Full text of Commercial and Financial Chronicle : December 27, 1919, Vol. 109, No. 2844

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

financial

w

omrmrria
I N
B an k

&

R a ilw a y

Q u o ta tio n

S e c tio n

E a r n in g s

S e c tio n

VOL. 109.

C

L U

D

I N

G

R a ilw a y &
B an kers*

In d u s tr ia l

C o n v e n tio n

S e c tio n

E l e c t r i c R a i l w a y S e c tio n

S e c tio n

S ta te

SA T U R D A Y , D E C E M B E R 27, 1919

^ lic

C h r o n ic le

Clearingsat—

PUBLISHED WEEKLY.

1919.

T e r m s o f S u b s c r i p t i o n — P a y a b le in A d v a n c e
........................
European Subscription (including postage)...........
European Subscription six months (including postage)..............................
Canadian Subscription (including p o s ta g e )..........................—

Chicago____
Cincinnati____
Cleveland_______
Detroit_______
Milwaukee______
Indianapolis____
Columbus ______
T o le d o................
P e o r ia ................
Grand Rapids__
Dayton_________
Evansville______
Springfield, I l l Fort Wayne____
Youngstown___
Akron__________
Lexington_______
R ockford_______
Canton_________
Bloomington___
Quincy_________
Springfiold, O . . .
D ecatur________
South Bend____
Mansfield_______
Danville_____
Lansing_____
Lima___________
Jacksonville, III..
Ann Arbor______
Owensboro______
A drian______

5 2=
“

5

N O T I C E . — O n a c c o u n t o f t h e f l u c t u a t i o n s In t h e r a t e s o f e x c h a n g e
I n ^ e w Yoer k ff ,urn d s r° P e a n 8 u b 8 c r ,p t ,o n 8 a n d a d v e r t is e m e n t s m u s t b e m a d e

Subscription includes fo llo w in g Supplem ents—
f (yearly)
T e r m s o f A d v e r t i s i n g — P e r I n c h S n a v ie
Transient mattei per inch space (14 agate lines)
D iscount on contract matter—
..................................... s
lrn?°P ecutly e ‘ P8Crtions
discount; 26 consecutive insertions
15 % discount: 52 consecutive insertions 20% discount
S
B usiness Cards, tw elve months (52 times) per inch...................................

8

’4

\9%

on

175 00

C h icago O ffice —39 South La Salle Street, Telephone Maje8t'ic7396*
L o x d o x O ffice — E dwards
Sm ith, 1 Drapers’ Gardens, E. C.

&
AVILLIAM B. DANA COMPANY, Publiaher*,
F ro n t. P in e and D e p e y ste r S ts., N ew Y o r k .

’

Published every Saturday morning by W ILLIA M B. DAN A r n i u p i v v
Jacob Seibert Jr.. President and Treasurer; Arnold G. D m v i c t S n t ^ i
Secretary. Addresses of both. Office of the Company.
a' VI <^ P
ent and

e8

CLEARING HOUSE RETURNS.
The following table, made up by telegraph, Ac., Indicates that the total
clearings of all the clearing houses of the United States for the
i b5nk
have been J8.046.940.492. against $10,315,136,835 iMt week S
the corresponding week last year.
ana *6,239,298,471

Clearings—Returnsby Telegraph.
WeekendingDec. 27.

1919.

1918.

Per
Cent.

$3,699,918,881
460,330,631
324,834,829
276,156.266
177,975,986
124,806,419
108,663,847
121,177.032
72,883,649
59,066,937
69,609,795

$2,751,027,949
358,870.323
301,585,738
234,396,352
121,933,644
,
96,123,067
97,500,692
50,023,881
60,329,612
64,457,671

+ 34.5
+ 2 8 .3
+ 7.7
+ 17.8
+ 45.9
+ 4 .0
+ 13.0
+ 24.3
+ 4 5 .7
—
+ 2 7 .6

Eleven cities, 5 days_________________
Other cities, 5 d a y s .......................

$5,495,424,272
1,041,099,946

$4,246,248,929
772,104,248

+ 2 9 .4
+ 3 4 .8

Total all cities, 5 days___
All cities, 1 day_____________ ___

$6,536,524,218
1,510,416,274

$5,018,353,177
1,220.945,294

+ 3 0 .3
+ 23.7

$8,046,940,492

$6,239,298,471

+ 290

.
.
.
.
.
.
.
.

Philadelphia..
Boston_______
Kansas C it y ..
St. Louis_____
San Francisco.
Pittsburgh___
D etroit............
Baltimore____
New Orleans. _

Total all cities for week_____________

120 000.000

2.1

at noon on ^ t u i ^ y , a™ d ^n ce’ln the'aboveTthf l^t^day^^^ie^w ee^^'^t
all coses estimated, as we go to press Friday night * Clay of tbe week haa
Detailed figures for the week ending Dec. 20 show:

t0 be in

Clearingsat—

WeekendingDecember20.
Inc. or
1919.
1918.
Dec.
1917.
%
5,875,331,327 3,960,308,340 + 4 8 .4

1916.

New York_____
Philadelphia . . .
556,414,546 436,194,441
Pittsburgh_____
198,128,819 140,379.109
Baltimore______
104,613.921
88,896.747
Buffalo________
49,769.072
26,099,076
Albany________
4,500,000
4,402,877
Washington____
19,045,657
18,369,649
Rochester______
13,121,567
10,035,400
Scranton_______
4,789,250
4,327,558
Syracuse_______
4,385,892
4,817,292
Reading_______
3,108,837
2,462,722
Wilmington____
3,827,596
3.967.297
Wilkes-Barre___
2,783,140
2,289,181
Wheeling______
6,184,573
4,200,829
Trenton_______
3,943,453
2,777,708
York..............
1,587,493
1,104,936
Erie.......................
2,531,856
2,229,266
Greensburg____
,
,
Binghamton____
1,350,200
844,900
Chester_________
1,604,728
1.641.297
Altoona________
926,422
810,319
Lancaster_______
2,418,735
1,949.565
Montclair_______
595,230
760,513
Total Middle.. 6,861,962,314 4,719,969,022

3,459,327,197 3,920,631.246
+ 2 7 .6
386,407,885 321,800,320
+ 41.1
85,367,207
81,485,351
+ 17.7
47,119,360
45,104,889
+ 90.7
18,595,314
18,733,031
+
5,227,802
5,516,475
+ 3.7
12.250.000
10,845,770
+ 30.7
7,466,848
6,817,167
+ 10.7
4,107,419
3,768,215
— 9.0
4,511,144
3,813,404
+ 2 6 .2
2,440,890
2,284,344
— 3.5
3,427,067
4,578,671
+
2,012,862
2.066.964
+ 47.2
3.699.000
4,502.874
+ 4 2 .0
3,652,084
2,453,088
+ 4 3 .7
1.296,970
1.141.964
+ 13.5
1,992,148
1,656,843
— 9.1
,
799.316
+ 5 9 .9
975.000
930,500
— 2.3
1,153,383
1,618,183
+ 143
700.000
600,000
+ 24.1
2,229,156
1,679,059
— 21.7
807,628
871.000
+45.< 4.055,766,364 4,443,098,674

Boston_________
Providence______
Hartford________
New Haven_____
Springfield...........
Portland.............
Worcester______
Fall River...........
New Bedford____
Lowell___________
Holyoke________
Bangor__________
T ot. New Eng.

+ 39.1
+ 4 3 .2
+ 23.1
+
+ 2 5 .9
—
+ 4 2 .5
+ 58.3
+ 5 0 .2
+ 8 .5
+ 6.7
+ 24.2
+ 3 8 .2

1 000.000

488.212,953
17,418,200
9,131.339
6,227.042
5,223,558
2,400.000
5,113,038
3,273,097
2,497.746
1.294,452
800,000
816.454
642,407,879




an d

1 100,000

350,861,229
12,161,000
7,417,199
5,554.089
4,151,870
2,450,000
3,588,248
2,067,148
1,662.532
1,193.651
750,000
657,642
392,514,6081

2.2

21.6

1 000,000

12.1
2.0

284,638,076
12,506.400
7,180.536
4.766.895
4,449.481
2.500.000
3,904,777
2.679,924
2,135,247
1.150.000
763.849
___ 879.576
327,664,761

227,471,691
10,046,100
8,909,982
5,275,037
4,401,544
2,714.588
4,302,318
1,589,106
1,562,658
1,081,732
1,075,593
766.793
269,197,142

C ity

S e c tio n

NO. 2844
WeekendingDecember20.
Inc. or
1918.
Dec.
1917.
%
$
6
542,391,663 + 22.0 511,130,553 ,

$
1
661,680,103
80,059,384
65,388,630 + 22.4
166,802.293 100,551,286 + 6 5 .9
145,124,432
78,189,638 + 8 5 .6
32,491,589
31,678,992
+
17.955,000
15,096,000 + 18.9
15,058,300
11,912,100 + 2 6 .4
19,051,991
11,758,565 + 62.0
5,370,047
5,017,780
+ 7.0
6,464,796
5,531,636 + 16.9
5,269,393
4,454,024 + 18.3
4,500,000
3,829,318 + 17.5
2,300,000
2,119,762
+ 8.5
2,223,805
1,264,475 + 75.9
4,354,531
3,390,206 + 2 8 .4
12,583,000
5,066,000 + 151.6
1,500,000
1,400,000
+ 7.1
2,500.000
,
+ 13.6
3,100,000
,
+ 55.0
1,925,349
1,590,752 +
1,623,615
1.320,382 + 23.0
1,911,003
1,240,242 + 54.1
1,635,116
1,012,531 + 61.5
1,550.000
1,397,942
+ 7.3
1,700,117
1,195,942 + 4 2 .3
700,000
606,515 + 16.4
1,675,264
984,029 + 70.2
1,420,842
858,014 + 65.5
523,218
688,589 — 24.0
554,938
387,855 + 4 3 1
1,600,000
1,731,543 — 13.4
150,000
62,200 + 141.2

2.6

2 200,000
2 000,000

21.1

37,422,021 I
87,291,119 ,
58,735,467
27,810,492
12,800,000
10,567,300
11,020,340
4,419,062
5,231,503
3,464,423
3,121,825
1,708,248
1,322,807
2,929,881
6,768,000
1,300,000
1,767,170
3,700,000
1,086,412
1,275,000
1,127,338
882,068
1,036,207
1,146,930
597,950
1,019,571
725,000
424,257
383,115
1,412,746
113,069

1916.
$
478,683,957
37!845:019
61,325,241
56,723,416
22,264,310
12,964,970
10,843,800
10,975,935
5,000,000
5,093,049
3,900,416
2,646,521
1,716,194
1,700,741
2,581,148
5,128,000
844,044
1,522,187
3,004,079
804,366
1,087,128
1,265,433
752,027
1,283,296
837,862
661,645
1,304.503
761,767
461,070
306,402
610,525
60,757

Tot. M id. West

,205,257.926

906,256,611

+ 3 3 .0

802,739,974

734,860,498

San Francisco___
Los Angeles_____
Seattle__________
Spokane................
Salt Lake City—
Portland_________
Tacom a________
Oakland_________
Sacramento_____
San Diego______
Pasadena -----Fresno______
Stockton_____
San Jose_____
Yakim a_____
Reno_________

200,895,184
60,888,000
45.392.415
12,156,707
22,449,859
38,101,757
4,612,998
10,566,475
8,355,274
2,733,241
2,141,515
6,822.757
7,150.700
2,387,966
1,828,651
874,429
2,623,660
428,981,588

133,910,779
34,423,000
39.679.040
9,468,872
21,088,032
32,757,555
5,328,889
7,900,153
4,757,541
2,015,717
930,612
3,303,946
1,966,781
1,150,000
1,186,634
596,563
1,139,426
301,593,540

+ 50.0
+ 7 6 .6
+ 14.4
+ 2 8 .4
+ 6.5
+ 16.3
— 13.4
+ 3 3 .7
+ 76.0
+ 35.6
+ 130.1
+ 76.2
+ 263.6
+ 107.6
+ 53.3
+ 46.6
+ 130.3
+ 4 2 .2

111,849,838
27,377,000
26,955,297
8,220,893
16,117,268
19,502,074
4,090,376
5,523,541
4,135,324
2,377,375
1,039,277
3,062,965
2,729,208
1,397,374
821,291
500,000
748,963
236,448,064

83,216,611
30,971,000
18,340,950
6,712,668
15,536,923
13,618,181
2,560,409
4,998,561
2,911,233
2,166,697
1,035,945
2,424,219
1,653,696
934,055
610,527
400,000
670,393
187,662,068

248,388,193 199,429,368
62,349,292
56,022,952
66,935,647
56,744,435
21,874,148
20,770,758
22,887,245
19,271,924
16,414,462
18,366.419
11,461,088
9,211,876
10,297,931
9,738,752
13.661,418
9,066,000
7,980,376,
16,407,362
5.172.649.
4,021,390
3.597.649,
2,979,133
2,512,8471
2,194,254
3.500.000
3,572,661
2,832,196
2,400,511
1,051,315
763,127
969,484
766,207
2,039,947
1,445,914
1,810.418
1.719,564
1.500.000
1,432,042
647,627
817,690
645,054
576,066
488,528,986) 437,844,471

+ 24.5
—
+ 0 .3
+ 5.3
+ 18.7
— 10.6
+ 2 4 .4
+ 5.7
+ 5 0 .7
— 51.4
+ 28.6
+ 2 0 .8
+ 14.5
— 20.3
+ 18.0
+ 37.7
+ 26.5
+ 41.1
+ 5.3
+ 4.8
— 20.8
+ 12.0

Total Pacific..

i
|
j
Sioux C it y ...
W ichita.........
Duluth______
Lincoln______
Topeka...........
Cedar Rapids—
Fargo _______
Helena__________
Colorado Springs
Pueblo______
W aterloo-----Aberdeen----------Billings..................
Fremont___. . . . .
Hastings------------Tot. oth. West

6.6

+ 11.3

7.6
++37.9
—20.4
86.0
—4.5
+33.8
++40.2
55.1
++ 51.9
92.8
+56.4
++13.7
7.9
++121.2
37.7
28.3
++ 37.1
62.9
59.1
0020100,000 ++300.0
—25.9
12.1
6.4
+++29.9
28.6
21 000.000 + 108.7
+ 60.7

190,232,073 118,085.372
37,111,282
32,492,726
43,100,468
27,076,440
18,126,611
14,220,171
19,198,684
16,837,969
16.879,738
14,723,945
8,712,133
6.014.809
7.623.8641
6,069,916
7,825,426
5.649.386
7,461,839
7,458.458
4,124,937
2.910.387
3,327,483
2.311,678
2,021,704
1,782,253
,
1.619,122
2,284,429
2,085.250
807,614
1,364.425
772,155
636,518
2,150,487
2,299.474
1,138,673
926,101
1,393,098
1,647,666
723,758
662,016
500,000
347.871
376,618,356 266,122,953

2 100,000

187,463,319 174,144,164
St. Louis..............
162,487,824 123,312,548
88,852,195
64,449,653
New Orleans-----56.623,899
39.834,653
19,128,037
24,042,161
Louisville_______
22,236.151
22.270,025
32.939,536
17,713,126 +
Houston------------14.000.
000
13,500,000
7.650.000
8,010,755
Galveston----------7.500.000
5,799,478
83,047,546
62,045,108
Richmond______
40,838,651
25,244,098
91,389,841
65,200,975
Atlanta--------------60.947,281
28.318,686
36.192,825
23,330,371
Memphis
15,056.207
11,746,670
,
14.529,469 + 61.4
Fort Worth.........
16.863,397
11,888,504
18,331,495
9,509,981
Savannah............
9,741,897
6,128.230
25,697,893
16,916,640
Nashville
13,437,212
8,987,716
14,864,373
Norfolk..
9,503,682
6,959,210
6.219,159
21,272,799
Birmingham-----18,706,572
4,759,281
3.679.720
5,529,651
Augusta................
5,125,668
4,329,472
2,685.559
14,443,615
Little Rock
6.530.090 +
5,549,650
4,193,606
11,419,234
Jacksonville
8,293,821
4,823,971
566,211
7.000.
030
Chattanooga-----5,454,254
4,745.095
4,324.858
Charleston
5.100.000
3/756,671 + 35.8
4,051,273
3,018,742
2,440,735
M obile..................
1.498,483
1.487,778
1.558.720
3,587,439
Knoxville_______
2.616.090
2,239,340
2,485.507
Oklahoma
13,939,157
8.761,194
9.982,589
5,464,460
M acon __________
.
.
,
.
1,683,494
Austin___________
,
2.700.000
3.000. 000
,
Vicksburg_______
496,640
564,015 —
484,482
283,617
Jackson------------700,000
658,174
692,178
633,101
Muskogee..............
4,160,987
3,203,374
3,321,479
1,653,738
T u lsa ______ - ___
12,017,407
9,355,992
7,886,827
4,702,707
Dallas___________
43,832,418
,
23,450,696
14,246.951
Shreveport---------4.500.000
2.800.000
3 ,150,350
Total Southern 787,998,142 592,520,483 + 33.0 508,846,090 356,318,887
Total all............ 10315136,835 7,350,698,735 + 4 0 .3 ,307,343,609,6 ,257,859,222
Outside N . Y ..| 4 ,439.805,508 3,390,390,395 + 3 0 .9 2 ,848,016,41212 ,337.227.976

22000,000

8000
2 000,000

6

2 200.000

2 000,000

THE CHRONICLE

2382

STATE

A N D

C IT Y

S E C T IO N .

A new number of our “ State and City S e ctio n /’
revised to date, appears to-day, and all readers of the
paper who are subscribers should receive a copy of
it. As previously announced, this Supplement is
now printed in two parts, Part One containing the
New England, Central and Middle States, having
been issued last June, while Parc Tw o, 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
demand for additional space has become too heavy
to satisfy within the limits of a single number.
THE

F IN A N C IA L

S IT U A T IO N .

Call money rates have again been high, touching
15 and 18% . In part this has been due to prepara­
tions for the large first of January interest and divi­
dend payments. In still larger part no doubt it
has followed from the fact that the New York Clear­
ing House institutions in their return for last Satur­
day again showed a deficit below the required legal
reserves. There has been a steady weakening of the
reserve position of the Clearing House banks in
recent weeks. On N ov. 29 they held a surplus
above the legal requirement in amount of $71,333,­
170; on D ec. 6 the surplus was reduced to $53,283,­
030; on D ec. 13 it fell to $28,223,060, while last
Saturday (D ec. 20) it was converted into a deficiency
of $12,320,830. This dwindling of reserves is of
less significance than might be supposed, standing
by itself. Nevertheless an actual deficiency in the
reserve requirements always affects sentiment ad­
versely, and on the present occasion it seems to have
led to earlier preparations than usual for the Janu­
ary interest and dividend payments.
When we say that the Clearing House deficit of
reserves is of less significance than would appear
on its face, we mean simply that the deficit must
be considered in connection with the surrounding
circumstances and particularly the status of the
Federal Reserve Bank of New York. The latter has
been endeavoring to improve it s reserve position
and with that view has compelled the Clearing House
banks to reduce their borrowings at the Federal
Reserve Bank. Owing to this diminution in borrow­
ing at the Reserve Bank, the reserves of the Clearing
House banks (which under the law must consist
exclusively of deposits or credits at the Federal
Reserve Bank) have been heavily reduced and the
impairment of the reserve position of the Clearing
House banks has followed as a matter of course.
In other words, as has happened intermittently in
recent weeks, the Reserve Bank has again gained at
the expense of the Clearing House institutions. The
Clearing House banks have for some weeks been
pretty well “ loaned up” while the Federal Reserve
Bank on its part has been running very close to its
reserve requirements and with the interdependence
of the two so close, whenever one gains the other
loses, and vice versa. Last Saturday’s deficit of
the Clearing House institutions is without special
significance because what the Clearing House lost
the Federal Reserve Bank gained.
The bill holdings of the Federal Reserve Bank fell
last week from $946,356,000 to $837,954,000. That
this large reduction reflects diminished borrowings
by the Clearing House institutions is plainly evident
from the fact that the Clearing House return showed




[V ol . 109.

for the same week a reduction in the item of “ bills
payable, rediscounts, acceptances and other liabili­
ties,” from $1,010,381,000 to $867,856,000. A large
increase in Government deposits in the Clearing
House banks— the total rising from $99,611,000 to
$246,438,000— would have served to offset this loss
entirely except that the Clearing House institutions,
after having curtailed loans to customers almost
uninterruptedly between the first of November and
December 6 (the loan item during this period was
reduced from $5,364,812,000 to $5,105,303,000),
the last two weeks again heavily enlarged the accom­
modations extended to customers. In the week to
December 13, the expansion in loans was $37,905,000
and last week there was a further expansion of
$46,301,000. In these circumstances a decrease of
$41,447,000 in the reserves held by member banks
with the Federal Reserve Bank was inevitable, and
this in turn caused the deficiency in Clearing House
reserves.
Though the reserve position of the Federal Reserve
Bank of New York has been improved, there is
nevertheless a decidedly weak point in its armament,
namely, it put out $28,445,000 more of Reserve
notes. In the five weeks from N ov. 14 to Dec. 19,
the total of Reserve notes in actual circulation was
raised from $755,745,000 to $806,615,000, being
an increase of roughly $51,000,000. The same weak
point is observable, but in greatly intensified form,
when the results for the Federal Reserve system as a
whole are considered. New note issues are being
put out galore. Last week, the twelve Reserve
banks combined emitted new notes in amount of
$81,500,000, while in the period from N ov. 14 to
Dec. 19 the increase was over $180,438,000—
the total of Federal Reserve notes in circulation in
this period rising from $2,808,456,000 to $2,988,­
894,000.
It is difficult to understand why the Federal Re­
serve Board, so strongly committed to the policy
of correcting inflation and curing speculation, should
permit this steady expansion in Reserve note issues
on the part of the twelve Federal Reserve banks to
go on unchecked. It is all well enough to raise
discount rates, and the process is sound and healthy,
but so long as there is constant expansion in the
volume of outstanding notes marking up discount
rates will most assuredly prove ineffective. Credit
inflation and price inflation will both continue ad
inifinitum so long as new note issues are permitted to
go on. For the same reason efforts to reduce the
high cost of living must prove in large part futile.
The Reserve Board speaks of last week’s $81,500,­
000 addition to the volume of Federal Reserve note
issues as “ the usual Christmas expansion of Federal
Reserve note circulation,” and it is well known that
the members of the Reserve Board entertain the
beautiful theory that no more notes can be forced
into circulation than the channels of trade require,
but that is all fol-de-rol. If the Reserve banks are
to grapple with the inflation evil in dead earnest
they must put an end to new note issues, and it is
well to begin at once. It somehow happens that
whenever a new lot of certificates of indebtedness
is offered for subscription by the Secretary of the
Treasury the total of Federal Reserve note issues
immediately runs up, in response to new borrowing
on “ war obligations,” but it also happens that as
borrowing on these “ war obligations” is reduced,
through the retirement of the certificates, no corre-

Dec. 27 1919.]

THE CHRONICLE

sponding reduction— in fact no reduction at all__
occuis in the volume of Federal Reserve notes in
circulation. In other words, the notes when once
put out, stay out.
If inflationary tendencies are to be checked, the
evil must be attacked at its source. In times like
these idle persiflage is a poor reliance and even the
moral effect of occasional advances in discount rates
must prove of little avail. An actual prohibition
must be put on new note issues. If the effect is to
advance money rates to still higher figures, all the
better. High money rates are the true and proper
corrective. An injection of more note issues when
the country is already flooded with them can only
sferve to delay the day of reckoning— not to avert it.

2383

I he gold exports for the month were quite free
although considerably under the aggregate for the
preceding June. The outflow reached $51,857,796
and the inflow $2,396,770 (from England and Russia
mainly) leaving a net loss of $49,461,026, and in­
creasing to $258,308,299 the net exports of the metal
since January 1. This contrasts with import
balances of $20,787,234 for the eleven months of
last year, $168,042,752 in 1917 and $399,550,345
in 1916. Silver exports exhibited expansion dur­
ing November, reaching $19,052,177. The imports
were $7,018,621, leaving net exports of $12,033,556
and increasing to $128,701,054 the net export for
the eleven months of 1919. This compares with
1373^ millions in 1918.

The foreign export trade of the United States for
Canada s foreign trade in November shows a mod­
November 1919, as represented by value, was of
el ate gain over October as well as contrasted with
decidedly full volume, exceeding by a very substantial
November a year ago. The growih was entirely in
amount the outward movement during October or
the imports, the exports running behind either 1918
the November figures of any earlier year, but falling
considerably under the high record total set up in or 1917. Exports were $122,995,987 against $124,­
153,105 in 1918 and 195 millions in 1917, and
June, to which, however, it stands second. The
for eleven months reached $1,148,409,055 against
increase compared with 1918 extends pretty well
$ 1 , l o l ,803,031
and $1,439,018,936 one and twro
over the list of important commodities we export
years ago. Imports for the months, on the other
but in one item alone— cotton— the gain is no less
than 122 million dollars, due not so much to higher hand, were $92,718,270 against $73,390,048 and for
the period since January 1, aggregated $846,005,249
prices as to the greater quantitative shipments the
against
$833,329,139 and $943,499,567. The favor­
total having been much the heaviest of any month
able,
or
export, balance for the month this year is
since March 1915.
$30,277,717
against $50,763,057 in 1918 and $114,­
The value of the merchandise exports for November
607,076
in
1918
and the respective results for the
was $740,921,163; for the five months since July 1
eleven
months
are
$302,403,806 and $318,473,892
the total reached nearly 3,200 millions and for the
eleven months of the calendar year $7,242,045 798__ and $495,519,369. Explanatory of the decrease in
exports this year it is to be stated that marked in­
the last two high marks by a very large margin. In
creases in wood, paper, agricultural products and
fact comparison is with $522,236,594 and 2 609
animals and their products, have been much more
millions and $5,583,201,433 respectively in 1918
than offset by contraction in miscellaneous articles,
and 487 1-3 millions, 2,345 millions and 5,633 millions
the latter including last year’s vast quantities of *
in 1917, while in 1913, the year prior to the breaking
war materials and supplies.
out of the war in Europe, the aggregates were only
245 millions, 1,085 millions and 2,251 millions. It
The dividend record of the Fall River cotton­
will be observed, therefore, that in the short interval
manufacturing corporations for the year 1919, re­
of six years our exports have increased three-fold
flecting the notable prosperity experienced during
In the exports for the elapsed portion of the current
the period covered, is a very favorable one even
year the most notable gains over 1918 are to be found
though the amount paid falls below the banner dis­
in cotton, provisions, breadstuffs, leather and manu­
tribution of 1918. It has been quite generally known
factures, tobacco, sugar, cotton manufactures, fruits
that despite the phenomenally high cost of raw ma­
and vegetable oils, and the mentionable declines in
terial, labor and the various supplies incidental to
explosives, copper, chemicals and iron and steel
cotton manufacturing, the mills of the country in
manufactures.
geneial have been obtaining such high prices for their
Imports for the month were, with the exception of
product that the margin of profit has been much
those for September, from which a slight loss is
above the average. This is substantiated as to Fall
indicated, the heaviest ever reported, reaching
River at least by the recently issued annual state­
$429,211,077 against $251,008,037 in 1918 and
ments of vai 1011s corporations, which show that earn­
$220,534,550 in 1917, with the five months’ aggre­
ings have been so heavy as not only to warrant re­
gates 1,917 millions, 1,274 millions and 1,172 millions
turns better than usual to shareholders, but permit
and those for the eleven months 3,528 millions 2 8*>0
considerable fortifying of surplus accounts. Almost
millions and 2,725 millions. Expansion this year is
without exception there have been heavy additions
discernible in the great majority of the leading
to that account. We have not at hand the annual
articles and the increases are especially noteworthy
statements of all the corporations but from the reports
in hides and skins, sugar, coffee, raw silk, diamonds
of thirteen representative ones we have made I
and other precious stones, India rubber and furs.
compilation which should serve to depict quite clearly
The net balance of exports of $311,710,086 for
November 1919 is 4 0 ^ million dollars larger than in the general situation. Those thirteen establishments,
a
°.T dividends averaging approximately
the sanm month a year ago and compares with only ^
% on the capital invested, closed their fiscal years
198 millions in 1916. The five months’ export
net surPlus of $7,780,764 against
balance is 1,283 millions against 1,335 millions a
$o,934,30w in 1918, or an increase of $1,846,412.
year ago, but for the eleven months at $3,713 913 The showing made by the Davis Mills is especially
489 the balance is 951 millions over that for the period
favorable,
as after providing for the payment of 18%
in 1918.
to stockholders, the net surplus ran up from $410,


2384

THE CHRONICLE

127 to $1,067,996, and the Luther Mills and Parker
Mills nearly doubled their surplus accounts. Furth­
ermore, these additions represent over 30% on the
capital in the cases of the Davis and Luther.
Presumably recent dividend exhibits furnished the
basis for the wage increase demand, lately made b y
the operatives and which were finally compromised
by granting a raise of 123^%. This latest advance
of 123^ % follows several others of varying amounts
within the last four years, making the new wage
basis (to run for six months from Dec. 1) 44.67c
for weaving a cut of 473^ yards of 64x64 28-inch
printing cloth, and represents an increase of more
than 100% over the pre-war scale.
It is perhaps interesting to note briefly the course
of the goods market (as represented by printing
cloths) during the year. When hostilities abroad
ceased prices were tending downward and at the close
of December, 1918, the quotation stood at 9.75c for
standard (64x64 28-inch) printing cloths. The de­
cline continued, after the opening of the new year,
and in early March the price was down to 6% c
without there having been a concurrent commensu­
rate decline in the raw material. An upturn set in
shortly after the low point had been reached and with
trade more active the advance continued without
interruption,affording a better margin of profit and
enabling manufacturers to concede in M ay the
advance that earlier they had been forced to refuse.
After reaching 13c in July, printing cloths eased off
somewhat in sympathy with the decline in cotton,
but began to rise in late September and by November
4 was again at the then record high mark of 14c; that
point was passed, however, early in the current month,
when 143^c became the ruling quotation. Cotton
also has been moving up, middling upland standing
at 40.20c at New York on N ov. 11, the highest point
reached since Oct. 19 1866, and now ruling but little
under that figure. T o the above we can merely
add that the outlook for the immediate future is very
satisfactory, an active demand at high prices for
the coming few months being confidently counted
upon.
As regards the dividends declared in 1919, analysis
of the statement for the final quarter of the year in­
dicates that the shareholders in every corporation
included in the compilation have already shared or
will share in this latest distribution and that the
aggregate amount involved is $1,739,838, or 5.24%
on the capital invested and, with the exception of the
third and fourth quarters of 1918 much the heaviest
on record. Of the thirty-eight corporations reporting,
no less than thirty-two are making a heavier distri­
bution than in the third quarter, and all but two are
paying out more than regular rates. For the twelve
months of 1919 the shareholders in the thirty-eight
corporations are benefiting to the extent of $4,­
833,019, or 14.55% on the capital paid in, this
comparing with $6,048,286, or 18.27% a year ago
(the high record), and $4,214,609 in 1917. The
smallest return for a twelve-month period was in
1898— 2.41% .
While Home Rule for Ireland is an old topic in
European politics, it never fails to arouse keen inter­
est whenever brought up afresh. Sponsors of the
proposals have been particularly insistent in recent
months that the British Government take definite
action. Two weeks or so ago Premier Lloyd George
promised the Home Rule enthusiasts in the House of



[V ol . 109.

Commons that he would outline the Government’s
position and plan at an early date. The actual pre­
sentation of the measure was delayed about a week
by the coming of Premier Clemenceau and others for
the so-called London conference regarding matters
of special interest to the Allies. Apparently the
attack upon the life of Viscount French influenced
the Premier to come forward with his plan at an
earlier date than he might otherwise have done.
One London correspondent of a New York newspaper
in commenting upon the prominence that was being
given the measure in London, in advance of its pre­
sentation to Parliament, said: “ The Home Rule Bill
now looms as the biggest political event of the year
and all parties are awaiting eagerly the pronounce­
ment to-morrow” (M onday). “ In some quarters,”
the correspondent added, “ it is suggested that Ire­
land will form the main issue of the coming general
election.” (Several correspondents of New York
newspapers have insisted in recent dispatches that a
general election was practically certain, but Govern­
ment representatives have been quoted as sayng that
rumors to that effect were started by the Laborites
and were untrue.) The general trend of the English
press as to the motive for the attack upon Viscount
French’s life was that “ the outrage was perpetrated
in order to provoke a stern repression, which it was
hoped would drive Ireland to open rebellion.” The
London “ Times” last Sunday, commenting on the
Irish question, said: “ It will involve more than
Ireland. It is scarcely possible in England to realize
how much the political future of the world hinges
upon the problem of handling Ireland.” The under­
standing in London political circles was that “ the
bill will provide for granting the fullest possible
freedom to the two Irish factions, admitting them
into affairs with powers similar to those held by the
States in America.” The plan was said to provide
also that “ when questions affecting the Empire arise
they will come under the consideration of the Im­
perial Parliament, in which Ireland would have a
voice.”
The Premier did not disappoint the friends of
Home Rule by keeping them waiting longer than last
Monday to know the Government plan. He pre­
sented it in the House of Commons that afternoon
“ as a business proposition,” according to a London
correspondent of the New York “ Times.” The at­
tendance in the House was said to have been large,
“ but the absence of the small Nationalist contingent
was noticeable.” M r. Lloyd George began his ad­
dress by referring to the familiar Home Rule con­
troversy as “ an old family quarrel which has de­
generated many times into a bloody fued.” Sug­
gesting that “ it was necessary for the Cabinet to
propose the plan it thought right, regardless of public
opinion,” the Premier added: “ I can think of nothing
which would in the least be acceptable to British
opinion, which Ireland would accept. We must take
the responsibility and propose what we think fair
and just.” Referring to Ulster he declared that “ it
would be an outrage to the principle of self govern­
ment to place her under alien rule,” and added that
“ Ulster’s case is too little understood in the United
States.” He made clear the British Government’s
attitude toward attempts at secession when ho said
that “ any attempt at secession will be fought with
the same determination, the same resource and the
same resolves as were shown by the Northern States
of America.”

D e c . 27 1919.]

THE CHRONICLE

It developed that the forecasts of the Government
proposals were notably accurate. The following are
the chief features of the b ill: There is to be an Irish
council “ elected by the two legislatures to undertake
services common to the whole country.” The bill
provides also for the “ establishment of a single Irish
Parliament, without further legislation, whenever the
Irish themselves m ay desire it.” Still another pro­
vision stipulates that “ 42 Irish members wTould still
sit at Westminster.” Imperial authorities are to
appoint judges, “ but the police would pass under
Irish control.” Regarding finances it appears that
“ after three years Ireland must assume her fair share
of the war debt and the Commission would decide
what she should pay for the Imperial service. The
customs wrould be under Imperial control until she
adopted a single Parliament, when the question might
be reconsidered.”
Premier Lloyd George concluded his address “ with
an impassioned appeal that a malignant fate should
not again be permitted to drive the sister countries
apart.” In the same breath he contended that
“ England could not by force be compelled to concede
anything she thought unjust, as the history of the
last five years proved.” London dispatches Tues­
day afternoon made it clear that, with the exception
of a few radical publications, the British press had
received the Home Rule plan “ kindly,” but that it
was skeptical as to its success. The Irish newspapers,
on the other hand, were reported as being strongly
opposed to the measure, some of them branding it
as “ impracticable” and “ unworkable.” In a London
cablegram last evening a Government official, said
to be close to Premier Lloyd George, was quoted as
having declared that “ the Premier is prepared to
force acceptance of his Home Rule B ill.” The offi­
cial was even said to have asserted that “ its passage
by Parliament was assured before the measure was
subm itted.”
On Wednesday King George issued a proclamation
“ giving India a large degree of self-government.”
,The measure calls for “ the determination of the
people and the officials to work together for the
common purpose of making the new plan of Govern­
ment a success.”
The same day the King prorogued the House of
Commons until Feb. 10. In beginning his speech
it was noted that, because of the presence of Lady
Astor, the King varied his salutation from the usual
form of “ M y Lords and Gentlemen of the House of
Commons,” by using these words: “ M y Lords and
Members of the House of Commons.” The King
referred to “ the ratification of the peace treaties that
have passed the final stages and expressed the hope
that others would soon be concluded.” He voiced
“ regret over the conditions in Russia” and alluded
to “ the friendliness of the relations among the Allied
and Associated Powers.” The speech foreshadowed
a reduction in the national debt. It reviewed “ the
gravity of the economic situation in Europe” and
dealt with “ the question of domestic legislation.”
A Paris cablegram M onday afternoon stated that
“ the Supreme Council is making every effort to reach
an agreement with Germany on the question of rep­
aration for the sinking of the German fleet at Scapa
Flow, so that the protocol may be signed and the
ratifications of the Treaty of Versailles exchanged
before Christmas.” No decision was reached at the




2385

session of the Council during the day and another
was called for the evening in Premier Clemenceau’s
rooms at the War Office. It was stated that if an
agreement were reached at that time it was expected
that a note would be handed to Baron Kurt von
Lersner, head of the German Mission, during the
evening. Subsequent dispatches stated that an
agreement was reached and that the Supreme Council
“ framed the final note to the Berlin Government,
inviting it to sign the protocol and deposit its ratifi­
cations of the Versailles Treaty.” Premier Clemenceau was quoted as expressing the hope that “ the
treaty would be put into effect on Christmas eve.”
A correspondent of the New York “ Times” observed
that “ while the Allied diplomats have the greatest
confidence in M . Clemenceau’s ability to get things
done, all of them are not so confident as he that
Christmas D ay will see the dawn of a state of peace
in Europe.” In an Associated Press dispatch from
Paris the same day it was stated th a t 11 the text of the
reply to the last German note concerning clauses m
the armistice is firm in tone and makes known to
Germany precisely what the Allies will require of her.”
It was to be presented the following day. This was
done by Paul Dutasta, General Secretary of the
Peace Conference. Baron Kurt von Lersner, who
received it, informed Secretary Dutasta that “ owing
to the difficulties of communications and the im­
portance of the document, he felt obliged to consult
Berlin.” He added that he would leave “ with all his
experts, for the German capital that night.” In
French official circles the opinion was siad to prevail
that “ an exchange of ratifications of the German
Feace Treaty before the end of the year is considered
impossible.” The members of the German Mission
suddenly changed their minds and decided not to go to
Berlin with the Allied reply, but to remain in Paris.
No reason was given for the decision. A later dis­
patch from Paris stated that “ only the German naval
mission returned to Berlin.” It was noted that “ im­
mediately after the German delegates had announced
their intention of returning to Berlin, Premier
Clemenceau called Marshal Foch into conference.”
Dispatches stated also that “ what they discussed was
not disclosed, and -whether Von Lersner received
intimations from the French Premier or had other
reasons for changing his plans is now the subject of
much comment.” In a Paris cablegram yesterday
morning Baron von Lersner was quoted as denying
that in his original intention to return to Berlin with
the reply, he had any idea of attempting to delay
the negotiations, but rather wished to expedite them.
Secretary Dutasta was understood to have informed
the Chairman of the German delegation when he
handed him the reply that “ if proof were given that
errors had been made in the estimate of the floating
material now in possession of Germany, upon which
the Allies based their demands for reparation for the
sinking of the ships at Scapa Flow, the demands
would be reduced proportionately.” According to
Paris advices received yesterday morning it is be­
lieved there that at least two weeks will be required
to make the necessary investigation and inventory of
the floating material of the Germans coming under
the terms of the treaty. A cablegram from Berlin
last evening stated that “ the Allied reply to the latest
German note regarding the Peace Treaty protocol
was published here to-day” (yesterday). Announce­
ment was made in Paris that “ conferences will begin
here early next week between Allied and GermaE

3386

THE CHRONICLE

[V o l . 109.

delegates on measures preparatory to putting the address in which he referred to the Allied memo­
Peace Treaty into effect. The Supreme Council did randum regarding the Adriatic question which had
not hold a session yesterday, but one is scheduled been handed him by Lloyd George at the conference.
for to-day.
He also observed that “ our allies are disposed to
discuss a solution of the question which does not
It became known here about the middle o f the coincide entirely with the last American proposals.”
week, through a cablegram from London, that the He was of the opinion, however, that “ compelled by
American Chamber of Commerce in that city, com­ an agreement of the great Allied Powers, based on the
posed of representatives of all the leading American common advantage of Europe, President Wilson is
bankers, merchants and firms doing business in Great sure to modify his scheme.” According to subse­
Britain, had “ addressed identical messages to United quent advices from Rome the opinion prevailed there
States Senators Lodge and Hitchcock on the subject that “ the small majority obtained by the Govern­
of ratification of the Peace Treaty.” It was as­ ment in the Chamber of Deputies on the vote of
serted with much emphasis in the note, which was confidence will not cause the Nitti Cabinet to
made public in London, that “ the international resign.” It was thought, however, that the “ narrow­
machinery started by the Peace Conference is falling ness of his margin will cause the Premier to mp,ke
to pieces,” and that “ all actual progress toward peace changes in his Cabinet.” He delivered an address
is choked, and peoples are drifting slowly toward in the course of which he announced that at the con­
famine and anarchy, which can be remedied if the vening of the Chamber after the Christmas recess he
United States will decide quickly and assume her
would present a bill providing that “ only Parliament
responsibilities.” The framers of the note concluded shall have the power to declare war.” Heretofore
as follows: “ We therefore urge you to use your ut­
and at the present time the King possesses this
most endeavors to secure ratification of the treaty, power. The accounts of that particular session of
with such reservations as may have to be made to the Chamber stated that “ the entire Chamber, in­
break the present deadlock.”
cluding the Socialists, rose and applauded.” Political
observers were quoted as saying that “ Premier Nitti
The proposed plebiscite to decide whether Gabriele achieved one of the greatest triumphs attained by
d’Annunzio should leave Fiume was not held last any Premier during the last 25 years.” He has gone
week. Disturbed political conditions were given as to Paris for a conference with Premiers Lloyd George
the reason for postponing it. A Fiume cablegram and Clemenceau.
said that the voting probably would take place last
Sunday. The “ Morning Post” of London printed
Votes of confidence in the Governments of Europe,
a dispatch from Agram, Italy, stating that “ the even of Great Britain and France, appear to be nec­
Fiume Municipal Council has voted 44 to 4 against essary at frequent intervals these days. At any rate
continued occupation of Fiume by d’Annunzio,” they are sought and so far have been given, but not
who, it was stated, refused to accept the decision. always by large margins, as was true in the case of
In other advices he was quoted as declaring that “ he Premier Nitti of Italy this week. Last Tuesday
would himself remain in command of the city.” The the French Chamber of Deputies gave Premier Clem­
plebiscite actually was held last Sunday and accord enceau a decisive vote of confidence, the ballots
ing to the officials who had charge of the affair, the standing in his favor at the rate of 458 to 70. In
vote was 85% in favor of occupation by the regular reply to questions from members in the Chamber of
Italian forces.” D ’Annunzio was quoted also as Deputies the Premier declared that “ there were no
having charged that irregularity had been found, serious objections to the military agreements proposed
which he considered invalidated the vote.” Paris as between Great Britain, the United States and
heard via Rome on M onday that he had actually France.’ Speaking hopefully regarding an early
“ abandoned command of Fiume,” while from settlement of the Fiume situation, he remarked,
Trieste came the report that Signor Pedrazzi, head
and then only can we breathe freely.” Going into
of d ’Annunzio’s press bureau, “ had tendered his greater detail he said: “ The Fiume question has been
resignation because the poet failed to accept the de­ agonizing. Italy promised Fiume to the Jugoslavs,
cision.” Scores of d’Annunzio’s followers were said but went back on her promise. France, England
to have left Fiume. Subsequent advices stated that and the United States have sought a solution and the
the newspapers of Rome claimed that the agreement latest indications are that it will finally be reached.”
provides among other things that “ the Italian Gov­ In closing M . Clemenceau “ appealed to the Chamber
ernment will keep in its possession the whole of the to work hard and talk little.” Referring to the ap­
armistice line, reaffirming the right of Fiume to proaching resignation of his Cabinet he added “ it
decide its new fate.” According to those advices will not be an exit by one door to enter by another.”
also “ Fiume will receive financial assistance, so that According to dispatches from Paris last evening it is
it may be able to re-establish its life and to resume its generally believed there that Premier Clemenceau
activities under the regime of a free port. During will be the next President of France, and that “ he
the transition period the Italian Government will will be elected virtually without opposition.”
not exercise its sovereign rights over Fiume, the inde­
pendence of which shall in no way be diminished or
The people of Great Britain and France, like those
violated.”
of the United States, appear to be indulging in a riot
of gross extravagance. In the following cablegram
The Italian Chamber of Deputies, at its session from London received here a few days ago, a picture
last Sunday, adopted “ an order of the day expressing is drawn that is distressing to thrifty people, but has
confidence in the Government.” The margin in its its counterpart in the United States. In part it
favor was small, as the ballot stood 242 to 216. reads as follows:
Signor Scialoia, the Foreign Minister, who was
Throughout the last week there has been an unprecedented
present at the recent London conference, made a long crush in the shops and stores and a more lavish expendi-




D ec. 27

1919.]

THE CHRONICLE

ture for Christmas gifts than ever before experienced. Con­
trasted with last Christmas, when the streets were full of
khaki-clad men on leave from the front, an officer or soldier
to-day is rather a rarity. There is greater evidence than
ever of the newly made wealth, and the most expensive of
luxuries, in the shape of furs, jewelry, and costly articles of
every kind, find ready purchasers. Every other person on
the streets to-night is carrying a load of parcels. The rail­
ways are ready for a record rush of people to the country,
and the hotels are preparing to provide their customary
dances and other festivities.

2387

reports have been received by cable of open market
discount rates at other centres.

In its statement, issued as of Dec. 15, the Imperial
Bank of Germany shows the following changes: A
reduction of 1,934,000 marks in total coin and bullion,
683.000 marks in gold and 2,358,000 marks in invest­
ments. Other securities were also curtailed 50,992,­
000 marks. Increases were shown, however, in all
And here is a similar account of what is said to of the following: Treasury notes an expansion of
have been going on in Paris this week. The date of 168.428.000 marks; notes of other banks, 837,000
marks; advances, 1,517,000 marks, and liabilities,
the cablegram is Dec. 22.
The little stalls that line the boulevards every Christmas 33.995.000 marks. Bills discounted registered a
and sell candies and small objects suitable for presents appear heavy increase, viz., 1,598,750,000 marks, and de­
to find plenty of business this year, in spite of the fact that posits 1,264,973,000 marks. Note circulation was
prices are running four and five times those in pre-war days. augmented by 415,280,000 marks. The Bank’s gold
Mistletoe costs $4 and $5 and holly from SI to S2 a bunch. holdings are now reported at 1,089,613,000 marks,
The lowest price for Christmas trees is about $4. No ex­
travagance seems to great for those wishing to celebrate as against 2,304,480,000 marks in 1918, and note
the season, reports from restaurants showing that all seats circulation 32,875,621,000 marks, in comparison
have been booked. Apparently the higher the price the with 20,005,800,000 marks last year.

less chance remains of finding places to eat the Christmas
dinner. Even the popular restaurants, the principal trade
of which is in serving business lunches and dinners, are going
to serve Christmas suppers for the first time on record.

The deficit in last Saturday’s bank statement and
the high rates for call money this week were a sur­
prise to some observers in the financial district who
The British Treasury statement for the week had been predicting easier monetary conditions at
ended D ec. 20, indicated another, though small, this centre, in spite of the close approach of the large
deficit, income having again fallen below outgo. Jan. 1 disbursements. Apparently the higher rates
The week’s expenses totaled £34,497,000, as against for day-to-day accommodation and the reported re­
£32,919,000 for the week ending D ec. 13, while the fusal to renew maturing time loans, except in special
total outflow, including Treasury bills repaid, other instances, were further evidence of the determination
debt and advances repaid, &c., was £235,713,000, of the managers of our leading financial institutions
in comparison with £91,982,000 a week ago. Re­ to strengthen their own position. Federal Reserve
ceipts from all sources amounted to £235,659,000, authorities have issued frequent warnings against
which compares, with £91,740,000 last week. Of further extensions of credit, particularly for specu­
this total, revenues yielded £20,827,000, against lative purposes. The requirements of stock brokers
£29,659,000. Savings certificates contributed £1,­ this week for new money were not excessive, because
300,000, against £1,500,000 and other debt £11,­ of the quiet and professional character of the stock
627,000, against £11,023,000, while advances brought market. Borrowers of money on Stock Exchange
in the huge sum of £165,012,000, against£4,500,000. collateral were compelled, however, to cover ma­
From the new funding loan the sum of £300,000 was turing time loans with call money. This naturally
received, against £800,000 last week, though victory resulted in an active bidding for the latter, and, some
bonds failed to bring in anything. The previous week observers claimed, undue anxiety. The latter ten­
£7,100,000 was received from this source. New dency was believed to have accounted to some extent
issues of Treasury bills equaled £36,542,000, against for the extremely high rates that prevailed every
£37,158,000 the week before. This was in excess afternoon. Because of the low percentage reserve
of the amount repaid, so that the volume of Treasury of the Federal Reserve banks as a whole and of the
bills outstanding was again augmented and now apparent necessity of the local institutions of still
stands at £1,121,620,000, which compares with £1,­ further strengthening their position, it would not be
1 1 1 ,022,000
in the week preceding. There was, at all surprising if high rates for call money prevailed
however, a reduction in net temporary advances again next week. Practically no time money is
of £6,693,000, owing to the repayment of £171,­ being offered. With the signing of the Edge Bill it is
707,000 of advances, to £225,087,000. The Ex­ expected that more will be heard relative to financing
chequer balance in hand aggregates £3,773,000, European needs. In important banking circles it is
against £3,827,000, a loss for the week of £54,000. doubted that anything of a definite character will be
Owing to the Christmas holidays, the weekly done until the Peace Treaty is put into effect.
statement of the Bank of England will not be issued
until M onday, Dec. 29. The Bank’s official mini­
Dealing with specific rates for money, call loans
mum discount rate, however, is reported as un­ this week ranged between 7 and 18% , which compares
changed at 6 % .
with 5 @ 9 % last week. On M onday the maximum
was 15%, with 7 % the low and ruling rate. Tues­
Official discount rates at leading European centres day there was an advance to 18% , while the low was
continue to be quoted at 5 % in Paris, Berlin, Vienna, 1 0 % and renewals 12% . The range on Wednesday
Spain and Copenhagen; 5 )^ % in Switzerland, 6% was 10 @ 1 5 % , and renewals negotiated at 10% ,
in London, Sweden, Norway and Petrograd, and Thursday was a holiday (Christmas D ay). On
4 % % *n Holland.
In London the private bank rate Friday 15% was the highest; the minimum was 10% ,
has been raised from 5 Y % % for sixty-day and ninety- and this was also the renewal basis. The figures here
day bills to 5 % % . Call money in London is now given apply to both mixed collateral and all-indus­
reported at 3 % % . Cable advices recently have trials alike. For fixed maturities a slightly firmer
shown some variation, last week indicating a range tone was noted, and available funds were exceedingly
of 2 % @ 4 }^ % . So far as can be ascertained, no scarce; so much so that some borrowers were com




2388

THE CHRONICLE

pelled to resort to call loans for accommodation,
which would explain the flurry in the latter. Sat­
urday’s poor bank statement was held mainly re­
sponsible for the flurry. Nominally fixed date funds
are now quoted at 7 % for all periods from sixty days
to six months, against 6 @ 7 % last week. All­
industrial money is now at 7 ^ @ 8 % , against 7 @
7 /^ % . Very little business, however, in either class
of collateral was put through, and the market was
practically at a standstill.
Commercial paper rates remain at 5 % @ 6 % for
sixty and ninety days’ endorsed bills receivable and
six months’ names of choice character, with most of
the business done at 6 % . Names less well known
require 6 % . A good inquiry was reported for the
best names, though transactions in the aggregate
were of moderate proportions.
Announcement was made on Wednesday that the
New York Federal Reserve Bank had made a further
advance in its open market purchase rates on bank
acceptances— this time from y s to % on all classi­
fications. Naturally this resulted in a corresponding
advance by dealers in their rates on prime bills.
Because of the tightness of call money and the
holiday the market was not specially active. The
following table gives the new quotations of dealers:
------------Spot Delivery-----------Ninety
Sixty
Thirty
Days.
Days.
Days.
Eligible bills of member banks............. 5 5 4 @ 5
554@454 5 @ 4 5 4
554@454
Eligible bills of non-member banks...... 554@55< 554@5
ineligible bills.......................................6 @ 6 5 4 6 @ 5 *
0 ©5*

Delivery
within
30 Days
554 bid
s u bid
0
bid

The Federal Reserve Bank of Cleveland did not
raise its discount rates as did the other Federal Re­
serve banks during the past two weeks, its rates re­
maining unchanged from the schedule adopted N ov.
10. It is noted that the Federal Reserve Bank of
San Francisco announces a rate of 4 % % on redis­
counts (16 to 90 days) secured by U. S. Bonds or
Victory Loan Notes, as compared with 4J^% pre­
viously. In the following we show the prevailing
rates, so far as our knowledge goes, for the various
classes of paper at the different Reserve banks
________ d i s c o u n t r a t e s o f f e d e r a l r e s e r v e b a n k s .
CLASSES
OF
DISCOUNTS AND LOANS
(03

Discounts—

Within 15 daya, Incl member
banks' collateral notes___ 454
16 to 60 days’ maturity__
61 to 90 days' maturity...
Agricultural and live stocJ
paper, 91 to 180 days lncl..
Secured by 454% U. 8 . certl
flcates of Indebtedness—
Within 15 days. Including
member banks' collatera
notes________________ 454 454 454
Secured by 454% U. S. Cer­
tificates of Indebtedness
Lib. bonds & Vic. notes-—
Within 15 days, Includln;
member banks' collatera
n.ot? - ....................
*4^
4 J46
16 to 90 days'maturity... 454 454 454
Trade Acceptances—
A
15 days’ maturity________ 414 au au . . .
16 to 90 days' maturity___ lj '454 4 54 4541
^

1!

454

454
454
554

554

454 454 454 454 454 454 454 454

4*46

4*4» 4»4& 1»4» 4*46
154 454

454 IM

454.
454

454
454

L *?1?8 f.or dlscounted bankers’ acceptances, 454%
m te 2 ' Rftti?t£nC^nor^ha8ed,,1u0Den market>minimum rate 4%.
paper*the^f S
r S « bin k £ mad(Lby member banks for renewal of 15 da:
pa^S’ of the same dass
^
0147 charge a ra“
se ed in g that for 90 da:
of ^ p o n d ? n g Z dturlt^Der haVe been merged
th03e * * commercial pape
(o) 454% for member banks' collateral notes within 15 days
6 Rate on 15-day advances secured by 4 54 % Certificates of Indebtedness 4 u v
c Rediscounts (18-00 days) secured by certificates of Indebtednc^ 454% %
d Rediscounts (16-90 days) secured by certificates of l n d e b t S K 4 5 4 %

Last Saturday’s statement of New York asso­
ciated banks and trust compenies, which is given in
greater detail on a subsequent page of this issue, was
again a poor one. Loans increased $46,301,000,
while surplus reserves sustained a loss of over $40,


l Vol . 109

000,000, utterly wiping out that account and leaving
in its stead a deficit of $12,320,830. Net demand
deposits declined $2,488,000, to $4,121,492,000
(Government deposits of $246,438,000 deducted).
Net time deposits, however, gained $4,582,000, to
$254,769,000. There was a reduction of $41,417,000
in the reserves of member banks with the Federal
Reserve Bank, which, of course, was mainly respon­
sible for the wiping out of surplus. The situation
would have been more serious except for the increase
in Government deposits during the week from
$99,611,000 to $246,438,000. There were increases
of $2,683,000 in cash in own vaults (members of the
Federal Reserve Bank), to $106,333,000 (not counted
as reserve). Aggregate reserves were reduced $40,­
692,000, to $535,589,000. As shown above, surplus
was eliminated, the reduction in that account being
in exact figures $40,543,890, which left a deficit of
$12,320,830. The figures here given for surplus
are based on legal reserves of 13% for member banks
of the Federal Reserve system, but do not include
cash to the amount of $106,333,000 held by these
banks in their own vaults on Saturday last. Cir­
culation is now $37,191,000, an increase of $299,000.
The deficit in the surplus reserve item is the fourth
to be reported this year, but, as previously pointed
out, since the inauguration of the Federal Reserve
system it is necessary always to consider the Clearing
House return with that of the Federal Reserve Bank
of New York, where decided improvement occurred.

The sterling exchange market has shown a fair de­
gree of activity this week, notwithstanding the inter­
ruption of the Christmas holidays, and transactions
attained substantial proportions, at least during
the opening days of the week. There was a firm
undertone throughout and following the sharp rally
which took place on Saturday of the week preceding,
quotations rose steadily until 3 83% was reached,
which is 12 cents above the low of last Friday.
The close was slightly below this figure. Prob­
ably the most potent factors in sustaining rates
have been Secretary Glass’s letter to Chairman
Fordney of the House Ways and Means Committee,
urging the extension of credit to “ save civilization,’ ’
and also asking consent of Congress to a plan for
supplying food on Government credit to starving
European nations, as well as to the funding of inter­
est payments now due on loans to the Allies for two
to three years for the purpose of hastening their
commercial rehabilitation, early in the week, and
later the announcement that President Wilson had
signed the Edge Bill.
That these are more or less sentimental influences
is readily conceded by bankers and financiers, since
it is felt that very little in the way of establishing
foreign credits upon anything like an important
scale is likely to be attempted until the Peace Treaty
situation is clarified. A good deal of talk is being
heard of the possibility of a compromise settlement
being reached between the opposing factions in the
Treaty wrangle, but nothing definite has as yet been
accomplished in this direction; although the prospects
for some sort of an agreement appear rather brighter
than at one time seemed possible.
In the opin­
ion of most observers the foreign exchange market ife
likely to be subjected to frequent and violent fluc­
tuations for some time to come, since until the present
enormous excess of exports over imports has been
corrected, any improvement is sure to be the signal

D ec . 27 1919.]

THE CHRONICLE

for a fresh outpouring of bills, which under present
domestic and international conditions inevitably
means immediate recessions in prices. The result
is that large operators continue to show an indispo­
sition to enter into extensive new commitments,
though of late speculative interests have been more
in evidence than for a very long period. It is alleged
however, that the bulk of the speculative transac­
tions noted in recent weeks has been for account of
“ outsiders” attracted by the sensational gyrations
in rates and not regular exchange traders.
Dealing with quotations more specifically, sterling
exchange on Saturday of last week was strong and
higher, mainly as a result of the favorable impression
created by Secretary Glass’s recommendations in the
matter of foreign credits and indebtedness payments
and rates again bounded up, this time 6 % c. to 3 80%
@ 3 82 for demand, 3 8 1 % @ 3 83 for cable transfers
and 3 7 5 % @ 3 77 for sixty days. M onday’s market
showed renewed activity with irregular movements
though the range for demand was again 3 8 0 % @
3 8234 , f ° r cable transfers 3 8 1 % @ 3 83, and for
sixty days 3 7 5 % @ 3 77% . Firmness developed on
Tuesday, when rates showed an additional gain of
nearly 2c., bringing demand to 3 8 2 % @ 3 83% , cable
transfers to 3 83@ 3 84% and sixty days to 3 77 % @
3 78% . On Wednesday trading was more or less of
a pre-holiday character and rates were slightly easier.
Demand ranged at 3 81 @ 3 83% , cable transfers at
3 8 1 % @ 3 84 and sixty days at 3 76@ 3 78% . Thurs­
day was a holiday (Christmas D a y ). On Friday the
market was very dull and slightly easier, with quo­
tations fractionally lower, at 3 80@ 3 81 for de­
mand, 3 81@ 3 82 for cable transfers and 3 75@,
3 76 for sixty days.
Closing quotations were
3 75% for sixty days, 3 80% for demand and 3 81
for cable transfers. Commercial sight bills finished
at 3 80, sixty days at 3 73% , ninety days at 3 71% ,
documents for payment (sixty days) 3 70% , and
seven-day grain bills 3 79% . Cotton and grain for
payment closed at 3 80. The gold movement for the
week was light, comprising only $2,750,000 gold coin
for shipment to South America. It is understood
that this consignment is going to Argentina and is an
exchange transaction, dollar exchange in Buenos
Aires being below the gold import point and now
quoted at 102.20 gold pesos per $1 as against a par of
103.65. It will be remembered that $10,000,000 gold
was shipped recently by a group of New York banks
in an attempt to stabilize Argentine exchange.
In Continental exchange general improvement was
shown, especially in francs and lire, which apparently
moved in sympathy with the better feeling in the
sterling market. In the case of the former, there was
a recovery of 80 points to 10.38, while lire sold up
to 12.94, or 27 points above last week’s close. M ove­
ments at other exchange centres, while tending up­
ward, were relatively unimportant. Good buying
by several large international banking houses was
largely responsible for the rise. During the earlier
part of the week trading was quite active, but with
the resumption of business after the holiday (Christ­
mas), dulness set in and the undertone was easier,
with practical declines noted in nearly all currencies.
Advices from Washington, under date of Dec. 2'1,
state that the American Attache in Rome has cabled
the United States authorities that the Italian G ov­
ernment is attempting to meet the difficulties caused
by the rise in exchange by requiring drafts payable in




2389

dollars to accompany shipping papers as a condition
for the release of exports to this country. In order
to offset any hardship that might result from the
application of the ruling where American importers
have already financed the manufacturing of Italian
products, a ruling has been issued that in such cases
permission to export will be granted by the Ministry
of the Treasury. Ample reasons, however, will have
to be preseted to the Treasury to justify deviation
from the requirement that dollar drafts accompany
the shipping papers of Italian goods exported to the
United States.
The official London check rate in Paris finished at
40.15, compared with 41.50 last week. In New York
sight bills on the French centre closed at 10.61,
against 11.02; cable transfers at 10.59, against 11.00;
commercial sight at 10.64, against 11.05, and com­
mercial sixty days at 10.72, against 11.13 last week.
Belgian francs, which followed the course of French
exchange, finished at 10.33 for checks and 10.30 for
cable remittances, which compares with 10.55 and
10.53 a week ago. Reichmarks closed at 2.08 for
checks and 2.10 for cable transfers, in comparison
with 2.04 and 2.06 the preceding week. Closing
rates for Austrian kronen were 00.59 for checks and
00.61 for cable transfers, against 00.60 and 00.62
the week before. Exchange on Czecho-Slovakia
finished at 1.95, against 1.95; on Bucharest, at 3.50,
against 3.45; on Poland, at 1.30, against 1.25, and
on Finland at 3.20, against 2.95 last week. Greek
exchange continues to be quoted at 6 55 for checks
and 6 50 for cable remittances, without change.
Lire closed at 13.04 for bankers’ sight bills and 13.01
for cable transfers, against 13.27 and 13.25 a week
ago.
Trading in the neutral exchanges was light and rate
variations limited for the most part to fractions.
Here also the trend was upward and guilders showed
a firmer tendency, with Swiss francs steady and the
Scandinavian exchanges reflecting considerable im­
provement . Spanish pesetas, however, were slightly
easier. A development which is arousing some at­
tention is the present rate of exchange from the Dutch
East Indies to Holland, which is considerably against
the mother country. It is understood that pre­
miums of 5% for large remittances have been quoted
by the banks and that their official list is still about
2% under par, though shipments of gold from Hol­
land to Java can be made at a cost of not more than
three-quarters of 1% . The explanation is that the
Java Bank had undertaken to effect at par all remittences required by the Government to Holland and
vice versa, which in turn guaranteed to give all such
business to the Bank of Java. The standard of
coinage was the same in both countries, so, although
each had its own bank notes, the limits of the gold
points were not determined by the price the bank of
issue was willing to pay for gold, and private banks
could ship Dutch currency. This has actually
occurred and now there is a shortage of currency in
Holland, which renders the above deterrent imprac­
ticable. The country’s gold supply is controlled by
the Bank of the Netherlands which is obliged to
adopt an arbitrary course, as otherwise the banks
would soon drain the country of its gold, and thus
materially add to the difficulties of an already ad­
verse financial situation.
Bankers’ sight on Amsterdam finished at 37% ,
against 37% ; cable transfers at 37% , against 37% ;
commercial sight at 37 7-16, against 36 15-16, and

2390

THE CHRONICLE

commercial sixty days at 37 1-16, against 36 9-16 a
week ago. Swiss francs closed at 5 54 for bankers’
sight bills and 5 51 for cable transfers. This com ­
pares with 5 58 and 5 56 last week. Copenhagen
checks finished at 18.85 and cable transfers at 19.00,
against 18.10 and 18.25. Checks on Sweden closed
at 21.50 and cable transfers 21.60, against 21.00 and
21.15, while checks on Norway finished at 20.50
and cable transfers 20.60, against 20.15 and 20.30
the week previous. Final quotations on Spanish
pesetas were 19.25 for checks and 19.35 for cable
transfers. Last week the close was 19.55 and 19.65.
With regard to South American quotations, very
little change was noted and the check rate on Argen­
tina remains at 43.00 and cable remittances at 43.15,
the same as a week ago. For Brazil the rate for
checks continues to be quoted at 27.25 and cable
transfers at 27.40, unchanged. Chilian exchange re­
mains as heretofore at 19% @ 20 and for Peru at
5 00@ 5 05.
Far Eastern rates are as follows: Hong Kong,
96@96>£, against 9 9 @ 9 9 S h a n g h a i , 167@1683^,
against 163@164}^; Yokohama, 5 0 ^ @ 5 1 3 ^ , against
50@503<£; Manila, 4 9 ^ @ 5 0 3 ^ , against 49@4934;
Singapore, 4 9 @ 4 9 ^ , against 5 0 @ 5 0 ^ ; Bom bay,
47}^ @ 48, against 45@45J4, and Calcutta, 4 5 @ 4 5 %
a week ago.

[V o l . 109.

Rejoicing over the termination of the war had led
to glowing hopes, in the mind of the average citizen,
of a reasonably quick return to normal activities of
trade in Europe. The same feeling of reassurance
over the ending of the political earthquake had
encouraged at least the hope of return to something
like stable economic conditions.
Except in a few special directions, where special
influences prevailed, both expectations have been
strikingly unfulfilled. It is true that Germany,
whose speedy surrender to Russian Bolshevism was
freely predicted a year ago to-day, has organized a
stable government, stamped out the Spartacus
revolt, and held orderly national elections. It is
also true that the American industrial community,
which at the end of last December, was looking for a
precipitous fall of prices, has witnessed, after a brief
period of hesitation, a forward movement of profit­
able prices and great commercial activity. But
except for these two results, the story of the year has
been one of political unrest, of economic confusion,
and of disheartening slowness in belligerent Europe’s
economic recovery.
Yet, when the year’s experiences are summed up
as a whole, it will have to be admitted that they have
followed closely the experiences of the first year
after the termination of all other great wars. This
has been notably true in political history. The
The New York Clearing House banks, in their Peace of Paris in 1815 led the way, not to one year
operations with interior banking institutions, have only, but to a series of years of confusion in national
gained $4,761,000 net jn cash as a result of the cur­ legislatures and uprising of the people against estab­
rency movements for the week ending Dec. 26. lished governments. The victory of the American
Their receipts from the interior have aggregated Union in 1865, instead of being followed by a calm
$9,108,000, while the shipments have reached and statesmanlike program for political and economic
$4,347,000. Adding the Sub-Treasury and Federal reconstruction of the shattered Southern States,
Reserve operations and the gold exports, which to­ immediately introduced perhaps the most angry and
gether occasioned a loss of $118,659,000, the com­ violent quarrel between Congress and the Adminis­
bined result of the flow of money into and out of the tration, of which our history has any record.
The philosophy of the case was that, in the Europe
New York banks for the week appears to have been
of 1815, as in the United States of 1865, the foun­
a loss of $113,898,000, as follows:
tains of the great political deep had been broken up
Week ending Dec. 26.
Into
Out of
Net Change in
by a prolonged and terrific military conflict. Neither
Banks.
Banks.
Bank Holdings.
59.108.000
$4,347,000 Gain $4,761,000 economically nor politically could the world be quite
Sub-Treasury and Federal Reserve
The passion­
operations and gold exports_____
20.046.000 138,705,000 Loss 118,659,000 the same after that conflict as before it.
Total____________
$29,154,000 $143,052,000 LossS 113,898,000 ate adherents of new and revolutionary ideas believed
that the hour of recognition and fulfulment had come.
The following table indicates the amount of bullion
I(or some such ideas, indeed, it had come, and that
in"the principal European banks:
fact only encouraged believers in the wildest political
Dec. 24 1919.
theories of the day to assume that the future be­
Dec. 26 1918.
Gold.
Silver.
Total.
Gold.
Silver.
longed to them also. The turbulent parliamentary
Total.
£
£
£
£
£
£
conflicts in Europe after 1815 undoubtedly surpassed
England _ . b91,498,847
b91,498,847 79,110,764
79,110,764
France a .. bl43985875 b 10886666 bl54865875 137,614,374 12',726:656 150,334,374 in fury and acrimony anything that has been wit­
Germany . 54,514,800 1,115,100 55,629,900 113,131,450 1,006,760 114,138,210
Russia
129,650,000 12.375.000 142.025.000 129.650.000 12.375.000 142.025.000 nessed in the Europe of 1919.
Aus-Hun.c 11,201,000 2.374.000 13.575.000 11,008,000 2.289.000 13.297.000
Spain___ 96.895.000 25.109.000 122.004.000 89.131.000 25.855.000 114.986.000
When the political disputes at Washington reached
Italy____ 32.200.000 3.006.000 35.206.000 38.439.000 3.200.000 41.639.000
Netherl'ds. 52.679.000
563.000 53.242.000 57.653.000
600,000 58.253.000 such a pitch that, less than three years after the end
Nat. Bel. h 10.656.000 1.046.000 11.702.000 15.380.000
600,000 15.950.000
Switz'land. 20.737.000 2.661.000 23.398.000 15.112.000
15.112.000
Sweden__ 16.155.000
16.155.000 15.742.000
15.742.000 of the Civil War, Congress was attempting to im­
Denmark _ 11.787.000
190.000 11.977.000 10.424.000
130,000 10.554.000 peach and remove from office a President who be­
Norway_ 8,146,000
8,146,000 6,726,000
6,726,000
Total week 680.105.522 59.319.100 739,424,6221719,121,588 58,775,760|777,897,348 longed to the same political party as the Congressional
Prev. week 580.055.522 59.140.100 739,195,622722,461,3211 58,803,910,781,265,231
majority, it is surely not surprising, from the his­
foldings of the Bank of France this year are exclusive of £79,131,137
torical point of view, that the first year after the
8ld abroad.
b Last week's figures.
ending of the recent European war should have been
* No figures reported since October 29 1 9 1 7 .
Figures for 1918 are those given by "British Board of Trade Journal” for Dec. 7
marked by a bitter political quarrel between the
h Figures for 1918 are those of August 6 1914.
Senate and a President who belonged to the opposite
party from the Senate majority. So sure are such
political results that there are not a few historians
Whoever glances back with intelligent recollection who deem it a kindly decree of fate to Mr. Lincoln’s
at the forecasts and expectations which were current place in history that he should have passed from the
a year ago, in the political world as in business circles, political scene exactly when he did, and not have
is likely to admit that this first year of peace has been left to nearly four years of an inevitable struggle
been, on the whole, jja yearjjof disappointment. with angry and irreconcilable factions of Congress.

