORN FUTURES IN
CHICAGO.
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
December delivery in elevator.cts_ 69
69%
70%
70
71%
69%
May delivery in elevator.
72%
73%
74%
73%
75
74%
_
.
.
July delivery in
elevator
73%
74%
75%
74
75%
Oats declined at times with
wheat, rising at others;
have not been entirely dominated
by wheat or corn,
if not altogether
independent of them.
For the
74%
they
even
receipts have
Many too think present low prices discount
anything at all bearish in the situation.
Now and then a
spurt in corn has helped oats prices.
Moreover, on some
days leading Western cash houses have been large buyers.
been
small.
Still there has been no aggressively bullish tone.
Though
the U. S. visible supply lost 510,000 bushels last week it was
still 31,964,000 bushels,
against
only 14,304,000
a year ago.
The financial situation too affected this branch of the
grain
business as it did others.
Trading as a rule was not active.
To-day prices
were
a
little lower,
ending, however, at
a
moderate rise for the week.
DAILY
CLOSING
Sat.
No. 1 white
No. 2 white
.cts.
PRICES OF
Mon. Tues.
OATS
IN
NEW
Wed.
YORK.
Thurs.
62
62
62
62
62
62
62
60%@61
Fri.
62
61
61
60
DAILY CLOSING PRICES OF
OATS FUTURES IN CHICAGO.
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
December delivery in elevator.cts.-
46%
May delivery in elevator
July delivery in elevator
48%
48%
47%
49%
48%
47%
49%
49
46%
48 %
47%
47%
49%
48%
46%
49%
48%
Rye has been fluctuating within narrow bounds but with
tendency towards lower prices.
Yet at times cash
some
DEC.
3539
CHRONICLE
THE
251920.]
have been very firm.
On the 21st inst.300,000
taken for export and on the 20th 100,000 bush¬
els.
Country offerings have been small.
The U. S. visible
supply decreased last week 176,000 bushels, leaving it only
3,701,000 bushels, against 12,665,000 bushels a year ago.
In that week it increased 416,000 bushels, whereas it is
Wheat.
premiums
bushels
were
To-day prices declined. Washington reports
altogether favorable as to the outlook for the signing
of the War Finance Corporation bill or a tariff on grain.
Prices end somewhat higher for December, but 234 cents
lower on May for the week.
falling
were
nqw.
not
DAILY CLOSING PRICES OP RYE FUTURES IN
_
1424
May delivery in elevator—
The
following
1
closing quotations:
are
Since
Dec. 18.
July 1,
July 1.
Dec.
Bushels.
Bushels.
Bushels.
Bushels;
13,286,000
...
136,600
India—....
Oth. countr's
Fri.
The
1 78
No. 2
Baltimore
FLOUR,
7 50©
8 5Q@
Yellow
2 40
2 50
9 25
Corn flour
2
30©
liver
are
185,000
450,000
95,000
110,000
160,000
Ft. William & Pt. Arthur.
189,000
309,000
131,000
Other Canadian
37, 000
709,000
358, 000
474,000
51,000
10,000
Peoria.......
30,000
78,000
342, 000
233,000
4,000
2,000
66,000
1,571,000
268, 000
71,000
537,000
309, 000
164,000
35,000
545, 000
214,000
320,000
7,226,000
3,861,000
3,091,000
432,000
5,883,000
5,064,000
2,971,000
1,236,000
649,000
598,000
481,000
396,000
12,555,000
4,242,000
7,902,000
2,271,000
1,361,000
Since Aug. 1
1920
......
1919
1918
5,436,000 180,409,000
9,529,000259,001,000
7,331,000304,519,000
65,147,000 96,006,00021,914,00015,818,000
68,534,000 101,719,00015,863,00015,074,000
93,133,000 157,047,000 34,378,000 20,590,000
and grain at the seaboard ports for
Total receipts of flour
the week ended Dec. 18 1920 follow:
•
Wheat.
Bushels.
Bushels*
57,000
194,000
13,000
2,672,000
2,144,000
68,000
997,000
Baltimore....
25,000
617,000
.
3,000
406660
20",000
32*1,566
13,000
62,655
—
260,000
23,000
St. John
152,000
150,000
17*666
55,000
722,000
602,000
427,000
27,267,000 11,597,000 50,538,000
129 000
3,41/,000
419,000
Since Jan. 1'19 15,760,000 219,891,000 100,907,000
371,000
70,405,000 57,755,000 29,817,000
10,592,000
433,000
Since] Jan. 1*2C 13,460,000 256,718,000
539,000
Week 1919...
Receipts do not include grain
through bills of lading,
i
a
352,000
passing through New Orleans for foreign ports on
«
•
I
week
Me
Portland,
174,489 345,983
13,000
2,713,769
2,144,000
New York
Peas.
1,314,000
582,000
Philadelphia
Baltimore
.....
Bushels
Bushels
12,903
8,000
38,000
6,000
1,000
43,000
3o~,q66
16,447,000
1920
Total Dec. 20 1919
1,188" 000
*6*,000
823,000
261,000
New,Orleans
St. John, N. B
23,000
Total Dec. 20 1919
139", 000
255,489 413,983
6,000 358,413
191,414 630,796 206,903
327,384 289,632 514,598
Total
9,150,769
week...
..
4,124,032
The destination of these exports
for the week and since
July 1 1920 is as below:
1,000
1,759,000
3,702,000
5,675,000
5,227,000
4,573,000
Acreage.
Week
and Sine"
July 1 to-
Dec.
18
1920.
Barrels.
37,769
Continent....... 120,709
So. and Cent. Am. 104,395
United
Kingdom.
West Indies
Brit. No. Am.CoI.
73,511
Other Countries..
77,599
Total 1919
Week
Week
Since
July 1
Dec.,18
July 1
1920.
1920.
1920.
1920.
1920.
Bushels.
Bushels.
Bushels.
Bushels.
Barrels/
Dec.
July 1
18
62,964,717
8,433,293 122,812,485
2,611,704
116,944
15,000
211,892
1,745,558
2,579,561
1,573
3,000
25,857
42,843
692,256
29,769
13,509
600,532
1,864,118
3,442,066
738,152
526,318
2,000
944,013
a—--
—
3,279,355
9,150,769 191,671,261
4,124,032 95,377,801
"*1*107
255,489
6,000
5,103,496
1,307,320
104,601,000
100,072,000
107,225,000
1920
1919
kjl
s
ending Dec. 18 1920 and
shown in the
following:
*yuc»u
auu
wjlu
iv/i
uuv
»i wu.
since July 1 1920 and 1919 are
Farm Value Dec.
1.
Per
Per
Total.
Unit.
1914-18.
Average
3,232,367,000
67.7
28.6 2,858,509,000
134.9
25.7 2,760,484,000
94.6
30.9
Winter wheat—
Total.
2,189,721,000
3,851,741,000
2,612,389,000
37,993,000
49,105,000
35,282,000
15.3
580,513,000
729,503,000
563,498,000
149.3
866,741,000
210.0
16.0
145.5
1,538,292,000
819,782,000
1920._
19,419.000
10.8
209,365,000
130.6
273,465,000
1919.
23,203,000
18,837,000
8.8
204,762,000
230.1
13.7
258,748,000
147.0
471,115,000
380,396,000
57,412,000
72,308,000
54,119,000
13.7
789,878,000
144.3
1,140,206,000
12.9
934,265,000
822,246,000
215.7
2,009,407,000
1,200,178,000
43,323,000
41,835,000
41,773,000
35.2
33.9
1,524,055,000
1,231,754,000
1,414,553,000
8,083,000
25.0
7,198,000
22.4
8,229,000
26
1920.
...
1914-18—-
Average
14.9
Spring wheat—
1914-18—-
All wheat—
1914-18..
15.2
146.0
Oats—
...
—
—
1914-18—
....
1914-18..
5,043.000
7,103,000
29.4
Average
13.7
12.5
54.7
719,782,000
880,296,000
773,332,000
202,024,000
70.7]
142,631,000
161,345,000
214,819,000
121.0
195,229,000
80.1
172,084,000
69,318,000
88,909,000
127.9
134.5
88,609,000
119,595,000
59,933,000
128.2
76,852,000
|15.3
18.9
13.789,000
129.1
17,797,000
739,000
1914-18—
1914-18...
1920—
20.6
15,244,000
146.5
868,000
17.6
15,305,000
119.8
22,397,000
18,331,000
1,785,000
1,572,000
1,680.000
6.2
10,990,000
176.6
4.9
7,661,000
438.3
......
7.7
12,922,000
232.01
1,337,000
1,091,000
40.2
53,710,000
42,790,000
33,360,000
266.8
39.2
109.6
500,974,000
89.8
430,458,000
357,542,000
116.4
3,981,000
3,938,000
160.8
97.0
382,113,000
98.1
574,764,000
375,017,000
1,085,000
1,042,000
103.6
112.7
793,000
94.6
112,368,000
105,405,000
74,983,000
96.1
72,039.000
57,915,000
56,552,000
1914-18.
n
1920..
1914-18—
1.57
$17.70
1,613,896,000
$20.09
1,846,083,000
53,386,000
1.53
91,193,000
91,883,000
81,430,000
$13.96
1,136,680,000
15.266.000
1.12
17,040,000
$11.46
195,266,000
15,708.000
16,352.000
1.10
17,269.000
$16.71
288,498,000
17.874.000
$9.66
281.577,000
101.2
Hay, tame—
1914-18..
-
1919
Averaee
63,837,000
14,152,000
44,859,000
892,000
Sweet potatoes—
Average
134.5
118.9
3,929,000
1914-18—
1919
Average
19,413,000
33,581,000
29,984,000
37.4
Potatoes—
Average
71.5
3,918,000
Flaxseed—
Average
47.2
,
729,000
1914-18—.
Hay, wild—
wenu
3,878,000
19,151,000 17,710,000
Rice—
Since
"
Cents.
Average
Corn.
Since
7,516,667
413,983
358,413 11,162,681
k Total
:
Wheat.
Flour.
2,179,000
Acre.
1919
Exports for Week
3,916,000
3,701,000
Production.
Average
35,223
1,759,000
1,427,000
1,276,000
1,000
1,000
4,127,000 31,964,000
99,000
7,273,000
Buckwheat—
Week 1919......
45,000
7,273,000
6,823,000
4,847,000
4,226,000 39,237,000
4,535,000 39,297,000
Rye—
13,000
980,000
734,000
-
DEPARTMENT'S REPORT ON
CROPS.—The December esti¬
mates of the Crop Reporting Board of the Bureau of Crop
Estimates of the acreage, production and value (based on
prices paid to farmers on Dec. 1) of important farm crops
of the United States in 1920 and 1919, with the average
for the five years 1914-1918, based on the reports of the
correspondents and agents of the Bureau, are as follows
(1919 figures revised):
■
■
" . ' •;
Average
47,000
45,000
1,000
537,000
2,751,000
OTHER
AND
1919..*
.»
63,000
1,191,000
AGRICULTURAL
CEREAL
1919.———...
10,000
"9",ooo
----<w
------
63,526,000
64,292,000
99,147,000
Total Dec. 11 1920
1920.
77,000
32,000
Galveston
-
.47,376,000
.16,150,000
Average
12,000
Newport News
;J
1,000
1,000
3,985,000
Barley
33", 000
120,000
Boston
Bushels
114,414 520,796
,.
336,000
3,701,000
4,439,000 32,474,000
3,877,000
2,174,000 14,304,000 17,665,000
5,000
1919
Barley.
Rye.
•
Bushels.
Barrels
Bushels.
247,000
1,490,000
13,000
16,000
4,127,000 31,964,000
96,000
1920—..—.
Bushels.
332,000
539,000
99,000
Average
Oats.
Flour.
Corn.
Wheat.
107,000
15,881,000
Average
The exports from the several seaboard ports for the
ending Dec. 18 are shown in the annexed statement:
Exports from-
10.000
Corn—
139,000
"18*666
163,000
19,899,000
TotalVk, 1920
1,473,000
16,150,000
Crop.
950,000
"15",000
Montreal
165,000
70",660
"i"i",666
1,550,000
70,000
New Orleans a
Galveston
Bushels.
487,000
122,000
38,000
45,000
54,000
12,000
Portland, Me.
■
140,000
25,000
Newp't News.
Barley.
Bushels.
30,666
NewlYork...
Rye.
Oats.
Bushels.
Corn.
Flour.
Barrels.
Receipts at—
70,000
180,000
215,000
Total Dec. 11 1920
Total Dec. 18 1920
Same wk.1918
73,000
344,000
99,000
Canadian
Samejwk.1919
35,000
250,000
2 422,000
315,000
11,409,000
4,426,000
American
Total week '20
918,000
2,323,000
■'
455,000
172,000
84,000
Canadian—
Montreal
77,000
68,000
Indianapolis-.
'■
Total Dec. 18 1920
36,000
Louis....
BostonJ
11992200.
327,000
48,000
93, 000
■■
107,656
2,000
'«•— m'm
3,916,000
3,800,000
3,297,000
Total Dec. 21 1918...113,813,000
2,554,000 30,753,000 13,419,000
7,558,000
Note.—Bonded grain not included above: Oats, 15,000 bushels New York, 663,000
Buffalo: total 678,000, against 1,359,000 bushels in 1919; barley, New York, 34,000;
Duluth, 1,000: total, 35,000 bushels, against 170,000 bushels in 1919.
501,000
52,000
■.
7,484,000
865,000
48,411.000
82,700,000
1,054,000
Kansas City..
363,000
47,376,000
Total Dec. 20 1919
48,000
------
>•'?-
1,289,000
_.
3, 000
240, 000
Omaha
11,254,000
998,000
............
Lakes———.
513, 000
Detroit......
1,667,000
72,000
Total Dec. 18 1920
1,153, 000
Toledo......
49,000
Total Dec. 11 1920
20,666
Philadelphia
—
777,000
Milwaukee...
St.
—
..—
Indianapolis
bushASlbs. bush.56lbs.
bush. 32 lbs
------
:
12,000
163,000
194,000
—
613,000
Duluth......
954",066
19,000
8,083,000
—
Rye.
Barley.
Oats.
Corn.
478,000
506600
646,000
..
Kansas City——......
Saturday and
2,461,000
97,000
..
..._.—.__....
Omaha
------
406,000
282,000
409,000
...
-.
On
■
m\ «*V7
36,000
24,000
Minneapolis
Peoria
'
■
—
139,000
977,000
..
...........
Milwaukee
breadstuffs to market
4
—
1—
2,800,000
189,000
.....
152*666
6,436,000
afloat
Duluth
from figures collected by
The receipts at Western
Wis. 196ife'. bush. 60 lbs. bush. 56 lbs
Chicago
Minneapolis..
200,660
6 90
last three years have been:
Wheat.
Flour.
Receipts at-
327,000
3,874,000
......
Detroit
6 70
ports for the week ending last
since Aug. 1 for each of the
436,000
823,000
19,000
,^:!S
St. Louis..
prepared by us
the New York Produce Exchange.
lake and
9,000
2,837,000
—
_
Toledo——.—..—..
goods—Carload
spot delivery
The statement of the movement of
indicated below
44,000
461,000
■
Oats
meal
267,000
4,419,000
.
....
New Orleans
barley:
No. 1
8 00
2 15©
Clear..............
Rye flour
.
Corn goods, 100 lbs.:
36,000
Newport News
"
$6 75
Nos. 2,3 and 4 pearl
7 00
Nos. 2-0 and 3-0
6 75@
Nos. 4-0 and 5-0
7 00
:
fyiish;
480,000
868,000
306,000
1,320,000
2,289,000
Buffalo
Barley goods—Portage
Barley.
bush;
bush.
97,000
3,000
Galveston
$9 00© $9 50
Spring patents
Winter straights, soft
9 25
8 50 (
Hard winter straights
9 50
9 00@
lake and
Rye.
Oats.
Corn.
bush.
bush.
Philadelphia
87 @ 93
97 @106
Feeding
Malting
Rye—
in
supply of grain, comprising the stocks
Boston
Barley-—
$0 95
No. 2 yellow
—
1,750*666
62,418,000
at principal points of accumulation at
seaboard ports Dec. 18 1920 was as follows:
61
60
59
—
No. 3 white
Corn-—,
*864*665
73.903,000
granary
visible
59,9"07",666
66,389,000
4,717,000
9,648,000 281,846,000 310,812,000
Total
1404
...
761,000
53,759,000
1,560,000
230,000
Wheat,
....
Bushels.
6,015,000
38,491*666 80,953~,000 4,475",000
Argentina...
United States—■
No. 2 white
Nominal
Bushels.
"635",000
Australia
'
No. 1
$2 034
......
July 1.
Danube
Oats—
No. 1 spring...
Since
July I.
18.
242,000
9,512,000 228,279,000 176,100,000
GRAIN.
Wheat—
No. 2 red
1919.
Russia
1594
159*4
142
156% 156%
140% 140
155%
141
Since
North Amer.
,V;:Y
:
Since'
Week
Week
CHICAGO.
Tues : Wed. Thurs.
Mon.
Sat.
^
.
December delivery in elevator_cts_ 157
1920.
Exports.
Corn'.
'
•
1920.
1919.
1914-18—
1.62
1.09
133.5
126,629,000
140,706,000
2540
119920
THE
Production.
11992200
Crop.
Acreage.
1914-18...
Average
11992200
fusing orders at current levels.
Per
generally active, iwith the best-known short-term notes dis¬
Total.
Unit.
to in our last review
1.48
816.72
1.51
109,152,000
$19.56
1,809,162,000
2,134,581,000
1.42
69,738,000
108,233,000
99,304,000
$13.18
1,309,167,000
1,894,000
1,920,000
796.7, 1,508,064,000
19.8
1,463,325,000
38.9
1,434,000
827.1 1,187,708,000
18.0
298,001,000
569,608,000
214,015,000
Tobacco—
.....
Average
1914-18...
761.8
Cotton—
36,383,000
*170.8
33,566,000
*161.5
34,616,000
Average 1914-18...
Cottonseed—
*171.7
12,987,000
11,421,000
12,424,000
914,590,000
2,034,558,000
*18.6
1,106,524,000
5,778,000
$26 00
150,237,000
5,074,000
5,538,000
$72 6.5
$44 74
308,626,000
247,792,000
1,760,000
1919...
Average 1914*18-.Cioverseed—
$11 66
1.8
843,000
1.6
1,341,000
$26 50
35,541,000
882,000
9.69
8,545,000
$11 63
99,396,000
75,420,000
41,843,000
Sugar Beets—
1920
......
1919.
692,000
1920
reached
levels
9.27
6,421,000
$11 74
10.02
6,050,000
$6 92
cotton
mills
ings,
sheets,
on
row
2,098 1,452,902,000
2,612 1,577,235,000
cloths
drills
372,000,000
242,000,000
buyers were
483,440,000
time.
<226.9
13,458,000
11,038,000
43,876,000
105.2
46,138,000
110.2
39,054,000
462,000
429,000
92.8
82.4
35,409,000
261,000
86.3
22,580,000
1,262,00(S)
28.5
1,256,000
27.0
35,960,000
33,926,000
849,000
10.7
1,002,000
1,295,000
11.9
5,404,000
Peanuts—
1919.-..Beans
...
1919.
Average 1914-18..
Kafirs (7 States)—
1920
......
1919.....
Broom Corn (7 States)
135.8
48,829,000
240.9
81,742,000
$2 99
27,114,000
S4 28
51,051,000
10.2
9,075,000
11,935,000
13,213,000
$4 60
60,777,000
26.6
143,939,000
91.5
131,665,000
5,031,000
25.4
127,568,000
129.4
165,030,000
199,000
*340.4
33,000
$125 78
1919
4,263,000
262,000
*386.9
50,000
$153 64
7,805,000
56,000
335.6
19,119,nor
131.7
42,000
271.0
11,397,000
213.3
24,309,000
89,000
9.2
820,000
$30 78
25,266,000
55,000
6.5
357,000
$52 74
18,828,000
29,000
1,332.8
1,133.1
38,918,000
29,346,000
36.5
14,194,000
77.2
22,656,000
(12 States)—
1920.....
1919.
there
at
/
Hops (4 States)—
bag
Although there
were
large orders,
no
they have been for
some
and 8%c. for
There
8%c., but large buyers would not
over
Later
12^c.
over
were
pay
larger offerings at 8%c., with 8c. the best price
were
There was a small business early in 68x72s
Large buyers bid only 91/4c., while first-hand sell¬
asked
ers
with
9%c.
little
Later there
interest
at
was
914c.
available at 9%c.,
more
Jobbers and sellers of prints
and percales are still held up by the
delay in repricing ging¬
In fine goods manufacturers show more interest in
future deliveries, especially of fine fancy shirtings and nov¬
elty dress fabrics.
lawns,
There is
evidently making
specials.
More
large sales
are
bids
being
are
almost neglected.
are
effort to
more
reported,
improvement in combed
some
but sateens and twills
it is
considered,
said that
Mills
orders for fine
secure
and
more
while
no
business
is
pending.