THEFIRST YEAROFPEACE.




D e c . 27 1919.]

THE CHRONICLE

2391

From the economic point of view, the continued persevering industry of the inhabitants and next
rise in cost of living and the exceedingly slow re­ with abundant lending of capital to the prostrate
cuperation of financial, industrial and commercia communities, by England a century ago and by the
Europe, would be stated by most people to-day as Northern States after the Civil War. But recupera­
the disappointments of the year. The course of tion came nevertheless, and the end even of the second
prices for commodities has, in fact, taken a turn this year after return of peace presented a very different
year which is unlike the traditional result in the first and a far more encouraging situation than the ter­
year after certain other great wars. The period from mination of the first year.
1814 to 1816 is described by the economic historian of
that epoch as having been marked by “ a great anc
T H E S O V IE T A R K N O M A Y F L O W E R .
memorable fall in prices;” chiefly due to transition
The Soviet Ark, the old army transport Buford,
from war, which had “ obstructed supply and in­
creased the cost of production,” to peace, which hac got under way early on Sunday morning and is now
“ reduced the cost of production and extended the making for some port which her captain learned
source of supply.” There was a sharp decline in when he opened his sealed orders. The unwilling
the general American average after the ending of our departure of the 249 undersirables has, of course,
Civil War also; though this was slower in beginning attracted much attention.
The rector of a city
and was unduly accentuated, so far as average prices church which has for several years been prominent
were concerned, by the precipitous fall in cotton in conducting “ forum” meetings that allowed very
and textile manufactures, due to reopening of trade advanced social notions to be aired has seemingly
with the Southern cotton States.
let his sympathies overcome his judgment, for on
The course of prices during the present year, after Sunday night he said to his congregation: “ deport the
the first month or two of hesitation, has certainly editors who deliberately suppress news, deport those
been different. This month the average is consider­ who despise democracy and try to keep the .people
ably higher in the United States than its highest down, but do not deport our workmen.” By in­
of the war, and in England it is far above the war­ vitation he is to appear before the House Immigra­
time maximum. But the reason for this seeming tion Committee to further explain his views.
departure from historic precedent is not hard to
Now it is unquestionably of the utmost public
understand. In no other war had the world’s facili­ importance to have correct as well as vigorous think­
ties for production been so long, so rigidly and so ing on this subject. For editors (whoever they are)
exclusively devoted to war purposes as in this one. who deliberately suppress or falsify news, and for
In no other war had sources of production been de­ any persons who really do “ despise democracy and
stroyed on such a scale as in this. In no other war want to keep the people down” no well-ordered mind
had labor cost been raised in many industries during can have either tolerance or excuse; but whether the
and immediately after the war, by a greater ratio than Buford did carry away any “ workmen” of our own or
the rise of prices. It might be added that in no other any other nation is a plain question of fact and easily
war has inflation of currency been pursued on such a brought to proof. This clergyman also said to some
scale, whether absolutely or relatively, in the most press representatives over the telephone that “ why,
powerful nations of the world.
the Baptists of New England were regarded as an­
These facts, which the world is better able to under­ archists in Colonial days and the Quakers were re­
stand to-day than it did a year ago, are also in great garded as pacifists.” It is historically true that our
measure the explanation for the disappointingly slow forefathers who fled to bleak New England to obtain
economic recovery of Europe. But it will be a religious freedom did go too far in denying it here to
natural comment, at the end of 1919, that the ideas some others and that they did indulge in repressing
entertained in many quarters at the end of 1918 were to the degree of persecution certain persons who in
in that regard scarcely reasonable. Even the lesson their eyes were too far r?ng to be able to justly
of history is in accord with actual results in the first claim liberty. We, theh
.^3 or less worthy de­
year after the ending of this great war.
scendants, have not been in one nabit of saying much
People are apt to refer to the economic prestige about these defects, nor is it necessary to say much
of England after the Napoleonic wars, and to the of them now; but when anybody attempts to liken
great financial prosperity of the Northern States the deported Reds to the pilgrims of three centuries
after 1865, as a proof that such a war need not cause ago and the Buford to the Mayflower he throws down
prolonged industrial prostration. But these com­ a challenge at once bold and rash. It is true that
parisons wholly overlook the fact that England in reformers have often, it might almost be said always,
1815 occupied towards the rest of the world almost been disapproved by their contemporaries, and in
exactly the position, political and economic, which is respect to being disapproved all the Reds are like
occupied to-day by the United States; also that the Columbus and Galileo and Luther; one could even
economic fortunes of the Northern States, when the include Christ himself among those whom their time
Civil War came to an end, were powerfully and funda­ rejected. But with this one point in common all
mentally governed by the opening up of the Far resemblance ends, and it is surely a wild step to argue
West, the development of the railways and the con­ that contemporary disapproval proves that the dis­
sequent immense expansion of American farming approved persons are really worthy and will be justi­
area. It was long before the European continent fied by time. All reformers are disliked and perse­
got on its feet again after the downfall of Napoleon, cuted, these Reds are disliked and persecuted, there­
or our own country after what we called our war of fore they are reformers just a little in advance of
1812. It was not until 1878 that the cotton produc­ their time this is too wild a syllogism for any sound
tion of the South again matched the pre-war produc­ mind to accept.
tion. In both of those instances, the process of
The spirit of the New England Society, at its an­
economic recuperation came only as a result of return nual dinner on Tuesday night, commemorative of the
to political order, coupled first with patient and anding of the Pilgrims on Dec. 22 1620, was unmis-




2392

THE CHRONICLE

takable. The keynote was Americanism, and the
speakers pointed out clearly and emphatically that
there is nothing anarchistic in it. These Reds are
not “ workmen,” unless to be continually stirring up
evil is to be working. The record of their acts in
sabotism, attempted assassination, and placing and
distributing bombs, is open. Their utterances are
also open and unmistakable. Observe once more
their declaration:
“ We must mercilessly destroy all remains of gov­
ernmental authority and class denomination, libe­
rating prisoners, demolishing prisons and police of­
fices, blow up the barracks, shoot the most promi­
nent military and police officials. . . . We hate re­
ligion. . . . We are atheists. We may therefore
formulate our tactics thus: by participating in the
struggle of the working class, guiding it, and unin­
terruptedly widening and deepening that struggle,
kindle and maintain the conflagration of civil war
until we have torn up by the roots capitalism and
government.”
Now set over against this the Mayflower Compact
signed by the men in the cabin of that vessel:

[Vol. 109.

and former Senator Beveridge of Indiana spoke in
similar vein. The latter called the method of procur­
ing the Adamson Law in 1916 as violently lawless as­
a highway robbery, and declared that the issue must
be fought out some day and -the day is swiftly ap­
proaching. “ To the fact that Congress and President
Wilson cringed under the lash of brute force in 1916,”
he said, “ is largely due the trouble the country has
experienced ever since, and the process of attempting
to compromise disputes involving antagonistic prin­
ciples still goes on.”
This is indisputably correct, and it will always be
(as it always has been) futile to try to arbitrate and
compromise principles. One good, however, has
been accomplished by the Reds: they have jarred the
people of this country into a greater degree of wake­
fulness than has been known in twenty years. The
people are at last beginning to realize that evil can
be overcome only by real opposition and is strength­
ened by compromising surrender, and that we do not
escape the dangerous forces in the land by refusing
to see them or admit their existence. From every
quarter come evidences of a new interest in constitu­
tional government and a growing determination to
find out what “ Americansim” means and to stand
firmly for it. Democracy is moving towards triumph,
but it is the genuine sort, not the destructive or the
sham.

“ We covenant and combine ourselves together into
a cbv^ body politic for our better ordering and preser­
vation, and by virtue hereof do enact, constitute and
frame such just and equal laws as shall from time to
time be thought most mete and convenient for the
general good of the colony; unto which we promise
all due submission and obedience.”
Can any likeness be discovered between a compact
to frame just and equal laws and abide by them and
W O K IN G B A C K W A R D — ST R IK E S A N D LABOR
a program of destruction for all law, all order, all
UNREST.
government ?
l
o
visualize
a
people
in retrospect, spiritual as
It is a continuing wonder how these Reds manage
well
as
material
progress
must
be placed in review.
to exist. We have heard through the press of Emma
Either element of life would be incomplete without
Goldm an’s furs and other luxurious equipment, anc
the other, and constitutes a reactionary influence.
somebody estimates or guesses that the Buford group
If our activities, as sometimes charged, are almost
carried with them an aggregate of a half-million cash.
wholly in the physical, we shall be wanting in the
Who are the persons that finance anarchy? It is
spiritual, and this in itself would constitute a “ state
fundamental that as soon as any person acquires any
of mind. ’ As we look over the intellectual move­
property he or she begins to take an interest in the
ments of the year we find no great passionate en­
preservation of property and of good order; to fine,
deavor instituted, save one, and that, as we write,
savings bank depositors joining a mob or attacking
has fallen into the shadowy domain of doubt. The
the social foundations would be as naturally impos­ attempt to ratify the Treaty of Peace and thus enter
sible as that a mouse should make a nest and raise
into a League of Nations, however, has been more a
its brood in a cat’s ear. Yet if we cannot discover
matter of routine governmental procedure than of
how anarchy is sustained financially, we can make
an urgent and unified demand by the great body of
some guess as to some of its seeds. It is, of course,
the citizenry. There have been economic, social,
the excessive reaction from despotism, unable to per­
and commercial requests for ratification, .but even
ceive any distinction between liberty and license,
the President’s tour in its behalf did not arouse the
autocracy and democracy; but we have also been
compelling interest of the people. A reasonable con­
breeding it ourselves, jointly by our public indiffer­
clusion is that the popular mind, in the aftermath of
ence and by letting our time-serving politicians cater
world-war, was in a reflective state, measuring and
to the socialistic and labor vote, the importance of
weighing the results of victory, and naturally swing­
which is always overestimated. Some of the speak­
ing backward to domestic national affairs and indi­
ers at the New England dinner recognized this and vidual personal problems.
frankly declared it. For example, Governor Corn­
Sometimes there has seemed to be an apathy, an
well of West Virginia, after confessing that he had no
indifference to foreign affairs. It may have been
cure-all nostrums to offer, said this:
the inevitable reaction to the following of a flaming
On the other hand, it is my firm belief that one ideal of “ justice, liberty and humanity” into the
of the ailments from which the country is suffering
“ jaws of death” on far away battlefields. It may
at present is that it has been gorged with undigested
and indigestible political, social, and economic rave been a slow-rising, almost sub-conscious, belief
theories during the past few years. The people that while an ideal may be an irresistible incentive
have been educated towards the notion that they can to war on a gigantic scale, even to the conquering of
live by legislation rather than by work; that they can an ambitious oppressive autocracy, the actual realiza­
prosper on theories and statutes rather than on pro­ tion of that ideal cannot and does not come in a day
duction.”
or a year and that ultimate and perpetual peace is
He also cited the surrender to the railway brother­ even now the growth of centuries of loving and
hoods in 1916, and denounced the closed shop and the iving peace and not the sudden reward of a heroic
Plumb plan of seizure. Governor Lowden of Illinois and unselfish sacrifice. But whatever the cause o




D e c . 27 1919.]

THE CHRONICLE

the condition, the enthusiasm for an immediate con­
tractual peace between all nations by means of a
League, was tame in the face of that throbbing
patriotism which gladly, freely placed millions of
men and billions of dollars at the command of the
Government. And it remains so to-day. And if we
read the temper of the people aright their chief wish
at this hour is to return to the simple living and plain
thinking of the pregnant years when men were
conscious of serving others by serving and saving
th emselves.
It is to be remembered that though our part in the
war was short, it was all-engrossing. Every man, and
every interest in life that he had, felt its encroach­
ments. And when it was actually over, though
technically still in existence, the individual citizen
could not but turn his thoughts upon his own for­
tunes and his own future. Stunned, it may be, by
its appalling story, he was only too satisfied, as were
the soldiers themselves on returning, to turn away
from its horrors, its debts, and its denials, and seek
by added industry, by more enlightened endeavor,
and by more courageous initiative to meet the un­
folding years with fortitude and calmness. And yet
if one thing stands out more prominently than others
as we attempt to look into the mind and heart it is
that during the year we have not been and we are
not now a contented people. If we look backward
we do not find any new emprise taking the place of
the old. N o new crusade invites. We vision no
new Utopia in place of the old that somehow has
receded into the mists. Society, though it may
have its parlor Bolsheviki, is engaged in no revo­
lution in manners or morals. The Church, though
it, sporadically, has sensed a mission to go forth and
allay “ unrest,” offers no “ saving grace” to which
all may cling. The “ State,” beset as it has been by
selfish interests and by political opportunism and
interpretations, has not been changed in its essential
character and protective power. N o new “ leader
of men” during the year has risen to lead a be­
wildered and overwrought people into new fields of
sacrifice and into new heavens of happiness. We
come to know during the year passed that we are
still ourselves working in the same walls of time
and with the same divine endowment God has given
us. Yet we are neither contented, nor confident.
What i s the trouble?
We must look away from things spiritual to things
material. We are avid for peace, our good will
runs out still to all the world, we would that harmony
between the States and peoples come and come
quickly. Though weighing, measuring, questioning
results of world war in a secret unspoken -way even
in the listlessness that follows over-excitement, we
have given ourselves wholly to the old works and to
the old ways. We have had to set about the repair
of our personal fortunes in sad disarray by our
sacrifices at home and abroad. As we do so we are
conscious of interference, of an undercurrent of
protest, of a sinister demand in certain quarters for
a change, for something better than we have had,
for some magic transformation that is to bring a
fabled equality and a magical justice. As a people
we have been, despite our evidence of bewilderment,
ardent to “ resume” to “ reconstruct” but have been
met by obstruction. If we have turned in the year
passed away from idealism to realism, from the
spiritiual flame to the physical fact, a something
has been nagging at us all the way. We have




2393

striven to use our strength and our possessions to
bring back the old measure of prosperity. As we
count over our endeavors now at the close there is a
fourteen billion crop, a manufacturing output al­
most paralleling this in its own way, a foreign trade
leaving such billions in our favor as almost to con­
stitute a disaster measured by equability of ex­
change, ships we have builded to a tonnnage never
equaled before, our retail trade is uncomplaining
large and profitable, wages have attained (and by
large though not acknowledged voluntary advances
as well as by undue force) to the highest level ever
reached. And prices of products are so high as to
fill the country with protest. This is our physical
achievement. Yet there is “ unrest” widespread
and potential of evil.
We have descended, as we said, into a physical
world. And it is from this that our national pertur­
bation proceeds. We want to work to repair our
loss and waste, and find our wishes and our wills
impeded. And we have almost come to look upon
our future with alarm. We “ do not know what to
think,” we frequently say. Now Governor Francis
traces our “ unrest” to the infiltration of Bolshevism
into our physical life. This may be one origin— but
not the only one. Ex-President Taft, as we men­
tioned a few weeks ago, says sacrifice has reacted to
selfishness. He too may be right. But selfishness
we do have, and it is the selfishness of class seeking
its own interests, though crying aloud its so-called
rights— and all this in the face of the year’s actual
progress and prosperity as we have depicted it.
Our physical world is an industrial world. And we
may look here for the facts that influence our mental
state and rob us of both courage and decision. All
along the pathway of the year when most we would
have resumed, reconstructed, rebuilt, and re-ener­
gized our industrial agencies of production and ex­
change, we have been stopped by the palsying power
and unreasoning cupidity of strikes. According to
tables compiled by “ The Sun” these strikes, occurring
in practically all the States, hundreds and hundreds in
number, and affecting almost the entire range of our
industries, have constituted a loss to labor of nearly
three quarters of a billion dollars’ and a loss to capital
of a little more than a billion and a quarter of dollars.
Beyond all question they are the prolific cause of
“ unrest.” Beyond all question they are promul­
gated by a class, and, as all know, a minority class
of the workers of the country. And these strikes,
called a “ weapon” by some, have been advocated
and defended by an organization known as the Ameri­
can Federation of Labor.
We say they are the outstanding product of the
first full year after the war. We solemnly lay them
at the door of the class-organization, the American
Federation of Labor, that though it may say some
of them were “ unauthorized” and “ unfortunate” in
its last declaration of principles defends the right to
strike as a sacred possession and demands through
the coercion “ the strike” brings to bear a “ collective
bargaining” with labor unions within its jurisdiction
that are “ outside the plant” ; and with an independent
organism which claims exemption from the law cov­
ering “ restraint of trade” on the ground that it is for
“ service,” not profit; an organization that does not
“ incorporate” and will not become voluntarily re­
sponsible for its acts in a monetary sense; and an
organization that demands often by threat of “ strikes
to set its own wage scales for its members.

3394

THE CHRONICLE

Admitting many rightful benefits it has secured for
mechanical workers in the past, we declare it as our
deliberate belief that in its principles and practices
in fostering and conducting “ strikes” during the past
year it has been the worst enemy the people at large
have had, and has done more to retard our return to
industrial peace and with that commercial confidence
than any other agency now before the American
people. And we further assert the belief that if the
American people during the coming year suffer its
dictation by means of “ the strike” to continue, it
will endanger the life of constitutional government
and the perpetuity of the republic.
It would be pleasant to record the swelling tide of
contentment, keeping time with the mounting con­
sciousness that man must work if he would banish
want, that he must live peace and love it if he would
have the joy of rest and recuperation. But some­
where there is a cause for “ unrest” in a people, home­
coming from victory, and realizing the immeasurable
power of our resources that await but the kindly
touch of industry and trade. If these numerous and
costly and disarranging strikes are not overt acts in
industrial war, what are they? If they are not
essentially conspiracies in restraint of trade, why are
they not? And if they do not make the year one of
fear and trembling, what else does?
We do not assert the path of peace can be made
smooth, that we have not a legacy of burdens heavy
to be borne. But we have accepted without convul­
sion the enactment of prohibition, we are not afraid
of woman suffrage, the soldiers have been quickly
reabsorbed in work. We only say that no consider­
able enterprise can function, resume, produce, while
a foe with a “ weapon” stands waiting at its doors.

[V ol . 109.

mental control. The two large facts involved are:
a business-like proffer of helpfulness to starving
peoples and the magical power of the extension of
credit to fulfill a dire need. Here is a case where
trust supplants charity and where the transforming
quality of credit fosters, even makes possible, legiti­
mate trade. Nor need we dwell upon a possible “ in­
fluence” on price consumers at home, since if M r.
Hoover’s estimate of that be the true one there is
no advantage can accrue save to the profiteer.
We have had occasion to refer before to the benefi­
cence of credit. Ordinarily in its use we do not let
it run at loose ends and extend it to those who do not
satisfy us of ability to pay. When it comes to the
consideration of large sums reaching into the deci­
mated and desert places of earth we are required, if
we would give to credit extension its peculiar potency,
to consider potential rather than actual security.
M r. Hoover is quite within bounds in suggesting the
selfish expediency of such a course. Many a bank
has saved its own risk by carefully extending addi­
tional credit to an embarrassed customer who
would certainly otherwise fail, but given time and
means to tide over the worst, is enabled to pay
principal in full and interest. But we need no more
than allude to this. There is yet gratitude in the
human heart. Faith evidenced by works is token
of good will that seldom fails of response. And we
might illustrate the nature of this risk by asking,
will a man refuse to pay for bread he eats when life
is at stake, once he regains the health and means
to do so?
The machinery may give us pause, and yet it
cannot fail if the sentiment involved can be put
squarely before the individual. Complex it may be
and yet the original proposition is simple. We may
state it in this way: How can an interior farmer sell
M r. Hoover in a statement at Washington on the fifty bushels of wheat at say a hundred dollars and
17th declares: “ There can be no question that some take therefor the obligation of a purchaser in a foreign
15,000,000 or 20,000,000 of people in the larger cities land? It would be difficult, almost impossible, with­
of Finland, Poland, Austria, and other portions of out the device of the corporation— one to buy and
Central Europe outside Germany, are facing starva­ one to sell. If these can be co-ordinated the way is
tion unless some quick means can be discovered for clear and it becomes thereby possible for a farmer to
their assistance.” . . . “ We have in the United exchange his actual wheat for a bond bearing all the
States a great surplus of wheat and flour in the hands necessary sureties of payment. The credit power of
of the Government Grain Corporation over and above individual buyers flows by means of the foreign
our own possibility of consumption. This surplus of debenture into the domestic debenture, transmitting
wheat and flour, in the ordinary course, would be this combined foreign power of buyers into the hands
sold to foreign countries for cash.” . . . “ The of the individual seller at home, strengthened by the
question of the export of breadstuffs in this particu­ diffusion of risk among all the sellers here. And it
lar case does not influence the price or supply to the becomes possible, plausible, for the citizen wheat
American people.” . . . “ The Government and grower in the United States with a minimized risk
Congress could arrange some means by which the to extend his personal helping hand to alleviate
Grain Corporation could extend these credits out oversea starvation by buying a debenture.
of the capital it already possesses, and thus there
And is not this the effective and safe process by
would be no call for special appropriations by Con­ which in coming years and calmer times we shall
gress for this purpose.”
These are very clear extend our trade to all the world? One may vision
and succinct statements and we have no cause to the course of certain “ exploration and development”
question them.
companies of the past with alarm. But even where
Further than this we have no doubt that a means these have honestly met disaster they have been
can be found under the Edge Bill recently passed hampered by distance, ignorance and expense.
and that this might be an acceptable method in that The ideal of real “ development” is the direct ex­
it would relieve Government of all difficulties and change of goods for goods. Need meets need upon
through the corporate machinery thus provided pre­ common ground to a mutual benefit. The exchange
serve the freedom and independence of credit directly of an agricultural implement in a South American
to the people themselves. As the time is short in country for hides or wool is example. But develop­
which to put this machinery into operation, and the ment implies differing conditions and compels the
need imperatively urgent, we need not, perhaps, con­ element of time. In the same way the ideal exten­
sider M r. Hoover s plan critically as to its effect upon sion of credit is the short-term. Based on exchange
a continuance of the general principle of govern of commodities its settlement follows close upon

SELLING SURPLUS WHEAT ON CREDIT




D ec . 27 1919.]

THE CHRONICLE

receipt and use. Here also conditions enter in to
modify, and compel the creation of instrumentalities
to safeguard use and widen its helpfulness. The
whole world now is compelled in the wake of war to
use long term credits.
This element of credit extension is one of its most
benevolent or beneficent qualities. B y providing
time it really annihilates it, and enables the quick ex­
change of goods themselves, that it will grow from
more to more, knitting peoples together, cannot be
doubted. Debt is a very real and onerous burden
when it does not carry with it its own means of
payment. But credit is energy transformed into
service, and that service devoted to the welfare
of others. The whole history of banking is the
history of the advancement of peoples in the uses
of credit. And in this intangible creation now
lies the hope of reconstruction after the calamity
of world-war. And it is the talisman of every na­
tion’s prosperity. Because it is all these things it
must be free, it must spring into being spontaneously,
as the brook gushes by the wayside, flowing to the
river, and the river to the sea that washes the shores
of the world. Even Governments cannot make the
seas flow back to water the desert lands.
We shall learn to realize, to revere, as the years
go by, and the wonder-ways of foreign trade open
to us, the imperial power of combined credit. But
as we use it day by day in our personal transactions
so we must know that it is one of the indefeasible
rights we must preserve to ourselves if we would
not sink into slavery. We must hold fast to our
independent banks because they are ours. We must
guard our foreign credit corporations with jealous care
because by our own wills we create and use them,
delegate them to represent us in our freedom to trade.
We must preserve the fountain of credit at its source
in the individual. Governments that can arbitrarily
use it become or may become tyrannical. We
voluntarily loaned our substance to our Government
to use in war, and we will consent to taxation willingly
to extinguish the debt. Not so much may be said
of our loans to foreign Governments. And in order
that we may preserve to ourselves and to posterity
the mighty power and privilege of credit, that our
increasing substance may be dedicated to the good
of mankind, we must preserve our personal ownership
of p r o p e r t y . ______________________

ATTORNEY GENERAL PALMER’S PLAN FOR
REDUCING COSTOFLIVING.
In an address to a popular gathering in Chicago,
Attorney-General Palmer has suggested a really
practical and constructive plan for halting and finally
bringing down the prices of necessaries. He would
have in every county and town a “ fair-price com­
mittee,” with some official authority backing itnext, a voluntary organization of women, for the
single end of restricting buying to actual necessities
until some curative effect is produced upon prices;
next, conservation and economy meetings every­
where, “ under the auspices of civil bodies;” next,
the influence of prosecuting authorities against in­
dustrial disturbances; lastly, rehabilitation of the
“ four-minute men” to deliver talks on working and
saving, on every evening.
There may be room for doubt of the efficacy of the
official authority as a backing in the first of these
propositions, yet in general they are most excellent,
and it is needless to offer to intelligent readers another




2395

word in urgency of the inculcation of combined
working and saving. The women of America, it is
reasonable to say, could do the work of noticeably
bringing down prices, if they would but take that up
determinedly, seeking necessaries and cutting down
luxurious indulgences, as well as always seeking the
low price instead of almost joyfully accepting the
high one. Further, the best thing in this latest
Palmer plan is that it proposes voluntary action and
does not need any legislation or depend very much
upon any official action by its proposer.
There seems to be some promise of proper action
by retailers, if we may judge from the report of a
meeting here, on Wednesday, to talk the situation
over with an assistant of M r. Palmer and with a
woman representative of the Department of Justice,
the meeting being one of merchants in response to a
call through the National Retail Drygoods Asso­
ciation. N ot too much should be expected speedily
of such a conference, or of the announcement that a
committee representing several associations of re­
tailers will meet and continue the talk; still,what
there is of this lies in the right direction.
It is also in point and encouraging to note that the
city of Lawrence shows great interest in the expressed
intention of Mr. William N . W ood, head of the
American Woolen Company, to take a hand in this
subject himself unless the retailers there can do
something about it very soon. When he came to
Lawrence for a conference on the subject on Wednes­
day he had a large throng to greet him, and while
the shouts and flag-waving by the mill employees do
not go straight to relief in the case they do show that
the company’s “ welfare” plans for employees (al­
ready mentioned) are appreciated by them. The
leading retailers naturally defended themselves, and
they declared he had been misinformed in saying
that retail prices had followed every advance in wages
at the mills, to which he replied by producing official
figures to show a noticeably higher cost of living
in Lawrence than in a number of other cities having
mills. The spokesman for the storekeepers said they
would gladly reduce prices if M r. W ood would show
them how, and the subject was left for a more com­
plete investigation. Of course prices can be reduced
only by somehow buying at lower figures, or by
cutting off some expenses, or by accepting a lower rate
of profit. The first of these seems to involve the
problem of reduction back from the start, and so it
does; yet perhaps the two others have something
still possible without unreasonable sacrifice, and it is
for M r. W ood to show the “ how” as well as to “ show
cause” for it. At least, it is much gained if the public
turn away from grumbling— and particularly from
careless and unthrifty buying— and determine that
prices shall turn downward from their present peak
and not from some higher one.

Current guents and discussions
CONTINUED OFFERING OF FRENCH TREASURY
BILLS.

Another block of tho French Treasury bills which are being
offered in the market up to an amount of S 5 0 ,0 0 0 ,0 0 0 , a s
market conditions justify and on much the same scheme a s
the British Treasury bills, was disposed of by J. P. Morgan
& Co. this week. Tho offering in any one week is limited to
$5,000,000. These French Treasury bills were again dis­
posed of on a discount basis of 6%, the figure to which th
rate was advanced some time ago. The bills in this w eek ’ s
offering are dated Dec. 26.

2396

THE CHRONICLE

CONTINUED OFFERING OF BRITISH TREASURY
BILLS.

The usual offering of ninety-day British Treasury bills
was disposed of this week by J. P. Morgan & Co. on a dis­
count basis of 6%, the figure to which the rate was advanced
some weeks ago from 5 % % . The bills in this week’s offer­
ing are dated Dec. 22.
PROCLAMATION REMOVING BRITISH BA N K NOTE
ACT.

According to London cablegrams a Royal Proclamation
made publio on Dec. 23 revokes, as from Jan. 1, the provi­
sions of the Bank Note Act of 1914, which made bank notes
issued by issuing banks of Scotland and Ireland legal tender
to any amount. It is also stated that the proclamation
restores these banks, as regards their note issues, to the
pre-war status, except that they still will be permitted to
repay in currency notes issued by the Bank of England
instead of gold. _______________________
FRENCH LOAN TO BE ISSU ED IN ENGLAND.

There has recently been much discussion concerning a
proposed French Loan to be issued in England. Associated
Press advices from Paris, Dec. 16, are authority for the
following:
The time o f issue, the amount and the terms o f the French loan, which
is to be issued in England, have not yet been decided upon, but will bo fized
by agreement between the French and British Governments, it was stated
in a note issued to-day by Premier Clemenceau’s office regarding the econ­
omic and financial agreements reached during his recent conferences in the
British capital.
The conference held concerning the working o f the Reparations Com­
mission showed the identity o f the views o f the two Governments,” says
the note. "The economic and financial situation was examined in detail.
With a view to remedying the lowering o f exchange, detrimental to both
nations, the British Government accepted the issue of a Fronch loan in
England. The date, the amount and the details will be fixed by agreement
between the two Governments.
“ Finally, it was decided that the system o f licenses for the exportation
o f coal should be provisionally prolonged for some days to enable the ques­
tion to be restudied.”

[V ol . 109

“ The American State, as a Government, M . Schneider Is quoted as having
said, “ cannot and will not advance this sum. Tho day o f State loans
to a State is over. It is essentially a war measure, and Its continuation
would paralyze private Initiative.
“ Furthermore, the situtalon among our overseas allies is far from being
as brilliant as people might think. Unforseen strikes have surprised public
opinion, and President Wilson’s illness is impeding tho whole of tho machinery
of Government. And there are the discussions o f the Peace Treaty. Those
discussions should bo regarded in their true light— that Is, that the opposi­
tion reported is not solely political. For tho Senate Republicans the
League of Nations represents a breach in the Constitution.
"This does not mean that the American Government will not help us. It
will support every effort we make to obtain credit by private issue. It
may subscribe an important part thereof itself and place ot our disposition
the machinery which floated its Liberty Loan.”
Questioned on the subject o f exchange, M . Schneider said:
“ American commerce and industry are not respondible for the exchange
rate. They are upset by conditions which threaten the stopping of all
business. This unjustified rise continues to cost France millions and bene­
fits nobody.
“ I think tho words of Carter Glass, the American Secretary of the Treas­
ury, have been interpreted here in a more pessimistic spirit than he meant
them. The excess of evil will quicken the remedy, and the financial com­
mittee we left over there under the protection of American bankers for
the purpose of aiding Europe, of which I am a member, should be able to
find a speedy solution of tho troubles the war has provoked in the United
States.
“ Our allies have conquered now markets in Africa, South America and
Europe and intend to keep them. We aro portrayed to theso as egotistic
idlers, determined henceforth to live solely on our military glory. This
legend must bo destroyed. It will be sufficient to show that tho France of
to-morrow remains the France of yesterday, which everywhere always gave
a good example to the world.”

With regatd to the above, Washington dispatches to the
daily papers Dee. 15, said:

Officials of the Treasury were at a loss to-day to understand exactly
what Eugene Schneider of the French Financial Mission meant in a state­
ment in Paris on his return from America, that tho United States Govern­
ment probably would undertake to provide-machinery whereby the French
Government might float loans hero and also that the United States might
participate in such loans.
It was suggested that perhaps the French financier referred to tho Edge
bill, which Is pending in Congress and which has tho sanction of the Federal
Reservo Board, whereby national banks would be permitted to subscribe
to tho capital stock of corporations formod to promote foreign trade and'
financing.

CH IN ESE CONSORTIUM.

The failure of tho proposed Chinese consortium, unless
FRENCH BUDGET. FIN A N C IA L POSITION OF FRANCE either tho United States or Japan yields ground, is forecast
Concerning a budget calling for some 13,000,000,000 or in special Washington advices to tho Now York “Times” of
14.000. 000.000 francs to meet the expenditures of Franco Dec. 20, which said:
Tho deadlock between tho American and Japanese Governments over the
for the first three months of 1920, which was presented to the question
special position in South Manchuria and Eastern Innor
Chamber of Deputies on Dec. 18 by Louis Klotz, Minister Mongolia,o f inJapan’s
which territories Japan has acquired peculiar rights through
of Finance, the New York “Times” in a copyright cable­ treaties with China,
has prevented the formation of tho consortium which
the United States proposed more than a year ago.
gram from Edwin L. James at Paris on Dec. 20 said:
The American Government is understood to be prepared to lend diplo­

Newspapers give much attention to-day to the roquest o f M . Klotz,
Minister o f Finance, for 13.000,000,000 francs for tho first four months of
1920.
It should be borne in mind that practically half o f this amount is
to be devoted to reconstruction o f the devasted regions, an expenditure
which France expects in time to get back from Germany.
The French Government now owes 206,000,000,000 francs, o f which
150.000. 000.000 represent the national war debt.
All the financial experts urge increased production, exportation and de­
velopment of new trade as the only way out o f the difficulty. T o get into
this work, o f course, France hopes for the betterment o f exchange. In
other words, she hopes for the end o f what the French call "the arrogance
o f the dollar.”
In discussing what Europe regards as the slowness o f America in making
an exchange arrangement, the Petit Parissien to-day gives prominence to
an interview with M . Poncet, Secretary o f the French Economic Commis­
sion, which recently visited the United States, in which he says that, if
Europe will only wait until American begins to feel more keenly the need
o f European markets, America will wake up to the fact that she needs
Europe as much as Europe needs her, and that then America will come to
financial terms which will result in better ecxhange for European money.

matic support to private American financial interests if the latter should
elect to enter the Chinese loan field independently o f financial groups of
other countries. International competition, however, it is feared, would
defeat one of tho objects of tho consortium, the removal o f temptations to
tho powers to obtain, through finance, special privileges and now spheres in
China.
The British Government is said to be using its good offices, as an ally,
with the Japanese Government, looking toward an agreement with America.
Tho tone of tho Japanese press and the sense o f statements published by
prominont persons in Japan indicate, on the other hand, that Japan feels
she cannot admit South Manchuria to enter into the purviow o f the con­
sortium. It was recalled to-day that Secretary of State Knox’s proposal
for the neutralization o f the Manchurian railways bears some semblance
to the proposal to apply tho consortium to South Manchuria. The Knox
proposal was defeated by the Russian and Japanese Governments primarily,
Great Britain upholding Japan and France supporting Russia.

Reference to tho reported disagreement betweon the
United States and Japan in the matter was mado in the
“Chronicle” of Nov. 22 (page 1931); details of tho attitude
of this Government wore given as follows in advices from
TAX RECEIPTS I N FRANCE.
appearing in tho “Times” of Nov. 30:
As to receipts of the French Government from taxes, Washington
A construction of the American Government’s understanding o f the
we quote the following press advices from Paris, Dec. 12: Lansing-Ishii
agreement between this country and Japan has boon given by
The tax receipts o f the Government for November, as shown by figures
Just made public, total 737,825,000 francs, a sum 41% greater than forecast
by'th e budget and causing the receipts for eleven months o f tho year to
reach a total nearly 1,250,000,000 francs in excess of the estimates. Tho
registration duties supply the greatest part o f this increase, those on tho
sales of buildings bringing in receipts three times those o f the pre-war
level. The customs receipts are in excess o f the budgot estimates by 30% .
The receipts for the eleven months show an Incroaso o f 2,665,000,000
francs as compared with the corresponding eleven months o f 1918.

EUGENE SCHNEIDER ON CREDITS I N U. S. I N
BEHALF OF FRANCE.

With regard to financial aid which is expected to be ob­
tained by France in the United States, Eugene Schneider,
one of the members of the Fronch mission which took part
in the recent deliberations at Washington of the International
Trade Conference, had something to say upon his return
to Paris, the press cablegrams from that center Dec. 15,
recording his views as follows:
Some 3,000.000,000 franca is the amount that France will have to spend
in the United States during the coming year on wheat, cotton, oats, coal
and machinery, according to Eugene Schneider, who has just returned from
a mission on behalf o f the Government to the United States, in an interview
in “ Le Journal.”




the State Department to the British Government in a communication sent
in connection with negotiations relating to tho proposed International con­
sortium for financing China. The project for this consortium was spon­
sored by the United States Government, but the project has not yet gono
through because tho Japanese Govornmont has been opposed to including
certain portions of Manchuria and Mongolia within tho purviow of the
loans mado under the consortium project.
In tho construction that has been given by this Government to the
British Government, it is contended that any claim that may bo sot up to
tho effect that tho recognition of special interests by tho United States in
the Lansing-Ishii agreement was intended to imply a monopoly or a priority
o f economic or industrial rights is negatived by tho concluding paragraphs
of tho agreement which explicitly and without limitation, tho State Depart­
ment maintains, preserve tho principle of equality of commercial and Indus­
trial opportunity.
This construction of the agreement has been given as a result of Japan’s
action in contending for a reservation of her assorted rights in South M an­
churia and Eastern Inner Mongolia, and by an Inquiry from the British
Foreign Office as to whether the reservation affecting South Manchuria
would be accepted by the United States Government.
It is understood that in Its note tho State Department declares that his
re-assortlon of the “ open door" was understood to imply no restrlctlot in
the particular case of Manchuria, and that this is made plain by the f a c t
that the agreement assumed the existence of earlier treaty arrangem ents
on the subject one of the most concrete of which is declared to be the Ports­
mouth treaty of pcaco betwoen Japan and Russia, by which tho contracting
parties declared that they had not in Manchuria any "territorial advantages
or preferential or exclusive concessions in impairment o f Chinese sovereignty

D ec . 27 1919.]

THE CHRONICLE

or inconsistent with the principal o f equal opportunity.” and engaged "not
to obstruct any general measures common to all countries which China
may take for the development o f the commerce and industry of Manchuria.”
In connection with the formation o f the old consortium for the Chinese
currency loan in 1912, the State Department points out. the Japanese and
Kussian groups, having made reservations regarding non-application of
restrictions upon their independent action in Northern China, Manchuria
and Mongolia maintained the right to withdraw from participation in any
such business which their respective Governments might consider “ con­
trary to the interests o f Russia or Japan.”
Even the position sought to be established at that time by the Japanese
and Russian groups, the department contends, did not contemplate any
such exclusive right as is now claimed by the Japanese Government, but
confined itself to a right o f protest against undertakings deemed positively
harmful to the national interests o f the two countries.
In M ay, 1915, furthermore, the department’s communication continues,
during the negotiations between Japan and China, which led to the so-called
agreements o f M ay 25, involving certain special political and economic
advantages in favor o f Japan in Manchuria and Mongolia the United
States Government found it necessary to advise both interested Govern­
ments that "it cannot recognize any agreement or undertaking which has
been entered into, or which may be entered into, between the Governments
o f China and Japan Impairing the treaty rights o f the United States and its
citizens in China, the political or territorial integrity o f the Republic of
China, or the international policy relative to China, commonly known as
the open-door policy."
The reservation thus made in behalf o f the United States Government,
the communication asserts, has never been withdrawn and must be regarded
as a part o f the Res Gestae to be considered in construing the position of
the United States in reference to the question now at issue.
The Department asserts that it finds itself, therefore, unable to concur
in the suggestion that a solution o f the deadlock in the consortium nego­
tiations, occasioned by Japan’s insistence upon reservations, might be
found in accepting the Japanese reservation regarding South Manchuria.
It adds that if the adoption o f the consortium were to carry with it the recog­
nition o f a doctrine o f spheres o f interest more advanced and far-reaching
than was ever applied to Chinese territory even when the dissolution of
the Chinese Empire seemed imminent, it would be a calamity.
The telegram to the British Foreign Office concluded by saying it was to
be doubted whether the Japanese Government would find it feasible to
persist in its present pretensions or to maintain a policy o f financial rivalry
if confronted with the alternative o f co-operation or competition with those
whose desire Is to relieve the Chinese situation without taking advantage
of it to seek special benefits, and that the attitude hitherto taken by the
Japanese bankers seemed clearly to indicate their appreciation o f the im­
practicability o f separate action. Ambassador Davis, at London, was
instructed to urge upon the British Government the particular importance
attached by the United States to this question.

2397

“ Humanitarianism and moral principles, apart from the interest o f the
Allies, demand that a people indebted to them be safe from catastrophe,
their future assured and their fortune saved from dilapidation. The crown,
now worth one-thirtieth of its value, will not remain at this point, and it
would be rank injustice to expect Austria to pay its debts on this basis,
while permitting others to make immense profits out o f the fluctuation of
exchange.
“ Our existence and working capacity must be assured by co-operation
from those to whom we are obligated, at least for several months in advance,
if we are to save the situation. We have sold all our foreign securities, have
pledged everything available and have tried every way to keep afloat since
last August, with the result that there has been an enormous impoverish­
ment of our resources and a most alarming depreciation o f our currency.
Dr. Renner pointed out that the Austrian home supply would take care
o f only one-third o f the needs o f the nation, and that the countries on which
Austria naturally depended, Hungary and Ozecho-Slovakia, had been
unable to come to the aid of the Austrians because o f transportation diffi­
culties and other obstacles.
“ There is no district in Austria to-day,” he said, “ that has more than a
few days of provisions, flour and bread, and our requirements represent an
expenditure o f five and one-half million dollars monthly for grain, a million
dollars for meat, three million dollars for fats, and three hundred thousand
dollars for condensed milk.
Chancellor Renner, who made a favorable impression by his cheerful
manner when he arrived to sign the treaty o f St. Germain, maintained his
geniality. It was tempered, however, by an apparent consciousness o f the
responsibility which rests upon him in gaining succor for his nation. He
expressed his appreciation of the willingness of the Allies to hear his case.

The proposition that the United States advance Austria
$100,000,000 is detailed as follows by Edwin L. James in a
copyright cable to the New York “Times” from Paris
Dec. 16:

The Allies decided to-day to feed Austria. The Supreme Council, after
hearing Chancellor Renner, voted to assume responsibility for saving
7,000,000 Austrians from starvation. A formal request was made to Ameri­
ca to finance an undertaking involving $100,000,000, and Ambassador
Wallace has forwarded this request to Washington. Should Washington
not agree to give this aid, England, France and Italy will shoulder the
burden.
There are three steps in the program adopted by the Council. First, the
Allies undertake to effect tho transportation o f the food purchased by
Austria, but unavailable because o f lack o f transportation, which will supply
rations until Jan. 21. Second, the Allies agree to turn over certain food­
stuffs which they own in Europe, o f quantity sufficient for Austria’s needs
until the last o f April. Third, they promise to obtain food for Austria from
that date until harvest time. It is in effecting the last-named undertaking
that America’s aid is sought.
Benner’s Eloquent Plea.
After tho Council had disposed o f the German note Chancellor Renner
China to obtain loan o f $25,000,000 from consortium composed o f Eng­ was received. He had previously laid Austria’s case before the diplomats
land, Franco, United States and Japan to prevent collapse o f Government o f the Allied countries after his arrival in Paris last Thursday. For an hour
bocause or financial condition. Further definite program will bo adopted to-day he made a powerfull address, painting the plight of his countrymen.
after settlement o f Japanese claims under Peace Treaty.
His plea was for aid for starving Austria. The political advantages accruing
to the Allies from the preservation o f the republic were subordinated in
his argument. For all the Allied diplomats were deeply stirred. Ambassa­
dor Wallace was especially impressed by his comparison o f the size o f
PROPOSAL OF SUPREME COUNCIL TH A T U. S. EX ­ Vienna school children to-day, compared with what it was before the war.
Dr. Renner was equipped with exhaustive statistics o f the suffering o f his
TEND AUSTRIA CREDIT OF
OR
country, and he used them with telling effect.
$ 1 0 0 ,0 0 0 ,0 0 0
When he had finished, with tears In his eyes, he left the Council room.
A
The diplomats of England, France, America and Italy agreed that some­
thing must be done for Austria, and that quickly. It is said that the
Japanese Ambassador took no part in the discussion.
Forthwith the diplomats considered how Austria could be aided. Even
at tho low value o f the crown the Austrian Government had succeeded In
contracting for food to last until Jan. 21. Dr. Renner had explained that
this food, which had been paid for, was held in Hungary, Czecho-Slovakia
and other countries because the Austrians could not get cars to move it.
It was decided that the Allies should undertake this work.
It was then pointed out that in Trieste there were 30,000 tons o f cereals
as well as other Allied supplies in Eastern Europe. It was voted to turn
these over. Dr. Renner had insisted that to care for the Austrians for two
or three months would not save them and would not enable the present
Government to stand. Therefore the Allies took up the matter o f supplying
the Austrians until harvest.
It was reported that Austria could not at the present value o f the crown—
7 centimes— pay cash for the food needed, but that there were certain
“ When I loft Vienna we had only 9,000 tons o f flour for six and three- Austrian properties on which, under the terms o f the treaty, the Allies
quarter millions o f poople, a supply for six days on ly ," said Dr. Renner. had a first lien which could be released to permit sale to meet this situation
"Children are dying o f hunger and cold in Vienna and 85% o f those between in part. It was decided to let Austria dispose o f such properties.
It was then estimated that a $100,000,000 loan was needed by the Aus­
nine months and three years o f ago aro suffering with rickets. The loss o f
weight on the part o f nursing mothers is serious, resulting In diminution of trians to savo themselves, and the United States Government was asked to
consider
this matter and express its opinion on its ability to handle it. It
the nursing capacity.
“ For these reasons it is o f utmost importance that supplies go forward was stated that England and France stood ready, as a last resort, to support
at once, oven whilo wo are in Paris awaiting the result o f the negotiations this loan, but that it would be harder for them to do so than for America.
Tho official French statement said: “ After examining the financial situa­
for credits, because weeks must pass before supplies ordered even now can
tion of Austria the Council declared the financial aid of the United States
reach Austria.
“ By holp I moan such assistance as will facilitate our task o f keeping our indispensable to save Austria.”
However, the action o f the Council means that Austria will be fed if th
nation alive and at tho samo time o f fulfilling our obligations to the Allied
Allies are able to do it.
Powers.
“ Wo aro now paying thirty prices for everything we buy. That is to say,
the crown has depreciated to one-thirtieth o f its normal value. A t the
same time we have exhausted our resources In securities and we have
nothing loft but the resources which, according to Article 197 o f the Treaty
o f St. Germain, are mortgaged to the Allies for payment o f reparations.
“ I am going to ask tho Supremo Council to release from that mortgage a
sufficient amount o f our national wealth to form the basis o f security for
loans that are absolutely needed to Insure tho feeding o f our people. What
wo need first is a long-term credit abroad o f a hundred million dollars with
which to procure food until the end o f October 1920.
Tho Council to-day, presided over by J ules Cambon, and with Ambassa
"In tho second place, we need further credit for providing raw materials,
and, thirdly, exemption from mortgage o f our national wealth, provided for dor Wallace representing tho United States, heard a report from Louis
by Articlo 107, that will enable us to furnish a basis for credits absolutely Louchcur, the French Minister of Reconstruction, with regard to Austria's
requisite to the re-establishment o f our economic life— and that re-estab- needs. It was stated afterward that measures had been agreed upon for
lishmcnt, it should be noted, is primordial and essential to the payment by -£he remedying o f the situation. The execution o f these measures, it was
added, entailed the participation of the United States, whose adherence to
Austria o f reparation to which she has agreed.
"W e aro not seeking to escape any responsibility. Of course, we who are the agreement was awaited.
It has become known that the representatives o f the Allied and Associated
in close touch with tho trials and needs o f our own people, with an infant
mortality o f 60% in Vienna, are confronted by an immediate object-lesson Powers have insisted further upon tho necessity of American co-operation
in the relief o f Austria. Ambassador Wallaco was unable to enter into any
which wo cannot overlook.
“ Relief now is tho only thing that can alleviate the present distress, and undertaking for the United States without instructions from his Govern­
credit alone can deliver us from the menace o f general famine and make it ment, but he has cabled to Washington setting forth urgently the need of
taking measures in Austria’s behalf.
possible for us eventually to pay our debts.

The “Wall Street Journal” of Dee. 11 had the following to
say regarding the loan:

$70,000,000
proposal that the United States extend a loan of $100,­
000,000 to Austria in order to save the country from famine
and bankruptcy has come from the Supreme Council at
Paris. The urgency of the Allies’ supplying Austria with
a long-term credit of $100,000,000 with which to procure
food until the end of October 1920, and further credits for
raw materials and for the re-establishment of its economic
life, was pointed out by Chancellor Karl Renner, of the
Austrian Republic, in a statement to the Associated Press on
Dec. 11, in explaining his presence in Paris, where he had
gone to present to the Supreme Council the situation which
he declared faced his country. The Associated Press gave
his statement as follows:




On the 17th inst. it was stated in Paris cablegrams that
after further consideration of Austrian requirements to meet
the food conditions, it had been decided by the Supreme
Council that it would be necessary to furnish relief to the
amount of $70,000,000 at the least, the relief to go forward
at the rate of $9,500,000 monthly. The cablegrams to the
daily press from Paris also said:

2398

THE CHRONICLE

[V ol . 109

welcomes the investment of American capital. She trusts
America. She knows America has no ambition for land
We reprint from the New York “Times” of Deo. 18, the grabbing, no ‘sphere of influence’ to maintain, no ‘special
following copyright cablegram from Edwin L. James, at rights’ to claim. China welcomes the investment of Ameri­
can talent. There is a natural fondness of our people for tho
Paris, Dec. 17:
PARIS, Dec. 17.— The representatives of the Governments o f England, Yankees. Ask the American business men, teachers, travel­
France, Italy and Belgium have agreed that after the Versailles Treaty ers, public men and missionaries who have been in China and
becomes effective no effort shall be made to interfere with the German
they will tell you, one and all, that the Chinese have most
Government’s collection of import duties in gold.
This is a matter o f supreme importance to American commerce. It is a easily become the best friends with Americans.”
question o f the utmost delicacy, which has been the subject o f negotiations
“American merchants and manufacturers could easily
for the past two weeks. Its settlement is most favorable to American
interests. It should be borne in mind that English commercial interests secure their rightful share of China’s business, if they gave
happened to be in the same position as the American, and it was England to it only a small part of the study and attention that they
which stood out strongly for the settlement finally approved this morning. lavish on ‘faster’ markets, but markets not nearly so poten­
This settlement marks the defeat of powerful French and Belgian business
tially rich,” says Mr. Shaw as he goes on to indicate the
Interests.
The question o f the payment o f German imports is a complicated one Chinese needs of industrial machinery and equipment and the
and difficult to explain in the limits o f a newspaper cable dispatch. Briefly,
various avenues for investment in tho Far Eastorn field.
its features are these: It was exacted of Germany by the Allies that for a
The article then enters into quite a lengthy discourse on
number o f years the duties on imports could not be advanced, nor could
they be imposed upon Allied imports in a manner to discriminate against the prevailing business methods of tho Chinese and on the
them. Despite the provisions o f the armistice, which appeared to forbid
it, at the beginning o f last February, French, British, and Belgian commer­ nature and extent of their present foreign commerce.
T H E P O IN T A T IS S U E I N T H E Q U E S T IO N OF
G E R M A N IM P O R T D U T I E S .

cial agents went in largo numbers into Germany at a time when the American
military authorities, placing their own construction on the armistice condi­
tions, refused that privilege to American business agents. Later American
business men were admitted, but only after the Allied agents had had four
months’ start.
Last spring France and Belgium began to flood Germany with goods
which were shipped by thousands of tons. These goods, which paid import
duties in paper, which had sunk to a small fraction o f its pre-war value,
came into the German markets in competition with German goods.
In July the German Government issued a decree that all import duties
must be paid in gold, or, if in paper money, with due regard for the deprecia­
tion of the mark. The French military authorities at once issued an order
stating that at the Rhine gate into Germany at Mainz import duties would
be paid in German legal tender, which was the paper mark. The Belgian
Army followed suit, and so did the British, a new line between London and
Cologne by way o f the Rhine being opened. Soon afterward Marshal Foch
issued a ruling that at all Rhine gateways import duties could be paid in
paper marks.
The Americans officially protested that this was unfair to American trade
with Germany, which had to pass through seaports where the Allies, under
the armistice terms, had no jurisdiction. This meant that American im­
ports— and most English imports— into Germany, paying duties In gold,
were taxed from eight to ten times as much as French and Belgian imports,
since the natural channel into Germany for the latter was across the Rhino.
Last August, when the Americans made their complaint, the German
authorities stated that if the Allies persisted in their military ruling a new
customs boundary would be established east o f the Rhine.
The matter hung fire until two weeks ago, when the German Government
did what it had threatened to do— established a series o f control posts on
the important railways east o f the Rhine and held up French and Belgian
as well as English goods coming from occupied territory, on the ground that
they must pay duties in gold. This caused a storm o f protest in French
commercial circles. French business interests brought pressure to bear
upon the French Government to force Germany to let in French goods
under armistice conditions, which had proved so profitable.
The matter went to the Reparation Commission, on which America had
no representative, and in turn to the Supreme Council, on which Ambassador
Wallace has only limited powers. It is understood that the British repre­
sentative yesterday took the stand that the Allies after the state of peace
began had no power under the treaty to rule as to the payment of custom
duties. Of course, most of England’s shipments into Germany go by way
of seaports, as the American shipments do.
It was announced this afternoon that at the meeting of the Supremo
Council this morning it was formally decided that Germany could collect
her Import duties in gold. Thus her new artificial customs boundary Is
rendered unnecessary, and American business with Germany will pay no
more duties than that of France and Belgium.

IN D E M N ITY

TO BE P A I D B Y H U N G A R Y
PEACE T R E A T Y .

UNDER

It was announced on Dec. 12 in Paris cablegrams that the
Hungarian peace treaty will be presented in January. It
will, it is said, fix the indemnity to be paid by Hungary to
the Allies within 75 years at 18,000,000,000 crowns. Onefifth of the debt of the former Dual Monarchy will also, it is
said, be attributed to Hungary. It is further stated that
the latter’s future government will bo determined by a plebis­
cite, but the return of the Hapsburgs will be prohibited.
T R A D IN G A N D I N V E S T M E N T POS S IB ILIT IES
OFFERED B Y C H I N A .

In an article appearing in the Deo. 10 issue of “The
Street,” Robert A. Shaw, Secretary of the Asia Banking
Corporation of New York, points out the trade opportunities
in China. He says that “while the United States has not
quite isolated itself, yet it has failed to grasp the full signifi­
cance of the trading and investment possibilities that China
offers.”
He mentions the rich deposits of iron ore, oil, coal, gold,
zinc, platinum and tin, and reminds us of the tremendous
resources of the Chinese field—“a field without a peer in
richness and virtually without limit in its potential re­
sources.”
Speaking of the development of American interests in
China, Dr. C. F. Wang, Vice-President of the Senate of the
Republic, recently said: “Of all nations China specially



PRICE A D V A N C E S I N FR A N C E W I T H D E C L I N E I N
EXCHANGE.

The Associated Press had the following to say in Paris
dispatches of Dec. 15:
Prices of all commodities in France are mounting steadily under the
low rate of foreign exchange. Grocers are warning their customers that
they would bo wise to buy coffee, chocolate and all goods containing sugar
because heavy increases over tho present prices are coming “ because of
exchange.” Other traders have joined the grocers In this admonition.
In fact, the rate of exchango has become the excuse for any sort of advance
in prices, and this has brought the question of exchange to the attention
of thousands who never before gave the subject any thought. The public
is told by the press that exchange depends upon whether exports exceed
imports. However, France’s exports to Switzerland and Belgium are now
exceeding her imports without improving the value of French francs In
those countries, and the people, therefore, are being prepared to accept
tho explanation that tho present crisis is not due to the commercial balance,
but is a question o f confidence, which will be restored only by the reduction
of paper money in circulation.
The Cabinet, which met yesterday to consider tho question o f exchange,
continued its discussion of the subject to-day. The draft of the new loan
which will reduce paper currency is almost ready and will be laid on the
table of the Chamber before the end of tho month.
It is understood that Louis Loucheur, Minister o f Reconstruction, at
the Cabinet meeting advocated the principal of importing goods from
Germany and other countries whore France has favorablo oxchange as sook
as the Peace Treaty is put into effect without further formalities except
those arising from existing customs.

M. Loucheur is also quoted in an intorviow in tho “Echo do
Paris” as stating that it is necessary, before all, for Franco
to balance her budget, as all economic questions are closely
connected with tho rate of exchange. In tho discussion of
problems bearing on exchange, among tho Council of Min­
isters at Parish Dec. 11, M. Boucheur is said to have advised
that merchandise be imported from all countries with which
tho exchango situation is favorable, this plan including
Germany, as soon as tho Peace Treaty comes into effect.
RE M O V A L OF W A R T I M E RESTRICTIONS I N C A N A D A
— SILVER CO IN AGE A N D GOLD EXPORT
B A N C O N T IN U E S .

Canada will return to a peaco basis on Jan. 1, when the
war-time restrictions imposed by Orders-in-Council and tho
War Measures Act, will, with a few exceptions bo romovod.
In tho case of the exceptions, tho Orders-in-Council terminate
at tho end of the next session of Parliament. Tho Montreal
“Gazetto,” in Canadian press advices from Ottawa, Dec. 31,
had tho following to say regarding tho removal of tho re­
strictions:
Tho war-time restrictions which will cease to bo opcratlvo on Jan. 1 Include
thoso of raco-track betting and on Importation, manufacture and Inter­
provincial trade in alcoholic liquors. The Orders-in-Council remaining In
force include: Pulp and paper control: coal and sugar control: silver coin­
age; trading with the enemy; exportation of gold; Internment operations;
greater production on Indian reserves; censorship.
Removal of the restrictions Imposed by Order-ln-Council on tho liquor
trade ends a phase of Federal action which opened noarly two years ago.
Within a few weeks of the Union Government coming Into power, the uso of
grain for distillation o f potable liquors was forbidden. From the last day
of December 1917 importation of liquor containing moro than 2>$% proof
spirits was forbidden. Threo months later, there was a further Order-in­
Council passed prohibiting manufacture and inter-provincial trado. These
Orders-in-Council aro to terminate with tho closo of tho present year. In
rescinding these and other Ordors-In-Council passed as war measures, the
Government takes the view that, although no proclamation has yet been
Issued declaring that war no longer exists, actual war conditions long ago
ceased in fact. “ Consequently, the rescinding orders read: 'Existence of
war can no longer bo urged as a reason for maintaining these extraordinary
regulations as necessary nor admissible for tho security, defonco, peace,
order and welfare of Canada.'
“ Tho armistice which concluded hostilities became effective N ov. 11 1918.
The expeditionary force has since been withdrawn and demobilized and the
country generally is dovoting Its energies to re-cstablishmont of tho ordi­
nary avocations of peace.
“ In these circumstances. It is considered that tho time has arrived when
the emergency Government legislation should cease to operate."
Abrogation of tho Federal Ordors-In-Council does not, of courso, affect
restrictions on sale Imposed by the various provincial legislatures. In

D ec . 27 1919.]

THE CHRONICLE

all the provinces, except Quebec, prohibitory legislation is in force ;and
in Quebec the legislation permits merely the sale of light wines and beer.
There is, further, a Federal statute in existence which prohibits importa­
tion for sale, of liquor into a province where sale in such province is pro­
hibited. But, with the close of the present year, there will apparently
be no restrictions on importations for personal use. Under enabling legis­
lation passed by the Dominion Parliament last session, however, it will be
within the competence o f a province to have all importations into its terri­
tory prohibited. The Act of last session provides that on the request of
any provincial legislature, the Dominion Government can hold a provincial
referendum on the question whether or not Importations are to be prohibited
so far as that particular province Is concerned. If the referendum goes in
the affirmative, the Dominion Government will then issue a proclamation
forbidding importation into the province in question.

APPROPRIATION A S K E D OF A R G E N T I N E CONGRESS
FOR P UR CH A S E OF FOOD FOR V I E N N A .

President Irigoyen of Argentine sent a message to Congress
on Dee. 13 recommending the appropriation of 2,200,000
pesos, gold, for the purchase of food and clothing to be sent
to relieve the starving population of Vienna. This informa­
tion was contained in Buenos Aires advices to the daily
press, Dec. 13, which added:

This information was contained in Buenos Aires advices to the daily
press, Dec. 13. which added: The Austrian Government would be given the
privilege o f repaying the loan at its convenience.
The President urges that a naval vessel be provided to transport the
supplies, if It were found that the transportation would be facilitated by
such action. The Government will also appoint a committee to obtain
popular subscriptions for the same object.

H U N G A R I A N G O V E R N M E N T TO R E S U M E IN T E R E S T
P A Y M E N T S J A N U A R Y 1.

London advices in “Financial America,” Dec. 16, state
that a wireless despatch from Germany states that the Hun­
garian Government will resume interest payments on the
State dobt in January.
D AN ISH

CONTROL OF IMPORTS TO CORRECT
P A R I T Y OF E X C H A N G E .

DIS­

Commerce Reports (published by the Department of
Commerce) in its issue of Deo. 18, said:
Commercial Attache Anderson has cabled from Copenhagen that an an­
nouncement was made by the Danish Ministry o f Commerce on Dec. 13,
that owing to the very unfavorable balance o f trade against Denmark!
and the consequent groat disparity o f Danish exchange against dollars and
pounds sterling, a Danish Exchange Council is to be established to regulate
imports and to influence banks to refuse exchange for imports not absolutely
necessary. No compulsory legislation measures have been passed, the
matter having been placed on purely voluntary basis. It Is reported' that
Norway also is discussing similar restrictive measures.

M . B . / W E L L B O R N ON “ F I N A N C I N G EXPORTS
JJW
THROUGH SOUTHERN PORTS'
J
V
ACCEPTANCE C R E D I T S V

k

'In observing that"“w O ’ear a 'great deal these days in
reference to the purchasing power of the dollar—the inflow
or outgo of gold and the expansion of credits,” M. B. Well­
born, Governor of the Federal Reserve Bank of Atlanta in
an address before the Southern Commercial Congress at
Savannah on Dec. 9 noted that “in the final analysis these
are but the outcome of the law of supply and demand.”
While admitting that “there is a certain amount of expansion
of credit duo to speculative—somewhat curbed in the past
few weeks,” Mr. Wellborn contended that “the great ex­
pansion of business, and almost unending demands being
made on the financial and commercial resources of this
country presents a more healthy condition of expansion of
credit than in former days.” Mr. Wellborn’s topic was
“Financing Exports Through Southern Ports,” and we take
the following from his remarks.
Our ports have made and aro constantly making great forward strides
In warehousing facilities and dock equipment, so that vessels are gaining
a better “ turnover” thereby saving largely in dockage fees and reducing
their overhead expenses, all o f which go to make out sea towns ports of
value. Yet, as wo all know, there is room for vast improvement at many
of the port towns In the southern States; and, if we aro to develop the foreign
trade I know o f no more important work for the Southern Commercial
Congress than the rapid promotion o f better harbors and the most improved
port facilities. While ships seek “ any port in a storm” — the controlling
influences of good harbors and improved docks guide them when In the peace­
ful pursuit of trade.
We must over keep in mind the fact that during tho great war. the de­
mands of the war made us tho greatest merchant nation o f all times and the
productive capacities o f our mills and factories grew in enormous porportions, but with the diminished requirements for war materials, we are
liable to face serious conditions unless we maintain an equivalent produc­
tion o f the things o f peaco and find a ready market for our output which has
grown far greater than our consumption. Reduction in output means
lower wages, closed shops, and I say with no thought o f alarm or attempt at
sensation, that we can at this time afford to have business or labor dis­
turbances. The war has created new theories, new ideals, which we hope
for good— but which may result in evil unless we strive for a contented
people, and steady work at remunerative wages is the greatest enemy of
bolshevism.
In order to produce greater quantities, maintain our present ratio of
production, groator credits are necessary; and, it is vastly more important
at this time that we increase our business relations with the Central and




2399

South American countries and the Orient as fields for cash and short term
credits, in order to turn into a credit trade balance that which at this time
is a debit against us, due to the excess of our imports over exports, and thus
not only relieve ourselves of the necessity of expecting gold to pay our debts,
but put ourselves in a position where we will receive gold and add strength
to the basis of tho long-term credits that our Country will have to provide,
if we are to continue to supply devastated Europe with the necessities for
reconstruction.
The question, therefore, gentlemen, that is presented to this portion of
the Country— which your wonderful organization has done so much to
promote— is, “ Shall we sit idly by while opportunity knocks at our door?”
As a boy, I was told that opportunity knocked but once— but in theso days,
I am compelled to disagree with my old school-professor, for it Is calling
every day at the door of the South, and the motto of our manufacturers,
our merchants and our farmers, should be *‘Go after Foreign Trade— Don’t
wait for it.”
Prior to 1914, the average business man o f the South having exportable
products, went out for business only in those places where he was sure to
receive dollars In payment for the goods he sold, and this limited export
business arose from goods that he sold to local buyers for foreign interests
who were compelled to have certain of our products. This was a condition
brought about by the fact that dollar exchange was almost unknown
quantity In many foreign countries; whereas, a Sterling draft on London,
at that time the recognized financial center of the world, was the known
medium o f exchange the world over. The term “ foreign exchange” was
regarded by our merchants as representing something intricate and ominous,
and unless the could get dollars for their goods .without first going through
the process o f converting a sterling draft into dollars, they were luke-warm
about going out actively for foreign business. However, since the outbreak
of the European war “ dollar exchange” has become a familiar phrase in all
sections of the globe, and the foreign buyers, who need not only those pro­
ducts o f the South that they cannot obtain elsewhere but, as well, those
goods that the sellers in other countries are actively engaged in selling to
them and which our merchants can furnish, can now provide themselves
with “ dollar exchange” and pay for such purchases, if the South will only
engage in active competition for the business. Another element that con­
tributed towards permitting London to be recognized as the financial centre
of the world before the great was was the limited ability of the financial
institutions In this country to grant acceptance credits and the lack of a
broad, open market for the absorption of acceptances; whereas, on the other
hand, the banking institutions and acceptances houses in London were not
only able to respond to the needs of commerce for acceptance credits, but
there existed a broad open market with an insatiable appetite for accept­
ances, which. In their character o f prime paper and liquidity, constitute
an unsurpassed secondary reserve. However, with the birth of the Federal
Reserve System, carrying with it the acceptance privilege to member banks.
National and State, the reservoir o f acceptance credits in this country
was greatly enlarged and permitted our financial structure to challenge
London's claim for supremacy In the financial field. The member banks of
the Federal Reserve System are now permitted to grant acceptance credits
up to fifty per cent of their unimpaired capital and surplus, in connection
with domestic or foreign transactions, and, if the demands of their foreign
business are such that they need additional leaway, they can file applica­
tion with the Federal Reserve Board for the power to accept up to one
hundred per cent, of their unimpaired capital and surplus. Upon approval
of the application, the additional privilege can be utilized only in connection
with foreign transactions. I f the bank has availed of only a part of the
fifty per cent, limitation on domestic acceptances, the remainder can be
used for foreign acceptances. In addition to this, member banks have the
privilege of accepting up to fifty per cent, o f their capital and surplus bills
drawn for the purpose of creating “ dollar exchange,” most commonly
known as “ finance bills.”
While these acceptances privileges granted to member banks have greatly
strengthened our position as a financial center of the world, we must not
delude ourselves in believing that they are sufficient to entitle us to first
place In the financial field. W e need additional acceptance facilities, and
these can best be provided for by the establishment of export operations
having the power to execute acceptances. The bankers and investors o f
the South have been slow to realize the value o f acceptances as a secondary
reserve, or what might better be called a second line o f defense, and while
other sections o f the country have taken cognizance of their value for the
purpose stated, thereby creating a broad open market for them, we have
little or no market in the South. Therefore, if the South is to take its
place In the export business o f the country, our bankers and investors
must educate themselves to the value o f this prime class o f paper and create
a local open market and not look to other sections o f the country to absorb
the bills that arise from our export transactions.
Recently, under a very wise legislative act, Congress made possible the
formation of large corporations principally engaged in export business, so
that we now have at hand the power to compete with the large commercial
and industrial corporations o f the world—and, gentlemen, if we are to
develop foreign trade, the formation o f these large export corporations are
absolutely essential. For by no method or means of financing can we hope
for enlarged exports o f the products of our factories and fields, unless we
provide those agencies that make financing possible; and this particular
feature does not appear to impress our Southern business men as being one
o f the necessary links in buidling up our foreign trade. In addition to
providing for the formation of such corporations by invividuals, Congress
went so far as to permit national banks to subscribe for stock in such cor­
porations, and if I mistake not nearly all o f the States in our section o f the
country permit State Banks to make such subscriptions.
Congress has rendered valuable assistance in the enactment o f the Ware­
house Act providing for a system o f licensed warehouses, bounded under
the Act. insuring proper safeguards as to storgage and records and the issu­
ance o f a negotiable receipt showing the classification and grade of the pro­
duct stored. These warehouses can be utilized as a chain o f feeder for
export trade; and more especially does this pertain to cotton so stored,
which has been classified and graded under Government supervision and
is ready for assembling direct at ports of shipment.
The financing o f exports is not a difficult or involved proceeding and
does not differ very materially from the financing necessary in connection
with domestic transactions. In your domestic transactions you will sell
goods and the buyer will either discount the bill or you will allow him
thirty, sixty or ninety days credit. I f the buyer discounts your bill, he no
doubt discounts his purchases from others, and to finance himself, he bor­
rows from his bank for a stated period during which the goods purchased
will be in his hands for sale and turn-over into funds which Will permit
him to liquidate his indebtedness to his bank when due. If. on the other
hand, you allow the buyer ninety days credit and similar credit to other
buyers, in order to finance yourself you borrow from your bank with the
expectations of receiving payments on your open accounts during the life
of your borrowing, which you can apply in payment of your indebtedness
to the bank. Credit information with respect to foreign buyers is not so
easily obtainable, and, besides the time consumed in shipment o f goods

2400

THE CHRONICLE

and the additional time that a foreign buyer would need In order to turn
the goods purchased into money would necessitate the extension of long time
credit. Therefore, all things considered, you would not feel warrantedin
taking on business that would tie up your capital for a long timo, and unless
you could sell the foreign buyers on a cash basis, you do not want his busi­
ness. The foreign buyer is not unmindful of these factors, and they need
not be obstacles in your path; for with acceptance credit facilities of our
financial institutions and -with the additional facilities opened by the for­
mation o f the export corporations to which I have made reference the
financing can be arranged so that so far as you are concerned your sales
will be made on a cash basis. For purpose o f illustration, we will say that
Doe & C o., o f Savannah, through their representative in Buenos Aires
has sold cotton to the Garcia Company in Buenos Aires. Garcia Company
will go to their bank in Buenos Aires and inform them that they have
purchased this cotton and desire to arrange for its payments. The bank in
Buenos Aires would then cable its correspondent in the United States
(and that correspondent could as well be located in Savannah as In New
York or Boston) either a banking institution acceptance house or export
corporation to issue a letter o f credit to Doe & C o., giving them authority
to draw for the purchase price o f the cotton, payable a given number of
days after date. Doe & Co. would then make shipment o f goods, draw on
the bank for the agreed amount in dollars, and forward the bill of exchange
either direct to the bank issuing the letter of credit, or through some other
bank, to be presented for acceptance. The bank issuing the letter of credit
then accepts the bill and detaches shipping documents, returning the ac
cepted bill to the drawer, who can then discount the bill either with his own
bank, the accepting bank, or in the open market, wherever he can obtain
the most favorable rate o f discount. Thus, so far as the shipper is con­
cerned, he has received payment In cash. The accepting Institution then
forwards the shipping documents to the bank in Buenos Aires, which makes
its own private arrangement with Garcia & Co. as to their surrender. At
the maturity o f the acceptance the accepting bank will be provided with
funds by the Buenos Aires bank with which to pay the bill, which closes
the transaction so far as the United States is concerned.
In conclusion, gentlemen, the field is wide and we should lose no time in
perfecting our organizations so that we may secure our full share of export
business, bearing in mind that while our Southern financial institutions can
go a long way in assisting, additional facilities must be provided through
the formation o f export corporations, the development o f a broad accept­
ance market in the South, the/ improvement o f our warebbusing facilities
along the lines presented in th i United States Warehouse (Act and the ap­
pointment o f additional Consuls both here and abroad.

A . C. M I L L E R O N “ TH RIF T A N D F I N A N C I A L
S I T U A T I O N " — T H E I N F L U E N C E OF
CR ED IT E X P A N S I O N . V

An article on “Thrift and the Financial Situation,” pre­
pared by A. C. Miller, of the Federal Reserve Board, for
the forthcoming Jan. 1920 number of the “Annals of the
American Academy of Political and Social Science,” Mr.
Miller points out that the great outstanding facts in a sum­
mary view of our financial situation, pertinent to the question
as to what is disclosed therein which makes tho practice of
thrift and saving a matter of very great national urgency at
the present time are:
1. The prodigious scale o f our public expenditures;
2. The unprecedented weight o f our direct tax levies; and
3. The excessive volume o f our Governmental borrowing.

Mr. Miller also says in part:

Extraordinary expenditures occasioned by the war thus far amount to
over thirty billions o f dollars with the prospect that tho figuro will bo raised
to thirty-five billions by tho end o f tho current fiscal year. Direct tax
levies on individual incomes and the earnings o f industry aro running at
the rate o f about six billion dollars a year. The money borrowed by tho
Treasury to finance tho public requirements, since tho beginning o f the
war, amounts to twenty-five billions o f dollars.
These are stupendous figures. Events and conditions since tho armistice
are beginning to bring home to many o f us for the first time the economic
meaning to the nation and to the life o f the average citizen o f the financial
situation thus developed by the war and left after its close.
During the war much, if not most, o f our customary industrial expansion
was suspended, despite the fact that there was a notable increase in tho
Individual savings of the American people. All of the new savings and most
of the normal savings during the period o f the war were absorbed by tho
Government and were used directly or indirectly in furtherance of war
production. N o doubt much of the new industrial equipment called forth
by war production will, also, be found useful for peace-time production and,
to that extent, be not altogether lost to the capital account of tho country.
Nevertheless, most o f the savings appropriated for public use in the time
of our war emergency represents something which, from the point of view
of the nation’s peace-time economy, must be regarded as unproductive
expenditure and economic waste. There is, therefore, a shortage in the
capital equipment of the country due to the diversion o f the bulk of the
country’s savings during the war from the production o f peace-time facilities
which must somehow or other be mado good if American Industry is to
maintain its normal productivity. There is but one known economic
method by which this result can bo accomplished and that is tho method
of saving.
How is saving related to the all-important matter of restoring and improv­
ing and increasing the industrial equipment or capital of the country?
T o most people saving Is though of as laying aside money, or as giving
up something which has customarily been consumed or which might be
consumed. This is, however, merely the first step o f the saving process, as
a brief illustration will disclose. Perhaps I am on the point o f buying an
automobile. Heeding the injunction to save, I decide to give up my pur­
chase o f an automobile, at any rate for the present, and until the present
national and world emergency is measurably over. What does my action
in foregoing tho purchase and use o f an automobile do to help industry;
specifically, how does It result In an addition to the industrial capital of the
country and thus help to make industry more productive? So far as I can
traco my action all that I save is the dollars which the automobile would
have cost and which the gasoline, tires and other requisites for tho operation
o f the automobile would cost. What do my saved dollars do to improve
the economic situation— to repair or build factories and otherwise expand
production facilities? I can see what my saved dollars do to give mo dollars
against the contingencies o f a rainy day sometime in the future by assuring
me of something in the bank with which to buy food and clothing, but I have
still to be shown how my refraining now, for example from the purchase of
an automobile, increases the productivity o f industry, makes goods more




[V ol . 109.

abundant, and thus helps to bring down prices and improves tho financia
situation generally
When you save dollars, Mr. Reader, you save what dollars will buy. In
the case in question, your going without an automobile either saves that
automobile for some more important use than your pleasure or, what is
more likely, supposing that others are doing as you are doing, it saves
industry tho necessity of devoting as much labor and material and machinery
to the production of automobiles as would otherwise be necessary and thus
releases that labor and material and machinery for something else, which,
in tho existing circumstances of the country and tho world, is more necessary.
In brief, when you save money by cutting down your current consumption,
you same more than dollars and you save more than the goods that you
go without. You save tho labor that it costs to produce those goods and
you liberate the labor and productive power thus saved for the production
o f other things, such as machinery, buildings and other much needed
requisites of production— which it is most urgent tho country and the
world should have more of at the present time.
The need of a great increase in individual savings, in order to provide
tho requisite capital for expansion of our industries, gets much additional
emphasis from tho circumstances that a large part of tko tax revenues, now
being collected by the Government under the now methods and tho high
levels of taxation which wero developed with the war, are undoubtedly
eating into the current savings and, therefore, tho current capital accumu­
lations of a very important section of the nation’s saving class. Tho tax
revenues, which it is estimated will be collected by the Government for the
fiscal year 1920, aggregate six and a half billions of dollars. The great
bulk of this revenue comes from sur-taxes on tho higher grados of income
and from excess profits taxes on business. Large incomes and the earnings
of business are, also, the source from which has hitherto come a principal,
if not the principal, part of the savings of the country and tho now capital,
which from year to year became available for the use o f industry. Re­
ceivers of large incomes for tho most part do not spend all their income for
current consumption but invest a considerable proportion, probably tho
greatest portion, in industrial undertakings. The stream o f saved income
that flowed from this source into industry, supplying it with new capital,
now flows, to a largo extent, into the public treasury, supplying it with
the means of meeting its current disbursements. The current expenditures
of tho Government aro not to any appreciable extent to be regarded as
economic expenditures. It is only indirectly, as the Income o f the Gov­
ernment is used in liquidating war contracts, &c., and thus flows back into
tho channels of business, that any considerable portion o f it will be saved
and accrue to tho capital account o f the country.
While it is impossible to estimate the extent to which the diminution in
the flow of savings from tho Incomes o f those who boar the main burden of
high taxation is thus offset, it does not seem likely to be sufficient to In­
validate tho proposition that the extremely high direct taxes, which aro
icing lovied by the Government o f the United States, are eating Into the
current capital accumulations o f the country to a degree that is considera Mo. ih o effects will bo serious unless tho loss thus arising is mado good
by increased savings on tho part of all those in tho community whoso ability
o save has not been Impaired as a result of tho financial situation occasioned
by war. This means, to put tho matter briefly, that the increased savings
”
® many must make up for tho diminished savings of the few , as long as
tho financial needs of the Government, or other conditions, or conslderatlons of social policy, make it necessary to keep direct taxes at their present
high levels.
Saving will not only bring down pricos by increasing tho production and
supply of goods but will bring down prices by reducing tho supply of money.
Tho most troublesome feature of our financial situation is tho high and ris­
ing level of prices. Recent events are showing that high and rising prices
present more than a financial difficulty. “ They aro tho cause of our acute
cost of living problem and tho industrial unrest and general unsettiement of
mind and tho financial instability which invariably attend great price
disturbances. Reasonable stability of value in the monetary standard
is necessary to a good state of mind in a highly organized industrial com­
munity. Instability inevitably breeds unrest and unsettlement. Until
tho upward movement of prices is arrested and tho dollar begins to recover
its lost value, wo may oxpect to havo an unsatisfactory and troublesome
financial situation with the evil economic and social consequences, which
such a situation invariably entails. To correct the existing financial and
price situation is, therefore, tantamount to taking the most important stop
toward tho correction of our current social and industrial unrest. People
aro ovorywhero uneasy and apprehensivo because of tho declining valuo of the
dollar. T o restore tho dollar to something more nearly approaching its
normal valuo and to reduce prices may, therefore, bo said to bo tho most
important financial problem before tho country.
That there is no way of handling the problem that does not involve the
practice of thrift and saving by all sections and classes of tho country upon
an intensive scalo becomos clear on examination of tho financial factors that
have helped to bring prices to their present levels.
Speaking in broad terms, changes in prices procoed from changes in tho
relation o f tho volume o f purchasing media (what, in common spcoch, is
called money) and the volume o f goods offered for sale. When people
generally, havo more money in tlioir pockets, or more credit at their banks
with which to buy, than there aro goods on tho shelves of shop-keepers,
which can be bought, goods get dear and money gots cheap. In othor words,
when thoro is more money seeking to buy goods than thero aro goods seeking
to buy money, prices riso and their riso will go on as long as tho increase
in tho supply of purchasing media or money proceeds at a faster rate than
tho increase in the supply of purchasable goods.
That excossivo supply of credit and currency has been one of the principal
infiuoncos in putting up and keeping up pricos in tho United Statos is in­
contestable. That excessive borrowing by tho Government has boon tho
main occasion of tho oxcessivo increaso in tho volume of purchasing modia
seems protty clear, if, by excessive borrowing bo understood, not borrowing
in excess of what tho Government has required to defray its oxpendituros,
but borrowing in excess of the current savings of the country.
Tho Treasury of tho United States has borrowed, during tho past two
yoars and a half, over $25,000,000,000. Of this amount about $21,500,000.­
000 havo been borrowed by the issue of bonds. The remaining three and
a half billions havo been borrowed by tho issue of short-dated certificates
of indebtedness. Twenty-five billions in tho course of two yoars and a half
is an extraordinary amount of money to raiso, oven for a country as rich
as the United States. It averages about $1,250 for every American family.
It is an average of $500 per year for each such family. That such an amount
could bo taken out of tho average Income of the American people, except
as they greatly reduced consumption and greatly increased savings, needs
no demonstration, l’ eoplo of moderate moans who did their full duty
In subscribing to the loans of the Government by actually cutting down.their
current expenditures and paying for their bonds in dollars actually saved
out of their incomes know from their own experience that there is no method
by which such vast loans can be taken up and paid for except by the practico
of severe economy. It was because all of the people did not practice econ­
omy to the requisite degree that the savings of the country wero not ade-

D ec . 27 1919.]

THE CHRONICLE

quate to taking up the securities issued by the Treasury as genuine “ sav­
ings loans.” T o the extent that the borrowings o f the Government were
in excess of what were paid for by savings, the loans became ‘credit loans"
and, as such, resulted in a great increase in the volumo o f the country’s
circulating credit and its currency.
The following table shows for selected dates, under the heading of “ D e­
posits,” the incroase which has taken place in the volume of credit extended
by the banks (national and state banks and trust companies) and, under
the headings “ Loans and Discounts" and “ Investments,” the operations
against which the newly created credit was extended. The dates selected
are (1) the eve o f our entry into the war; (2) the armistice; and (3) the most
recent date for which data are available:
Gross Deposits•
Loans & Discounts.
Investments.
Da e.
(In Millions of Dollars.)
24,863
17,020
March
1917
4,955
28,862
19,792
8,909
November 1 1918
33,159.
22,275
9,751
October
1919
The above figures, which are partly official and partly estimated show
that, between March 1917 and November 1 1918, 3,999 millions of new
banking credit in the shape o f so-called deposits were created— an increase
of 16.1%. Similar comparison for the item “ Loans and Discounts" shows
that between the same two dates there was an increase of 2,772 millions—
an increase o f 16.3%; and, for the item “ Investments" for the same dates,
there was an increase o f 3,954 millions—or /9 .8 % .
It will bo noted that the most striking increase o f percentage is found in
the item "Investment” between the dates o f March, 1917, and November,
1918, when an increase o f close to four billions o f dollars is shown in the
investment holdings of the banks. This was the period when the Govern­
ment’s groat bond-issuing operations were at thoir height. The banks
were under pressure to make heavy investments o f their credit in subscrib­
ing for Government loans; they were also extending credit accommodation
on liberal terms to their customers for the like purpose. This was also the
period when the total currency in circulation was increasing most rapidly
__the incroase between March, 1917, and November, 1918, amounting
to over one billion and a quarter.
But tho expansion of banking credit did not come to a stop with the
armistice. Figures given in the table abovo show that expansion has con­
tinued at an alarming rate since then. And the end is not yet assuredly
in sight. Between tho dates Nov. 1 1918, and October. 1919, 4,297
millions of dollars of now credit have boon created; loans have increased
2,483 millions of dollars, and investments 842 millions of dollars.
It thus appears that for the whole period, March, 1917, to October, 1919,
8,296 millions o f dollars o f now banking credit have been created, most of
which was undoubtedly occasioned by the exigencies o f Government
financing.
It has recently been estimated (Federal Reserve Bulletin for October,
1919, page 942) that the banks o f tho country hold among their investments
over four billions of dollars o f Government war securities (Liberty Bonds,
Victory Notes or Certificates o f Indebtedness) and, among their loans and
discounts, two and a half billions or more representing loans made to cus­
tomers secured by Government obligations and made, presumably, for the
most part, in aid o f customers’ subscriptions to Government loans.
Al­
together thon, it appears that tho banks are carrying, directly or indirectly,
between six and sovon billions o f Government war obligations against which
has boen extended newly created credit in tho form o f deposits or currency.
This newly created credit, like the new currency, constitutes an addition
to tho supply o f tho country’s purchasing media. It is for all practical
purposes to be regarded as money. It is acceptable as a means of purchase
and payment. It acts on prices substantially the same as money. It is
tho new and largo addition to the country’s circulating media, resulting
from the placement o f so largo a portion of the Government’s loans in the
form o f "credit loans” — that is, in excess o f what the current savings of
tho people would support— that is largely responsible for that feature of
our financial situation which has resulted in the continuing high prices, of
which there is so much complaint.
Tho best way to improve our price situation is to improve our credit
situation. Indeed, no great improvement in tho price situation need be
looked for until tho credit situation is materially improved. The banking
and credit situation will improve as the large amount of war loan paper
and investments now carried by the banks is liquidated. There is only one
way to liquidate them and that is out of the proceeds of savings. Those
who aro debtor to the banks for credit accommodation in aid of subscrip-’
tlons to Government loans must be made to take up their obligations to
the banks out o f their individual savings, if it is at all possible for them to
do so. If they can not do it, or, rather, to the extent that they can not
do it, others must in effect do it for them; others must save and out of their
savings buy Liberty Bonds in the market. Thus will the market for Gov­
ernment bonds bo improved and thus will it be made possible for the bank
to liquidate by selling in the market bonds, which they have bought on
credit, and their customers, the bonds which the banks are holding as col­
lateral. Such liquidation will at once reduce the loan and investment
accounts o f the banks on tho one side and their deposit liabilities on the
other, and It will, in addition, bring a return flow o f currency to tho banks.
It is thus that there will result from the process o f saving reduction in the
volume of purchasing and decline o f prices.
If everyone had done his full duty during the war by voluntarily ration­
ing himself and saving to the requisite degreo, most of the expansion of
credit and currency and inflation of prices, from wliich wo aro suffering,
would have been avoided. Because there were financial slackers who did
not do their duty, expansion of credit and currency was carried to the point
of inflation. The evils of inflation, o f which the President warned tho
nation in his War Message of April 1, 1917, aro now upon us in the shape
of high cost o f living, profiteering, speculation, reckless extravagance and
industrial unrest and strife. These evils are to be reckoned as a part of the
cost o f the war. They are the cost of inflation. That cost must now be
met. Until it is met, those evils will remain to plague us. Indeed, there
is danger that they will grow worse through postponement or through
national self-delusion that they can be escaped. Recent months have
given dramatic evidence that the appetito for inflation, like most other
appetites, grows by what it feeds upon. Inflation is breeding inflation.
A halt must be called. Saving must again become tho order o f the day.
Wo have too much credit and too much money outstanding in the United
States__above all, too much unproductive credit. Its volume mustibe
reduced. There is but one sure method; that is saving.

P RESID EN T W IL S O N SIGNS EDGE BILL CR EA TIN G
FOREIGN B A N K I N G CORPORATIONS.

Presidont Wilson on Dec. 24 signed the Edge bill, pro­
viding for tho creation of banking corporations to engage in
foreign banking business. The bill as agreed on in con­
ference and passed by tho House Dec. 2 and the Senate on




3401

Dec. 16, was published in our issue of Saturday last, page
2310. On Dec. 18 both the House and Senate agreed to a
concurrent resolution designed to correct three or four
clerical errors contained in the conference report. The
resolution which authorized the Secretary of the Senate to
mako the necessary corrections, reads as follows in the form
in which it was approved by both branches of Congress:
Resolved by the Senate (the House of Representatives concurring), That the
Secretary o f the Senate be, and he is hereby, authorized and directed to
enroll tho biU (S. 2472) “ to amend an Act approved December 23, 1913.
known as the Federal Reserve A ct," as foUows:
Insert the matter proposed by the House amendment N o. 15, and after
“ herein” on page 5, line 8, of the engrossed bill insert “ Nothing contained
in this section shaU be construed to prohibit the Federal Reserve Board
under its power to prescribe rules and regulations from limiting the aggre­
gate amount of liabilities of any or all classes incurred by the corporation
and outstanding at any one time.”
On page 5, line 24, of the engrossed bill strike out the word “ not.”
On page 5, line 25. of the engrossed bill, after "transacting," Insert the
word “ any.”
On page 5, line 25, of the engrossed bill, after “ United States,” strike out
the comma.
On page 6, line 5, of the engrossed bUl restore the matter proposed to be
stricken out by amendment N o. 21 and insert the matter proposed by said
amendment.

One of tbe errors corrected in tbe above strikes out a
superfluous “not” contained in the paragraph (o) on page
2312 of the bill as published in these columns of a week ago.
FEDERAL RESERVE B A N K OF N E W YORK A D V A N C E S
I T S A CC E P T A N C E RA TE.

The Federal Reserve Bank of New York has the present
week been buying acceptances at higher rates. The New
York “Times” of Dec. 24 had the following to say with refer­
ence to the matter:

Tho Federal Reserve Bank yesterday advanced the rate at which it is
willing to buy acceptances. The former rates were 4J4 % for 30-day paper;
for 60-day paper, and 4 % % for 90-day bills. Thenew rates are
H of 1 % higher throughout the list. This is the second advance in buying
rates this faU, the first rise having been made from the level which obtained
for moro than a year, and which quoted the shorter bills at 4 K % and the
longer at 4 }£ % . Yesterday afternoon, after it became known that the
Reserve Bank had taken this action, most dealers moved their rates up to
figures y& of 1 % above the bank rate.

CLOSING OF SUBSCRIPTIONS TO TR EA SU RYIC E RTIF I-

CATES T-J 1920 I N A N T I C I P A T I O N OF T A X E S .
Secretary of the Treasury Glass announced on Dec. 19
the closing of subscriptions to the offering of Treasury cer­
tificates Series T-J 1920, issued in anticipation of taxes.
On Dec. 23 Mr. Glass announced that the subscriptions
to these certificates which are dated Dec. 15 1919 and are
payable June 15 1920 aggregated 8728,130,000; of this
amount §257,455,500 represents certificates paid for in
Treasury certificates of earlier issues. The present issue
was referred to in these columns Dec. 13, page 2219.
ELECTION

OF DIRECTORS OF FED E RA L
B A N K OF S A N FRANCISCO.

RESERVE

John Perrin, Chairman of the Board of Directors of the
Federal Reserve Bank of San Francisco, announces the elec­
tion of the following as directors of the Federal Reserve
Bank of San Francisco, each for a term of three years, be­
ginning Jan. 1 1920:
Group 1, Class A: M r. C. K . McIntosh, San Francisco, California.
Group 3, Class B: M r. E. H. Cox, San Francisco, California.

D E A T H OF L Y M A N II. T R E A D W A Y , V I C E - C H A I R M A N
FED E RA L RESERVE B A N K OF C L E V E L A N D .

Following an illness of but one day, Lyman H. Treadway,
Vice-Chairman of tho Cleveland Federal Reserve Bank, died
at his home on Dec. 7. Mr. Treadway was also President
of the Peck, Stow & Wilcox Co., and had formerly been
President of the Cleveland Chamber of Commerce.
SECRETA RY OF T R E A S U R Y GLASS ON DEFERRED
IN T E R E S T ON FOREIGN LOA NS .

In a letter to Representative Fordney on the subject of
deferred interest on loans extended by the United States to
foreign Governments, Secretary of the Treasury Glass states
that his advisers are firmly of the opinion that “in connection
with and as a part of a general funding of the demand obli­
gations into time obligations,” he is authorized under the
Liberty Loan acts “to spread over subsequent years the
interest which would accrue during the reconstruction period
of say two or three years and to include such amounts in
the timo obligations.” An expression of opinion from the
Ways and Means Committee as to whether this coincides
with the views of the committee, is sought by Secretary
Glass, who in his letter states that “if the Treasury does not

3402

THE CHRONICLE

defer the collection of interest, and thus add to the present
difficulties in the financial and economic rehabilitation of the
world by demanding an immediate cash payment of interest
before the industry and trade of Europe has an opportunity
to revive, we should not only make it impossible for Europe
to continue needed purchases here and decrease their ulti­
mate capacity to pay their debt to us, but should hinder
rather than help the reconstruction which the world should
hasten. Secretary Glass quotes the low rates of exchange
of the principal Allies, and declares that “under these cir­
cumstances an impenetrable barrier exists which makes it
impracticable for these Governments to pay in dollars the
amount of interest due from them to the United States.
His letter in full follows:

[V ol . 109.

believe that any one would consider It equitable or wise in the present cir­
cumstances for us to require payment in gold, of which wo already have
when the payment of one year s interest alone would exhaust about
50% of the gold reserve of our debtors.
While I fully realize tho desirability o f collecting this interest and of
decreasing at once by a corresponding amount the taxes which we must
collect, I should be most reluctant without specific instructions from Con­
gress to the contrary, to demand the immediate payment of interest which
would not only seriously retard the economic restoration of those countries
without which they will be unable to pay the interest and principle of their
debt to us, but which would also destroy their power to make needed pur­
chases in our market.
M y advisers are firmly of the opinion that, in connection with and as
part of a general funding o f the demand obligations into time obligations,
I am duly authorized under the Liberty Loan acts to spread over subsequent
years tho Interest which would accrue during the reconstruction period,
or say two or three years, and to include such amounts in the time obligat‘ons' If>i however, the Ways and Means Committee of the House,which
shared with the Secretary of the Treasury the initial responsibility for the
Liberty Loan acts, should question my power so to act, I shall be pleased
to have you so inform mo at once in order that 1 may lay before your com­
mittee a proposal for further enabling legislation.

December 18, 1919.
Hon. Joseph Fordney, House of Representatives:
M y dear Congressman:— On Oct. the 9th last I sent you a copy of a public
statement made by me on the 26th of September relative to the obligations
of foreign Governments held by the United States Government, and also a
copy of a lotter written by me on Oct. 9 to Senator Penrose in reply to a
letter from him requesting information concerning the extension of the
interest on such loans. In that statement and in my letter to Senator SECR ETA RY OF TH E TR EA S U R Y CARTER GLASS
Penrose I explained the plolicy which the Treasury proposed to adopt in
A S K S FOR LEGISL A TIO N TO S U PP L Y FOOD
respect to the funding o f the demand obligations o f foreign Governments
ON CR ED IT TO EUROPE.
now held by the United States into long time obligations, and the funding,
during the reconstruction period o f two or three years, o f the interest on
such obligations. Notwithstanding my public announcement of Sept. 26
and the controlling reasons which prompted the Treasury to adopt this
policy it appears from statements which have been made lately in Congress
and elsewhere that there still exists a misunderstanding in respect to this
question. Some o f the statements to the effect that it is the duty of our
Government, notwithstanding the present grave derangement of foreign
exchanges, to insist upon the immediate payment o f interest, amounting
to about $475,000,000 a year, indicate a tendency to overlook certain as­
pects of the question and a failure to grasp the meaning of the present posi­
^Reports and urgent advices received from reliable sources as to tho short­
tion o f the finances of the world. While the Treasury favors such an ar­
rangement, it does not favor the cancellation, and indeed has no power to age and utter lack of food in certain portions of Europe are so serious that
cel it my duty to lay some o f the facts before Congress. Although the
cancel any portion o f the interest or principal. The collection in dollars
of this interest under present circumstances would be no less disastrous s ortage o f food in Europe as a whole is less this Winter than last, there is
n parts of Europe (especially Austria, Poland and Armenia) a most dangerto American interests than to the interests o f our debtors.
The loans to foreign Governments were made as provided by Congress ° Up-f ,ortage of fo°d> clothing and fuel. In these places there has not beon
in April, 1917, for the purpose of assisting them in the prosecution of the SUfri i
rocovery
economic llfo to enablo them to buy or to borrow
war. Our entry into the war made it necessary for this Government to su icient food and clothing to keep them alive. In certain sections whole
populations
are
now
dangerously
weak and hopeless from hunger. The
call upon the American people for vast sums o f money for its own war pur­
eat rate caused by starvation is already increasing to an alarming extent,
poses. In order to obtain such funds it was necessary substantially to
close our financial markets to all other borrowings, but as the same time un ess something is done great numbers will die from starvation and cold.
is unnecessary to elaborate the grave effects which this may have on the
it became most Important that our associates in the war should be able to
obtain in greater amounts than theretofore the supplies which they required social order and the economic fabric, not only in tho places where these
and which we alone could furnish.
o°n, v ! T cx*st’ kut In the whole of Europe, and even the world. The
ritish Government has informed this Government that it is prepared to
Except for the purposo o f meeting commitments for war purposes pre­
viously made with the knowledge o f the Treasury, the Treasury has since share with us to tho extent of its ability in the relief o f Austria, which, ac­
cording
to our information, is in tho most desperate condition.
last April substantially discontinued the establishment o f credits in favor
As you are aware, the Treasury has strongly held the opinion that this
of foreign Governments. The program authorized by Congress for foreign
Government should, at the earliest possible moment, discontinue lending
loans was therefore substantially ended eight months ago.
At almost the same time the foreign Governments of their own accord, money to other Governments. 1 havo urged that private initiative should
bo
restored and that credits for purchases in the United States should be
but with the hearty approval of the Treasury, closed the "pegging" of their
exchanges.
obtained through privato channels. I am reluctantly convinced now that
These necessary steps by the United States Treasury and treasuries of in order to meet the urgent necessity of keeping the destitute populations
our associates, in the endeavor to reduce Governmental financial activities of Europe alive through this Winter there must be taken at once measures
and to return trade and finance to normal channels, have been reflected for their relief. The resources and efficiency of the private charities of this
country are not adequate to the necessities which cannot in tho nature of
in the great drop which has taken place in the foreign exchanges.
With the ending o f the war and o f the program of our loans to foreign tho case be financed through ordinary private channels. I therefore have
Governments It was considered appropriate in accordance with the authority the honor to request that your committee afford me the opportunity of laconferred by the Liberty Bond acts to take up with these Governments the ing before it any information which it may desire and which I am able to
funding of the demand obligations now held by the United States into long­ furnish, in order that appropriate legislation may bo considered at once.
The emergency is of such magnitude the dictates of humanity are so press­
time obligations; and in view of the fact that, as indicated by the state of
negotiation exchanges, the reconstruction of Europe has not proceeded to a ing, the possible effects of the present situation upon the social, economic,
and
financial rehabilitation of Europe, and consequently upon tho trade
point where Europe can even yet pay by exports for its necessary food, it
was considered by the Treasury most expedient that, as a part of a general and prosperity of tho world, in which the United States has so groat a stake,
funding arrangements, provision should be made for deferring and spreading may bo of such consequence that I do not hestiato from tho standpoint o f
over a later period the payment o f interest which would accrue during the humanity and public policy to assume tho responsibility of appealing to the
umano and practical sentiments of the Congress to tako immediate steps
next two or three years.
A t the time o f writing exchanges o f the principal Allies are quoted as to umish from our surplus the food necessary to save the situation. Wo
cannot and must not now fail to supply some food on credit to savo human
follows:
livos and safeguard civilization for which we have already expended so
Sterling, 3.86, or at a discount o f 20.7-10%
many
lives and billions of dollars.
Francs, 10.23. or at a discount o f 49.4% .
Lire, 12.75, or at a discount of 59.4% .
Belgian francs, 9.97, or at a discount o f 48% .
Under these circumstances an Impenetrable barrier exists which makes
it impracticable for these Governments to pay in dollars tho amount of PRICE OF SUGAR F I R X E D B Y G E R M A N Y A T l ' A
interest due from them to the United States.
MARKS.
This involves no question as to the solvency or financial responsibility
of these Governments, nor a failure to raise funds by loans and taxes from
their people and a corresponding burdening o f our people, but results from
the condition o f the foreign exchange market. If the Governments of the
Allies were to raise Immediately by taxes and loans the whole of thoir debt
The measure is calculated to promote tho production of sugar, in view of
to us these taxes and loans would produce only sterling, francs and lire, tho increasing difficulties of the industry throughout Germany.
and these foreign currencies would not furnish one additional dollar of ex­
A Government official, who defended the measure, declared that the next
change because conditions are not such as to permit these currencies now two years would still see a shortage of sugar in Germany, and rationing
to be converted into dollars. The United States Treasury has no use at must continue.
the present time for any considerable amounts of these currencies and could
not afford to accumulate large idle foreign balances.
I f the Treasury does not defer the collection of interest and thus add to
tho present difficulties in the financial and economic rehabilitation of the B R IT IS H G O VE R N M E N T TO ENTER SUGAR R E F IN IN G
world by demanding an immediate cash payment o f interest before the
BUSIN ESS.
industry and trade o f Europe has an opportunity to revive, wo should not
A
only make it impossible for Europe to continue needed purchases here and
decrease their ultimate capacity to pay their dobt to us, but should binder
rather than help the reconstruction which the world should hasten. A
nation can liquidate its foreign debts only by tho accumulation o f frelgn
credits, which may be accomplished through an excess trade balance. Invis­
ible exchange items, tho creation of credits by loans, or by the export of
gold. Until our associates in tho war, whose manufactures and trade
suffered so much more than ours, havo had opportunity to resumo normal
Industrial and commercial activities, they have not the exports with which
to pay tho interest due on our obligations and could make such payments
only by the shipment o f gold or by obtaining dollars loans in the United
States.
* The loans which the allied Governments have been so far able to place
in our markets have not been sufficient to correct the situation. I cannot




Tho urgency of supplying food on credit for European
countries which are suffering a lack of food is dealt with in
a letter made public this week addressed by Secrotary of
the Treasury Carter Glass to Representative Fordney of
the House Ways and Means Committee in which Congress
is asked to take immediate steps toward the enactment of
legislation in the matter. The letter says:

According to press advices from Berlin, Doc. 13, the
National Council has approved a measuro fixing tho price of
sugar at 150 marks for 100 pounds. The advices add:

corporation to bo known as tho Homo Grown Sugar
Co., Ltd., in which tho British Government will invest
£250,000, is being formed with a capital of £1,000,000.
In announcing this fact London press advicos of Doc. 12
(appearing in tho evening papers of Doc. 20) said tho British
Government would guarantee a dividend of 5% for ton years
on tho privato capital invested and would ask for no intorost
on its own subscription until a 5% cumulative dividend on
tho public capital had beon subscribed.
A large estate at Kelham, noar Newark, has already boon
secured, it is stated, whore sugar boot growing is in progross.

D ec . 27 1919.]

THE CHRONICLE

CH A N G E I N O W N E R S H IP OF BR IT IS H COTTON M I L L S

Under date of Dec. 8 the following from London appeared
in the “Journal of Commerce” of Dec. 18:

A lively agitation in the Lancashire cotton industry has been going on
for the past three months, according to reports reaching the American
Chamber o f Commerce o f London, as syndicates have been buying up cotton
mills at huge prices and floating new companies whose shares have been
eagerly snatched up.
In the last three months, says the American Chamber, probably more
than seventy mills have changed hands, and fortunes have been made by
owners who previously were men o f only moderate financial standing.
A sensation was caused by the 5,000,000-pound sterling deal in which
a London syndicate was reported recently to have purchased the business
of Horrockses, Crewdson & C o., the largest private company of cotton
spinners and manufacturers in Lanchashire.
With one exception, these flotations are being carried through by Lan­
cashire men. The exception is the syndicate now negotiating the Hor­
rockses deal.
The next four or five years, says the “ American Chamber,” are looked
forward to as a period o f unsurpassed prosperity. The shortage o f mills
and difficulties with regard to the construction and financing o f new ones
are considered to be responsible for the unprecedented buying of existing
undertakings at such huge prices.__________________

PROPOSED

BONUS B Y BR IT IS H
E M P LO YE E S .

SPIN NERS

TO

From London cablegrams of Dec. 17 it is learned tbat the
Federation of Master Cotton Spinners has recommended
to its members, who employ 150,000 operatives, a grant to
the operatives of a bonus of from £1 to £3 a month during
the first quarter of the new year. The estimated cost to
the federation is £1,500,000. The explanation of this action
according to the cablegrams, is that huge profits have been
made by the master cotton spinners, while the operatives
have been barred by agreement from asking for an advance
in wages until next March.
P ACK ER S’ V I E W S ON S E T T L E M E N T OF A N T I - T R U S T
S U IT S — BILLS FOR F ED E RA L CONTROL TO
BE PRESSED I N CONGRESS.

Commenting on the settlement of the Government’s anti­
trust cases against the five big meat-packing companies,
whereby the latter agree to dispose of all interests not re­
lated to the meat packing business, Louis I. Swift, head of
Swift & Co., said:

This docision probably means that the packers must discontinue their
wholesale grocery Interests. The dissolution o f these interests will not
seriously affect Swift & Company, nor any of the packers, for these Interests
are comparatively small.
Since the reported decision enjoins dealing in food commodities other than
the products of animals, the meat canning, soap making and fertilizer
side lines cannot be affected.
Swift & Company already have dissolved their tanning interests.
Of course the announcement cannot affect the individual stockholders
who may elect to buy stock in the organization which will be formed out
of the dissolutions.

Mr. Swift also issued on Deo. 18 the following statement:

Referring to the decreo in question Swift & Co. have already made a dis­
solution of their leather business, as well as the ownership o f Libby, McNeil
Libby (a fruit and meat-canning subsidiary), and also their packing-house
business in South America and Australia, and have been anticipating some­
thing of this kind for some time.
Our earnings will not bo unfavorably affected, as the lines prohibited have
not been especially profitable. It will give us more available cash capital
for the real meat business and its allied products.

2403

J. Ogden Armour of Armour & Co., said:

In agreeing to the terms of the decree referred to in the Attorney-Gen­
eral’s statement. Armour & Co. have abandoned a position which was eco­
nomically sound and which was unassailable from a legal standpoint, wholly
because of our desire to bend the knee to public opinion— an opinion not jus­
tified by the facts but strong for all that. Armour & Co. at all times will do
their part in co-operating with the Government to bring to an end the unrest
now prevailing in the country and to terminate any suspicion o f the public
toward the great and vital industry in which they are engaged.

Henry Veeder, general counsel for Swift & Co., and M. W.
Borders, general counsel for Morris & Co., issued statements
at Washington, Dec. 18, in which they asserted that certain
concessions had been made to the Government in the spirit
of patriotic co-operation during the trying reconstruction
period.
Mr. Veeder’s statement said:

As announced by the Attorney-General, Swift & Co. have agreed to retire
from the distribution of groceries and to dispose o f their interests in public
stock yards.
The company takes this step at the suggestion of the Department of Jus­
tice and in spite o f the fact that there is no law requiring it. In so doing the
company subordinates its own convictions of the economic justification for
these activities to its desire of avoiding any appearance of an antagonism to
the Government and to its desire to remove the causes of friction which have
disturbed its relations with certain factions of tho live stock producers or the
distributors of food products for the past two years.
The company feels that the same spirit which caused the business men of
the country to submit to personal sacrifices to win the war is just as essential
during this period of reconstruction as then and therefore it meets the request
of the Government for the sacrifice of its own interests with the same alacrity
that it met the suggestion of the Government during the war.
I want to say emphatically that this compliance with the request of the At­
torney-General is not, either directly or inferentially, an admission that Swift
& Co. have violated any law. In its answer to the bill of complaint which
the Government proposes to file. Swift & Co. will in positive terms deny any
such violation, and the company has consented to the entry of a decree for
injunction only upon the expressed condition that it should in so many words
recite that the decree does not adjudicate that the company has violated any
law of the United States.

Clifford Thorne, counsel for the National Wholesale
Grocers’ Association, which has on several occasions charged
the big packers with unfair methods and practices, said that
“efforts to unscramble eggs have generally resulted in pro­
ducing an egg omelet.” He said that “the public has been
entertained with several interesting and amusing farces,
staged in our courtrooms, entitled dissolution suits,” and
that the original organization emerged stronger than before.
' Senator Kendrick of Wyoming, author of a pending bill
to put the meat packing industry under Federal control,
issued a statement on Dec. 18 in which he said that the settle­
ment of tho Government’s suit against the packers “does
not mean . . . the abandonment of efforts to secure legis­
lation.” “The fruits of his (Attorney-General Palmer’s)
victory,” said Mr. Kendrick, “may be made permanent only
by the enactment of legislation along the lines of the measures
now pending.” Senator Kendrick’s statement follows:

The announcement by Attorney-General Palmer that the packers have at
last yielded to the Inevitable is, of course, most gratifying. The terms of
tho settlement are in agreement with the fundamental principles of the bills
which have been introduced by Senator Kenyon and myself for the regulation
of the meat-packing industry.
" It does not mean, however, the abandonment o f efforts to secure legisation. As a matter of fact, the Attorney-General's victory is merely a step,
though a very long one, toward the goal we have been seeking to attain.
The fruits of his victory may be made permanent only by the enactment of
legislation along the lines o f the measures now pending.
Attorney-General Palmer’s success in securing the agreement o f the big
packers to accept without contest the injunction requiring them to surrender
control of the stock yards, to use refrigerator cars only for the transporta­
tion of meat and meat products, and to give up the control which they have
secured of non-related Industries is another evidence of the splendidly prac­
tical benefits which tho country is receiving from the present able adminis­
tration of the Department of Justice at the hand of Attorney-General A.
Mitchell Palmer.
I am convinced that tho injunction will bring material benefit not only to
all who are engaged in tho production and preparation of meat and meat
products, but also the consumers of all foodstuffs. It is, in my judgment,
tno most telling blow that has yet been delivered against the high cost
of living.

All statements from the packers reaffirmed that they had
violated no laws, that their agreement with the AttorneyGeneral implied no guilt on their part, and they had encount­
ered prejudice which they wished to eradicate.
Edward Moms, President of Morris & Co., referring to
tho agreement which the packers had entered into with the
Government, said that tho packers “still insist that it was
in the interest of tho livestock producers” that stock yards
should bo owned by people interested in the industry, and
that the packers’ staple grocery business was sound economi­
cally and “in the interest of tho public generally,” because Senator Kenyon of Iowa, also author of a bill to put the
it utilized facilities in slack seasons, reduced overhead ex­ meat packers under Government control, commenting on
penses, and furnished the retailer excellent service.
the settlement, said:
He added:
The arrangement made by .Attorney-General Palmer with the packers

I f the business Is taken away either the live stock producer must get
less for the live meat animals, or the consumer must pay more for meat. But
wo live In a democracy and rightly or wrongly a strong feeling has been
created In the public mind against these activities and in order to meet and
satisfy that opinion we have met this issue with our Government with true
Americanism and along big, broad and constructive lines.
Time alone will tell whether our activities in these lines were in the in­
terest of tho public or not, but it is in the interest of the public that in these
times o f reconstruction and unrest, all of these debatable factors should bo
settled as quickly and as effectually as possible and this was the controlling
motive with Morris & Co. in making this settlement.
Tho papers have stated that this settlement would necessitate the read­
justment o f our corporate organization. This is wholly incorrect. We
arc simply giving up certain activities. Now that we have met this issue
in the Interest of tho public in these days o f uncertainty and unrest, wo hope
the public will accord fair treatment to this vital industry and in the future
eliminate needless and unjustified criticism and agitation which helps no
one and hurts all.
Tho efficiency o f this great industry which has been operating on a profit
of a small fraction o f a cent a pound and which is so close to all tho people
should never be destroyed or seriously impaired.




eliminates the necessity of some provisions of the Kendrick and Kenyon
bills. However, there remain certain fundamental propositions that must
be met and are met by said bills. The control o f a large line of unrelated
businesses by the packers is apparent by the agreed decree. It is evident
that they were building tho greatest monoply the country has ever known.

Senator Gronna, Chairman of tho Senate Agricultural
Committee, before which are bills proposing Government
regulation of the packing business, was not impressed with
the disposition of the packers’ case, according to Washington
advices of Dec. 19. Ho intimated, it was said,[that despite
the decree tho Senate Committee will go ahead with the pro­
posed legislation after tho Christmas holidays.
Protests against the Kenyon-Kendrick bills wore tele­
graphed to Senator Gronna, Dec. 19, by Armour & Co. and
Edward Morris, President of Morris & Co. Both companies
said they had nothing further to add to their testimony beore the committee at the last session when their officials

2404

THE CHRONICLE

appeared to protest against Government regulation of the
packers.
After stating that “it is not our desire to be furthor heard
by your committee,” Armour & Co. added: “We take
occasion, however, to formally protest any such legislation
as proposed in the Kenyon and Kendrick bills.”
The.telegram from Mr. Morris, was of the same tenor, it
was stated.
It was announced Dec. 19 that the settlement of the
Government’s anti-trust suits against the packers would
not affect the prosecutions against the packers by the
Federal Trade Commission. There are, it was stated, 31
of these cases pending and more to be brought as a result of
the general investigation of the meat industry directed by
President Wilson to be made by the commission after an
effort to get Congress to authorize such an investigation
failed by reason of the House Committee on Judiciary
declining to function in reporting a resolution to that effect.
The Federal Trust Commission sent a letter to'President
Wilson on Dec. 18 relative to its investigation of the meat
packing industry, in which it said:

[V ol . 109.

received, fearing they could not fill them, due to the coal shortage and the
resultant cut in operations. “ But now that the coal strike has ended,
steel companies o f this district will start on full working schedules Imme­
diately,” he declared.

C O M M IS S IO N A P P O IN T E D B Y P R E S ID EN T TO I N V E S ­
T IG A T E C L A I M S OF B I T U M I N O U S M I N E R S
FOR W A G E A D V A N C E S .

Appointment by President Wilson of a commission of
three to investigate wages and working conditions in the
bituminous coal industry was announced at the White House
Dec. 20. Tho appointees are: Henry M. Robinson of Pasa­
dena, Calif., for the public; Rembrandt Peale of Philadel­
phia, for the operators, and John P. White of Kansas City,
Kan., formerly President of tho United Mine Workers of
America, for the miners. The appointment of tho commis­
sion was in accordance with the President’s terms of settle­
ment (including a 14% wage increase) upon which a major­
ity of the bituminous miners recently returned to work after
being on strike for moro than two months.
The commission will, it is stated, within sixty days make
The Commission found that starting with a practical control of the meat
packing industry, the present state o f affairs made possible underfair in­ a complete survey of the bituminous coal industry with a
vasions into other industries to an extent that an ultimate control o f the view to a readjustment of mino wages.
If it is found that
food supply o f the nation in a few hands was possible and probable. To
the miners are entitled to an advance in wages over and
this situation it has directed the attention o f the Congress.
W e should say to you that in this examination the Commission has above the 14% held fair by Dr. Harry A. Garfield, foi’merly
brought out certain facts having to do with the laws, with the administration Fuel Administrator, it will be empowered by the President
o f which it is particularly charged. In a number o f these matters formal
to increase coal prices to the general public to take up the
proceedings have already been instituted. In others, formal proceedings
are in process o f formulation. These things the Commission will carry difference. Doctor Garfield’s proposal provided for a 14%
forward in due course and in the orderly prosecution o f its work.
increase in miners’ wages without an advance in the price of
coal
to the consumer. It is pointed out that tho commission
W I T H STEEL S T R IK E V I R T U A L L Y E N D E D U N IO N S cannot increase the price of coal to the consumer without a
VOTE TO C O N T IN U E I T .
unanimous vote of its members, so the public representative
At a conference in Washington, Dec. 13 and 14, presidents is placed upon equal footing with the representatives of the
of 24 unions connected with the steel industry and affiliated operators and miners when a boost in coal prices is consid­
with the American Federation of Labor, voted to continue ered. In that manner tho President, it was said, proposes
the strike which started Sept. 22, though the strike has for to dispose of the objection of Doctor Garfiold that the Gov­
some time been virtually a thing of the past. Upon the ernment is surrendering its power to fix coal prices and that
adjournment of the conference the national organizing com­ the public will be at a disadvantage with but one ropresenmittee on Dec. 14 gave out the following statement:
tive opposed to two representing the coal industry.
After two days’ sessions o f the National Committee o f Organized Iron
The President in his letter to tho mombers of the Coal
and Steel Workers by unanimous action it was voted to put additional
efforts and resources in men and money into the steel strike fight. This Commission reviewed in detail the fruitless efforts made to
action followed microscopic examination o f written reports from every avert or end the coal strike before his fina proposition was
steel centre and compilation o f figures on production which now is not accepted by tho mining officials. Ho urged upon tho Com­
more than 50% o f the tonnage turned out prior to tho strike.
the need of a unanimous finding if its decisions were
The labor heads active in the steel strike originally called mission
to
have
and lasting effect on tho industry, and
themselves the National Committee for Organizing Iron and informeda itbeneficial
that
if
it
that a rovision of fuol prices
Steel Workers, while now (as will be noted in the above) were necessary he woulddecided
transfer
to it tho powers of the Fuol
they style themselves the Committee of Organized Iron and Administration, providing its decision
was unanimous.
Steel Workers. Concerning the Washington conference All tho members of tho President’s Commission havo been
referred to, press advices of Dec. 14 from Washington said: prominent in war work for tho Government. Mr. Robinson
Continuation o f the nation-wide steel workers’ strike was voted to-day was active with tho U. S. Shipping Board and Mr. White
by the conference here o f tho 24 presidents of unions connected with the
and Mr. Peale wero advisers to tho Federal Fuel Administra­
steel industry.
It was said there were only two dissenting votes, most of the union leaders tion. Mr. Robinson is also a member of President Wilson’s
maintaining that victory in the controversy was in sight.
second industrial conference. The text of tho President’s
Members of the Strike Committee, commenting on the vote, declared that
the recent cancellation by the United States Steel Corporation of huge letter appointing Mr. Robinson a membor of tho coal in­
foreign contracts was one o f the most favorable auguries o f the eventual dustry commission (which is the same as the lottors sent to
success of the strike.
tho other appointees) read as follows:
It also was asserted that while many steel plants had resumed operation,
production had been far below normal, with the overhead charges of the
company remaining the same as during normal production.
Definite plans for an active field campaign o f four years were formulated
at the conference, members of the committee said. The meeting was de­
scribed by Chairman John Fitzpatrick as the most enthusiastic which had
been held since the original declaration o f the strike in September.
It makes no difference in our plans whether the strike lasts another six
months or another year,” he said. “ We are going to win, and we are just
as confident o f ultimate victory to-night as we were when the steel workers
walked out.”
Replying to tho question as to whether many o f the strikers had returned
to work, M r. Fitzpatrick said that while there had been somo defections
among the strikers they were not sufficient to imperil the strike’s success­
ful issue.
When a union man does go back to work,” he continued,” “ he does so
with hate and bitterness in his heart. Ho goes back discouraged and hopoless. The presence o f such dispirited men in the steel plants can only re­
dound to our advantage. It is going to awaken in them tho feeling of
oppression such as the workers in Russia and in Poland and in other Euro­
pean countries have suffered and from which they have rebelled. Make
no mistake about that.”

The attitude of tho steel companies toward tho decision
of the labor leaders to continue tho strike was indicated in
Pittsburgh press dispatches of Dec. 14, which said:
When Informed to-night o f tho action taken at Washington by tho 24
union Presidents who voted to continue the nation-wide steel strike, repre­
sentatives of Pittsburgh district steel companies declared that so far as
they were concerned the strike was a “ dead issue.” In only isolated in­
stances, they said, the strike continues to affect production in outlying
mills, but in a large majority of the plants, they added, operations were
only a few points below normal.
A representative of the Jones & Laughlin Steel C o., tho largest Inde­
pendent of the district, said to-night that steel companies in this region were
forced to "trim down” operations during November, due to the coal-strike
situation. The companies, he said, accepted only a part o f tho orders




THE W H ITE HOUSE.
Washington, D . C „ Dec. 20.
M y Dear M r. Robinson:— On Oct. 6 1917, with the official approval
and sanction of the United States Fuel Administration, an agreement
(since known as the “ Washington agreement") was entered Into
between the operators and the union miners and mino workers o f the
so-called "central competitive bituminous coal fields," composed o f West­
ern Pennsylvania, Ohio, Indiana and Illinois, which provided for an in­
crease in the production of bituminous coal and an Increase in wages to
the miners and mino workers from the then existing scalo o f compensation.
The agreement contained the foUowing clause:
“ Subject to the next biennial convention of the United Mino Workers of
America, tho mino workers’ representatives agreo that the present contract
bo extended during tho continuation of tho war and not to exceed two years
from April 1 1918.”
Subsequently, on Jan. 19 1918, this agreement was approved by tho con­
vention of the International Union, United Mine Workers of America.
At the fourth biennial convention of tho International Union United Mine
Workers of America, held in Cleveland, Ohio, from Sept. 9 to Sept. 23 1919.
tho so-called scale committee submitted a report recommending, among
other things, that the convention demand a G0% increase applicable to all
classifications of day labor and to all tonnage, yardage and dead work rates
throughout tho central competitive field; that all now wage agreements
replacing existing agreements should be based on a six-hour work day from
bank to bank, five days per week; the abolition of all automatic ponalty
clauses; that all contracts in the bituminous field should be declared to
expire on Nov. 1 1919 and that “ in tho event a satisfactory wage agree­
ment Is not secured for tho central competitive field before N ov. 1 1919 to
replace the one now in effect, the international officers be authorized to and
are hereby instructed to call a general strlko of all bituminous miners and
mine workers throughout tho United Statos, tho same to become effective
N ov. 1 1919."
Subsequently, conferences were held between representatives of the
operators and o f tho minors, at which tho miners’ demands wero submitted
and declined on the part of tho operators. The officers of tho International
Union United Mine Workers of America then issued so-called strike orders

D ec . 27 1919.]

THE CHRONICLE

2405

ments if the operators do not acquiesce in the plan which
their official representatives repeatedly have agreed to.”
Mr. Palmer’s statement also said:

to all their local unions and members, requiring them to cease work In the
mining o f bituminous coal at midnight on Friday, Oct. 31.
On Oct. 15 1919 the Secretary o f Labor called a conference between
the operators and miners o f the bituminous mines in the central competi­
On Friday, Dec. 5, their committee told me that they were at all times in
tive field, which conference also resulted In failure to reach an agreement.
In a letter to Secretary Wilson, which was submitted to the conference, favor o f arbitration o f the matters in dispute by a commission to be ap­
pointed by the President. On Sunday, Dec. 7 , 1 read the President’s state­
I said:
" I f for any reason the miners and operators fall to come to a mutual under­ ment to M r. Butler, their counsel (not being able to get M r. Ogle), and M r.
standing the interests o f the public are o f such vital importance in connec­ Butler stated that it was perfectly satisfactory. When the President’s
tion with the production o f coal that it is incumbent upon them to refer the letter and the memorandum briefly embodying his suggestion were published
matters in dispute to a board o f arbitration for determination and to con­ at Indianapolis on the following Tuesday, Thomas T . Brewster, Chairman
tinue the operation o f the mines pending the decision o f the board."
o f the Scale Committee o f the operators o f the Central competitive field,
announced at St. Louis that “ the proposal met with the unqualified ap­
I said:
" I f for any reason the miners and operators fail to come to a mutual under­ proval of the operators, and that the mines were ready to re-open as soon
standing the Interests o f the public are o f such vital importance in connec­ as the men accepted the plan and returned to work.”
tion with the production o f coal that It is incumbent upon them to refer the
matters in dispute to a board o f arbitration for determination and to con­
tinue the operation o f the mines pending the decision o f the board.”
Subsequently, on Oct. 25 1919, I issued a stateent in which I said,
that a strike in the circumstances therein described “ is not only unjustifiable,
it is unlawful,” and added:
" I express no opinion on the merits of the controversy. I have already
suggested a plan by which a settlement may bo reached and I hold myself in
readiness, at the requost o f either or both sides, to appoint at once a tribunal
to investigate all the facts with a view to aiding in the earliest possible orderly
settlement o f the questions at issue between the coal operators and the coal
miners, to the end that the just rights not only o f those Interests but also
o f the general public may be fully protected.”
Despite my earnest appeals that the men remain at work, the officers
o f the United Mino Workers o f America rejected all the proposals for a
peaceful and orderly adjustment and declared that the strike would go on.
Accordingly, at my direction, the Attorney-General filed a bill in equity
In the United States District Court at Indianapolis praying for an injunc­
tion to restrain the officers o f the United Mine Workers o f America from
doing any act in furtherance o f the strike.
A restraining order was issued by the court, followed by a writ of tem­
porary injunction on N ov. 8 1919, in which the defendants were commanded
to cancel and revoke the strike orders theretofore issued. These strike
orders were accordingly revoked in a form approved b y the court, but the
men did not return to work in sufficiently large numbers to bring about a
production o f coal anywhere approaching normal.
On Dec. 1919 I issued a statement in which I restated the Government’s
position, appealed to the miners to return to work and renewed by sug­
The coal operators have always courted a full Investigation o f the bitu­
gestion that upon the general resumption o f mining operations a suitable minous coal industry. They welcome one now. They are whole-heartedly
tribunal would bo erected for the purpose of investigating and adjusting the eager to have come out of this controversy a program that wiU be con­
matters in controversy between the operators and the miners.
structive and that will insure industrial peace.
This statement was submitted to a meeting o f the officers o f the Inter­
The miners and the operators have interpreted President Wilson’s letter
national Union, United Mino Workers o f America, having authority to
take action, which meeting adopted as its act a memorandum prepared by o f Dec. 6 in different ways.
Because of this fact and the rapid changes in the situation during the last
the Attomey-Generao and approved by me, embodying the suggestions
two weeks, it has been impossible to keep the many coal operators, scattered
contained in my statement of Dec. 6. I am informed also that the operators
over the country, fully advised. The Executive Committee therefore
have generally agreed to the plan therein outlined. I enclose for you
feels that it is imperative to call a meeting of the representatives of the ope­
information a copy o f my statement o f Dec. 6 1919 and the memorandum
rators from the several coal fields, extending from Pennsylvania to as far
just referred to.
west as the State o f Washington. This meeting will be held as soon as
There has now been a general resumption o f operation in all parts or the
possible.
bituminous coal fields sufficient to warrant the appointment of a commis­
In the meantime steps have already been taken to gather such facts and
sion such as is referred to in the memorandum o f the Attorney-General, and
statistics as may be nocessary for a full presentation of the operators’ case.
I have accordingly appointed you, Rembrandt Peale, a mine owner and
operator in active business, and John P. White, a practical miner, as a
commission with the powers and duties asset forth in the memorandum
agreed to and adopted by the miners and operators, who conducted all the
prior negotiations.
If a readjustment of the prices o f coal shall be found necessary, I shall
bo ploased to transfer to the commission, subject to its unanimous action,
the powers heretofore vested in the Fuel Administrator for that purpose.
I am sure it is not necessary for me to call your attention to the tremen­
dous importance of the work of this commission or the great opportunity
which it presents for lasting service to the coal industry and to the country.
If the facts covering all the phases of the coal industry necessary to a proper
adjustment o f the matters submitted to you shall be investigated and
reported to the public, I am sure that your report, in addition to being
accepted as a basis for a new wage agreement for the bituminous coal miners,
will promote the public welfare and make for a settled condition in the in­
dustry.
No settlement can be had in this matter, permanent and lasting in its
benefits, as affecting either the miners, the coal operators or the general
public, unless the findings o f this body are comprehensive in their character
and embrace and guard at every point the public interest. T o this end I
deem it important that your conclusion should be reached by unanimous
action. Upon your acceptance o f this apointment I shall be pleased to call
On Nov. 27 the coal operators’ committee, composed o f eight represen­
an early meeting o f the commission in Washington, so that you may
tatives of each State, in a joint meeting with the miners, offered the following
promptly lay out plans for your work.
resolution: “ That there be a tribunal created of equal numbers o f the
Sincerely yours,
miners’ representatives and coal operators, and an equal number represent­
W OODROW W ILSON.
ing the public to whom all these differences shall be referred, and that we
agree to accept the result to constitute a contract effective untU March
COAL OPERATORS CO NTEND
THEY
WERE
NOT 31 1922.”
The operators all voted “ yes,” the miners all voted “ no.” and the meeting
CONSULTED ON S E T T L E M E N T OF S TR IKE .
adjourned without date.
In principle this resolution is in perfect accord with the President’s action.
It differs, however, in some details about which we should have been con­
sulted in advance.
This attitude of the operators has not been changed in any particular by
any person or persons in authority.

The following day (Dec. 21) the bituminous coal operators,
in a statement issued by their executive committee at Wash­
ington, gave their reasons for their opposition to the Govern­
ment settlement of the coal strike. The statement repeated
that the operators were not consulted in the agreement with
the miners and contended that previous agreements did not
bind them to accept the settlement. The operators asserted
that they stood by the Garfield offer, and the statement
pointed out wherein the Government settlement differs from
that proposed by the former Fuel Administrator.
On Dec. 22 Mr. Palmer made a reply to the operators’
statement of the preceding day.
The operators’ Executive Committee issued another state­
ment on Dec. 23, which it was said was taken to mean that
they wrould not further oppose an investigation of the coal
industry conducted by the President’s commissoin of three.
Announcement was made at the same time that a meeting
of operators from all parts of the nation would be called at
an early date to consider the situation. The statement read
as follows:

In a statement declaring that the attitude of the coal
operators of the Central Competitive Field has not been
changed since they agreed to a plan similar to that proposed
by President Wilson for settling the miners’ wage contro­
versy, Phil H. Penna, spokesman for the operators in the
recent wage negotiations, indicated on Deo. 23, that the
operators would abide by the decisions of the Commission
appointed by the President to arbitrate wages.
Mr. Penna stated that the President’s plan for appoint­
ment of a commission differed in some details from the plan
agreed upon by the operators, and expressed the belief that
the operators should have been consulted before it was pre­
sented to the miners. He said, however, that it agreed in
principle with the resolution adopted by the operators.
His statement issued at Terre Haute, Ind., was as fol­
lows:

Following announcement on Dec. 20 of the appointment
by President Wilson of a commission to investigate wage
conditions in the bituminous coal industry, the operators
on the same day issued a statement at Washington declaring
that they had not agreed to the terms of settlement upon
which the miners strike was ended, because they had not
been “consulted as to the terms and conditions of the agree­
ment entered into between the Government and the miners.”
The statement read as follows:

The operators havo not agreed to any memorandum such as that men­
tioned in the President’s letter to Messrs. Robinson, White and Peale,
involving a basis o f adjustment of the coal strike.
The operators were not consulted as to the terms and conditions of the
agreement entered into between the Government and the miners.

The memorandum referred to in the above and which has
been embodied in the President’s settlement plan was pub­
lished in the “Chronicle” Dec. 13, page 2223. After read­
ing the statement of the operators Attorney-General Palmer
issued a statement the same day (Dec. 20) in which he said
“it tvould bo an amazing repudiation of their own state­




P R E S ID E N T W IL S O N ’ S P R O C L A M A T I O N RE L IN­
Q U IS H IN G RA IL RO A DS FROM G O VE R N M E N T
CONTROL M A R C H 1.

In a proclamation issued on Dec. 24, President Wilson
has fixed March 1 as the date for the termination of Govern­
ment control of the railroads. On the same date, also,
Federal control of the express companies will cease. A
separate proclamation as to the latter was issued coincident
with that announcing the time determined upon for the
return of the railroads to private control. In his message
to Congress last May the President had indicated it as
his intention to restore the roads to their owners at the end
of the present calendar year. Reference to this announce­
ment is made in a statement given out on Wednesday of this

2406

THE CHRONICLE

■ week (Dec. 24) by the President’s Secretary, Joseph P.
Tumulty, who further states that “in the present circum­
stances, no agreement having yet been reached by the two
houses of Congress in respect to legislation on the subject,
it becomes necessary in the public interest to allow a reason­
able time to elapse between the issuing of the proclamation
and the dato of its actually taking effect.” A report on
railroad legislation is now being drafted by conferees of tho
House and Senate the Cummins Bill, passed by the Senate,
and the Esch Bill, passed by the House being used as the
basis of their deliberations. Along with the President’s
proclamation and Mr. Tumulty’s statement, Walker D.
lim es, Director-General of Railroads, appealed to the
officers and employees of Federally controlled railroads to
redouble their efforts “to produce the best and most econ­
omical railroad service possible during the remaining period
of Federal control.” The following is the President’s pro­
clamation fixing the date for the return of the railroads:

[V ol . 109.