17.3
431,000
566,000
$12 75
5,496,000
$8 36
4,734,000
ters are still
19.2
442,000
$7 00
3,093,000
240,646,000
153,238,000
202,698,000
113.0
271,984,000
186.0
285,069,000
90.2
182,762,000
Average 1914-18...
Apples, Commercial—
buying only for immediate needs, but it is
sidered encouraging that commitments
while less is heard of cancellations.
Average
3.64
1.12,006,000
5.36
140,649,000
43,697,000
49,578,000
47,514,000
210.2
91,862,000
191.3
94,818,000
prepare their spring stocks.
111.5
52,998,000
is
17,279,000
15,472,000
157.5
27,220,000
Some
182.5
28,238,000
There
Pears—
.....
Average
1914-18...
12,364,000
104.2
27,200,000
2.58
70,125,000
1919..............
22,075,000
2.67
58,956,000
2,724,000
2,460,000
299.0
8,145,000
346.7
8,530,000
on
the claim that
already
better,
have
is
made
Oranges (2 States)—
spring
while
talk
some
Soy Beans—
162,000
16.8
175,000
14.1
1920......'
1,683,000
9.2
15,425,000
230.8
1919
1,453,000
6.5
9,423,000
274.5
....
1919.........
Cow Peas—
25,865,000
$9,148,519,000
14,087,995,000
356,162.122
•Pounds per acre, and cents per pound,
THE DRY
a
Trees tapped,
b Per tree,
d May 15.
Speaking in
a
markets have been
"spotty"
recent
of
during the week.
Taking into
holiday and inventory seasons,
drastic
declines in practically all commodities
world, the universal economic and financial unsettlement, it is by no means strange that trade reports re¬
flect great lack of
uniformity.
On the whole, however, the
prevailing tone is evidently more optimistic.
Although the
over
the
recent
concessions
principal producers
of
on
prices named
various
lines
by
indicate
some
of the
that
compe¬
tition is becoming
keener, the feeling is quite general that
not far off.
The impression pre¬
vails that the pressure of
liquidation will be lighter hence¬
forth, not sufficiently heavy to cause any further declines
of moment.
Moreover, there are signs that legitimate trade
is increasing; conservative
merchants seem more inclined
change for the better is
to take hold at current
levels, which is accepted as an indi¬
distributers are more concerned
about
having stocks 011 hand in anticipation of a better
consuming
demand in the near future.
Those who reduced
prices to
new low levels report a better
inquiry and better prospects
for new orders.
At the moment new business is
that
ing is by
retail
no means
when efforts
are
light; buy¬
general; and interest generally vanishes
made to force higher prices.
When stand¬
quality merchandise is offered at firm low prices there
signs of greater willingness to buy moderately for fu¬
ture needs.
Second hands still have goods to offer at
cessions, but
many
producers and first-hand sellers
about 15
con¬
are
re¬
have
by
no
DRY
GOODS—The
ward
was
the
of
of
re-ordered
for
the
general.
means
are
dulness.
big concerns.
In
still leading men's
feature in the burlap
stiffening in Calcutta of
points, Dec.-Jan. quotations being 4.65c. for lights
5.65c.
for
heavies.
This
was
buying for late deliveries
traceable
at
the
to
better
for¬
low
levels named
last week, a good part of the
operations being for domestic
account.
This led to a rather better tone in
the local mar¬
was
York, Friday Night, Dec. 24 1920.
broad, general sense, conditions in textile
account the combination
FOREIGN
ket, there being
GOODS TRADE.
New
is
complain
number
point of activity women's dress goods
and boys' wear.
and
Total—1920......... 351,062,409
Total—1919..
35,768,000
still
a
clothiers
this
markets during the week
soon
Some of them say that business
others
that
though
season,
manufacturing clothiers must
good sales to
12,885,000
1920.....
The tendency to look for further improvement is
progress.
based
1914-3 8...
It is evident that pres¬
lighter, and that liquidation
of surplus stocks
among first-hands has made appreciable
36,272,000
1920.....
con¬
being increased,
are
of "distress" goods is much
sure
26,223,000
1919
Peaches—
are
heavy
fair trade in print cloths
a
22.1
1920..
ard
prices and
Nar¬
25,000
1914-18...
Apples, Total—
cation
rule,
as a
24,000
1919
most
inactive,
WOOLEN GOODS.—Although there has been no note¬
worthy enlargement in the volume of business, the tone is
more optimistic than it has been for several weeks.
Cut¬
25,000
Average
all
These
22,000
;...
1919
Cranberries (3 States)
1920..............
the
was
they could not sell percales at
9%c.
are
Cabbage (12 States)—
1920.....
lower
at
more numerous than
sales at
as
25,179,000
Onions
a
small
hams.
1920
....
were
SS^-inch, 64x60s, but mills asked S^c. to S^c.
8c.,
They
10-4 bleached
obtainable.
(6 States)—
1920
delivery.
At the start second-hands accepted 8c.
Sugar)
<237.0
future
Pepperrel
Sheetings
There
early in the week.
36,373,000
for
scattered business in fine goods.
a
easier.
1,345
41,004,000
for
cases
cents
available
were
were
2,214
1914-18..
50
low the year's top levels.
although there was
179,000
Average
of
roundly 15 cents below the last list and 40 cents be¬
2,516 2,219,200,000
*19,031,000
*18,974,000
lines, and partly to claims that
sheetings, 43 cents for 8-4s, and 46 cents for 9-4s.
218,000
;
and pillow
basis
a
Average 1914-18...
Manle Sugar & Syrup
1920....
certain
on
considering bids at lowTer prices than they named
last week.
The new prices alluded to were on wide sheet¬
882,000
1G19.............
Sorghum Syrup—
developed, efforts to
at the slightly firmer
even
were
692,000
(as
a
low levels
new
603,000
1,898
prices, or
few
days ago, generally serving to drive
This was ascribed partly to the drop in raw
to the year's lowest levels, partly to the naming of
Average 1914-18..
Cane Sugar (La.)—
196,000
early this week,
buyers off.
were
603,000
Average 1914-18..
Beet Sugar—
but latterly a rather easier feeling has
make sales at higher
20,528,000
986,000
1919..
still in evidence
was
DOMESTIC COTTON GOODS.—The firmer tone alluded
were
*
1920..
1119992200
20
*14.0
*35.6
Commercial paper has been
counting at 7%%, and less desirable paper at 8%.
Total.
Cents.
73,181,000
72,260,000
[Vol. 111.
Farm Value Dec. 1.
Per
Acre.
Ail hay—
1920
CHRONICLE
over.
disposition
some
There
was
feeling that the worst of the decline
were
signs of
shown
to
inquiry, although
more
no
pay
more^ which was not sur¬
prising, as there was still enough liquidation in evidence to
make it easy to pick
up spot goods as needed.
At one
time light weights were as low
as 4.30c.,
but later they
were quoted
at 4.40c. to 4.50c., and heavies at 5.25c. to
o.SOc.
November shipments from Calcutta were
placed at
48,000,000 to 50,000,000 yards, which is
considerably less
than in previous months.
Some interest was shown in odd
widths and weights, and odd lots of
bag goods were picked
up at last week's low levels.
The linen market has con¬
tinued quiet and without
any feature to indicate positive
alteration in the near future.
There are a number of
ers on
hand, but their ideas
sellers.
are
buy¬
generally far below those of
Although
many sellers are asking fully 25% below
their recent quotations, and
goods are available in many
quarters below cost of replacement, buyers are
taking only
enough to cover immediate wants, and only when prices are
low.
They
are
generally inclined to await the result of the
January wThite sales.
partly
by
further
offering flax
other
ther
hand,
to
Their
claims
British
many
aloof
that
spinners at
holders here
price reductions.
attitude
are
They argue
attractive and the coming
is
Continental
encouraged
growers
concessions.
On
are
the
unwilling to make fur¬
that
sales should
retail
move
prices
many
are
of the
large stocks off the shelves, leading to a better demand in
the wholesale market.
They are also impressed by claims
of more plants shutting down in the United
Kingdom and
the
announcement
that
closed for five weeks.
Belfast
mills
and
factories
had
DEC.
THE
251920.]
•tale ami
number of
new
revised to date,
Cooper County (P. O. Boonville), Mo.—-Bond Call.—
County court house bonds Nos. 68 to 137, incl., for $500
each, dated Jan. 1 1912, have been called for payment
Jan. 1 1921.
Bonds bear 4% interest.
Citg gjepartttmxl
CITY SECTION.
STATE AND
A
CHRONICLE
our
"State and City
Costilla County (P. O. San Luis),
Section,"
to-day, and all readers of
subscribers should receive a copy
appears
the paper
who
of it.
previously announced, this Supplement is
As
are
printed in
now
two parts, Part One
been issued last
County, Colo.—Bond Call.—Water
inclusive, have been called and will
Lincoln
Liraon,
Works bonds, Nos. 1-24,
be
paid Jan. 1 1921.
Pacific,
water-works
Franklin County, Mo.—Bond Call—A 5%
bond, No. 9, for $500, dated Jan. 1 1912, has
paid Jan. 1 1921.
been called and will be
The change is
to-day.
due to the fact that with the
cation of the
for
July, while Part Two, embracing the
rest of the country, appears
growth and multipli¬
municipalities of the United States the
demand for additional space
to
containing the
England, Central and Middle States, having
New
Colo.—Bond Call —
refunding bonds, Nos. 37 and 38, will be called
payment.
M. E. Sanchez is County Treasurer.
On Jan. 15,
has become too heavy
satisfy within the limits of
a
single number.
BOND
ABBEVILLE,
as
Abbeville
NEGOTIATIONS
AND
PROPOSALS
this week have been
follows:
County,
So.
Caro.—BOND
SALS.—-The
1995),
$90,000 5*A% tax-free paving bonds, offered on May 12 (V. 110, p.
purchased by J. H. Hilsman & Co. of Atlanta.
Denom. $1,000.
Date July 1 1920.
Principal and semi-annual interest (J. & J.) payable at
the Guaranty Trust Co., New York.
Due July 1 1940.
have been
Financial
Statement.
"zzz^
: ■ ■■■■:
$6,000,000
Actual values
Assessed values, 1920--Total debt (including this
1,682,355
—
NEWS
Less water debt
ITEMS.
Sinking fund-,—-
special election held Dec. 15 the people of
Lamanda Park voted in favor of annexing Lamanda Park
Voted.—At
to the
a
city of Pasadena.
The majority for annexation was
204.
Massachusetts.—Special Session of the Legislature Prorogued.—The special session of the Massachusetts Legislature
which convened Dec. 7 was prorogued shortly after ten p. m.
Dec. 22.
Important measures signed by the Governor were:
the bill to increase the salaries of Boston school teachers;
the bill empowering the Mayor of Boston to suspend until
Mar. 1 1921, the operation of the law requiring the installa¬
tion of automatic sprinklers in Boston tenements and. the
codification and revision of the General Laws.
Oregon.—Supreme Court Holds Debt Amendment as Being
in Full Effect.—The Oregon Supreme Court in a decision
rendered Dec. 14 held that tlie constitutional amendment
providing that counties may issue bonds for permanent high¬
improvements up to 6% of their assessed valuation is
vahd (V. Ill, p. 1772).
The Portland "Oregonian" says:
way
The amendment was approved by the voters at a special election held
early in 1919.
Figures showing the amount to be available were made
public by the State Highway Department here following the announce¬
ment of the Supreme Court's decision.
To-day's opinion by the Supreme Court reversed the ruling In the case
of W. P. Hawley of Oregon City against Clackamas County.
The ruling validating the constitutional amendment was made in a
case brought by the Ladd <fc Tilton Bank of Portland against John Frawley, Treasurer of Union County, to collect interest on approximately $60,000
of road bonds purchased from the county.
In the Clackamas case the
Court had held that additional legislation was needed to make the amend¬
ment effective.
which were held up by the first opinion of
which now will be made available, are as follows:
$2,000,000: Clackamas County, $1,700,000;
Union County, $1,498,000; Jackson County, $500,000; Yamhlll County<
$420,000, and Crook County, $220,000.
■
Practically all of these bonds had been voted prior to receipt of the
opinion in the Clackamas County case, which held them to be invalid in the
absence of legislation putting the 6% indebtedness limitation amendment
Bond issues voted by counties
the Supreme Court, but
Lane County, approximately
„
Into effect.
Roy Klein, Secretary of the Highway Department,
said that in revers¬
Court had placed the several- counties
affected in a position to sell their securities and start actual Toad im¬
provement operations at an early date next spring.
The opinion validating the highway constitutional amendment was writ¬
ten by Justice Bean.
Concurring with Justice Bean in his opinion were
Chief Justice McBride. and Justices Harris, Johns and Brown.
Justices
and
"After
a
Benson
dissented.
careful examination
40,000—65,000
-
*
J_._,
..
199,500
AIR LINE SPECIAL ROAD DISTRICT, Mississippi County,
and reconsideration of the questions in¬
volved," said Justice Bean in the case affecting Union County, "we hold
that the amendment of Section 10, Article 2, of the constitution, taken in
road bonds, it is
stated, by
a vote
of 1,164 to 52.
ALBANY, Albany County, N. Y.—BOND SALE.—On Dec. 23 Barr &
5%
offered on that date (V. Ill, p. 2443) at 100.2798,
Schmeltzer, of New York, were awarded the following two issues of
tax-free registered bonds
a basis of about 4.96%:
Due $15,000 yearly
$300,000 school construction bonds.
Denom. $1,000.
on Jan. 1 from 1922 to 1941, inclusive.
60,000 city-hall improvement bonds.
Denom. $1,000.
Due $3,000
yearly on Jan. 1 from 1922 to 1941, inclusive.
The following three issues were purchased at the same time by the City
Comptroller at par for the Sinking Funds:
$19,500 public bath improvement bonds.
Denom. $1,300.
Due $1,300
yearly on Jan. 1 from 1922 to 1936, inclusive.
16,200 public improvement bonds.
Denom. $1,620.
Due $1,620 yearly
on Jan.
1 from 1922 to 1931, inclusive.
12,000
garage
Due $1,000 yearly
site purchase bonds.
Denom. $1,000.
1 from 1922 to 1933, inclusive.
Jan.
on
Blount
ALCOA,
County,
Tenn.—DELIVERY
OF
BONDS.—The
$150,000 6% coupon (registerable as to principal only) funding and sewer
bonds, which will be sold at 11 a. m. Dec. 28 and details of which appeared
in V. Ill, p. 2443, will be delivered Jan. 1 1921, or as soon thereafter as
bonds can be prepared.
ALTOONA SCHOOL
DISTRICT (P. O. Altoona), Blair County,
Schools, will receive
Pa.—BOND OFFERING.—W. N. Decker, Secretary of
proposals until 7:30 p. m. Jan. 3 for $200,000 5H% coupon tax-free school
bonds.
Denom. $1,000.
Date Feb. 1 1921.
Principal and semi-annual
interest (F. & A.) payable at the Central Trust Co., of Altoona.
Due
$10,000 Feb. 1 1922 and 192.3, and $15,000 yearly on Feb. 1 from 1924 to
1935, inclusive.
Certified check for $5,000 required.
Purchaser to have
the necessary bonds printed.
|
AMARILLO, Potter County, Tex.—BOND SALE.—Newspapers state
that the $300,000 auditorium
bonds (V. Ill, p. 1198) have been sold to the
McMahon Bonding Co. at par.
APACHE COUNTY (P. O. St, Johns), Ariz.—BIDS REJECTED.—
bids which were submitted on Dec. 6 for the purpose of ob¬
taining $175,000 5% road bonds (V. Ill, p. 2063) were turned down:
Sidlo, Simons, Fels & Co^
82.001 Bankers Trust Co
— -80.00
The following
ARAPAHOE COUNTY SCHOOL DISTRICT NO. 1 (P. O. Engle
wood), Colo.—DESCRIPTION OF BONDS—A description of the $80,000
5% school-building bonds, which were purchased by the International
Trust Co., of Denver, will be found in this department under the caption
of "Englewood School District No. 1, Colo.'
ASHTABULA COUNTY (P. O. Jefferson),
—B.
E.
Ohio.—BOND OFFERING.
will receive bids
Brainard, Clerk of Board of County Commrs.,
until 1 p. m. Dec. 27 for
the following 6% road bonds:
$200,000 bonds maturing $22,000 yearly on Oct. 1 from 1921 to 1928 incl.
and $24,000 Oct. 1 1929.
162,000 bonds maturing $18,000 yearly on Oct. 1 from 1921 to 1929 incl.
Denom. $1,000.
Date Oct. 1 1920.
Int. A. & O.
Cert, check for
$500, payable to the County Treasurer, is required with each issue.
Bayfield
BAYFIELD,
County,
Wise.—BOND
SALE.—The
First
of Milwaukee purchased $20,000 6% street improvement
and interest.
Denom, $1,000.
Date Nov. 15 1920. Int.
M. & S.
Due yearly on March 1 from 1921 to 1940 incl.
The above bonds are part of a $25,000 bond issue,
Wisconsin Co.
bonds
at
par
BEAVERHEAD COUNTY SCHOOL
DISTRICT NO. 10 (P. O. Dil¬
Chapter 103, General Laws of Oregon for the year 1913,
effect.
The bonds in question were regularly issued
and are a valid obligation of the county of Union."
In the Clackamas County case Judge Bean held that the bonds were
invalid, thereby reversing himself in the Union County action.
Justice Ben¬
nett, until recently a member of the Court, also held against Clackamas
County, while Justice Brown, who succeeded Mr. Bennett on the bench,
concurred with Justice Bean in the predominating opinion in the Union
lon), Mont.—BONDS NOT SOLD.—This district did not sell the
6% 10-20-year (opt.) school bonds (V. Ill, p. 2063) on Dec. 15.
The Board is at present procuring the opinion of a bond attorney
reoffer these bonds later, probably on sealed unconditional bids.
County
$60,000 water-works
connection with
is in full and complete
case.
Justice Benson, who wrote the opinion,
extending the road indebtedness limitation
BELHAVEN,
to
6%
and consequently the bonds were invalid for
Involved was in excess of the 4% limitation
the assessed valuation of all taxable property in the county.
was
not self-executing,
the reason that the amount
based
on
BOND CALLS AND
REDEMPTIONS.
Called.—Notice has been given by
Friend W. Richardson, State Treasurer of California, of the
redemption of 115 San Francisco sea wall bonds on pre¬
California.—Bonds
sentation
1921.
at
his office in Sacramento on or
before Jan. 2
427, 461, 466, 468, 472,
695, 705, 706, 714, 734,
863, 878, 880, 882, 909,
1151, 1166, 1175, 1177,
1245, 1260, 1289, 1290,
1486, 1492, 1498, 1504,
1509; 1516! 1518! 1553, 1557; 1580, 1587, 1591, 1608, 1625, 1670, 1673,
1677, 1683, 1689, 1694, 1708, 1720, 1742, 1799, 1862, 1871, 1879, 1893,
1899, 1902, 1918, 1942, 1951, 1953,1958, 1995.
^Interest on these bonds will cease after Jan. 2 1921.
School District No. 3 (P. O. Rawlins),
Call.—Bonds, Nos. 17 and 18 and issued 1895
for payment Jan. 1 1921.
S. Park is County
Carbon County
Wyo —Bond
are
called
Treasurer.
-
County, No. Caro .—BOND OFFERING.—
bonds (V. 110, p. 2215) wil be offered
1923 to
bonds.
Due yearly on Sept. 1 as follows: $2,000
1946, inclusive, and $3,000 1947 to 1950, inclusive.
60,000 sewer bonds.
Due yearly on Sept. 1 as follows: $2,000
1946, inclusive, and $3,000 1947 to 1950, inclusive.
:..v
*
haven, required.
The successful bidders will be furnished with the opinion
of Reed, Dougherty & Hoyt, New York, that the bonds are valid and
binding obligations of the town of .Belhaven.
Purchaser to pay accrued
interest.
Proposals for the said bonds will be received
by D. S. Smith, Town Clerk.
until 2 p. m. on the
above date
BENTON
L.
COUNTY (P. O. Vinton), Iowa.—BOND OFFERING.—
County Treasurer, will sell at public auction at 2 p. m.
O. McMillan,
Jan.
3,
$90,000
bridge funding
bonds.
Denom. $1,000.
Date Jan. 3
Prin. and semi-ann. int. payable at the office of the County Treas¬
without exchange.
Due yearly on Jan. 1 as follows: $2,000, 1931;
$4,000, 1932 to 1935, incl.; $3,000, 1936; $12,000, 1937 and 1938 and
$15,000, 1939 to 1941, incl.
The bonds are to be printed and paid for by
the purchaser, and purchaser is tcrpay all legal expenses attached to same.
Bonds are to be delivered to the Treasurer of Benton County, Iowa, within
30 days from the date of sale.
The bonds will be issued under the auth¬
ority of Section 403 of the Supplement to the Code of Iowa, and will be a
general obligation against all property in Benton County, Iowa.
Bidders,
if they so desire, may mail a sealed bid to the Treasurer of Benton County,
Vinton, Iowa, the bid will be opened at the hour of sale, publicly read and
will be considered as a bid by the said Treasurer.
Treasurer reserves the
right to reject any or all bids.
The Board of Supervisors has not fixed the
rate of interest.
In sending sealed bids to be opened at time of sale, specify*
the lowest rate of interest on which a par bid is based.
The rate of interest
will be fixed on day of sale, depending on financial conditions at that time.
Official circular that no default has ever been made in payment of any
Benton County bonds or obligations of any character and that no litigations
1921.
is
■
1923 to
Date Sept. 1 1920.
Principal and semi-annual interest
payable at the Hanover National Bank, ]New York.
Certified check on an
incorporated bank or trust company, or a sum of money for or in an amount
equal to 2% of the amount of bonds bid for, payable to the town of BelDenom. $1,000.
urer,
The numbers follow:
16, 29, 41, 131, 162, 164, 193, 359, 376, 417, 418,
504, 513, 525, 546, 564, 578, 591, 627, 662, 679,
739, 759, 783, 791, 800, 801, 804, 835, 839, 841,
937, 983, 986, 988, 1088, 1104, 1111, 1113, 1116,
1188, 1208, 1214, 1221, 1223, 1230, 1232, 1241,
1296, 1305, 1320, 1348, 1364, 1368, 1397, 1425,
Beaufort
$75,000
and will
On Jan. 20 the following 6% coupon
In the Clackamas County case
held that the 1919 amendment
"
Mo.—
BONDS VOTED.—The voters on Dec. 7 favored the issuance of $140,000
.
ing its previous ruling the Supreme
Burnett
__$25,000
_
Net debt
Calif.—Proposed Annexation to Pasadena
Lamanda Park,
$264,000
issue)
pending
or
threatened regarding the issuance
of bonds.
THE
2542
'
Financial Statistics.
„
■
Assessed Value. Taxable Value.
1919
Value of personal, 1919
Value of real estate,
$10,716,904
—____$42,867,616
.
11,608,516
2,902,129
$54,476,132
$13,619,033
7,358,191
7,358,191
——
,
Moneys and credits, 1919—
————
-$61,834,323
$20,977,224
Present bonded debt of Benton County, Iowa, not including present issue
228,000.
Total
Population of Benton County, approximately, 25,000*
BLOOMINGTON, McLean County, III.—BOND OFFERING.—E. Rj
Morgan, Comm'r. of Accounts & Finances, will receive proposals unti
10 a. m. Jan. 15 for the $125,000 6% water, subway and viaduct bonds
voted on Nov. 2—V. Ill, p. 2063.
Date Feb. 1 1921.
Int. semi-ann.
Due Feb. 1941; subject to call Feb. 11931.
Cert, check for 10% of amount
of bonds bid for, required.
There is no contest or default affecting any
bonds ever issued.
Bonded debt (incl. this issue), $360,000.
8inking
Fund, $76,300.
Assessed value, $14,361,365.
Population, 1920 Census,
28,638.
E
CITY,
Ada
Ida.—BOND
County.
OFFERING—Angela,
Hopper, City Clerk, will receive bids until 12 m. Dec. 28 (to be opened
21 p. m. on that day) for the following improvement bonds at not exceeding
7% interest:
;
.
$15,974 70 Local Paving Improvement District No. 25 bonds.
Denoms.
30 for $500 and 10 for $97 47.
Date Feb. 4 1920Int. F. & A.
Due $1,597 47 yearly on Feb. 4 from 1921 to 1930, inclusive.
Certified check on some bank in Boise City for $500 required.
15,426 66 Local Sidewalk and Curb Improvement District No. 36 bonds.
Denoms. $500 and $42 66.
Date April 3 1920.
Int. A. & O.
Due yearly on April 3 from 1921 to 1930, inclusive.
Certified
check on some bank in Boise City for $500 required.
7,532 76 Local Light Improvement District No. 4 bonds.
Denoms. $500
and $253 28.
Int. J. & J.
Date July 2 1920.
Due yeaily on
July 2 from 1921 to 1930, inclusive.
Certified check on some
bank in Boise City for $250 required.
1,675 34 Local Sidewalk and Curb Improvement District No. 37 bonds.
Denom.
$167 53.
Date Oct. 8 1920.
Int. A. & O,
Due
yearly on Oct. 8 1921 to 1930, inclusive.
Certified check on
some bank in Boise City for $100 required
2,100 00 Local Light Improvement District No. 3 bonds.
Denom. $210.
Date April 10 1920.
Int.A.&O.
Due $210 yearly on AprillO
from 1921 to 1930, Inclusive.
Certifed check on some bank in
Boise City for $100 required.
1,077 50 Local Curb Improvement District No.
1 bonds.
Denom.
$107 75.
Date April 10 1920.
Int. A. & O.
Due $107 75
yearly on April 10 from 1921 to 1930, inclusive.
Certified check
on some bank in Boise City for $100 required.
Principal and semi-annual interest payable at the office of the City
Treasurer or at the Chase National Bank, N. Y., at option of holder.
Said bidders will be required to furnish blank bonds for execution, properly
engraved and printed.
Said bonds will be sold to the highest bidder sub¬
mitting the best terms and the lowest rate of interest at which such bonds
can be negotiated.
No bids shall be received for less than par with accrued
interest, nor shall bonds be sold for less than par value net.
Financial Statements.
Paving District No. 25.
Assessed valuation of district
/Real estate
[Improvements./Real estate
$40,750 00
30,850 00
67,916 70
I Improvements-part of this district is included In Lighting Impt. No. 4.
51,416 70
Estimated actual valuation of district...
A
Sidewalk and Curb
Improvement District No. 36—
Assessed valuation of district
/Realestate
id.
tImprovements.
../Realestate
Estimated actual valuation of district
[ImprovementsOther
Local
$300,000 intercepting sewer bonds.
Due yearly on Dec. 1 as follows?
$7,000, 1921 to 1932, incl.; and $8,000, 1933 to 1959, incl.
300,000 storm water sewer bonds.
Due yearly on Dec. 1 as follows:
$7,000, 1921 to 1932, incl.; and $8,000, 1933 to 1959, incl.
365,000 water-course bonds. Due yearly on Dec. 1 as follows: $10,000
1921 to 1934 incl. and $9,000 1935 to 1959 incl.
1,600,000 street repair (city's portion) bonds.
Due $42,000 Dec. 1 1921
and $41,000 yearly on Dec. 1 from 1922 to 1959, incl.
Denom. $1,000.
Date Dec. 1 1920.
Prin. and semi-ann. int. payable
at,the City Treasurer's office, or at Kountze Bros., of New York.
Cert,
check on a local solvent bank, for 5%- of amount of bonds bid for, payable to
the City Treasurer, required.
Bonds to be delivered and paid for at the
City Treasurer's office within 30 days from date of award.
Bids must be
made on blanks which may be obtained by applying to the City Auditor.
Purchaser to pay accrued interest and print the necessary blank bonds.
_
-
$29,480 00
32,610 00
49,133 33
.
54,350 00
improvements of district is sewer, 3-10 paid.
CARROLLTON,
1
Estimated actual valuation of district
Improvements.
-
/Real estate
No other improvement lien, except
Sidewalk and Curb District No. 37—
Assessed
$121,050 00
/Real estate
56,175 00
201,750 00
[Improvements.Paving No. 25-
93,458 36
valuation of real property
valuation of improvements
$3,665 00
1,000 00
6,110 00
1.333 00
pother bonds: Main Sewer No. 2 and Lateral Sewer No. Ill, 7-10ths paid
Assessed
Estimated value of real property
Estimated value of improvements---—--—
-
....
$20,795
28,700
34,660
47,833
Estimated value of improvements
Other Bonds: Sidewalk and Curb
00
00
00
00
District No. 34, 6-10ths paid; Main
No. 2 and Lateral Sewer No. Ill, 7-10ths paid; Curb District No, 1
to be issued.
,
The following is a financial statement of the
city of Boise City:
Boise for 1920_.$19,170,200 00
364,116 76
Sinking funds reserved for payment of outstanding debt
90,000 00
Population 1920 Census, 21,393.
Assessed valuation of all taxable property of
Total bonded debt (municipal bonds)
.
BONHAM,
election to
Fannin
be held
on
County,
Jan.
11
an
ELECTION.—At
an
municipal light and
it is reported.
Tex.—-BOND
issue of $150-000
power plant bldg. bonds will be voted upon
BOULDER, Boulder County, Colo.—SUIT.—Newspapers state that
the suit involving the $100,000 5% 10-15-year (opt.) memorial park bond
issue—Y. 110, p. 184—is now in the hands of the Supreme Court.
BOZEMAN, Gallatin County, Mont.—BIDS REJECTED.—All bids
$60,000 refunding bonds to take up outstanding city warrants
received for
were
CASPER,
INDEPENDENT
CONSOLIDATED
SCHOOL
DIS¬
BURLEY,
Cassia
County,
Idaho.—DESCRIPTION OF
BONDs.—
In conjunction with the sale of the $14,000 6% city hall bonds, award of
which was made on Nov. 16 to Keeler Bros, or Denver at par and interest
—V. Ill, p. 2155—we are now in receipt of the following information:
Denom. $1,000.
Date Dec. 1 1920.
Int. J. & J.
Due Dec. U1940;
c >tional Dec. 1 1930.
BURLINGTON,
were
no
bidders
registration)
were
Burlington County, N. J.—BOND SALE.—1-cere
the issue of $90,000 5% coupon (with privilege of
bonds offered on Dec. 21—V. Ill, p. 2347—but $85,000
the Burlington Sewerage Co. at par and interest.
for
sewer
later sold to
BUTTE, Silver Bow County, Mont.—BID REJECTED.—The only
bid, which was received from W. L. Slayton & Co. of Toledo on Dec. 15
for the $600,000 6% funding bonds-—V. Ill, p. 2347—was rejected.
These bonds will be sold any time that a satisfactory bid is received.
CANTON, Stark County, Ohio.—BOND OFFERING .—Samuel E.
Barr, City Auditor, will receive bids until 12:30 p. m. Jan. 7 for $530,000
6% coupon water works system impt. bonds.
Denom. $1,000.
Date
Oct. 1 1919.
Prin. and semi-ann. int. payable at the City Treasurer's
office, or at Kountze Bros, of New York.
Due $18,000, Oct. 1 1943, and
$32,000 yearly on Oct. 1 from 1944 to 1949, incl.
Cert, check on a local
solvent bank, for 5% of amount of bonds bid for, payable to the City Treas¬
urer, required.
Bonds to be delivered and paid for at Canton within 10
days, from date of award.
Purchaser to pay accrued interest and furnish
the necessary blank bonds.
BOND OFFERING.—City Auditor will also receive proposals
following four issues of 5% coupon bonds until 12 m. Jan. 3:
for the
OFFERING.—Bids
Natrona
Wyo.—BOND
County,
F.
OFFERING.—As*
^
.
.
.
.
.
10% required.
Bonded Debt (excluding this issue)
debt (add!)
172.308.
Assessed value $22,297,298.
Actual value (est.) $30,000,000.
Population (est.) $20,000.
Cert,
check
$802,000
for
Warrant
^
(P. O. Linden), Tex.—BONDS VOTED.—In a
in Precinct 7, a bond issue for $35,000 was voted
by a majority of nearly 3 to 1, It is stated.
CASS
special
COUNTY,
election held
CHICOPEE, Hampden County, Mass.—BOND SALE.—On
Dec. 17
the Old Colony Trust Co. of Boston was awarded $75,000 5M%
sewer bonds at
100.16, a basis of about 5.44%.
Denom.
Date Dec. 1 1920.
Int. J. & D.
Due $15,000 yearly on Dec.
serial
1921 to
$1,000.
1 from
;
1925 inclusive.
CLARA SCHOOL DISTRICT. Wayne
County, Miss.—BOND OFFER¬
ING.—Proposals will be received by J. P. Davis, Clerk of Board of County
Supervisors (P. O. Waynesboro) for the $10,000 6% school bonds, offered
without success on Dec. 6—V. Ill, p. 2248. until Jan. 3, it is stated.
Int. semi-ann.
COHN
CONSOLIDATED
CENTRAL
RECLAMATION DISTRICT
761, Kings County, Calif.—DESCRIPTION OF BONDS.—The
$118,000 tax-free gold bonds, which were recently awarded to E. H. Rollins
& Sons of Los Angeles—V. Ill, p. 2443—are described as follows: Date
July 1 1920.
Int. J. & J.
Due yearly on July 1 as follows: $23,000 1926,
NO.
$24,000 1927 to 1929incl., and $23,000 1930.
CROOKSTON, Polk County, Minn .—DESCRIPTION OF
BONDS
—
The $2,658.25 6% 1-5-year sewer bond issue which was sold on Dec. 14
to M. R. Hussey and John McDonnel, both of Crookston, at par—V. Ill,
2443—is described
as
Interest annually.
follows: Denom. $531.65.
Minn.—BOND OFFERING•
for $70,000 6% road
Dec. 15 1920.
Prin.
and semi-ann. int. payable at the Northwestern National Bank, Minne¬
apolis.
Due Dec. 15 1930.
Cert, check for $3,500, payable to S. R.
CROW WING COUNTY (P. O. Brainerd),
—Until 4 p. m. Dec. 27 sealed bids will be received
bonds by C. W. Mahlum, County Auditor.
Date
Adair, County Treasurer, required.
.
,<
FALLS, Summit County, Ohio.—BOND SALE.—On
the $55,000 6% 26-year (aver.) water-works-extension bonds—
V. Ill, p. 2248—were awarded to Seasongood & Mayer of Cincinnati for
$56,133, equal to 102.06, a basis of about 5.84%.
Date Nov. 1 1920.
CUYAHOGA
Dec.
20
On Dec.
5%%
COUNTY
O.
(P.
Minn.—BOND SALE.—
awarded the $250,000
Hastings),
20 Gates, White & Co., of St. Paul, was
road
Ill, p. 2443—at 101 a basis of about 5-515%.
Date Dec. 1 1920.# Int. J. & D.^ Due Dec. 1 1925.
bonds—V.
Denom. $1,000.
DAWSON COUNTY (P. O. Glendive), Mont.—BOND SALE.— The
$200,000 highway bond issue which was offered on May 11—V. 110, p.
2103—but then failed to receive a satisfactory bid, has been awarded at
150,000 bonds to A.
Sar for 6s as follows:
_
H. Turriten of Mlnneapolis.l
50.000 bonds to Gordon Lindsay of Minneapolis.!
DEARBORN COUNTY (P. O. Lawrenceburg),
On Dec. 22 the $15,600 5% Wm.
Ind.— BOND SALE.—
Grelle et al Caesar Creek Twp. road impt.
bonds—V. Ill, p. 2443—were awarded to the Dillsboro State
National Banks of Dillsboro, at par and interest.
Date
DEER
LODGE,
Powell
and the First
1920.
Oct. 4
May 15 1922 to Nov. 15 1931, incl.
Due $780 each six months from
County,
Mont.—BOND ELECTION.—On
be voted upon.
Jan. 3 $225,000 water-works-system bonds are to
DOVER, Cuyahoga County, Ohio.—BOND SALE.—The $4,000 6%'
Cahoon Road impt. bonds offered on Dec. 16 (V. Ill, p. 2248) were awarded
to W.
Hille of Dover, at par and interest.
Date Dec. 1 1920.
Due
$400 yearly on Oct. 1 from 1922 to 1931 incl.
DUBLIN,
rejected.
BRENTFORD
TRICT, No. 1 (P. O. Brentford), Spink County, So. Dak.—BOND
OFFERING.—Proposals will be received until 2 p. m. Jan. 14 by R. C.
Styles, Clerk, Board of Education, for $50,000 7% school bldg. bonds.
Date Jan. 1 1921.
Prin. and semi-ann. int. payable at the Wells-Dickey
Trust Co., Minneapolis.
Dae yearly a* follows: $3,v.Ob 1925 to 1939. incl.,
and $5,000 1940.
Cert, check for 10% of the amount of bonds bid for
payable to the said school district, required.
The bonds will be accom¬
panied by the approving opinion of R. G. Andrews of Minneapolis.
Ky.—BOND
Sloane, City Clerk, advises us that the following 6% bonds, which were
on Nov. 2, will be offered for sale after Jan. 1 1921.
$500,000 15-30 year (opt.) water bonds.
Vote 2419 to 783.
150,000 10-20 year (opt.) sewerage bonds.
Vote 2349 to 779.
110,000 10-30 year (opt.) fire dept. bldg. bonds.
Vote 2038 to 970.
25,000 10-30 year (opt.) cemetery bonds.
Vote 2257 to 788.
50,000 drainage bonds.
Vote 2195 to 794. ■
■
, ■
DAKOTA
Light District No. 3 and Curb No. 1—
County,
coupon
voted
in each.
Assessed valuation of real property..
Assessed valuation of improvements
Estimated value of real property
Carroll
Jan. 12 by J. E. Gullion, Mayor, for $18,000
city bonds.
Denom. $500.
Date Jan. 1 1921. Prin. and
semi-ann. int. payable at such place as purchaser may designate at the time
of the acceptance of his bid.
Due $500 yearly on Jan. 1 from 1922 to 1957,
incl., but with the right reserved to pay off all or any part of said bonds on
Jan. 1 in any year by the paying to the designated Trustee the amount of
bonds then outstanding together with a premium of 1% thereon.
Certified
check or cash for $200 required. The purchaser shall furnish the blank forms at
his own expense.
The purchaser will be required to pay for said bonds on
delivery of the same by the city, and must furnish the blank bonds for exe¬
cution by the city within 30 days from the date of the sale or his deposit will
be forfeited.
The purchaser will be required to pay the interest which
shall accrue upon the bonds from Jan. 1 1919 until the same shall be fully
paid for.
will be received until 7:30 p. m.
p.
Light Improvement District No 4.
Assessed valuation of district
Sewer
CAPE MAY. Cape May County, N. J.—BONDS NOT SOLD.—The two
bonds, amounting to $98,000 offered on Dec. 14—V. Ill,
2063—were not sold.
blocks of 5%
p.
6%
BOI
[VOL. 111.
CHRONICLE
Laurens
County,
Ga.—BOND
ports, the Dublin and Laurens Bank of Dublin
5%
SALE.—According to re
recently purchased $55,000
various improvement bonds.
EAST LAKE, De Kalb County, Ga .—BOND SALE.—The RobinsonHumphrey Co. of Atlanta has purchased $35,000 5K % tax-free school and
Date Oct. 1 1920.
Prin. and semi-ann. Int. (A. & O.)
water-works bonds.
payable in New York City.
Due
on
Oct.
1 as follows: $11,000 1930,
$12,000 1 940 and $12,000 1950.
Financial
Statement.
Actual value Of property
Assessed valuation for taxation, 1920
Total bonded indebtedness
$2,000,000
1,100,000
—-—
65,000
—$26,000
Water-works bonds
4,800
Sinking fund
Net debt.
_
34,200
DISTRICT (P. O. East Peoria),
Tazewell County, 111.—BOND SALE.—EL. C. Speer & Sons Co. of Chi¬
cago have purchased and are now offering to investors at prices yielding
from 5.40% to 5-75% an issue of $150,000 6% coupon school bonds. Denom.
$1,000.
Date Dec. 15 1920.
Prin. and semi-ann. int. (J. & J.) payable
at the Continental & Commercial National Bank of Chicago.
Due yearly
on July 1 as follows:
$7,000, 1923 to 1927 incl.; $10,000, 1928 to 1932 incl.
and $13,000, 1933 to 1937 incl.
M
EAST
PEORIA
HIGH
SCHOOL
ELIZABETH BOROUGH SCHOOL DISTRICT (P. O. Elizabeth),
Allegheny County, Pa.—BOND SALE.—Mullen, Briggs & Co. of Phila¬
delphia, bidding $36,137 50 (103.25) and interest, a basis of about 5.20%,
was
awarded the $35,000 5H% coupon tax-free school bonds.
Date
Nov. 15 1920.
Due $5,000 on Nov. 15 in 1925, 1930, 1935, 1940 and 1945;
and $10,000 Nov. 15 1950.
The following is a complete hst of the bidders:
Mullen,Briggs&Co.,Phil_$36,137 501 W.W.Goldsborough,Pitts.$35,787 00
Lyon, Singer & Co., Pitts. 36,086 00 J J. H. Holmes & Co., Pitts. 35,561 00
Glover, MacGregor & Co.,
[State Bank of Elizabeth._ 35,175 00
Pittsburgh...
35,901 001
1
ELVINS SCHOOL DISTRICT NO. 7 (P. O. Elvins), St. Francois
County, Mo.—BOND SALE.—The William R. Compton Co. of St. Louis
has purchased the $80,000 6% school bonds.