Associated Press dispatches from Washington Dec. 24,
m referring to the adjustment of the views of the two branches
qfJJongress on the pending legislation noted that a deficit
°fiapproximately $646,000,000 has been encountered in the
two years the roads were under Government control; we
quote as follows this dispatch:

WhUc one provision of the Esch-Cummins Bill would order tho return
o tne roads at the end of the calendar month in which tho bill is approved,
r,,,T^SiC° nSlder^d to~niRht hardly Pkely that an agreement would bo reached
q^i
f n° Ugh to put tbe roads back Feb- 1. or one month earlier than
oU W TTby th0,President. There aro indications of a lively fight before
vmi
! i ° USe ad? pts tbe other’s position on the anti-strike clauses of the
questlon of continuing the Government guarantee to the roads
a
th
C o b t a i n increased rates to meet advanced operating costs,
tv. n- i ° staffs of tbe various systems have been retained virtually intact by
e Railroad Administration, the return of the railroads to private control
win involve legal and financial rather than operating questions. Those
epartments of the Railroad Administration will remain in existence with
ncreased personnel for months after the operating officers have left the
Government service. Swagar Sherley, former Chairman of the House
Appropriations Committee and now Director of Finance for the Railroad
dmimstration, probably will bo chosen to wind up the Government’s
business in railroading.
By the President o f the United States of America.
Even bigger problems confront the express companies. Consolidated
A PROCLAM ATION.
.t o one system, under Government operation, the four original corporaRelinquishment o f Federal control o f railroads and systems of transportation:
ons are reported to have aksed the Department o f Justice if there would
Whereas, In the exercise o f authority committed to me by law I have
e any violation of the Sherman anti-trust law in their remaining a unit.
heretofore through the Secretary o f War. taken possession of, and have
In two years of physical possession o f the railroads the Government has
through the Director General o f Railroads, exercised control over certain encountered a deficit of approximately $646,000,000, according to estimates
railroads, systems o f transportation and property appurtenant thereto su rnitted by M r. Sherley to Senator Cummins. When the roads were
or connected therewith, including systems o f coastwise and inland trans­ taken over Congress guaranteed them a rental o f $900,000,000 annually,
portation, engaged in general transportation and owned or controlled by
ased on the average income of a three-year test period. Operating reve­
said railroads or systems o f transportation; including also terminals ter­ nues m 1918 fell $236,000,000 below the standard return and this year will
minal companies and terminal associations, sleeping and parlor cars, private
o about $260,000,000 under that amount. The remainder o f the deficit
cars and private car lines, elevators, warehouses, telegraph and telephone
as been incurred in expenses o f administration. Inland waterways, and
lines and all other equipment and appurtenances commonly used upon or various outlays.
operated as a part o f such railroads and systems o f transportation; and.
. J " ? appropriations have been made by Congress, one o f $500,000,000
Whereas, I now deem it needful and desirable that all railroads, systems f
i
° l her
$''50,000,000, much o f which has been used as a revolving
or transportation and property now under such Federal control be relin­
un
y the railroad corporations and for the purchase of new equipment,
quished therefrom,
eso amounts will be repaid to the Government.Now, therefore, under authority o f Section 14 o f the Federal Control Act
approved March 21 1918. and o f all other powers and provisions of law
thereto me enabling, I, Woodrow Wilson, Presidetn o f the United States,
V I E W S OF SENATOR C U M M I N S A N D REPRESENTA ­
do hereby relinquish from Federal control, effective the first day of March,
TIV E ESCH ON T H E P R E S ID E N T ’S A C T IO N
1920, at 12:01 o ’clock a. m ., all railroads, systems o f transportation and
property o f whatever kind taken or held under such Federal control and not
REGARDING RAIL ROAD CONTROL.
heretofore relinquished, and restore the same to tho possession and control
o f their respective owners.
Walker D . Hines, Director General o f Railroads, or his successor in office
is hereby authorized and directed, through such agent and agencies as ho
may determine, if in any manner not inconsistent with the provisions of
said act o f March 21 1918, to adjust, settle and close all matters, including
the making o f agreements for compensation, and all questions and disputes
o f whatsoever nature arising out o f or incident to Federal control, until
otherwise provided by proclamation o f tho President o f by act o f Congress.
And generally to do and perform, as fully in all respects as the President is
authorized to do, all and singular the acts and things necessary or proper
In order to carry into effect this proclamation and the relinquishment of
said railroads, systems o f transportation and property.
I think tho retention of tho railroads until tho legislation which is now
.. For tb 0 purP°ses o f accounting and for all other purposes this proclama­
Imminent becomes effective is a very wise move on the part of the Presi­
tion shall become effective on the first day o f March, 1920, at 12:01 a. m.
dent.
It has been my position all the time that the roads ought not to bo
In witness whereof I have hereunto set my hand and caused the seal of the
returned to their owners until we have legislation.
United States to be affixed.
It is quite evident that the President is looking at the legislation thatls
Done by the Presdient, through Newton D . Baker, Secretara o f War, In
he District o f Columbia, this 24th day o f December, the year o f our Lord now pending and has made a fairly accurate estimato of the time that will
bo
required to perfect the bills that are before the Conference Committee, «
one thousand nine hundred and nineteen, and o f the independence o f the
So far the conferees have discussed the points of difference in tho Senato
United States o f America the one hundred and forty-fourth.
an'd Hpuse bllls rather fully without attempting to reach an agreement.
W OODROW WILSON.
It has been my belief that it would take the greater part o f a month to
complete the work o f the conference.
By the President:

The continuance of Government control of tho railroads
until March 1, as proclaimed by President Wilson this week,
is approved by Senator Cummins and Representative Esch,
who are members of the Conference Committee of Congress
which is charged with adjusting the differences of the Senate
and House railroad measures commonly known as the
Cummins and Esch bills. The President’s proclamation
prompted the following comment by Senator Cummins,
according to the New York “Times” of Dec. 25:

R OBERT LANSING, Secretary of State.
NEW TON D . BA K E R , Secretary o f War.
T h e proclam ation restoring the express com panies to
pri\ ate control is similar to the ab ove the language of course
being changed to m eet the requirem ents in describing the
properties. T h e statem ent issued b y Secretary T u m u lty
said: i

The same paper quoted Representative Esch as follows:

Tho President’s proclamation does not surprlso me. I had stated some
weeks ago that I could not believe the President would turn back the roads
o t eir owners without adequate legislation by the Congress, particularly
n view of the fact that one House has already passod a railroad bill and
another was about to do so.
To have returned tho roads by Jan. 1 without adequate legislation would
have given rise, as the President points out, to legal and financial difficulties
o a very grave nature. The President, realizing this, has done much
I*
tb*S proclamation to clarify the situation. This extension of time
will have no effect in delaying the work of the Senate and House conferees
upon tho railroad bills.
Wo will go ahead as rapidly as possible, with a view to making an early
conference report. I think that tho two months allowed by tho l >residcnt’s
proclamation will give ample timo for tho completion of a railroad control

.. Ljas’j Ma^ ln hIs message to tho Congress the President announced
that the railroads would be handed over to their owners at the end of
this calendar year. It is now necessary to act by issuing the proclama­
tion. In the present circumstances, no agreement having yet been reached
by the two houses o f Congress in respect to legislation on the subject, it
becomes necessary in the public interest to allow a reasonable time to elapse
between the issuing o f the proclamation and tho date o f its actually taking
effect.
I h o President’s proclamation will Immediately croate a feeling of confi­
The President is advised that the railroads and express companies aro dence that has been lacking on account of tho President’s previous decision
not organized to make it possible for them to receive and manago their to turn the railroads back on Jan. 1 and because no word had been received
properties if actually turned over to them on Dec. 31, and if this were done from him since. The doubt and uncertainty, which have been a serious
matter, are now removed.
it would raise financial and legal complications o f a serious character.
. f in r o a d and express companies should be given ample opportunity
or,riqUa € y 10 prePare f° r the resumption o f their business under the control
fnro ^ "f.gemr nt ®f their own stockholders, directors and officers. Thcro-

'Iho Conference Committees hold a meeting to-day and
will hold other meetings frequently during tho holidays.

effective a t S l ° I . l2 ! M l S | lT f ^ S . the raUr° ad companles wU1 becomo

ToTA u J n ^ 7 l n d I s t,h ° appeaI of D ipector-General H i n e s :®
T° ' ^ ! °fficers and Employees of Railroads in Federal Control

d a ^ ’ S S S l5 ,u 3 S r tS I7cs,dcnt has issucd nxcs March 1 as th°
railroad comnani^

T I™

t0 the possession and control of the

double h ^ ^ t o p ^ ^ ? l S 2 ^ S t and T
, ^
01' 00 t0 Im­
possible during the remaining period of Federal r o n S ^ ^ ^
SCrvlC°
During the unusually heavy business of the
e '
extraordinary difficulties created by tho coal strike the n] ° nths and the
ployees have done especially fine work L that i n i ?
.°ff,crcrf and cm'
ever before I express the hope that all of us will give
^
o f ourselves in this remaining period in our
^ bCSt account
public interest. I extend to all o f my comrades in the 7 .®resb’ and ln th°
Ne'w Y e S !108 ^

SiDCere




* MelTy C ^ t m a ^ a n d T H a r o y

CHANGE

IN

RAIL ROAD E Q U I P M E N T
P LA N S . '

FINANCIN G

With reference to a chango in the plans looking to tho
formation of tbe proposed equipment trust through which
it was planned to have the railroads reimburse tho Govern­
ment for locomotivo and freight car purchases, tho “Journal
of Commerce” in its issuo of Dec. 20 printed the following
information emanating from its Washington Bureau:
Plans for tho formation of a $370,000,000 railroad Equipment Flnanco
Corporation, under permission given in recent legislation by Congress, have
been abandoned. A substitute plan has been adopted, according to which
the Railroad Administration will accept car trust certificates from the
railroads individually. The present unfavorable money situation Is given

D ec . 27 1919.]

THE CHRONICLE

2407

as the reason for the change. I f the credit situation improves sufficiently c it i z e n s w h o r e p r e s e n t t h e g e n e r a l p u b l i c w h o d e s ir e a n d d e m a n d t h e p u b l i c
the obligations o f the carriers held by the Government may be used as the o w n e r s h ip o f t h e r a i lr o a d s .
«£3«
basis for reviving the original scheme for a finance corporation.
Thus there is behind this petition a great host o f earnest, sincere citizens
A conference was held at the offices o f the Railroad Administration to-day o f our country who believe that the future welfare of the nation, the normal
between Director o f Finance Swager Sherley, Mark W . Potter, o f New development of its commerce and industry, the opening of new territory
York, counsel for the railroads in working out the details o f the finance plan, and the general prosperity of our people demand the permanent public
and Alfred P. Thom, general counsel for the Association o f Railway Execu­ ownership of the transportation system.
tives. It is understood that the adverse financial conditions at present led
W e would further point out to you that the passage of either the Cummins
to the decision to give up the idea o f floating the securities with the public.
or the Esch bill, now pending before your body, both of which provide for
It is learned that practically all o f the equipment allocated by the Rail­ the return of the railroads to private ownership, would inevitably Involve
road Administration to the various roads has been accepted. The car trust the nation and its people in difficulties and burdens so serious that they
certificates which will be taken by the Government will bear interest at 6% threaten the peace and prosperity of the people.
and will be payable in fifteen equal annual installments. N o immediate
It is well known by all that the return of the railroads at this time under
cash payment is involved.
tho terms proposed by the bills now pending would mean a sharp Increase
It is understood, further, that the financial arrangements between the in transportation rates. A 25% increase of rates would mean $875,000,000
Individual railroads and the Railroad Administration are the same as those additional cost o f transportation annually; and, assuming that Directororiginally contemplated between the roads and the Finance Corporation. General Hines’s estimates are substantially correct, that would mean an
The distinction at present is that the Administration will hold tho securities increase of $4,375,000,000 a year in the cost of living— a burden which the
and that no effort will bo made to sell them to the public. Under the first American people, already nearly crushed with the high cost of living, can
plan the Railroad Administration would have been called upon to furnish hardly carry.
funds amounting to about S128.000.000, covering equipment already sold
On the other hand, if the Government retains the roads under public
and stock in the new corporation. Under the new agreement the entire control for two to five years longer, as proposed by the minority o f the
aggregate o f S370.000.000 will be advanced by the Government in return Senate Committee, by the Farmers’ National Council, the American Fed­
for the securities, it is understood.
eration o f Labor and originally by Director-General o f Railways W . G.
The agreement reached here to-day iDec. 19] follows about six months M cAdoo, and later by his successor, Walker D . Hines, and if. as urged by
o f negotiations involving the allocation of the equipment to the various roads this petition and the Public Ownership League of America, the Government
and the methods of payment. In the latter part o f September plans for shall meanwhile proceed to establish the permanent public ownership of the
the creation o f the Finance Corporation were practically dropped because railroads, we may by this means secure a reduction of transportation charges
o f the belief that adequate legislation would be needed. This difficulty and thereby a reduction in the cost of living to the infinite relief of the people
was overcome by tho introduction of enabling bills in Congress, which were and the immeasurable advantage of the nation in every way.
passed quickly by both branches.
W e, therefore, urge upon your honorable body most earnest consideration
Before the details of the corporation could be worked out and the securities of our petition to the end that the permanent public ownership of railways
marketed, the credit situation became tight and railroad credit in particular may be accomplished at the earliest possible date.
was impaired. Whether the idea o f a separate corporation to relieve the
Government o f the financial burden will be revived later depends to a large
extent upon the nature of permanent legislation passed by Congress. If R U M A N I A
SIGNS A U S T R I A N A N D
BULGARIAN
the new laws are favorable to the carriers and result in an improvement
PEACE TR EATIE S.
in their credit standing with the investing public, it is probable that such
a move will be made.

N A T I O N A L GRANGE OPPOSED TO G O V E R N M E N T
OW N E RS H IP OF R A IL R O A D S .

The declaration that “a very large majority of the farmers
of the nation believe that Government operation of railroads
should cease at the earliest possible moment” is made in a
letter addressed to President Wilson by T. C. Atkeson,
Washington representative of the National Grange. Mr.
Atkeson’s letter, it is said, was called forth by the visit
mado to the White House last week of the delegation which
included George F. Hampton, Managing Director of the
Farmers’ National Council (referred to in the ‘‘Chronicle”
of Dec. 20, page 2323) to petition President Wilson to con­
tinue, for at least two years, the period of Government con­
trol of the railroads. Mr. Atkeson, in his communication
to the President, quoted resolutions adopted by the National
Grange, opposing Government ownership, and said:
I wish to add to tho foregoing official declaration my own personal belief
on this subject, which is to the effect that a very large majority o f the farm­
ers of the nation believe that Government operation o f all railroads should
cease at the earliest possible moment.
It is also my belief that persons who have sought recently to give cur­
rency to statements that organized farmers favor Government ownership
are not farmers themselves and do not represent any considerable proportion
o f the men or women actually engaged in farming.
In this belief I am strengthened by the fact that the agricultural press,
with few and inconspicuous exceptions, opposo Government ownership and
any continuation o f Government operation, and the leaders o f the great
agricultural organizations, other than the grange, are nearly unanimous in
opposition to Government ownership.

PERMANENT
URGED BY

p u b lic

o w n e r sh ip

PUBLIC O W N E R S H IP
A M ERICA.

of

r a ilr o a d s

LEAGUE

OF

A petition to Congress urging that the permanent public
ownership of railways be accomplished at tho earliest possible
date was presented to that body on Dec. 20 by Representa­
tive Sinclair of North Dakota in behalf of tho Public Owner­
ship League of America. The petition, it is learned from the
New Yprk “Times” of Dec. 22, was signed by 22,279 persons,
residents of tho 38 States, the greater number representing
tho West. A statement accompanying the potition said:
The Public Ownership Leaguo of America is presenting to your honorable
body through Congressman James H. Sinclair o f North Dakota a petition
for the permanent public ownership o f the railroads. This petition has
been circulated by the members and friends o f this League in 38 different
States, representing, as you must know, a widespread and rapidly growing
sentiment among the great masses o f the common people o f America.
In this connection permit us to draw the attention of your honorable body
to tho fact that this petition expresses an earnest sentiment and deep con­
viction among our people that is vastly greater than is generally known or
appreciated. Fourteen railway organizations representing over two millions
of organized labor; organized farmers representing at least a half million
moro o f our citizenry; organized miners representing hundreds o f thousands
of men employed in mining, besides numerous civic and commercial bodies,
are already definitely and officially urging tho retention and permanent
public ownership o f the railroads.
Besides these bodies, which are non-political in form, there are, as you
know, several bodies of a distinctly political nature which represent the
political expression o f the same demand— viz., tho so-called Committee of
Forty-eight, the recently formed Labor Party, the National Non-Partisan
League, and others. Tho aggregate number of American citizens in these
various political bodies is also very largo. And, finally, besides these bodies
of organized citizens, there Is perhaps an even greater number o f unorganized




General Conanda, former Rumanian Premier, signed the
Austrian and Bulgarian peace treaties for Rumania on
Dec. 10 at Paris. He also signed a treaty guaranteeing the
rights of racial minorities in Rumania, which, the day before,
had been signed by the American peace delegates, just prior
to their departure for the United States. The decision of
Rumania to sign the treaties and thus recede from her de­
fiance of the Peace Conference closed one of the most im­
portant episodes in the work of the Conference.
Rumania failed to sign the Austrian Peace Treaty at St.
Germain, France, on Sept. 10, as did Jugo-Slavia, largely
because of the racial minorities’ clause, which he considered
an invasion of her right to deal with internal questions as
might seem fitting to her. Rumania had also been at times
almost on the point of a break with the Peace Conference
over her course in Hungary, including her persistency in
clinging to the occupancy of Budapest after the Allies had
repeatedly warned her to withdraw. The withdrawal was
effected some time ago and while the Rumanians subse­
quently had given indications of willingness to comply with
the Entente demands, they had failed to do so.
Following conferences between Allied emissaries and mem­
bers of the Rumanian Government and the exchange of
notes which resulted in no material alteration in Rumania's
attitude toward the Peace Conference, the Supreme Council
on Dec. 3 delivered to the Government of Rumania an ulti­
matum making known that it would wait six days for a de­
cision in which Rumania could definitely indicate her political
intentions and “her respect or her disrespect for the decisions
of the Peace Conference.” In press dispatches of the same
date (Dec. 3) from Bucharest it was stated Caida Voivode,
President of the Chamber of Deputies, who had been charged
•with the formation of a new Rumanian Ministry. On that
date announced after consulting the leaders of the different
groups, that a majority of the Chamber was in favor of
signing the Austrian treaty. Voivode, t was said, would
form a Cabinet from among the leaders of the group favor­
able to signature of the treaty.
The text of the Supreme Council’s final note to Rumania
as made public by Secretary of State Lansing Dec. 3 at
Washington read as follows:

The Supreme Council has had to re-examine the question of relations
between the Allies and Rumania, which have been compromised by the
difficulties which have been introduced for many months by the Rumanan
Government concerning all the requests of the Peace Conference relative
to the respect due regarding the general agreements which bind the Allies
among themselves.
The beginning of this situation was the refusal of Rumania to sign the
treaty with Austria and the treaty guaranteeing the right of minorities as
implied at the time o f the first signing.
Furthermore, since the commencement of August, or since the time that
the Rumanian troops occupied Budapest, the Supreme Council has repeat­
edly requested the Rumanian Government to adopt an attitude to Hungary
in conformity with the common principles of the Allies.
With tireless patience, inspired by the respect due between Allies and
the hope that the Rumanian Government would finally recognize that it
could not escape the reciprocal engagements of the Allies, the Conference
made every possible effort to maintain the ties uniting the Allies and
Rumania and to obtain full respect on the part of that power for the de­
cisions of the Supreme Council on the 4th, 5th, 6th, 7th, 14th, 23d, 25th
of August, the 5th o f September, 12th of October, 3d and 7th of November.
Urgent requests were presented to the Government at Bucharest relative

THE CHRONICLE

2408

thereto. In order to demonstrate the Importance attached by the confer­
ence to obtaining a reply from Rumania it even instructed a special delegate
Sir George Clerk, to proceed to Bucharest.
All these patient efforts have resulted In an attitude concilatory in words
only, but negative in deeds. Regarding the three questions presented—
acceptance o f the frontiers as fixed by the Supreme Council, signature of
the Peace Treaty with Austria and of the minorities treaty, and settlement
of the Hungarian situation— the Rumanian Government deferred the first
two and formulated a series of reservations amounting to a refusal of the
satisfactions requested concerning the third.
In view o f this attitude the Supreme Council decided on N ov. 15 last to
make a last appeal to the wisdom of the Rumanian Government and people
by making them wholly responsible for the serious consequences which
would be entailed by a refusal or by further dilatory replies.
A period of eight days was decided upon in which to receive the Rumalnan
reply. Taking into account the special transmission delay in sending a
telegram to Bucharest, the conference agreed that the period stipulated
would commence when its telegram would be notified to the Rumanian
Government— that is to say, on Monday, N ov. 24. The expiration of
the period therefore occurred on Dec. 2 at midday.
The Rumanian reply was not in conformity with that expected by the
Supreme Council, taking into consideration the resignation of the Min­
istry and the very recent meeting of the new Parliament. The reply was
limited to a request for a further delay which would allow the newly con­
stituted Government to assume its responsibilities in accord with the King
and the Parliament.
I f the Supreme Council had insisted upon its formal notification it would
have, in view o f the indefinite reply received from Bucharest, severed rela­
tions with Rumania, since, despite repeated requests, Rumania has agreed
to nothing diming a period o f several months.
However, desirous o f incontestably manifesting its moderation and to evi­
dence the extreme regret with which it would see Rumania separated from
the Allies, the Supreme Council has decided to accord a further and last
delay o f six days to Rumania. This delay will begin Tuesday, Dec. 2,
and will expire Monday, Dec. 8. The Council hopes this favor will be fully
appreciated in Bucharest by the new Government, whose decision will
definitely indicate the political intentions of Rumania and her respect or
her disrespect for the decisions o f the Peace Conference.

N E W S P A N IS H M I N I S T R Y .

The formation of a new Spanish Ministry under the Prem­
iership of Manuel Allendo Salazar to take the place of the
Ministry headed by Premier Toca, which resigned, was
announced in press advices of Dec. 12 from Madrid as follows:
Minister o f the Interior: Fernandez Prida.
Minister o f Foreign Affairs: Marquis Do Lema.
Minister o f Finance: Count De Bugallal.
Minister o f War: General Villalba.
Minister o f Marine: Admiral Flores.
Minister o f Instruction: Natalio Rivas.
Minister o f Justice: Senor Garnica.
Minister o f Public Works: Amalio Gimeno.

The former Spanish Ministry resigned on Dec. 1:

The fall o f the Ministry had been predicted for ten days unless the Govern­
ment could induce the deputies to proceed with the budget measure, which
had been under constant fire in the Cortes.

P R E S E N T A T IO N OF SILVER LOVING CUP TO SECRE­
T A R Y F A R N S W O R T H OF A M E R I C A N B A N K E R S '
A SSOCIATION.

[V ol . 109.

Cleveland, Ohio, has sent to all members of tho Section copy
of “Schedule of Trust Company Charges” as compiled by
the Committee on Standardization of Forms and Charges.
Under the resolution adopted at the St. Louis convention,
members are “requested to give the schedules careful study
and trial and recommend to the Committee such changes
and modifications as may seem advisable, to tho ond that
the Committee may make an additional or supplementary
report at the next annual convention.” The booklets are
being distributed from the office of the Section in New York
City and Chairman House has requested all members to
address the Secretary of the Section at 5 Nassau St., New
York City, in connection with suggested modifications or
changes.
CHARL ES FEARON ON F R A N C H IS E T A X F R A N C H IS E S NO LONGER V A L U A B L E .

Charles Fearon, of the Philadelphia banking house of
Charles Fearon & Co., has positive views on tho franchise
tax as indicated by the following comments from him printed
in the Philadelphia “News Bureau” of Dec. 18:
The franchise tax which in the past has been quite a popular means of
raising revenue for municipalities has had its day, and it is now a question
if it should not be repudiated by tho public service corporations on the
ground that a franchise grant has no value to the grantee, but the benefit
is to the grantor.
In the past franchises were sought by corporations with a view of the
profit in sight from the grant. Franchise tax developed as a source of
revenue, then after the grant tho same community which received the
benefit of service. Increased the taxes, burdened the corporations with
restrictions, or granted other franchise to rivals.
A franchise is a privilege, and that privilege has value only as to its
ability to earn. When the privilege is restricted so that it ceases to earn,
why should tho tax for that privilege not be reduced or cease; tho benefit
from the grant being received by the municipality through tho restrictions
instead o f tax.
Should the privilege not be restricted and prove unprofitable, then the
benefit is received direct by the community served. Unrestricted fran­
chises could and should be taxed, but you should not tax and at tho same
time destroy the ability to pay the tax. Taxes should be increased or
decreased as the result of the grant may warrant.

IT E M S

ABOUT

BANKS,

TRUST

C O M P A N IE S ,

&C.

No sales of bank or trust company stocks wore made this
week at the Stock Exchange or at auction.
The stockholders of the Chase National Bank of this city
yesterday (Dec. 20) authorized an increase of 80,000,000
in the capital, raising it from 810,000,000 to $15,000,000.
The stockholders of Chase Securities Corporation at the
same time authorized an increase from 100,000 shares (no
par value) to 150,000 shares. Present holders of deposits
receipts, of record at the closo of busness Dec. 20, have the
privilege of subscribing to the extent of one-half of their prosent holdings. These proposals were referred to in our
issue of Nov. 22.

Colonel Fred. E. Farnsworth, General Secretary of the
American Bankers’ Association, who retires from that office
Jan. 1 to become President of the Bankers’ StatisticsCorporation, was presented on Tuesday of this week with a
massive silver loving cup by his associates in the general
offices of the Association. The presentation address was
delivered by General Counsel Thomas B. Paton, and The United States Mortgage & Trust Company, of this
reviewed the progress of the Association during the twelve city,
issued a booklet containing a digest and analysis
years that Colonel Farnsworth has been its executive head. of thehas
Income
and Excess Profits Taxes for 1919.
The cup was engraved with the monogram of the Association,
the legend “General Secretary 1007-1919” and the following
American Trust Company, of this city, which commenced
inscription:
Presented to Frederick E. Farnsworth as a token o f affectionate regard business less than a year ago (January 27th, 1919) reports
and esteem by his associates in the General Offices o f the American Bankers’ that its deposits are now over $10,000,000.
Association at New York December 22 1919.
A huge bouquet of American Beauty roses was presented
The Franklin Trust Company announces that in accord­
to Mrs. Farnsworth.
ance with the pan which has been in operation for a number
of years a Profit Sharing bonus is being paid to all of its
SPRING M E E T I N G E X E C U T I V E COUNCIL.
This is in addition to tho High Cost of Living
The Administrative Committee of the American Bankers’ employees.
bonus
which
has been paid quarterly for tho last two years,
Association has selected Pinehurst, N. C., for the spring tho total payments
running from 10% to 20%.
meeting of the Executive Council of the Association. The
dates selected are April 27, 28, 29 and 30 1920. Tho Caro­
lina Hotel will be headquarters. The Executive Council at The Columbia Trust Company of this city has just pub­
its spring meeting transacts the interim business of the lished for distribution a booklet entitled “Federal Income
Association between conventions. On the first day of the Tax,” this being a summary of such of tho law as is applicable
meeting, April 27, the numerous committees will transact to individuals. One chapter is devoted to incomo tax ex­
their business and tho sessions of the full Council will be emptions of Liberty Bonds and Victory Notes.
held the three days’ following.
The administrative committee of the American Bankers Tho United States Mortgage & Trust Co. 1920 calendar
Association will hold its winter meeting Jan. 22 and 23 at the showing “Washington’s Dream of America’s Commercial
general offices of the Association, 5 Nassau St., New York. Future,” has been distributed. Goneral Washington on one
of his walks in Battery Park, Now York City, is pictured
S C H E D U L E OF TR UST C O M P A N Y CHARGES.
as viewing with a prophetic eye the rapidly growing com­
J. A. House, Chairman of the Executive Committee of tho merce in this port. Because of its timely and appropriate
Trust Company Section of the American Bankers’ Associa­ character this year’s calendar has an exceptionally strong
tion and President of the Guardian Savings. & Trust Co. appeal. The illumination is by Percy Moran, tho artist



D ec . 27 1919.]

THE CHRONICLE

3409

■ who has furnished the other paintings in the colonial series for place in living, costs. For each advance or decline of 20
points in this index number, the cost of living, it is estimated,
the United States Mortgage & Trust Co.
rises or falls 1%, and the Irving’s extra compensation like­
Thero has been a great increase of interest on the part of wise goes up or down 1%.
Americans in investments abroad, but hitherto they have had
no regular means of obtaining reliable information on a com­ The opening of the Industrial Bank of New York, to
prehensive list of important foreign securities. To meet which reference was made in these columns last week, oc­
this condition the National Bank of Commerce of this city curred on Monday last, Dec. 22. The bank is located at
has arranged to obtain by cable each month quotations on a Fourth Avenue and 22d Street. It will do a strictly com­
selected list of issues active on the London Stock Exchange mercial business, and both its board of directors and its
and the Paris Bourse. These quotations will be printed officers have been selected with a view of giving to this
as a permanent feature of Commerce Monthly, the magazine district a very high-grade commercial banking service. As
published by this bank, the first list having appeared in the to those directing its affairs an announcement by the bank
December issue. In order to indicate the movement of these says:
B. Lynd. its President, comes from the First Vice-Presidency
stocks, parallel columns showing the pre-war figure and the of Staughton
the Citizens Union National Bank of Louisville, K y ., which with its
end-of-the-war figure are printed in conjunction with the affiliated
trust company, has a capital of 53,000,000, a surplus of $2,500,000.
current prices.
with deposits of upwards of S25,000,000. Mr. Lynd was selected for the
position because of his intimate acquaintance with the problems involved in
extending of commercial credits. He also was a director and member
Luigi Criscuolo, ex-Chairman First Italian Division the
of the executive committee of the Fidelity & Columbia Trust Co. of Louis­
Liberty Loan Committee of this city, contributes an inter­ ville,
and the Fourth Street Bank of that city.
Ralph A. Stephenson, Vice-President of the new bank, comes from
esting article to the latest issue of “II Correccio,” the well Harris,
& C o., of Boston, where he has been during the last year.
known Italian review. Mr. Criscuolo presents the Italian Prior to Forbes
the Montreal office of Harris, Forbes & C o., of which he took
point of view for an “Italian loan in the United States.*’ charge inthat,
1914, showed an expansion in volume in four years from $800,000
to $13,000,000.
In the final paragraph he writes:
Junius B. Close, Cashier, formerly of the Guaranty Trust Co., and
Lot American bankers extend generous credits to Italy. It should not
be difficult to place an Italian loan on credit among private investors
even if only the Italian-born population o f the country is appealed to.
During the various Liberty Loan campaigns the Italians o f the country
purchased many millions o f dollars in bonds Is it not conceivable that
there is potential value in appealing once more to these people to help
Italy get on her foet industrially. They helped her indirectly during the
war in purchasing Liberty Bonds and it will bo recollected that the appeals
launched by the various chairmen of the Italian divisions o f the Liberty
Loan Committee laid especial stress on the fact that the United States
was using the funds to help her allies, Italy included. Let us do business
with Italy for business sake as well as sentiment.

narrod C. Newland, Assistant Cashier, who comes from the National City
Bank, are both old New York bank men, who are thoroughly familiar with
the local problems.
It is also stated that while the bank Is organized primarily to care for the
manufacturing and merchandising district in which it is located, the country­
wide connections of the men on its board of directors will give it a consider­
able out-of-town banking patronage, and it will be equipped in every way
to handle this class of business.

James A. Stillman, President of the National City Bank,
A copy of this article can be obtained from Mr. Criscuolo of this city, announced on Dec. 19 that, beginning Jan. 1
1920, the bonus of 25% paid to employees during 1919
at Merrill, Lynch & Co., 120 Broadway, this city.
would become a part of their regular salary. In other words,
date they will enjoy an increase of 25% over the
The Asia Banking Corporation of this city paid on Dec. from that
salary paid this year. In addition, he said, efficient
12 to its employees in the head office, 35 Broadway, as well regular
will receive full recognition and further renumeration.
as to the employees in its eight branches in the Far East, service
present staff of the bank numbers more than 2,600 men
a Christmas bonus of 10%, based upon the amount of salary The
and women.
they have received during the year.
The directors of the United States Mortgage & Trust Co.,
In appreciation of their efforts toward the relief of Greek of this city, at a meeting on Dec. 19, voted to officers and
residents in Asia Minor during and since the war, Rollin P. employees an additional compensation of 25% of the amount
Grant, Vico Chairman of the Board of the Irving National of salaries paid them during tho year 1919.
Bank of this city, and four other Americans were invested
with tho officer’s cross of the Order of King George First The Guaranty Trust Co. of New York announced on
in New York, Dec. 9. George Roussos, Greek Minister to Dec. 18 that the directors had authorized additional com­
the United States, conferred the decoration on the new offi­ pensation to meet the prospective continued high cost of
cers in the name of King Alexander. The ceremony took living during 1920. Under this arrangement all employees
placo at a luncheon in the Irvings’s new board room on the
than officers in the company’s service on March 31
fourth floor of the Woolworth Building, in the presence of other
1920,
who receive salaries of less than $2,500 per annum,
some forty prominent Greeks and Americans. Besides Mr. will receive
at that time additional compensation at the rate
Grant, who was treasurer of the Relief Committee for Greeks of 20% of annual
on the amount of salaries paid
of Asia Minor, the four men honored by the Greek Govern­ during tho precedingsalaries,
quarter. Employees receiving annual
ment were: Mr. Frank W. Jackson, chairman of the Relief salaries of more than $2,500
will receive the same percentage
Committee and former American Consul at Patras, Greece; on the basis of $2,500 per annum
A similar distribu­
Prof. A. D. F. Hamlin, professor of architecture in Colum­ tion will be made on June 30 1920only.
for
the
second quarter of
bia College, New York; Dr. Frederick Lynch, editor of the year. These payments are in addition
to the profit­
“Christian Work,” New York, and Dr. Hamilton Holt, sharing plan for employees which was inaugurated
a year ago.
editor of “Tho Independent,” Now York.
Announcement was also made that, in order to encourage
savings and conservative investment on the part of its em­
The New York agency of the Banca Commerciale Italiana ployees the company would, during 1920, place the income
at 1C5 Broadway, New York, announces that tho Banca from the Guaranty Club Thrift Fund on an attractive
Commerciale Italiana e Bulgara is now open for business in guaranteed basis.
Sofia, Bulgaria. This bank was recently founded by the
Banca Commerciale Italiana, of Milan, Italy, and several Tho Italian Discount & Trust Co. of this city voted last
Bulgarian capitalists, for the purpose of aiding in the develop­ Thursday to distribute to its officers and staff of genera
ment of the foreign trade of Bulgaria. Its capital is 12,000,­ employees an additional compensation of 15% based upon
000 leva, and the policy and management is under the control tho amount of salaries they have received during the year.
of the Banca Commerciale Italiana.
At the meeting of the directors of the New York Title &
Among Christmas bonus announcements that of the Irving Mortgage Co., this week, it was voted to give the employees,
National Bank, issued on Deo. 22, is of special interest in addition to the usual profit-sharing dividend, another
becauso it has a permanent plan behind it and is based on dividend for an equivalent amount, making double the quar­
the current level of the cost of living. “Extra compensa­ terly distribution. This is the second double profit-sharing
tion” the Irving calls the quarterly payments with which it dividend that has been received by the employes since last
has supplemented salaries for the last two years, ever since October. The action has been taken partly in consideration
market prices began to mount skyward. For the present of the increased cost of living and partly in recognition of the
quarter this “extra compensation” is 36%% of all salaries; extra and efficient work that has been done by the employees
July-Septomber 34%%, and in April-June 25%. Brad- in handling the largely increased volume of business done
street’s index number of commodity prices, averaged for the during the year.
quarter, is used to ascertain whatever changes have taken




2410

THE CHRONICLE

The Mercantile Bank of the Americas, Inc., of this city,
announces that at the last meeting of its directors, it was
decided to increase the authorized capital of the bank from
$5,000,000 to §10,000,000. New stock to the amount of
§1,500,000 will be issued to the present shareholders shortly
at §190 per share.
At a meeting of the directors of the East River National
Bank of this city on Dec. 11, a dividend was declared for the
six months ending Dec. 31 1919 at tho rate of 9% per annum.
This represents an increase of 1 % over the previous dividend
declared in June of this year.
At the regular annual meeting of the stockholders of tho
First National Bank of Rockaway, N . J., to be held on Janu­
ary 13, action on the question of ncreasing the cap tal from
§25,000 to §50,000 w 11 be taken. The terms and conditions
under which if authorized new or add tional shares shall be
issued w 11 also be considered at the forthcoming meeting.
On Dec. 8 the directors declared an initial 3% semi-annua
dividend payable on Dec. 31 next, to holders of stock as of
record on Dec. 20 1919. The Bankdias deposits of §700,000.
A. J. Yetter is Cashier.
•“*

[V ol . 109.

sum of §789,083 being charged against undivided profits to
offset shrinkage in values which has been so very general.
Jlie entire cost of tho co ipany’s building at Broad and
Chestnut streets has been written off and the property is
carried on the books at more than ono million dollars below
the assessed valuation, the assessment being §4,568,030 and
t ie book value $3,532,219. Total assets are given at
§61,541,665, of which §33,794,584 are of loans and §16,203,­
308 of stocks and bonds. Deposits amount to §42,809,211,
tho number of depositors being 16,175, and trust accounts
aggregate §233,964,240, with 2,916 accounts. The report
shows that through the company 8,935 subscriptions were
made to the Victory Loan amounting to §10,836,250, bring­
ing the total subscriptions for the five Liberty Loans up to
90,065 and the total subscribed to the total sum of
§64,383,550. *
C. Alison Scully has been appointed Trust Officer of the
Logan Trust Co. of Philadelphia, succeeding William Brad­
way, who has resigned as Trust Officer. Mr. Bradway
retains the office of Vice-President of the institution. The
company reports earnings for the year of §163,000, which is
equal to over 16% on the capital stock of §1,000,000. Tho
deposits exceed §8,000,000.

Applicat on has been made to the Comptroller of the
Currency for a charter for the Commun ty National Bank r Howard J. Potts was elected President of the Reading
of Buffa o, N. Y., with a cap tal of §200,000.
Trust Co., of Reading, Pa., on Dec. 15, succeeding Jeromiah
G. Mohn.
At a meeting of the d rectors of the Phenix National Bank
of Providence on Dec. 1, Du tee W. Flint was elected to The directors of the Citizens National Bank of Baltimore
the board.
•
have recommended to the stockholders an increase in its
capital stock from §1,000,000 to §2,000,000. If approved
Art cles of organ zation for the Clinton Trust Company of at the annual meeting on Jan. 13 the combined capital,
C inton, Mass., were f led on Nov. 27, with the State Com­ surplus and undivided profits of the Citizens National will
missioner of Corporations. The company will take over be §8,000,000, or, it is stated, greater than the capital
the Flint National Bank of Clinton, a National Bank of many resources of any other financial institution in Baltimore or
years standing it will do a general trust and banking busi­ the South. The bank’s deposits, it is stated, have increased
ness and w 11 have a capita of §300,000, in shares of §100 200% during the past ten years, and during the samo period
each. The stock is to be sold at §110 per share. Tho com­ the institution has paid §2,000,000 in dividends, and has
pany proposes to begin business Jan. 10 1920. The officers carried an additional million to surplus and reserve. It is
are: John E. Thayer Jr., President; Ivan N. Mou ton, and proposed to offer the new stock (par §10) to present share­
Walter P. Bowers, Vice-Presidents and Claries B. Chicker- holders at the approximate book value of §40 per share.
ing, Treasurer. The following are the d rectors John E.
e bank states that “any stockholder not caring to add to
Thayer Jr., Walter!P. Bowers, Geo. H. May, Geo. E. his holdings may sell his rights, which will represent good
O Too e, John A. Dav s, George S. West, George A. Fuller, value, as the stock is now selling around §47.”
Dudley H. Dorr, Allen G. Buttrick.
David M’K Lloyd, Vice-President of tho People’s Savings
At a recent meeting of the directors of the American Bank & Trust Co., and a director of the People’s National Bank of
& Trust Co. of Bridgeport, Conn., Georgo H. Williams was Pittsburgh, died on Dec. 11 following an illness of a week.
elected Secretary, Howard H. Poole, Treasurer, and Clemens Mr. Lloyd’s banking career began whon ho entered tho First
National Bank of Altoona, Pa., as a clerk; in 1879 ho was
R. Klofkorn, Assistant Treasurer c? tho bank.
elected a director of tho People’s National Bank of Pitts­
burgh and in the same year he became a trustee of the
The First National BaidTofTRidgefield Park, N. J., has People’s Saving Bank. In 1890 Mr. Lloyd was made Presi­
been placed in voluntary liquidation, having been succeeded dent of the People’s Savings Bank, and in 1895 he was also
by the Ridgefield Park Trust Co.
elected a director of the Safe Deposit & Trust Co. of Pitts­
burgh; he served as President of the latter from 1993 until
At a recent meeting of the stockholders of the International 1907, when he resigned. Since 1907 ho had boon Vice­
Trust Co. oft Boston, it was voted to increase tho capital President of the People’s Savings & Trust Co. He was ono
of the company from §1,500,000 to §2,000,000. Present of the organizers of the Pennsylvania Bankers’ Association,
stockholders will be given the right to subscribe for the new of which he was formerly Vice-President, and he also served
stock at S200 per share, thus increasing the surplus §500,000, for three years on the exeeutivo council of the American
in the ratio of one share of new stock for every three shares Bankers’ Association.
now held. The new capital will becomo effective Jan. 10
1920, when tho total surplus and undivided profits will The Citizens Banking Co. of Oil City, Pa., which closed its
approximate §2,800,000.
doors on July 11 with doubtful assots of-8320,000, and to
which we referred in those columns in our issuos of July 26
At a meeting of the directors of tho Mechanics National and Aug. 9, was reopened on Doc. 15. Wo understand the
Bank of Providence on Dec. 15,' Charles C. Marshall was depositors are to bo reimbursed in full. Tho now officers of
the bank are: C. M. Lamborton, President; H. G. Rush,
elected a director in place of Henry Lippitt, resigned.
II. J. Crawford and S. Y. Ramago, Vice-Presidents, and
The annual report of the Girard Trust Co. of Philadelphia E. S. Rugh, Cashier. Tho reorganized bank has a capital
for the year ending Nov. 30 was submitted to the stock­ of §100,000, in shares of §50 each.g$
holders at their annual meeting on Dec. 15 by Effingham B.
Morris, President of the i nstitution. The statement is very At a meeting of tho directors of tho Pittsburgh Trust Com­
satisfactory, showing total profits for tho twelve months of pany, of Pittsburgh, Pa., on Novombor 25, a permanent
§1,545,395. Out of this sum §900,000 was paid out in divi­ Profit Sharing Policy, which has boen under consideration
dends, amounting to 36% on the §2,500,00C£capital of tho for several months, was adopted. It is applicable to all
company, or to 9% upon its combined capital and surplus officers and employees who havo boon in tho service for one
(§10,000,000). On account of tho high cost of living, em­ year or more. Tho company’s announcement says:
ployees of the company received during the yearjextra com­ While profit sharing plaas were first suggested by tho high cost of living,
real purpose is to bring tho employee In closer touch with affairs of the
pensation a nounting to §80,669. The co npanyfcontinued the
Institution he represents and make him vitally Interested In Its welfare and
ts, policy of charging offAfor depreciation of investment the success.
The plan Is In operation In many of the largo financial Institutions




D ec . 27 1919.]

THE CHRONICLE

throughout the United States and has invariably resulted in economies and
greater efficiency.
The company will not insist that the employees invest a part of their
earnings. It will, however, to encourage thrift, urge that all employees
set aside at least one-half o f their share of the earnings allotted to them to
them to be Invested in the stock o f the company or some other security.
The plan as adopted Includes the profits for the year 1919, and the follow­
ing method of computation and distribution was approved:
From the net profits for the year there shall bo deducted an amount equal
to 7% o f the capital, surplus and undivided profits as o f the 1st day of
January of the current year. After making the above deduction, 15% of
the residue o f the net profits shall bo appropriated as the share of the profits
In which employees shall participate.
The fund so created shall be allotted to the respective employees upon the
following basis: 60% o f the fund shall bo distributed in the proportion
that the salary o f each officer or employee bears to the total salaries paid;
40% shall be distributed in such proportions as the monthly salary multiplied
by the years o f service bears to the total of such amounts for all employees
who shall participate in the fund. The total obtained from the two com­
putations shall be the amount due to each officer or employee as their
proportion o f the profit sharing fund for the year. Payment o f the pro­
portionate amount due each officer or employee shall be made during the
following year, one-half on January 1st and the balance on July 1st.

The Comptroller of the Currency reports an increase of
$150,000 in the cap tal of the Delaware County National
Bank of Munc e, Ind., ra sing the amount from $150,000 to
$300,000.
The Merchants National Bank and The Union National
Bank of Muncie, Indiana, and the Merchants Trust & Sav­
ings Co. and the Muncie Trust Co. of that city have decided
to combine. The two national banks will consolidate under
the name of the Merchants Bank and the state institutions
will merge under the title of the Merchants Trust Co. All
will be operated in the Merchants’ Bank Building, virtually
under a single management. The Merchants’ Bank under
the consolidation, will have a co nbined capital and surplus
of $500,000. The new trust company will have a combined
capital and surplus of $250,000. Hardin Roads, who has
been President of the Merchants National Bank and the
Merchants’ Trust & Savings Co., will continue as President
of the enlarged Merchants’ National. Frederick D. Rose,
who was President of the Union National Bank, becomes a
Vice-President of the Merchants’ National Bank and Presi­
dent of the trust company. F. B. Bernard, who has been
First Vice-President of the Merchants’ National Bank and
the Merchants’ Trust & Savings Co. for several years, will
continue in the same position in both the consolidated insti­
tutions.
At a meeting of the directors of the American State Bank
of Detroit on Dec. 5, W. J. Hayes was advanced to the
presidency, succeeding W. E. Moss, who also retires as a
director. Before becoming President, Mr. Hayes had served
in the dual post of Vice-President and Cashier. He was one
of the organizers of the bank and has been identified with its
management sinco its organization in 1906. Gordon Fearnley, heretofore Assistant Cashier, has been nade Vice-Presi­
dent, and G. W. J. Linton, also an Assistant Cashier, has
been chosen to fill the office of Cashier.
A largo interest in the stock of the University State Bank
of Chicago was recently purchased by a group of men prom­
inent in the packing industry and financial circles of Chicago,
among those included being Edward F. Swift, Charles H.'
Swift, Harold Swift, Thomas E. Wilson, Edward A. Cudahy,
Jr., John R. Thompson, Melvin A. Traylor, President of the
First Trust & Savings Bank of Chicago; John F. Hagey.
Vice-President of the First National Bank of Chicago; Roy
D. Keehn and Lawrence H. Whiting, of A. B. Leach &
Co., of Chicago. C. W. Hoff is to continue as President
of the University State Bank, and Lawrence H. Whiting
has been mado a Vice-President and director. John F.
Hagoy and Roy D. Keehn have also been made directors.
Tho bank has a capital of $200,000 and surplus of $20,000.

2411

anty Trust Co. in the American Trust Co. J. C. Van Riper
has resigned as President of the American Trust Co., but
continues as President of the Title Guaranty Trust Co., and
William R. Compton has been elected President of the
American Trust Co. H. H. Hopkins continues as Vice­
President of the American Trust Co. It is understood that
the Title Guaranty Trust Co. disposed of its interests in the
American Trust Co. at $118 per $100 share. The institu­
tion has a capital of $1,000,000. In a statement bearing
on the change in control of the American Trust Co. Mr.
Compton said:
It has long been known that my company and friends associated with
me have been planning the organization of a trust company which will
occupy the ground floor of our now building at Seventh and Locust streets,
which is now being remodeled and which, it is hoped, will be ready for
occupancy during the month of January. Henry H. Hopkins, Vice-Presi­
dent of the American Trust Co., was to have been Vice-President of our
new trust company and it seems fitting, therefore, that in view of Van
Riper’s retirement tho business of the American Trust Co. should be ac­
quired as a foundation for our banking institution. The American Trust
Co. will continue to occupy its present location, which is immediately west
of the Compton Building. Later on the business will be moved to the
Compton Building, which offers greater facilities for expansion.
This building will also house the investment business of the William R .
Compton Co.
The present officers o f the American Trust C o., with the exception o f
the retiring President, will continue to serve the customers of the bank and
the personnel of the employees remains the same.
The American Trust Co. will serve in an aggressive manner the commer­
cial interests of St. Louis and the outlying territory. The institution was
organized in 1910 and has total resources at this time of approximately
$10,000,000. It is a member of the Federal Reserve system and belongs
to the St. Louis Clearing House Association.

The Royal Bank of Canada, through its New York
branch, 68 William St., issued this week its annual report
for 1919, showing a gain in assets over the twelve months of
more than 100 million dollars. The bank also reported to
its stockholders that assets now far exceed a half billion
dollars. Tho general statement of assets and liabilities
shows that total assets are now $533,647,084, as compared
with $427,512,982 for 1918. Of this amount, liquid assets
total $273,908,862, against last year’s total of $224,982,088.
Loans and discounts also show an increase from $119,184,715
in 1918 to S143,250,518. An official statement also says:
The branch system, established some years ago and since extended to
many cities, has been responsible for establishing a close relationship with
the public. This is reflected in the large gain made in deposits, which total
S419,121,399 for this year, as compared with $332,591,717 for 1918, a gain
o f over 80 million dollars. Of the 1919 total, deposits bearing interest
amount to $259,465,169, against $197,348,439 for last year. Deposits not
bearing interes t total $159,656,229, contrasted with $135,243,278 for 1918.
Liquid assets show a gain over the previous year o f $50,000,000, prin­
cipally in the following items: Balance due by banks and banking corre­
spondents elsewhere than in Canada. $18,101,373, as against $10,391,516;
Dominion and Provincial Government securities, $45,323,598, as against
$36,579,976 for 1918; Canadian municipal securities and British foreign
and colonial public securities, other than Canadian, $33,400,542, as against
$29,620,885; call loans in Canada, $16,435,614, compared with $10,067,481;
call loans outside Canada, $33,812,751, against $24,374,191.
The profit and loss account, following the issue of new capital made,
stands at $17,000,000, and the reserve fund totals $17,000,000. With the
larger resources at its disposal there has been a considerable gain in net
profits and for the twelve months’ period these amounted to $3,423,264,
equal to 10.87% on the average capital and reserve for the year. This
shows a gain of approximately $600,000, as compared with the previous
year, when total profits were reported at $2,809,846.
With the total profits added to the balance o f profit and loss brought
forward, tho amount available for distribution this year is $3,959,021. Of
this amount $1,866,196 was paid in regular dividends, $340,000 as a bonus
of 2 % to shareholders to mark tho fiftieth anniversary o f the bank, $100,000
transferred to officers’ pension fund, $400,000 written off bank premises
account and $156,406 war tax on bank note circulation, leaving to be carried
forward to profit and loss $1,096,418, as compared with $535,757 at the end
o f the previous year.
An indication of the bank’s growth is afforded by a comparison of some of
the principal accounts for 1919 with those of 1918.
1919.
1918.
$533,647,084 $427,512,982
Total assets--------------------------273,908.862 224.982.088
Liquid assets------------------------143.250,518 119,184.715
Loans and discounts------------. 419.121,399 332,591,717
Total deposits----------------------Deposits bearing interest------. 259,465,169 197,346,439
Deposits not bearing interest.
. 159,656.229 135,243.278
. 17.000.000
Capital--------------------------------14.000.
000
Reserve fund------------------------. 17,000.000
15.000.
000
Profit for year----------------------3.423,264
2,809,345
Balance carried forward------1.096.418
535,757

Arthur Reynolds, Vice-President of the Continental &
Commercial National Bank of Chicago, was on Dec. 23
elected a director of the Asia Banking Corporation of this That a year of steady growth and increased profits was
city. The corporation also voted to increase the number of enjoyed by the Canadian Bank of Commerce (head office
its directors from fifteen to eighteen.
Toronto) is evidenced by tho annual report of the institution
for the fiscal year ended Nov. 29, which we print elsewhere
It recently became known that a large block of stock rep­ in our columns to-day. Total resources at tho close of the
resenting the controlling interest in the American Trust Co. year are given at $479,644,205, as against $440,310,703 the
of St. Louis had been sold to a syndicate represented by previous year, or an increase of $39,333,502, while quick
William R. Compton, Thomas N . Dysart, Henry H. Hop­ assets are shown at $219,911,724, as compared with $203,­
kins and William C. Bitting Jr. of St. Louis and Clarkson 018,981 last year. Deposits total $393,605,156, as against
tter and R. P. Compton of New York. The sale, it is $353,158,816 for 1918. Net profits for the year, after pro­
.• ,1 disposes of the entire interest held by the Title Guar­ viding for all bad and doubtful debts, were $3,074,892 and




2412

THE CHRONICLE

[V ol . 109.

the total amount available for distribution, including a
Since it is necessary for the bank and the Security Co. that the same
balance of $1,444,843, brought forward from the preceding persons should be ratably interested in each, it will bo necessary to attach
to
each right a proportionate interest in the Charleston Security C o., which
year, was $4,519,735. Out of this sum $1,800,000 was
will be automatically sold along with the share o f stock, to which tho holder
appropriated for dividends; $150,000 Tor war tax on circula­ is entitled to subscribe, in the case o f those rights which are sold. While
tion; $250,000 was written off bank premises; $120,000 was it seems possible that the Security Co. might be able to provide this new
transferred to pension fund; $750,000 was deducted to adjust stock from profit, unless it should prove necessary legally, it seems best not
to do this; but to accomplish tho purpose without altering tho total capital
British and Foreign investments on existing exchange rates, stock of the Security C o ., and to obtain the desired result by reducing the
par
value o f the shares from $20 to $10, thus making Its capital stock con­
not otherwise provided, and $22,000 was appropriated for
various subscriptions, leaving $1,427,735 to bo carried for­ sist of 10,000 shares of $10 each Instead of 5,000 shares of $20 each. One
objection to increasing the capital of the Security Co. is that Federal Income
ward as a balance to next year’s profit and loss account. Sir tax would have to bo paid by the stockholders on tho shares allotted to
B . E . W alker is President of the bank and John Aird General them by way of a dividend, and this tax does not have to be paid if their
Interest is preserved by a reduction of tho par value o f tho shares.
Manager.
Tho Hibernia Bank & Trust Co. of N ew Orleans has
declared its fourth 6 % quarterly dividend for the yoar 1919
which, with a 1 0 % extra dividend recently declared, brings
the total distribution for the 12 months to 3 4 % . The
purpose of the 1 0 % special distribution from the bank’s
undivided profits was to provide the initial capital neces­
sary for the formation of Hibernia Securities C o ., In c., an
independent investment corporation, the common stock of
While it is with a feeling o f deep regret that I sever my executive connec­ which is owned and controlled by the shareholders of the
tion with the company, to which I have given thirty o f the best years of Hibernia Bank & Trust Co.
my life, it is with a sense o f genuine pride that I look upon what the com­
Simultaneous with the payment of the regular quarterly
pany Is and what it stands for to-day. That it may continue to grow and
dividend of 6 % to shareholders, the bank also declared the
prosper in years to come is my fervent hope.
Assuring you o f my deep appreciation o f the loyal support you have regular 6 % quarterly dividend to employees of the institu­
always given me, and the uniform courtesy you have always shown me.
tion, under a plan recently adopted whereby all members
Recognition of the part played by M r . Warfield in the of the bank’s personnel receive dividends upon their salaries,
development of the institution the directors adopted a in consideration of time, effort and service invested, just as
resolution which said:
stockholders receive dividends upon their invested capital.
The Fidelity & Deposit C o. o f Maryland was the product of the brain
The
declaration of a 3 4 % distribution for the year 1919
o f Governor Warfield, the pioneer, whose broad vision and strong guiding
hand have from Its very inception been the controlling forces in its man­ and 1 2 % in extra compensation to employees is indicative
agement and operation, and whose faith, courage, zeal and sterling character of the substantial growth of the Hibernia Bank.
Edwin Warfield, former Governor of M aryland, has
resigned as President of the Fidelity & Deposit C o. of
Baltimore because of ill health. The resignation will take
effect D ec. 31. M r . Warfield is also expected to re-sign as
President of the Fidelity Trust Co. of Baltimore at the
annual meeting in January. In tendering his resignation
from the Presidency of the Fidelity & Deposit C o ., M r
Warfield said:

have carried it from its small beginning to its present honored position
among the great surety companies o f the country, for the organization of
most o f which Governor Warfield blazed the trail.
That the members o f this body, individually, take this occasion to convey
to Governor Warfield their warm personal affection and esteem; their
regard for his splendid qualities o f heart and mind, their heartfelt wish
that he may speedily be restored to the enjoyment o f full health and strength
and that he may continue with us for many years to enjoy his well-earned
freedom from the burden of care and responsibility which he has borne
for so many years.

Governor Warfield was the organizer of the Fidelity &
Deposit C o. and it was through his efforts that a charter
for it was obtained from the State Legislature. It was the
pioneer company of its kind in Baltimore. Since the crea­
tion of the company M r . Warfield has been identified with
the management and for the past 27 years has been its.
President.
On D ec. 2 the directors of the Bank of Charleston, of
Charleston, S. C ., adopted a resolution recommending to
the stockholders that the capital be increased from $500,000
to $1,000,000; it is planned to offer the 5,000 shares, of a
par value of $500, to existing shareholders, in proportion to
their present holdings. A n announcement issued by the
bank says:
The plan the board o f directors have under consideration is to issue to
every stockholder a negotiable certificate, showing his right to subscribe
for the same number o f new shares that he now has, and it appears probable
that a market will be made for these certificates at $100 for each share of
new stock to which the holder has the right to subscribe, so that those
stockholders who prefer not to exercise their rights to buy new stock at
$100 a share will be able to sell this right as evidenced by the certificate for
$100 per share. On this basis the stock will cost new shareholders $200
per share. It will be observed that the stockholder who prefers not to
buy new stock can deposit In the savings department o f the bank the price
for which he has sold the right and obtain thereon 4% per annum, so that
his income will not be diminished from the present 16% dividend paid by
the bank. It is planned that he shall receive from the stock which he
retains 12% instead o f 16% and the cash which ho has obtained by selling
his rights will draw interest at 4% per annum in the savings department.
T o those shareholders who prefer to go forward with tho same propor­
tionate interest, we can only say that in the future as in the past, every
effort o f the directors, officers and o f the staff generally will be made to
cause their investment with us to prove continuously satisfactory and
profitable.
In order to facilitate the prompt placing o f the shares which present stock­
holders may decide not to take, the Charleston Security Co. will organize
a syndicate, which it will manage without profit, for tho purchase of stock­
holders rights, and those in the community who are interested in obtaining
shares in the bank are Invited to file application with tho Charleston
Security C o., which reserves the right to reject any and all applications and
to make allotments against applications in such manner and for such
amount as may seem to the best interest o f the bank, and the future develop­
ment o f its business. While the Charleston Security Co. will arrange this
syndicate without profit, an interest charge will be made against the
syndicate for any money actually advanced. The Security Co. while
serving as manager o f the syndicate, reserves the right to either participate
as a member or not as it may deem best after it has closed its subscription
list. Arrangements have been made which it Is believed will facilitate a
gradual extension o f the bank’s business, both by providing physical equip­
ment and additions to the staff, official and clerical, and by measures which
it is believed will insure a gradual increase in efficiency on the part o f all
o f those with whom we Invite the public to have relations in the transaction
o f business with us.




TRADE AND TRAFFIC MOVEMENTS.
L A K E S U P E R IO R O R E S H IP M E N T S .— The ship­
ments of iron ore from Lake Superior docks during the season
just closed amounted to 47,177,395 tons. This is is a de­
crease of 13,979,568 tons from the movement of last year
and contrasts with 62,498,901 tons shipped in 1917 and with
64,734,198 tons in 1916, the latter being the largest m ove­
ment in the history of the industry.
Below we compare the shipments from the various ports
for the last five seasons:
-Entire Season-------------1918.
1917.
1916.
1915.
Pons—
™0™Tons.
Tons.
Tons.
Tons.
Escanaba......................... 4,963,358 6,774,969 7,150,854 7,457,444 5,649,289
....................... 2,132,935 3,457,054 3,207,145 3,858,092 3,099,589
Ashland...........................
8,057,814 5,140,772
Qnnnpln,
—5,915,383
iu,unu 7,565,608 7,597,841
t ,OVI tO-t l

niiinVt? ------------------------ 10,919,965 14,068,341 13,978,741 21,837,949 8,342,793
2
Kxt 10,821,209 20,564,519 20,507,419 10,735,853 15,437,419
iwo naroors.......... .......... 6,424,545 8,723,472 9,990,901 12,787,040 8,042,942

Total........................... 47.177,395 61,156,963 62,498,901 64,734,198 46,318,80*.

T H E E N G L I S H GOLD A N D SIL VE R M A R K E T S .
W e reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
D ec. 5 1919:
GOLD.
Quite the most notable feature touching gold is a rise o f £3,988,260 in the
Hank of England reserve, raising tho total to £90,302,325, a record holding.
Considerable sales of gold have boon mado at rising prices to India, the
Straits Settlements and the Continent. It is estimated that tho world
production for 1919 will bo about £75,000,000. a reduction o f £1,000,000.
Of this decrease £2,800,000 relates to tho output of tho British Empire.
Gold shipments of $300,000 to Shanghai and $500,000 to Hongkong have
been mado from San Francisco.
SILVER.
Tho market remainod heavy on the news that silver dollars wero offered
by tho U. S. Government In oxchango for gold dollars, and tho quotations
fell on the 28th uit. to 72%d. and 71 %d. for cash and forward delivery
respectively. Under the influence o f a falling U. S. oxchango (by which
the cost of silver from America increased) the price began again to climb
each day. Continental and trade domand are languishing, now that the
metal has bocomo so dear, and manufactured goods and foreign silver coin
aro being realized freely as bullion, so that tho governing factor hero Is
rather a question of tho U. S. oxchango than o f supply and demand. At
the time of writing the New York exchango shows a somewhat firmer
tendency, which, if maintained, is bound to ease tho-price. Considerable
shipments have been reported from San Francisco to Shanghai, namely
$1,530,000 and 695,000 standard ounces and further purchases aro boing
freely mado.
Statistics for tho month o f November aro appended:
Highest price for c a s h ... 76d.
Highest price for 2 m onths.73^(1.
Lowest price for cash.........65 'Ad.
Lowest price for 2 months. .63 K d.
Average price for cash........ 70.065d. Average prlco for 2 months.67.895d.
The following extract is significant of tho trend of events. It may be
recalled that Holland, one of tho first to succumb to the scaro created by
Australian and Californian gold discoveries discontinued tho eoinago of
silver on private account In 1873: “ The Dutch Government has brought In
a bill for tho minting of now silver coins for Holland and tho Dutch Indies,
with a pure silver content of 800-1000, against 945-1000 as heretofore. This
measure was necessitated by the fact that the intrinsic value of tho Dutch
guilder has already risen from cents 40 to over 95, with a face value of
cents 100.”

THE CHRONICLE

D ec . 27 1919.]

IN D IA N C U R R EN C Y RETU RN S.
Nov. 7.
Nop. 15.
Nov. 22.
In Lacs of Rupees—
17939
18004
Notes in circulation_________________ ___ 17647
4883
4792
Silver coin and bullion in In d ia ------- ____ 4994
____
____
Silver coin and bullion out of In d ia..
Gold coin and bullion in India--------- ____2126
2258
2185
910
1009
Gold coin and bullion out of India— ____ 574
Securities (Indian Government)------- ____1703
1703
1703
Securities (British Government)------- ------ 8250
8250
8250
Tho coinage during tho week ending 22d ult. amounted to 23 lacs of
rupees. The stock in Shanghai on Nov. 22 consisted o f about 18,300,000
ounces in sycee, $9,000,000, and 4,100 bars, as compared with about
18,650,000 ounces in sycee, $10,500,000, and 4,000 bars on tho 15th ult.
The Shanghai exchange is quoted at 7s. 4d. the tael. Quotations for bar
silver per ounce standard:
Cash. Two Mos.
Cash. Two Mos.
73 l4 d.
N ov. 28...................72Hd.
71 « d . D ec. 4 ...................75d.
N ov. 29__________ 725^d.
7 1 ^ d . Average-------------- 73.646d. 72.437d.
72>^d. Bank rate_____________________ 6%
Dec. 1 ............... - 7 3 X d .
D o c . 2 ----------------- 73Hd.
<2'h d. Bar gold, per fine ounce__ 106s. 4d.
D o c . 3 ___________ 74Md73%d.
Tho prices to-day for cash and forward delivery are respectively Id. and
l}4 d . above those fixed a week ago.

2413

New Y o rk C ity R ea lty an d S u rety C om p an ies
All prices now dollars per share.

Bid
80
78
230
City Investing 75
Preferred.. 80
Alliance R’lty
Amer Surety.

Ask
82
240
75
90

Bid
Lawyers Mtge 124
Mtge Bond.. 92
Nat Surety_ 205
N Y Title A
Mortgage.. 137

A»Jt
128 Realty Assoc
(Brooklyn).
97
218 U S Casualty.
US Title Guar
145 West A Bronx
Title A M G

Bid

ill

115
185

80

120
200
__

160

170

A u c t io n
S a l e s . — Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:

B y Messrs. Adrian H . M uller & Sons, New York:
Shares.

Shares.

Stocks.

Stocks.

4)4 Broadway Flushing Co______ $55
27 The Pneumelectrlc Mach. Co.,
40 Conservation Realty Corp____ $10
common: 54 The Pneumelectrlc
Machine Co., preferred__________ $110 268 Central Colorado Power Co.,
com. and S75 scrip; 250 Central
4,480 Garden City Sugar & Land— S10
Colo. Power Co. pref.; 500 Two
63,286 Granville Mining Co., Ltd.,
Kings Mining Exploration Co.;
ordinary shares__________________ S15
56 St. Louis, El Reno & West.
2.000 Canadian Puget Sound Lum­
Ry. trustees’ certificate; 1,956
ber Co___________________________ S20
Winter Harbor Co-------------------- $50
400 Augusta-Alken R y.
Electric
Corp., preferred_________________ S210 287 Central Colo. Power Co., com.
and $50 scrip; $250 Cent. Colo.
100 Augusta-Aiken Ry. & Electric
Power Co., pref.; 56 St. Louis, El
Corp., common__________________ $10
Reno & West. Ry. trustees' certif.
101 Washington Utilities Co----------510
100 H . B . Claflin Co., com.; 1,790
80 Insular Transfer Co: 100 MontWinter Harbor Co_____________ $50
gomery-Shoshone Cons. M 'g C o. $2
4,686 Socorro Mining & Milling Co.$500
1.500 Southern Utilities Co., com­
mon_________________________ $5 per sh. 2.000 Inspira’n Miaml-Exteu. Cop­
per Co., Inc_________________ $100
1.000 Southern UtlliUes Co., pre­
ferred______________________$50 per sh. 40.000 Inspira'n Miami Copper Co.$500
1,530 Chloride Mining Co_______ $6
475 Permutit Co_________________- $700
100 Incorp. Land C o., common____ S7 1.000 Upchurch Lumber Co_______ $10
100 Incorp. Land Co., pref--------------$10 120 Everclean Collar & Cuff Co___ $10
50 Lido Corp_____________________
$5 25 Chicago Ry., Series 4____ 50c. per sh.
6.000 Chicago Utilities Co., pref$l,500 300 Chicago Utilities Co__________ $30
1,270 Round Mountain Sphinx Min­
975 Chicago C . & C. Ity., com------ $650
ing Co_______________________ $50
1.000 Chic. C . & C. R y., pf.S5)4 per sh.
1.000 Nevada Gold Trail................. $25
1,935 Chicago Elev. Rys. ctf. for
pref. partlc. shares_______ $2)4 per sh. 28,334 Dividend Lake View Consol $50
2.250 Chicago Utilities Co., pref..$100 117 Round Mountain Mining C o.. $20
1.000 Kootenay Gold Mines Corp. . S5
320 International Life Suit Corp___$100
Bonds.
Per cent,
100 Kathodian Bronze Co., pref___ SI
5 6 .0 0 0 W o o d m e r o R e a lt y , Series A ,
6,687 Hair Moon Copper Co______ $60
5
-y
ea
r
d
e
b
_____
___________________
$500
850 Cauchois Tire Corp____________ S15
In te rn a t.
1.250 Casa Grande Ariz. Cop. C o .. $10 $37 2 ,1 0 4 58 O b lig a tio n ,
T r a c . C o ., d u e 1918 6 % ...............$1 ,0 0 0
79 Internat. Gas Devel. Co.; $28,­
5 2 4 .0 0 0 B u ff. A L a k e E . T r a c t io n
000 Jamaica Estates 6% bonds,
firs t r e f. 5 s, 1936; 122 shares B u .
1920; 24 shares Jamaica Estates,
& L . E . T r a c . C o ., c o m .; 122 sh .
preferred_______________________ .$250
B u f. & L . E . T r a c . C o . p r e f— -$ 1 ,9 0 0
50 Interborough Rapid Transit C o. 42
$1 3 ,0 0 0 D r y D o c k E . B . & B a tte ry
1,600 Chicago Rys. Co. partlc. ctfs.
R R . c e r tif. o f d e p ., u n ex ch a n g ed
of Series 2_______
$4 per sh.
2 % p a id , du e 1 9 3 5 .......................... £ 6 )4
517 Buffalo Gas Co., preferred____ S31
$1 0 ,0 0 0 D r y D o c k E . B . & B a tt e r y
150 Buffalo Gas Co., common_____ $10
R R . 5s, 196 0.......................................... 10
14.500 Edmonds Midway Oil Co_$50
209 Roller Drive Co________________$10 $ 1 5 ,0 0 0 O reg on E le c . R y . 1st 5s, ’ 33 40
$22 ,471 63 A ir T u rb in e C o . o f A m .
150 The Terminal Properties Co.,
6s; 408 1-5 shares A ir T u rb in e C o .
second preferred__________________ $50
o f A m e rica , c o m ___________________$100
150 The Terminal Properties Co.,
common__________________________ $25 $1 3 ,5 0 0 N e w E n g la n d N u rseries C o .
b o n d s ________________________________ 20
2.250 Chicago Utilities Co., prof..$250
$ 5 0 ,0 0 0 F t . W a y n e , N o . In d ia n a
1.000 Chicago Elev. Rys. ctfs. for
5 s, 193 1............................
$125
pref. participating shares_______ 2 )4 %
$ 2 8 ,0 0 0 T e n n . R R . C o . 6s in co m e
2 New Haven Bank_________________ $182persh.
d e b ., 1 94 8..................................................$11
2 Connecticut Nat. Bank, Bridge­
port_______________________ $175 per sh. $ 5 ,8 0 0 T e n n . R R . C o . 1st 6 s, 1 9 2 3 . $26
$1 5 ,0 0 0 U n io n D y e A C h e m ica l C o .
10 First Bridgeport Nat. Bank,
6s a d ), m tg e . n o te s , 1 92 3__________$500
Bridgeport, Conn_______ $225 per sh.
4 New York Rubber Co............$95 per sh. 5 1 .0 0 0 N o rth S h ore C o u n t r y C lu b
in co m e , 1 96 4________________________ 11
500 Ft. Wayne, North. Indiana, pf. S15
$500 C e n tu ry C o u n t ry C lu b , W h ite
$1,500 div. ctf. on Ft. Wayne,
P la in s 4 s, 195 4_____________________ 27
Northern Indiana, pref--------------- $1
200 International Traction Co., pf- $65 $1 5 ,0 0 0 B k ly n . F e r r y C o . 5 s. ct fs . o f
d e p o s it _____________________________
$5
100 Georgia & Florida Ry. Co., pref. $15
150 Georgia & Fla. Ry. Co., co m .. S3 $1 6 ,0 0 0 S econ d A v e . R R . 1st c o n s o l.
5s,
c
t
fs
.
o
f
d
e
p
o
s
it
________________
$150
29 Tennessee RR. Co---------------------$3
$1 0 ,0 0 0 W a b a s h -P itts b u r g h T e r m .
555 5556-10,000 Tennessee RR. Co.
R y . 1st m tg e . 4 s, c t fs . o f d e p ______ $25
due bill of Guaranty Trust Co—
$2
$ 2 ,5 0 0 P o w e r S ecu rities C o r p ., c o ll,
60 Security Bank of N . Y ., div. No.
tru st 6 s, 1 94 9, a n d $86 50 Bcrip;
1 privilege: $4,000 Assets Liquida­
S10 .60 0 P o w e r S ecu rities C o r p .
tion Co. loan ctf. of partlc., Ser.B $30
secu red
in c o m e b o n d s ,
1949;
233 Mlllikcn Brothers, Inc., com.
117 7 8 1 -10 00 shares P o w e r S ecu ri­
and $33 33 scrip, stk. tr. ctfs------ S6
ties C o r p . 2d p r e f..............................$ 3 ,200
500 Milliken Brothers, Inc., pref.
$ 2 5 ,0 0 0 N o rth J ersey R a p id T r a n sit
stock trust ctfs-------------------- S i,100
C o . 1st 5 s, c tfs . o f d e p .; 125 shares
1.400 Triangle Film Corp., pref..SI,425
N o r t h J ersey R a p id T r a n s. C o . $ l ,5 0 0
100 Ft. Wayne & Nor. Ind. True.
Co., pref., ctfs. of deposit---------- $1 5 7 .0 0 0 P a n a m a R e p u b lic 5 s, 1 9 2 4 .. 50
$ 2 0 ,0 0 0 2 3 d S t. R y . im p t. & r e f. 5s,
100 Ft. Wayne A Nor. Ind. Trac.
1 9 6 2 ........................................................... 40
Co., com., ctfs. of deposit----- SI
$ 5 2 ,0 0 0 K . C . M e x ic o & O rien t R y .
$300 Ft. Wayne & Nor. Ind. Trac.
1st 4s, c t fs . o f d e p .; 5 1 0 ,0 0 0 K . C .
Co. dividend certificate----------$1
300 General Kompolite Co., c o m .. $50
M e x ic o & O rien t R y . 2 -y r . 6 s, c t fs .
2.000 Divide Consol. Mining C o . . . $10
o f d e p .; 204 shares K . C . M . * O .
R y . , c o m .; 202 shares K . C . M . A
15 Lomu Prifta Mines Co— ----------- SI
O . R y . , p r e f.; 13 C h ic a g o , T . H . &
10 Gum Cove Oil & Refining C o . . . $800
S ou th ea stern R y . V . T . C ______ $750
25 Savannah Electric Co., common. S10
86 Wasson Piston Ring Co--------------- $35 $ 2 5 ,0 0 0 Y o lo W a te r & P o w e r C o .
1st 5s, 1 95 2...........................................$ 1 ,2 0 0
100 Standard Coupler Co., com .$8 per sh.
50 Standard Coupler Co., pf— $75 per sh. $ 3 ,0 0 0 C h ic a g o U tilities C o . 5 s, '4 2 . 3
500 Purisol Products Corp., p r e f... $1 $ 2 2 ,5 0 0 C h ic a g o U tilities C o . 1st 6s
1.000 Purlsol Products Corp., com. $5
1 9 4 2 ....................................
497 Mining Assoc., Ltd., Class B — S5 2 ,2 5 0 shares C h ic a g o U tilitie s C o .
77,589 Rawley Mining Co_________$100
P r e f ............................................................$ 25 0
$ 2 2 ,6 0 0 C h ic a g o U tilitie s C o . , 1st
20,518 Cocorro Min. A M1U. Co_$2,060
250 Biograph Company------ $4)4 per sh.
m o r tg a g e 5 % b o n d s _______________ $610
68 Cresstec Steel Co.; 100 Rosehill
A n o r d e r o n S w iss B a n k C o r p .,
Cemetery Association____________ $50
B a sle, S w itzerla n d , fo r 2 5 0 ,0 0 0
250 All Package Grocery Stores Co.,
m a rk s, 5 % S ch a tza n w eisin g des
pref.; 1,450 All Package Grocery
D eu t8 ch en R e ic h s , 1 9 1 5 ................ $ 1 ,1 0 0
Stores, common_________________ $3 5 1 ,5 0 0 ru b le s
Im p eria l
R u ssia n
50 Charles Scheuer & Sons, Inc.,
G o v t . 5 ) 4 % s h o r t-te r m w a r lo a n
pref.. 60 Charles Scheuer & Sons,
issues o f 1 91 6______
$ 1 ,200
Inc., common____________________ $30 4 0 .0 0 0 m a rk s, G e rm a n G o v t . 3 %
2.000 Internationa Comm'l Corp___$30
b o n d s , E n g lish s ta r te d __________ $ 1 ,000
60 Vera Realty C o., common______
$3 1 0 .0 0 0 m a rk s C it y o f H a m b u r g , G e r­
120 Vera Realty Co., pref.60c.-$l per sh.
m a n y , 4 % b o n d s , issue o f 1900;
1.000 Adams Exploration Co______
SI
1 0 ,000 m a rk s, C it y o f F r a n k fo r t,
220 Hudson Realty C o__________ $6,000
3 ) 4 % b o n d s , issue o f 1 89 6_______ $450
3 Owners Syndicate Co______________$75 £ 1 ,0 0 0 C it y o f F r a n k fo r t 2 5 -y ea r
100 VVoodmere Realty Co__________ $325
3 ) 4 % b o n d s .......................................... 630

A

E N O L I S H F I N A N C I A L M A R K E T S — PER C A B L E .
The daily closing quotations for securities, & c., at London,
as reported by cable, have been as follows the past week:
London,
Dec. 20. Dec. 2?
22.
Week ending Dec. 26.
Sal.
Mon.
Silver, per oz....................d- 77H
77 M
Consols, 24 Per cents............U°'|day 50 H
B r i t i s h , 5 per cents................. S °IltJay SSH
British, 4)£ per cents----------- Holiday 83)£
French Rentes (In Paris)..fr. 59.90
60
French War Loan (In Paris) fr. ---------- 88.20

~
—
Dec.
23.
Tues.
77 M
50 %
91
83)4
60
88.20

Dec.
24.
Wed.
77)4
50)4
91)4
83)4
60

Dec. 25. Dec. 26.
Thurs.
Fri.
Holiday Holiday
Holiday Holiday
Holiday Holiday
Holiday Holiday
Holiday 59.80
Holiday 88.25

The price of silver in New York on the same day has been:
S i l v e r in

N. Y.,

per

oz

cts_133H

133)4

133)4

133

Holiday 132)4

C o m m ercia l au tlB Iiscellaticm ts gtetxrs
•

C a n a d i a n B a n k C l e a r i n g s . — The clearings for the week
ending D ec. 18 at Canadian cities, in comparison with the
same week in 1918, show an increase in the aggregate of
_________________ '_________________
1 9 .0 % .