These are the bonds which
were offered unsuccessfully on June 1.—V.
110, p. 2506.
■
Dnc.
251920.]
ENGLEWOOD SCHOOL DISTRICT NO. 1 (P. O.
Englewood),
Arapahoe County, Colo.—CORRECTION.—It appears that the Inter¬
national Trust Co. of Denver did
acquire an Issue of $80,000 5% school
bonds from this district but that the award was made
during March
1919 and our remarks of two weeks ago need modification to that extent.
The bonds answer the
following description: Denoms. $500 and $1,000.
Date April 15 1919.
Int. A. & O.
Due
1989.
issuing
April 15 1949, optional April 15
It Is proper to state however, that the official name of the
the bonds is "Arapahoe County School District No. 1."
v.£RIE*COUNTY (p- °- Erie>» Pa.—NO
bidders for
the
BIDDERS.—There were no
$500,000 4^% road bonds offered
EUCLID, Cuyahoga County, Ohio.—NO
o
district
on
Dec.
20—V. Ill,
2248.
p.
SALE.—There were
BIDS—TO TRY PRIVATE
no bids for the 17 issues of
6% coupon special assess¬
bonds, aggregating $241,250, offered on Dec. 13 (V. Ill, p. 2248)
Village Clerk Dunlop informs us that an effort will be made to arrange a
private sale of the bonds.
ment
Middlesex
County, Mass.—BOND
SALE.—On
Dec.
20
$18,000 5)4% 1-6-year serial coupon tax-free school house bonds were
awarded to the Merchants National Bank of Boston at 100.41. a basis of
about 5.37%.
Denom. $1,000.
Date Dec. 1 1920.
Prin. and semi-ann.
int.
(J. & D.) payable at the Old Colony Trust Co. of Boston.
yearly on Dec. 1 from 1921 to 1926 inclusive.
Due $3,000
FALLS COUNTY ROAD PRECINCT NO. 1, Tex.—BONDS REGIS¬
TERED.—An issue of $50,000 5% 10-30-year bonds was registered with
the State
FORT
Comptroller
on
Dec. 14.
WORTH,
Tarrant County, Tex.—BONDS APPROVED.—
Manning, City Financial Commissioner, states that Jno. C. Thomson
of N. Y. has approved the $1,890,000
5% tax-free gold coupon bonds.
These bonds were sold to a syndicate of bond brokers as previously stated
in V. Ill, p. 2065.
E. C.
FRANKLIN
INDEPENDENT
CONSOLIDATED
SCHOOL
DIS¬
(P. O. Madison R. F. D.), Lake County, So. Dak.—
BOND
OFFERING.—Bids
for
the
purchase
of
$20,000
10-20-year
(opt.) school bonds, at not exceeding 7% interest, will be received by Geo.
W. Bagley, Clerk Board of Education, until 8
p. m. Jan. 11.
Date Jan. 1
1921.
Int. semi-ann.
Certified check for 10% required.
TRICT NO. 2
FRANKIN
TOWNSHIP (P. O. Kimblesville), Chester County, Pa.
OFFERING.—Proposals will be received until 6 p. m. Jan. 11
by J. Clarence Mackie, Secretary of Township Supervisors, for $10,000
coupon
bonds.
Denom. $1,000.
Date Mar. 1
1921.
Int. semi-ann.
Due $1,000 yearly on Mar. 1 from 1922 to 1951 incl.
Cert, cheek for
$1,000, payable to "Frankin Twp.," required.
Bonds to be delivered and
paid for on or about Mar. 1.
Bidders must state interest rate desired—
5^%, 534% or 6%.
—BOND
GALLATIN COUNTY (P. O. Bozeman), Mont.—BOND SALE.—
This county sold the $19,500 6% funding bonds (V. Ill, p. 2248) to local
banks on Dec. 13 at par.
Denoms. $7,500, $5,500, $2,500 and $4,000.
Date Dec. 13 1920.
Due June 1 1921, optional Jan. 1 1921.
GALVESTON
GARDEN
COUNTY
(P.
O.
Oskosh),
Nebr.—BOND
SALE.—The
Bankers Trust Co. of Denver, has purchased $27,000 6% 11 to 20 yr. serial
Dated June If1920.
Financial
Statement.
Tax levy value (1-5 appr.)
Bond debt, this issue only—
bonds until Jan. 3.
GOLDSBORO, Wayne County, No. Caro .—BOND OFFERING.—
G. Tyson, City Clerk, will receive sealed proposals until 7:45 p. m.
Jan. 3 for the following 6% coupon
(withprivilege of registration) bonds:
$120,000 sewer bonds.
Due yearly on Dec. 1 as follows: $2,000 1921 to
1940, inclusive, and $4,000 1941 to 1960, inclusive.
47,000 water bonds.
Due yearly on Dec. 1 as follows: $1,000 1921 to
1953, inclusive, and $2,000 1954 to 1960, inclusive.
16,000 street department equipment bonds.
Due yearly on Dec. 1 as
follows: $2,000 1922 to 1928, inclusive, and $1,000 1929 and 1930.
227,000 street-improvement bonds.
Due yearly on Dec. 1 as follows:
$42,000 1922, $25,000 1923 to 1926, inclusive; $17,000 1927;
$6,000 1928 to 1931, inclusive; $7,000 1932 and 1933; $15,000
1934 and
Denom. $1,000.
1935.
Date Dec. 1 1920.
Principal and semi-annual interest
(J. & D.) payable at the Hanover National Bank, New York.
Certified
or cash on an incorporated bank or trust company for 2%
of the
amount of bonds bid for, payable to the above Clerk, required.
Successful
bidders will be furnished with the opinion of Reed, Dougherty & Iloyt, of
New York, that the bonds are valid and binding obligations of the city of
Goldsboro.
The bonds will be prepared under the supervision of the U.S.
Mtge. & Trust Co., New York, which will certify as to the genuineness of
the signatures of the city officials and the seal impressed on the bonds.
check
GRAND RAPIDS, Kent County, Mich.-r-BOND OFFERING.—Pro¬
posals will be received until 2p.m. Dec. 27 by J. C. Shinkman, City Clerk,
for the following 6% tax-free special assessment bonds:
$250,000 street impt. bonds.
Due $50,000 yearly on Aug. 1 from 1921 to
1925 incl.
130,000 street-impt. bonds.
Due $13,000 yearly
on
Aug. 1 from 1921 to
1930 incl.
50,000 sewer-construction bonds.
Due $10,000 yearly on Aug. 1 from
1921 to 1925 incl.
Denom. $1,000.
Date Aug. 1 1920.
Prin. and semi-ann. int. (F. & A.)
Eayable at for, City Treasurer's office.Treasurer, required. Purchaser to
onds bid the payable to the Cityi
Cert, check for 3% of amount of
pay
accrued interest.
GRANTS
Nassau
•
IRRIGATION
PASS
^
,
DISTRICT
(P. O. Grants Pass),
Josephine County, Ore.—BOND SALE.—The Ralph Schneeloch Co.
of Portland was awarded the $200,000 6% 10-20 year bonds—V. Ill,
p. 2156—on Dec. 13 at 90 and interest.
Denom. $1,000.
Date July 1
1920.
Int. J. & J.
GREENFIELD
SCHOOL
DISTRICT
Greenfield), Dade
County, Mo.—BONDS VOTED.—On Dec. 5 $40,000 school-building bonds
carried, by a vote of 478 to 138.
(P.
O.
GULF SHORE SPECIAL ROAD AND BRIDGE DISTRICT, Manatee
County, Fla.—BOND OFFERING.—Bids will be received until Jan. 8
(to be opened Jan. 11 at 10 a. m.) by J. W. Ponder, Chairman Board of
County Commissioners (P. O. Bradentown), for $160,000 6% bonds.
Denom. $1,000.
Date Jan. 1 1921.
Int. J. & J.
Due $32,000 on Jan. 1
in each of the years 1931, 1936, 1941, 1946 and 1951.
Certified check for
$1,000, payable to the Board of County Commissioners, required.
HALLETTSVILLE,
County, N. Y.—BONDS DEFEATED.—At an election held
15 it is stated, the taxpayers by 371 to 234 defeated a proposition*
$300,000 bonds for the completion of the new high school.
Dec.
to issue
^HELENA, Lewis and Clark County, Mont.—BOND SALE.—By sub¬
mitting
a proposal for par the Montana Trust & Savings Bank of Helena
obtained the $200,000 water bonds, "Series K"—V. Ill, p. 2065—on Dec.
20 at public auction.
Date July 1 1920.
Due $20,000 yearly on July 1
from 1926 to 1935,
inclusive, and are optional and redeemable in like
order,
as
required by the statutes, whenever there is $1,000 in the sinking
time during the year immediately prior to date of the maturity
30 days' notice to the holder.
fund at any
thereof,
upon
HENDERSONVILLE, Henderson County, No. Caro.—BOND OF¬
FERING.—Reports say that proposals will be received until Dec. 27 by
G. W. Brooks, City Clerk, for $33,000 water and $29,000 refunding 6%
bonds.
*
HERNANDO COUNTY SUB. SCHOOL DISTRICT (P. O. Brooksville), Fla.—BONDS NOT SOLD — On Dec 6 the $20,000 6% 20-year
school bonds—V. Ill, p. 1969—were not sold.
HIDALGO COUNTY WATER IMPROVEMENT DISTRICT NO. 3
(P. O. Pharr), Tex.—BONDS REGISTERED.—The State Comptroller
registered $1,500,000 6% serial water-improvement bonds on Dec. 16.
These bonds were voted on Oct. 16 (V. Ill, p. 1774)
.
HIGHLAND
HIGH
Lavaca
County,
Tex.—BONDS
VOTED.—The
bond issue of $20,000, money to be used in rehabilitating the electric-light
and water-works plants, carried by practically a unanimous vote at a
recent election.
POINT
County, N. 3.—BOND SALE.—
paving bonds was recently sold to M. M. Freeman'
Date Nov. 1 1920.
Due Nov. 1 1926.
TOWNSHIP,
Guilford
County,
No.
Caro.—BOND
ELECTION.—An issue of high school bonds, not to exceed $600,000, will
be submitted to the voters on Jan. 18, it is reported.
HOLLY, Prowers County, Colo.—BOND SALE.—The Bankers Trust
water bonds,
Co. of Denver has purchased $20,000
6% 10-15-year (opt.)
dated Jan. 1 1921.
Interest J. & J.
New York payment
HUNTINGTON
OFFERING.—3.
10
COUNTY
Frank Barnes,
(P.
O.
Huntington),
Ind .—BOND
County Treasurer, will receive bids until
Dec. 27 for the following 4 34 % road bonds:
a. m.
$2,400 Eli P. Miller, Salamonie Twp. bonds.
Denom. $120.
Due $120
each six months from May 15 1922 to Nov. 15 1931, incl
9,400 Benjamin M. Hewitt et al Wayne Twp. bonds.
Denom. $470.
Due $470 each six months from May 15 1922 to Nov. 15 1913, incl.
Date Nov. 15 1920.
IDLEWOOD,
There
were no
Int. M.&N.
Cuyahoga
County,
still
are
on
Ohio.—BONDS NOT SOLD.—
special assessment bonds,
bids for the 21 issues of 6% coupon
aggregating $249,962.86, offered
on
Dec. 6—V. Ill, p. 1967.
the market for sale to anyone
The
bonds
interested.
JEROME, Jerome County, Ida.—BONDS OFFERED BY BANKERS.—
Paving intersection bonds amounting to $16,000 and fire department bonds
amounting to $6,000 are being offered to investors by Keeler Bros, of
Denver at par and accrued interest, to yield 6%.
Interest rate 6%.
Denom. $1,000. ^'Date Nov. 1 1920.
Principal and semi-annual Interest
(J. & J.) payable in New York or at the City Treasurer's office, at option
of holder.
Due Nov. 1 1940, optional Nov. 1 1930.
These bonds are
payable in gold and are tax-free.
Financial
Statement.
__.$1,800,000 00
618,008 00
(estimated)
Assessed valuation 1920 (estimated)
Total bonded debt (Including this issue)...
-
.$54,000
Population, officially estimated, 2,000.
KNOXVILLE,
Marion
County,
Iowa.—BONDS
BY
OFFERED
BANKERS.—Harris Trust & Savings Bank of Chicago is offering to inves¬
tors at aprice to yield 5.75%, $13,000 6% coupon water-works refunding
bonds.
Denom. $1,000.
Date Jan. 1 1921.
Principal and semi-annual
interest (J. & J.) payable at the Harris Trust & Savings Bank, Chicago.
Due $1,000 yearly on Jan.
1 from 1929 to 1941, inclusive.
Financial Statement.
of taxable property.
Total debt (this issue Included)
Less water debt
♦Value
■
$3,786,672
313,190
...
$88,500
......
Net debt
44,690
...
Population, 1920 Census, 3,523.
*
The Constitutional debt limit is 5% of the value of taxable property.
The Supreme Court of Iowa defined this to be 5% of the actual value of
taxable property as returned by the assessor and as equalized.
LA PORTE COUNTY (P. O. La Porte), Ind .—BONDS NOT SOLD.—
was made of the $125,000 5%
L. J. Gross et al Carr & Clinton
Twps. road bonds, offered on Dec. 8 (V. Ill, p. 2156).
No sale
LAURENS
On Dec.
COUNTY
15 the $300,000
(P. O. Dublin), Ga.—BONDS NOT SOLD.—
3% gold bridge bonds V. Ill, p. 2249—were not
sold because the bids received, were too low.
LE FLORE COUNTY (P. O. Greenwood), Miss.—BOND OFFERING.
R. Bew, Clerk Board of County Supervisors will receive bids until
—A.
Jan.
4 for
$300,000 6% road-improvement bonds.
Interest semi-annual.
during succeeding
Due l-50th each year during first five years, l-25th each
and the remaining bonds to mature in equal annual payments
during succeeding ten years.
The said bonds, which were authorized by
the voters on Nov. 30 1920 by a vote of 370 to 110, will be sold in blocks
to suit purchasers.
The official announcement says that no litigation is
pending or threatened affecting In any manner the issuance of the bonds,
no previous bond issues in this county have ever been contested, county has
never been in default in payment of principal or interest on any previous
ten
years,
issues*
Financial Statement.
Estimated value of taxable property
value of
$75,000,000.
...
Assessed
Total
21,224,628
property, 1920
bonded indebtedness, including this issue..
Cash value of sinking fund
Tax
—
1,010,000
100,000
1920 for all purposes (including State and levee district),
Population of county, 1920 Census, 37,356.
1
levy for
37)4 mills.
LENOIR COUNTY (P. O.Kinston), No. Caro .—BOND
Sealed bids will be received by the Board
OFFERING.—
of County Commissioners, until
Jan. 3 at 11 a. m when they will be publicly opened for the purchase at not
less than par and accrued interest of $700,000 6% coupon (with privilege
of
registration) road impt. bonds.
Denom. $1,000.
Date June 1 1919.
Prin. and semi-ann. int.
(J. & D.) payable at the National Bank of Com¬
N. Y. and interest on registered bonds will at the request of the
registered holder, be paid in New York exchange.
Interest coupon on said
bonds maturing on or before Dec. 1 1920, will be detached before delivery.
Due yearly on June 1 as follows: $60,000 1935 to 1939 incl., and $80,000
1940 to 1944 incl.
Cert, check or cash for 2% of the amount of bonds bid
for, payable to John H. Dawson, County Treasurer, required.
The
merce,
purchaser will be furnished with the opinion of Reed, Dougherty & Hoyt of
New York, that the bonds are binding obligations of Lenoir County and the
bonds will be printed under the supervision of the U. S. Mtge. & Trust Co.,
of New York, which will certify as to the genuineness of the signatures
on the bonds.
The bonds are to be issued under a special
the seal
HAMILTON COUNTY (P. O. Cincinnati), Ohio.—NO BIDS RE¬
CEIVED.—No bids were received for the four issues of 5)4 % Cincinnati-
Dayton Intercounty Highway No. 19 bonds, aggregating $237,500, offered
Dec. 17 (V. Ill, p. 2348).
The bonds are to be reoffered at the same
which authorized
County Commissioners will receive bids until 10 a. m. Dec. 28 for thc
purchase of $500,000 5H% registered tax-free notes, dated Jan. 1 1921Prin. and semi-ann. int. (J. & J.) payable at the Old Colony Trust Co. of
Boston.
Due Jan. 1 1924.
Notes will be engraved under supervision of
and certified as to genuineness by the Old Colony Trust Co., which will
further certify that the legality of the issue has been approved by Ropes,
Gray, Boyden & Perkins of Boston, a copy of whose opinion will be fur¬
nished to the purchaser.
All legal papers will be filed with the Old Colony
The
Cp., where they may be inspected.
HARDIN, Big Horn County, Mont.—BONDS NOT YET SOLD9.—
The $6,800 6% water bonds, offered on June 1—V. 110, p.2 217—have'
Trust
not been sold as
>
Assessed
HAMPDEN COUNTY (P. O. Springfield), Mass.—NOTE OFFERING '
yet.
and
Act
unlimited tax to pay them.
Delivery will be made in
Kinston or New York, at option of purchaser, within one week after the
bonds are awarded.
an
on
interest rate.
,
PARK, Middlesex
An issue of $275,000 6%
& Co. of Philadelphia.
Real valuation
GOLDMINE TOWNSHIP SCHOOL DISTRICT, Franklin County,
No. Caro.—BOND OFFERING.—S. C. Holden, Clerk Board of County
Commissioners (P. O. Louisburg), will receive bids for $40,000 6% school
.
HEMPSTEAD VILLAGE SCHOOL DISTRICT (P. O. Hempstead),
_
$3,590,000
Population 5,000.
J.
HARRISON COUNTY (P. O. Marshall), Tex.—BONDS APPROVED.
Dec. 13 the $828,000 5% road bonds, which were recently offered
without success—Y. Ill, p. 2444—were registered with the State Comp¬
troller.
—On
COUNTY
COMMON SCHOOL DISTRICT NO. 7,
Tex.—BONDS REGISTERED.—On Dec. 13 $5,000 5% 5-20-year bonds
were registered with the State Comptroller.
\
bridge bonds.
2543
CHRONICLE
THE
Financial Statement.
(1920)
value taxable property
Bonded debt (including the bonds now offered for sale).,.
.$45,761,710
1,415,000
Population, Federal Census (1920), 29,900.
TOWNSHIP, Stoddard County, Mo.—DESCRIPTION OF
issued in connection with the
reported in V. 110, P- 1002.
Denom. $1,000.
Date Jan. 1 1920.
Principal and semi-annual interest
(J. & J.) payable at the Boatmen's Bank, St. Louis.
Due yearly on Jan. 1
as follows: $10,000 1922 to 1930. inclusive, and $11,000 1931 to 1935, incl.
LIBERTY
BONDS.—The following details have been
of $145-000 5)4% bonds, awarded as
sale
Financial Statement.
Estimated true valuation taxable property
Assessed valuation taxable property 1919
Bonded debt (this issue only)
Population, 1920 Census, 7,500.
.
...
.
—$8,832,823
3,091,813
145,000
O.
(P.
COUNTY
LIMESTONE
Tex.—-BONDS DE¬
issuance of $75,000 Road
Groesbeck),
FEATED.—The proposition providing for the
District No. 11 bonds was defeated by about
37 votes on Dec. 11, It is
another election was presented to the Com¬
A petition asking for
missioners'Court on Dec. 13.
stated.
DISTRICT NO. 54 (P. O. Iliff), Cold.—
voted, $50,000 6% 15-30year (opt.) school bonds have been sold to the International Trust Co. of
Denver.
Election to be held in thirty days.
Assessed valuation $1,481,LOGAN COUNTY SCHOOL
BOND ELECTION— SALE.—Subject to being
$1,000.
Denom.
bonds.
Prin. and semi-ann. int. payable at the State
agreed upon by the Commission.
$40,000 1923 and $20,000 1924 to 1946
Legality approved by John C. Thom¬
Treasurer's office or at such place as may be
Due yearly on March 1 as follows:
incl.
Cert, check for 4% required.
New York.
son,
i
LOGAN, Hocking County, Ohio.-—BOND OFFERING.—W. I. Kieg,
Village Clerk, will receive bids until 12 m. Jan. 8 for $2,350 6% streetimprovement bonds, in addition to the $3,700 6% Pottery St. improvement
bonds described in V. Ill, p. 2445.
Denom. $235.
Date Nov. 1 1920.
Prin. and semi-ann. int. payable at the County Treasurer's office.
Certi¬
fied check for 10% of amount of bonds bid for, payable to the Village
Treasurer, required.
000.
[VOL. 111.
CHRONICLE
THE
25U
'v;
•
MONTGOMERY
COUNTY
Tex.—BOND OFFER'
Conroe),
O.
(P.
ING.—W. H. Lee. County Judge, advises us that this county has for sal"
an issue of $175,000 road
and bridge bonds, which answer the following
details:
the
at
Interest rate 5J^%.