Week ending Dec.

Clearings at—
Canada—

19 19 .

19 18 .

Inc. or
Dec.

$

S

%

M o n t r e a l ------------------------------ 1 5 4 ,2 3 9 ,3 6 6 1 3 8 ,7 0 6 ,8 8 8 + 1 1 . 2
+ 4 8 .1
T o r o n t o -------------------------------- 1 1 2 ,7 4 9 ,4 3 7 7 6 ,1 2 9 ,0 1 3
-—3 .i
W i n n i p e g ------------------------------ 6 6 ,2 7 5 ,2 0 6 6 8 ,4 1 3 ,6 8 4
V a n c o u v e r ---------------------------- 1 4 ,7 0 7 ,1 0 8 1 2 ,3 1 2 ,8 3 6 + 1 9 .5
8 ,6 5 9 ,6 0 0
7 ,3 7 8 ,1 8 2
+ 1 7 .4
C a l g a r y ....................... — .....................
3 ,0 1 8 ,0 3 2
2 ,0 0 1 ,8 9 2 + 5 2 .4
V i c t o r i a -------------------------------E d m o n t o n ---------------------------6 ,3 6 9 ,7 5 5
3 ,8 6 8 ,4 0 1
+ 6 4 .7
9 ,7 0 4 ,4 1 3
O t t a w a ................ ....................................... 1 1 ,4 7 2 ,1 8 6
+ 1 8 .2
7 ,3 9 1 ,8 3 4
H a m i l t o n -----------------------------5 ,3 5 1 ,6 6 2 + 3 8 .1
7 ,0 2 9 ,9 6 9
5 ,1 9 8 ,5 0 8 + 3 5 .2
Q u e b e c ---------------------------------2 ,2 6 1 ,5 7 5
S a s k a t o o n ---------------------------2 ,1 3 3 ,3 1 0
+ 6 .0
4 ,5 2 5 ,4 5 0
4 ,9 4 8 ,9 3 2
— 8 .5
R e g i n a ---------------------------------3 ,4 3 7 ,5 6 1
2 ,5 4 6 ,2 6 8 + 3 5 .0
S t . J o h n ------------ -------------------5 ,2 3 0 ,5 9 2
4 ,7 4 5 ,9 0 2 + 10.2
H a l i f a x . .............................. .....................
1 ,7 7 8 ,6 6 9
2 ,3 3 2 ,7 9 6 — 2 3 .8
M o o s e Jaw........... ..................
3 ,7 9 3 ,1 6 7
2 ,7 4 9 ,4 1 2
+ 3 8 .0
L o n d o n -------------------------------1
,2
1
8
,0
2
1
9 7 1 ,1 6 1 + 2 5 .4
F o r t W i l l i a m .....................................
1 ,0 2 7 ,3 2 8
7 6 8 ,8 3 3 + 3 3 .7
8 2 6 ,6 2 0
1 ,0 8 3 ,1 6 6 — 2 3 .7
L e t h b r i d g e .........................................
1 ,4 9 0 ,8 9 9
9 6 5 ,5 7 1 + 5 4 .4
B r a n t f o r d — ..................................
5 3 7 ,0 5 3
5 3 8 ,1 8 8
— 0 .2
N e w W e s tm i n s te r -----------6 5 5 ,1 6 9
5 1 1 ,6 7 3
+ 2 8 .1
M e d ic in e H a t ..................................
8 9 9 ,4 2 7
8 3 3 ,0 7 8
+ 1 .8
P e t e r b o r o u g h --------------------1 ,0 8 5 ,8 4 1 + 2 8 .1
1 ,3 9 0 ,0 0 9
S h e r b r o o k e .........................................
1 ,1 5 9 ,9 1 7
8 4 2 ,9 1 9
+ 3 7 .6
K i t c h e n e r ---------------------------2 ,9 4 8 ,6 0 7
1 ,2 5 1 ,4 3 3 + 1 3 5 .6
5 5 8 ,6 2 7
3 5 6 ,4 5 5 + 5 6 .7

Total Canada-----------------

4 2 5 ,6 8 1 ,1 8 4 3 5 7 ,7 8 0 ,7 3 6

18 .

19 17.

19 16 .

$
6 9 ,7 0 7 ,5 2 7
6 1 ,2 9 5 ,0 6 7
5 1 ,7 8 2 ,2 6 0
9 ,2 5 4 ,1 0 6
7 ,9 4 7 ,0 2 5
1 ,6 5 5 ,6 1 6
3 ,4 1 0 ,3 5 9
5 ,6 3 5 ,2 7 7
5 ,0 7 0 ,6 9 8
3 ,7 4 8 ,0 3 4
2 ,1 1 9 ,3 5 6
4 ,2 3 5 ,2 7 2
1 ,8 5 2 ,1 9 1
2 ,9 8 5 ,3 1 9
1 ,6 1 3 ,1 0 3
2 ,3 5 8 ,9 2 2
1 ,0 2 8 ,8 7 0
7 6 5 ,9 5 8
9 2 2 ,2 5 5
9 3 1 ,0 2 1
3 3 4 ,0 1 9
6 0 6 ,6 2 1
6 8 2 ,3 8 6
6 2 6 ,9 4 7
7 0 5 ,5 1 1

$
9 0 ,3 3 7 ,6 1 1
6 1 ,5 9 5 ,9 5 0
5 5 ,7 0 2 ,5 2 5
0 ,9 4 5 ,4 2 8
6 ,4 9 6 ,5 2 2
1 ,5 1 8 ,8 5 4
2 ,7 8 2 ,9 1 8
6 ,1 4 6 ,1 8 8
5 ,0 2 3 ,9 6 7
4 ,8 5 6 ,1 2 9
1 ,9 7 7 ,8 1 6
3 ,5 3 2 ,8 3 5
2 ,0 8 9 ,7 0 2
2 ,8 0 0 ,6 9 9
1 ,4 8 1 ,9 2 3
2 ,1 5 4 ,9 5 7
7 0 0 ,3 8 0
7 2 0 ,4 2 2
1 ,0 4 6 ,9 4 3
7 7 0 ,0 6 4
3 0 4 ,3 5 0
7 1 5 ,1 2 3
6 2 4 ,6 0 7
6 9 7 ,1 7 7
6 7 2 ,3 8 6

+ 1 9 .0 2 4 1 .2 7 3 ,7 2 0 2 6 1 ,6 9 5 .4 7 6

New Y o rk C ity B an k s an d T r u st C om p an ies
All prices now dollars per share.

Banks— NX Bid

Ask

Hanks

A

Bid

Ask

___ mp T rad .. 595
610
308 flrvlng (trust
AmerExch—
___
certificates) 393 398
Atlantic-----222 Liberty______ (460
480
Battery Park.
285
290
255
155 Manhattan *. 245
Broadway Cen
125 Mech A M et. 460 470
Bronx Boro*.
250
160 Merchants__ 240
Bronx N at...
155 Mutual*_____ 425
45 New Neth*— 200 210
Butch Drov
149
190 New York Co 140
bent M e re ...
560 New York__ 465 480
____
330 Pacific *........ 135
Chat Phcn.
770
140 Park________ 745
Chelsea Exch*
400
695 Prod E xch*.. 350
Chemical___
Public_______ 330
425 Seaboard___ 640
C it y ________
___ Second______ 400
425
Coal A Iron..
240
___ State*_______ 230
Colonial *-----___ 23d W ard*.— 125
135
Columbia*__
190
Commerce —
245 Union E xch.. 185
___
United States* 200
Comm'l Ex*.
450
Wash H’ts*— 375
C om m on____
220 Westch Ave*. 170
w e a lth * ... 210
___
Yorkville*__ 340
Continental*. 120
Corn E xch*.. 470
480
100
Cosmop'tan*. 95
Cuba (Bk of). 178 183 Coney Island* 140 155
215
First________ 200
East River__ 150
165
130 Greenpoint—. 150
Europe........... 110
Hillside*........ 110 120
000
Firth
.. .
170 Homestead*— 80
155
95
First ________ 980 1010 Mechanics’ * .. 87
95
Montauk *—
85
Garfield------- 240
205 215
200
220
130
National City 115
Greenwich *__ 380
Hanover------- 835
845 North Side*.. 195 205
160
380 People's------- 145
Harrlman___ 370
Industrial* . . 185
• Banks marked with a (*) are State banks, t Sale
■change this week, t Includes one-ball share Irvins
Ex-rlghts..

A

A

630
298
215
214
425
145
105
150
145
40
175
540
320
130
585
255
415
250
350
210
240
425




Brooklyn

Trust C o’s

NewYork

Bid

Bankers Trust 385
Central Union 458
Columbia..
360
Empire____
295
Equitable T r. (280
Farm L Tr 445

A

Ask
395
465
370
160
306
285
450

Fulton____
255 265
Guaranty T r. 408
415
135
Irving Trust. / See Irving
INat Bank
Law Tit
Tr 135
145

A

Mercantile Tr 235
Metropolitan. 320

340

Chester)..
N Y Life Ins
A Trust__
N Y Trust.
Title Gu
Tr
U 8 Mtg A Tr
United States
Westchester..

105

125

720
605
416
425
850
130

750
620
425
435
900
140

Brooklyn T r. 505
255
Hamilton__
262
Kings County 650
Manufacturers 205
People's_____ 305

520

Mutual (West-

A

Brooklyn

272
700
210
315

at auction or at Stock ExTrust C o. I New stock.

B y Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ persh.
2,000 Penn Wyo. Oil Co., par 45c.,50c.
9,104 Phila. A Boston Petroleum
Co., par 40c--------------------------- 8)4c.
125 United Gas & Elec. Corp., com$85 lot
50 French Finance Corp. of Amer.$6 lot
20 Third National Bank_________ 225
15 Tradesmen’s National Bank___ 248
5 Central Trust A Savings, par $50. 77H
8 Merchants-Union Trust________ 60

Shares. Slocks.
$ per sh.
6 Wayne Junction Trust_________ 80
10 Rittenhouse Trust, par $50_____ 68)4
10 Empire Title & Trust, par $50,
paid $25....................................... 23)4
8 Victory Insurance, par $50--------135
20 Peoples Nat. Fire Ins. par $25.. 20)4
375 Ridge Avenue Pass. Ry.......... 200)4
200 13th & 15th Streets Pass. Ry—183

$610

24 1 4

THE CHRONICLE

Shares. Stocks.
S per sh.
240 Frankford & Southwark (5th
& 6th Street) Pass. R y________280-284

Shares.

[V ol . 109.

Stocks.

S per sh.
B y Messrs. R . L. D ay & C o ., Boston:
100 North Maryland Coal & Min­
Shares. Stocks.
$ pCr sh. Shares. Slocks.
ing (cert, of deposit)____________
$ per sh.
200 2d & 3d Sts. Pass. R y_________212
100 Zarine Mining_____________________S5lot 14 Collateral Loan Co., $100 Longco
200 Int. Manganese & Chcm. C o .$101 lot
3 Penna. Acad, of the Fine Arts___30
Gas-Oil, pfd., and $50 Longco
15 Consol. Paper & Milling, par S I.S i lot
3.000
Loon
Lake
Copper
Co____
5o.
170 E . I. du Pont de Nemours_____ 300
.G a s -O il, com............................... $300 lot 20 Lynn Gas & Electric Co.............. 300
4.000 Goldfield Belmont Mining,
4 Philadelphia Bourse, com., par $50
292
Par $5.....................
si lot 10 Merchants National Bank.
10 Galveston & Houston Elec. C o .. 10
5 H . K . Mulford C o., par $50______ 55}$
10 Wamsutta Mills.............................
50 Morris Plan Co. of Philadelphia. 25
85 American Felt Co., pref.............85
100 Ohio Traction Co., com_________
800 Chicago Railways— Series I . . I 20
500 Lone Star Petroleum, par S I ..520 lot
7 Hood Rubber Co., pref.......101J6-107
286 Ft. Wayne Van Wert & Lima
107 Manchester & Lawrence R R ___ 14
100 Meridian Oil & Gas, par S 1 ...S 2 0 lot
52
Puget S d .T r ., L . * P . Co., pref. 52
Traction, preferred____________ $210Iot 400 Pioneer Oil & Gas, par $1____
50 Grand Rapids R y. Co_____
lot
Bonds.
per cent.
150 Ft. Wayne & Nor. Indiana
25 Mass. Elec. Cos., pf., ctf. of dep’.
U $9,000 Imperial Russian Govt. s}$.
300 Inter-Continental Ruboer,
Traction, preferred____________ $30 lot
10 Draper Corporation
common..........................
S4.000 lot
1919............................................................
26flat
267 Ft. Wayne & Nor. Indiana
12K Bancroft Realty Co., command
312 Carter Carburetor Co. (trus­
$45,000 Imp. Russian Govt. 5}$s,
Traction, common_____________ s i 2 lot
tee's certificate).............................._.S225 lot . , 2®. prSf......... ............................. $1,550 lot
1926
Rubles________________________
26
flat
85 South Texas Telephone_______ S3 lot 5.000 South American Gold & Plat. 10
13 The Lorenz Co_________________
jc
$1,000 E . St. L. & Sub. Co. 5s, 1932 45
60 Phlla. & Easton Electric, pref
lot 166 Chalmers Motors C o., pref.
25 The Lorenz Co., pref___________
$5,000 Saginaw Bay City R y. 1st
40 Phlla. & Easton Elec. R y., com
5 The Pay-as-You-Enter Car Corpi
(certificate of deposit)__________ 40
ref. 5s, 1 9 3 5 .._____
(trust certificate)..............................S lot
20 The Pay-as-You-Enter Car Corp
$2,000 Wabash-Pittsb. Term. R R .
75 Tenn. R y., Lt. & Power, com__2}$
preferred---------- -------- ------ic
Bonds.
Per cent.
4s, 1954, ctf. of dep. (coupon
31 Tenn. R y., Lt. & Power, p r e f..
5 Laconia Car Co___________ “ I I I I
'
$400 City of Phlla. 3s, 1 9 3 1 ..............
June 1908 & subs, on)_____________ $12lot
80 Terre Haute Ind. & East. Trac.,
10 Laconia Car Co., p re fIIIIIIH I
51.000 Independent Brewing Co. s
51.000 Second Ave. R y . of N . Y . 1st
S775 lot
preferred...........................
4 Springf. Fire & Marine Ins Co
261
First Mtge., 1948________________
5s, 1948, ctf. of dep. (coupon Aug.
80 Union Traction (Indiana), com .$50 lot $20,000 Bklyn. Ferry Co. 5s, First
13 American Mfg. C o ..
ig2
1908 & subs, on)_________________ 25
80 Union Trac. (Indiana),2d pref.$110 lot
1 American M fg. Co., pref
87
M tge., 1948 (ctf. of dep.)____Lot $40
$2,000 Boston & Worcester St. R y.
160 Maureo Tobacco Co., par $10.$35 lot $1,000 Porto Rico Gas Co.
10 Quigley Furnace & Foundry Co.\$135
s,
1st 4}$s, Aug. 1923_______________50
200 West Penn Trac. & Water Pow. 2
50 Quigley Furn. & Fdy. Co., pref I lot $1,000 Florida Southwestern R R .
First Mtge. 1953.........................
50 Bourne Magnetic Truck C o.,
1,000 John Owen Min. & Mili Co
5
$11,000 Chesapeake Haven Pkg.l
1st 4s, 1945_______________________ 60
preferred................................... ........
lot
650 Cordova Copper Co.........
lot $2,000 Sou. Indiana R R. 4s, 1951_60
Co., First s (receipt)_______
50 Bourne Magnetic Truck, com___S2 lot
60 New England Equitable Ins. C o .$ l lot $2,000 Wyoming Const. & Dev. Co.
7,600 shares Ches. Haven Fkg.)lot $400
1,000 Alaska Copper Corp., par $5.lot S25 Co. of Cecil Co., M d . . .
40 U . S. Metal Products Co., pref.
|
1st coll. tr. s, 1923 (coupon Apr.
101 American Public Utilities____$300 lot
(non-subscribers’ receipts)______ SI lot
2,000 shares (receipt for) Ches. I
1919 & subs, on)___________ $100 lot
100 Eynon-Evans M fg., p re f..$1,100 lot
71 North Boston Lighting P r o p ...S I lot $2,000 Bangor Ry. & El. Co. 5s, ’35 75
Haven Packing Co___________j
10 Pacific Timber, preferred_____ S50 lot $50,000 Chattanooga Railways 5s,
25 Boston Arena Co______________
$3,000
Roch. R y. & Lt. Co. 5s, 1954 75
129 Metropolitan Street R y______ $14 lot
}SCommonw’th Pow., Ry. & Ltlco.18
First Cons. M . 1956_____
41
$5,000 Oroflno Portland Cement Co.
10 American Pipe & Construction..
$60,000 Aurora, Elgin & Chicago 5s,
PoJv-’ Ry- & L t., pref. 40
&
$5,000
Oroflno Portland Cem.
16 Engel Aeroplane & Motor, com .Sl lot
First and Ref. M . 1946_________ 405-6
Co. 1st 7s, 1932.................................... $10lot
ko
L t" H - & p - Pre f-- 50
16 Engel Aeroplane & Motor, pref.Sl lot 550.000 United Traction Company
50 Michigan State Tel. Co., pref
$2,000 Crimora Manganese Corp.
134 Interstate Oil & R efg, par S10.S45 lot
47 Portland R y., Lt. & Pow Ore­
of Pitts. 5s, Gen. M . 1997____ 23
1st s, 1929.............................................. 20 flat
500 American Water Works & Elec­
gon (75% p a id )...................... ..
52.000 Phlla. & Balt. Central 4s,
$5,000 Kootenla Power Const. Co.
tric, Inc. (v. t. c .)______________
}$
First M . 1951___________________
S orI ! "
Lt. & P., 1st pref___10
s, 1917 notes (coupon Aug. 1914
1,100 Gunnison Valley Oil & Gas
$2,000 Philadelphia Suburban Gas
& subs, on)............................
lot
irnPA°/rrt '
& P- 2d Pref____ 10
Improvement____________________
lot
& Electric5s,FirstandRef. I960. 80}$
Bondlng Ins. Co____ 83 jr
$19,000 Saskatchewan Farm & Land
33 1-3 Manganese Products Co. of
35 Old Kolony Narrow Fahric Oo 1
$1,500 Union Passenger Railway 4s,
Co.
1st
&
ref.
7s,
1922
(coupon
Virginia, common_________________ $25lot First Ext. M . 1931...........................
pref. Harwich___________
Dec. 1917 & subs, on)________ 20 flat
Sunbeam Water, common_ l
$1,000 New Orleans R y. & Light 5s,
12 Old Kolony Narrow Fabric’ Co.I I lot $3,000 Jacksonv. El. Co. 1st 5s, '27. 65
10
Sunbeam
Water, preferred
pref., as bonus__________________
Gen. M . 1949 (Cert, of Deposit) . 42
$2,000
Tacoma R y. & Pow. Co. 1st
2.000 Two Gold Mining Co_______$40 lot $450 Fort Wayne and Nor. Indiana
2 State Street Exchange_______ H I
5s, 1929.............................................. 65
97 Employers Indemnity Co. of
2 Boston Real Estate Trust_____II626
Traction (Pref. Div. Scrip)___ $2 lot
$8,000 Springfield, Mass., 5s. 1941. 95}$
Philadelphia___________________ $17 lot 51.000 Schuylkill County Light and
500 Whitmer Contracting Co., pref.,
Fuel 5s, First M . 1933___________ 21
par
................................................
$25,000 Tennessee Power Company
r
D IV ID E N D S .
169 Vulcanite Portland Cement,
5s. First M . 1962________________ 47 X
The following shows all the dividends announced for the
par $ 5 0 . . . ........................................50
$21,000 Fort Wayne & Wabash Val­
154 Internat. Educational Publish­
ley Traction 5s, 1934 (Certificate
luture bv largo or Important corporations:
ing, preferred_____ , ____________
}$
of Deposit)........................................ 32 X
446 International Educational Pub­
D ivid en d s a nn ou n ced this week are -printed in italics.
$10,000 Alaska Cons. Copper Co.
lishing, common_________________
& Alaska
Copper corp.
s,
' 211 International Text Book Co.
First M . 1927 (Sept. 1919, Cou­
of Scranton______________________62
Per
When
Books Closed.
pons Attached).....................
$25 lot
Name of Company.
7 International Text Book Co_____ 60If
Cent. Payable
Days Inclusive.
510.000 Alaska Cons. Copper Co.
300 Maxim Munitions Corporation,
& Alaska Copper Corp. s, First
Railroads
(Steam)—
Par $5........................................... $17.50 lot
M . 1927 (Sept. 1919, Coupons
Alabama Great Southern (ordinary)...
603 International Gas & Electric
$1.75 Dec. 29 Holders of rec. Deo. 1
Attached).......................................
lot
Preferred_____________ ________
C o., preferred, par $50_________ $73 lot 56.000 Lindsay Water Co. 5s, 1929. 20
$1.76 lob.
Holders of rec. Jan. 22
Albany & Susquehanna
49 The Laguna Co., pref. (tr ctf.) .$56 lot 510.000 Sussex Gas Co. s, First
4}$ Jan.
Holders of rec. Dec. 15a
M e s f e r n ...I I I I I I I I I ...
7 The Laguna C o., common_)
3
Jan.
Holders of rec. Dec. 20a
M . 1919 (Coupons Attached)..42-40
Atchison
Topeka
&
Santa
Fe,
preferred
60 Bowman & RoederCo., Inc., >$200 lot $5,000 Lewiston Land & Water Ltd.
2}$ Feb.
Holders of rec. Dec. 31a
Atlantic Coast Line R R ., common
preferred____________________ J
3}$ Jan. 10 Holders of rec. Deo. 19a
7s, Ref. M . 1919 (April 1 191 n.
Baltimore & Ohio, preferred
20 Bowman & Roeder C o., Inc.
2
Mar.
Holders of rec. Jan. 17a
5
Coupons Attached)_____________
Beech
Creek
(quar.)_______
com m on_______________________ S40 lo
}$ Jan.
Holders of rec. Dec. 15a
$5,000 Porto Rico GasCo. s, First
Boston & Albany ( q u a r jl l l ll H I '___
1.000 The Boughton Flying M a­
2X Dec. 31 Holders of rec. Nov. 29a
M . 1953 (Cert, of Deposit)______ 10
Buffalo * Susquehanna, com, (quar.)
chine Co________________________
lot $4,000 National Gas & Const. 5s,
1X Dec. 30 Dec. 16 to Jan. 1
Preferred___________ _
^
2
Dec. 30 Dec. 16 to
440 Delaware Reduction Co______ $15 lot
Jan.
1
Colla. Trust 1919_________________
Canada Southern______ H ” ’
IX Feb.
160 Leflore Emigration & Devel­
Holders of rcc. Dec. 31a
$10,000 Aurora, Elgin & Chicago 5s,
Canadian Pacific, common (quar.)____
2}$ Dec. 31 Holders of rec. Dec. 1
opment Co. (In d ia n a ).............$125 lot
1946 (Cert, of Deposit)__________ 20
Central RR. of New Jersey (specIal)III
2
Deo. 30 Holders of rec. Dec. 26a
100 Manatawny-Bessemer Ore, pf.30 lot 20.000 Roubles— Checks on Petrot Chesapeake & Ohio________ _
2
Dec. 31 See note u
50 Manatawny-Bessemer Ore,com
lot
grad and M oscow_____________ $275 lot
Chic. Indianapolis* Louisville, p’r e f llll
2
Dec. 31 Holders of rec. Dec. 22o
10 National Rubber Tire M fg.
$3,000 Wabash-PIttsburgh Termi­
fChicago & North Western, com. (quar.)
IX Jan.
Holders of rec. Dec. 19a
Co., preferred__________________ $20 lot
nal R y. 4s, Second M . 1954
Preferred (q u a r.)...
2
Jan.
Holders of rec. Dec. t9a
10 Nat. Rubber Tire M lg., com___$10 lot
(Cert of Deposit)_______________ $2 lot
Chic.
Rock
Island
&
Pacif'tc.’
%
’p
’r’e
fl”
3
Dec. 31 Dec. 18 to
Jan. 1
100 Phlla & Gulf Steamsulp______ $2 lot $8,000 Corpus Christl Railway &
Seven per cent preferred.............
3}$ Dec. 31 Dec. 18 to Jan. 1
5 Harrisburg Bridge Co___________ $45 lot
Light s, First M . 1917 (Cert.
.) ._ ..
Dec. 31
1}$
25 Toe Rock Island Co., pref_____ $1 lot
of Deposit)_______________________ 40
Clev. Cin. Chic. ASt.Louis, pref. (quar.
l x Jan. 20 Holders of rec. Dec. 30a
200 The Union Mines C o., pref.,
$5,000 Newark Passenger Ry (N.J.)
Cuba Railroad, preferred
3
Feb.
Holders of rec. Dec. 31a
Par $10............................. .................$1 lot
5s, Consol. M . 1950_______________ 75
*
3
Dec. 31 Holders of rec. Deo. 31a
200 The Union Mines Co., com.,
$55,000 Racquet Club of Phlla. 5s,
Detroit Hillsdale & S. w_______
2
Jan.
Holders
of rec. Deo. 20a
par $10............................................... SI lot
Second M . 1926................................ 50
Detroit * Mackinac, com. and pref
2}$ Jan.
Holders of rec. Deo. 13a
10 Buffalo Gas C o_______________ s i l lot $5,000 Lewisburg (Pa.) Gas 5s,______10
Detroit River Tunnnel
3
Jan. 15 Holders of rec. Jan.
a
70 The Rock Island C o., pref_____ S10 lot $42,306 Fort Wayne & Northern
Hocking Valley R y____
2
Dec. 31 Holders of rec. Dec. 12a
410 Wnite Knob Copper & Devel­
Indiana Traction 5s, 1931 (Cert.
Illinois Central, leased IlnesIIIIII
2
Jan
Dec. 12
to Jan. 4
opment, Ltd., par $10_________ $225 lot
of Deposit)______________________
Joliet & Chicago (quar.)____I I I I I
15$ Jan
Holders of rec. Dec. 20a
50 The U. S. Light & Heating Co.S95 lot $5,100 Travers Securities Co. 5s.
Kanawha & Michigan (quar.)__________
IX Dec. 31 Holders of rec. Dec. 24a
50 The Gottlieb-Bauerschmidt-Straus
Collat Trust 1908______________ $15 lot
TKansas City Southern, pref. (quar.)..
1
Jan. 15 Holders of rcc. Dec.t31a
Brewing Co........................................
lot $4,000 Porto Rico Gas Co. s, First
Lackawanna RR. of New Jersey (quar.)
1
Jan.
Holders of rcc. Dec.
a
250 Keen-o-Phone C o., par $10___$10 lot
M . 1953 (Cert, of Deposit)______
tLehlgh Valley, common (quar.)______
87}$c Jan.
Holders of rec. Dec.tl3a
24 Wallace & Co., pref____________
$50 Cape M ay Yacht Club, First
Preferred (quar.)..
$1.25 Jan.
Holders
of
rec.
Dec.!13a
75 Wallace & C o., common_________J lot
M 1914................................................$25
Louisville & N a s h v i l l e ll l l ll l l ll l lH I
3X Feb. 10 Holders of rec. Jnn. 19
150 Hudson County Gas Co_______ 85
$41,000 Arkansas, Oklahoma &
Mahoning Coal R R ., common________
$5
Feb. 2 Holders of rec Jan.
a
Corpus Christ! R y. & Light_____
lot
Western Rd. s, First M . 1947
Preferred___________________
$1.25
Jan. 2 Holders of rec. Dec. 22a
10 West Jersey Securities Co______
(Cert, of Deposit)________________
5
Michigan Central..
2
Jan.
29 Holders of rec. Dec. 31a
250 United Equities Corp____________ S lot
$20,000 Schuykill County Light &
Mine Hill & Schuylkill H a v e n lllH II I
$1.25 Jan. 15 Dec. 20 to Jan. 14
150.000
Brltlsh-Amerlcan Petrol­
Fuel 5s, (Collat. Tr.) 1933 (Cert.
2
Mobile & Birmingham, preferred. . . .
Jan.
Dec.
to
Jan. 1
eum Co., par $1_____________________ lot of Deposit)_______________________ 25
Morris & Essex________________ _ __ $2.12X Jan.
Holders of rec. Dec. 9a
255 Kentucky Securities Co.. com .Sl lot $750 Home Builders Co. Non Int.New York Central RR. (q’u’a’r.) 1111111.
IX Feb.
Jan.
3
to
Jan.
28
25 Costiilo Estates Devel. Co.
bearing ($75 Paid on Account of
New York & Harlem, com. and pref____ $2.50 Jan.
Holders of rec. Dec. 15a
(Nevada), pref., par S10___________ $5lot Principal)_______________________ $100
N . Y . Lackawanna & Western (quar.)..
IX Jan.
Holders of rec. Deo. 13a
25 Costiilo Estates Devel. Co.
$2,000 Indiana, Columbus & East­
____ *1
Feb. 19 Holders of rec. Jan. 31
(N ev.), common, par $5____________ $5lot ern 5s, Gen. & Ref. 1926__________ 34}$ Northern Central_______________________ $2
Jan. 16 Holders of rec. Dec. 31a
131 West Virginia Pulp & Paper...2 5 0
$2,000 Tunky Mining Co. 4s_______$200
_________________
IX Feb.
Holders of rec. Dec. 31a
Northern Securities____________________
4
Jan. 10 Dec. 27
to Jan. 11
B y M essrs. W ise, H obbs & Arnold, Boston:
__________________ *3
Dec. 31 •Holders of rec. Dec. 24
Philadelphia & Trenton___________
Shares. Slocks.
$ per sh. 100 New England Co-operative
2X Jan. 10 Jan. 1 to Jan. 11
................I l l ♦2
10 Nat. Shawmut Bank— E x -d iv ..28o k
Society, $10 each______________ $10 lot
Jan. 26 Holders of rec. Jan. 15
50 Everett Mills____________________192
Pitts. Ft. W a y n e * Chic.com. (quar.)..
663 Southern Mineral, com____ \ $1 lot
IX Jan. 2 Holders of rec. Dec. 10a
Common (extra)____________________ "
50 Pepperell M fg. Co______________210
390 Southern Mineral, pref_____ J
BX Jan.
Holders of rec. Dec. 10a
19 Great Falls M fg. Co____________ 219
Preferred
(quar.)___________
I
I
I
I
I
I
I
15 Plymouth Cord Co______________235
IX Jnn.
Holders of rec. Dec. 10a
18 Lyman Mills____________________170}$ 880 Copper Products C o., com ..\$15 lot
Preferred (extra)____________ I . H i l l ,
BX Jan.
Holders of rcc. Dec. 10a
3 U . S. Worsted Co.— Common
Pittsb. McKeesp. & YoughI (quar.)____ $1.50 Jan.
50 Copper Products C o., pref..J
Holders of rec. Dec. 15a
each_____ __________________
^ 100 No. Bost. Ltg. Prop., com____
Reading Company, common (quar.)
$1
Feb.
Holders
of rcc. Jan. 22a
| 2 U . S. Worsted Co., 2d pref.
Second preferred (quar.)________
20 Haverhill Elec. Co_______________ 45
60c Jan.
Holders of rec. Dec. 23a
5 Dwight Mfg.Co., $500 ea.,ex-div. 1,350 75 Central Elec, trust______________25
Rensselaer & Saratoga___________ I
4
Jan.
Holders of rec. Dec. 16a
10 Naumkeag Steam Cotton Co.,
St. Louis * San Francisco—
Bonds.
Percent.
e x -d iv ............................................... 215
K.C.Ft.Scott & Mem.,pf.tr.ctfs.(qu.)
2.000 Boston Suburban Elec. C o.’s
1
Jan.
Dec. 25
to Jan. 1
2 Nashua M fg. Co., common___
Southern Pacific (quar.)..............
4s, 1919, coup. Dec. 1 1919 on.62% flat
IX Jan.
Uolders of rcc. Nov. 28a
25 Union St. R y. of New Bedford.. 100
Southern R y., preferred..
10.000 Portsm. Klttery & York St.
Dec. 31 Holders of rec. Dec. 23
2X
119 Interboro Rap. Tran. Co______
Ry. 1st s, (cert.of deposit)..$1,150 lot
Toronto Hamilton & Buffalo (’quar’ .)I I I I
IX Jan.
Holders of rec. Deo. 26a
9 Waltham Watch Co., pref______ 83
Union Pacific, common (quar.)
323.000 rubles Imperial Russian
2X Jnn.
Holder* ol rec. Deo. la
20 Bozark Zinc C o.. $10 each____
lot
Valley Railroad (N. Y .) _______ H
Govt.
1926, $26 to $26}$ per M .
Holders of rec. Deo. 18a
2X Jan.
80 Ruby & Columbia Mines Co.,
10.000 Rubles Imperial Russian
$5 each_________________________$5 lot
Street & Electric Railways
Govt. 5}$s, War Loan of 1916.$100 lot
25 Nantucket Cranberry C o., com­
82,500 Rubles Imperial Russian
mon, $50 each___________________
1
Asheville Power & Lt., preferred (quar.)
Govt. 5}$s, War Ln. of 1915.S10 per M .
IX Jan.
Holders of rec. Dec. 15
10 Cent.MLs.Val.Elec.Props..pref. 6
Bangor R y. & Electric, pref. (quar.)____
$5,000 Ogdensburg & Lake Champ.
Jnn.
Holders of ree. Deo. 20
IX
50 Texas Gas & Electric, pref..\$25 lot
Boston Elevated R y., common (auar.)
R R. 4s, 1948...................................... 51
Jan.
Holders of rec. Dec. 17
IX
50 Tex.Gas & El.Co.,com.tr.ctf.J
Preferred_____________________________
200 Shares Atl. & Blrm. Cons.
3X Jan.
Holders of rec. Dec. 17
116 Internat. Alcohol Co., com___$50 lot
Brazilian Trac., Lt. & P ., pref. (quar.).
Co. Tr. Receipts____________
IX Jan.
Holders of ree. Dec. 16
500 Mesabi Iron C o., common_____ 4
Carolina Power & Lt., preferred (quar.)
$3,390 60 Atl. & Birm. Cons.
Jan.
IX
Holders
of rec. Dec. 15
83 Mass. Bondg. & Ins. Co_____86-86}$
Chicago City Ry. (quar.).
Co. funding notes of 1912 )$110 lot
Dec. 30 Dec. 27
to
Deo. 29
IX
10 Boston Wharf C o., ex-div______ 84}$
Cincinnati Street Ry. (q u a r.)IIH IIIIII
(cert,
of
deposit)________ I
Jan. 1 Dec. 17
IX
to Jan. 1
1 Amer. M fg. Co., pref., ex-div___83
$1,988 83 Atl. & Birm. Cons.l
Cities Service— Sec Miscellaneous
2 Nantasket Beach Steamboat____104
Cleveland Railway (quar.)_____________
Co. funding notes of 19151
IX Jnn.
Holders of rec. Dec. 13a
362 The Pope M fg. Co., pref_____ $15 lot
(cert, of deposit)_____________J
Columbus (Ga.) Electric C o., preferred.
Jan.
3
Holders of rec. Dec. 16a
4 New Boston Music Hall_______ 10
Consolidated Traction of New Jersey..
54.000 Jacksonville Elec. 5s,’ i 9 2 7 -. 62
2
Jan. 16 Holders of rec. Dec. 31a
400 Alaska Copper Corp., $5 each. 10c. 5,200 Viet. M g. Co. % notes.$1,300 lot

30

6X
12X

161X
97
12
13
143

$70

__$5
3
3X
7X-8

6

6

$2

6

1 10
1
5
13
37

86
4

45

12

$5

6

6

1

5

3
$1

37 X

79

&

68
%

IX

$10

81
4u.

6

6

$100

-86
[520
1
31*2

$1

12
2

6

6

$110

6

20

Allegheny& 7

6

$6

'

66

.$15

6
Chicago&WesternIndiana(quar

6

DelawareRiverRR. Brid'gelV.'"

8

8

$5
($35

6

6

$5
5X
5
$5

6

8

8

6

2

Norfolk&Western, Ad}, pref. (.quar.)
NorthernPacific (quar.)
Pennsylvania Company
Pittsb. Cin. Chic. &St. Louis

$10




91

310
15
$5

BX

6
BXs.

8

1

D ec. 27 1919.]
Name o f Company.
S t r e e t a n d E l e c t r i c R y s . ( Concluded).
Conestoga T raction, com m on (g u a r.)_____
P referred (quar. ) _____________________
C o n t i n e n t a l P a s s e n g e r R y . , P h ila d e f p h la
D u l u t h - S u p e r i o r T r a c ., p r e f . ( q u a r . ) . . .
D u q u e s n e L i g h t C o . , p re fe rre d ( q u a r . ) . .
E a s t e r n T e x a s E l e c . C o . , c o m m o n ______
P r e f e r r e d ________________ _
E lm ira W ater, Light & RR~.~(sppf~(qu~)\
Second preferred (q u a r .)______________
F r a n k f o r d & S o u t h w a r k P a s s . R y . ( q u .) _
I llin o is T r a c t i o n , p re fe rre d ( q u a r .)
I o w a R y . & L i g h t , p re le r r e d ( q u a r .) ____
L ancaster C o. Ry. <t- Light, com m on______
P referred (q u a r .)_____________________
M a n h attan Bridge Three-Cent L ine (quar.)
M a n i l a E le c t r ic R R . A L ig h t i n g ( q u a r .) .
M on on ga h ela Valley T raction, p ref. (quar.)
N o r t h e r n O h i o T r a c . A L t . , p r e f . ( q u .) _
O t t a w a T r a c t i o n ( q u a r .) _______________
B o n u s ._____ _________ ________________
P h l l a . A W e s te r n R y . , p r e f . ( q u a r .) ___
P i n e B l u f f C o . , p r e fe r re d ( q u a r .) ______
P o r t o R i c o R a i l w a y s , p r e f . ( q u a r .) ____
P u b l i c S e r v ic e C o r p . o f N . J . ,p r e f . ( q u .)
R e a d i n g T r a c t i o n _______________________
R e p u b li c R a i l w a y & L i g h t , p r e f . ( q u a r .) .
R i d g e A v e n u e P a s s . R y . , P h l l a . ( q u a r .) .
S c r a n t o n & W i lk e s B a r r e T r a c ., p f .( q u .)
Secon d & T h ir d S ts . P a s s . R y . ( q u a r .) ..
S p r in g fie ld ( M o . ) R y . A L . , p r e f . ( q u . ) .
Stark Electric R y . (q u a r.)_________________
T r i - C i t y R y . & L i g h t , p r e f . ( q u a r .) -------T w i n C i t y R . T . , M i n n e a p ., p r e f .( q u a r .)
U n i o n P a s s e n g e r R y . , P h ila d e lp h ia _____
U n i o n T r a c t i o n , P h ila d e lp h ia ___________
U nited Gas A E lec. C o ., com m on________
P referred_____________________________
U n i t e d L i g h t & R y s . , f ir s t p r e f . ( q u a r .) .
U t a h P o w e r A L i g h t , p r e f . ( q u a r .) ____
W a s h .B a l t . & A n n .E l e c . R R . .c o m . ( q u . ) .
P r e fe r r e d ( q u a r .) ____________________
W a s h i n g to n W a t e r P o w e r , S p o k a n e ( q u .)
W e s t E n d S t . R y . , B o s t o n , p r e fe r re d ___
W e s t I n d ia E l e c . C o . ( a u a r .) ___________
W e s t P e n n P o w e r C o . , p r e f . ( q u a r .) ____
W e s t P e n n T r a c . A W a t e r P o w . , p f .( q u .)
W e s t P h ila d e lp h ia P a s s e n g e r R y _______
W is c o n s in E d i s o n _______________________
Y a d k i n R i v e r P o w e r , p r e f . ( q u a r .) _____
Y o r k R a i l w a y s , p r e fe r re d _______________
A m e r i c a , B a n k o f _______________________
A t l a n t i c N a t i o n a l ( q u a r .) ______________
E x t r a ________________________________
B a t t e r y P a r k N a t i o n a l __________________
E x t r a ________ _______________________
Bronx N a tion a l_________________________
Bryant Park________________________1 ___
E xtra _________________________________
B u t c h e r s ' A D r o v e r s ’ N a t i o n a l _________
Central M erca n tile_______________________
C h a s e N a t i o n a l ( q u a r .) _________________
C h a t h a m A P h e n ix N a t i o n a l ( q u a r .) ____
C h e m ic a l N a t i o n a l ( b i - m o n t h l y ) _______
C i t i z e n s ' N a t i o n a l ( q u a r .) _____________
C i t y , N a t i o n a l __________________________
City (N ation al) C om p any_______________
C o a l & I r o n N a t i o n a l ( q u a r .) ___________
E x t r a ________________________________
C o l o n i a l ( q u a r .) ________________________
E x t r a ________________________________
C o l u m b i a _______________________________
E x t r a ________________________________
C o m m e r c e , N a t i o n a l B a n k o f ( q u a r .) ___
E x t r a ________________________________
C o m m e r c ia l E x c h a n g e __________________
E x t r a ________________________________
Coney Island, Bank o f ___________________
C u b a , B a n k o f . In N e w Y o r k ___________
E a s t R i v e r N a t i o n a l ____________________
E u rop e, Bank o f _________________________
F i f t h A v e n u e ( q u a r .) ___________________
F i r s t N a t i o n a l ( q u a r .) __________________
F irst N ation al (B rooklyn) (q u a r .)________
Extra_________________________________
F i r s t S e c u r ity ( q u a r .) ___________________
E x t r a ________________________________
Garfield N a tion al (q u a r .)________________
Extra--------------------------------------------------------------Gotham N ation al (q u a r.)_________________
E xtra _________________________________
G r e e n p o l n t N a t i o n a l , B r o o k l y n _________
E x t r a ________________________________
Greenwich (q u a r.)------------------------------------------E xtra _________________________________
H a n o v e r N a t i o n a l ( q u a r .) _____________
I m p o r te r s & T r a d e r s N a t i o n a l __________
I n t e r n a t i o n a l ___________________________
I r v i n g N a t i o n a l ( q u a r .) _________________
Liberty N ation al (q u a r .)_________________
M a n h a t t a n C o . , B a n k o f th e ( q u a r .) ____
M e c h a n ic s ’ B a n k ( B r o o k l y n ) ( q u a r .) ___
E x t r a ________________________________
M e c h a n ic s A M e t a l s N a t i o n a l ( q u a r . ) . .
M e r c h a n t s ’ N a t i o n a l ___________________
M e t r o p o l i t a n ( q u a r .) ___________________
E x t r a ____________ ___________________
M u t u a l ( q u a r .) _________________________
E x t r a _____ ___________________________
N a ssau N a tion a l, Brooklyn (q u a r.)______
E xtra _________________________________
N e w Y o r k , B a n k o f ( q u a r .) ____________
N o r t h S id e , B r o o k l y n __________________
E x t r a _______________________________ _
P a r k N a t i o n a l ( q u a r .) __________________
E x t r a ________ _______________________
P r o d u c e E x c h a n g e , N e w Y o r k __________
Public N a tion al (q u a r .)__________________
S e a b o a rd N a t i o n a l ( q u a r .) _____________
Second N a tion al (q u a r .)_________________
S t a t o ________ ___________ _______________
U n i o n E x c h a n g e N a t i o n a l ______________
W a s h in g to n H e ig h ts , B a n k o f ( q u a r .) ..
Y o r k v l l l e ( q u a r .) ______________________
E x t r a _________________________ _______
T r u s t C o m p a n ie s .
B a n k e r s ( q u a r .) ________________________
B r o o k l y n ( q u a r .) _______________________
E x t r a ________________________________
C e n t r a l U n i o n ( q u a r . ) . ................................................
C o l u m b i a ( q u a r . ) . . ________ ___________
E x t r a ________________________________
E m p i r e ( q u a r .) _____________ . 1 . . . _____
E x t r a ________________________________
E q u i t a b l e ( q u a r ) ____________ ______ ___
E x t r a ________________________________
F i d e l i t y ( q u a r .) _________________________
E x t r a __________________ _____________




THE
Per
When
Cent. Payable
X
IX
$3y

1
IX
4
3
IX
ix

$4.50

IX

4

IX
IX
1 hi
37 X
1
1

G2Xc
IX
1H
2
75c
1 \4
3

IX

S3

1M
1
1H

yS4.7 5
$ 1 .50

£5
2hi
iht
IX
1 hi
IX
lx

$2

IX
1X
iht
$5 y
*53

ix

6 2 )4 c

D ec
D ec
D ec
J an .
F eb
Jan.
Jan.
D ec
D ec
Jan .
Jan .
D ec
D ec
D ec.
D e c.
D e c.
Jan.
Jan .
Jan .
Jan .
Jan .
Jan.
Jan .
D e c.
Jan .
Jan .
Jan .
Jan.
J an .
J an .
J an .
J an .
J an .
J an .
Jan.
D e c.
J an .
J an .
J an .
Jan.
J an .
J an .
Jan.
Jan.
Feb.
F eb.
Jan .
D ec.
Jan .
Jan.

Jan.
2
Jan.
1
Jan.
1
3
Jan.
2
3
Jan.
2
5
J an .
2
3
J an .
1
2
J an .
1
4
Jan.
2
6
D e c . 31
4
Jan.
2
4
Jan.
2
3 hi J a n .
2
3
Jan.
2
1 2-3 J a n .
2
3
Jan.
2
2
Jan.
2
Jan.
1
2
Jan.
3
2
3
Jan.
2
o e c . 31
4
2
D e c . 31
2X J an . 2
2
J an .
2

)4

J an .
D ec.
6
Jan.
4X J a n .
2 hi D e c .
6
Jan .
5
Jan.
2)4 J a n .
2
Jan.
5
Jan .
10
J an .
3
D ec.
3
D ec.
2
•J an .
2
Jan.
3
Jan.
2
Jan.
4
Jan.
4
Jan.
8
Jan.
12
Jan.
3
Jan.
3
Jan.
4)4 J a n .
53
Jan.
$i
Jan.
Jan.
54
5
Jan.
53
Jan.
2 )4 J a n .
5
Ia n .
5
J an .
10
J an .
3
J an .
2
J an .
5
J an .
Jan.
2
Jan.
0
Jan.
10
Jan.
5
Jan.
3
D eo.
3
Jan.
*3
J an .
6
Jan .
5
D ec.
3
Jan .
5
D ec.
10
D ec.

6
5

10
534
4

2
3
4

5
5
2X
1

Jan.
Jan .
Jan .
Jan.
D e c.
D ec.
D e c.
D e c.
D e c.
Jan.
D e c.
D e c.

2
2

31

I
2

31

2
2
2
2
2
2
31
31

2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
1
1
2
31

2
2
2
31

1
31
31

2
2
2
2
31
31
31
31
31

10
31
31

H o ld e rs o f r e c . D e o .
H old ers o f r e c . D e c .
H old ers o f re c . D e c .
H o ld e rs o f r e c . D e c .
H o ld e rs o f r e c . D e c .
D e c . 18
to
Jan.
H o ld e rs o f r e c . D e c .
H o ld e rs o f r e c . D e c .
D e c . 21
to
Jan.
H o ld e rs o f re c . D e c .
H old ers o f re c . D e c .
D e c . 20
to
Jan.
D e c . 27
to
Jan.
H o ld e rs o f r e c . D e c .
H o ld e rs o f r e c . D e c .
H o ld e rs o f re c . J a n .
H o ld e rs o f r e c . D e c .
H o ld e rs o f re c . D e c .
H o ld e rs o f re c . D e c .
H o ld e rs o f r e c . D e c .
D e c . 21
to
Jan.
D e c . 21
to
Jan.
H o ld e rs o f rec. D e c .
H o ld e rs o f re c . D e c .
D e c . 27
to
Jan.
D e c . 27
to
Jan.
H o ld e rs o f r e c . D e c .
H old ers o f rec. D e c .
D e o . 21
to
Jan.
H o ld e rs o f re c . D e c .
H old ers o f re c . D e c .
H o ld e rs o f rec. D e c .
H o ld e r s o f re c . D e c .
H o ld e rs o f r e c . D e c .
H o ld e rs o f re c . D e c .
H o ld e rs o f rec. D e c .
D e c . 27
to
Jan.
D e c . 27
to
Jan.
H o ld e rs o f r e c . D e c .
H o ld e r s o f r e c . D e c .
D e c . 23
to
Jan.
D e c . 23
to
Jan.
H o ld e rs o f re c . D e c .
H o ld e rs o f r e c . D e c .
D e c . 21
to
Jan.
H o ld e rs o f r e c . D e c .
H o ld e rs o f r e c . D e c .
H old ers o f re c . D e c .
H o ld e r s o f r e c . D e c .
H o ld e r s o f r e c . D e c .
H old ers o f rec. D e c .
H old ers o f rec. D e c .
H o ld e rs o f re c . D e c .
H o ld e rs o f r e c . D e c .
H o ld e rs o f r e c . D e c .
H o ld e rs o f re c . D e c .
H o ld e rs o f r e c . D e c .
H o ld e rs o f r e c . D e c .
H old ers o f re c . D e c .
H o ld e rs o f re c . D e c .
H old ers o f re c . D e c .
D e c . 11
to
Jan.
D e c . 11
to
Jan.
H o ld e rs o f re c . D e c .
H old ers o f r e c . D e c .
H o ld e r s o f r e c . D e c .
H o ld e rs o f re c . D e c .
H old ers o f re c . D e c .
• H old ers o f re c . D e c .
H o ld e rs o f re c . D e c .
D e c . 20
to
D ec.
H o ld e rs o f re o . J a n .
D e c . 21
to
Jan.
D e c . 21
to
Jan.
H o ld e r s
H o ld e r s
H o ld e rs
H old ers
H o ld e rs
H o ld e rs
H o ld e rs
H old ers
H old ers
H old ers
D e c. 23
D e c . 23

of
of
of
of
of
of
of
of
of
of

rec.
re c .
rec.
rec.
rec.
re c .
rec.
rec.
re c .
re c .
to
to

D ec.
D ec.
D ec.
D ec.
D ec.
D ec.
D ec.
D ec.
D ec.
D ec.
Jan.
Jan.

2415

Name o f Company.

H o ld e rs o f r e c . D e c . 20a
H o ld e rs o f r e c . D e c . 20a
H old ers o f re c . N o v . 29a
2 H o ld e rs o f re c . D e c . 15a
H o ld e rs o f re c . J a n .
1
2 H o ld e rs o f re c . D e c . 15a
2 H o ld e rs o f re c . D e c . 15a
31 H o ld e r s o f r e c . D e c . 16
31 H o ld e rs o f r e c . D e c . 16
1 H o ld e rs o f r e c . D e c . l a
2 H old ers o f rec. D e c . 15
31 H o ld e rs c f re c . D e c . 20
31 H o ld e r s o f r e c . D e c . 31a
31 H o ld e rs o f re c . D e c . 22a
31 H o ld e rs o f re c . D e c . 20a
31 H o ld e rs o f re c . D e c . 2 2 a
7 H o ld e rs o f r e c . D e c . 31a
2 H o ld e rs o f re c . D e c . 10a
1 H o ld e rs o f rec. D e c . 15
1 H o ld e rs o f re c . D e c . 15
15 H o ld e rs o f re c . D e c . 31a
2 H o ld e rs o f r e c . D e o . 15a
2 H o ld e rs o f re c . D e c . 20
31 H old ers o f re c . D e c . 20a
1 D e c . 21 t o D e c . 31
15 H o ld e rs o f re c . D e c . 31
1 D e c . 16 t o J a n . 1
1 D e c . 28
to
Jan.
1
1 H old ers o f re c . D e c . la
2 H o ld e rs o f re c . D e c . 15a
1 H o ld e rs o f r e c . D e c . 20
2 H o ld e rs o f re c . D e c . 20a
2 H o ld e rs o f re c . D e c . 22a
1 H old ers o f re c . D e c . 15a
1 H old ers o f re c . D e c . 10a
31 H o ld e r s o f r e c . D e c . 31a
15 H o ld e r s o f re c . D e c . 31a
2 H o ld e rs o f re c . D e c . 15a
2 H old ers o f ree. D e c . 16
2 H old ers o f r e c . D e c . 20
2 H o ld e rs o f r e c . D e c . 20
15 H o ld e rs o f re c . D e c . 24
2 D e c . 21
to
Jan.
2
2 D e c . 24
to
Jan.
1
1 H o ld e rs o f re c . J a n . 21
16 H old ers o f re c . J a n . 19
1 H o ld e rs o f re c . D e c . 15a
31 ♦H old ers o f r e c . D e o . 20
2 H o ld e rs o f re c . D e c . 15
31 H o ld e rs o f r e c . J a n . 21a

2M

5
3

Books Closed.
Days Inclusive.

31
31
30

16

10

C H R O N IC L E

19a
27a
27a
18a
18a
1
23a
23a
1
26
26a
1
1
22a
30a
2a
10a
10a
20a
20a
1
1
19a
19a
1
1
27a
21
1
31a
31a
31a
26a
26a
31a
31a

1
1
31a
31a

1
1
20a
20a
1
19a
30a
19
24a
26a
20a
20a
20a
26a
19a
19a
26a
26a
29
29
22a
14
14
22a
22a
20
23a
24a
31
i5
31
la
1
1
22a
26
26
20a
22a
22a
20a
20a
26a
26a
21
21

Trust Companies

Per
When
Cent. Payable

Books Closed.
Days Inclusive.

(Concluded)

F ra n k lin , B r o o k ly n (q u a r .) _________
F u l t o n _________________________________
E x t r a _______________________________
G u a ra n ty (q u a r .)_____________________
H u d son (q u a r .)________________________
E x t r a _______________________________
Irv in g (q u a r .)_________________________
L a w y e rs T itle A T r u s t (q u a r .)_______
E x t r a _______________________________
M a n u fa ctu rers. B ro o k ly n (q u a r .) ___
M e tro p o lita n ( q u a r .)_________________
N e w Y o r k ( q u a r .)____________________
P e o p le s, B r o o k ly n ( q u a r .)___________
T it le G u a ra n tee A T r u s t ( q u a r .)____
E x t r a _______________________________
U n ited S t a t e s _________________________
U . S . M o r tg a g e & T r u s t ( q u a r .)____

3
5

2
5

2
2
2

IX
1

3
4

8

4
5
5
25

6

D ec.
J an .
Jan.
D e c.
D ec.
D e c.
J an .
J an .
J an .
Jan.
D ec.
Jan.
D ec.
D e c.
Jan.
Jan.
Jan.

31
2
3!
3:
3:
2
2
2
2
3:
2
31
31
15
2
2

H o ld e rs o f r e c .
H o ld e rs o f r e c .
H o ld e rs o f r e c .
H old ers o f rec.
D e c . 21
to
D e c . 21
to
H o ld e rs o f rec.
D e c . 14
to
D e c . 14
to
H old ers o f re c .
H o ld e rs o f r e c .
D e c . 21
to
H o ld e rs o f re c .
H o ld e rs o f re c .
H old ers o f re c .
H old ers o f rec.
H o ld e r s o f r e c .

D ec.
D ec.
D ec.
D ec.
D ec.
D ec.
D ec.
Jan.
Jan.
D ec.
D ec.
Jan.
D ec.
D ec.
Jan.
D ec.
D ec.

30a
22
22
19
30
30
19
2
2
20
20
2
30
22
9
19a
26

F ir e In s u r a n c e .

Continental Insurance________
Fidelity-Phenix Fire Insurance.

Hanover (quar.) ___________________

$ 2 .5 0 J a n .
15
Jan.
*2 X J a n .

7 H o ld e r s o f r e c . D e c . 27a
7 H o ld e rs o f r e c . D e c . 27
2 ♦ H olders o f r e c . D e c . 24

Miscellaneous.
Abltlbl Power & Paper, Ltd. com. (quar.)
Preferred (quar.) _______________________

Ahmeek Mining (quar.)_____
Air Reduction (quar.)______
Alabama Company, common.
Alabama Fuel & Iron (quar.) ______
Extra _____________________________
Allied Oil Corp. (quar.) ____________

Allis-Chalmers, preferred (quar.)_____
Pref. (account accumulated dividends)
Preferred (quar.).
Preferred ( q u a r .)_________________
Am erican B a n k N o t e , preferred (q u a r .)
A m e rican B e e t S u g a r , preferred (q u a r.) _
A m erican B o sch M a g n e to (q u a r .)
A m e r . B rak e S h oe A F d y ., c o m . ( q u a r .) .
Preferred (q u a r .)_________________

Am er. & BritishM fg., pref. (quar.).
A m erican C a n , p ref. (q u a r .)______
A m e r . C a r & F d r y ., c o m m o n ( q u a r .) ___
Preferred (q u a r .) __________________
Am erican C h icle , preferred (q u a r .)
A m e rican C igar, preferred ( q u a r .) .

American Cynamld, preferred _______
A m erican D ru g g ist S y n d ic a te ______
A m erican E xp ress (q u a r .) __________
A m erican G a s A E le c ., c o m m o n ( q u a r .) .
C o m m o n (p a y a b le In c o m m o n s t o c k ) .
Preferred (q u a r .) _________________
A m e rican H id e A L e ath er, p re f. (q u a r.)

American Ice, common (quar.) ____
Preferred (quar.) _________________
A m e r. In te r n a t. C o r p ., c o m . A p r e f.(q u .)
A m e r . L a F ran ce F ire E n g ., p r e f. (q u .)
A m e rica n L a u n d ry M a c h in e r y , p f . {q u .)
A m e rica n L in see d, p r e f., ( q u a r .) _________
A m erican L o c o m o tiv e , c o m m o n ( q u a r .) .
Preferred (q u a r .) _________________________
A m e rican M a n u fa c tu r in g , c o m . ( q u a r .) .
Preferred (q u a r .) _________________________
A m e rica n M u ltig r a p h , p ref. (q u a r .) _____
A m e rica n P la n o , c o m m o n ( N o . 1 ) ..............
C o m m o n (p a y a b le in c o m m o n s t o c k ).
Preferred ( q u a r .)_________________________
A m e rica n P ow er A L ig h t, p ref. ( q u a r .) .
A m e rica n P u b lic S ervice, pref. (q u a r .)__
Am erican R a d ia to r , c o m m o n (q u a r.) —

American Screw (quar.) __________________
Extra ____________________________________
A m e r . S eedin g M a c h ., c o m . (q u a r .)_____
Preferred (q u a r .) _________________________

Amer. Seeding Machine, com. (quar.)____
Preferred (quar.) ________________________
Am erican Sew er P ipe (q u a r .) _____________
A m e r . S h ip b u ild in g, c o m . (q u a r .) ________
C o m m o n (e x t r a )__________________________
Preferred (quar ) _________________________
A m e r . Sm elters Securities, p re f. A ( q u .) .
Preferred B (q u a r .)______________________
A m erican S n u ff, c o m m o n (q u a r .)________
Preferred (q u a r .)_________________________
A m e r. Steel F ou n d ries, c o m m on ( q u a r .).
Preferred (quar ) _________________________
A m e r . S tore s, 1st & 2d p r e f., (q u a r .)_____
A m e rican S u gar, c o m m o n (q u a r .)________
C o m m o n (e x t r a )__________________________
Preferred ( q u a r .)_________________________
A m e rica n S u re ty (q u a r .)___________________
E x t r a _______________________________________
A m erican T e le p . A T e le g . (q u a r .) ________
A m e rican T h r e a d , preferred ----------------------A m e rican T o b a c c o , preferred (q u a r .) ___
A m erican T y p e fo u n d e r s, c o m . ( q u a r . ) . .
Preferred (q u a r .)_________________________
A m e r . W h o le sa le C o r p ., p ref. (q u a r .)___
A m e r . W in d o w G la ss M a c h in e , c o m _____
Preferred (q u a r .)................... .........................
Am erican W o o le n , c o m . A p ref. (q u a r .) .
A m e r . Z in c , Lead & S m e l t ., p f. ( q u . ) . .
A m e s , H o ld e n , M c C r e a d y , L t d ., p f.( q u .)

Anaconda Copper M ining (quar.) ________
A n g lo -A m e r . O il, L t d . (In te rim )_________
A p sley R u b b e r , preferred__________________
A rg o n a u t C on solid ated M i n . (q u a r .)___
A rizon a Sliver M in e s (m o n t h ly )__________
A rk a n sa s L ig h t A P o w er, p re f. ( q u a r . ) . .