Date June 1
Hanover National Bank, N. Y.
Assessed value, $11,194,000.
June 1 1922.
1920.
Int. semi-ann., payable
Due $5,000 yearly beginning
Pop n 1920 (Census), 17,271.
DISTRICT (P. O. Moorhead),
OFFERING.—The Board of Aldermen
MOORHEAD SEPARATE SCHOOL
Sunflower County, Miss.—BOND
and Mayor of the town of Moorhead will receive bids until Jan. 4 for S75,0Q0
school bonds at not exceeding 6% interest.
Denom. $500.
Int. semi-ann
Bonds will mature in 20 years
and will be payable in installments in com¬
pliance with chapter 206 of the laws of Mississippi of 1920.
Cert, check on
bank in Sunflower County for $3,750 payable to the Mayor, required.
Bonded debt, none.
some
LYNDHURST TOWNSHIP,
Bergen County, N. 3.—BONDS NOT
bonds offered on Dec. 7—V. Ill,
SOLD.—The $375,000 6% coupon sewer
2249—were not sold.
p.
An
the
LYNN, Essex County, Mass .—TEMPORARY LOAN.—On Dec, 21,
a temporary loan of $150,000, dated Dec. 22 and maturing
March 21 1921, was awarded to the Security Trust Co. of Lynn on a 5.95%
it is stated,
basis.
McCLELLAN TOWNSHIP, Newton County, Ind.—BOND OFFER¬
A.
Sellers, Township Trustee, will receive proposals until
Jan. 10 for $25,000 6% school-house bonds.
Denom. $500.
Date
Sept. 1 1920Due yearly on Sept. 1 as follows: $1,000 1921 to 1925, incl.,
and $2,000 1926 to 1935, incl.
Certified check on some national or state
bank in Indiana for $25,000, plus the premium offered, payable to the
above Trustee, required.
2 p. m.
McDOWELL COUNTY (P. O. Marion), No. Caro*-—BOND SALE.—
The $150,000 6% highway bonds offered on Dec. 6—V. Ill, P- 2066—
have been purchased by the Provident Savings Bank and N. S. Hill & Co.
both of Cincinnati.
Denom. $1,000.
Date July 1 1920.
Prin. and semiann.
int. (J. & J.) payable at the Chase National Bank. N. Y.
Due
July 1 1950 subject to call $15,000 yearly on July 1 from 1941 to 1950 incl.
Total
Debt
(including this issue) $381,204.88.
Assessed value 1920,
Real value (est.) $35,000,000.00.
McHENRY COUNTY COMMUNITY HIGH SCHOOL DISTRICT
NO. 163 (P. O. Harvard), III.—BOND SALE.—The Continental & Com¬
mercial Trust & Savings Bank of Chicago, recently purchased an issue of
$200,000 5% coupon school site and bldg. bonds.
Denom. $1,000.
Date
July 1 1920.
Prin. and semi-ann. int. (J. & J.) payable at Harvard.
'
,
Martlnville), Ind.—BOND OFFERING.—
will receive bids until 10 a. m. Dec. 30
for $14,400 5% Sanders Hubbard et al Monroe Twp. road bonds.
Denom.
$720
Date Nov. 15 1920.
Int. M. & N.
Due $720 each six months
from May 15 1921 to Nov. 15 1930, incl.
MORGAN COUNTY (P. O.
John H. Scbafer, County Treasurer,
ING.—Ora
$22,911,458.39.
opinion of Jno. C. Thomson of N. Y. as to the legality and validity of
issue will be furnished.
Bids are requested for bonds bearing 5%,
5%%, or 6% interest.
Cherokee
MURPHY,
County,
Hillsborough
NASHUA,
OFFERING.—
Caro.—BOND
No*
Sealed bids will be received until Dec.
29 by C. B. Hill. Town Clerk, for
$25,000 electric lieht bonds, dated Aug. 1
bonds, dated Dec. 1
1920.
Int. rate 6%.
County,
1920, and $15,000 electric light
Int. payable semi-annually.
N.
OFFERlNTG.—
H.—BOND
will receive bids until 10 a. m. Dec. 30
following 5% coupon tax-free bonds:
$20,000 sewer bonds.
Due yearly on Dec. 1 as follows: $2,000, 1921 to
1925, incl.; and $1,000, 1926 to 1935, incl.
5,000 Spit Brook Road Bridge bridge bonds.
Due $1,000 yearly on Dec.
1 from 1921 to 1925,incl.
'
■
t
Denom. $1,000.
Date Dec. 1 1920.. Prin. and semi-ann. Int. (J. & D.)
payable in U. S. gold coin of the present standard of weight and fineness at
the City Treasurer's office, or at the First National Bank of Boston.
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
Samuel Dearborn, City Treasurer,
for the
.
^
.
,
approved by Ropes, Gray, Boyden & Perkins, whose opinion
issues
nished the purchaser.
All legal papers incident to these
with said bank where they may be inspected at any time.
will be fur¬
will be filed
about Dec. 31 at the First
Due $10,000 yearly on July 1 from 1921 to 1940, Incl.
Delivery will be made to the purchaser on or
National Bank of Boston.
72 (P. O. Wood¬
stock), III.—BOND SALE.—The Harris Trust & Savings Bank, of Chicago
was awarded at 93.67, a basis of about 5.72%, the $35,900 5% school bonds
offered on Dec. 20 (V. Ill, p. 2445).
Denom. $1,000.
Dare June 1 1920.
Int. J. & J.
Due $5,000 yearly on July 1 from 1930 to 1936, inclusive.
NASHVILLE, Tenn.—NOTE OFFERING.—Sealed bids will be received
by J. W, Dashiell, Secretary Board of Commissioners, until 10 a. m. Jan. 4
for the following 6% coupon notes: $250,000 reservoir rrpair and impt.
$200,000 sewer sanitation and $43,000 hospital notes.
Denom. $10,000.
Date Jan. 15 1921.
Prin. and semi-ann. int. (J. & J.) payable at the office
(P. O. Anderson), Ind.—BOND SALE.—The
voting-machine bonds offered on Dec. 22 (V. Ill, p.
2066) were awarded to the Automatic Registering Machine Co. at par.
Int. J. & D.
Due $5,000 yearly on Dec. 1 from 1921 to 1929, inclusive.
of the City Treasurer or at the Irving National Bank, N. Y.
at holder s
option.
Due Jan. 15 1922.
Cert, check for 2% of the amount of bonds bid
for, required.
The notes 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 city officials and seal impressed thereon, and the
validity of the bonds will be approved by Caldwell & Raymond, N. Y.
<
McHENRY COUNTY
COUNTY
MADISON
$45,000 5%
SCHOOL DISTRICT NO.
coupon
MALDEN, Middlesex County, Mass.—BOND OFFERING.—It is re¬
and $20,000 5lA% bonds will be
ported that proposals for $89,000 5%
received until 7:30 p. m. Dec. 30.
Larchmont),
County,
Westchester
Charles M. Bingham, Clerk of Board of
DISTRICT NO.
1 (P. O.
N.
Y.—BOND
OFFERING.—
Education, will receive bids until
8.30 p. m. Jan. 11 for $10,000 5H% coupon (with privilege of registration)
school bonds.
Denom. $1,000.
Date Nov. 1 1920.
Prin. and semi-ann.
int. (M. & N.) payable at the First National Bank of New York.
Due
$2,000 yearly on Nov. 1 from 1940 to 1944, incl.
Cert, check for 5% of
amount of bonds bid for,
required.
,
MANCHESTER, Hillsborough County, N. H.—BOND OFFERING.—
It is reported that the City Treasurer will receive bids until 2p.m. Dec. 30
for $300,000 5% school bonds.
Date Jan. 1 1921.
Due $15,000 yearly on
Jan. 1 from 1922 to 1941, Inclusive.
MARION
COUNTY
(P.
O.
Sa,!em),
Ore.—BOND
OFFERING.—
Pealed bids will be received until
12 m. Jan. 10 by U. G. Boyer, County
road bonds.
Denoms. $50 or multiples thereof
up to $1,000, to suit purchaser.
Date Jan. 10 1921.
Int. semi-ann.
Due
yearly on July 15 as follows: $85,000 1926 and 1927, and $55,000 1928.
Cert, check on an incorporated bank or trust company for 2% of the amount
of bonds bid for payable to Marion County, required.
The successful
bidders will be furnished with the opinion of Storey, Thorndike, Palmer &
Dodge of Boston, that the bonds are valid obligations of Marion County.
Purchaser to pay accrued interest.
Clerk for $225,000 5^%
MEDFORD, Middlesex County, Mass.—BOND OFFERING.-—Edward
City Treasurer, will receive bids until 9 a. m. Dec. 28 for the
following 5% coupon tax-free bonds:
$4,000 street bonds.
Due $1,000 yearly on Dec. 1 from 1921 to 1924, incl.
8,000 water-main-extension bonds.
Due $2,000 on Dec. 1 in 1921, 1922
and 1923, and $1,000 on Dec. 1 in 1924 and 1925.
25,000 additional Fulton Heights School bonds.
Due yearly on Dec. 1 as
A. Badger,
of Boston, which will further certify that the legality of these issues
has been
approved by Ropes, Gray, Boyden & Perkins of Boston, a copy of whose
opinion will accompany the bonds when delivered, without charge to the
purchaser.
All legal papers incident to these issues, together with an affi¬
davit certifying to t he proper execution of the bonds, will be filed with the
Old Colony Trust Co., where they may be inspected.
MICHIGAN CITY, La Porte County, Ind.—BOND SALE.—The issue
of $180,000 6% coupon water-works bonds offered on Dec. 14—V. Ill, p.
2157—was awarded on that day to the Meyer-Kiser Bank of Indianapolis at
bid of $183,888
(102.16)
and interest,
a
basis of about 5.64%.
Date
Jan. 1 1921.
Due $12,000 yearly on Jan. 1 from 1922 to 1936, incl.
The bidders were:
Meyer-Kiser
Bank
Harris Tr. & Sav. Bk.,
Chi.
$183,8881 Fletcher-American
183,3151
Indianapolis.
Co.,
$182,016
Butler County,
Ohio.—BONDS NOT SOLD.—
The $28,436.20 5Y%% assessment paving bonds offered on Dec. 20—
V. Ill, p. 2250—were not sold, as no bids were received.
MILACA, Mille Lacs County, Minn.—BOND SALE.—It is reported
that $22,500 sewer bonds have been disposed of.
BOROUGH
SCHOOL
DISTRICT
(P. O.
Wilkes-
Barre), Luzerne County, Pa.—BOND OFFERING.-—Proposals will be
received until 8 p. m. Jan. 4 by Peter Myock, District Secretary, for $80,000
5% tax-free bonds.
Denom. $1,000.
Due $4,000 yearly from 1924 to
1943, incl.
Cert, check for l£ of amount of bonds bid for, required.
MODESTO IRRIGATION
DISTRICT
(P. O. Modesto), Stanislaus
County, Calif.-t-BOND SALE.—On Dec. 14 the $505,000 6% bonds—
V.
Ill, p. 2250—were sold as follows:
bonds to W. F. Rose of Modesto at par and interest.
bonds to the American Nat. Bank of Moedsto at 97.12 and int.
$25,000
140,000
190,000
150,000
bonds to the Modesto Bank, Modesto, at 97.08 and interest.
bonds to Wm. Cavalier & Co. of Oakland at 98.05 and interest.
Date July 1 1920.
Bid.
*
o
Sacramento-San
^_
,
„
,
T
'
t
t*>
....
165 000
[*160,297
165,000
190,000
1*145,725
„
Bank, Modesto
Frank & Lewis, San Francisco
♦These bids were rejected because they
$165,000
160,185
(*184,585
145,620
T
Joaquin Bank
^
were
150 000
150,000
505,000
475,962
made conditionally.
MISSISSIPPI
(State
of).—BOND
OFFERING.—Frank
Roberson.
Attorney-General (P. O. Jackson), will receive sealed bids until 10 a. m,
Jan. 17 for the purchase of $500,00015>£% impt., Series "E," and "F,*
Dashiell,
Secretary
Board
of
Commis¬
NEW AURELIA CONSOLIDATED INDEPENDENT SCHOOL DIS¬
TRICT (P. O. New Aurelia), Cherokee County, Iowa.—BOND SALE.
■—The two issues of 5% school-bldg. bonds, aggregating $165,000, offered
without success on June 1—V. 110, p. 2507—have been disposed of at
A
private sale.
1 '
.
*
(P. O. Portsmouth), Scioto County, Ohio.—BOND
Banking Co. was awarded at par and interest
the $12,000 6% fire-equipment bonds offered on Dec. 15—V. Ill, p. 1971.
Date Nov. 1 1920.
Due $500 each six months from May 1 1921 to Nov. 1
1926, incl.
NEW BOSTON
SALE.—The
NEW
Portsmouth
Dec.
date—V. Ill.
BRITAIN, Hartford County, Conn .—BOND SALE.—On
22 the following three issues of coupon bonds offered on that
L. Day &
S 2445—wereCo. of Boston, and Richter & Co. of Hartford, for Co., and
awarded to Estabrook & Co., Merrill, Oldham & $625,713
.
(93 .39) and interest, a basis of about 5 37%:
$525,000 4H% 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 1930r
Harris, Forbes & Co. of New York, offered to pay $616,720 and int. for
_
the three issues.
:
■
NEWCOMERSTOWN, Tuscarawas County, Ohio.—BOND SALE.—
and interest the
$14,500 6% special assessment River Street improvement bonds offered
on Dec. 18 (V.
Ill, p. 2349).
NEW HANOVER COUNTY (P. O. Wilmington), No.
DATA.—We are now in receipt of additional
TIONAL
Caro.—ADDI¬
data, issued in
connection with the offering on Jan. 10 of the $50,000 6% ferry
bond issue
Principal and semi-annual interest (J. & J.) payable at
City Bank, New York, in gold.
Certified check for 5%
required.
The bonds and attorney's opinion to be furnished by New
Hanover County.
Bonds will be delivered in "Wilmington, New York,
Chicago, Cincinnati or Toledo, at purchaser's option on or about Jan. 31
1921
Purchaser to pay accrued interest.
■
:
(V. 111. p. 2445).
the
National
County, N. Y.—BONDS NOT SOLD.
5%% municipal-impt. bonds offered on Dec. 17—V. Ill,
2349—were not sold, as no bids were received.
NEW ROCHELLE, Westchester
—The $229,000
p.
NILES,
Trumbull
County,
Ohio.—BOND SALE.—On Dec.
17 the
following two issues of 6% bonds (V. 111, p. 2250) were awarded to Prudden
& Co., of Toledo, for $106,310 (100.209) and interest, a basis of about 5.97%
$75,000 water-works extension bonds.
Due $5,000 yearly on Oct. 1 from
1935 to 1949, inclusive.
31,000 sanitary sewer bonds.
Due yearly on Oct. 1 as follows: $3,000
1922 to 1926, inclusive, and $4,000 1927 to 1930, inclusive.
For.
$159,225
/
Stephens & Co., Los Angeles.
Modesto Bank, Modesto
Modesto
W.
The Oxford Bank of Newcomerstown was awarded at par
MIDDLETOWN,
MINERS MILLS
OFFERING.—J.
10 a. m. Jan. 10 for $600,000 5% memorial
bonds (V. 110, p. 1218).
Denom. $1,000.
Date March 1 1920.
Principal and semi-annual interest (M. & S.) payable at the City Treas¬
urer's office or Irving National Bank, New York, at holder's option.
Due yearly as follows: $8,000 1921 and 1922; $9,000 1923: $10,000 1924
and
1925: $11,000 1926, $12,000 1927 and 1928, $13,000
1929
and
1930, $14,000 193i, $15,000 1932, $16,000 1933, $17,000 1934, $18,000
1935, $19,000 1936, $20,000 1937, $21,000 1938, $22,000 19.39, $23,000
1940, $24,000 1941, $25,000 1942, $27,000 1943, $28,000 1944, $30,000
1945, $.32,000 1946, $33,000 1947, $35,000 1948, $37,000 1949, and $38,000
1950.
Certified check on a national bank or upon any bank or
company in Tennessee for 2% of the face value of the bonds, required.
Bonds registerable as to principal in New York City, will be prepared and
certified as to genuineness by the U. S. Mtge. & Trust Co., New York.
The legality will be approved by Caldwell & Masslich, New York, whose
favorable opinion will be furnished the purchaser or purchsaers without
charge.
All bids must be upon blank forms which will be furnished by the
above Secretary or the said trust company.
The bonds will be delivered
in Nashville or at the office of the U. S. Mtge. & Trust Co., New York, at
purchaser's option, on Jan. 17 1921.
square
follows: $2,000 1921 to 1930, incl., and $1,000 1931 to 1935, incl.
_
Denom. $1,000.
Date Dec. 1 1920.
Prin. and semi-ann. int. (J. & D.)
payable at the National Shawmut Bank of Boston.
These bonds are exempt
from taxation in Massachusetts, and will be engraved under the super¬
vision of and certified as to their genuineness by the Old Colony Trust Co.
a
BOND
sioners, will receive bids until
FREE SCHOOL
MAMARONECK UNION
COUNTY (P. O. Dedham), Mass.—NOTE SALE.—On
the $60,000 6% coupon tax-free tuberculosis hospital notes (V.
2445) were awarded to Edmund Bros., of Boston, at 99.319, a basis
of about 6.39%.
Date Jan. 1 1921.
Due Dec. 1 1922.
NORFOLK
Dec.
Ill,
21
p.
OKLAHOMA
CITY
SCHOOL
DISTRICT (P. O. Oklahoma City),
Okla.—BONDS
OFFERED BY BANKERS.—
Inc., and the William R. Compton Co., both of
Ney York, are offering to investors, to yield 5H% interest, $328,000 5%
coupon bonds.
Date Jan. 1 1920.
Denom. $1,000.
Int. J. & J.
Due
$164,000 Jan. 1 1940 and 1945.
These bonds are obviously part of the
$820,000 issue, which was referred to in V. Ill, p. 218.
Oklahoma
County,
Halsey, Stuart & Co.,
DEC.
THE
251920.]
SANTA CLARA SCHOOL DISTRICT, Santa Clara County,
OLDEN INDEPENDENT SCHOOL DISTRICT 'P. O. Olden), East¬
.
land
County, Tex—BONDS REGISTERED—A 875,000 5% 20-40-year
was registered with the State Comptroller on Dec. 16.
bond issue
$110,000 6% bonds on Dec. 20 (V. Ill, p. 2350).
The bonds will be re-offered on Jan. 17.
ONEIDA, Madison County, N. Y.—BOND SALE.—Sherwood & Merri5%
a basis of about 4.99%, the
registered assessment paving bonds offered on Nov. 16—
Date Nov. 1 1920.
Due $5,233 42 yearly on Nov. 1
1775.
SANTA CLARA HIGH SCHOOL DISTRICT, Santa Clara County.
Calif.—NO SALE.—The $125,000 6% bonds offered on Dec. 20 (V. 111.
2350) were not sold.
The date set for the re-offering of the said bonds is Jan. 17.
p.
from 1921 to 1930, incl.
OTTAWA COUNTY (P. O. Port Clinton), Ohio.—BOND SALE.—
The $69,000 6%
highway bonds offered on Dec. 13—V. Ill, p. 2446—were
awarded on Dec. 16 to the American Bank of Port Clinton, at par and
interest.
Denom. $1,000.
Date Nov. 15 1920.
Int. M. & N.
Due
each six months as follows:
1926, incl.;
$3,000, May 15 1921 to May 15
15 1926 to Nov. 15 1930, incl.
and $4,000. Nov.
SARGENT
CONSOLIDATED SCHOOL
DISTRICT NO.
3, Rio
Grande County,
Colo.—BOND ELECTION.—On Dec. 27 $100,000
school-building, $10,000 school equipment and $15,000 school funding
bonds will be voted
)
upon.
SEATTLE, Wash .—BOND OFFERING.—Sealed bids will be received
by H. W. Carroll, City Comptroller, until 12
PANHANDLE, Carson County, Tex.—BONDS REGISTERED—This
on Dec. 15 registered $12,000 5% 10-40-year water-works bonds with
city
the
State
Comptroller.
PENDLETON, Umatilla County, Ore.—BOND SALE.—Carstens &
Carles, of Seattle, have purchased $14,000 fire apparatus and $8,000 park
6% bonds from the City of Pendleton.
PERTH AMBOY, Middlesex County, N. J .—BOND OFFERING.—
Ferd Garretson. City Treasurer, will receive bids until 3 p. m. Jan. 10 for a
$1,000.
Date Jan. 1 1921.
Int. J. & J.
Due yearly on Jan. 1 as follows:
$3,000 1922 to 1934, incl., and $4,000 1935 to 1950, incl.
Certified check
for 2% of amount of bonds bid for, required.
Legality approved by Cald¬
well & Raymond of New York.
PHILADELPHIA, Pa.—BOND BIDS WITHDRA TEN.—According to
Philadelphia "Ledger," bids for bonds aggregating $1,150,000, which
were submitted at the offering on Dec.
16 (V. Ill, p. 2446), have been
withdrawn, leaving a total amount of $4,160,500 actually disposed of.
the
The
following
were
the bids withdrawn:
Name—
Bid.
100 & int.
100%
101%
Amount.
Commercial Trust Co
$100,000
1200,000
200,000
i
_-!200,000
101%
102
50,000
Exchange National Bank
101%
1200,000
200,000
Corn
102.1
Brooke, Stokes & Co
PIERCE COUNTY (P. O. Tacoma), Wash.—BOND OFFERING.—1The
Board of County Commissioners, will, on Jan. 13 at 2 p.m., offer for sale
subject to previous private sale, $350,000 5%% 6-20 years maturity bonds
for immediate delivery.
Cert, check for 10%, required.
PORT ARTHUR INDEPENDENT SCHOOL DISTRICT (P. O. Port
Arthur),
Jefferson
Tex.—NO
County,
on
RECEIVED.—No bids
bonds—V. Ill, p. 2251—
BIDS
submitted for the $27,000 5% school bldg.
Dec. 13.
were
City Council would not consider bids below
par.
RACINE, Racine County, Wise.—BOND SALE.—The First Trust &
Savings Bank of Chicago was the successful bidder on Dec. 17 for an issue
of $33,000 6% bridge bonds at 101.96 and blank bonds a basis of about
5.70%.
Denom. $1,000.
Date July 1 1920.
Prin. and semi-ann. int.
<J. & J.) payable at the office of the City Treasurer.
Due yearly on July 1
as follows:
$2,000, 1921 to 1936, inch; and $2,000, 1937.
A bid of $33,630
was also received from the Harris Trust & Savings Bank of Chicago.
Financial Statement.
Total bonded debt including this issue
Assessed valuation of Racine in 1919
Population
1920
census
$2,006,000
66,974,506
—
58,593
-
RED LAKE COUNTY (P. O. Red Lake Falls), Minn.—BOND OFFER¬
ING— Bids will be received until 2 p.m. Jan. 5 by George Dupont, County
Auditor, for $25,000 road and bridge bonds, at not exceeding 6% interest.
Principal and semi-annual interest payable at a place to be designated by
the purchaser.
Due in 20 years.
Certified check for $1,250, payable to
the County Treasurer, required.
.
RICHLAND
Monroe
TOWNSHIP
IMPROVEMENT
ROAD
DISTRICT,
Ark.—BOND SALE.—The Kauffman-Smith-Emert &
County,
Co., of St. Louis have purchased $220,000 6% bonds.
Denom. $1,000.
Date May 1 1920.
Prin. and semi-ann. int. (F. & A.) payable at the St.
Louis Union Trust Co., St. Louis.
Due yearly on Aug. 1 as follows:
$6,000, 1921 and 1922; $7,000, 1923 and 1924; $8,000, 1925 and 1926
$9,000, 1927 and 1928; $10,000, 1929 and 1930; $11,000, 1931and 1932
$12,000, 1933;
$13,000, 1934; $14,000, 1935 and
$16,000, 1938 and $17,000, 1939 and 1940.
incl.;
1937;
1936;
$15,000,
ROANOKE, Roanoke County, Va.—BOND SALE.—Eldredge & Co.,
and Field, Richards & Co., offering 84.26
awarded the $150,000 sewer and drain,
$100,000 market and $400,000 street-impt. 4%% 29-year coupon bonds,
dated Jan. 1 1920—V. Ill, p. 2349—on Dec. 18.
Prudden & Co., Stacy & Braun
basis of about 5.60%, were
a
ROCHESTER, N. Y.—NOTE SALE.—On Dec. 17 the Lincoln Alliance
was awarded at 6% interest the following two-months
Bank of Rochester
notes:-
$250,000 school construction notes,
635,000 school general notes,
165,000 general notes.
Payable two months from Dec. 22 1920 at the
C.
Wilson,
City Comptroller, will receive bids
interest, designate denominations desired, and to whom
(not bearer)
payable.
ROCK COUNTY (P. O. Luverne), Minn.—BOND SALE.—The WellsDickey Co. of Minneapolis, bidding 101 was awarded $60,000 5%% 5-20
year refunding bonds on Dec. 17.
Denom. $1,000.
Date Dec. 1 1920.
'
Int. J. & D.
•
:
ROCKY RIVER, Cuyahoga County, Ohio.—NO BIDS RECEIVED —
No bids were received for the $13,000 6% park bonds, offered on Dec. 20—
V- 111, p- 2251.
■
fefl
ROSEBUD
COUNTY
(P.
O.
Forsyth), Mont.—BOATD SALE.—The
funding bonds.
of Denver has purchased $60,000 6%
Financial
Assessed valuation
Total bonded
:
Population in
ROSEBUD
Statement.
$35,496,734
12,002.
SCHOOL
DISTRICT
NO.
45
(P.
O.
Rock
Springs), Mont .—BOND OFFERING.—Sealed proposals will be received
for $2,000 school bonds at not exceeding 6% interest, by Olaf Sutherland,
District Clerk until Dec. 27.
Denom. $200.
Cert, check for $50, required.
ROSELLE PARK SCHOOL DISTRICT (P. O.
Roselle Park), Union
N. J.—NO BIDS.—There were no bids for the $1,67,000 6%
school^bldg. bonds, offered on Dec. 21—V. Ill, p. 2350.
County,
r*ST. LOUIS COUNTY (P. O.
Duluth), Minn.—BIDS REJECTED.—
The bids received on Dec. 15 for
the $500,000 5% road bonds—V. Ill, p.
feU
2350—were rejected.
OFFERING.—Proposals will be received for $250,000 5%% road
Borgen, County Auditor, until 1:30 p. m. Dec. 31.
Denom.
$1,000.
Date Jan. 1 1921.
Prin. and semi-ann. int. (J. & J.) payable at
the American Exchange National Bank, N.
Due Jan.-1 1931 .
Cert,
check for 2% of the amount of bonds bid for payable to^G.H. Vivian,
County Treasurer, required.
V&BOND
bonds by W. II.
SALtivi,^Washington County, Ind.—BOND
SALE^—The
fire-equipment bonds offered on Dec. 13 (V. Ill, p.
of local citizens at par.
Denom. $5' 0.
Date
group
J.
&
J.ggDueXsemi-annually beginning
by
ordinance,
All bonds dated Jan. 1 1921.
$38,920
maturing
in
equal
cipal
or
principal and interest.
trust company for 2%
to
entertained.
The
will be furnished
Coupon bonds registerable as to prin¬
Certified check
on
of the face of the bid, required.
rate of interest
name
Principal and semi-ann.
Denom. $1,000.
int. payable in New York in gold.
but bids for
a
national bank
or
Bidders are asked
greater rate than 6%
a
will not be
approving legal opinion of Chester B. Masslich, N. Y.,
to
Bids must be on blank
purchasers without charge.
forms which, together with further
information, will be furnished on appli¬
cation to the above Comptroller.
The official notice of this bond offering will be found among
the advertise-
elsewhere in this Department.
ments
SHELBY SCHOOL
DISTRICT
(P. O. Shelby), Richland County,
Ohio.—BOND OFFERING.—Proposals for $20,000 6% school bonds will
be received until 12 m. Jan. 1 by R. E. Sawyer, Clerk of Board of Education.»
Denom. $1,000.
Date Jan. 1 1921.
Prin. and semi-ann. int. (J. & J.)
payable at the District Treasurer's office.
Due $1,000 each six months
from Jan. 1 1923 to July 1 1932, incl.
Cert, check for 3% of amount of
bonds bid for, payable to the above clerk, required.
SHREVE, Wayne County,' Ohio.—BOND OFFERING.—Lon A. Cor¬
nell, Village Clerk, will receive bids until 12 m. Dec. 29 for the following
6% bonds:
$4,200 street impt. and sewer bonds.
Denom. $200.
Due $400 on Sept. 1
in 1922 and 1923; and $200 yearly on Sept. 1 from 1924 to 1940, incl.
1,000 Jones & McConkey St. sewer special assessment bonds.
Denom.
7,000 special assessment Robison St. impt. bonds.
Denom. $700.
Dup
$700 yearly on Sept. 1 from 1922 to 1931, incl.
|
Date Sept. 1 1920.
Int. semi-ann.
Cert, check for 2% of amount of
bonds bid for, payable to the Village Treasurer, required.
Bonds to be
delivered and paid for at Shreve within 10 days from date of award.
Pur¬
chaser to pay accrued interest and print, at his own expense, the necessary
bonds.
'
SIDON CONSOLIDATED SCHOOL DISTRICT, Le Flore County,
Miss.—BOND OFFERING.—Until Jan. 4 A. R. Bew, Clerk Board of County
Supervisors (P. O. Greenwood), will receive proposals for an issue of $30,000
6% bonds.
Int. semi-ann.
Place of payment of principal and interest
will be fixed to suit purchaser.
Bonds will mature one-fiftieth annually
one-twenty-fifth annually for succeeding ten-year
period, and the remaining to be divided into equal annual payments during
the remaining ten-year period of the life of said bonds.
The issuance of
these bonds was sanctioned by a popular vote of said District in an election
for first five years and
held
on
Nov. 27 1920.
|
Financial
Statement.
Estimated value of taxable property
$2,250,000
Assessed value of taxable property>-».-te»«-».w_-- ——1,072,750
Total
indebtedness,
bonded
There
are no
i
None
bonds outstanding.
Middlesex County, N. 3.—BOND OFFERING.Timothy F. Sullivan, City Treasurer, will receive bids until 12 m. Dec. 29,
it is stated, for $100,000 5% 30 2-3-year (average) water bonds.
Interest
semi-annual.
Certified check for 2% required.
SOUTH .AMBOY,
of).—WARRANT OFFERING.—Bids will
State Treasurer (P. O. Pierre),
Ill, p. 2447) State Treasury
dated Jan. 10 1921, payable
one year from date of issue or four months from date of issue.
Bids are
requested for each proposition.
Certified check for $1,000 required.
SOUTH
DAKOTA
(State
be received until Jan. 5 by W. S. O'Brien,
for $1,000,000 (not $100,000, as reported in V.
revenue warrants in denom. of $10,000 each,
SPARTANBURG, Spartanburg County, So. Caro .—BOND OFFER¬
will receive bids until Jan. 13 for the $100,$50,000 sewer extension and construction
5% 20-year bonds, offered unsuccessfully
on Nov. 22.—V. Ill, p. 2447.
ING.—T. J. Boyd, City Clerk,
street and sidewalk impt.,
and $50,000 park development
000
Highway Commission for $125,000 road bonds.
SPARTANBURG SCHOOL DISTRICT (P. O. Spartanburg), Spar¬
tanburg County, So. Caro.—BOND OFFERING.—An issue of $300,000
bonds will be offered for sale on Jan. 13, it is stated.
school
O. Rockport), Ind.—BOND OFFERING.—
receive bids until 2 p. m. Jan. 29
Court-House equipment bonds.
Denom. $1,000.
Date
Jan. 1 1921.
Int. M. & N.
Due $2,000 each six months from May 15
1921 to Nov. 15 1940 incl.
Cert, check on a local bank for 3% of amount
of bonds bid for, payable to the County Commissioners, required.
Bids
must be made on forms furnished by the County Auditor.
Purchaser to
pay accrued interest.
SPENCER COUNTY (P.
R. W. Richards Jr,, County Auditor, will
for
$80,000 6%
COUNTY
SCHOOL
SWIFT
NO. 6, Wash.—BOND
Treasurer (P. O. Colville)
DISTRICT
OFFERING.—Until 1p.m. Dec. 27 the County
will receive
proposals for $4,000 bonds.
COUNTY
(P.
O.
Benson),
Minn.—BOND
OFFERING.—
D. P. Carney, County Auditor, will receive bids until 2 p. m. Jan. 6 for
$50,000 road bonds at not exceeding 6% interest.
£)enom. $1,000.
Date
Dec. 1 1920.
Prin.*and semi-ann. int. (J. & D.) payable at the First
National Bank, Minneapolis.
Due Dec. 1 1930.
SWISSVALE, Allegheny County, Pa .—BOND SALE.—'The $20,000
tax-free bonds offered on Dec. 21 (V. Ill, p. 2252) have been
on a 5.20% basis.
Due $1,000 yearly on Nov. 1 from 1926 to
coupon
1945 incl.
TARBORO, Edgecombe County,
$641,000
*
COUNTY
authorized
series 6 to 20 years.
awarded
1920
1920,
Jan. 3 for the purchase of
1,000,000 bonds authorized by ordinance, $38,469 maturing in approximately equal series, 6 to 20 years.
STEVENS
MOUNT, Edgecombe County, No. Caro.—BIDS REJECTED.
—On Dec. 16 all bids received for the purchase of the $160,000 coupon (with
privilege of registration) gas supply system bonds—V. Ill, p. 2349—were
declined.
'V
•
•,
ROCKY
Bankers Trust Co.
m.
following issues of municipal light and power plant
system bonds:
$1,005,000 bonds
of
2:30 p. m. Jan. 3 for $100,000 grade-crossing notes, payable two
months from Jan. 5 1921 at the Central Union Trust Co. of New York,
where delivery to purchaser is to be made on Jan. 5.
Bidders must state
notes shall be made
both of the
or
^
Central Union Trust Co.
until
rate of
and
SPARTANBURG COUNTY (P. O. Spartanburg), So. Caro .—BOND
OFFERING.—Until Jan. 13 sealed bids will be received by the Clerk Board
of New York.
NOTE OFFERING.—I.
either
$500.
Yavapai County, Ariz.—BIDS REJECTED.—At the
offering of $350,000 water bonds, all bids vere rejected because the
PRESCOTT,
recent
Calif.—
BONDS NOT SOLD.—BONDS TO BE RE-OFFERED.—No sale was made
of the
£ eld of New York have purchased at 100.02,
$52,334 21
V. 111. P.
2545
CHRONICLE
$8,005 £6%
2067) were sold to a
Dec. 13,1920.ijalnt.
Julyilxl921.j|Cii«^^nJtiaa--
No. Caro.—BONDS NOT SOLD—
refunding 6% gold bonds offered
sold on that date because a satis¬
The $200,000 public impt. and $20,000
on Dec. 21—v. Ill, p. 2350—were not
factory bid was lacking.
The above bonds will be sold at a later date.
tempe, Maricopa County, Ariz.—BOND OFFERING.—The Town
Jan. 13 for the $48,000 6% street-improve¬
ment^ bonds, which were voted on June 20 by 72 to 11 (V.|l 11, p. 219).
"Texas (State of).—BONDS REGISTERED.—The following 5% bonds
were registered on Dec.
15 with the State Comptroller:
Amount.
Place and Purpose of Issue.
Due.
$3,000
Fayette County Common School District No. 14
5-20 years
2,000
Van Zandt County Common School District No. 26—20 years
Clerk will receive proposals until
TOLEDO,
Lucas
County.
Ohio.—BOND
OFFERING.—John J.
Higgins, Director of Finance, will receive proposals until 12 m. Jan. 18 for
$845,387.88 6% deficiency funding bonds.
Denom. 1 for $387.88 and 845
for $1,000.
Date Nov. 1 1920.
Principal and semi-annual interest payable
at the U. S. Mtge. & Trust Co. of New York.
Due Nov. 1 1928.
Certified
check for 2% of amount of bonds bid for, payable to the City Treasurer,
required.
Bonds to be delivered and paid for within ten days from date
of award.
Purchaser to pay accrued interest.
TOPEKA, Shawnee County, Kan.—BOND SALE.—About the middle
% tax-free water bonds, being part of the $535,000
was authorized by the voters on Nov. 2 (V. Ill, p. 1972),
of December $300,000 5%
bond issue which
2546
THE
,
CHRONICLE
WALLOWA COUNTY (P. O. Enterprise), Ore.—BOND OFFERING.—
Proposals will be received by John Wortman, County Clerk, for $200,000
5M% road bonds until 2 p. m. Jan. 5.
Denoms. $50 or multiples thereof
up to $1,000 at option of successful bidder.
Date Dec. 1 1920.
Prin.
and semi-ann. int. (J. & D.) payable at the office of the County Treasurer
or at the fiscal agency of the State of Oregon in New York City, N. Y. at
option of bidder.
Due $20,000 yearly on Dec. 1 from 1930 to 1939 incl.
A draft or cert, check on a responsible bank for 5% of the amount of bonds
bid for payable to Wallowa County, required.
purchased at auction by the Columbia Title & Trust Co. of Topeka,
was acting as agent for the William R. Compton Co., at 101.56, a
Prin. and
Jan. 11941.
During the forepart of this week the Wra. R. Compton Co. offered the
said bonds to investors at 104.34, yielding 5.15%, and they were quickly
were
which
basis of about 5.37%.
Denom. $1,000.
Date Jan. 1 1921.
semi-ann. int. (J. & J.) payable at State Treasurer's office. Due
taken
up.
•
TURLOCK IRRIGATION DISTRICT (P. O. Turlock), Stanislaus
County, Calif.—C ORRECTI ON.^-In V. Ill, p. 2447, we reported that
this district on Dec. 14 sold $7,750,000 6% bonds, but we have since been
advised by Anna Sorenson, District Secretary, that only $2,570,000 were
sold on that date at par, as follows:
Financial Statement.
Estimated population of Wallowa County._
12,000
$16,260,362.00
20,325,452.00
No outstanding bonds or indebtedness., except $100,000 of present issue.
Wallowa County has been on a cash basis for 14 years.
——
Assessed valuation, year 1920--Full value of Wallowa County property..
—
$60,000 bonds to the People's State Bank, Turlock.
2,510,000 bonds to A. L. Gazzle of San Francisco.
Denom. $1,000.
Date July 1 1920.
Int. J. & J.
Due serially on July 1
from
1936
to
1951
incl.
;
■
WASHAKIE COUNTY SCHOOL DISTRICT NO. 5 (P. O. Worland),
Wyo.—BOND SALE.—Bosworth, Chanute & Co., of Denver, have pur¬
(opt.) school bonds which were offered
UNION, Hudson County, N. J.—BONDS AWARDED IN PART.—
REMAINDER RE-OFFERED.—On Dec. 16 the issue of 6% coupon (with
privilege of registration) school bonds (V. Ill, p. 2350) was awarded to the
weehawken Trust Co., which bid $421,999 for $412,000 bonds—the price
thus being 102.427, a basis of about 5.72%.
Date Nov. 1 1920.
Due
yearly on Nov. I as follows: $j.9,000 1921 to 1930 incl.; $16,000 1931 to
1936 incl.; $15,000 1937 to 1944 incl.. and $6,000 1945.
A. B. Loach & Co. were the only bidders for the $134,000 paving issue,
but withdrew the bid when the school bonds were awarded to the Wee¬
hawken Trust Co., saying that the bid was meant for "all or none."
.
chased the $5,000 6% 15-25-year
on Dec.
1 (V. Ill, p. 1973).
WAYNE COUNTY
(P. O. Waynesboro), Miss.—BOND OFFERING.
Davis Clerk, Board of Super¬
visors, it is stated for the following 6% bonds offered unsuccessfully on
Dec. 6—V. Ill, p. 2252.
$50,000 Mulberry Road District bonds,
75,000 Waynesboro Road District bonds.
75,000 Clara Road District bonds.
—Bids will be received until Jan. 3 by J. P.
t
The unsold Ponds will be re-advertised for sale on Dec. 29.
Int. semi-ann.
VERO, St. Lucie County, Fla.—BOND OFFERING.—Sealed bids will
be received until Jan. 12 for $40,0006% street and sidewalk bonds by Joseph
Hill, City Clerk.
Denom. $1,000.
Date Feb. 1 1921.
Prin. and semiann. int. (F. & A.) payable at the office of the City Clerk or at the U. S.
Mtge. & Trust Co., N. Y.
Due $1,000 yearly on Feb. 1 from 1922 to 1961
incl.
Cert, check for $400 payable to the City Council required.
WENDELL, Wake County, No. Caro.—BOND OFFERING.—Z. V.
Richardson, Jr., Town Clerk, will receive proposals until 2 p.m. Jan. 17
for $12,000 6% gold coupon (with privilege of registration) water bonds.
Denom. $500.
Date Jan. 1 1921.
Prin. and .semi-ann. int. (J. & J.)
payable at the U. S. Mtge. & Trust Co., N. Y.
Due $500 yearly on Jan. 1
from 1923 to 1946 incl.
Cert, check or cash on an incorporated bank or
VIVIAN, Caddo Parish, La .—BOND OFFERING.—Sealed bids will be
received by F. B. Rieves, Town Clerk, for the $34,000 5% street
—V. Ill, p. 2008—until 4 p. m. Jan. 4.
Int. annual.
WACO,
[VOL. 111.
trust
company for 2%
required.
of the amount of bonds bid for payable to the Town
of Wendell,
impt. bonds
The successful bidders will be furnished with the
opinion of Reed, Dougherty & Hoyt of N. Y., that the bonds are valid and
binding obligations or the town of Wendell.