Arlington M ills (quar.) ____________________
Special __________________________________
A r m o u r A C o . preferred ( q u a r .)_________

Asbestos Corp. o f Canada, com. (quar.) ___
Common (bonus) ________________________
Preferred (quar.) ________________________
Preferred (bonus) ________________________
A ssociated O il ( q u a r .)______________________
Astoria Mahogany, preferred ___________ I I
A tla n tic C o a st C o . (q u a r .)_____________H I
A tla n tic G u lf & W . I . S S . L in e s, c o m . .
Preferred ( q u a r .)_______________________~~

Atlantic Steel, common (quar.) ___ H
A tla n tic S u gar R efin eries, p ref. ( q u a r .) "
Preferred (accou n t a c cu m . d ivid en d s)
A u tosale s C o rp o ra tio n (q u a r .) ______
E x t r a _______________________________
A v e r y C o m p a n y , preferred (q u a r .)
B ab cock A W ilc o x C o . ( q u a r .)___
Baldw in L o c o m o tiv e W o r k s , c o m ! A p ref
B a ltim o r e E le ctric C o . , preferred
B a ltim o re T u b e , I n c ., preferred (q 'u ar.)I

Banks Oil, Inc. (monthly)___________
B a r n e t L e a th e r , I n c ., prefl"("q’u a r .) l

4X
IX
IX
IX

J a n . 15 H o ld e rs o f r e c . J a n .
2a
Jan.
2 H o ld e rs o f r e c . D e c . 2 9 a
J a n . 2 H old ers o f re c . D e c . 15a
D e c. 31 H old ers o f re c . D e c . 24a
D e c . 31 H old ers o f re c . D e c . 18
$1
$1
J a n . 15 H olders o f rec. D e c . 31a
4
J a n . 15 H old ers o f rec. D e c . 31a
I X J a n . 15 H old ers o f re c . D e c . 31a
X J a n . 1 D e c . 21 t o D e c . 31
2
Jan.
1 D e c . 21
to
D e c . 31
2 c.
J a n . 15 H o ld e rs o f r e c . D e c . 26
Jan . 15 H old ers o f rec. D e c . 31a
b\X J an . 15 H old ers o f re c . D e c . 31a
J an .
1 H o ld e rs o f rec. D e c . 26
$1
I X J a n . 1 H o ld e rs o f re c . D e c . 26
2
J a n . 15 H old ers o f re c . D e c . 22a
1)4 J a n . 15 H old ers o f re c . D e c . 22a
IX J a n . 2 H old ers o f r e c . D e c . 15a
IX D e c. 31 H old ers of re c . D e c . 13a
$2
Jan .
1 H old ers o f re c . D e c . 15a
IX D e c. 31 H old ers o f rec. D e c . 19a
3
D e c . 31 H o ld e rs of rec. D e c . 19a
I X O ct. 1 D e c . 20 t o J a n . 1
I X Jan . 2 H old ers o f rec. D e c . 16a
3
Jan.
1 H old ers o f rec. D e c . 15a
I X J a n . 1 H old ers o f rec. D e c . 15a
IX J an . 2 H old ers o f r e c . D e c . 20a
I X J a n . 2 H old ers o f re c . D e c . 15a
3
Ia n .
2 D e c . 23
to
Jan.
2
4
M a r . 15 H old ers o f rec. J a n . 31a
I X J a n . 2 H old ers o f re c . N o v . 29a
$ 1 .25 J a n .
2 H old ers o f re c . D e c . 15
/$ 1
Jan.
2 H old ers o f red . D e c . 15
I X F e b . 2 H old ers o f re c . J a n . 16
IX J a n . 2 H old ers o f re c . D e c . 13a
k1
J a n . 24 H o ld e rs o f r e c . J a n .
9
I X J a n . 24 H o ld e rs o f re c . J a n . 9
I X D e c . 31 H old ers o f rec. D e c . 16a
I X J a n . 2 D e c . 20 t o J a n . 1
I X J a n . 15 J a n . 4 t o J a n . 15
Jan.
2 H old ers o f re c . D e c . 15
I X D e c. 31 H old ers o f rec. D e c . 13a
IX D e c. 31 H old ers o f rec. D e c . 13a
IX D e c . 31 D e c . 16 t o J a n . 1
I X D e c. 31 D e c . 16 t o J a n . 1
I X J a n . l D e c . 21 t o J a n . 1
I X J a n . 1 D e c . 25 t o J a n . 1
f5
Jan.
l D e c . 25
to
Jan.
1
I X J a n . l D e c . 25 t o J a n . 1
IX J a n . 2 H old ers o f r e c . D e c . 17
IX J a n . 2 H old ers o f rec. D e c . 15
3
D e c . 31 D e c. 23
to
D e c . 31
IX J a n . 2 H old ers o f re c . D e c . 24a
Jan.
2 H o ld e rs o f rec. D e c 24a
IX J an . 15 H old ers o f rec. D e c . 31a
IX J an . 15 H old ers o f re c . D e c . 3 1 a
*1X J a n . 15 ♦H old ers o f r e c . D e c . 31
J a n . 15 ♦H old ers o f r e c . D e c . 31
X D e c. 20 H old ers o f rec. D e c. 10a
I X F e b . 2 H old ers o f re c . J a n . 15a
2X F e b . 2 H old ers o f re c . J a n . 15a
I X F e b . 2 H old ers o f re c . J a n . 15a
IX Ia n . 2 D e c. 13 t o D e c . 21
IX J a n . 2 D e c . 13 t o D e c . 21
2
Jan.
2 H old ers o f r e c . D e c . 13a
Jan .
2 H old ers o f rec. D e c . 13a
7 5 c. J a n . 15 H old ers o f rec. J a n .
2a
IX D e c . 31 H old ers o f rec. D e c . 15a
I X J a n . 1 D e c . 21 t o J a n . l
I X J a n . 2 H old ers o f re c . D e c . la
X J a n . 2 H old ers o f re c . D e c . la
l x J a n . 2 H old ers o f re c . D e c . la
$1
D e c . 31 H old ers o f re c . D e c . 20a
$1
D e c . 31 H old ers o f re c . D e c . 20a
2
J a n . 15 H old ers o f re c . D e c . 20a
12Xc. J a n . 1 N o v . 15 to N o v . 30
I X J a n . 2 H old ers o f re c . D e c . 13a
1
Jan. 15 H old ers o f rec. J a n . 10a
IX J an . 15 H old ers o f rec. J a n . 10a
IX Jan . 1 H old ers o f rec. D e c . 15
5
J an .
2 H old ers o f rec. D e c . 13
IX J an . 2 H old ers o f re c . D e c 13
IX Jan . 15 D e c. 17 to D e c . 29
$ 1 .50 F eb. 2 H old ers o f rec. J a n . 23a
IX J an . 2 H old ers o f rec. D e c . 19
F eb . 24 H old ers o f re c . J a n . 17
SI
(*) J an . 15 H old ers o f c o u p . N o . 18
3X Jan . 1 H old ers o f rec. D e c . 31
5 c.
D e c. 23 H old ers o f rec. D e c . 13a
3c.
J an . 15 H o ld e rs o f re c . J a n .
1
IX J a n . 2 H o ld e rs o f re c . D e c . 15a
2
Jan.
2 H o ld e rs o f r e c . D e c . 24
4
J an .
2 H o ld e rs o f re c . D e c . 24
I X Jan . 2 D e c . 16 t o
Jan.
1
IX J a n . 15 H o ld e rs o f r e c . J a n . 2 a
2
J an . 15 H o ld e rs o f re c . J a n .
2a
1hi J an . 15 H o ld e rs o f r e c . J a n . 2a
2
J a n . 15 H old ers o f re c . J a n .
2a
I X J an . 15 H old ers o f rec. D e c . 26a
2
Jan.
1 H o ld e rs o f re c . D e c . 20a
2X D e c . 31 H old ers o f rec. D e c . 20a
5
Feb. 2 H old ers o f rec. D e c. 3oa
IX Jan . 1 H olders o f rec. D e c . 10a
I X D ec. 31 D e c . 21 t o J a n . l j
IX Jan . 2 H old ers o f rec. D e c . 12
hIX Jan. 2 H old ers o f rec. D e c . 12
I X D ec. 31 H old ers o f rec. D e c . 15a
X D ec. 31 H old ers o f rec. D e c . 15a
IX Jan. 1 D e c . 23 t o J a n . 1
2
Jan.
1 H old ers o f re c . D e c . 20a
3X Jan . 1 H old ers o f rec. D e c . 6a
$ 1 .25 Jan.
2 H old ers o f re c . D e c . 15a
IX Jan. 2 H olders o f rec. D e c. 20a
2
Ian. 15 H old ers o f re c . D e c . 29
IX Jan . 1 H old ers o f rec. D e c . 26a

ix

cix

C>x

•ix

\

2416

THE
Per
W h en
Cent . P ayable.

Name o f Company.

C H R O N IC L E

Books Closed.
Days Inclusive.

B rier H ill S teel, c o m . (q u a r .).
P referred ( q u a r . ) . . ...............

...
...
___
___
i).
___
___

...
...
--...
...
u .)
.. .
...

ir.)
...
B u ffa lo G en era l E le ctric (q u a r .)____ . . .
Bush Terminal, common ______________
Common [payable in common stock). . . .
Preferred _____________________________
u .)
C a liforn ia P a ck in g , p re f. (q u a r .)___ - - C a liforn ia P etroleu m C o r p ., pref. (qi r .)
C a lu m e t & A rizo n a M in in g ( q u a r .). . . .
C a lu m et <t H cc la M in in g (q u a r .)___
..
Canada Bread, Ltd., pref. [quar.) ____ - - .).

Canada Salt [quar.).

C a n a d ia n C o t t o n s , p re f. (q u a r .)___
C a n a d ia n C o t t o n s , L t d ., c o m . (qu
P referred ( q u a r .) ............................
C a n . C rock er-W h eeler, c o m . & p f.
C a n a d ia n G en era l E le c tr ic ( a u a r .).
C a n a d ia n L o c o m o t iv e , c o m . (q u a r
P referred ( q u a r .)________________
E x tr a .

Canton Company_____________________
C a rb o -H y d r o g e n , p referred (q u a r .).

First and Second pref. [quar.).
C ellu loid C o m p a n y (q u a r .)____
E x t r a ______________________

..
---■).

..

-.
-.).

..
-)x.)

..
-.

-.
Preferred [quar.).
Central Leather, common [quar.).
C en tra l L ea th er, p r e f. ( q u a r . ) . .
Common [extra.)_____ ______ ___
C e n tra l & S . A . T e le g . ( q u a r .).
C erta ln -teed P r o d u cts C o r p .
F irst and secon d preferred (q u a r .).
C h a n d ler M o t o r C a r (q u a r .)________
C h eseb rou g h M fg . (q u a r .)____________
E x t r a _________________ _______ ______
Chicago Pneumatic Tool [quar.) _______

r.)
-..

..
..
-..

■)
)-

1*4
374

Feb.

1

2

-..

H old ers
H o ld e rs
H old ers
H old ers
H old ers
H o ld e rs
H o ld e rs
H old ers
H old ers
H old ers
H old ers
H o ld e rs

o f rec.
o f rec.
of rec.
of rec.
of rec.
o f re c .
o f re c .
o f re c .
of rec.
o f re c .
of re c .
o f re c .

Jan.
D ec.
D ec.
D ec.
D ec.
D oc.
D ec.
D ec.
D ec.
D ec.
D ec.
D ec.

$ i ' D e c . 24
1%
2 '
1H
1
1H
2 "
S I . 26 J a n . 2
2
6 2 H e Jan.
*S5
*S1
3
H o ld e rs o f re c . D e c .
IK
H old ers o f rec. D e c .
2 H old ers o f rec. D e c .
1 *4 J a n .
24
D e c . 21
to
Jan.
D e c . 21
to
J an .
l «
1 H o ld e rs o l re c . D e c .
1*4 J a n .
2 H old ers o f re c . D e c .
1*4 J a n .
2
H old ers o f r e c . D e c .
*2 H
* f 2 4 J a n . 15
*3
J an . 2 H old ers o f rec. D e c .
14
IK
H old ers o f rec. D e c .
1 H old ers o f rec. D e c .
1*4 J a n .
5 0 c.
D e c . 22 H o ld e rs of re c . D e c .
S5
H o ld e rs o f re c . D e o .
1*4
H o ld e rs o f r e c . D e c .
J a n . 16 H o ld e rs o f re c . D e c .
14
*9
'H old ers o f re c . D e c .
2 H o ld e rs o f r e c . D e c .
1*4 J a n .
1*4 J a n . 10 H o ld e r s o f r e c . D e c .
1*4 D e c . 31 H o ld e rs o f r e c . D e c .
14
H o ld e rs o f r e c . D e c .
4 H o ld e rs o f re c . D e c .
1*4 J a n .
\ y2
H o ld e r s o f r e c . D e c .
to
D ec.
1*4 D e c . 31 D e c . 21
2
H o ld e rs o f rec. D e c .
1 H o ld e r s o f r e c . D e c .
1*4 J a n .
H o ld e r s o f re c . D e c .
1*4
1 H o ld e r s o f r e c . D e c .
1*4 J a n .
1
H o ld e r s o f re c . D e c .
to
Jan.
1*4 J a n . 2 D e c . 21
3
D e c . 31
8 *4e D e c. 31
2
1*4 J a n .
1
1*4 J a n .
*14
2
D e c. 31
D e c. 31
Jan.
2
24
Jan.
2
74
D e c . 31
14
1 4 J a n . 15
J a n . 15
14
J a n . 15
14
Feb. 2
14
2
1*4 J a n .
Feb. 2
1*4 J a n . 14
1*4 D e c . 31
Jan.
1
2

Jan.
1
Jan.
2 :
D e c . 20 :
D e c . 20 3
J a n . 26 «]
. . *2
..
2*4 D e c . 31 ]
C h ica g o T e le p h o n e (q u a r .).
.
$2
D e c . 31 J
C h in o C o p p e r (q u a r .)_____
.
75c. D e c . 31 3
Jan.
2 ]
14
. 10
Jan.
2 I
.
2
Jan.
2 1
Jan.
1 1
.
4
Jan.
1 I
Feb.
1 1
.
4
Feb.
1 1
. fl4
r)
5 c.
Jan.
1 1
) 4 6 .1 c. J a n .
2 I
4
Citizens Gas & Fuel, Terre I I ., com. [qu.) .
D ec. 29 I
Prefrrred [quar.) _______________
1 I
1*4 J a n .
C i t y In v e stin g , p re f. (q u a r .)____
2 I
.
1*4 J a n .
C le v e la n d -A k ro n B a g ( q u a r . ) . ..
D ec. 31 L
.
1*4
E x t r a _________ ______
D ec. 31 r
ran.
2 I
)
1*4
ran. 2 I
Cleveland Elec. Ilium ., common [quar.). .
14
l
Common [extra) _________ _______ _
ran. 2 I
.
2
ran.
1 E
Cleveland Union Stock Yards [quar.)
.
3
ran.
1 D
Extra ______________________________
Dec. 24 E
C le v e la n d W o rste d M ills ( q u a r . ) . .
.
2
an.
1 D
.
1*4
2
an.
1 E
C o n v . deb en tu re p ref. ( q u a r . ) . .
an.
1 E
C lu e tt, P e a b o d y & C o ., I n c ., pref.
.
1*4
a n . 15 E
C o lo r a d o P ow er preferred ( q u a r .).
1*4
S I .25 3>ec. 31 1!
3
Columbia Gas.
P C . 31 B
2 5 c. . a n .
2 E
V)
, an.
2 H
P referred (q u a r .).
2 13
14
. an.
1*4 • a n . 15 II
1
•a n . 10 n
2 H
2
. an.
7 5 c . . a n . 22 H
3
I3>ec. 27 II
1 Preferred [quar.) _____________
1*4 1Dec. 31 D
C on su m ers G a s, T o r o n t o (q u a r .).
*24
Ja n . 1 *H
2 H
14
Ja n .
2 5 c . Ja n . 20 H
C on tin en ta l C a n . c o m m o n (q u a r.)
1 II
1*4 ■)a n .
P referred (q u a r .)______________
1 H
14
Ja n .
«1
Ja n . 20 H
Common (extra) ____________
'
*4
J a n . 20 H<
Preferred
(quar.) ____________
Jan. 1 5 1
1*4
Cosden & Co., common (quar.)
1 2 H e . 1 e b . 1 H<
1 Com. (payable in common stock)’.
f l 2 4 o Fe b . 1 He
* 1 4 J an . 15 *Ja
*1*4 J an . 10 *Hc
C o m m o n (e x t ra )_________________
*5
J an . 10 *H<
P referred (q u a r .)_______________________ * 1 4 Jan. 10 *IIc
C row ell &. T h u r lo w S tea m sh ip ( q u a r . ) . . *2
E e c . 30 *Hc
C r u c ib le S teel, p referred ( q u a r .).
1*4 I e c . 22 Hr
C r u c ib le S teel, c o m m o n ( q u a r . ) . .
___
3
J an. 31 He
C u b a C a n e Sug ar C o r p ., p re f. ( q u a r . ) . .
1*4 J an. 2 H
C u b a C o m p a n y , p re fe rre d ________________
34
F eb. 2 Hr
C u b a n A m erica n S u g a r, c o m m o n (q u a r.)
2 4 J an. 2 He
P referred (q u a r .)______________________
14
J an. 2 H r
C u d a h y P a ck in g , c o m m o n ( q u a r . ) . . . . .
1*4 Jan. 5 He
D a v is -D a ly C o p p e r C o __________________
50c. Eec. 20 Hr
D a y t o n P o w e r & L ig h t , p re f. (q u a r .)___
14
J an. 2 H e
D e tr o it E d iso n (q u a r .)___________________
2
J an. 15 H o
D e tr o it I r o n <fc S te e l, c o m . ( q u a r .)_______ « 2 5 c . J an. 15 *Jai
P referred (q u a r .)_______________________ * 1 7 H c J an. 15 *Jai
Dictograph Products Corp., pref. (q u a r.)..
2
J.an. 15 H o
25c. J in. 15 Ho
D o m e M in e s ______________________________




Books Closed.
Days Inclusive.

Miscellaneous (Continued)

B a rn h a rt B r o s . & Spim ller—

F irst preferred (q u a r.) ( N o . 1 ) .
B ell T e le p h o n e o f C a n a d a ( q u a r .).
B ethlehem S teel, co m m o n ( q u a r .).
C o m m o n B (q u a r .)_______________
P referred (q u a r .)________________
E ig h t per cen t preferred ( q u a r .).
B illin g s & S pen cer C o . ( q u a r .)___
Bliss (E. TV.) Co., com. (quar.) ____
Common [extra) ............. .....................
Preferred [quar.) _________________
B o o n e C o u n ty C o a l C o r p ., p re f___
B o o t h Fisheries, p referred ( q u a r .).

Per
When
Cent . Payable.

Name o f Company.

Miscellaneous ( Continued) .
B a rn sdall C o rp o ra tio n (ciuar.) _
B a rre tt C o . , co m m o n (q u a r.) .
P referred (q u a r .)____________

[V o l . 109.

26a
31a
18a
30a
10
15
31a
15a
15a
15a
15a
20a

15
13a
la
20a
20
20a

20a
15a
20a
5a

6
16a
31
24
16a
26a
23a
26
26
26
31
11
20a
20a
19
19
1

1*4

$2

3

.n

to

Jan.

2

to
D e c . 21
f r e c . D e c . 20.
to
Jan.
1

D e c . 31
D e c . 31

Jan.
Jan.
D e c . 31
D e c . 31

to

Jan.

1

J a n . 15
Jan.
1
Jan.
1
Jan.
1
D e c . 20
D e c . 8a

J a n . 15
J a n . 15

C o m m o n (s p e c ia l).
P referred ( q u a r .).
D om in io n G lass, c o m m o n ( q u a r .).
Preferred (q u a r .).............................

Dominion Linens, L t d .’ pref

r -) -

14

...
)-...

1*4
1*4
1
1*4
14
34
10 c .
14
2
1*4

—

D o m in io n Oil ( m o n th ly )____

...
...

D om in io n T e x tile , c o m m o n
q ua r
D o m in io n T e x tile , L t d ., p re f. (q u a
D ra p er C o rp o ra tio n ( q u a r . ) . .............

...
)..
...

d u P o n t (E . I .) d e N e m . & C o .—
D e b e n tu re stock (q u a r .).............
P referred (q u a r .)________
E a st B u tt e C o p p e r M in in g .
E a st C o a s t F ish eries, c o m . (
P referred ( q u a r . ) . . ..........

■)-

- )-

...
u .)

...
...
1)
..
u .)

..
Eastern S teel, co m m o n ( q u a r . ) . . .
E a stm an K o d a k , c o m m o n (a u a r.)
C o m m o n (e x t ra )________
P referred (e x t r a )_______11111111
P referred

(q u a r .).

..
--

..
..
..
--

•Y. ,
4vv/
ALII/* pi .
u.)
Elder Corporation, com. (qu.) (N o. 1 ). . .
Preferred (quar.) ____________________
A
Rockland, M ass.
..

3

14

Jan.
1
Jan.
1
Jan.
1
Jan.
2
Jan.
1
Jan.
1
Jan.
1
J a n . 15
Jan.
1
Jan.
1
J an .
2
J a n . 15
Jan.
1
Jan.
2

Jan.
Feb.
Feb.
5 0 c.
D ec.
10 c . J a n .
1*4 J a n .
1*4 J a n .
*50c. J a n .
<2 H J a n .
2 4 J an .
7 4 Jan.
1 4 Jan.
5 0 c. J a n .
1 4 Jan.
1 4 Jan.
7 5c. J a n .
Jan.

14
14
14

26
2
2
31
1
1
1
1
15
2
2
2
1
1
1
15
1

H old ers
H old ers
D e c . 20
H old ers
H old ers
H old ers
H old ers

o f rec. D e c .
o f rec. D e c .
to
Jan.
o f re c . D e c .
o f rec. D e c .
o f rc o . D e c .
o f rec. D e c .
D e c . 31
H old ers of rec. D e o .
H old ers o f rec. D e o .
H old ers o f rec. D e c .
H old ers o f re c . D e c .
H old ers o f rec. D e c .
H o ld e r s o f r e c . D e c .
H o ld e rs
H o ld e rs
H o ld e rs
H o ld e rs
H old ers
H old ers
H old ers
"H old ers
H old ers
H old ers
H old ers
H o ld e rs
D e c . 21
D e c . 21
H old ers
H o ld e rs
H o ld e rs

of
of
of
of
of
of
of
of
of
of
of
ol

re c . J a n .
re c . J a n .
re c . J a n .
re c . D e c .
rec. D e o .
re c . D e c .
re c . D e c .
rec. D e c.
rec. J a n .
rec. N o v .
rec. N o v .
rec. N o v .
to
D ec.
to
D ec.
o f rec. D e c .
o f re c . J a n .
o f rec. D e c.

27
27
20
20a
16
16
13
15

6
15
31

6
23
10a
20a
2Ca
17
27
27
27
20
2
29a
29a
29a
31
31
20
1
22

Jan.
2 H o ld e rs o f r e c . D e c . 22
J a n . 2 H o ld e rs o f rec. D e c . 15
F e b . 2 H old ers o f rec. J a n . 23a
D e c . 31 H old ers o f re c . D e c . 27a
Jan.
1 H old ers o f re c . D e c . 22a
Jan.
1 H o ld e rs o f re c . D e c . 20
3
$1.26 J a n .
1 H old ers o f rec. D e c . l e a
C o m m o n (e x tra )______________
. . $2
Jan.
1 H old ers o f rec. D e c . 16a
Preferred ( q u a r . ) _____________
-1*4 J a n . 1 H old ers o f rec. D e c . 15a
E rie L ig h tin g , p re f. ( q u a r .)____
..
1*4 J a n . 2 H o ld e r s o f r e c . D e c . 22
Erie Lighting, pref. (quar.) _____________- 1*4 J a n . 2 H o ld e rs o f r e c . D e c . 22a
E v e re tt, H e a n e y & C o ., I n c . (q u a r .) ___. . 5 0 c. J a n . 10 H o ld e r s o f re c . D e c . 31
F a ir OH & G as (q u a r .)______________
..
2
D e c . 22 H old ers o f re c . D e c . 2 0
F a irban ks C o m p a n y , p ref. (q u a r .).
..
2
J an .
l H old ers o f re c . D e c . 20a
- - $2
Jan .
2 H old ers o f re c . D e c . 18a
a n Alpaca (quar.).
..
2
D o c . 31 H o ld e r s o f r e c . D e c . 19a
S p ecial _____ ______
..
7
D e c . 31 H o ld e rs o f re c . D e c . 19a
.)
1 4 J an . 2
Federal Oil, com. (quar'.) (N o. 1 ).
..
2
F e b . 15
Common (extra) ________________
..
3
F e b . 15
)1*4 J a n . 2 H old ers o f rec. D e c . 27a
. . $1.50 D e c . 20
C o m m o n (s p e c ia l)_________________
D e c. 20
Six p er cen t preferred (q u a r .)____
1 4 . J an . 15
S even per cen t preferred (q u a r .).
1 4 F eb . 15
D o c. 31
.)
2
) . *$1.5C J a n .
2
-*1*4 J a n . 2
G eneral B a k in g , preferred (q u a r .).
1
..
1 4 Jan.
..
1 4 Jan. 2
1 4 J an . 2
G en era l E le c tr ic (q u a r . ) . . ' . .
2
J a n . 15
E x tr a (p a y a b le In s to c k ) I T i l I I !
. «2
J a n . 15
G eneral M o t o rs , c o m m o n (q u a r .).
.
3
Feb. 2
P referred (q u a r . ) ___
1 4 Feb. 2
D e b en tu re stock ( q u a r .)” ..........
.
1 4 F’ e b . 2
.
1 4 Jan. 2
P referred (q u a r .).
.
1 4 Jan. 2 3
.
1 4 Jan. 1
P referred (q u a r .)........ .....................
1
.
1*4 J a n .
G e n e v a C u tle ry , c o m . ( q u a r . ) ___
.
2 4 J a n . 2 D o c . 28
to
J an .
P referred (q u a r.)
.
2
J an .
2 ]D o c. 28
to
Jan.
P referred (e x tra )___ I I I I I I I I I I I
.
4 J a n . 2 D e c . 28
to
Jan.
G ia n t P ortla n d C em en t, p referred .
.
3 4 J a n . 2 1Dec. 16
to
Jan.
G o ld & S to c k T eleg ra p h ( q u a r . ) . . .
.
1 4 Jan. 2 I
.
1
F e b . 16 I
Preferred (quar.).........................
J an .
1 1
Gorham Manufacturlng!"pref!’ (q"uar!)! .
1 4 Jan. 2 1
D ec. 22 I
. *S1
1 4 J an . 2 I
P referred (q u a r .).
1*4 Jan . 2 1
Jan . 2 I
)
4
----—-w *, w u im u u VUUtt
D ec. 31 I
14
C o m m o n (e x t r a ).
D ec. 31 I
4
P referred ( q u a r . ) . . . ” ! ” ! ™
D ec. 31 I
14
Great Lakes Steamship (quar )
. *2
ran.
1 *1
Extra ............. ................ ..............
. *2
Ian.
1 »1
G rea t W estern S u g ar, c o m m o n (q u a r.)
1*4 ran. 1 I
C om m on ( e x t r a )...
10
Ian.
) I
Preferred ( q u a r . ) ___ I I I I I I I I I I I I I I
1 I
1*4 Ian
G rea t L a kes T o w in g , co m m o n (q u a r.)
Jan.
Dec. 31 l
14
Preferred (q u a r .).........................
Jan.
an
1 I
1*4
Grennan Cake Corp., common
$4
Preferred (quar.) ..................H H H
2
Ian.
1 H
G u a n ta n a m o Sugar ( q u a r . ) I I I I I I I I I I I !
$1.25 a n .
2 I
an.
2 H
14
14
an. 20 13
tx
,
i uut/, jrrzj. (quar.1 _,
>cc. 31 H
14
H a r t, S ch a ffn er <fc M a rx , I n c ., p f. (q u .K
Jec 31 I
1 *4
H a r tfo r d C it y G a s L ig h t, c o m . & p f.(q u .
5 0 c.
l e e . 31 D
to
Jan.
1
H a skell & B a rk er C a r (q u a r.) . .
*1
. an.
2 H
Haverhill Gas Light (quar.) ___ I I I I I I I I I
$ 1 K . an.
2 H
Heath (D . C.) & Co. (quar.)
1 H
1*4 . a n .
l le c l a M in in g (q u a r .)_________ - I I I I I I I !
15c.
Dec. 28 H
H e lm e (G e o . W .) C o ., c o m m o n ( q u a r )
2 4 . an. 2 H
C o m m o n (e x tra )..........................................
4
. an.
2 H
P referred ( q u a r . ) ___________ I I I I I I I !
1*4 ■a n . 2 11
1*4 . a n . 2 II
H ercu les P o w d e r, c o m m o n ( q u a r .j.
2
1 l e c . 24 D
to
D e o . 24
C o m m o n (e x tra )__________________
2
1 ) e c . 24 D
to
D e o . 24
2 4 - an. 2 D
to
Jan. 2
C o m m o n (e x tra ).
6
. an.
2 D
to
Jan.
1
$1
Ja n .
2 II
Preferred (quar.) .......................______ *
SI
Ja n .
2 H
H lllcrest C ollieries, c o m . (q u a r.) I I I I I I
1 4 . a n . 16 II
P referred (q u a r .)______
1*4 Ja n . 15 H
Houston Gas & Fuel, pref. (quar.) .............
1*4 l l e c . 31 H
Houston Heights Water A Land Associal n 1
I l e c . 27 II
H o w e S ca le, c o m . ( q u a r .)_______________
1
Ja n .
1 D
Jan.
P referred ( q u a r .)_____________
Jan.
1*4 J a n . I D
H o w e S ou n d C o . ( q u a r . ) I I I I I I I I I I I I I !
5o
Ja n . 15 II
Huntington Develop. A Gas, pref'(quar.).
2 II
14
Ia n .
H u p p M o t o r C a r C o r p ., p re f. ( q u a r . ) . .
1*4 J a n . 2 11
H y d ra u lic P ressed S teel, c o m m o n (q u a r.)
2
1 ) c c . 31 II
P referred (q u a r .)_______________________
1*4 I >ec. 31 II
Illinois Brick (quar.) ______________________
* 1 4 J in . 15 *11
Extra _________________ I I I I I I I I
* 1 4 J a n . 15 *11
Jan.
3
8
L e c . 31 N
Illin o is P ip e L in e _____ I I I I I I I I I I I I I I I
D e o . 21
5
.1an.
In d ep en d en t P n eu m a tic T o o l (quar!)'.'.*."
2 II
E x t r a ___________________________________
5
J an.
2 H
In d la h o m a R e fin in g ( m o n t h l y ) I I I I I I I I 6 c .
I ec.d 31 D
In d ia n P a ck in g C o r p o r a tio n (q u a r .)____
2 5 c . J in . 14 II
Indiana Pipe Line (quar.) ________________ *$2
I' e b . 14 *11
Extra _____________________
________ *$2
Fe b . 14 *11
In g e rso ll-Ita n d , preferred I ” 1 1 1 1 I I I I 1 1
3
J in .
2 H
In tercolon ia l C o a l M in in g , c o m m o n . . . .
3
J in .
1 II
P r e fe r r e d _____________
3 4 J an. 1 IK

VVkJI\W
ill. tvpi. 1

..

E lectrica l S ecu rities, c o m . (q u a r.)
P referred (q u a r .)............. ................
Elyria Iron & Steel, pref. (quar.) ___
E m p ire Steel & Ir o n , p referred ___

,

' V *I

Will, Uill.J---

)-

-..
-..

4

24
1'4
2
1*4

THE

D e c . 27 1919.]
Name of Company.

Per
Cent.

When
° ayable.

2417

C H R O N IC L E

Books Closed.
Days Inclusive.

Name o f Company.
M i s c e l l a n e o u s (Continued)
O k l a h o m a N a t u r a l G a s ( q u a r .) — —
O k l a h o m a P r o d u c in g & R e f in in g ( q u a r .)
O s c e o la C o n s o lid a t e d M i n i n g ( q u a r .) —
O t i s E l e v a t o r , c o m m o n ( q u a r .) ............................
P r e fe r r e d ( q u a r .) .................- ...........................................
O t i s S t e e l , p r e f . ( q u a r . ) . . .............................................
O t t a w a C a r M f g . ( q u a r . ) . — ..................................

When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

o f r e c . D e c . 26
o f r e c . D e c . 26
o f r e c . D e c . 18
o f r e c . D e c . 31
of r e c . D e c . 31
In te rn a t. A b ra siv e C o r p .
D e c . 16
Jan .
1 H o ld e r s o f r e c . D e c . 20
2
F irst and secon d p referred ( q u a r .)------H old ers o f r e c . D e c . 1
I X J an . 15 H o ld e rs o f r e c . D e c . 31a
In t e r n a t . A g rlc . C o r p ., p r e f. (q u a r . ) - - - H o ld e rs o f r e c . D e o . 1
Jan .
2 H o ld e rs o f r e c . D e c . 15
1
In tern a t. B u tto n -H o le S e w .M c h . (q u a r.)
H o ld e rs o f r e c . D e c . 20
I X J a n . 1 H o ld e r s o f r e c . D e c . 2 3 a O t t a w a SLig " h t',* H e a t & P o w e r ( q u a r . ) . In te rn a t. F u r E x ch a n g e, p re f. (q u a r.) —
H o ld e rs of re c . D e c . 24a
H old ers o f re c . D e c . 2
Jan.
15
J
a
n
.
7
5
c.
I
X
In tern a tlon a l H a rv ester, c o m . (q u a r.) —
O w e n s B o t t l e C o . , c o m m o n ( q u a r .) —
F e b . 2 H o ld e r s o f r e c . J a n . 15a
H o ld e rs o f r e c . D e c . 2
3
IX J a n .
In tern a t. M e rca n tile M a r in e , p r e f - - - - - P r e fe r r e d ( q u a r .) ------------ — - — - - - ­
Jan.
1
to
J a n . 15
F e b . 2 H o ld e rs o f r e c . J a n . 15a
I X Jan .
P referred (a cct. a ccu m u la te d d lv s .) — h5
P
a
cific
T
elep.
&
T
eleg.,
V
tef.
(quarj)
.
.
.
H o ld e rs o f r e c . D e c . 19
Jan.
1 H o ld e rs o f re c . D e c . 15o
J
a
n
.
I
X
I
X
In tern a tion a l Salt (q u a r .)-----------------------P a n a m a P o w e r & L i g h t , p r e f . ( Q u a r .) —
I X J a n . 1 H o ld e r s o f r e c . D e c . 15a P a n - A m e r . P e t r o l . & T r a n s p ., c o m . ( q u .) $1.50 J a n . 10 H o ld e rs o l r e c . D e c 13a
International Salt (quar.) - — - - - - - - - r " '
IX J a n . 1 D e c . 16 t o J a n . 1
IX J a n . 2 H old ers o f r e c . D e c . 13a
In tern a tion a l S ilver, preferred (q u a r.) —
P r e fe r r e d ( q u a r .) ------------------------------------J an . 2 H o ld e rs o f r e c . D e c . 26a
$1.50 J a n . 10 H o ld e rs o f r e c . D e c . 13a
Isla n d C reek C o a l, c o m . ( q u a r .)............... SI
C o m m o n B ( N o . 1 ) . ------------ - - - - - - - :
2 H o ld e rs o f r e c . D e o . 26a
$ 1 .5 0 J a n .
Jan.
2 H o ld e rs o f r e c . D e c . 20
2
P
a
n
h
a
n
d
le
P
r
o
d
.
&
R
e
f
g
.,
p
r
e
f
.
(
q
u
a
r
.)
P referred (q u a r .)............. - - - - ...................
D e c . 31 H o ld e r s o f r e c . D e c . 16a
J a n . 20 ♦ H old ers o f r e c . D e c . 31
P a r i s h & B i n g h a m C o r p . ( q u a r .) ....................... ♦75c.
Jones Bros. Tea, pref. (.quar.)......................... S2IX D e c . 31 H o ld e r s o f r e c . D e c . 13
♦H olders o f r e c . D e c . 31
J
a
n
.
20
*2 5 c.
J ord a n M o t o r C a r, c o m m o n .........................
E x t r a ------------------------------------------------------------ $2
Jan. 1
J a n . 2 D e c . 24 to
IX D e c . 31 H o ld e rs o f r e c . D e c . 13
P a r k e , D a v i s & C o . ( q u a r .) --------- - - - - - ­
P r e fe r r e d ------------------------ - — - r ------H old ers o f r e c . D e c . l a
Jan.
2 H o ld e rs o f r e c . D e c . 22
IJan.
2
IX
K a n sa s G a s & E le c tr ic , p ref. ( q u a r . ) - - Peerless T r u c k & M o t o r C o r p . ( N o . l ) —
Feb. 2
Jan.
2 H old ers o f r e c . D e c . l a
♦SI
1
E x t r a ______________ _____ ___________
o ld e rs o f r e c . F e b . 5
I X J a n . 2 H o ld e rs o f r e c . D e c . 20
I X F e b . 16 H
P en m a n s, L td ., com m on (q u a r .)------------------P referred (q u a r .).
old ers o f r e c . J a n . 21
Jan.
2 H o ld e rs o f r e c . D e c . 19a
2
I X F e b . 21 H
(q u ar. ) .................................. .. - - - - - - - old ers o f r e c . D e c . 15
IX F e b . 2 H o ld e rs o f r e c . J a n . 20a P e Pn referred
I X D e c . 30 I H
n
s
y
lv
a
n
ia
R
u
b
b
e
r
,
c
o
m
m
o
n
(
Q
u
a
r
.)
H
old ers o f r e c . D e c . 15
IX J a n . 2 H o ld e rs o f re c . D e c . 15a
D
e
c
.
30
IX
P r e fe r r e d (q u a r ) --------------------------------------H
o ld e rs o f r e c . D e c . 31
25c D e c . 3 L H o ld e rs o l r e c . D e c . 5o
$1 .2 5 J a n . 15
K e n n e c o tt C op p er C o r p . (q u a r .).............
P ennsylvania Salt M f g . ( q u a r .).---------- —
| H old ers o f r e c . D e c . 19a
25c D e c . 31 H o ld e rs o f r e c . D e c . 5a
J
a
n
.
2
I
X
P e n n s y lv a n ia W a t e r & P o w e r ( q u a r .) — H
old ers o f re c . D e c . 20a
30o J a n .
2 H o ld e rs o f re c . D e c . 15a
IX Jan. 2
K e y s to n e T ire & R u b b e r , c o m . ( q u a r .).
P e t t i b o n e - M u lli k e n C o . , 1 s t & 2 d p f .( q u )
olders o f re c . D e c . 22
I X J a n . 1 H o ld e rs of r e c . D e c . 13
*2X J a n . 2 ♦H
K o lb B a k ery , p referred t a ^ a r .)— — - - P h e lp s , D o d g e & C o . ( q u a r .) -------------- — D e c . 31 H o ld e rs o f r e c . D e c . 20a
H o ld e rs o f re c . D e c . 15a
2X
J
a
n
.
2
K resg e (S. S.) C o ., c o m m o n (q u a r.) —
P ie rc e -A rro w M o t o r C a r , p r e f. ( q u a r .) ..
H
o
ld e rs of r e c . D e c . 20a
1
D e c . 31 H o ld e r s o f re c . D e c . 20a
1
2
Ja n .
ie r c e O i l C o r p . , p r e f . ( q u a r .) ( N o . 2 ) —
C o m m o n ( e x t r a ) ---------------------------------I X D e c . 31 H o ld e rs o f r e c . D e c . 20a PPUtsburgh
an. 24 H o ld e rs o f r e c . J a n . 9a
IX
Preferred (q u a r . ) .
; ................
Coal o f P a ., com . (q u a r .)....................
Jan.
1 H o ld e rs o f re c . D e c . 20
H
o
ld e rs o f r e c . J a n .
9a
IX
24
a
n
.
IX
K ress (S H .) C o ., p re f. (q u a r.) — - —
P referred (q u a r .)--------------/ ----%
I X D e c . 31 H o ld e rs o f re c . D e c . 10a
O ec. 31 H o ld e rs o f r e c . D e c . 15a
2
L a ck aw an na S teel, c o m m o n ( q u a r . ) . . .
P i t t s b u r g h P l a t e G l a s s , c o m m o n ( q u a r .)
D e c . 31 H o ld e r s o f r e c . D e c . 20a
H old ers o f r e c . F e b . 12a
3X
M
ar.
1
5
Lancasler Gas Light & F u e l .. ---------------- .
C o m m o n ( e x tr a ) ----------------------------Jan.
2 H o ld e rs o t r e c . D e c . 23
3
Vlar. 1 H old ers o f r e c . F e b . 12a
12
Lauren tid e C o ., L t d . ( q u a r .)---------------P r e f e r r e d ( a n n u a l) ----------------------- -J a n . 15 H o ld e rs o f r e c . D e c . 31a
1
1 H o ld e r s o f r e c . D e c . 25a
an.
IX
Laurcntide Power (q u a r .).. .........................
Pittsburgh Rolls C orp ., p r ef. (quar.)
H o ld e rs o l r e c . D e c . 20
Ian.
1
2
L a w y ers M o r tg a g e ( q u a r .)------------------Pittsburgh Steel, com m on ( q u a r . ) - . J an .
2 H o ld e rs o f r e c . D e c . 18
$2
Dec. 24
♦25c.
L eh igh V a lley C oa l Sales (q u a r .).............
P
i
t
t
s
b
.
T
e
r
m
i
n
a
l
W
a
r
e
h
o
u
s
e
&
T
r
a
n
s
f
e
r
.
53.25 D e c . 29 H o ld e rs o f r e c . D e c . 26a
Ian.
10
♦75c.
L eh igh & W ilk es-B a rre C o a l....................
to
Jan.
8 | E x t r a ------------------------------ ----------------5 D e c . 13
5 0c. a n .
2 H o ld e rs o f r e c . D e c . 26a
Ian.
25c.
L ib b y , M c N e ill & L i b b y . . . ........ ..............
to
D e c . 31 | P o n d C r e e k C o a l ( q u a r .) ........................
I X . a n . 2 D e c . 21
Tan.
1 H o ld e rs o f r e c . D e c . 31
*3
L i b r a r y B u rea u , co m m o n ( q u a r .)--------P r a i r ie O i l & G a s ( q u a r .) ........................
an.
2 D e c . 21
to
D e c . 31
2
1 H o ld e rs o f r e c . D e c . 31
Tan.
*7
P referred (q u a r .)...............7
♦H olders o f r e c . D e c . 31
an.
1 H o ld e rs o f r e c . D e c . lE o | E x t r a ----------------------------------------------I
X
Jan
.
31
*3
L ig g e tt & M y e r s T o b a c c o , p re f. (q u a r.)
J e c. 31 ♦H olders o f r e c . D e c . 26 | P r a i r ie P i p e L i n e ( q u a r .) ........................
to
Jan.
1
• IX
2 D e c . 16
Jan .
2
L in d sa y L ig h t, p re f. (q u a r .)---------------P r ic e B r o t h e r s ( q u a r .) ---------an.
1 H o ld e rs o f r e c . D e c . 22
3
J a n . 15 H o ld e rs o l r e c . D e c . 24
2
L iv in g ston Oil C o r p . (q u a r .)-----------------P r o c t e r & G a m b l e , 8 % p r e f . ( q u a r .) -------(an.
1 H o ld e rs o f re c . D e c . 22
e5
n2Xc. F e b . 1 H old ers c f re c . D e c . 31a
E x tra (p a y a b le in s t o c k ) - - - - - - - - - ­
P
r
o
d
u
c
e
r
s
&
R
e
f
in
e
r
s
,
c
o
m
.
(
q
u
a
r
.)
Ian.
1 H o ld e rs o f r e c . D e c . 22
2
1 H o ld e rs o f r e c . D e o . 20
50c. Jan.
L iv in g ston R efin eries C o r p ., p r e f. (q u a r.)
P r o v id e n c e G a s ( q u a r .) — ---------------Dec. 30 H o ld e r s o f r e c . D e c . 17a
2
D e c . 31 H o ld e rs o f r e c . D e c . 23a
SI
Providence T elephone (quar. ) . - - - - - ■
L o n e S tar G as ( q u a r .)..........; - , V , ' V r '
Ian.
1 H old ers o f re c . D e c . lea
IX
I X J an . 2 H old ers o f r e c . D e c . 15
L o o se -W ile s B iscu it, 1st p ref. ( q u a r . ) . P
r
o
v
in
c
ia
l
P
a
p
e
r
M
i
l
l
s
,
L
t
d
.
,c
o
m
.
(
q
u
a
r
.
)
Jan.
2 H o ld e rs o f re c . D e c . 15a ]
3
IX J a n . 2 H old ers o f re c . D e c . 15
L orilla rd (P .) C o ., c o m m o n (q u a r .)------P r e le rr e d ( q u a r .) --------- - - - - - - ­
o ld e rs o f r e c . D e c . 15a
I X Jan . 2 H old ers o f r e c . D e c . 15a
IX Jan . 2 H
P referred (q u a r .)----------------Public U tilities C orp ., p r e f. (quar.)
J an . 15 ♦ H old ers o f r e c . D e c . 31
$1
.2 5 J a n . 15 H old ers o f r e c . J a n . 2a
M a cA n d re w s & F o rb e s , c o m . (q u a r .j— - * 2 X J a n . 15
P u n t a A le g r e S u g a r ( q u a r .) — . ------------------♦H old ers o f r e c . D e c . 31
*4
H old ers o f r e c . D e c . 31a
J
a
n
.
15
3
C o m m o n ( e x t r a ).-----------------------------Q u a k e r O a t s , c o m m o n ( q u a r .) —
• IX J a n . 15 ♦H old ers o f r e c . D e c . 31
I X F e b . 28 H o ld e rs o f r e c . F e b . 2a
P referred (q u a r .)------------------ -- - - z
P r e fe r r e d ( q u a r .) — - -----------------I X J a n . 2 H o ld e rs o f rec. D e c . 6 a
D e c . 22 H o ld e rs o f r e c . N o v . 29a
$1
M a c k a y C om p a n ies, c o m m o n (q u a r.)
Q u i n c y M i n i n g ( q u a r .) --------------- - .
J a n . 2 H o ld e rs o f r e c . D e c . 6 o
1
D e c . 31 H old ers o f r e c . D e c . 17a
2
R a i l w a y S te e l S p r i n g , c o m m o n ( q u a r .) .
P referred ( q u a r . ) . . -------- - , - - - A v 'n l )
Jan.
2 H o ld e rs o f r e c . D e c . 24a
2
D e c . 20 H old ers o f r e c . D e c . 6 a
I
X
M a d is o n T ire & R u b b e r , p f .( q u . ( ) N o .I )
P r e fe r r e d ( q u a r .) -------------- - - - - r
D e c . 31 H o ld e rs o f r e c . D e c . 25
$
1
D e c . 31 H o ld e rs o f r e c . D e c . 12a
50c
M a g o r C a r C o r p ., c o m . ( q u a r .).
R a y C o n s o lid a t e d C o p p e r ( q u a r .)
D e c . 31 H o ld e rs o f r e c . D e c . 25
$2
5
J a n . 15 H old ers o f r e c . J a n .
3
C o m m o n (e x t r a )--------------------------------------------------R
e
a
l
t
y
A
s
s
o
c
ia
te
s
D e c . 31 H o ld e rs o f r e c . D e c . 25
6
I
X
J a n . 15 H o ld e rs o l r e c . J a n .
2
P re fe rre d ( q u a r .) .— - - - - - - - n
Jan.
2 H o ld e rs o l r e c . D e o . 22
H old ers o f re c . D e c . 15
I
X
a
n
.
2
3
J
M alU nson ( H .R .) & C o - . In o.: p f . (N <>.i)
R e e c ^ B u t t o n H o l e M a c h in e ( q u a r .) —
I X J a n . 2 H old ers o f r e c . D e c . 15
2 H o ld e rs o f re c . D e c . 15
1
Jan.
M a n a t 1 Sugar, preferred
R
e
e
c
e
F
o
l
d
i
n
g
M
a
c
h
in
e
(
q
u
a
r
.)
........................
Jan.
2 H o ld e rs o l r e c . D e c . 2 0 a
SI
I X . a n . 2 H o ld e rs o f r e c . D e c . 20
M a n h a tta n E le c. S u p p ly ,
R e g a l S h o e , p r e f . ( q u a r . ) . . . — —■- - - ­
I X J a n . 2 H o ld e rs o f re c . D e c . 20a
* i x : J e c. 31 H o ld e r s o l r e c . D e c . 24
F irst an d secon d preferred (q u a r.) —
Reis (Robert) & C o ., 1st & 2 d
I X J a n . 2 H o ld e rs o f r e c . D e c . 19a
I X . a n . 2 H o ld e rs o f r e c . D e c . 16
M a n h a tta n S hirt, p ref. (Q u a r.)- - - - - - R
e
m
in
g
t
o
n
T
y
p
e
w
r
i
t
e
r
,
1
s
t
p
r
e
f
.
(
q
u
a
r
2 H o ld e rs o f r e c . D e c . 16
I X J a n . 2 H o ld e r s o f r e c . D e c . 31a
2
. an.
M a n n in g , M a x w ell & M o o r e , I n c .( q u .
S e c o n d p r e fe r re d ( q u a r .) ---------J a n . 15 H o ld e r s o f r e c . D e c . 31a
1 H oid ers o f r e c . D e c . 16a
25c. . an.
Manufacturers Light & Heat (quar.) -------- si
R
e
o
M
o
t
o
r
C
a
r
(
q
u
a
r
.)
................
\
J an . 15 H o ld e rs o f r e c . D e c . 31a
si
?eb. 2 H old ers o f r e c . J a n . 15
I
X
R e p u b li c I r o n & S t e e l , c o m m o n ( q u a r .)
Special ------------ - - - - ------- ---------J a n . 15 ♦H olders o f r e c . D e c . 31
H old ers o f r e c . D e c . 15a
*
2
X
an.
2
I
X
Marland Refining Co. (quar• )----■ .
P r e fe r r e d ( q u a r .) - - - - - - --- - , - - - - * 7 ”
an.
1 H o ld e rs o f r e c . D e c . 19
\ x F e b . 2 H o ld e r s o f r e c . J a n . 15
IX
Massachusetts Gas C os., com . («n ar ) —
R e p u b li c M o t o r T r u c k , p r e f . ( q u a r .) —
$1.5( J a n . 15 H o ld e r s o f r e c . D e c . 26
H o ld e rs o f r e c . D e c . 15
J
e
c.
20
1
M a ssa ch u setts L ig h tin g , p re f. (d u a r .)R e p u b li c O i l & R e f i n i n g . 7
lan.
1 H old ers o f r e c . D e c . 20
I X J a n . 2 H o ld e rs o f re o . D e c . 20a
3
M a th le so n A lkali W o r k s , p ref. ( q u a r .).
R e y n o l d s ( R . J . ) T o b a c c o , c o m . ( q u a r .)
H old ers o f rec D e c . 15a
IX Jan.
lan.
1 H o ld e rs o f re c . D e c . 20
3
M a y D e p a rt. S tores, p r e f. ( q u a r . ) . —
C
o
m
m
o
n
,
C
la
s
s
B
(
q
u
a
r
.)
—
--------------H o ld e rs o f r c c . D e c . 20
lan.
1 H o ld e rs ol re c . D e c . 2 0
IX Jan.
IX
M c C r o r y S tores C o r p ., p r e f. ( q u a r . ) . . P r e fe r r e d ( q u a r .) ....................
J an .
2
H o ld e r s o f r e c . D e c . 26
3 e c . 31 H old ers o f r e c . D e c . 24a
IX
AfcShCTTV MfO-, PTC/. (QUQ-T.) - - ---------- R lo r d o n P u l p & P a p e r , p r c f . q u a r ) - ­
H o ld e r s o f r e c . D e c . 24
2 X D ec. 3
fan.
1 ♦H olders o f r e c . D e c . 15
♦SI
M e rch a n ts D is p a tc h T r a n sp o rt, (q u a r.)
R o o t & V a n d e r v o o r t C o r p . ( q u . I ( N o .1 )
Jan.
15
H o ld e rs o f r e c . D e c . 24
D ec. 31 ♦H olders o l r e c . D e c . 15
♦2
R o y a l B a k i n g P o w d e r , c o m m o n ( q u a r .,
J an .
2
H o ld e rs o f r e c . D e c . 17
D ec. 31 ♦H old ers o f re c . D e c . 15
♦2
M e r ck &’ c o ” preferred ( q u a r .).
C o m m o n ( e x t r a ) ------------------------2 X D e c . 3 . H o ld e rs o f r e c . D e c . 3a
• IX D ec. 31 ♦ H olders o l r e c . D e c . 15
M erg en th a ler Linotype (auar-L
P r e f e r r e d ( q u a r .) ---------------------H o ld e rs o f r e c . D e c . 13a
J a n . 22
2 X Jan. 1
♦15
M e x i c a n I c t r o lc u m . co m m o n ( q u a r . ) . .
Jan.
2
H o ld e rs o f r e c . D e c . 13a
I X D e c . 23 H o id e rs ot r e c . D e c . 13
S a W w Car m a t in g & *Lighting (q u a r .). . .
P referred ( q u a r . ) . -------- - ­
2 X Jan. 1
H o ld e rs o l r e c . D e c . 31a
Jan.
2| H o ld e rs o l r e c . D e c . 22
10
S t L a w r e n c e F l o u r M i l l s , c o m . (b o n u s
M e x ica n T eleg ra p h (q u a r.) —
H o ld e r s o f r e c . D e c . 15a
I X Jan.
D e c . 31 H o ld e rs o f r e c . D e c . 22
1
i S t L o u i s R o c k y M t . & P a c . C o .,c m .( Q U .)
M ich ig a n L ig h t, prel
iTTau'ar j*
H o ld e rs o f re c . D e c . 2 0 a
e
o
.
31
I X J a n . 15 H o ld e r s o f r e c . D
D
e
c
.
31
I
X
D e c '. 20 o
S t '.L o u i s R o c k y M t . & P a c . C o ^ p r e L ( q u . )
M ic h . L im eston e & c h e I ? - ' ^ ; L , 3 Ua ' "
10 c . J a n . 1 H o ld e rs o f rec ^
n x F ib . 2
r ,„ I S a n t a C e c ilia S u g a r C o r p . , c o m . ( q u a r .) .
M id d le States OH C o r p . (m o n th ly )
D e c . 31 H o ld e rs o f re c . D e c . 5a
2X
Feb. 2
•
IX
P r e f e r r e d ( q u a r .) . — - - - - - - - - r - - - - - M id la n d Securities ( q ^ - V r ' , : " ; " *
Jan.
2 H o ld e rs o f r e c . D e c . 20
2
J a n . 15 H o id e r s o f r e c . N o v . 30
5
S a va g e A r m s C o r p o r a tio n , c o m . ( e x tr a ) .
X J a n . 2 H o ld e r s o f r e c . D e c . 13a
5c.
D e c . 21 H o ld e rs o l r e c . D e c . 20
a n s O i l ( q u a r .) ------- V c rn a r*)
I X J a n . 2 H o ld e r s o f r e c . D e c . 13a SS ee aa m
Jan.
1 H o ld e rs o f r e c . D e c . 15
I
X
r s , R o e b u c k & C o . , p r e le r r e d ( q u a r .)
2 X J a n . 15 H o ld e rs o f r e c . D e c . 31a
„ a r e ar y « ’ y c v . : v . » v . « : : : : *5 1 c. J a n . 12 ♦ H old ors o f r e c . D e c . 31
Securities
C
om
p
any..................................................................
2
J a n . 15 J a n .
1
to
J a n . 15
J a n . 20 H o ld e r s o f r e c . D e c . 31a
S hattuck-Arizona C opper C o. (q u a r .)--------- 2 5 c .
Montreal Telegraph (quar.)
........ ...........
I X D e c . 31 H o ld e r s o f r e c . D e c . 22
I X J a n . 10 H o ld e rs o f r e c . D e c . 26
M o r tg a g e -B o n d C o . (q u a r .)---------- - - - - ­
H oold
ld eers
r s o f r e c .. D
D ee c . 31
31
I S h a w l n l B M W a t e r & o f C a n a d a p f .( q u .)
M ? V ern on -W ood b erry M ills , p referred . *3X J a n . 15 ♦H
I X D e c . 30 H o ld e rs o f r e c . D e c . 15
H oold
s oo ff rr ee cc .. D
D ee cc .. 13
13 a
S h e r w ln - v m U a m s C o ^ o f C a n a a n . P i - w i ;
Jan.
2 H
ldee rrs
to
Jan.
1
2
Jan.
1 D e c . 21
N a rra gan sctt E le c . L ig h tin g (q u a r ■ ) - - - - $1
TTo
U io
ra oo ff ran
nan
ifin I S h r e d d e d W h e a t , c o m m o n (Q
)
o ld
e rs
rec. D
e c . 15a
I X Jan. 1 H
to
Jan.
1
I X J a n . I D e c . 21
N a tio n a l A n iline & C h e m ., p r o f, (q u a r.)
P r e fe r r e d ( q u a r .) - - - - - - - - - - I X J a n . 15 H o ld e rs o f r e c . D e c . 30o
to
Jan.
1
I X J a n . 1 D e c . 21
N a tion a l B iscu it, c o in . ( q u a r . ) . - - - — - .
oim vson Creek CoclI, p ref. {Quar.)
J
a
n
.
2
H
o
ld
e
r
s
o
f
r
e
c
.
D
e
c
.
15
H
o
ld
e
rs
o
f
r
e
c
.
D
e
c
.
20
2X
J
a
n
.
2
I
X
N a tion a l Brew eries (C a n a d a ) ( q u a r .). .
sio ss S h e ffie ld S te e l & I r o n . p r e f . (Q u a r< )
IX J a n . 15 H o ld e rs o f r e c . J a n . 8 a ! m l t h S ( H o w a r d ) P a p e r M i l l s . L t d . , c o m .
5
J a n . 15 H o id e rs o f re c . D e c . 31a
N a tion a l C loa k & S u it, c o m . ( q t m r . ) . I X D e o . 31 H old ers o f re c . D e c . 11
I X J a n . 15 H o id e rs o f r e c . D e c . 31
N a tion n l Enam el & S ta m p in g , p re f. (q u .)
P r e fe r r e d ( q u a r .) --------------------*2X J a n . 15 ♦ H old ers o f r e c . D e c . 31
to
D e c . 21
6
D e c . 2C N o v . 30
N a tio n a l F u el G a s ( q u a r . ) . ------------------S o la r R e f i n i n g ...................................................
2
D e c . 31 D e c . 20
to
Jan.
1
to
D e c . 21
D e c . 2C N o v . 30
16
N a tion a l G ro ce r, c o m m o n ( q u a r . ) . .
E x t r a -------------- ---------- ---------------3
D e c . 31 D e c . 2 0
to
Jan.
1
D e c . 13
to
Jan.
1
D ec. 3
.
6
Preferred---------------------- -— - * —
H o ld e rs o f r e c . D e c . 10
I X D e c . 31 H o ld e rs o f r e c . D e c . 12a
D ec. 3
)
5
N a tio n a l L ea d, c o m m o n (q u a r .) —
I
K
S
P
o
r
t
o
E
S
.
™
«
P
~
>
H o ld e rs o f r e c . D e c . 10a
IX D e c . 31 H o ld e rs o f r e c . D e c . 24
D ec. 3
.
2
N a tion a l L icorice, p re f. ( q u a r . ) . - - 2 ' Jan. 15 H o ld e rs o f r e c . D e c . 31a
H o id e rs o l r e c . D e c . 15a
I X Jan.
S o u t h w e s t e r n c i t i e s E le c ". C o T .p r c t . ( q u .>)
N a t . P a p er & T y p e , c o m ., & p re f.(q u a r .)
2
(an.
1 H o ld e r s o f r e c . D e c . 15a
H o id e rs o f re c . D e c . 15a
D ec. 3
3
S o u t h W e s t P e n n s y l v . P i p e L i n e s ( q u a r .))
N a tion a l R e fin in g , p referred ( q u a r . ) . .
Ian.
1 H o ld o rs o f r e c . D e c . 8a
H o ld e rs o f r e c . D e c . 15
. 20 c .
D ec. 2
I
X
S
p
e
n
c
e
r
P
e
t
r
o
le
u
m
C
o
r
p
.
(
m
o
n
t
h
l
y
)
-------N a tio n a l Sugar ( q u a r .) -----------------------3
Ian.
2 H o ld e rs o f re c . D e c . 19a
H o ld e rs o f r e c . D e c . 20a
Jan.
2
S picer M f g ., 1st & 2d p r ef. (q u a r .).....................
N a tio n a l Surety ( a u a r . ) ........ ..................
3
Jan.
2 H o ld e r s o f r e c . D e c . 20
H o ld e rs o t r e o . D e c . 23a
Jan.
.
2
S t a n d a r d C o u p l e r , c o m m o n .................
National Tool, common (qu ar.) ...............
IX Jan . 2 H o ld e r s o f r e c . D e c . 20
H o ld e r s o f r e c . D e c . 23a
Jan.
.
4
--— - r 37Xc D ec. 31 H o ld e rs o f r e c . D e o . 12a S t aP nr ed faer rdr eO di l---------------D e c . 16
to
Jan.
2a
J an .
N e v a d a C on solid a ted C o p p e r (q u a r.) —
( K e n t u c k y ) ( q u a r .) . .
IX D o 3. 31 H o ld e rs o f re c . D e o . 17
D ec. 2
N o v . 21
to
D e c . 20
N e w E n g la n d T e le p . & T e le g . ( q u a r .).
S t a n d a r d O i l ( N e b r a s k a ) — . .................
3X J a n . 2 H o ld e rs o f r e c . N o v . 24
N o v . 29
to
D e c . 17
Jan .
N e w N iq u e ro S u g a r, c o m m o n . . —
S t a n d a r d O i l ( O h i o ) ( q u a r .) ---------IX J a n . 2 H o ld e rs o f r e c . D e c . 20
1| N o v . 29
to
D e c . 17
Jan.
N e w R iv e r C o ., p relerred ..................
2X F e b . 16 H o ld e r s o f r e c . F e b . 5a S t a n d a r d P a r t s , p r e f . ( q u a r .) — 1 H o ld e rs o f r e c . D e c . 20
New York Dock, common ....................
2X J a n . 15 H o ld e r s o f r e c . J a n . 5
*6
1 ‘ H o ld e rs o f r e c . D e c . 13a
S ta n d a r d S c r e w , c o m m o n ( q u a r .)
N ow Y o r k D o c k , p referred ................
4
J an . 10 H o ld e r s o f r e c . D e c . 26a
1 ‘ H o ld e rs o f re c . D e c . 13
Jan.
New York Mutual Gas Light— - - - - P r e fe r r e d A ------------ ----------------- - - - , ____
I X J a n . 2 H o ld e rs o f r e c . D e c . 18
Jan.
1 H o ld e rs o f r e c . D e c . 15
2
S t a n d a r d T e x t i l e P r o d u c t s , c o m . (q u a r .)
N e w Y o r k T it le & M o r tg a g e ( q u a r . ) . . Jan.
1
2 H o ld e r s o f r e c . D e c . 18
1 H o ld e r s o f re c . D e c . 15a
—
I
X
P
r
e
fe
r
r
e
d
A
a
n
d
B
(
q
u
a
r
.
)
.
.
E x t r a ...................... ..............................
4
J a n . 15 H o ld e r s o f r e c . D e c . 20
1 H o ld e r s o f r e c . D e c . 20a
. . 1 5 c.
S t a r - T e x P e t r o le u m ( m o n t h ly )
N ew Y o r k T r a n sit ( q u a r . ) . . --------4
J a n . 15 H o ld e r s o f r e c . D e c . 20
2 H o ld e rs o f r e c . D e c . 27a
..
4
Stearns (F . B .) C o ., com m on -------Jan . 15 H o ld e rs o f re c . D e c . 31
IX
2
H o id e r s o f re c . D e c . 27
.
.
4
J
a
n
.
NlVigara F a lls * P o w e r, p ref. (q u a r.)
Com m on (extra )-------------------------D e c . 20 H o ld e rs o f r e c . D e c . l a
2
2 H o ld e r s o f r e c . D e c . 27
preferred ( q u a r . ) . . . ....................—
N lle s-B e m e n t-P o n d . c o m . ( q u a r .).
1
to
J a n . 18
2 5 c. uJan. 20 J a n .
1 D e c . 21
to
Jan. 1
S te e l & T u b e o f A m e r i c a , p r e f . ( q u a r .) .
N lpissin g M in e s , L t d . (q u a r .)------1
to
J a n . 18
2 5 c. J a n . 20 J a n .
S te e l C o . o l C a n a d a , o r d in a r y ( q u a r . ) . .
I X F e b . 2 H old ers o f re c . J a n . 10
E x t r a -------------------------------------------Jan.
♦2
2
F e b . 2 H o ld e rs of r e c . J a n . 10
X
O r d i n a r y (s p e c ia l)----------------------Noiseless Typewriter, common --------I X iJan. 2 H o ld e rs o f r e c . D e c . 15a
I X F e b . 2 H o ld e rs ot r e c . J a n . 10
P r e fe r r e d ( q u a r .) ------------------------N o rth A m erica n C o . ( q u a r .). — —
J a n . 10 H o ld e rs o f r e c . D e o . 27
elO
IX M a r . 1 H o ld e r s o f r e c . F e b . 20
N o rt h A m er. O il & R e fin in g (sto ck d iv
S t e r n B r o s . , p r e f . ( q u a r .) .....................
J an .
2 H o ld e r s o f r e c . D e c . 13
6
la
J a n . 15 ♦H olders o f r e c . J a n .
♦15
S
te
t
s
o
n
(
J
o
h
n
B
.
)
C
o
.
,
c
o
m
m
o
n
N orth ern P ip e L in e — ...........; r
[Jan.
2 ♦ H old ers o f r e c . D e c . 24
*1X
1
*4
J a n . 15 ♦H oiders o f r e c . J a n .
N orth w estern E le c . C o . , p re f. ( q u a r .).
P r e f e r r e d --------------------------------------2 H o ld e r s o f r e c . D e c . 31a
$ 1 .5 0 J an .
Jan.
2 H old ers o f r e c . D e c . 16
S tr o m b e r g C a r b u r e t o r ( q u a r . ) . .
$1
Northwestern Telegraph .................... - - - - - J an . 15 H o ld e r s o t r e o . D e c . 24a
IX
H
o
id
e
rs
o
f
r
e
c
.
D
e
c
.
17a
$
1
.2
5
J
a
n
.
2
S
t
u
t
z
M
o
t
o
r
C
a
r
(
q
u
a
r
.)
........................
N o v a S co tia S teel & C o a l, c o m . (qu ar.)
J a n . 15 H o ld e rs o f re o . D e o . 24a
2
D e c . 31 H o ld e rs o f r e c . D e c . 23a
50c.
Subm arine Signal---------------------------Preferred (q u a r .)---------------- ------- - - Jan.
2 H o ld e rs o f re c . D e c . 2
3
IX J a n . 15 J a n . 1 t o J a n . 15a
Sullivan M a ch in ery (q u a r .)---------O gtlvie F lou r M ills , c o m m o n ( q u a r .) . .
Jan.
1 H o ld e rs o f r e c . D e c . 1
1
to
J a n . 15
\X
J a n . 15 J a n .
1
O h io C ities G a s , preferred (q u a r .)------E xtra -----------------------------------------------♦62 X<- ^ a n . 15 ♦ H old ers o f r e c . D e c . 31
X F e b . 2 H old ers o f r e c . J a n . 15
Superior Steel C o r p ., com m on (q u a r .)-------O h io F u el S u p p ly ( q u a r . ) . . . ------H o ld e rs o f r e c . J a n . 15
m 50c. J a n . 15 ♦ H old ers o f r e c . D e c . 31
F
e
b
.
2
X
Com m on (e x tra )_________________
E x tr a (p a y a b le in L ib e rty L o a n b on d s)
to
D ec. 2
$ 1 .21 D e c 31 N o v . 3 0
F e b . 16 H o ld e rs o f r e c . F e b . 2
2
F irst and second preferred (quar.)
O h io Oil (q u a r .)...................................
$4.7'> D ec 31 N o v . 30 t o D e c . 2
Jan.
1 H o ld e r s o f r e c . D e c . 20
I
X
O h io S ta te T e le p h o n e , p re f. ( q u a r . ) . .
M is c e l la n e o u s ( Continued[)

9
Inspiration Consolidated Copper ( quar.) — ♦$1.50 Jan. 26 ♦H o ld e rs o f r e c . D e c . 15
an.
1
2
Xntcrlake S team ship (q u a r .)-------------Jan.
1 H o ld e rs o f r e c . D e c . 15
2




'■

62)^c J a n . 20
12 H J a n . 6
D e c . 31
$1
IX J a n . 15
I X J a n . 15
I X J an .
Jan.
1
Jan.
2
I X Jan .

♦H olders
H old ers
H old ers
H old ers
H old ers

3418

THE CHRONICLE
P er
C e n t.

N a m e o f C om pany.

M i s c e l l a n e o u s ( C o n c lu d e )!)
,
S w if t & C o . ( q u a r . ) ___________________________I
S y m i n g t o n ( T . H . ) C o . , c o m . ( N o . I ) ___
P r e f e r r e d ( q u a r . ) _________________________
T e x a s C o m p a n y ( q u a r . ) ______
T e x a s P a c i f i c C o a l & O il ( q u a r . ) .
■_
I
S p e c i a l ________________________________________ 1
T e x a s -R a n g e r P r o d . & R e f g .'( m o n t h l y ) !
T i d e W a t e r O il ( q u a r . ) _____________________

W h en
P a y a b le

B o o k s C lo s e d .
D a y s I n c lu s iv e .