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 town officials and seal
impressed thereon.
Purchaser to pay accrued interest.
McLennan County Tex.—BOND OFFERING.—Sealed bids
the City of Waco until 10 a. m. Dec. 30 for the following
will be received by
5% 30-year bonds—V. Ill, p. 1682.
$100,000, eleventh, series street impt. bonds
65,000, third, series park impt. bonds
96,000, seventh, series refunding bonds.
WESTON
Wyo.
COUNTY
SCHOOL
DISTRICT
BOND SALE.—The State I of
NO. 7 (P. O. Upton),
Wyoming obtained the $25,000 6%
Bonds are dated Jan. 11921 ana place of payment will be at the Chemical
National Bank, N. Y.
Denom. $1,000.
Cert, check on some Waco
bank for 2% of the amount of bids, required.
Bids must be on the form
school bonds (V
prescribed by the City of Waco, which will be furnished on demand.
purchaser will lithograph bonds without cost to the city.
On Dec. 21 the issue of $90,000 street-impt. bonds maturing
V. Ill, p. 2350—was awarded to Harris, Foroes & Co. of
100.201 for 6s, a basis of about 5.96%.
WEST ORANGE, Essex County,
The
WAHNETA DRAINAGE DISTRICT (P. O. Winter Haven), Polk
County, Fla.—BONDS NOT SOLD.—The $59,500 6% drainage bonds of¬
The $48,000 street impt.
NEW
their bid.
LOANS
MUNICIPAL
ef
We
and $104,000 assessment 5>£% bonds offered
WILSON, Wilson County, |No. Caro .—BONDS REFUSED.—The
"Mount Airy News" of Dec. 11 states that "The purchasers of the $530,000
worth of the town of Wilson Street, water and sewer bonds—Y. Ill, p.
2069—according to a telegram received by Mayor Hill, have withdrawn
WALBRIDGE, Wood County, Ohio.—BOND SALE.—On Dec, 18 the
Walbridge State'Bank of Walbridge was awarded at par and interest the
$12,000 6% electric-light bonds offered on that date (V. Ill, p. 2252).
Date Sept. 1 1919.
Due $1,000 yearly on Sept. 1 from 1921 to 1932, incl.
LOANS
NEW LOANS
BONDS
$2,003,000
Underwriting and distributing entire issue*
City, County, School District and Road
Dealer's inquiries
District Bends of Texas.
end offerings solicited.
specialize in
Circulart
City of Philadelphia
N. J .—BONDS SOLD IN PART.—
Dec. 1 1926—
New York at
at the same time were not sold.
fered on Dec. 6 (V. Ill, p. 2159) were not sold.
These bonds can be purchased at private sale.
NEW
111, p. 2159) on Dec. 13 at par and int.
on
CITY OF SEATTLE
Request.
LIGHT AND
HapvOLD O.WISE &Compant
POWER
BONDS
Sealed bids will be received by the undersigned
in Seattle until noon, JANUARY 3, 1921, for
3s
the
31/28
HouKToar.TEXAS
4s
United States and Canadian
41/48
41/2S
Municipal
purchase of either or both of the following
Light and Power Plant and
System Bonds of the City of Seattle, Wash¬
ington:
•
p"** •
$1,005,000 bonds authorized by ordinance 38920,
maturing in equal series 6 to 20 years;
$1,000,000 bonds authorized by ordinance 38469,
maturing in approximately equal series
issues of Municipal
Bonds.
5s
6 to 20 years.
All
bonds dated January 1, 1921, denomina¬
$1,000, principal and semi-annual interest
payable in New York in gold, coupon bonds registerable as to principal or principal and interest.
Bidders are asked to name rate of interest,
tion
AND
"
Biddle & Henry
104 South
waddell
Ground Floor Singer Building
89
Liberty Street,
but bids for
New York
Telephone Cortlandt 3183
Fift(i Street
will not be
greater rate than 6%
a
N
entertained.
The above bonds and interest thereon are pay¬
able solely from funds created and pledged, by
said ordinances
PHILADELPHIA
respectively into which funds^ the
require periodical payments of suffi¬
the c{ty's
Municipal Light and Power Plant.
■
'
^
The approving legal opinion
of Chester' B.
Masslich, Esq., New York City, will be fur ished
to purchasers without charge.
Bids must be on blank forms, which, together
with further information, will be furnished.:on
application to the undersigned.
«•.
Bids must be accompanied by a certified check
on a national bank or trust company for two per
cent of the face of the bid, which deposit will
ordinances
cient amounts from the gross earnings of
Private
Vire to New York.
Call Canal 8437.
A. G. Becker & Co.
COMMERCIAL PAPER
INVESTMENT SECURITIES
New Jersey
be returned if bid be not
Securities
18T
South
CHICAGO
OUTWATER & WELLS
II exchange Place
Tel. SO Montgomery
Jersey City. N. J.
accepted, but otherwise
will be applied by the city on the sum bid, or, if
tho bidder fails to comply with the terms of his
Solie
La
bid, the deposit shall bo forfeited by the city as
and for liquidated damages.
Deposited checks
exchangeable for similarly certified checks for
two per cent of amount of bonds awarded depos¬
itor.
No bids shall be withdrawn after the same
have been filed with the City Comptroller unless
permission so to do shall first be obtained from
the City Council.
Delivery of bonds in Seattle, New * York.
Chicago, Boston or Cincinnati, at option^ of
are
WW
YORK
ST. LOUIS
SAN FRANCISCO
SKATTLt
LOS
„
F.
E.
MAGRAW
purchaser.
V
MUNICIPAL ANN OOIPOBATIOH
BONDS
MUNICIPALS
RESALE
H.
W. CARROLL,
City Comptroller.
HENRY NIGHTINGALE
Oiaawdil Paper
MUNICIPAL BONDS
Canadian, Mexican and Foreign Government
Globe Building
ST. PAUL, MINN.
Of
the
Bank,
SAFETY
Broad
7118
4$
MFG.
CO.
BROADWAY
in
New York City u«e
NATIONAL
AMERICAN
Securities.
Phone
80%
FOR
>
Loeal SeeariUes of the Twin OttitM
Over
,
PAPER
FOR THEIR CHECKS
New Jersey
Municipal Bonds
Descriptive List
on
CORDAGE
Request
NILA. SISAL. JUTE
George La Monte & Son
81
Broadway
,.
New York
J.S. RIPPEL A COMPANY
It CLINTON STREET
NEWARK, N. t.
Nobal A West Stmts. Bmktyn,
N. V. City
Dec.
The town of Wilson holds a certified check from the purchasers for
ch<
OFFERING.—Proposals for $65,000 5% coupon s< 100I bonds
27 by George F. Donecker, Secretary
Int. J. & J.
Due $10,000 on Jan. 1
in 1931, 1936 and $15,000 on Jan. 1 in 1941, 1946 and 1951.
Cert, check
for 1 % of amount of bid, required.
BOND
will be received until 7.45 p. m. Dec.
of School Board.
Denom. $1,000.
were
Montgomery
given in V. Ill,
a
the
REJECTED.—All
,000 recently offered, were
temporary loan of $35,<
p.
rejected.
OSHAWA,
Yakima), Wash.—BOND SALE.—The
County Commissioners have sold the $250,000 road bonds (V. Ill, p. 2350)
to the Lumbermen's Trust Co. of Portland at par for 6s, with a charge of
2H% for handling.
The County Commissioners also sold $38,000 drainage bonds as follows:
$7,000 bonds to Lumbermen's Trust Co. of Portland at 93.35 for 7s.
31,000 bonds to Carstens & Earles, Inc., and Blyth, Witter & Co.jointly,
YAKIMA
O.
(P.
COUNTY
(Province of) .—DEBENTURE SALE.—The province has
an additional $1,000,000 of the 6% 15-year gold coupon debentures to
syndicate which took up $15,000,000 in the past two weeks.—V. Ill,
2449.
sold
Mass.—BIDS
J
County,
Suffolk
WINTHROP,
bids received for
the
int.
ONTARIO
2447.
p.
OFFERING.—
Dec. 30 for $1,-
submitting their proposals, shall base their bids on either or both of
following: Prin. and int. payable in Canada and New York; prin. and
payable in Canada only.
County, Miss .—CERTIFIED CHECK.—
A certified check for 2 M % is required with each and every bid that is sub¬
mitted on Jan. 4 for the $60,000 6% bonds.
Further details of this issue
WINONA,
of).—DEBENTURE
(Province
The Provincial Treasurer will receive tenders until 3 p. m.
750,000 6% coupon ( with privilege of registration) debentures.
Denom.
$1,000.
Date Jan. 1 1921.
Prin. and semi-ann. int. (J. & J.) payable
in gold at the Provincial Secretary-Treasurer's office, or at the Bank of
Montreal in St. John, Montreal, Toronto, or New York.
Due Jan. 1 1936.
Cert, check for $10,000 required.
Interim certificates, for which definite
debentures will be exchanged when completed, to be delivered and paid for
at the Bank of Montreal in Frederickston.
It is dosired that tenderers, in
WILSON SCHOOL DISTRICT (P. O. Wilson), Allegheny County,
Pa.
BRUNSWICK
NEW
$10,600
them from expenses in the transaction for the making of maps
placing orders for materials for contemplated improvements. ■
to protect
ana
3547
CHRONICLE
THE
251920.]
Gundy
SALE.—Wood,
Ont.—DEBENTURE
&
Toronto, have purchased $33,136 20-year installment and $10,665
installment 6% debentures at 93.42, a basis of about 6.80%.
Co., o
30-year
OTTAWA, Ont.—DEBENTURE ELECTION.—Newspapers report that
Council has authorized that by-laws to issue $60,000 municipal
the City
quarry and $200,000 central fire-station debentures
voters for approval at the January elections.
be placed before the
at 93.50 for 7s.
DISTRICT
SCHOOL
COUNTY
YAKIMA
SALE.—This district recently sold $7,950 5M %
Washington at par.
NO. 88, Wash.—BOND
school bonds to the State of
•
,
ST. JOHN, N. B.—DEBENTURE SALE.—The city has sold $140,000
10- year and $90,000 15-year 6% debentures to the Eastern Securities Co.
J. M. Robinson & Sons and the Mahon Bond Corp., who are now offering
them at 97H and yielding
the 15-year debentures.
.
Ariz.—SUIT.—Newspapers re-
YAVAPAI COUNTY (P. O. Prescott),
J. Sweeney, preventing the County Commissioners from disposing of
Sort that a temporary injunction has been made permanent by Judge
.
the $1,500,000 6%
highway-impt. bonds (V. Ill, p. 2698).
BIENVILLE, Que.—DEBENTURE
tenders until Dec. 27 for
*
■
Ruel, Secretary
10-year installment
-
>
BRANTFORD, Ont.—DEBENTURE ELECTION.—According
by-laws to issue $185,000 Collegiate Institute, $125,000
erection and $174,000 water works debentures will be submitted
voters at the January elections.
ports,
«
to re¬
school
to the
SALE.—A block of $52,604 6^%
sold to Wood, Gundy & Co., of Toronto, at 96.69, a
FORD CITY, Ont .—DEBENTURE
debentures has been
basis of about 7.05%.
VILLE
LA
DE
MIDLAND, Ont.—DEBENTURE
by-law to issue $100,000 town hall
ratepayers in January.
debentures have been sold to
ELECTION.—It is reported that a
cebentures will be submitted to the
following is
25 to
Nov.
Bergheim,
$3,200 10-years 8%; H. L. Martin Lumber Co.
Langenburg, $1,500
10-years 8%y W. G. Suechsschlaf, Langenburg.
Bertdale, $2,000 15-years 8%; Andrew Dickson, Indian Head.
Clarendon,
$700 10-years 8%; Constance, $800 8-years 8%; town of Biggar sinking
fund.
Grandy,
$6,000 20-years 8%;
Waterman-Water bury, Regina.
Belleville, $2,000 20-years; S. Cummins, Kennedy.
Knapton, $2,500
15 years 8%; local purchaser.
Gowan Brae, $1,200 6-years 8%; J. R.
Taylor, Kinistino.
STRASSBOURG, Sask .—DEBENTURE SALE.—It is reported that
this town has sold $4,000 8% 15-year debentures to W. E. Sayfes of Brantford.
VANCOUVER,
B.
C.—DEBENTURE
ELECTION.—At the January
school debentures will be
elections, it is stated, a by-law to issue $251,000
voted upon.
•
Que.—DEBENTURE SALE.—News¬
CHICOUTIMI,
report that $100,000 5H% 10-year
the Municipal Debenture Corp. at 91.75.
papers
Sask .—DEBENTURE
1:
Dec.
OFFERING.— -J.
$25,000 6%
DISTRICTS,
a
ELECTION.—On Jan. 3, according
$9,000 hydro-electric plant debentures will be
will receive
debentures.
SCHOOL
SALE.—The "Monetary Times" of Toronto reports that the
list
of
debentures
"aggregating $19,900" sold
from
Municipalities.
AVONMORE, Ont.—DEBENTURE
to reports, a by-law to issue
submitted to the voters.
the 10-year debentures and 6.25% on
on
tion debentures.
SASKATCHEWAN
and
Provinces
its
CANADA,
6.35%
Ont.—DEBENTURE ELECTION.—On Jan. 3 the
ratepayers will vote on the question of issuing $233,000 concrete dam erec¬
THOMAS,
ST.
VERIGEN SCHOOL DISTRICT,
J.
Z.
Walten
Sask.—DEBENTURE OFFERING.—
$15,000 8% 20-installment school
is receiving tenders for
debentures.
VICTORIA, B. C.—DEBENTURE OFFERING.—An issue of $336,500
6j^% 1-10 year serial debentures is being offered to local citizens at prices
ranging from 93.36 to 99.52, according to maturities.
FINANCIAL
ENGINEERS
WE FINANCE
established meritorious Industrial enterprises under longtime contracts
as sole fiscal agents with permanent financial interest, representation
on board of directors and executive committee, control of flnanoe*,
STONE & WEBSTER
and right of
audit and inspection without notice.
WE OFFER
INCORPORATED
bankers and investment dealers a
DESIGN steam power stations,
hydro-electric
transmission
developments,
city
lines,
interurban railways,
gas
and
and
industrial
plants, warehouses and buildchemical
plants,
assistance of all our affiliated
sales organizations in distribution of
security issues too large to handle locally.
We also
and finance small investment houses everywhere.
buy half interest in
Correspondence Solicited
Central National Industrial Finance Corporation
ings.
;
constant supply of proven Industrial
securities and profitable underwriting opportunities, together with
financial assistance on their own local underwritings and the
CONSTRUCT either from their
Capital $1,000,000
designs or from designs
engineers or architects
MANAGE
public utility and
industrial companies.
own
National Association Building
of other
REPORT
on
going
28
WEST 44TH STREET, NEW YORK
concerns,
proposed extensions and new
projects.
Approved Investment Issues
FINANCE industrial and public
utility properties and conduct
an
investment banking
Long and active association with bo many
business.
,
business
NEW YORK BOSTON
CHICAGO
of the leading
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
are
solicited.
THE
Mellon National Bank
J. G. WHITE ENGINEERING
Engineers
Constructor*
Illinois Trust & Savings Bank
Buildings—Industrial Units
La Salle at Jackson
Public Utilities
Reports—Valuations—Estimates
48 EXCHANGE PLACE,
NEW YORK
H. M. CHANCE
& CO.
Mining Engineer. and Geologist.
COAL AND MINERAL PROPERTIES
Examined. Managed, Appraised
Drexel Bldg.
Pennsylvania
Pittsburgh
CORPORATION
PHILADELPHIA
Pays Interest
on
Time
Deposits, Current and Reserve
Accounts.
Chicago
•
Capital and Surplus
fcknof
ohange.
•
^
Deals in Foreign Ex-
Transacts
a
Has
rjvvvji
on
hand at all times
cellent securities.
a
variety of
ex*
Buys and sells
Government, Municipal
General Trust Business.
Corporation Bonds/
THE
POSITIONS
MANAGER
MENT
WANTED
FOREIGN
BOND
(AMERICAN)
with
Wall Street reputation now
ful Foreign Securities
connection
on
INVESTMENT
DEPART¬
well
BOND
established
Department, desires
profit-sharing
basis.
profitable
arbitrage
business
new
able
War,
offered to high-class organization.
Box
40,
Financial
of
care
90
desires position
Box
dress
90
Pine
with
A-37,
Financial
of
care
to
become associated
House.
ment
care of
New
York
Competent
permanent
of
care
Ad¬
to
start
or
liberty
Jan.
man.
assume
age
with
TRADER.—Will
25
is
years,
be
refined
experience.
years
prominent
Stock
January first,
ment house.
European
Banking
with
experience.
of
SECRETARY AND
and
Good
and
Trainer
90
for
class
-J
office.
con¬
BOND
invest¬
of
Street,
as
will
excellent
A-21,
House.
Financial
care
Address
Chronicle,
90
York City.
operator
to
to
in
Chronicle,
Box
90
Pine
TRADER
WANTED.—By
Write
confidential.
for
appointment.
Address Box
Chronicle,
90
Replies
A-30,
Pine
of
care
Street,
New
BOND
TRADER—A
large
New
an
opening for an
experienced railroad bond trader.
Confidence
observed.
Address Box A-47, care of Financial
Street,
".J
y .
Chronicle, 90 Pine Street, New York City.
'
and
V
will
men
find
it
with
a
and
Chronicle,
90
Pine
B-l,
A-44,
Pine
old
an
established
House.
New
Mast
of
position
brokerage
and
other
fidential.
lady
Financial
with
Box
A-15,
and
Tellers'
National
for
pay¬
Chemical Company have this
day declared
101st consecutive quarterly dividend of
COLES, Treasurer.
Excellent
care
of
recom¬
Financial
experi¬
Communications will be held confiden¬
REPRESENTATION WANTED
Stock
PACIFIC COAST—A resident of San
Francisco
possessing
a
valuable
acquaintance
among
Bankers
care
Ex¬
Investors
a
of
the
Pacific
Coast
New York Stock
Exchange
firm dealing in Commercial
Paper,
Preferred Stock, not now
Bonds and
represented in that
Address A-5 Financial
Chronicle, Box 3,
Wall Street Station, New York.
field.
Financial
of
and
desires to represent
rail,
walnut
all in
cages,
desks,
Btbtben&S
fine condition.
very
Transfer books will not be closed.
E. E. COLES, Treasurer.
BARNET LEATHER CO., INC.,
81 Fulton St., N. Y. C.
Dec
20. 1920
A quarterly dividend of one and three-quarters
(124 %) per cent has been declared upon the pre¬
ferred stock of the Barnet Leather Co
Inc.,
payable January 1, 1921, to stockholders of record
,
30,
FEDERAL SUGAR REFINING COMPANY
screen
jExchange Bank, Lockport, New York.
The regular quarterly dividend of
half per cent {114%) on the
1,
be
paid
Wall
of
the
the
at
New
Trust
York,
will
Company,
16
Street.
G.
D.
MILNE, Treasurer.
PIERCE
The
of
a
dend
of
1920.
HEYMAN, Treasurer.
this
corporation
have
de¬
dividend
of
1
% on the preferred
They have also declared a divi¬
capital stock.
50c.
The
per
share
on
the
common
capital
dividends
stock
stockholders
are
of
on
both preferred and
payable January 5, 1921, to
record
at
the
close
of
L. A.
CITY
OF
COOLIDGE, Treasurer.
COPENHAGEN
(DENMARK)
8)4% External Loan of 1919.
Coupons due January 1st, 1921, on the above
bonds
at
will
the
be
office
paid
of
January 3rd,
Brown
Brothers
thereafter,
or
&
Co., Fiscal
MATHIESON
ALKALI
WORKS (Inc.).
Nerw York, December
14, 1920
A quarterly dividend of
one and three-quarter*
cent
(124%) has been declared upon the
per
preferred
stock,
payable
January
3,
1920,
to
stockholders of record at the close
of busines*
December 20,
1920.
Transfer books will not
bo closed,
FRANCIS B.
RICHARDS, Treasurer.
at
SMITH, Treasurer.
ELEVATOR COMPANY.
H.
PEPPER, Treasurer.
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.
W.
Checks will be mailed.
R. JORALEMON,
Secretary.
Office of The United Qas Improvement
Co.
I
N. W. Corner Broad and Arch
Streets,
Philadelphia, December 8 1920.
The Directors have ihis
day declared a quar¬
terly dividend of one per pent (50c.
per share)
on
the Common Stock of this
Company, payable
January 15, 1921, to holders of Common Stock
of record
1920:
at
th<j close
Checks
will
I.
Agents, 59 Wall Street, New York
City.
THE
one-
26th St. & 11th Ave., N. Y.
C., Dec. 21, 1920.