2
2U
2

[V ol . 109

0f Ne^ YorSuCity Cl0arin? House
Companies.—The following detailed statement
shows the condition of the New York City Clearing House
members for the week ending Dec. 20. The figures for the
taiUksactual
a5e figures
avera#atesendofofthethedaily
In the
case of totals,
weekresults.
are also given:
B a n k s

Jan.
1 D e c . 11
to
Jan.
8
Jan.
1 H o l d e r s o f r e c . D e c . 15
F e b . 14 H o l d e r s o f r e c . F e b .
5
2K
D e c . 31 H o ld e r s o f r e c . N o v . 2 9 a
1u
Jan.
2 H o ld e r s o f r e c . D e c . 20
Jan.
2 H o ld e r s o f r e c . D e c . 20
Jan.
1 H o ld e r s o f r e c . D e c . 20
N E W Y O R K W E E K L Y C L E A R IN G H O U SE R E T U R N S .
2
D e c . 3 1 H o l d e r s o f r e c . D e c . 19a
Extra_______________________ 2
(Stated <r» thousands o f dollars— that is. three ciphers (.0001 omitted.)
D e c . 31 H o l d e r s o f r e c . D e c . 1 9 a
T im es Square A u to S u p p ly, I n c ., pf.(qu~)'\
1
Jan. 20 Jan.
1
to
Jan.
9
T o b a c c o P r o d u c ts C o r p ., p r e f. ( q u a r .) ..I
1i
Jan.
2 H o ld e r s o f r e c . D e c . 19a
C LEARING
T o b a c c o P r o d u c t s E x p o r t C o r p __________ I eb
Jan.
2 H o ld e r s o f r e c . D e c . 2 4
HOUSE
T o d d S h ip y a r d s C o r p o r a t i o n ( q u a r . ) . . I $ 1.75
D e c . 2 0 H o ld e r s o f r e c . D e c .
6a
M EM B ER S
T o n o p a h B e lm o n t D e v e l o p m e n t ( q u a r . ) . I
5c.
Jan.
1 D e c . 16
to
D e c . 21
( ,0 0 0 o m itt e d .)
T o r r l n g t o n C o . , c o m m o n ( q u a r . ) ________
75 c
Jan.
1 H o l d e r s o f r e c . D e c . 19
W e e k e n d in g
25 c ! J a n .
C o m m o n ( e x t r a ) _______________________ ”
1 H o l d e r s o f r e c . D e c . 19
Dec. 13 1919.
P r e f e r r e-------------------------------------------d
D e c . 2 7 H o ld e r s o f r e c . D e c . 12a
Transue £ Williams SteelForg., com.(qu.)I $1.25 J a n . 10 H o l d e r s o f r e c . D e c . 3 1 a
M em bers o f
Trumbull Steel, common (quar.)
iu
Jan.
1 D e c . 21
to
Jan.
1
F ed. R es. B ank
Common (.extra)..................
'
1
D e c . 21
to
Jan.
1
Bk of N Y , NBA
Preferred (quar.)___________ ______ I \y. JJ aa nn .. 11 D
e c . 21
to
Jan.
1
Manhattan Co.
Truscon Steel (quar.)________________ *4
J a n .J 15 ‘ H o l d e r s o f r e c . J a n .
5
Merchants' Nat
1
Tuckell Tobacco, common (quar.)________
J a n . 1 5 H o l d e r s o f r e c . D e c . 31
Mech & Metals.
Preferred (quar.)___________ ______ _
Bank of America
Underwood Computing Machine, pref..
1 X JJ aa nn .. 151 HH oo lldd ee rr ss oo ff rr ee cc .. DD ee cc .. 2310
National C ity ..
Underwood Typewriter, common (quar.)
2
Jan.
H o ld e r s o f r e c . D e c .
6a
Chemical Nat
Common (extra)____________________
5
Jan.
H o ld e r s o f r e c . D e c .
6a
Atlantic
N at___
Preferred (quar.)_______________. . . .
Jan.
H o ld e r s o f r e c . D e c .
6a
Nat Butch & Dr
Union Carbide <fc Carbon (quar.)______ $1.25 J a n .
H o ld e r s o f r e c . D e c . 1 2 a
Amer Exch Nat
Union Natural Gas (quar.)____________ I 2 y
Jan.
H o ld e r s o f r e c . D e c . 3 1 a
NatBkof Comm
Union Stock Yards, Omaha (quar.)_____ I ‘i y 1 D e c .
D e c . 21
to
J a n . 12
Pacific Bank___
Union Tank Car (quar.)______________
iH D e c .
H o ld e r s o f r e c . D e c .
1
Chath & Phenlx
United Cigar Stores, common_________ I 6
Jan.
H o ld e r s o f r e c . D e c . 1 5 a
Hanover Nat . .
United Drug, common (quar.)_________
15^ J a n .
H o ld e r s o f r e c . D e c . 1 5 a
Citizens’ Nat _ .
United Dyewood, common (quar.)____
i u Jan.
H o ld e r s o f r e c . D e c . 1 3 a
Metropolitan . .
Preferred (quar.)___________________
Jan.
H o ld e r s o f r e c . D e c . 13a
Corn Exchange.
United Fruit (quar.)_________________
2H J a n .
H o ld e r s o f r e c . D e c . 2 0 a
Imp & Trad Nat
United Gas Impt. (quar.)______________ $1
Jan.
H o l d e r s o f r e c . D e c . 31
National Park..
United Paperboard, preferred (quar.)___
iu
Jan.
H o ld e r s o f r e c . J a n .
1
East River Nat
United Retail Stores Corp. (No. 1)____ $3
Feb.
H o ld e r s o f r e c . J a n . 15a
Second National
United Shoe Mach., com. (quar.)______I 50c. J a n .
H o l d e r s o f r e c . D e c . 16
First National..
Preferred (quar.)_________ ______ ___ 37 He J a n .
H o l d e r s o f r e c . D e c . 16
Irving Nat B k ..
U. S. Bobbin & Shuttle, com. (quar.)__
ih
D e e . 31 H o l d e r s o f r e c . D e c . 1 0 a
N Y CountyNat
Preferred (quar.)___________________
D e c . 31 H o l d e r s o f r e c . D e c . 10a
C o n t i n e n t a l _____
U. S. Can, common____________________ I 50c. J a n . 15 H o l d e r s o f r e c . D e c . 31
Chase Nat Bank
Common (extra)_____________________ 25c. J a n . 15 H o l d e r s o f r e c . D e c . 31
Fifth Avenue . .
Preferred (quar.)____________________ I 15^ J a n . 15 H o l d e r s o f r e c . D e c . 31
Commercial Ex.
U. S. Food Products Corp. (quar.)____
h Jan
H o ld e r s o f r e c . J a n .
2a
Commonwealth
E xtra ...............................................
1
^
J a n . 19 H o l d e r s o f r e c . J a n .
2a
Lincoln Nat ._
U. S. Gauge, common__________________
5
Jan.
H o ld e r s o f r e c . D e c . 2 0 a
Garfield N a t .. .
314 J a n .
Preferred_____________________________
H o ld e r s o f r e c . D e c . 2 0 a
Fifth
National.
U. 8 . Gypsum, common (special)..___
1
D e c . 31
e c . 16
to
D e c . 26
Seaboard N a t ..
Preferred (quar.)____________________
1 ^ D e c . 31 D
D e c . 16
to
D e c . 26
U. S. Industrial Alcohol, pref. (quar.)..
1 % J a n . 1 H o l d e r s o f r e c . D e c . 3 1 a Liberty Nat___
Coal & Iron Nat
3
U. S. Playing Card (quar.)__________ 1.
Jan.
H o ld e r s 01 r e c . D e c . 2 0 a
Union Exch____
E xtra __________ ______ ____________
5
Jan.
H o ld e r s o f r e c . D e c . 2 0 a
Brooklyn
Trust
U. S. Smelt., Refg. <t Mining, com.'(qu.)_ $ 1.50 J a n . 15 H o l d e r s o f r e c . J a n . 2
Bankers Trust
Preferred (quar.) __________________ 87 H J a n . 15 H o l d e r s o f r e c . J a n . 2
U S Mtge & Tr
U. 8 . Steel Corporation, com. (quar.)..
lx
D e c . 30
D ec. 2
Guaranty Trust
U. S. Worsted, first preferred (quar.)..
iu
J a n . 15 J a n . <f8
to
J a n . 16
Fidelity Trust.
% Jan.
United Utilities, pref. (quar.) _________
H o ld e r s o f r e c . D e c . 19a
Columbia Trust
United Verde Extension M ining (q u a r.).A 50 c
F eb.
o ld e r s o f r e c . J a n .
5a
Peoples Trust.
Utah Copper Co. (quar.)____________
$i., D e c . 31 H
H o ld e r s o f r e c . D e c . 12a
New York Trust
Utilities Securities Corp., pref. (quar.)..
l i t D e c . 2 7 H o ld e r s o f r e c . D e c . 17
Franklin Trust
Valvoline Oil, pref. (quar.)__________ I 2
Jan.
H o ld e r s o f r e c . D e c . 1 7a
Lincoln Trust..
Victor Talking Machine, com. (quar.)..
5
J a n . 15 J a n .
1
to
Jan.
5
Metropolitan Tr
Preferred (quar.)_____________ . I 13^ J a n . 15 J a n . 1 t o J a n . 5
Nassau N.Bklyn
50c J a n .
V. Vlvadou, Inc., (quar.) (No. 1).........
H o ld e r s o f r e c . D e c . 15
Irving Trust Co
Virginia Carolina Chemical, com.(qu.)_| 1
F eb.
H o ld e r s o f r e c . J a n . 15a
Farm Loan Tr
Preferred (quar.)__________
I 2
J a n . 15 H o l d e r s o f r e c . D e c . 3 1 a
Columbia Bank
Virginia Iron, Coal & Coke____ I I I ” ! 3
J a n . 2 5 H o ld e r s o f r e c . D e c . 3 1 a
Vulcan Detinning, pref. (quar.)______ I 15^ J a n . 2 0 H o l d e r s o f r e c . J a n . 1 0 a
Average.
Pref. (account accumulated dlvs.)___ A1
f a n . 20 H o l d e r s o f r e c . J a n . 1 0 a
Wabasso Cotton (quar.)........................
2
Jan.
H o l d e r s o f r e c . D e c . 15
Totals,
actual co
Waldorf System, Inc., com. (quar.)___ I *2H J a n .
H o ld e r s o f r e c . D e c . 2 3
Totals, actual co
First and second preferred (quar.)___ I *2
Jan.
H o ld e r s o f r e c . D e c . 2 3
Totals, actual co
Warner (Chas.) Co.of Delaware,cm.(qu.) I
J a n . 15 H o l d e r s o f r e c . D e o . 3 1 a
First and second preferred (quar.)___
l j f J a n . 22 H o l d e r s o f r e c . D e c . 3 1 a Totals, actual co
Warren Bros., 1st pref. (quar.)_______
Jan.
2 H o ld e r s o f r e c . D e o . 2 0 a
State Banks.
Second preferred (quar.)_________ I 131 J a n . 2 H o l d e r s o f r e c . D e o . 2 0 a
Greenwich Bank
Washington Oil ....................................... $2 '
J a n . 30 J a n .
1
to
J a n . 29
Bowery B ank..
Welsbach Company, preferred...............
3 u D e o . 31 H o l d e r s o f r e c . D e o . 2 0
N Y Prod Exch.
Westchester Title & M o r tg a g e ... .........
4
Jan.
7 H o l d e r s o f r e c . D e c . 31
State Bank____
Western Electric, common (quar.) ______ *$2.50 D e c . 31 ‘ H o l d e r s o f r e c . D e c . 2 4
Preferred (quar.) __________________
*lj$ D e c . 31 ♦ H o ld e r s o f r e c . D e c . 2 4
Average
4
Western Grocer, common___ . . . . .
D e c . 31 D e c . 2 0
to
Jan.
1
Preferred__________________ ” 11311 3
D e c . 31 D e c . 2 0
to
Jan.
1
Totals,
actual co
Western Power Corp., pref.(?uar.)33333.
1H J a n . 15 H o l d e r s o f r e c . D e c . 3 1 a
Totals, actual co
Western Union Telegraph (quar.)_____ I l x
J a n . 15 H o l d e r s o f r e c . D e c . 2 0 a
Westlnghouse Air Brake (quar.)
I $1 75 J a n . 31 H o l d e r s o f r e c D e c . 3 1 a Totals, actual co ndltlon
Totals, actual co
Westinghouse Elec. & M fg ., com. (quar.) ' I s l‘
J a n . 31 H o l d e r s o f r e c . J a n .
2
Preferred (quar.)_____________
§1
J a n . 15 H o ld e r s o f r e c . J a n .
2
Trust
Compan
West Kootenay Power & L ., com. (qu )
2
Jan.
2 H o ld e r s o f r e c . D e c . 2 9
Title Guar Tr
1% J a n .
Preferred (quar.) ______________ .333
H o ld e r s o f r e c . D e c . 2 9
Lawyers T & Tr
Westmoreland Coal (quar.)__ __
$1 25 J a n .
D e c . 17
to
Jan.
2
' 5 Jan.
Extra_______________________ 3333 | S I .2
D e c. 17
to
Jan.
2
Average
Weyman-Bruton Co., common (quar.) , 2* H J a n .
H o ld e r s o f r e c . D e c . 1 5 a
Preferred (quar.)______________
Jan.
%
H o ld e r s o f r e c . D e c . 15a
Totals, actual co
Wheeling Mold & Fdry., new pref. (quar')
1 V, J a n .
D e c . 21
to
Jan.
1
Totals, actual co
W h eelin g Steel & Iron ( q u a r . ) ._________
2
Jan.
D e c . 21
to
Jan.
1
Totals, actual co ndltlon
W h ite M o t o r C o . (q u a r .)
$1
D e c . 31 H o l d e r s o f r e c . D e c . 1 5 a
Totals, actual co
W illy s C o r p o r a t io n , 2n d p r e f.'(q 'u a r .j 333
I X Jan.
H o ld e r s o f r e c . D e c . 2 0
W llly s O v erla n d , preferred (q u a r .)______
\ x Jan.
H o ld e r s o f r e c . D e c . 2 2 a
Gr’d aggr, avge
W ilso n & C o ., c o m . (q u a r .)_____________
ix
F eb.
H o ld e r s o f r e c . J a n . 2 1 a
Comparison, pre
P referred ( q u a r .) ____________ 33333333
IX
Jan.
2 H o ld e r s o f r e c . D e c . 2 3 a
Wire Wheel Corporation (monthly)________ * 1
J a n . 10 ‘ H o l d e r s o f r e c . J a n .
2
Gr’s aggr, act'l
W o lv e rin e C o p p e r M in in g (q u a r .).............
6 0c. J a n .
2 H o ld e r s o f r e c . D e o .
6
Comparison, pre
W o o d b u r n O il ( N o . 1 ) .....................................
10 c. J a n .
H o ld e r s o f r e c . D e c . 22
W o o d s M fg ., p ref. ( q u a r . ) . . ..................33
131
Jan.
H o ld e r s o f r e c . D e c . 2 0
Gr’d aggr, act’l
ft o o lw o r t h (F . W . ) , preferred ( q u a r . ) . .
)x
Jan.
H o l d e r s o f r e c . D e c . 10 a
4 ,2 1 3 ,0 8 0 2 5 0 , 1 8 7 ’
Gr’d aggr, act’l cond'n
W o rth in g to n P u m p & M a c h ., p ref A (q u .)|
13 1
H o ld e r s o f r e c . D e o . 2 0a
4 .0 7 6 ,4 9 8 2 4 8 ,5 7 6 3 6 ,8 8 7
Gr’d aggr, act’l
Preferred B (q uar.)................. .
, 3 JJ aa nn ..
H o ld e r s o f r e c . D e c . 2 0 a
4 ,1 8 0 .6 2 1 2 6 5 .4 5 8 3 6 ,4 9 1
Gr’d aggr, act’llcond’n
Yale & T o w n e M fg . (q u a r .)_________
2H
Jan
H o ld e r s o f r e c . D e c , 15
4 , 1 8 5 ,6 8 0 l 2 7 0 ,9 6 U
”
V o u n g (J . S .) C o ., c o m . (o u a r .1
01 c J.....
. H o ld e r s o f r e c . D e o . 19 a
an
P referred ( q u a r . ) . . . . . . . . . . : : ; : ; ; ”
I X JJ aa nn ’.
1 H o ld e r s o f r e o . D e c . 19a
N a t I o n a ? C l t y B a n k ' $ 12
o'" r " Ch ° S a o t *nclU(,c<1 ln t o t a l f o o t i n g s , a s f o l l o w s :
Y u k o n -A la s k a T r u s t ( q u a r .)...........
$1
D e o . 31 D e c . 6
to
D eo.
7
& T r u s t C o $ 2 8 >54 ,n n n '8 3 ? ,’„°.0 0 : G u a r a ? t ? T r u s t C o . , $ 6 7 ,3 2 9 ,0 0 0 : F a r m e r s ’ L o a n
f o r s u c h d e p o s i t s ” woro^°TsiiitVa a ? C^ carT,c<1 ,n b a n k s ln fo r e ig n c o u n t r ie s a s r e s e r v e

3

1

&

&

.....I

o f I ^ I r ^ d ^ fn:CT h | ° N e w Y o r ^ S ^ k ^ F “ h3eCt
q u o te d e

x

W

.S

a p p r o v a l o fD lr e c t o r -G e n e r a t

l t

B to c k

not *

r e c u I m ^ p ^ h fe T n °e^ck f0r p ilfiY ,d?nd- b Lesa Br,t,sh lncome tax- <* C°r
ft On account of accumulated dividends.6 i Payabiem Liberty Loan^om ls11 I°R*1
M a ^ h T m o ^

t S lv lY e n d V a s h i m

n ^ l

^

“

*2,;5’813'«00: « “

n o t in c l u d e d
$246 438 0 00

5 8 6 ,0 0 0 . ’

’

8TATEM EN T8 OF RESERVE
_________________________

a ND

P O S IT IO N
TRUST

n j t W2 ri9 2 “

D e . 15 l O

A p r n Xr i 9 2 0 DJ u l y ? W a S S

P»

*

>

» D e c l a r e d 5 % ( p a r v a l u e $ 1 0 ) , p a y a b l e In q u a r t e r l y I n s t a llm e n t s .
to O n e - t w e n t ie t h o f a s h a r e o f c o m m o n s t o c k .

z A t ra te o f 8 %

M e m b e rs F ed eral
R e s e r v e B a n k s ___
S t a t e b a n k s * _________
T r u s t c o m p a n i e s * ___

$
9 ,9 7 2 :6 6 6
1 ,9 4 9 ,0 0 0

p e r a n n u m f r o m d a t e o f is s u e , O c t . 6 1 9 1 9

V L e s s o n e -h a lf o f 1 9 1 8 F e d e r a l In c o m e t a x .




S tock

HOUSE

BANKS

Averages.
Cash
Reserve
in Vault.

«

^ y a ^ h l ^ S . S i ^ ^ J ^ d r p t 0 ? ^ 192 Cb ^ e s p e c t I v e l y ° 1 ™ 0 0 rd

u P a y a b le t o h o ld e r s o f r e c . D e c . 5 , b u t N . Y
q u o t e d e x -d iv ld e n d D e c . 1 2 .

O F C L E A R IN G

C O M P A N IE S .

p a « ^

o n t h e b a s is o f $ 3 7 3 1 -3 t o t h e p o u n d s t l r l h ^ , t o ^ e 'c e n t S M r sh a ^ e U 'f I e w i n c *1“o n
e“

y, Tr,U8t C,0 ’

d U s
1 4 ,5 9 7 ,0 0 0 .
c D e p o s i t s in fo r e lR n b r a n c h e s
B lllV n a v a h ? ita»d<^ U C tcd ’ * 2 0 8 , 7 3 4 , 0 0 0 .
c U . 8 . d e p o s its d e d u c t e d ,
P a y a b le , r e d i s c o u n t s , a c c e p t a n c e s a n d o t h e r l i a b ili t ie s , $ 8 6 7 , -

ExchanL
.
E x c h a n g e r u le s t h a t s t o c k b e

T o ta l
T ota l
T ota l
T ota l

D e c . 2 0 _____
D e c . 1 3 _____
D e c . 6 _____
N o v . 2 9 _____

1 1 .9 2 1 .0 0 0
1 2 .0 2 9 .0 0 0
1 2 .2 1 2 .0 0 0
1 1 ,6 6 6 ,0 0 0

Reserve
in
Depositaries

a
Total
Reserve.

Reserve
Required.

Surplus
Reserve.

$
$
$
5 6 8 ,8 7 3 ,0 0 0 5 6 8 ,8 7 3 ,0 0 0 5 3 1 ,5 0 3 ,2 8 0
6 .0 9 2 .0 0 0 1 0 ,0 6 4 ,0 0 0
1 5 ,4 6 2 ,3 6 0
5 .2 8 3 .0 0 0
7 ,2 3 2 ,0 0 0
7 ,0 2 6 ,9 0 0

‘
$
3 7 ,3 6 9 ,7 2 0
0 0 1 ,6 4 0
2 0 5 ,1 0 0

5 8 0 .2 4 8 .0 0 0
5 5 4 .6 9 2 .0 0 0
5 8 5 .7 3 3 .0 0 0
5 8 6 .3 7 7 .0 0 0

3 8 ,1 7 6 ,4 6 0
2 4 ,2 0 2 ,0 2 0
4 8 ,7 7 8 ,5 6 0
4 5 ,1 0 2 ,4 2 0

5 9 2 .1 6 9 .0 0 0
5 6 6 .7 2 1 .0 0 0
5 9 7 .9 4 5 .0 0 0
5 9 8 .0 4 3 .0 0 0

5 5 3 ,9 9 2 ,5 4 0
5 4 2 ,5 1 8 ,9 8 0
5 4 9 ,1 0 6 ,4 4 0
5 5 2 .5 8 0 .5 8 0

D

Actual Figures.
S u rp lu s
R eserv e.

R eserv e
R equ ired

T o ta l
R eserve.

$
1 3 ,4 4 9 ,9 2 0
5 5 3 ,0 4 0
5 7 6 ,0 5 0

$
S
S
5 1 1 ,7 1 1 ,0 0 0 5 1 1 ,7 1 1 ,0 0 0 5 2 5 ,1 6 0 ,9 2 0
1 5 ,6 9 0 ,9 6 0
1 6 ,2 4 4 ,0 0 0
6 .3 0 2 .0 0 0
9 ,9 4 2 * 0 0 0
7 ,0 5 7 ,9 5 0
7 ,6 3 4 ,0 0 0
5 .6 5 1 .0 0 0
1 ,9 8 3 ,0 0 0
S

R eserve B a n k s —
S t a t e b a n k s * .................
T r u s t c o m p a n ie s * —
T o ta l
T o ta l
T ota l
T ota l

b

R eserv e
in
D e p o s it a r i e s

C a sh
R eserve
In V a u lt.

M e m b e rs F ed eral

1 1 .9 2 5 .0 0 0
1 1 .9 0 9 .0 0 0
1 2 .0 1 6 .0 0 0
1 2 , 1 1 3 ,0 0 0

D e c . 2 0 -------D e c . 1 3 ------D e c . 6 ------N o v . 2 9 _____

5 2 3 .6 6 4 .0 0 0
5 6 4 .2 8 5 .0 0 0
5 8 3 .0 3 9 .0 0 0
6 1 5 .0 6 5 .0 0 0

1 2 ,3 2 0 ,8 3 0
2 8 ,2 2 3 ,0 6 0
5 3 ,2 8 3 ,0 3 0
7 1 .3 3 3 .1 7 0

5 3 5 .5 8 9 .0 0 0 5 4 7 ,9 0 9 .8 3 0
5 7 6 ,2 8 1 ,0 0 0 1 5 4 8 ,0 5 7 ,9 4 0
5 8 5 .0 5 5 .0 0 0 5 4 1 ,7 7 1 ,9 7 0
6 2 7 .1 7 8 .0 0 0 5 5 5 .8 4 4 ,8 3 0 1

* N o t m em bers o l F ederal R eserve B a n k .
s T h i s Is t h e r e s e r v e r e q u ir e d o n n e t d e m a n d d e p o s i t s in t h e c a s e o f S t a t e b a n k s
a n d t r u s t c o m p a n i e s , b u t In t h e c a s e o f m e m b e r s o f t h e F e d e r a l R e s e r v e b a n k s in ­
c lu d e s a ls o a m o u n t o f r e s e r v e r e q u ir e d o n n e t t i m e d e p o s i t s , w h ic h w a s a s f o ll o w s :
D e c . 2 0 , S 6 ,7 0 6 , 8 0 0 ; D e c . 1 3 . S 6 . 7 1 1 , 0 0 0 ; D e c . 6 , SO ,7 4 7 ,0 0 0 ; N o v . 2 9 , $ 7 ,2 2 S ,7 1 0 .
b T h i s Is t h e r e s e r v e r e q u ir e d o n n e t d e m a n d d e p o s i t s In t h e c a s e o f S t a t e b a n k s
a n d t r u s t c o m p a n i e s , b u t In t h e c a s e o f m e m b e r s o f t h e F e d e r a l R e s e r v e B a n k In­
c lu d e s a ls o a m o u n t o f r e s e r v e r e q u ir e d o n n e t t i m e d e p o s i t s , w h ic h w a s a s f o ll o w s :
D e c . 2 0 , $ 0 ,8 1 0 ,2 1 0 : D e c . 1 3 , S 0 .0 0 1 .2 0 0 : D e c . 0 , S Q .0 0 2 .0 0 0 : N o v . 2 0 . S 7 . 1S 4 . 2 S 0
S ta te

B a n k s

a n d

T r u s t

C o m p a n ie s

N o t

in

N o n -M e m b e r
B a n k s
a n d
T r u s t
C o m p a n i e s . — Follow­
ing is the report made to the Clearing House by clearing
non-member institutions which are not included in the
“ Clearing House Return” on the following page:
R E T U R N O F N O N -M E M B E R IN S T IT U T IO N S O F N E W Y O R K C L E A R I N
H OUSE.
<Stated i n th o u s a n d s o f d o lla r s — th a t I s , th r ee c ip h e r s [0 0 0 o m it t e d .)
L oan s.
D is­
co u n ts,
In v est­
m en ts.
& c.

Members of
Fed’ l Res. Bank.

A v e r a g e A v e r a g e A v e ra g e A v e r a g e A v e r a g e A v e ra g e
$
i
$
S
$
S
133
191
1 3 ,4 4 1
2 ,1 5 1
194
1 7 ,4 7 8
1 1 ,3 6 1
418
1 ,6 3 6
391
1 2 ,2 6 7
8 ,0 2 4
224
1 ,3 4 8
219
9 ,7 0 1
807
6 ,6 4 5
1 ,0 9 2
20
8 ,0 8 2
5 ,7 2 4
7 ,0 4 3
1 ,1 5 8
314
1 2 ,6 2 2
9 ,1 4 9
997
596
8 ,9 6 7

C le a r in g

T h e State B an kin g D ep artm en t reports w eekly
figures showing the condition of State banks and trust
com panies in N e w Y o r k C ity not in the Clearing House, as
SU M M AR Y OF STATE BAN KS AN D TRUST COM PANIES IN G REATER
N E W YO R K . NOT INCLU D ED IN C LEARING HOUSE ST A T E M E N T .
F igures F urnished by State Banking D epartm ent

■

Dec. 20.

Loans and Investments.............................- ................... - SSOo’?rQ’^nn
Snecle
.........................................................
8,309,500
Currency" and bank notes---------------. . - - - - - - - - - - -WO
Deposits with Federal Reserve Bank of New Y o rk ..
77,813.600
Total deposits...........................- ----------------------------S7s.0J7,7t)0
Deposits, eliminating amounts due from reserve de
positaries, and from other banks and trust com­
panies in N . Y . City, exchanges and U. S. deposits 807,989,400
Reserve on deposits------------------------ ------------------- 147,986,,00
Percentage of reserve, 21 .9 % .
R E SE R VE.
----------State Banks-------

Cash in vaults............ - - - — .................
D e p o s i t s in banks and trust cos------ 11,727,300

6.84

T o t a l ...............................................................S 3 6 ,8 5 6 ,5 0 0

4 ,0 1 0 ,3 0 0
1 ,3 7 0 ,8 0 0

— T r u s t C o m p a n ie s —
$ 8 0 ,0 7 4 ,7 0 0
1 7 .3 7 %
3 1 ,0 5 5 ,5 0 0
6 .7 3 %

7o

2 1 .5 0 %

D i ff e r e n c e s fr o m
p r e v io u s w eek .
I n c . S I 1 ,2 9 0 ,3 0 0
D ec.
1 1 1 ,8 0 0
In c.
7 1 ,1 0 0
In c.
3 0 6 ,9 0 0
In c.
6 ,2 7 3 ,1 0 0

D ec.
In c.

S i l l , 1 3 0 ,2 0 0

2 4 .1 0 %

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:
a n d

O O M B IN E D

T r u s t

C o m p a n ie s

in

N e w

Y o r k

C it y .—

R E SU L T S O F B A N K S A N D T R U S T C O M P A N IE S
G R E A T E R N E W Y O R K . _____________________

IN

S

Loans and
Investments.

Demand
D e p o s its .

$
6 .1 4 8 .6 3 7 .6 0 0
6 .2 2 2 .6 4 0 .8 0 0
6 ,2 2 5 ,3 6 4 ,7 0 0
6 .1 5 7 .8 5 0 .6 0 0
6 .1 5 2 .3 5 4 .0 0 0
0 ,1 9 6 .3 3 4 ,1 0 0
6 . 1 0 6 .2 9 1 .8 0 0
6 .0 3 3 .2 8 7 .0 0 0
5 .9 6 5 .2 5 4 .4 0 0
5 .9 6 5 .2 5 4 .4 0 0
5 ,9 1 1 ,5 2 3 ,1 0 0
5 .9 7 7 .5 4 7 .4 0 0

4 ,9 5 9 ,0 3 6 .0 0 0
4 .9 5 3 .3 8 8 .9 0 0
4 .9 9 5 .6 2 6 .9 0 0
5 , 0 1 1 .3 3 0 ,8 0 0
5 .9 9 7 .7 0 1 .6 0 0
5 ,0 5 6 .0 2 9 ,2 0 0
5 .0 3 2 .6 2 9 .9 0 0
4 .9 9 8 .9 1 2 .4 0 0
4 .9 5 7 .9 0 3 .6 0 0
4 . 9 5 7 .9 0 3 .6 0 0
4 , 8 9 3 ,7 1 8 ,7 0 0
4 .9 7 7 .6 3 3 .4 0 0

$

S
6 7 0 ,7 6 1 ,9 0 0
6 8 9 .5 9 8 .4 0 0
6 9 9 ,0 9 3 ,8 0 0
6 9 8 .8 1 2 .6 0 0
6 8 7 .7 2 6 .6 0 0
7 1 9 .9 0 8 .1 0 0
7 0 8 .1 0 2 .1 0 0
6 9 6 ,7 3 8 ,0 0 0
6 9 8 .9 3 2 .4 0 0
6 9 8 .2 8 8 .4 0 0
6 7 3 ,8 7 0 .7 0 0
7 0 0 .8 4 4 ,2 0 0

O ct
4 ----------------O c t . 1 1 -------------- -- ----O c t . 1 8 .............................
O c t . 2 5 ..............................
N ov.
1----------------N ov.
8 ------------------------N o v . 1 5 .............................
N o v . 2 2 .............................
N o v . 2 9 .............................
D ec.
6 . . ........... ............
D o c . 1 3 .............................
D e c . 2 0 ----------------* T h i s it o m I n c lu d e s g o l d , s ilv e r , le g a l t e n d e r s , n a t io n a l b a n k n o t e s a n d F e d e r a l
R eserve
N e w

n otes.
Y o r k

C ity

S ta te

B a n k s

a n d

T r u s t

C o m p a n ie s .—

In addition to the returns of “ State banks and trust com­
panies in New York City not in the Clearing H ou se," furnished
by the State Banking. Department, the Department also
presents a statement covering all the institutions of this
class in the City of New York.
.
.
For definitions and rules under which the various items
are mado up, see “ Chronicle,” V . 98, p. 1601.
The provisions of the law governing the reserve require­
ments of State banking institutions as amended M a y 22
1<)17 were published in the “ Chronicle” M a y 19 1917 (V . 104,
p*. 1975).
*

STATE

BANKS

AND

TRUST

C O M P A N IE S

C a p ita 1as o f J u n o 3 0 .
S u r p lu s a s o f J u n e 3 0 .
L oan s A In v estm en ts.
S p e c i e -------------- ------------C u rre n c y & b k . n otes
D e p o sits w ith th e F
r . B ank o f N . Y .

Deposits...----- . . . .
R e se rv e o n d e p o s it s . .
P . c .r e s e r v e t o d e p

D ec. 20.
1919.

D iff e r e n c e s fr o m
p r e v io u s w ee k .

2 5 ,0 0 0 ,0 0 0
4 5 ,7 0 8 ,3 0 0
0 8 1 .8 8 4 ,4 0 0 I n c .
7 ,1 0 9 ,0 0 0 D e c .
3 3 ,2 4 4 ,2 0 0 I n c .
7 1 ,1 1 8 ,1 0 0
8 5 9 ,3 3 0 ,2 0 0
1 2 9 ,7 0 1 ,8 0 0
2 0 .9 %

NEW

YORK

C IT Y .

T r u s t C o m p a n ie s .

S ta te B a n k s .
W eek en d ed D e c . 2 0 .

IN

D ec. 20.
1919.

D if f e r e n c e s fr o m
p r e v io u s w ee k .

1 0 5 ,5 5 0 ,0 0 0
1 7 5 ,5 4 8 ,4 0 0
4 ,6 9 0 ,4 0 0 2 , 1 4 8 ,0 4 1 ,4 0 0 I n c . 4 9 ,3 8 2 ,8 0 0
1 5 ,7 0 0
1 1 ,5 3 6 ,5 0 0 I n c .
9 1 ,7 0 0
7 1 7 ,9 0 0
2 4 ,8 2 8 ,0 0 0 I n c .
1 ,6 0 3 ,2 0 0

In c.
4 ,4 5 4 ,2 0 0
2 2 6 ,7 4 1 ,7 0 0
I n c . 2 9 ,0 3 2 ,0 0 0 2 , 2 4 4 ,7 8 8 ,5 0 0
In c.
5 ,4 1 4 ,6 0 0
3 1 3 ,5 6 5 ,1 0 0
In c.
0 . 8 % _________ 1 8 .1 %

In c.
In c.
In c.
In c.

1 1 ,0 1 8 ,9 0 0
8 0 ,1 1 0 ,1 0 0
1 2 ,5 4 0 ,2 0 0
0 .5 %

N a t'l
Bank
C ircu ­
la tio n

N et
T im e
D e­
p o s it s .

1 ,5 0 0

T o t a l . .............. .

3 ,4 0 0

6 ,1 0 8

6 9 ,1 2 0

1 ,7 3 4

8 ,3 8 2

5 5 ,6 6 3

100

440
1 ,2 1 7
289
267

3 ,0 7 3
1 3 ,6 4 9
7 ,4 2 8
6 ,1 5 7

378i
1 ,4 5 5

2 ,9 4 4
1 4 ,5 5 8
7 ,4 2 8

583

179
1 ,2 0 6
587
371

2 ,2 1 4

3 0 ,3 0 7

3 ,2 8 2

2 ,3 4 3

3 0 ,9 5 2

1 ,0 4 8
465

8 ,6 7 2
8 ,1 9 1

543
230

329
330

6 ,5 8 8
3 ,6 7 0

1 ,5 1 3

1 6 ,8 6 3

1 0 ,2 5 8

5 ,5 8 1

9 ,8 3 6 1 1 6 ,2 9 0
+ 18

5 ,7 8 9
— 257

1 1 ,3 8 4
+ 711

* 9 6 ,8 7 3

591

+ 2 .2 S0

1 3 ,6 0 2
— 239

1 1 6 ,2 7 2
1 1 3 ,9 3 0
1 1 3 ,7 1 1
1 1 3 ,7 1 9

6 ,0 4 6
5 ,7 9 1
5 ,4 5 1
5 .4 7 3

1 0 .6 7 3
1 0 ,6 4 4
1 0 ,8 1 0
1 1 .0 0 4

9 4 ,5 9 3
9 2 ,0 5 3
9 1 ,3 4 5
9 0 .2 5 5

13.S 41
1 3 ,9 0 1
1 4 ,3 4 2
1 4 .2 7 6

590
589
558
559

200
600
500

200
400

7 ,3 0 8

State Banks
N o t M e m b e r s o f the
F ed e ra l R eserv e B a nk
B a n k o f W a s h H ts .
C o l o n i a l B a n k ------I n t e r n a t io n a l B a n k
N o r t h S id e , B k l y n

600
500

200

T o t a l ____________

866

395
320

6 ,022

Trust Companies
N o t M e m b e r s o f the
F ed e ra l R eserv e B a nk
H a m i l t o n T r .B k l n
M e c h T r ,B a y o n n e

500

200

T o ta l.
5 ,5 0 0
G r a n s a g g r e g a t e ..
C o m p a r i s o n p r e v io u s w e e k
C .r 'd
G r 'd
G r’d
G r’d

aggr,
aggr,
aggr,
aggr.

D e c . 13
D ec.
"
N o v . 29
N o v . 22

5 .5 0 0
5 .5 0 0
5 .5 0 0
5 .5 0 0

9 .8 3 6
9 .8 3 6
9 .7 1 7
9 .7 1 7

1 ,0 9 0
4 ,4 9 1

+

1

* U . S . d e p o s it s d e d u c t e d , S l , 6 3 8 , 0 0 0 .
B il ls p a y a b l e , r e d is c o u n t s , a c c e p t a n c e s a n d o t h e r li a b ili t ie s , $ 6 ,5 6 8 ,0 0 0 .
E x c e s s r e s e r v e , $ 2 5 1 ,2 7 0 in c r e a s e .
B o s t o n
C l e a r i n g H o u s e B a n k s . — W e give below a sum­
mary showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON

C L E A R IN G

*Total Cash
Reserve in
in Vault.
Depositaries.
$
1 3 3 ,1 8 3 ,6 0 0
1 3 6 .3 0 2 .2 0 0
1 3 5 .2 6 0 .2 0 0
1 3 6 .7 5 1 .7 0 0
1 3 6 .4 2 1 .7 0 0
1 3 4 .3 8 5 .2 0 0
1 4 1 .4 5 6 .7 0 0
1 3 9 ,2 8 8 ,4 0 0
1 3 9 .4 7 1 .3 0 0
1 4 2 .6 1 6 .3 0 0
1 4 6 .1 2 6 .2 0 0
1 4 4 ,3 2 8 ,5 0 0

N et
R e serv e
D em a n d
w ith
D e­
L eg a l
D e p o s i­ p o s it s .
to r ie s .

C a sh
in
V a u lt.

B a tte ry P ark N a t.
M u t u a l B a n k ---------N e w N e t h e r la n d ..
W R G ra ce & G o ’s
Y o r k v llle B a n k —
F ir s t N B .J e r C i t y

HOUSE

D ec. 20

Ws*k Ended—

;

N et
C a p ita l. P r o fits
C L E A R IN G
N O N -M E M B E R S
N a t .b k s .N o v .1 7
Week ending S t a t c b k s .N o v l 2
T r . c o s . N o v . 12
Dec. 20 1919.

H o u s e .—

B a n k s

3419

THE CHRONICLE

. 2 7 1 9 1 9 .]

e c

1919.
3 ,8 1 2 ,0 0 0
C i r c u l a t i o n ------- -------------------------L o a n s , d l s c ’ ts & I n v e s t m e n t s . 5 9 0 .7 1 2 .0 0 0
I n d i v i d u a l d e p o s it s , l n c l . U . S . 4 4 5 .2 8 8 .0 0 0
D u e t o b a n k s ___________________ 1 1 8 .4 7 8 .0 0 0
T i m e d e p o s i t s ------------------------------ 1 7 .1 6 3 .0 0 0
U n i t e d S t a t e s d e p o s i t s * ---------- 2 4 .0 8 9 .0 0 0
E x c h a n g e s f o r C le a r . H o u s e . . 2 5 .2 0 2 .0 0 0
6 6 .9 1 3 .0 0 0
D u e f r o m o t h e r b a n k s ........... ..
C a s h In b a n k & In F . R . B a n k 7 2 .2 4 6 .0 0 0
R e s e r v e e x c e s s In b a n k a n d
2 4 .5 6 6 .0 0 0
F e d e r a l R e s e r v e B a n k -------

M EM BERS.

C h a n g es fr o m
p r e v io u s w ee k .

D ec. 6.
1919.

D ec. 13.
1919.

$
$
$
3 ,7 7 4 ,0 0 0
In c.
2 8 ,0 0 0
3 ,7 8 4 ,0 0 0
In c.
9 ,6 9 7 ,0 0 0 5 8 1 ,0 1 5 ,0 0 0 5 7 3 ,7 7 0 .0 0 0
D e c . 8 ,8 4 8 ,0 0 0 4 5 4 ,1 3 6 ,0 0 0 4 5 2 ,5 9 4 ,0 0 0
In c.
4 ,7 2 6 ,0 0 0 1 1 3 ,7 5 2 .0 0 0 1 1 4 ,9 7 3 ,0 0 0
1 5 ,6 4 4 ,0 0 0
1 6 ,7 5 7 ,0 0 0
In c.
4 0 6 ,0 0 0
1 8 ,0 8 7 .0 0 0
1 3 ,3 1 1 ,0 0 0
I n c . 1 0 ,7 7 8 .0 0 0
3 5 8 ,0 0 0 2 4 ,8 4 4 ,0 0 0 2 3 ,4 0 2 ,0 0 0
In c.
2 ,6 9 8 ,0 0 0 6 4 ,2 1 5 ,0 0 0 6 2 ,4 2 1 .0 0 0
In c.
7 6 .6 3 7 ,0 0 0
D e c . 1 ,3 1 4 ,0 0 0 7 3 ,5 6 0 ,0 0 0
D ec.

6 0 8 ,0 0 0

2 5 ,1 7 4 ,0 0 0

2 9 .9 9 3 .0 0 0

* F o r m e r ly in c l u d e d u n d e r t h e h e a d o f “ I n d i v i d u a l D e p o s i t s . "
P h i l a d e l p h i a B a n k s . — The Philadelphia Clearing House
statement for the week ending Oct._ 3 with comparative
figures for the two weeks preceding, is as follows. Reserve
requirements for members of the Federal Reserve system
are 1 0 % on demand deposits and 3 % on time deposits, all
to be kept with the Federal Reserve Bank. “ Cash in
vaults” is not a part of legal reserve. For trust companies
not members of the Federal Reserve system the reserve
required is 1 5 % on demand deposits and includes “ Reserve
with legal depositaries” and “ Cash in vaults.”
W e e k en d in g D e c . 1 3 1 9 1 9 .
T w o c ip h e r s (0 0 ) o m itt e d .

C a p i t a l ------------------------S u r p lu s a n d p r o f i t s . .
L o a n s , d la c ’ ts A l n v e s l m ’ is
E x c h a n g e s f o r C le a r . H o u s e
D u e f r o m b a n k s ------------------B a n k d e p o s i t s ----------------------I n d i v id u a l d e p o s L -s ................
T i m e d e p o s i t s ------------------T o t a l d e p o s i t s -----------------U . S . d e p o s it s ( n o t in c l u d e d )
R e s ’ v e w it h F e d . R o s . B a n k
R e s 'v e w it h le g a l d e p o s l t ’ s .
C a s h In v a u l t * --------------------T o t a l reserve A cash h e ld .
R e s e r v e r e q u i r e d ----------------E x c e s s r e s . A c a s h In v a u l t .

M em bers o f
F A .S y s t e m
$ 3 0 ,6 7 5 ,0
8 4 ,4 2 7 ,0
7 4 6 ,0 1 4 ,0
2 7 ,1 0 0 ,0
1 2 9 ,6 6 2 ,0
1 4 1 ,6 8 4 ,0
5 0 9 ,0 4 5 ,0
6 ,0 0 2 ,0
6 5 6 ,7 3 1 ,0

T r u st
C os
$ 3 ,0 0 0 ,0
8 ,1 4 5 ,0
3 0 ,6 3 1 ,0
6 6 4 ,0
1 8 ,0
2 9 7 ,0
2 0 ,1 9 1 ,0
2 0 ,4 8 8 ,0

5 2 ,4 0 4 ,0
1 5 ,3 5 6 ,0
6 7 ,7 6 0 ,0
4 9 ,5 7 6 ,0
1 8 ,1 8 4 ,0

2 ,6 2 8 ,0
1 ,0 1 1 ,0
3 ,6 3 9 ,0
2 ,9 7 0 ,0
6 6 9 ,0

D ec. 6 .
1919.

N o v . 29
1919.

T o ta l.
$ 3 3 ,6 7 5 ,0
9 2 ,5 7 2 ,0
7 7 6 ,6 4 5 ,0
2 7 ,7 6 4 ,0
1 2 9 ,6 8 0 ,0
1 4 1 ,9 8 1 ,0
5 2 9 ,2 3 6 ,0
6 ,0 0 2 ,0
6 7 7 ,2 1 9 ,0
3 0 ,5 2 1 ,0
5 2 ,4 0 4 ,0
2 ,6 2 8 ,0
1 6 ,3 6 7 ,0
7 1 ,3 9 9 ,0
5 2 ,5 4 6 ,0
1 8 ,8 5 3 ,0

$ 3 3 ,6 7 5 ,0
9 2 ,6 7 4 ,0
7 7 0 ,9 3 4 .0
2 8 ,3 0 9 ,0
1 2 2 ,8 8 8 ,0
1 4 3 ,1 7 8 ,0
5 4 1 ,1 2 8 ,0
5 ,9 9 4 .0
6 9 0 ,3 0 0 ,0
1 3 ,0 4 0 ,0
5 0 ,8 1 4 ,0
2 ,4 6 7 ,0
1 5 ,8 7 8 ,0
6 9 ,1 5 9 ,0
5 4 ,4 9 5 ,0
1 4 ,6 6 4 ,0

$ 3 3 ,6 7 5 ,0
9 2 ,9 3 1 , 0
7 7 1 ,4 1 5 ,0
2 7 ,4 1 4 ,0
1 2 4 ,7 0 2 ,0
1 4 3 ,3 5 2 ,0
5 4 1 ,3 1 3 ,0
6 ,0 2 1 , 0
6 9 0 ,6 8 6 , 0
1 8 .4 S 4 .0
5 6 ,7 3 7 ,0
2 ,6 8 0 , 0
1 5 ,0 6 0 ,0
7 4 ,4 7 7 ,0
5 4 ,4 4 5 ,0
2 0 ,0 3 2 , 0

• C a s h In v a u l t Is n o t c o u n t e d a s r e s e r v e f o r F e d e r a l R e s e r v e b a n k m e m b e r s

B a n k s o f t h e F e d e r a l R e s e r v e S y s t e m . — Following is tho weekly statement issued by the Federal Reserve
giving the principal items of the resources and liabilities of the Member Banks. Definitions of the differen items
statement were given in the statement of Deo. 1 4 1 9 1 7 , published in the “ Chroniole” Deo. 2 9 1 9 1 7 , page 2 5 2 3 .

M e m b e r
B o a rd
in

th e

.-riT K M E N T SH O W IN G PRINCIPAL RESOURCE AND L IA B IL IT Y ITEMS OF MEMBER BANKS LOCATED IN C ENTRAL RESERVE
SELECTED CITIES AS AT CLOSE OF BUSINESS DEC. 12 1919.

Largo accumulation of demand deposits preparatory to the payment of
income and excess profits taxes due on Dec. 15: also reduction in the banks'
net holdings o f Government securities and war paper, chiefly o f Treasury
certificates are indicated by the Federal Reserve Board s weekly statement
nf condition on Dec. 12 of 796 member banks in leading cities. Other
loans and investments, including loans secured by stocks and bonds, show
a more than commensurate increase.
United States bonds on hand deciined 2.2 millions and Victory Notes
A a millions, while the reduction in Treasury certificates was 69.3 millions.
Liquidation o f tho week o f 7.5 millions of war paper (exclusive of redis­
counts). is reported, practically the entire amount being shown for banks
outside o f New York City. On the other hand, loans secured by stocks
and bonds wont up 44.3 millions, of which 35.9 millions was in Now York,
and all other loans and investments increased about 60 miilions.




AND OTHER

Net withdrawals of 119.1 millions o f Government deposits and additions
of 2 0 0 .3 millions to other demand deposits (net) are shown for the week,
whilo time deposits went up about 13 millions. Reserve balances with
Federal Reserve banks show a decline of 3.8 millions for aU reporting banks
and of 17.5 millions for New York City banks alone, while cash in vault
decreased 2.4 millions.
Accommodation by the Federal Reserve banks, as measured by the total
of the reporting banks’ collateral notes and rediscounted paper, shows an
increase of 36.1 millions for the week. Rediscounts, largely of ordinary
commercial paper, continue to increase, while collateral notes show a decline,
the reason apparently being that in most banks 15-day paper no longer
carries a preferential rate. The statement shows for the first time a classi­
fication of bills payable and of rediscounts according to whether or not
they are secured by Government war obligations. All but 5.3 millions

2420

THE CHRONICLE

ordinary commercial paper.

The gross amount o f war paper held by the '

wlt,n ld48,d miIiions the week before.

1

—— ? ^ ta for all reporting banks In each district.

Three ciphers (000) omitted.
Number of reporting banks_______
U. S. bonds to secure circulation__
Other TJ. S., incl. Liberty bonds__
TJ. S. Victory notes____
TJ. S. certificates of indebtedness__

[Vol . 109

Three ciphers (000) omitted.

Boston. New York Philadel. Cleveland Rlchm'd. Atlanta. Chicago.
St. Louis. Mlnneap Kan. City Dallas. San Fran.
Total.
46
112
56
90
82
47
oo
107
3
35
43
796
61
813,536 S48.887 $11,097 $41,841 §26,271 $14,015
S20.873 $17,153
$7,120 $14,467 $19,573 $35,017 $269,850
14,336 275,440
29,556
63,282
36^341
28,697
53,099
14,794
10,322
25,107
2 0 ,6 8 8
57,066
628,728
7,744 103,132
12,930
26,987
12,904
9,045
45,930
5,348
3,376
7,546
4,100
251,624
12,582
45,941 324,934
43,531
60,273
28,719
38,185 117,332
13,034
17,946
20,468
21,331
61,028
792,722
$81,557 $752,393 $97,114 $192,383 $104,235 $89,942 $237,234
$50,329 $38,764 $67,588 $65,692 $165,693 $1,942,924

Total TJ. S. securities_________
Loans and investments, exclusive of
bills rediscounted with F. R.
and other banks:
Loans sec. by TJ. S. war obligat’n.
39,454 528,199
Loans sec. by stocks and bonds. 200,950 1,430,330
All other loans and investments. 666,797 3,282,980
Reserve balances with F. R. Bank.
84,696 677,355
Cash in vault
26,520 132,605
Net demand deposits________
806,688 5.099,590
Time deposits.
128,964 393,898
Government deposits...
22,840 114,606
Bills payable with F. R. Bank:
Sec. by TJ. S. war obligations___
34,880 458,054
All other_____
Bills rediscounted with F. R. Bank:
Sec. by TJ. S. war obligations___
56,767 144,443
All other________
33,185 135,906

105,168
215,032
486,520
62,087
19,576
674,581
22,234
17,100

89,111
350,165
794,301
91,741
35,632
837,166
326,453
2 2 ,211

37,554
115,668
341,332
40,908
17,361
371,828
96,687
10,851

80,929

90,959

52,637

76,730
12,177

9,677
39,290

10,252
11,551

24,515
93,340
52,321 468,890
351,794 1,361,089
35,365 192,857
14,032
72,093
297,969 1,415,244
120,172 553,391
14,304
38,427
45,240
505

94,903

3,150
28,192

7,865
86,624

30,417
154,142
309,416
43,382
12,388
352,307
110,757
10,497

15,052
30,823
249,601
23,600
9,101
244,222
59,597
8,169

20,223
72,563
463,262
49,202
16,103
474,487
83,692
8,863

7,469
29,897
210,544
28,216
11,769
234,160
35,187
12,335

30,072
128,281
729,061
73,020
26,378
596,047
352,641
15,759

1,020,574
3,249,062
9,246,697
1,402,429
393,558
11,404,289
2,283,673
295,962

18,506
750

13,358
100

28,043
3,670

13,175
215

41,030
100

971,714
5,340

4,290
24,158

2,128
34,287

4,187
31,612

73
4,852

2,642
19,765

322,204
461,599

Data for Banks In Federal Reserve Bank and Branch Cities and All Other Reporting Banks.

Three ciphers (000) omitted.

New York..

Number ot reporting banks_____
TJ. S. bonds to secure circulation.
Other U. S. bonds, incl. Lib. bds.
U. S. Victory notes___________
TJ. S. certificates of indebtedness.

Dec. 12.
71
$39,190
245,387
90,903
305,172

Dec. 5.
71
$39,062
245,917
93,183
338,423

Total U. S. securities_________
Loans and investments, excl. of 680,652 716,585
bills rediscounted with F. R.
and other banks:
Loans sec. by TJ. S. war oblig.
Loans sec. by stocks and bonds. 498,321 498,373
All other loans and investments 1,292,134 1.256,169
Reserve balances with F. R. bank 2,922,888 2,903,600
Cash in vault_________________
637,966 655,473
Net demand deposits__________
118,772 119,883
Time deposits________________ 4,659,045 4,578,006
Government deposits__________
310,148 305,433
Bills payable with F. R. Bank:
107,797 163,046
Secured by TJ. S. war obligat’ns 415,069 416,234
All other___________________
Bills rediscounted with F. R. B’k:
Secured by U. S. war obligat’ns 138,605 140,348
All other___________________
124,155 100,378
Ratio of TJ. S. war securities and
war paper to total loans and
investments, per cent________
21.1
21.9

All Other
All F.R.Bank Cities F. R. Branch Cities Reporting
Banks.
Total.
Dec. 12. Dec. 5. Dec. 12. Dec. 5. Dec. 12. Dec. 5. Dec. 12.
Dec. 5.
June 13.
50
276
276
178
178
342
342
796
796
771
$1,438 $102,036 $102,009 $66,611
$66,413 $101,203 $101,003 $269,850 $269,425 $268,566
18,239 365,715 369,274
132,557 128,275 129,543
628,728
631,374
636,292
22,244 143,814 148,612 134,738
56,093
55,244
51,717
52,609
251,624
424,665
256,465
61,575 516,396 567,647 164,024 174,906
112,302 119,464
792,722
862,017 1,422,736
103,496 1,127,961 1,187,542 421,466 429,120
393,497 402,619 1,942,924 2,019,281 2,752,259

Chicago.
Dec. 12.
50
$1,438
18,256
21,213
52,539
93,446
66,672
373,488
782,600
132,118
42,917
955,428
251,940
21,155
43,041
3,447
75,131

Dec. 5.

68,988 791,435 798,849 118,445 119,947
110,694 109,311 1,020,574 1,028,107 1,400,052
369,595 2,414,757 2,367,889 420,838 417,228
770,445 5,842,846 5,800,927 1,690,131 1,680,319 413,467 419,728 3,249,062 3,204,845
1,713,720
1,705,441 9,246,697 9,186,687 }20789 472
129,277 1,036,069 1,056,660 186,452 178,225
179,908 171,308 1,402,429 1,406,193 1,257,523
42,737 233,583 232,160
66,301
68,228
93,674
95,599
393,558
395,987
374,450
944,723 8,032,007 7,918,022 1,606,613 1,559,823
250,855 1,125,621 1,116,456 607,512 604,279 1,764,669 1,726,149 11,404,289 11,203,994 10,587,030
550,540 549,943 2,283,673 2,270,678 1,729,575
31,925 215,836 309,917
42,340
52,296
37,786
52,850
295,962
415,063
945,738
49,959 648,441 647,480 208,129 215,192
115,144 117,514
971,714
980,186 11,119,496
750
4,085
3,252
505
940
5,340
4,942 /
5,030 282,462 278,141
20,033
21,391
19,709
20,638
322,204
320,170 | 274,187
57,147 335,138 293,912
75,184
76,856
51,277
48,660
461,599
419,428
13.0

12.1

17.9

18.6

17.9

—

Large reduction in the holdings o f war paper in connection with the re­
demption of tax certificates due on Dec. 15. accompanied by a commen­
surate decrease in net deposits, also the usual Christmas expansion or
Federal Reserve note circulation are indicated in the Federal Reserve
Board's weekly bank statement issued as at close o f business on Dec. 19

18.2

15.3

15.6

17.4

18.0

uy mo r euerai reserve Lsoara on Deo. 19:

26.0

CCTt!ficates^suert8 tnr?Cn^5i ^ ^ v 1d?? d a,.toSethor tho amount of temporary
lcat i»lssu 11 ° . 0 Now York Bank to cover advances to tho Governm r^T«>-^< n” *C?i ect i0n 2 ^ funds from depositary institutions.
denosite—'S-W
mfninn«S whileott,
u bo|deposits,
?t 25, millions,
andforeign
members'
reserve
deposits-—84.4 millions,
other
including
Oovprnmpnt
as°t he'r e s u f t ^ r f * ' Thc Cloat" carrled by the banks, apparently
f ? *f*e result
large, check payments received on Government account
decHne b F r A 1 5 m i iH n n /r k i° f P7. / milIions- whi'e npt deposits show a
millions a id F i?Ui
F (leral<Ref ef.ve note circulation went up 81.5
show a nnmin Vicelt
n ° ,e circulation 1 .5 millions. Gold reserves
m Zon7 S
A p
}vhil° <:otal cash reserves show a reduction of 5.5
serve* ratio ‘shows a°ri&eVrom °46 to 46.8%<?GP° S*t lla b U itie 3 the baDk8' r°*

War paper holdings declined 173.5 millions, while other discounts on
hand went up 29.2 millions. Acceptance holdings show an increase for the
week of 24.7 millions, the total on hand— 566.3 millions— setting a new
high record. War paper holdings o f the Chicago and Dallas banks include
28.1 millions o f paper discounted for other F. R. banks, as against 15.9
millions the week before, while acceptances held by these two and six other
banks are inclusive of 136.2 millions of bankers’ bills purchased from the
New York and Boston banks. An increase o f 30.3 millions in Treasury

The figures for the system as a whole are given in the following table,and in addition we present the results for seven preceding
weeks, together with those of corresponding week of last year. The second table shows the resources and liabilities separately
for each of the twelve banks The Federal Reserve Agents Accounts (third table following) gives details regarding transactions
in Federal Reserve notes between the Comptroller and Reserve Agents and between the latter and Federal Reserve banks
C

o m b in e d

R

e s o u r c e s

a n d

L

ia b il it ie s

o f

t h e

F

e d e r a l

R

e s e r v e

B

a n k s

a t

t h e

C

l o s e

o f

B

u s in e s s

D

e c

19 1919.

Dec. 19 1919 Dec. 12 1919 Dec. 5 1919 Nov. 28 1919 Nov. 21 1919 Nov. 14 1919 Nov. 7 1919 Oct. 31 1919
Dec. 20 1918.
RESOURCES.
$
$
$
$
$
$
$
$
$
Gold coin and certificates_____________ 241.325.000 243.148.000 234.622.000 235,348,006 248.012.000
248.601.000 244.836.000 254.027.000 335.141.000
Gold settlement fund, F. R. Board_____ 399.935.000 404.066.000 428.812.000 440.286.000 444.547.000 440.078.000
444.126.000 461.369.000
137.717.000 140.910.000 132.935.000 135.696.000 142.195.000 146.176.000 429.429.000
5,829,000
127.165.000 129,923.000
778.977.000 788.124.000 796.369.000 811.330.000 834.754.000 834.855.000 801,430.000
828.076.000 802,339,000
Gold with Federal Reserve agents______ 1.201,654,000 1,188.343,000 1,172,191,000 1,148.724,000 1.166,086.000 1,194,319,000
1.205.576.000 1,194,228,000
115.182.000 119.821.000 118.704.000 133.687.000 118.475.000 104.086.000 1,207,275,000
82,421,000
110,860,000 104,348,000
Total gold reserves__ ____ _________ 2,095,813,000 2,096,288,000 2,087,264,000 2,093,641,000
2,133.260.000
2,078,988,000
2,119,565,000
2,138,000,000
Legal tender notes, sliver, <fcc________ _
59,098,000
64.117,000
66,831,000
6 6 ,02 0 .0 0 0
67,657,000
66,846,000
54,636,000
67.804,000
67,592,000
Total reserves_____________________ 2,154,911,000 2,160,405,000 2,154,095,000 2.159,666,000
2,200,106.000
2.187,369,000 2,205,592,000 2,133,624,000
Bills discounted:
Secured by Govt, war obligations____ 1,414,950,000 1,588,417,000 1,603,313,000 1,736,033,000 1,673,890,000 1,700,618,000
1.771.028.000 1,681.082,000 1,299,524,000
580.162.000 550.999.000 504.795.000 478.176.000
439.000,000
447,465.000 306,778,000
566.266.000 541.651.000 514.219.000 495.595.000 480.043,000 455,653,000 418.461,000
433,586,0uu 394,355,000 340,765,000
Total bills on hand_________________ 2,561,378,000 2,680,967,000 2,622,327,000 2,709,804,000
2,595,271,000 2,623,075,000 2,522,902,000 1,947,067,000
TJ. 8 . Government bonds_____________
26,847.000
26,846,000
26,848,000
26,848,000
26.846,000
28,850,000
26,846,000
26,845,000
U. S. Victory Notes_____________
54,000
54.000
54,000
57,000
57,000
79,000
84,000
84,000
TJ. 8 . certificates of Indebtedness______ 303,558,000 273,219,000 283,853,000 288,032,000 285,341,000
278,538,000 273,199,000 274,325,000 *325,073,000
All other earning assets_________
16,000
Total earning a ssets.....___ _______ 2,891,836,000 2,981,087,000 2,933,082,000 3,024,741,000 2,916,925,000
2,900.734,000
2,301,006,000
2,923,204,000
2,824,156,000
Bank premises______________
12,986,000
12,985,000
12,896,000
12,878,000
12,278,000
12,266,000
1 2 ,2 2 2 .000
13,357,000
Gold in transit or In custody "fn" foreign
countries_____________
Uncollected items and other deductions
from gross deposits________
1,000,288.000 1,023.574,000 917,936,000 855,795,000 826,831,000
5% redemp fund agst. F. R. bank notes ’ 13,333,000
12,96 L000
12,696,000
12,671,000
13.038.000
5,880,000
13,009,000
13,408,000
13.333.000
All other resources______________
6 ,Gu9,000
8.040.000
10,071,000
20,793,000
8,225,000
7,869,000
Total resources________________
6,224,604.000 6,169,241,000 6,041,396,000 6,230,041,000 6,137,641,000 6,159,760,000 6,081,606,000 5,939.344.000 5,288,134,000
LIABILITIES.
Capital paid In______________________
87.049.000
87,002,000
86.973.000
87.001.000
86.885.000
86,769,000
80,585,000
86,267,000
86,013,000
Surplus____________________________
81.087.000
81.087.000
81.087.000
81.087.000
81,087,000
1,134,000
81,087,000
81,087.000
39.798.000
98.157.000 102.805.000
38,693,000
77,912,000
63.687,000 100,465,000
Due to members, reserve account______ 1,733,013,000
1,837.540.000 1,863,379,000 1,906,867,000 1,833.481,000 1,642,444,000
Deferred availability items____________ 848.607.000
811.204.000 842,047,000 739,384,000 693.766,000 588.755.000
Other deposits, incl. for. Govt, credits.. 105.069.000 103,488,000
94,133,000
98,798,000
95.539.000
98,494.000
07,750,000
97,843,000 106.689.000
Total gross deposits________________ 2.751.148.000 2.769.951.000 2,681,820,000 2.902.825.000
F. R. notes in actual circulation_______ 2.988.894.000 2.907.435.000 2,881.359,000 2.852.277.000 2.847.088.000 2.881.832.000 2.807.688.000 2.725.555.000 2.376.581.000
F. R. bank notes in circulation—net liab. 259,975,000 258,444.000 257.480.000 256,793.000 2.817.173.000 2.808.456.000 2.806.759.000 2.752.876.000 2.663.701.000
267,680,000 257.281,000 257,572,000 254,933,000 111,909,000
All other liabilities___________________
56,451,000
62.677,000
60,058,000
47.628,000
54,224,000
44.335,000
38,880,000
42,233.000
• Includes One-Year Treasury Notes.




---------------------------

j,*ou,u*i,uuu 0,137,541.000 5,159,760,000 3.081,606.000 5,939.344,000 5,288,134,000

D

e c

THE CHRONICLE

. 2 7 1 9 1 9 .]
Dec.

Dec.

19 1 9 1 9 . D ec. 12 1 9 1 9 .

R a tio o f g o ld reserves t o n e t d ep osit and

4 5 .6 %

R a tio o f to ta l reserves t o n e t d ep osit and
R a tio o f t o ta l reserves to F . R . n ote s in
c ircu lation a fte r settin g aside 3 5 %
a g a in st n e t d ep o sit lia b ilities-----------------

4 4 .7 %

5

1919.

Nov. 28

1919.

Nov.

3421
21 19 19 .

Nov.

14 19 1 9 .

Nov.

7

Oct.

1919.

1919. D ec. 20 1918.

31

4 5 .0 %

4 4 .2 %

4 5 .4 %

4 5 .7 %

4 5 .3 %

4 6 .3 %

5 2 .6 %

4 6 .9 %

4 7 .1 %

4 6 .8 %

4 7 .9 %

5 0 .6 %

5 4 .7 %

5 5 .2 %

5 4 .6 %

5 6 .6 %

5 9 .7 %

4 6 .8 %

4 6 .0 %

4 6 .4 %

4 5 .5 %

5 3 .2 %

5 2 .8 %

5 3 .7 %

5 2 .5 %

$
$
S
S
$
$
$
$
$
8 3 .5 7 7 .0 0 0 \ 1 1 8 5 0 0 6 0 0 0
Distribution bv Maturities—
7 6 .6 7 1 .0 0 0
1 0 2 ,4 3 1 ,0 0 0
9 4 .2 3 0 .0 0 0
8 9 .0 0 3 .0 0 0
8 2 .5 6 2 .0 0 0
7 8 .4 7 2 .0 0 0
1 2 3 ,2 4 8 ,0 0 0
1 - 1 5 d a y s b ills b o u g h t In o p e n m a r k e t ..
1 ,5 1 8 ,1 6 9 ,0 0 0 1 ,5 6 8 ,7 3 9 ,0 0 0 1 ,7 2 3 ,8 3 3 .0 0 0 1 ,7 7 0 ,5 2 1 ,0 0 0
1
,5
8
2
,6
9
0
,0
0
0
1
,4
7
6
,0
8
5
,0
0
0
1
,4
9
0
,8
9
7
,0
0
0
1 - 1 5 d a y s b ills d is c o u n te d ------------------------- 1 ,3 2 8 ,0 5 9 ,0 0 0
2 0 .0 6 7 .0 0 0 1 2 1 8 ,0 6 9 ,0 0 0
2 1 .0 6 6 .0 0 0
2 1 ,7 6 0 .0 0 0
2 7 .6 1 4 .0 0 0
3 0 .2 3 5 .0 0 0
2 9 .0 7 5 .0 0 0
2 2 .1 5 8 .0 0 0
4 8 ,5 7 8 ,0 0 0
3 ,0 0 0
1 - 1 5 d a y s U . S . c e r t if. o f In d e b te d n e s s ..
1 -1 5 d a y s m u n ic ip a l w a rra n ts____________
9 0 ,7 4 0 ,0 0 0 \ 1 7 0 ,1 0 7 ,0 0 0
9 9 .4 3 2 .0 0 0
9 1 .4 7 1 .0 0 0
8
7
.9
7
1
.0
0
0
8
5
,6
9
0
"5
6
6
1
1
6
,6
6
2
,6
6
6
1 2 8 ,9 8 7 ,6 6 6
f o e , 2 1 9 ",5 6 6
1 6 -3 0 d a y s b ills b o u g h t In o p en m a r k e t ..
1 0 3 ,4 1 8 ,0 0 0
1
1
9
,9
5
5
,0
0
0
1
4
9
,4
5
6
,0
0
0
1
2
2
,6
2
8
,0
0
0
1 3 5 ,6 4 2 ,0 0 0
1 2 5 ,0 6 5 ,0 0 0
1 1 6 ,1 1 3 ,0 0 0
1 3 4 ,6 4 3 ,0 0 0
1 ,1 8 4 ,0 0 0
1 6 -3 0 d a y s b ills d is c o u n te d ------------------------6 ,4 9 9 ,0 0 0 1
1 0 .9 9 8 .0 0 0
1 2 .4 9 9 .0 0 0
1 5 .6 8 1 .0 0 0
1 3 ,0 1 2 ,0 0 0
1 3 ,2 4 2 ,0 0 0
9 ,2 2 1 ,0 0 0
2 ,0 7 2 ,0 0 0
1 0 ,0 0 0
1 6 -3 0 d a y s U . S . c e r tif. o f in d e b t e d n e s s ..
\
4
3
6 ,3 9 5 ,0 0 0
1 6 -3 0 d a y s m u n ic ip a l w a r r a n ts ------------------1
5
9
.5
3
6
.0
0
0
1
7
6
.9
4
5
.0
0
0
1
8
0
,6
6
6
,0
0
0
1 8 6 ,0 2 1 ,0 0 0
2 6 1 , 297",66 6
1 8 5 ,8 0 2 ,6 6 6
1 8 7 ,0 6 8 ,6 6 6
1 8 8 ,8 3 0 ",6 6 6
3 1 -6 0 d a y s b ills b o u g h t in o p en m a r k e t ..
1 4 3 .9 4 3 .0 0 0
1 4 4 .5 8 5 .0 0 0
1 8 4 .5 7 8 .0 0 0
2
7
3
.1
4
5
.0
0
0
2
9
3
.7
8
9
.0
0
0
2
9
8
.6
0
0
.0
0
0
3 2 2 ,1 2 8 .0 0 0
3 6 2 .0 9 1 .0 0 0
6 9 9 ,0 0 0
2 3 .4 9 7 .0 0 0 1
3 1 -6 0 d a y s b ills d is c o u n te d .............................
2 2 ,5 0 7 ,0 0 0
2 2 .3 4 3 ,0 0 0
1 8 ,2 9 9 ,0 0 0
1 4 ,1 5 8 ,0 0 0
8 ,4 5 4 ,0 0 0
6 ,2 2 1 ,0 0 0
6 ,5 5 1 ,0 0 0
3 1 -6 0 d a y s U . S . c e r tif. o f in d e b t e d n e s s ..
3 1 -6 0 d a y s m u n ic ip a l w a rra n ts------------------6 1 -9 0 d a y s b ills b o u g h t In o p en m a r k e t ..
6 1 -9 0 d a y s U . S . c e r tif. o f in d e b te d n e ss. 6 1 -9 0 d a y s m u n ic ip a l w a r r a n ts -----------------O v e r 9 0 d a y s b ills b o u g h t in o pen m ark et
O v e r 9 0 d a y s bills d is c o u n te d --------------------O v e r 9 0 d a y s c e r tif. o f In d eb te d n ess-------O v e r 9 0 d a y s m u n ic ip a l w a r r a n t s ------------

1 4 7 ,9 6 9 ’,6 6 6
1 5 1 .4 6 5 .0 0 0
9 ,0 2 9 ,0 0 0

1 4 7 .0 2 4 ',6 6 6
1 9 1 ,4 5 1 ,0 0 0
8 ,6 3 0 ,0 0 0

1 2 9 ,1 9 3 * 6 6 6
1 8 9 .6 3 4 .0 0 0
6 ,2 8 9 ,0 0 0

.........................