A
regular quarterly dividend of SI.60
per
share on the Preferred
Stock
and
$2.00 per
share on the Common
Stock; also an EXTRA
dividend of $2.00 per share on
the
Common
Stock, will be paid January 15,
1921, to Stock¬
holders of record at the close of
business on
December 31, 1920.
Checks will be mailed.
business
December 20, 1920.
J.
Dec. 21, 1920.
R.
United Shoe Machinery Corporation
directors
clared
and
February 1, 1921, to stockholders of record
the close of business
January 22, 1921.
OTIS
1929
Company in
Bankers
one
Preferred Sharosfof
Company, and tbe regular quarterly dividend
of one and three-quarters
per cent
(124%) on
the Common Shares of this
Company will be paid
Four Per Cent Collateral Trust Bonds
common
VIRGINIA-CAROLINA CHEMICAL CO.
Richmond, Va., December 23, 1920.
The Board of Directors of the
Virginia-Carolina
Chemical Company have this
day declared a
quarterly dividend of One Dollar per share
(1%),
being Dividend No. 56, on the common stock of
this company, payable
Tuesday, February 1,
1921, to stockholders of record at the close of
business on Saturday, January
15, 1921.
to
Box
A-45, care of Financial
Chronicle, 90 Pine Street, New York
City.
Pine
American Telephone & Tel
egraph Co.
stock.
OF
December
about
Address
the
$2 per
(2%) on the preferred stock of this com¬
pany, payable Saturday, January 15, 1921, to
stockholders of record at the close of business
on
Monday, January 3, 1921.
Transfer books will not be closed.
share
H.
90
Btottrentig
Treasurer
OF
DIVIDEND NO. 101.
The Board of Directors of the
Virginia-Carolina
the close
of business
Checks will be mailed.
tial.
remun¬
Coupons from these Bonds, payable by their
terms, on January 1, 1921, at the office of the
VIRGINIA-CAROLINA CHEMICAL CO.
Richmond, Va., December 23, 1920.
at
or
and also undertaking
A-12,
tnis
President.
SBibttiettfe*
OFFICE
Address
EQUIPMENT FOR SALE.
walnut
Due July
E.
having
Address Box
Chronicle,
Consolidated
a
house,
clientlelo,
STATISTICIAN WANTED—Must be
thorough¬
ly familiar with partial payment plan sales
promotion work.
When writing, state
progressive
Adequate
retail
a
Chronicle, 90 Pine Street, New York City.
capable of producing business.
Write
BANK
gj for
Dated December 1, 1920.
THOMAS V. CAHALL,
E.
by
Exchange
Address
house.
claims
Pine
WANTED
original underwriting.
mendations.
Chronicle, 90 Pine Street, New York City.
switchboard
as
ment.
OFFICE
Stock
develop
some
change firm.
Co-operation of a good statistical
department assured.
All replies strictly con
lUqutbatton
notes
wanted
CUSTOMERS' MAN having a clientele and the
ability to initiate business can make exceptional
arrangements
Box
90
of assuming entire
charge of statistical department of an invest¬
banking house.
Prefer
a
New
York
York
Street, New York City.
New
Street,
of
care
Address
Chronicle,
ment
under¬
WANTED
Responses treated confidentially.
A-49,
Financial
STATISTICIANS
regarding bonds and standard
MAN
a man
WANTED—Must be experi¬
unlisted securities.
of
Street,
SALESMAN
and well established house.
eration to
all
Street, New York City.
ence.
CUSTOMERS*
Salary
care
care
STATISTICIAN—Capable
SECURITY
CUSTOMERS MEN
and
Stock Exchange
Box
in
their
to
Box
TRADER
enced
A-48,
public
City.
AND
Financial
of
BOND
large Invest¬
a
industrial
communicate
Financial
NOTICE OF LIQUIDATION.
The First National Bank of
Frederica, located
at Frederica, in the State of
Delaware, is closing
its affairs.
All note-holders and other creditors
of the Association are therefore
hereby notified
M.
will
Address
York Investment house has
A-41,
Box
Pine
Negotiations strictly con¬
Communicate with Box A-42, care
of Financial
Chronicle, 90 Pine Street, New
York City.
Bronze
the
90
Salesman by
dealing
by
Street, New York City.
present
Address
..U
Investment
Box A-48, care of Financial Chronicle, 90 Pine
to
ability.
RAILROAD
commensurate
fidential.
appreciated.
OPERATOR—Young
secure
with
firm
opening in
an
issues of securities.
of
-
SWITCHBOARD
desires
Exchange
be
J.
stand all details
New
executive
be
references.
position with
a
V
WANTED
salesmen.
care
■;
Bond
STENOGRAPHER.—A young lady, high school
graduate, with four years' stenographic exper¬
Bond
of
care
Chronicle, 90 Pine Street, New York City.
or
will
Chronicle,
Experienced
advantage
fluently.
A-22,
Pine
experience
Address
ience, desires
confidential.
York City.
experienced sales¬
an
STENOGRAPHER—Young
initiative
education,
$40.00
his
Street,
utility securities for their established New York
Now
secretary with bankers, desires position where
ability
Stock
ability.
Financial
House
ment
Exchange
open
high
Address
Chronicle,
years'
York
WANTED—Security
at
Chronicle,
French
Speaks
experience.
10
A-43,
Pine
held
productive
care
York City.
lady
Box
90
,
a
New York City.
Just closed several million dollar
issue.
Financial
thorough
ability to initiate
communications
prominent New York Investment House.
Man
familiar with public utility markets
preferred.
Excellent opportunity for a man to
capitalize
City.
New York
MANAGER.—Successful,
industrial
Address
Chronicle,
Compensation
with
Address Box
Box A-24, care of Financial
nection
connection.
their New York office for
90 Pine Street, New York City.
SALES
experienced
A
r
Several
associated
House.
1,
and
All
Financial
EXPERIENCED
opening for
an
Financial
Financial Chronicle, 90 Pine Street
STOCK
intelligent.
of
care
an
York
dealing in only high-grade
securities has
Financial
New York
Invest¬
City.
AND
House
New
large
experienced salesman who wishes to form
,
BOND
WANTED—A
SALESMAN—New
charge of statistical department.
A-46,
strictly
held
for
Trader.
knowledge of securities
Chronicle,
York
Bond
A-10,
with offices in several cities has
New
opening
Utility
be
an
experience desires
with
house
unusual
Public
Good
essential.
dividend-paying
Street, New York City.
STATISTICIAN with varied
an
business
SALESMAN
Department,
high-class house.
a
well-known
Street, New York City.
Pine
of handling inquiries
taking charge of Statistical
clients.
approach
UTILITY BOND TRADER—A
large
New York
Investment
and
has
twenty years; must be
knowledge of bonds, and
a
intelligently
Investment
of securities and capable
Exchange
Stock
by
TRADERS WANTED
PUBLIC
Address
Chronicle,
STATISTICIAN.—Well experienced in analysis
and
WANTED
Street, New York City.
to¬
New York City.
Street,
over
[VOL. 111.
opportunity for the right man to enlarge bond
department.
Address
with
full
particulars,
Box A-28, care of Financial
Chronicle, 90 Pine
gether with enviable record in present position
are
to
MEN
WANTED
bright, active, with
Several
before
MAN
House established
in charge success¬
experience in management of large and
years
CHRONICLE
AMERICAN
be
of business December 31.
mailed:
W.
MORRIS. Treasurer.
CYANAMID COMPANY.
A quarterly dividend of
1^% on the Preferred
Stock of this Company, for the three
months
ending December 31, 1920, has been declared
payable January 3,1921, to stockholders of record
as at the close of business
on December
22, 1920.
The Transfer Books will not be
closed.
C. M. GRANT, Treasurer.
For other dividends
see
pages xx and
xxi.
DEC.
XXIX
CHRONICLE
THE
251920.]
J'inamial
®rus(t Companies
Paul Schwarz
Chas. O. Cora
The NEW
Frank A. Kimball
August Schierenberg
& Co.
Corn, Schwarz
TRUST COMPANY
BOSTON, MASS.
CAPITAL. $1,000,000
William
Street
Vaults
Authorised to act as Executor, and to receive and hold
York
New
SURPLUS. $2,000 000
Safe Deposit
COMMISSION MERCHANTS
15
ENGLAND
money or
property in trust or on deposit from Courts ol
Executors. Administrators. Assignees,
Corporations and Individuals.
Law or Equity.
Guardians. Trustees.
MEMBERS
New
York
New
Orleans
New
York
Produce
New
York
Coffee
Also acts as Trustee under Mortgages and as Transfer
OF
Agent and Registrar of Stocks and Bonds.
Interest Allowed on Deposits Subject to
Exchange
Cotton
Cotton
Check.
How
OFFICERS.
Exchange
JAMES R; HOOPER. President
ROGER PIERCE. Vice-Preeldent
Exchange
Exchange
Peabody Service
Increases the Value of
FREDERICK P. FISH, Vice-President
FREDERICK W. ALLEN, Treasurer
Coal
CBARLE3 E. NOTT, Secretary
ORKIN C. HART, Trust Officer
Geo.
& Bro.
H. M-Fadden
One of a Series)
EDWARD B. LADD, AbsI. Treasurer
I1
JOHN W. PILLSBURY, Asst. Treasurer
FREDERICK O. MORRILL, Asst. Treas.
COTTON MERCHANTS
—As Sales
LEO WM. HUEGLE, Asst. Secretary
ARTHURF. THOMAS ,AB8t. TrustOfflcer
PHILADELPHIA
NEW
8EWALL E.
YORK
67 Worth Street
experience in. distribute
ing millions of tons annually,
SWALLOW, Asst. Tr. OfTr
we
BOARD OF DIRECTORS
Egyptian and
Foreign Cottons
Export,
Commission, Havre.
Robert A. Leeson
Augustus P.
George H. Davenport
Francis W. Fabyan
Ernest Lovering
ing operations,
Roger Pierce
from small
Company
American
Inc., Lima, Peru.
sibilities
Walworth
Charles H. W. Foster
James M. Pendergaat
Frank H. Gage
contemplated min¬
or sell the coal
mines
more
eco¬
Pierce
nomically and with greater
profit than their own sales
Henry H. Proctor
v
Richards
Edwin M.
Gray
on
Loring, Jr.
Frederick P. Fish
Morris
Baltic Cotton Co., Copenhagen.
Relnhart & Co., Alexandria, Egypt.
South
David P. Kimball
Adams
8. Parker Bremer
FOREIGN CORRESPONDENTS.
Geo. H. McFadden
Arthur
valuables knowledge
have
of present and future markets;
can advise as to
market pos¬
Chairman
J. D. Cameron Bradley
Frederic Zerega & Co., Liverpool.
N. V. McFadden's Cle voor Import en
Rotterdam.
8ociete d'lmportatlon et de
Fachirl & Co., Milan.
George Wlgglesworth.
Manager
From
GEORGE H. BOYNTON,
Manager Safe Deposit Vaults
25 Broad Street
Dealers in American,
Property Investments
Sydney Harwood
Franklin W. Hobbi
James R. Hooper
offices.
Herbert M. Sears
Henry L. Shattuck
Arthur R. Sharp
Service based
on
37
years:
sue-
_
cessful ownership experience
Our
Henry Hentz & Co.
85 Congress Street
William Street
BOSTON, MASS.
NEW YORK
OF ILLINOIS
COMMISSION MERCHANTS
AND
BROKERS
New York Stock Exchange
New York Cotton Exchange
New York Coffee & Sugar Exchange
CHICAGO
Accounts
of
bankers
New York Produce Exchange
banks
received
includes
Financing, Operating and Sell¬
ing—every phase the practical
development of our long ex¬
perience as owners and man¬
agers in virtually all impor¬
Under National, State and
Clearing Bouse Supervision
Members of
complete service in coat
property management
QuirtIrust Company
and
tant
Correspondence invited
bituminous fields.
Write for Booklet
,
Chicago Board of Trade
Efficiently
Associate Members of
Liverpool Cotton Association
equipped
handle all business
to
pertains
ixg to banking, and
offer
a
complete service to accounts
Hubbard Bros. & Co.
<
COFFEE EXCHANGE BUILD1NQ
HANOVER
f banks,
Capital Sc. Sur¬
plus $7,000,000
NEW YORK
Michigan Ave.
-
CHICAGO
Operating 36 bituminous mines in 11 fields
annual capacity of 18,000,000 tons
with
Depos Its,
$60,000,000
COTTON MERCHANTS
Consignments
COMPANY
Founded 1883
332 So.
SQUARE
Cotton
Liberal Advances Made on
COAL
corporations, firm
and individuals.
CHARTERED 1858
<
United States Trust Company
GWATHMEY & CO.
NEW YORK
475 FIFTH AVENUE. NEW YORK
29-24 EXCHANGE PLACE,
$2,000,000.00
$14,616,928.30
Capital, •
•
•
*
•
mm
Surplus and Undivided Profits, •
MEMBERS
NEW YORK COTTON EXCHANGE
NEW YORK STOCK EXCHANGE
NEW YORK COFFEE EXCHANGE
of New York
WALL STREET
45-47
This Company acta as Executor, Administrator, Trustee, Guardian,
mittee, Court Depositary and in all other recognized trust capacities.
NEW YORK PRODUCE EXCHANGE
NEW ORLEANS COTTON EXCHANGE
ASSOCIATE MEMBERS
dally balances.
It receives deposits subject to check and allows Interest on
LIVERPOOL COTTON ASSOCIATION
Com¬
securities and other property, real and personal,por
estates, corporations and individuals, and acts as Trustee under corporate mort¬
It holds and manages
Stephen M. Weld & Co.
COTTON MERCHANTS
and
as
Registrar and Transfer Agent for corporate bonds and stocks*
WILLIAMSON PELL, VIce-Pre«ldent
FREDERIC W. ROBBERT, A«»t. Secretary
ROBERT S. OSBORNE, Aiat. Secretary
THOMAS H. WILSON. A«»t. Secretary
LIVERPOOL.
WORCESTER, Secretary
WILFRED J.
President
W. SHELDON,
EDWARD
PHILADELPHIA.
UTICA. N. Y..
WELD & CO..
BOSTON.
FALL RIVER.
PROVIDENCE.
NEW BEDFORD.
gages,
William M. KINQSLEY, l»t Vlce-Prea.
York City
82-92 Beaver Street, New
CHARLES A. EDWARDS. A««t. Secretary
WILLIAM C. LEE. AaaUtant Secretary
WILLIAM Q. GREEN, Asdstant Secretary
1
TRUSTEES
ROBERT
& COf
MOORE
Mills Building
Y.
15 Broad Street, N.
LYMAN
COTTON MERCHANTS
Members New York Cotton
;;,V
JOHN A. STEWART. Chairman of the Board
CORNELIUS N. BLISS, JR,
EDWARD W. SHELDON
WILLIAM ROCKEFELLER
HENRY W. de FOREST
CHAUNCEY KEEP
FRANK LYMAN
WILLIAM VINCENT ASTOB
ARTHUR CURTISS JAMES
JOHN J. PHELPS
WILLIAM SLOANS
WILLIAM M-, KINGSLKY
LEWIS OAS8 LED YARD
J.
WILLIAM
GAGE
STfeWART TOD
MILLS
OGDEN
PAYNE WHITNEY
Exchange
STEINHAUSER
L. F. DOMMERICH & CO.
Successors to
WILLIAM RAY & CO.
COTTON BROKERS.
19 Cotton Exchange
Orders for future delivery contracts
the New York and Liverpool Cotton
'
1
<
.
■'■
1
■
-'
'
•
■
.
•
'•
■' t
.
;■
■
■
,
New York
executed on
Exchangee.
FINANCE
ACCOUNTS
OF MANUFACTURERS AND
MERCHANTS, DISCOUNT AND GUARANTEE SALES
Hopkins, Dwight & Co.
COTTON
General
and
Offices, 254 Fourth Avenue
COTTON-SEED OIL
COMMISSION MERCHANTS
Room 59,
Cotton Exchange
NEW YORK.
Building
NEW YORK
Established
Over
80 Years
TCTCTC
[VOL. 111.
CHRONICLE
THE
fimvttitA
yitumfal
jfinanrial
BONDS Central Bond & Mortgage Co.
MUNICIPAL
INVESTMENT
SECURITIES
208 South La Salle St.
We know
that
attractive
so
never
offerings
they
as
were
to
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."
yield
as
Send
CHICAGO
are
ames,
recommends to conservative investors
the
emerich
purchase of
&co.
BUTLER
BROTHERS
111 Broadway, New York
y% Has large undistributed surplus
105 So. La Salle St., Chicago
Statistical
Analysis Sent Free
for List
en
Request.
1 st Nat.Bank Bldg.,Milwaukee
w*
Dodge & Ross
Bolger, Mosser & Willaman
CHICAGO
Incorporated
DETROIT
GERMAN
Investment Bankers
Underwriters
MUNICIPAL
and
Distributors
of Investment
Bonds and Marks
Securities
BONDS
Public
Our circular
Utility
on
afflitaHcm
and
In
Specializing
Issues of
high
Industrial Issues
grade
Municipal Bonds of
the
South
we
Invite
Investors
and
Inquiries
Interested
of
curities
Bought
Mid-West,
this
111
Sold
Quoted
Wollenberger & Co,
MONROE ST., CHICAGO
W.
from
In
C. F. Childs
se¬
INVESTMENT BANKERS
Company
105 So. La Salle St.
character.
Specialists
Mortgage Trust
ST. LOUIS
CHICAGO
Government Bonds
Company miss°uri
CHICAGO
AT PINE
BROADWAY
NEW YORK
S08 So. La Salle St.
Radon, French
Co.
&
ISO Broadway
Stevenson
Bros.
INVESTMENT
& Perry, Inc.
SECURITIES
Investment Securities
We purchase and underwrite entire issues of
105
So.
La Salle St.,
F.
H.
BANKERS
CHICAGO
bonds and stocks of established corporations.
securities
the
of
municipalities,
BOSTON,
Telephone Randolph'6520.
We offer high-grade investment opportunities
In
cor¬
W. G. SOUDERS
CO.
&
HIGH-GRADE
porations.
Correspondence Invited.
WEST MONROE
MASS*
public
utilities, and well established industrial
Ill
PRINCE & CO
INVESTMENTS
INVESTMENT SECURITIES
STREET
S08 South La Salle
CHICAGO
Members of New York & Boston Stock Ewehange
Street,
CHICAGO
New York
Detroit
Milwaukee
McCIellan &
ENGINEERING
141
Grand Rapids
Campion
&
MANAGEMENT
P. W. Chapman &
BROADWAY
NEW YORK
CITY
Company Day & Zimmermann, Inc.
INVESTMENT SECURITIES
EMERY, PECK & R0CKW00D
113 South La Salle St,
115
*
CHICAGO
ENGINEERS
Broadway
NEW YORK
LONDON
f NVESTM ENT SECU RITIES
Continental
ft
Commercial
Bank
Building
CHICAGO
Engineering, Construction, Reports
Henry S. Henschen&Co.
Railway Exchange Building
INVESTMENT BANKERS
MILWAUKEE
108
La Salle
So.
in connection with
Public Utilities & Industrial Properties
CHICAGO
CHRISTIAN & PARSONS CO.
Appraisals, Audits, Management
St.
HOME
Buy and Sell High-Grade Bonds
811
OFFICE
Chestnut
St.
Philadelphia
Commercial
Collateral
Paper
NEW YORK OFFICE
8 Wall Street
Loans
Investment
Securities
208 S.La Salle SI
Chicago, III.
Our New Booklet
"What Is A Conservative Investment?"
will
FIRST
NATIONAL
BANK
RICHMOND, VA.
Capital and Surplus,
John
-
$3,000,000.00
M.
W.
M.
C.
R.
Miller, Jr., President
Addison, Vice-President
Burnett, Vice-President
CHICAGO OFFICI
H arrisjTrust Bids.
be
upon
request.
promptly
,
RUTTER, LINDSAY & CO. Inc.
forwarded
INVESTMENTS
It contains' in¬
formation about investment of¬
ferings
ing
we are now
to
THE, ROOKERY
recommend¬
clients
our
and
should
CHICAGO
-
Alex. F. Ryland, Vice-President
S. P. Rvland. Vice-President
Jas.
M.
Correspondence Invited
sears, roebuck & co.
to all investors who seek
yield.
'
■■
.■
.
.
j
'
:^
Ask for
Circular G-2020.
Municipal
"Are
Exempt
from
Bonds
Federal
Inoome Tiswhi
Yielding from^Vo to 7%.
7% NOTES
ELST0N
71
SEAS0NG00D, HAAS & MACDONALD
Members New Yesfc StMk Raehaige
40
Biendway
New Yeek
|:
safety
and the greatest consistent
Ball, Jr., Cashier
:
interesting and .valuable
prove
Send
and
West
COMPANY
Monroe Street
CHICAGO
Milwaukee
Detroit
Minneapolis
for Litt
THE HANCHETT BOND
CO.
InMrp«nt«4 ltlf
39 South La Sail. SlrMl
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