.........................

.........................

1 8 ,8 5 4 ,6 6 6
2 3 7 ,6 5 8 ,0 0 0

1 8 ,8 2 7 ,0 0 0
2 2 6 ,6 5 9 ,0 0 0

1 8 ,7 2 4 ,0 0 0
2 2 6 ,7 9 3 ,0 0 0

11 7,33 9*,6 56
1 8 3 .4 4 8 .0 0 0
1 7 ,3 2 4 ,0 0 0

1 1 1 ,8 2 1 * 6 6 6
1 9 2 .7 4 4 .0 0 0
9 ,0 5 4 ,0 0 0
—

*81,085*,656
2 2 0 .0 2 9 .0 0 0

’ "2 ,2 2 6 ,6 5 6
1 8 .6 4 0 ,0 0 0
2 1 3 ,3 0 3 ,0 0 0

1 7 ,9 5 1 ,0 0 0
2 1 4 ,6 9 3 ,0 0 0

1 6 ,8 1 6 ,0 0 0
2 1 5 ,2 2 1 ,0 0 0

*8*0*,*4*61*.665
1 8 6 .5 6 1 .0 0 0
5 ,5 1 7 ,0 0 0

"6 0 ,5 0 2 ",6 6 6 \ 1 3 1 ,6 6 6 ",6 6 0
9 9 .0 1 7 .0 0 0 l
7 ,9 0 0 ,0 0 0
1 2 .6 5 5 .0 0 0

7 7 ,0 0 0
1 4 ,5 5 5 ,0 0 0
2 1 3 ,1 1 1 ,0 0 0

\
"1 1 ,6 4 8 * 6 6 6
2 1 1 ,6 0 7 ,0 0 0 1

2 4 ,4 1 0 ,0 0 0
9 7 ,2 2 1 ,0 0 0
3 ,0 0 0

Federal Reserve Notes—

2 ,8 1 5 ,4 5 0 ,0 0 0
3 ,0 3 6 ,6 9 0 .0 0 0 3 ,0 0 0 ,8 6 7 ,0 0 0 2 ,9 5 8 ,7 0 0 ,0 0 0
3 ,2 2 0 ,5 6 0 ,0 0 0 3 ,1 4 8 ,7 4 0 .0 0 0 3 ,1 0 8 ,3 7 7 ,0 0 0 3 .0 5 9 ,6 5 2 ,0 0 0 3 ,0 3 1 ,4 9 2 ,0 0 0
1 5 1 ,7 4 9 ,0 0 0
2 0 5 ,8 2 4 ,0 0 0
1 9 4 ,1 0 8 ,0 0 0
2 2 8 ,2 3 4 ,0 0 0
2 1 4 ,3 1 9 ,0 0 0
2 0 7 ,3 7 5 ,0 0 0
2 2 7 ,0 1 8 .0 0 0
2 3 1 ,6 6 6 ,0 0 0
2 4 1 ,3 0 5 ,0 0 0
2 ,6 6 3 ,7 0 1 ,0 0 0
2
,7
5
2
,8
7
6
,0
0
0
2
,8
0
6
,7
5
9
,0
0
0
2 ,9 8 8 ,8 9 4 ,0 0 0 2 .9 0 7 ,4 3 5 ,0 0 0 2 ,8 8 1 ,3 5 9 ,0 0 0 2 ,8 5 2 ,2 7 7 ,0 0 0 2 ,8 1 7 ,1 7 3 ,0 0 0 2 ,8 0 8 ,4 5 6 ,0 0 0

Fed. Res. Notes (Agents Accounts)—

5 .6 6 5 .3 8 0 .0 0 0 5 ,6 2 0 ,1 8 0 ,0 0 0 3 ,8 1 3 ,2 0 0 ,0 0 0
6 ,0 0 0 ,2 6 0 ,0 0 0 5 .9 2 9 .7 8 0 .0 0 0 5 .8 6 9 .7 8 0 .0 0 0 5 .8 1 0 .5 0 0 .0 0 0 5 .7 7 4 .2 8 0 .0 0 0 5 .7 4 6 .2 8 0 .0 0 0
7 1 0 ,2 2 5 ,0 0 0
2 .2 8 1 .8 6 4 .0 0 0 2 ,2 4 1 ,8 9 2 ,0 0 0
2 ,4 5 4 ,9 7 2 ,0 0 0 2 .4 3 1 .6 6 7 .0 0 0 2 .4 0 4 .8 4 1 .0 0 0 2 .3 7 9 .0 8 5 .0 0 0 2 .3 5 0 .9 3 5 .0 0 0 2 .3 1 4 .9 6 8 .0 0 0

R e c e iv e d fr o m th e C o m p tr o lle r ......................

A m o u n t ch a rg ea ble t o F e d . R e s . agen t
In b a n d s o f F e d e ra l R e s e r v e A g e n t -----------Issu ed t o F e d e ra l R e s e r v e b a n k s------------

3 ,3 8 3 ,5 1 6 ,0 0 0 3 ,3 7 8 ,2 8 8 ,0 0 0 3 ,1 0 2 ,9 7 5 ,0 0 0
3 ,5 4 5 ,2 8 8 ,0 0 0 3 ,4 9 8 ,1 1 3 ,0 0 0 3 ,4 6 4 ,9 3 9 ,0 0 0 3 ,4 3 1 ,4 1 5 ,0 0 0 3 ,4 2 3 ,3 4 5 ,0 0 0 3 ,4 3 1 ,3 1 2 ,0 0 0
2 8 7 ,5 2 5 ,0 0 0
4 1 9 ,5 8 8 ,0 0 0
3 8 2 ,6 4 ^ ,0 0 0
3 9 4 ,6 2 2 ,0 0 0
3 9 1 ,8 5 3 ,0 0 0
3 7 1 ,7 6 3 ,0 0 0
3 4 9 ,3 7 3 ,0 0 0
3 5 6 ,5 6 2 ,0 0 0
3 2 4 ,7 2 8 ,0 0 0
3 ,0 0 0 ,8 6 7 ,0 0 0 2 ,9 5 8 ,7 0 0 ,0 0 0 2 ,8 1 5 ,4 5 0 ,0 0 0
3 ,2 2 0 ,5 6 0 ,0 0 0 3 ,1 4 8 ,7 4 0 ,0 0 0 3 ,1 0 8 ,3 7 7 ,0 0 0 3 ,0 5 9 ,6 5 2 ,0 0 0 3 .0 3 1 ,4 9 2 ,0 0 0 3 ,0 3 6 ,6 9 0 ,0 0 0

2 4 6 .3 2 7 .0 0 0
2 4 2 .2 4 9 .0 0 0
2 3 8 .2 4 8 .0 0 0
2 3 8 .2 4 8 .0 0 0
2 3 6 ,2 4 8 .0 0 0
2 3 6 .2 4 8 .0 0 0
2 4 4 .8 4 8 .0 0 0
2 4 9 .6 4 8 .0 0 0
2 4 4 .6 4 8 .0 0 0
B y go ld coin a n d c ertific a tes----------------------1 ,7 5 3 ,1 2 4 ,6 6 0 1 ,6 2 1 ,2 2 2 ", 000
B y la w fu l m o n e y --------------------------------------------1
,7
9
3
,5
9
2
*
6
6
6
1,842*,3
7
l",6
5c
1
,8
6
5
,4
0
6
,6
5
c
2,018",906",666 1 ,9 6 6 ,3 9 7 ,6 6 6 1 ,9 3 6 ,1 8 6 ,5 6 6 1 ,9 1 6 ,9 2 8 ",6 6 c
7 9 ,0 7 4 ,0 0 0
8 3 ,6 6 8 ,0 0 0
B y eligible p a p e r--------------------------------------------9 3 ,3 6 8 ,0 0 0
1 0 5 .2 6 7 .0 0 0
98 .8 2 1 .0 0 C
9 0 ,4 8 9 ,0 0 0
9 9 ,4 6 1 ,0 0 0
9 8 ,1 5 8 ,0 0 0
1 1 0 ,00 0,00 0
8 6 8 .8 2 7 .0 0 0
2 4 2 .2 4 9 .0 0 0
G o ld red em p tio n fu n d ---------------------------------8 7 5 .6 5 9 .0 0 0
8 5 0 .8 0 4 .0 0 0
8 3 1 ,017.00C
8 5 3 .0 0 6 .0 0 0
8 1 3 .0 1 5 .0 0 0
8 2 4 .3 8 5 .0 0 0
8 4 7 .0 0 6 .0 0 0

How Secured—

3 ,0 0 0 ,8 6 7 ,0 0 0 2 ,9 5 8 ,7 0 0 ,0 0 0 2 ,8 1 5 ,4 5 0 ,0 0 0
3 ,2 2 0 ,5 6 0 ,0 0 0 3 ,1 4 8 ,7 4 0 ,0 0 0 3 ,1 0 8 ,3 7 7 ,0 0 0 3 ,0 5 9 ,6 5 2 ,0 0 0 3 .0 3 1.492.00C 3 ,0 3 6 ,6 9 0 ,0 0 0
2 ,5 3 0 ,7 8 1 ,0 0 0 2 ,4 2 7 .1 2 5 ,0 0 0
2 ,4 9 4 .0 3 4 ,00C 2 .6 1 5 ,6 4 6 ,0 0 0 2 ,5 3 6 ,0 6 8 ,0 0 0 1 2 ,6 1 8 ,5 3 0 ,00( 2 .5 1 9 .6 6 0 .0 0 C 2 ,5 0 9 ,3 6 0 .0 0 0
W EEKLY

1 ,9 1 3 .4 0 4 ,0 0 0

S T A T E M E N T O F R E S O U R C E S A N D L I A B I L I T I E S O F E A C H O F T H E 12 F E D E R A L R E S E R V E B A N K S A T C L O S E O F B U S I N E S S D E C . 19 1919

Two ciphers

(00 )

Boston.

omitted.

New York.

Phlla.

G o ld coin an d c ertific a tes-----------G o ld S e ttle m e n t F u n d , F . R . B d
G o ld w ith F o re ig n A g e n c ie s ----------

S
8 ,2 0 3 ,0
3 8 .5 6 7 .0
1 0 .0 5 3 .0

$
1 5 6 ,2 4 9 ,0
8 7 .6 9 2 .0
5 0 .5 4 2 .0

S
1 0 .3 8 7 .0
2 9 .9 3 9 .0
1 1 .2 9 3 .0

S
2 .4 0 3 .0
3 1 ,9 8 7 ,0
6 .7 4 9 .0

T o t a l g o ld held b y b a n k s -----------G o ld w ith F e d e ra l R e s e r v e agents
G o ld red em p tio n f u n d . — ........... —

5 6 .8 2 3 .0
7 1 .9 3 0 .0
2 3 .3 1 7 .0

2 9 4 .4 8 3 .0
2 8 8 .7 5 1 .0
2 4 ,8 7 3 ,0

4 2 .6 0 5 .0 5 1 ,6 1 9 ,0
7 9 .4 5 8 .0 1 1 6 ,9 2 5 ,0
1 5 .0 3 0 .0
5 7 4 ,0

4 1 .1 3 9 .0
4 2 .0 3 1 .0
1 0 .0 6 5 .0

RESOURCES.

Kan.City.

Dallas.

San Fran.

Total.

Chicago. St. Louis.

11 inneap.

S
2 4 .0 7 0 .0
6 8 .1 1 8 .0
1 6 ,3 8 8 ,0

$
2 .8 5 3 .0
1 3 ,9 0 9 ,0
6 .4 7 3 .0

S
8 .2 8 5 .0
6 .1 8 3 .0
3 .7 1 8 .0

1 6 6 ,0
2 0 ,4 3 0 ,0
6 ,6 1 0 ,0

S
6 .6 7 9 .0
1 5 ,3 9 7 ,0
3 .5 8 1 .0

3 6 .2 4 8 .0 1 0 8 .5 7 6 .0
6 0 .5 8 5 .0 2 5 1 .2 0 2 .0
1 3 ,4 7 3 ,0
6 ,5 5 9 ,0

2 3 .2 3 5 .0
6 5 .2 5 8 .0
4 ,6 1 6 ,0

1 8 ,1 8 6 ,0
3 4 ,2 7 5 ,0
1 ,6 7 1 ,0

2 7 .2 0 6 .0
3 9 .9 7 7 .0
3 ,9 6 1 ,0

7 7 8 .9 7 7 .0
2 5 .6 5 7 .0 5 3 ,2 0 0 ,0
2 6 .4 5 1 .0 1 2 4 ,8 1 1 ,0 1 ,2 0 1 ,6 5 4 ,0
8 ,1 6 2 ,0
1 1 5 .1 8 2 .0
2 ,8 8 1 ,0

5 4 ,1 3 2 ,0
5 2 ,0

7 1 ,1 4 4 ,0
3 4 8 ,0

5 4 ,9 8 9 ,0 1 8 6 ,1 7 3 ,0 2 ,0 9 5 , 8 1 3 ,0
3 2 7 ,0
5 9 ,0 9 8 ,0
1 ,2 4 2 ,0

Cleveland. Richmond Atlanta.

$
1 ,1 9 2 ,0
3 0 .3 9 6 .0
1 1 .0 1 7 .0

S
8 ,2 8 8 ,0
2 3 ,0 0 2 ,0
4 ,9 5 8 ,0

%

$
2 4 1 .3 2 5 .0
3 9 9 .9 3 5 .0
1 3 7 .7 1 7 .0

*
1 2 .5 5 0 .0
3 4 .3 1 5 .0
6 ,3 3 5 ,0

T o t a l go ld rese rv es---------- ------------- 1 5 2 ,0 7 0 ,0
3 ,7 2 5 ,0
L e g a l ten d e r n o te s , s ilv e r, & o -------

6 0 8 ,1 0 7 ,0 1 3 7 ,0 9 3 ,0 1 6 9 ,1 1 8 ,0
5 4 4 ,0
4 6 ,2 6 9 ,0
6 6 8 ,0

9 3 ,2 3 5 ,0 1 0 3 ,3 9 2 ,0 3 7 3 ,2 5 1 ,0
2 ,1 4 0 ,0
1 ,0 3 8 ,0
1 8 6 ,0

9 3 ,1 0 9 ,0
2 ,5 5 9 ,0

1 5 5 ,7 9 5 ,0
B lU s d isc o u n te d : Secured b y G o v ­
ern m e n t w ar oblig a tio n s ( a ) . 1 3 4 ,3 2 4 ,0
4 9 .5 5 9 .0
A ll o th e r ..................................... - - - ­
B ills b o u g h t In o p en m a rk e t ( b ) . 1 4 .4 1 2 .0

6 5 4 ,3 7 6 ,0 1 3 7 ,6 3 7 ,0 1 6 9 ,7 8 6 ,0

9 3 ,4 2 1 ,0 1 0 4 ,4 3 0 ,0 3 7 5 ,3 9 1 ,0

9 5 ,6 6 8 ,0

5 4 ,1 8 4 ,0

7 1 ,4 9 2 ,0

5 6 ,2 3 1 ,0 1 8 6 ,5 0 0 ,0 2 ,1 5 4 , 9 1 1 ,0

6 1 .8 4 3 .0 1 3 5 .7 1 5 .0
3 1 .1 7 3 .0 1 0 7 .9 8 4 .0
1 7 .1 2 8 .0 1 0 5 .9 1 7 .0

4 3 .5 0 1 .0
2 7 .6 2 1 .0
3 7 .1 1 2 .0

2 3 .2 0 4 .0
4 4 .4 6 5 .0
1 5 .3 8 4 .0

3 9 .3 2 1 .0
4 5 .9 9 8 .0
2 0 .2 9 7 .0

4 1 .1 0 7 .0
1 1 .3 0 8 .0
8 ,2 7 7 ,0

5 1 5 .0 3 5 .0 1 7 7 ,6 5 5 ,0 1 1 2 ,2 5 4 ,0
1 4 3 .5 3 7 .0 2 7 ,1 5 4 ,0 4 3 .9 5 1 .0
1 7 9 .3 8 2 .0
4 ,7 0 4 ,0 5 6 .8 6 7 .0

8 9 .4 0 6 .0
1 9 .1 7 9 .0
1 4 .3 9 4 .0

4 1 .5 8 5 .0 1 ,4 1 4 ,9 5 0 ,0
5 8 0 .1 6 2 .0
2 8 .2 3 3 .0
5 6 6 .2 6 6 .0
9 2 .3 9 2 .0

T o t a l b ills o n h a n d ........................... 1 9 8 ,2 9 5 ,0
5 3 9 ,0
U . 8 . G o v e r n m e n t b o n d s -----------U 8 . G o v e r n m e n t V ic to r y bon d s
U . S . certificates o f in debted n ess 2 1 ,5 9 8 ,0

1 0 8 ,2 3 4 ,0
8 3 7 ,9 5 4 .0 2 0 9 ,5 1 3 ,0 2 1 3 ,0 7 2 ,0 1 2 2 ,9 7 9 ,0 1 1 0 ,1 4 4 ,0 3 4 9 ,6 1 6 ,0
1 ,1 5 3 ,0
4 ,4 7 7 ,0
3 7 5 ,0
1 ,2 3 5 ,0
1 ,2 5 7 ,0
1 ,3 8 5 ,0
8 4 4 ,0
4 ,0
5 0 ,0
1
7 ,3 0 9 ,0
3
9
,8
8
5
,0
1
5
,6
6
6
,0
9 7 ,4 9 3 ,0 3 1 ,1 3 4 ,0 2 5 ,1 3 1 ,0 1 2 ,2 6 0 ,0

8 3 ,0 5 3 ,0 1 0 5 ,6 1 6 ,0
1 1 6 ,0
8 ,8 6 7 ,0
1 3 ,8 9 9 ,0

6 0 ,6 9 2 .0 1 6 2 ,2 1 0 ,0 2 ,5 6 1 , 3 7 8 ,0
2 6 ,8 4 6 ,0
2 ,6 3 2 ,0
3 ,9 6 6 ,0
5 4 ,0
3 0 3 ,5 5 8 ,0
1 1 ,4 6 3 ,0
9 ,1 4 5 ,0

T o t a l ea rn in g a sse ts--------------------- 2 2 0 ,4 3 2 ,0
1 ,0 9 1 ,0

9 3 6 ,7 5 4 ,0 2 4 2 ,0 3 2 ,0 2 3 9 ,0 4 7 ,0 1 3 6 ,4 7 4 ,0 1 2 6 ,1 8 9 ,0 3 9 3 ,9 7 8 ,0 1 2 6 ,6 9 6 ,0
6 9 1 ,0
2 ,9 3 6 ,0
5 1 5 ,0
5 0 8 ,0
3 ,9 9 4 ,0
5 0 0 ,0
8 9 0 ,0

9 1 ,7 4 4 ,0 1 2 8 ,3 8 2 ,0
4 6 2 ,0
6 0 0 ,0

7 3 ,8 0 3 ,0 1 7 6 ,3 0 5 ,0 2 ,8 9 1 , 8 3 6 ,0
1 2 ,9 8 6 ,0
4 0 0 ,0
3 9 9 ,0

U n co llec ted ite m s an d o th e r de­
d u c tio n s fr o m gross d e p o s its. .
5%
red em p tio n
fu n d
again st
F ed eral R e se rv e b ank n o tes —
A ll o th e r resou rces---------------- ----------

9 5 ,6 9 7 ,0

2 5 4 ,7 8 6 ,0

9 0 ,1 9 2 ,0

9 6 ,0 7 1 ,0

9 1 ,5 3 8 ,0

5 1 ,9 1 1 ,0 1 5 1 ,2 9 4 ,0

7 8 ,9 1 5 ,0

8 ,5 7 5 ,0

2 8 ,8 2 1 ,0

8 9 ,3 0 6 ,0

5 5 ,8 5 6 ,0

5 1 8 .0
1 2 6 .0

9 5 7 .0
5 4 0 .0

5 5 4 .0
3 0 3 .0

5 5 ,8 3 7 ,0 1 ,1 4 0 ,2 2 4 ,0
6 6 5 .0
4 1 4 .0

1 3 .3 3 3 .0
1 1 .3 1 4 .0

1 7 5 ,9 9 3 .0 2 9 1 ,1 3 9 ,0 1 8 7 ,1 4 6 ,0 4 2 0 .1 2 1 .0
1 ,8 5 4 ,1 1 9 ,0 4 7 7 ,6 3 8 ,0 5 0 7 .6 2 6 .0 3 2 3 ,1 2 3 ,0 2 8 4 ,1 3 2 ,0 9 2 6 .3 5 6 .0 3 0 2 ,8 2 8 ,0
T o t a l resou rces___________________ 4 7 4 .3 8 3 .0
LIABILITIES.
5 .4 8 7 .0
3 .4 1 7 .0
4 .0 0 7 .0
3 .0 7 4 .0
4 .0 6 0 .0
1 2 .3 4 7 .0
3 .4 1 8 .0
2 2 .3 8 6 .0
7 .8 7 5 .0
4 .3 9 2 .0
9 .4 8 2 .0
7 .1 0 4 .0
3 .9 5 7 .0
2 .0 2 9 .0
4 .5 7 8 .0
C a p ita l paid In---------------------------------2 .3 2 0 .0
2 .5 8 9 .0
9 .7 1 0 .0
2 .8 0 5 .0
3 2 .9 2 2 .0
5 .3 1 1 .0
3 .8 0 0 .0
5 .8 6 0 .0
5 .2 0 6 .0
S u r p l u s ......... ............................................
2
.4
4
9
.0
7
.9
8
3
.0
1 .4 8 0 .0
2
.0
8
8
.0
2
.9
3
2
.0
2 .7 3 5 .0
8 .7 0 5 .0
5 .9 0 4 .0
6 3 0 ,0
5 .9 9 1 .0
3 .4 0 0 .0
2 0 ,1 6 2 ,0
G o v e r n m e n t d e p o s its __________ - 6 5 .9 0 9 .0 5 0 .6 9 0 .0 7 7 .2 0 2 .0 5 8 .9 6 1 .0 1 1 2 .2 7 9 .0
2
4
0
.5
6
3
.0
5
6
.9
7
8
.0
9
4
.9
3
0
.0
6
8
1
,6
1
0
,0
5
9
.9
5
4
.0
1
2
2
.9
0
7
.0
D u o to m e m b e r s, reserve ac cou n t 1 1 1 .0 3 0 .0
6
9
.3
9
0
.0
2
6
,6 0 0 ,0
3
4
.0
8
9
.0
1
9
.0
8
5
.0
5
8
.3
6
8
.0
1
0
4
.3
2
8
.0
1 8 8 ,8 2 4 ,0 9 0 .7 7 1 .0 7 3 ,1 7 3 ,0 8 3 .6 1 0 .0 3 8 .0 5 7 .0
D e ferred a v a ila bility Ite m s------------ 6 2 ,3 1 2 ,0
1 1 ,9 4 3 ,0
3 .7 9 2 .0
2 .0 9 3 .0
2 ,7 0 0 ,0
3 .9 8 4 .0
1 1 .3 2 2 .0
2 .8 9 1 .0
4 3 .9 3 5 .0
6 .4 9 3 .0
3 .6 2 2 .0
6 .3 8 6 .0
5 .9 0 8 .0
A ll o th e r d e p o sits-----------------------------1 5 8 .3 6 7 .0 9 7 .5 9 2 .0 1 5 2 .3 0 2 .0
9 1 4 .9 9 9 .0 1 9 8 .0 9 8 .0 2 0 5 .8 6 6 .0 1 5 3 .1 7 7 .0 1 0 6 .6 3 1 .0 3 5 8 .9 4 8 .0 1 3 1 .1 9 3 .0 7 4 .5 6 3 .0
T o t a l gross d e p o s its--------------------- 1 9 9 .4 1 2 .0
8 6 .1 6 4 .0 1 0 2 .8 0 7 .0 7 2 .4 0 2 .0 2 4 2 .0 4 1 .0
8 0 6 .6 1 5 .0 2 3 3 .2 4 1 .0 2 6 0 .1 8 8 .0 1 4 7 .4 2 7 .0 1 5 3 .9 2 0 .0 4 9 8 .1 7 4 .0 1 4 7 .7 0 4 .0
p R . n o tes in a c tu a l c ir c u la tio n , 2 3 8 .2 1 1 .0
p " R . b a n k n otes in circulation
1 9 ,3 1 5 ,0
1 0 .2 9 2 .0 1 1 ,7 0 3 ,0
8 .0 9 3 .0
5 5 .4 2 5 .0 2 8 ,9 1 1 ,0 2 2 ,2 2 0 ,0 1 2 ,0 6 8 ,0 1 5 ,2 0 6 ,0 4 0 ,7 1 8 ,0 1 5 ,3 8 0 ,0
2 0 ,6 4 4 ,0
'— n et lia b ility .....................................
4 ,0 1 0 ,0
1 .7 7 9 .0
2 , 6 8 6 ,0
1 ,4 1 4 ,0
1 ,9 0 2 ,0
6 ,4 5 9 ,0
2 ,1 5 2 ,0
2 1 .7 7 2 .0
4 ,2 0 2 ,0
2 ,2 5 9 ,0
3 ,8 0 6 ,0
4 ,0 1 0 ,0
A ll o th e r lia b ilities----------------------------

6 .2 2 4 .6 0 4 .0

1 ,0 7 2 ,0
2 9 6 ,0

2 .9 2 2 .0
1 .2 8 7 .0

1 .4 7 5 .0
5 .8 0 2 .0

1 ,2 0 4 ,0
6 2 8 ,0

5 8 7 .0
5 9 5 .0

9 3 9 .0
1 4 8 .0

1 ,9 6 4 ,0
7 9 3 ,0

4 7 6 .0
3 8 2 .0

8 7 .0 4 9 .0
8 1 .0 8 7 .0
6 4 .4 5 9 .0
1 .7 3 3 .0 1 3 .0
8 4 8 .6 0 7 .0
1 0 5 .0 6 9 .0
2 .7 5 1 . 1 4 8 .0
2 .9 8 8 .8 9 4 .0
2 5 9 ,9 7 5 ,0
5 6 ,4 5 1 ,0

6 ,2 2 4 ,6 0 4 ,0
2 8 4 ,1 3 2 ,0 9 2 6 ,3 5 6 ,0 3 0 2 ,8 2 8 ,0 1 7 5 ,9 9 3 ,0 2 9 1 ,1 3 9 ,0 1 8 7 ,1 4 6 ,0 4 2 0 ,1 2 1 ,0
T o t a l lla p llltle s------------------------------ 4 7 4 ,3 8 3 ,0 1 ,8 5 4 ,1 1 9 ,0 4 7 7 ,6 3 8 ,0 5 0 7 ,6 2 6 ,0 3 2 3 ,1 2 3 ,0
C o n tin g e n t lia o lllty a s endor scr on :
D is c o u n te d p a p er rediscounted
2 8 ,1 0 0 ,0
7 ,0 0 0 ,0
2 1 , 1 0 0 ,0
w ith o tu e r F . R . b a n k s ---------B a n k ers' a c ce p ta n ce s sold to
7 0 ,5 3 6 ,0
7 0 ,5 3 6 ,0
(a) In c lu d es b ills d iscou n ted for
2 8 ,1 0 0 .0
_____
2 0 ,0 0 0 ,0
8 , 1 0 0 ,0
othor F . R . b a n k s, v i z . - - - - - - (5 ) In c lu d es bank ers’ acceptances b o u g h t ft o m o th e r F R .b a n k s
7 0 ,5 3 6 ,0
1 0 ,0 8 1 ,
..........
5 .0 6 5 .0
1
9
,9
3
8
,0
2
5
.3
0
7
.0
5
.0
6
5
.C
5 ,0 8 0 ,0
W it h their e n d o rsem e n t-----------6 5 ,6 6 3 ,0
6 .5 6 6 ,( )|
______ 1 0 ,005 ,C
1 .3 0 1 .0
9 ,8 8 3 ,0
2 3 .0 0 8 .0
______
1 4 .9 0 0 .0

Memoranda—

S T A T E M E N T O F F E D E R A L R E S E R V E A G E N T S A C C O U N T S A T C L O S E O F B U S I N E S S D E C . 19 1 9 1 9 .

Two ciphers

(0 0 )

omitted.

Boston.

New York.

Phlla.

Cleveland. Richmond Atlanta.

Chicago. St. Louis. Mlnneap. Kan.City.

Dallas.

San Fran.

Total.

f
$
$
S
S
$
S
S
S
$
$
S
S
Fedoral R e se rv e n otes:
2 9 4 ,0 0 0 ,0 8 2 3 .0 8 0 .0 2 9 3 ,0 0 0 ,0 1 4 9 ,4 8 0 ,0 2 0 1 ,1 6 0 ,0 1 3 8 ,7 8 0 ,0 3 9 5 .7 4 0 .0 6 .0 0 0 , 2 6 0 ,0
R e c e iv e d fr o m C o m p t r o l l e r ... 4 7 5 .9 8 0 .0 1 ,9 4 9 ,4 2 0 ,0 5 1 0 .7 8 0 .0 4 6 8 .4 4 0 .0 3 0 0 .4 0 0 .0
9 0 ,8 9 5 ,0 2 8 2 .0 2 3 .0 1 0 9 ,7 4 8 ,0 5 4 ,8 9 9 ,0 8 5 ,3 4 6 ,0 4 7 ,8 6 0 ,0 1 2 3 .9 8 5 .0 2 ,4 5 4 ,9 7 2 ,0
1
2
7
.7
3
5
.0
9
3
3
,5
5
7
,0
2
3
8
.0
3
4
.0
1
7
1
.4
0
7
.0
1
8
9
.4
8
3
.0
R e tu r n e d to C o m p tr o lle r ---------2 0 3 ,1 0 5 ,0 5 4 1 ,0 5 7 ,0 1 8 3 ,2 5 2 ,0 9 4 ,5 8 1 ,0 1 1 5 ,8 1 4 ,0 9 0 .9 2 0 .0 2 7 1 ,7 5 5 ,0 3 ,5 4 5 ,2 8 8 ,0
C h a r g e a b le t o F . R . A g e n t -------- 2 8 6 ,4 9 7 ,0 1 ,0 1 5 ,8 6 3 ,0 2 7 2 ,7 4 6 ,0 2 9 7 ,0 3 3 ,0 1 7 2 ,6 6 5 ,0
3 2 4 ,7 2 8 ,0
1 ,1 5 0 ,0
1 4 ,3 0 0 ,0
6 ,9 6 0 ,0
5 ,8 7 0 ,0
1 7 ,8 0 0 ,0
1 5 .2 9 5 .0
1 9 ,2 3 8 ,0 4 3 ,4 5 5 ,0
1 0 6 ,0 0 0 ,0 2 9 ,1 4 0 ,0 2 4 ,5 4 0 ,0
I n h a n d s o f F . R . A g e n t .............. 4 0 ,9 8 0 ,0
Issu ed to F . R . b a n k , less a m t .
return ed to F . R . A g e n t for
2 4 5 .5 1 7 .0
re d e m p tio n :
C o lla t 'l sec u rity for o u ts t ’ g n otes:
G o ld coin an d c tf s . o n h a n d —
1 6 ,9 3 0 ,0
G o ld r ed em p tio n fu n d -------------G o ld S e t’ m ’ t F u n d , F . R . B ’ d . 5 5 ,0 0 0 ,0
E llg lb lo p a p e r, m in ’ m required 1 7 3 .5 8 7 .0
T o t a l .................................................. 2 4 5 ,5 1 7 ,0
A m o u n t o f eligible paper d e liv ­
ered to F . R . A g e n t --------------------- 1 9 8 .2 9 5 .0
F . r . n otes o u ts ta n d in g — --------- 2 4 5 .5 1 7 .0
7 ,3 0 6 ,0
F . R . n otes held b y b a n k ................
p . R . n o tes In ac tu a l circu lation . 2 3 8 .2 1 1 .0




8 7 .6 2 1 .0 1 0 9 ,9 4 4 ,0

7 5 .6 2 5 .0 2 7 0 .6 0 5 .0 3 .2 2 0 .5 6 0 .0

1 3 .0 5 2 .0
1 ,4 2 3 ,0
1 9 .8 0 0 .0
5 3 .3 4 6 .0

3 6 .3 6 0 .0
6 9 .9 6 7 .0

2 4 4 .6 4 8 .0
8 .8 3 1 .0
1 1 0 ,0 0 0 ,0
5 .1 3 6 .0 20,913*6
8 4 7 .0 0 6 .0
1 2 .4 8 4 .0 1 0 3 .8 9 8 .0
4 9 .1 7 4 .0 1 4 5 .7 9 4 .0 2 .0 1 8 .9 0 6 .0

9 0 9 .8 6 3 ,0 2 4 3 ,6 0 6 ,0 2 7 2 ,4 9 3 ,0 1 5 3 ,4 2 7 ,0 1 5 9 .6 5 0 ,0 5 2 3 ,2 5 7 ,0 1 6 8 ,9 5 2 ,0

8 7 ,6 2 1 ,0 1 0 9 ,9 4 4 ,0

7 5 ,6 2 5 ,0 2 7 0 ,6 0 5 ,0 3 ,2 2 0 ,5 6 0 ,0

8 3 6 .1 5 3 .0 1 7 8 .5 4 4 .0 2 1 0 .8 0 7 .0 1 1 6 .9 0 6 .0 1 0 9 .6 3 4 .0 3 4 9 .4 3 6 .0 1 0 8 .2 3 4 .0
9 0 9 .8 6 3 .0 2 4 3 .6 0 6 .0 2 7 2 .4 9 3 .0 1 5 3 .4 2 7 .0 1 5 9 .6 5 0 .0 5 2 3 .2 5 7 .0 1 6 8 .9 5 2 .0
5 ,7 3 0 ,0 2 5 ,0 8 3 ,0 2 1 ,2 4 8 ,0
6 ,0 0 0 ,0
1 0 3 .2 4 8 .0
1 0 ,3 6 5 ,0
1 2 ,3 0 5 ,0

7 0 .6 0 6 .0 1 0 5 .5 6 1 .0
8 7 .6 2 1 .0 1 0 9 .9 4 4 .0
7 ,1 3 7 ,0
1 ,4 5 7 ,0

6 0 .6 9 3 .0 1 4 9 .1 6 5 .0 2 .4 9 4 .0 3 4 .0
7 5 .6 2 5 .0 2 7 0 .6 0 5 .0 3 .2 2 0 .5 6 0 .0
2 3 1 ,6 6 6 ,0
3 ,2 2 3 ,0 2 8 ,5 6 4 ,0

8 0 6 .6 1 5 .0 2 3 3 ,2 4 1 ,0 2 6 0 ,1 8 8 .0 1 4 7 .4 2 7 ,0 1 5 3 ,9 2 0 .0 4 9 8 ,1 7 4 ,0 1 4 7 ,7 0 4 ,0

8 6 ,1 6 4 ,0 1 0 2 ,8 0 7 .0

7 2 .4 0 2 .0 2 4 2 .0 4 1 ,0 2 .9 9 8 ,8 9 4 ,0

9 0 9 .8 6 3 .0 2 4 3 .6 0 6 .0 2 7 2 .4 9 3 .0 1 5 3 .4 2 7 .0 1 5 9 ,6 5 0 ,0 5 2 3 .2 5 7 .0 1 6 8 .9 5 2 .0
1 8 3 .7 4 0 .0
3 2 .5 2 5 .0
2 ,0 3 1 ,6
1 5 ,0 1 1 ,0
1 4 .4 0 0 .0
1 3 .0 6 9 .0
9 0 ,0 0 0 ,0 6 6 .3 8 9 .0 7 0 ,0 0 0 .0 4 0 ,0 0 0 ,0
6 2 1 .1 1 2 .0 1 6 4 .1 4 8 .0 1 5 5 .5 6 8 .0 1 1 1 .3 9 6 .0

4 ,0 0 0 ,0
2 .5 0 0 .0
9 ,0 5 8 ,0
5 ,3 2 7 ,0
3 .0 8 5 .0
5 5 ,0 0 0 ,0 2 4 2 .1 4 4 .0 5 5 ,9 3 1 ,0
9 9 ,0 6 5 ,0 2 7 2 .0 5 5 .0 1 0 3 .6 9 4 .0

3,61*7*6

2422

THE CHRONICLE
ia u h je r s ’

ni1rrtQ ,

© a le tte .

S ta t e a n d R a ilr o a d B o n d s .— N o sales o f
have been reported a t the Board this w eek.

.

jf
™al1 $freet> Friday N ight, Dec. 2 6 191 9 .
R a ilr o a d a n d M is c e lla n e o u s S t o c k s .— T h e volum e o f
S i ^ n eS+La t th? StOC? ^ Xf!iiari" 0 was a good deal restricted
during the early part of the week b y reason of a beginning
f ^ th e . ^ ar' end feu
p e n ? d and of abnorm ally high rates
for call loans. T h e latter have fluctuated between 7 an d
w V 0r? er d ,mmished d ay b y d a y until and in­
cluding W e d n e sd a y , when it totaled a b o u t 6 0 0 ,0 0 0 shares,
tbe rGeent average and the absence of
f 1 tb ® m arket naturally led to a drop in prices.
The
t o * y . m arket, how ever, shows a decided im p^2I.ei? e n t- N o t only has there been a return to ab ove
normal a c tiv ity , b u t also a substantial recovery in values.
E v id e n tly , underlying factors are exceptionally favorable,
i no result of the week’s operations in the stock m arket
presents a ragged appearance.
O f a list of 3 6 prom inentlv
active issues 2 3 have advanced and 2 are unchanged
G en . M o to r s closes 12 points ab ove the low est of the week
C ruc. Steel 1 0 , C h an . M o to r and M e x . P e t. 9 , A m . L oco 8
and A m . T ob acco 7 .
In com parison w ith the above the
railway list looks uninteresting, b u t more than half the
ae™
features show a n et gain w ithin the w eek.
T h e follow ing sales have occurred this w eek of shares n o t
represented in our detailed list on the pages w hich fo llo w
26.

Par
100

Lowest.

Highest.

S per share.

$ per share.

Lowest.

fractionnlfv w J ' &nd If u Gr' ,^ e t s . and P ° eb Islands are
rractionally higher.
On the other han d, B . R . T . 7s have
the 6St nS n f c \ Po lnl s *9 their previous decline and som e of
n /M n H
r
S - F - lssues> A m e r - T e l- & T e l., S t. Pauls
and M o . Pacifies are nearly a point lower.
B n Y S ^ aro
j ® ° ^ d s -— Sales of G overnm ent bonds a t the
Board are lim ited to the various L iberty Loan issues.
Daily Record of Liberty Loan Prices. Dec.
......
1932-47 (£>w?

F ir s t L ib e r t y L o a n

34*8.15-30 y e a r.

,

“ »«■ «“ * 1 .0 0 0 u n its.1.0. 1.0! !

S e .c o n d L i b e r t y L o a n

f H ig h

4 s, 10-25 y e a r c o n v , 1942 ( L o w .
T o t a l sales In $1 ,0 0 0 u nits
S e c o n d L ib e r ty L o a n

4 s , co n v e rtib le ,1 9 3 2 -4 7

( Low .

f Rlj?h
|Low

44*8 o f 1928

Higlest.

bonds

A te h ? s o n ? 'R nH ° ^ n L - leSS^ nspiP
Cu^ us am ouS ^ e s e are the
a lt- & O bios, C hes. & Ohios, S t. L ouis & S . F .,
Readings, So. Pacifies and R ubbers.

T h ir d L ib e r t y L o a n

Rangesince Jan. 1.

S tate

“ w ket for rai.lway and industrial bonds has been
S
k
m ore ac1tlvo than of la te - bas included a larger
UlTnPon0 lssaos and aIso bas generally been strong.
Of a
q
n i n t mosJ ,actlve issues 12 close w ith a net gain of 1 to

- T o t a l sales in $ 1 ,0 0 0 u n it s !.0. ! 08?

Rangefor Week.

STOCKS.

Week ending Dec.

[V o l . 10 9.

T ° * aJ ! ? le8 ln *1 .0 0 0 u n i t s ! 0 !0! ?

1 b ir d L i b e r t y L o a n .

f R ic h

2(3 Dec.

2'.2Dec.

2!3 Dec. 2 4

Dec.

9 9 . 1<)
9 9 . 1(5 9 9 .0 :3
9 9 .2 0
99.01)
9 9 .0 !)
99.01
9 9 .0 2
99.01)
9 9 .0<)
99.01
9 9 .0 2
18: l
1 ,1 9 !>
571
71 5
9 1 .3f 1 9 1 .5 ( )
91.31
9 1 .3 2
91.312
9 1 .3S!
91.11
9 1 .2 0
9 1 .3 (»
9 1 .3 5 !
9 1 .3(
9 1 .2 8
4 1 !i
2 3 !>
24!
570
93.5C)
93.1C
9 2 .8(
9 2 .8 0
9 3 .2(i
92.8C
9 3 .0 2
9 2 .5 0
9 3 .2 f
9 3 .0 2
9 2 .SC
9 2 .5 0
50
19
24
12 2
9 3 .6 8
9 3 .6 8
9 3 .6 0
9 3 .5 2
9 3 .5 6
9 3 .5 0
9 3 .2 6
9 3 .2 6
9 3 .6 8
9 3 .5 6
9 3 .4 8
9 3 .5 0
1 ,9 3 8
3 ,9 2 5
7 ,0 6 2
5 ,4 3 7
9 3 .6 0
9 3 .2 4
9 3 .6 0
9 3 .2 2
9 3 .3 2
9 3 .1 0
9 2 .8 0
9 3 .1 2
9 3 .6 0
9 3 .2 4
9 3 .1 8
9 3 .2 0
60
51 3
84
70
9 1 .5 2
9 1 .5 2
9 1 .5 0
9 1 .4 0
9 1 .4 2
9 1 .1 2
9 1 .3 6
9 1 .2 0
9 1 .4 4
9 1 .1 6
9 1 .4 8
9 1 .3 8
1 ,8 2 6
3 ,3 1 7
5 ,7 7 9
6 ,6 8 5
9 1 .5 8
9 1 .6 0
9 1 .5 0
9 1 .4 4
9 1 .4 6
9 1 .4 2
9 1 .0 0
9 1 .2 2
9 1 .5 2
9 1 .5 4
9 1 .3 6
9 1 .3 8
3 ,2 7 2
6 ,5 3 8 1 3 ,5 6 8
8 ,0 6 8
1 0 1 .0 0
1 0 0 .9 6
1 0 0 .9 6
66
9 8 .9 8
9 8 .9 8
9 8 .9 0
9 8 .9 6
9 8 .8 6
9 8 .8 4
9 8 .8 2
9 8 .8 8
9 8 .9 6
9 8 .9 0
9 8 .8 6
9 8 .9 2
931
1 .9 8 5
3 ,5 8 3
2 ,6 2 8
9 8 .9 9
9 8 .9 0
9 8 .9 0
9 9 .0 0
9 8 .8 4
9 8 .8 4
9 8 .8 4
9 8 .8 2
9 8 .9 0
9 8 .8 8
9 8 .8 8
9 8 .9 6
9 8 ?°l
75
1 ,9 4 2 '
2 ,4 6 7
89 9

26

9 9 .4 0
9 9 .0 0
9 9 .2 4

528

9 1 .7 0
9 1 .3 0
9 1 .7 0

407

9 3 .0 0
9 2 .6 0
9 2 .5 0

34
9 3 .9 0
9 3 .3 4
9 3 .8 6

4.574

5 per share S per share.
Am Bosch Magneto rts_.
9 3 .2 8
6
D e c 23
6
D e c 23
44*8 o f 1st L L c o n v ,'3 2 -’4 7 ( L o w .
6
Dec
6
Dec
9 3 .1 0
American E xpress...
9 0 M D e c 20 90J* D e c 26 7644 S ept
103
M ay
9 3 .1 6
Amer SnuH pref (new) 100
85
D ec 20 85
D ec 20 80
D ec 99
^ lea ln 11 '° ° 0 u n it s !.0 !0??
J an
42
Amer Teleg A Cable. 100
50
D ec 20 504* D ec 20 50
T h ir d L ib e r ty L o a n
f H ig h
D ec 63
M ay
Ann Arbor, pref_____ 100
9 1 .7 8
21
D e c 26 24 4* D e c 26
44*8 o f 2d L L c o n v . ^ - ^ f L o w .
15
O ct 24 4* D c
A T Secur Corp-.no
9 1 .3 2
6 6 J* D e c 2 0 7 5 4 * D e c 26' 6 5 4 * D e c
754* D ec
Baldwin Locomo pref 100
9 1 .6 4
101
D e c 2 2 10 1 4 * D e c 22! 101
D e c 11 14 * Jun e
F o n r t t ! n ? lD 1 1 'O®0 U nits!.0 !0? ?
Beth Motors rights..
4.574
H D e c 24
F o u r th L ib e r ty L o a n
; H ig h
4* D e c 2 0
4* D e c
1
D ec
Buff Roch A P it t s ...100
9
1 .7 0
50
D e c 26 51
D e c 24 50
44*8 o f 1933-38
( Low ?
D ec 724* Feb
Buff A Susq v t c extd
9 1 .3 2
7 3 H D e c 2 4 7 3 4 * D e c 24 68
S
ep
t
78
Ju n e
Canada Southern____ 166
9 1 .5 6
42
D e c 22 42
D e c 22 42
Dec 48
f . K 8 ln l 1 -000 u n it s !.01? ? ?
M ay
9.430
Chic & E Illinois tr c tfs ..
3
D e c 24
F o u rth , L ib e r ty L o a n
! H ig h
4
D e c 24
3
D ec 13 4* J u ly
1 0 0 .9 6
Preferred trust ctfs.
4 1 * D e c 20
4 4 * s ,ls t L L 2d c o n v ,’ 3 2-47( L ow
7
D ec 26
3 4 * D ec 1 7 4 * J u ly
Consol Textile rights____
1
0
0 .9 6
H D e c 23
4* D e c 2 0
4* D e c
14* D e c
Crex Carpet_________
1 0 0 .9 6
56
D e c 22 5 6
T o t a l sales ln $ 1 ,0 0 0 u n its °
D e c 221 4 8
M ar 79
J u ly
8
Cripple Creek CentrallOO
V
i
c
t
o
r
y
L
i
b
e
r
t
y
L
o
a
n
(H
ig
h
1> * D e c 2 3
5
D e c 20
D ec 20
Apr
9 9 .2 8
Duluth S S & A t la n ..
4 ) * D e c 26
4 4 * 8 c o n v gold n ote s,’2 2 -2 3 ( L o w .
4 4 * D e c 26!
244 D e c
6 4 * J u ly
Preferred................... ioo
9 8 .9 0
, 8
D e c 2 2 10
D e c 26|
5 4 * A p r 11 4* J u ly
Durham Hos’y class B 50
9 9 .1 0
10 0 6 1 H D e c 2 4 6 1 4 * D e c 24 6 1 4 * D e c
T o t a l sale s ln $l,ooo u n its ! . 0 ' 080
614* D ec
Preferred__________ loo
2 ,1 5 3
lOOjlOOH D e c 2 4 1 0 0 4 * D e c 2 4 10 04 * D e c
Y 'o t o r y L i b e r t y L o a n
( H ig h
10 0 4 * D e c
FTsher Body pref_____100
9 9 .1 6
3
4*
s,co
n
v
gold
n
o
te
s,
>22-23
<
L
ow
10 5
D e c 2 2 10 5
D e c 22| 91
F e b 11 0 4 *
O ct
General Chemical___ 100
9 8 .8 6
1 8 5 4 * D e c 2 3 18 6
D e c 23 13 64 * F e b 203
N
o
v
Preferred-----------------loo
9 9 .1 6
T o t a l sale s In $ 1 ,0 0 0 u n its ! . 0?.0.80
9 8 4 * D e c 24 9 9
D e c 24 9 8 4 * D e c 10 8
Feb
Gen Cigar deben pref 100
938
94
D e c 23 9 4
D e c 23 9 0
Dec 101
Aug
Preferred___________ioo
10 0
D e c 2 6 10 0
D e c 26 97
Dec
1
0
6
M
a
y
Gray & Davis Inc.
25
4 7 4 * D e c 24 4 8 4 * D e c 20 46 4 * D ec 53 4* N o v
w e d H n ^ h ^ ^ t ^ f 11^ 6 ’— Substantial recoveries occurred this
Homestake M ining..
71
D e c 22 73
D e c 26 60
O ct 100
Feb
Internat Nickel pref. 100
Tc^ay-s (Sid te.r m g and Continental exchange.
93
D e c 20 93
D ec 20 90
O ct 974* M a y
International Salt___100
f
or i
70
D e c 22 7 0
D ec 22 53
Feb 7 0
D ec
Kelsey Wheel p re f.,.100
c la l .
98
D e c 22 9 9 4 * D e c 23| 8 9
' tauten.
c a b le s .
C om m er____
, 7 n « //a n nni /----. "
A
06
J
an
1
0
0
4
*
O
c
t
3 7 9 4*@ 3 8 0 4 *: s ix tv d n v » I 7 i u
Loft Incorporated.no
d a*ys,
y s , 3 71 #@3
2 5 4 * D e c 23 2 6 J * D e c 22j 2 5 4 * D e c 2 6 4 * D e c
anri if 3 8 0 l i x t y days» 3 7 3 # @ 3 7 4 # ; ninety
Loose-Wiles 1st pref.
99
D e c 22 9 9
D e c 22 9 4 4 *
Jan 1 0 6 4 * Ju n o
Manati Sugar. ......... 100
100137
D e c 24 1 3 7
I 7 9 4 * @ 3 ~ 8 0 4 * “ *Ur P a y m e n t - 3 7 9 4 * @ 3 " 8 0 4 * . a n d g r a i n f o r p a y m e n t
D e c 24) 137
D e c 13 7
D ec
Maxwell Motors ctfs dep 1 .3 0 0 3 1
D e c 2 4 3 3 4 * D e c 2 6 31
D ec 43
Nov
st pref ctfs d e p ...
300 604* D e c 26 624* D e c 20 604* D ec
d l ^ O ^ ^ o w 4 *>arls ° n L o n d o n - 4 0 -5 0 f r . ; w e e k 's r a n g e , 4 0 . 1 5 f r . h i g h a n d
6
9
4
*
N
o
v
,2 4
pref
ctfs
dep
6 0 0 3 0 4 * D e c 24 3 0 4 4 D e c 2 0 3 0
D ec 354* N o v
M St P & S S M pref
2 0 0 92 4 * D e c 24 93 4* D e c 22 9 0
Dec|1094< M a y
Montana Power pref.100
S ^ l i n g Z ! u a l ~ elg n M C h a n g e f ° r t h e w e e k f o ! I 0 w s :
5 0 0 100
D e c 2 2 10 0
D e c 2 3 100
N o v 1064* Feb
Morris A Essex_____ 50
Cables.
H ig h fo r th e w e e k ..
Sixty Days. Checks.
50 71
D e c 2 0 71
D e c 20 71 4 *
Jan 7 2
M ay
Nachv Chatt & St L .lO f
3 834*
3 8444
................................. - 3 7 5 ^
L o w fo r th e w e e k . I l l ” ’
10 0 11 2
D e c 2 6 112
D e c 2 6 111
N o v 1194* M a y
N Y State Rys______ 100
3 80
3 81
2 0 0 11
D e c 24 11
D e c 24
11
D e c 11
D ec
Paris Bankers' Francs—
Norfolk A West pref.100
9 0 0 6 6 4 * D e c 23 6 7
D e c 22 66 4* D ec 7 6
J
u
ly
H
i
g
h
f
o
r
t
h
e
w
e
e
k
.
A
„
Pabst Brewing pref.. 100
10 0 10 0
D e c 2 3 100
10.38
D e c 2 3 100
D e c 10 0
10.36
D ec
L o w f o r t h e w e e k _____ . I I I ” " ” ; ...................... j o g®
Pan-Am Pet & T rights. 2 0 .0 0 0
4* D e c 2 0
10.85
4* D e c 2 0
10.83
4* D e c
34*
Oct
Class B stock
31,7001 9 9 4 * D e c 2 3 10 4
’ Bankers' Marks—
D e c 2 0 9 2 4 * D e c 10 4 4 * D e c
PariahABingham .no
H ig h fo r t h e w e e k
4 5 4 * D e c 24 4 6 4 * D e c 2 0 4 2
D ec 474* N o v
2.11
Pitts Steel pref______ ioo
2.13
92
D e c 23 9 2
Low for the week. I H i m ■"-------------------- -------D e c 23 9 0 4 *
Jan 9 9 4 * M a y
2.06
Remington st pref..
2.08
01
D e c 2 0 102
D e c 2 6 9 6 4 * Ju n e 10 3
D
e
c
Replogle Steel____
Ban,
kers’
Guilders—
49
D e c 22 5 0
D e c 26 49
D ec 534* D ec
H i g h f o r t h e w e e k ____
->■, c
Republic I & s rights__
1
D e c 23
14* D e c 2 6
1
D ec
374*
374*
14* D e o
L o w f o r t h e w e e k ..........
............. — 3 5 1 3 1 0
Shell Trans & T _.n o
000 7 5
D e c 22 78 4 * D e c 22 74
D ec 80
37>*
Dec
37J4
SotUh Ry-M AO ctfs. 100
50
D ec 24 50
D e c 24 50
D ec 50
D ec
So Porto Rico Sugar. 100
45
D ec 26 245
D e c 2 6 132
Jan 2 5 7
O ct
Texas Co rights............
8,
| 58
D e c 23 6 1 4 * D e c 20 58
D ec 70
Nov
Vanadium Corp
8,400 5 6
D e c 24 594* D e c 20 544* D ec 62
D
ec
West'h'se EAM 1st pf 50
100
D e c 24 64
D e c 2 4 61
Feb 70
M ay
White Motor rights____
13,700
_____________
14* D e c 2 4
_ _
_____
2 4 *_________
D ec 2 „
Dec

par

166
100

IK

100

' er° 3-75®3 76

par
100

1

.100

..no par
par
1
100
nopar
par 4

58
800

—nopar

*

14*

24*

D ec

T R A N S A C T IO N S A T T H E N E W Y O R K S T O C K E X C H A N G E
D A IL Y . W E E K L Y A N D Y E A R L Y .

Week ending
Dec. 2 6 1 9 1 9 .

Stocks.
Shares.

S a tu r d a y . .
M o n d a y ___
T u e s d a y ...
W edn esday
T h ursday . .
F r i d a y ______
T o t a l______ ________

4 8 1 ,3 5 0
9 5 9 ,5 5 5
7 8 8 ,4 7 0
6 1 1 ,6 2 3

$ 4 2 ,0 8 2 ,0 0 0
8 3 ,4 3 0 ,0 0 0
6 6 .6 1 5 ,5 0 0
5 2 ,9 7 1 ,8 0 0

1 .2 4 6 ,2 1 0

1 0 9 ,4 8 5 ,5 0 0

wetk ending Dec.

.ytio York Stock
Exchange.

1919.

S to c k s— N o . sh ares
P a r v a lu e ..............
B a n k sh a re s, p a r ___ "

'

D A IL Y

United

Slates

Bonds.

$ 2 5 8 ,0 0 0
1 .2 3 1 .0 0 0
1 .5 5 6 .0 0 0
1 .4 9 8 .0 0 0

$ 9 ,1 5 8 ,0 0 0
2 0 .1 8 5 .0 0 0
2 8 .5 0 5 .0 0 0
2 5 .2 8 2 .0 0 0

2 .1 7 4 .0 0 0

2 4 ,8 2 0 ,5 0 0

$ 2 6 ,4 8 2 ,0 0 0 $ 6 ,7 1 7 ,0 0 0 $ 1 0 7 9 5 0 5 0 0
26.
Jan. 1 to Dec. 2 6 .
1919.

1918.

4 .0 8 7 ,2 0 8
2 ,3 8 0 ,4 4 6
3 1 1 ,9 6 8 ,8 0 6
1 4 2 ,7 0 6 ,4 5 0
* 3 5 4 ,5 8 4 ,8 0 0 $ 2 1 0 ,7 7 8 ,6 0 0 $ 2 8 ,4 1 1 ,3 0 3 ,7 3 0 $ 1 3 ,2 0 4 ,8 9 5 ,9 4 0
$ 4 8 ,2 0 0
$ 2 6 ,9 0 0
$ 8 3 ,8 3 4 ,5 0 0
7 .4 1 1 .0 0 0
9 .4 5 2 .0 0 0

$ 2 ,8 2 3 ,7 6 8 ,5 0 0
2 7 9 .8 1 5 .5 0 0
5 9 7 .4 3 0 .5 0 0

$ 1 ,3 5 2 ,4 2 6 ,5 0 0
2 7 8 ,7 0 3 ,0 0 0
3 4 8 ,4 8 8 ,5 0 0

5 1 4 1 ,1 4 9 ,0 0 0 $ 1 0 0 ,6 9 7 ,5 0 0

$ 3 ,7 0 1 ,0 1 4 ,5 0 0

$ 1 ,9 7 9 ,6 1 8 ,0 0

T R A N S A C T IO N S AT
B A L T I M O R E 61R y n W A (^ j x - a H11-A F> E L P H 1 A

ending

W e e*
26 1919.

Dec.

$ 2 ,9 8 9 ,0 0 0
4 .9 8 5 .0 0 0
6 .0 7 7 .0 0 0
5 .8 5 0 .0 0 0
H O L ID A Y
6 .5 8 1 .0 0 0

1918.

G overnm ent b o n d s.
$ 1 0 7 ,9 5 0 ,0 0 0
S ta t e , m u n ., A c . , b o n d s
6 .7 1 * ,0 0 0
R R . a n d m ls c . b o n d s . .
2 6 ,4 8 2 .0 0 0
T o ta l b o n d s.

State, Mun
A Foreign
Bonds.

t

f e

K

S

t

m

?h°o“ curb'°

dpYoIopcd considerable activity and pnces^onerally
S
Petroleum was S n f S O T S S
then dropping to
advancmJ? fr°ni ™ AS to 08,
close was PatS70 V ™ « toTda,Y moving up to 7 1 V2. T h e

ended the week at
Th?„
of tw o nninta is* rr u ’ i
S e ^ S T ^ 6o?

® T 80, from 6 X to 9 and
Petroleum after early gain
to -d ay jum p ed t o V s H ,

4 ,0 8 7 ,2 0 8 $ 3 5 4 ,5 8 4 ,8 0 0

Salesai

Bonds.

Railroad.
Ac..
Bonds.

Par Value.

2 * 3 8 K

‘B w a n s s

AND

Boston.
Philadelphia.
Baltimore.
Shares. BondSales. Shares. BondSales. Shares. BondSales.

S a tu r d a y __________
M o n d a y _________ "
T u e s d a y ______
W e d n e s d a y ________
T h u r s d a y ...................
F r i d a y .........................

4 2 ,4 1 3

6 7 ,0 0 0

T o t a l .........................

1 5 2 .3 0 6

$ 4 5 3 ,6 5 0

2 5 ,3 5 9
4 0 ,1 1 9
2 2 ,4 3 3
2 1 ,9 8 2




$ 4 1 ,1 0 0
5 3 ,7 0 0
1 7 7 ,1 0 0
1 1 4 ,7 5 0

8 ,2 7 4
2 3 ,6 7 4
1 5 ,3 4 6
9 .6 2 3
HOLI D
2 3 ,8 8 7

$ 2 1 2 ,4 0 0
2 8 5 ,3 5 0
4 9 4 ,8 0 0
4 6 9 .0 0 0
AY
1 2 9 .0 0 0

3 ,1 5 9
4 ,3 2 8
7 ,8 0 7
4 ,9 2 2

$ 7 7 ,0 0 0
9 5 .0 0 0
7 9 ,9 0 0
1 2 .0 0 0

4 ,8 2 4

6 8 ,0 0 0

8 0 .8 0 4 $ 1 ,5 9 0 ,5 5 0

2 5 ,0 4 0 *

p s s f t f L i ? 52}t

nn 3 dZ ? T
t e m 72 to m % ' b u t s°ld up to -d a v to 74
and closed a t 7 2 ^ ,
Russian G o v t, bonds were w eak the
T h ?

$ 3 3 1 ,9 0 0

~ i s i&s « k

49 ^
M id l r i ayf-^ vanced t0 4 9 tho close being at
Phillins
Pef-ml8ncom.
R fming
imProved forfrom
168.
Rhilhps Petrol,
was conspicuous
a gain161
of tonto points
to ,.5 , the final transaction to -d ay being a t 8 4
Other
lo\tU?KannfnS;!et Tnv !athGr Quiet. General Asphalt com.
P n lh in i i to ,197>but recovered to 113 finally. Indian
? o S g lH nm nK-! frorn - lM to 19 Vs to-day sold up to
T
, w ld between 24 M and 25. and
dav heini aigamDd ^ 7poi"ts to 31 X , the final figure toa?d at 541? f,:nni?°0t,QVun D.ervGort s°ld up from 53 to 55
a D o fn t^ v ] y * Submarine Boat after the loss of about
* Pn°;ax\ ' r e c o v e r e d to 15^. Swift Internal, lost V /2
points to 5 8^ and sold finally at 60. Tnterboro R. T. 7%

u®

r0D i

2r V 11/2a n d

recovered finally to 2 3 .

th e

5^ 8 fr o r a

2 4 to 2 1

yt.
A

T O lr ° J 3 !r K ? '# reo<j d of “ curb” m arket transactions for the
w eek will be found on page 2 4 3 2 .

New York Stock Exchange— Stock Record, Daily, Weekly and Yearly

3423

/
'iin
v iM
r! T
TU
P P
PA
AG
CE
tS
O xCnCrU
PY
IN G
HD
RC
EE
S
F o r r e c o r d o f t a l e s d u r i n g t h e w e e k o f s t o c k s u s u a l l y I n a c t iv e , s e e p r e c e d i n g p a g e

Sales

HIGH AN D LOW SALE PRICES—PER SHARE, N O T PER CENT.
Monday
Dec. 2 2 .

Saturday
Dec. 2 0 .

Thursday
Dec. 2 5 .

Wednesday
Dec. 24.

Tuesday
Dec. 23.

-1

CQ

$ per share S per share $ per share $ per share $ per share
821* 827*
837, 84%
83% 85*4
82% 83%
787* 79*4
78%
78
78** 79%
78% 79%
•7**
8
8
*7
7
7
7*4
7*4
89%
93%
89
88*4 89*4
92
90*2 92
31*4 32*8
32% 34%
31% 327,
31*4 32*4
45U 46
49%
44% 48%
47
46*4 47
11
12*4
1 2 % 13%
13% 13%
13
13*4
8 **
8*4
97,
9
97*
9*8
1 0 % 10 %
133
131*8 132*4 130% 131% 130*8 131*4
54*4 54*4
54% 55%
56
65
55*2 57
8*8
8*2
77*
87*
8*4
77*
8%
8
23*8 2 3 l2
237* 2378
2 2 % 22*4
23% 24%
36*s 3712
39%
37% 38%
38
37% 40%
527* 53*2
547*
52% 53%
54
56%
54
857* 8 7
87%
87
86
87*4
87% 88*4
118
118*2
117% 120
120 • 117
120
*118
26*4 267*
26*2
26
26%
20*8 27%
26
69*4 70
72
•70
71
70
70
69
59
60
59
58
60
59%
60*4
59
59*4 59*4
47
•43
44*4 46
47
48%
67
♦63
•62% 67
*62
68
20*8
20
22
22
20*4 2 1 %
49% 49%

—

—

99*4 99*4
>184
190
6
6
13*4 14
13
13*4
197* 2 0 %
14% 14%
78% 79%
37% 37'%
8*2
*7*2
31
•30
88
88%
4
37*
12*4 12*4
16
16
44*4 44%
•7*2 10
15*4 15*4
42% 4 2 14
109% 1 H %
40% 42
13
13*8

95
96
97*4
z90
95% 96%
190
190
190% *190
190
195
6*2
67*
6%
6%
7
*6
13*8 13%
14%
14
13% 137*
127* 13%
13% 13*4
13
13%
19*4 197*
197g 207*
19*4 20 %
14
14%
14% 14%
14*8 14%
78
78%
797*
78
77*8 7878
37*2 38
38% 39%
38
38*s
7*2
7%
7%
7%
8%
•7%
30
30
30
30
31
*30
87
86
86% 8 8
86 % 87
37*
3*4
4
3*4
378
3*4
11
11*2
1 2 % 12*4
12%
10

9*8
14
26
40%

97*
14
26%
41

15% 16
44% 45%
12
•8
19
*13
42% 43%
111% 113%
38% 40%
13l2 14
72*8 74%
97*
9%
14% 14*8
27
26
40% 42%

41*4
•26
•62
•43
27
1612

41*4
69%
28
70
48
27*8
16*4

69U
25%
*62
*42
27
16*4

98%
8 Us
4 0 i8
27lg

98*4
81*4
40%
28U

__ __

68*4

11

66
60
•58
2612
75
76*4
•33
34«4

1714
'1 2 '
237*

66
50
60
28*4
75
7712
36
3412

1714
'l2
237*

*1 3 ’
T 3 I2
103*4 105i«

22

22*8

5612
43

5714
43%

12
•10
•18
35
123

12
11
20

*10

35
124
06*44
66
1 0 '* 10>44
24*4 25*88
8%
4
23U4
•15
16

2214
111*
17*4

20'*
66

9712
80*4
401*
28*4
661*
50
60
277*
*76
76«2
*3312
34
17U
24U
13
25
71*
1312
102*2
2 2 '*
58
4 2 l2
11%

11*8
8
'4
17*4

201**

*18
35

2

247*

8*8
23%
15
11%
18
*2 0 %
56

2

45%
*92
*92
z92
*45
- *44*4
%
94%
•89
94 ,
* 88 %
12312 1231% ____
543* 55
53%
•987* 100
99
139
139
137%
47

%

%

11

987*
82
41**
29*8
6612
SOU
60%
29
80
78%
36
3 4 l2
18
24U
14
25
712
14,
105*4
23
59*4
4 4 *2

12
11
20

35%

122*8 124%
66 % 66*4
10*8 11*8

56 ,
121* 127*8
12
18
18*414
19
•27
34
*28
30*4 31
31
427* 427*8
41%
7 U 2 71 *2
2 *71
83%
*112
'4
1*8
46
94
94
97
47

15%
44%
9
*13
42%
110 %
37%
13%
72%
9*8
13%
25%
40%
47,
40U
7 0 iS 68 **
27*4
25
70
•64
47
•43
29
26**
17
*16*2

47%

25%
8*4
23%
15
11*4
18

22
56

12%
20
34
31
42*4
72%
83%
1%
2%
46
95%
95
92
47
46%
95
94
____
54%
99
139%
48%

117*
%
i i *4 1 2
241* 25
24% 25
116i2 117
117
116
471* 471%
47% 47%
♦65
69
69
♦65
1091
% 109% 111*4
68
%
67% 68*4
♦90
94
92% 92*4
95
96
97%
95
104 104
♦103% 104
•44
46
44% 45
28*4 29'%
277* 29
•80
81
80
80
• Bid and asked prices:




16
45%
9
19
43

111

41
14
72%
9*4
14%
26
407*
4%
41*4
69
25
70
49
27*4
18

11

11

96*4
79*8
40
28*8

9 9 *2
81
4 0 '2
287*
67*8

66*2

'6 97* 597*
27*8 28
*75*2 78
76% 77
•3312 36
33*4 34*2
17*8 17*4
24*4 24*4
12*4 14*8
•25
27
7*4
7*2
13*2 141*
102U 103*4
21*4 2 2 l 2
*55*8 56**

11%
*10

11%
11

18
18%
*30
35
121*4 123
66*4 69
1 0 % 11*4
25
26*8
8%
8*8
22*4 23%
15% 15%

11

11*8

18

18

20%

21

56

57%
1 2 **
19
30
31*4
41%
71
83%

12%
19
30
31%
41%
71
83
1*8
2

2
2

45% 46%
*93% 95%
91% 92
98
*95
*45
47
*44*4 46%
93
93
* 88 % 94
120 % 12 1
52% 53%
99% 99%
137
138%
47%

47%

15%
*4 5
9
17
42%
110
42
13*8
72*2
9%
13
25*2
40*4
4*2
40

157*
47
9*4
17

42*4

114
47
13*8
73
9*2
13
257*
41
47*
40*2
68*2 69%
27
27
♦63
70
*43
49
26% 267*
167* 167*

11

11

97
79**
40
28%

98%
80
40*4
29*4

68

68

50
*5 5
27*2
*74
76%
34
*33*4

51
60
28*4
78
77
34
34%

12*4
23*2

13*4
24%

" iiT
' 13 '
102*4 103%

21%

22

55%
407*
11%

56

* 10

42*4
11%
11
20

*17
*31
35
12134 1 2 2 %
69
67
11*4 1 2 **
26% 27%

8
23%
.

10 %
*16%
*20 %
*54%
12
18%
*28
30%
41%
*70%
82**
1*4

8*8
23*4

11
19

21%
56%
12%
19
34
30%
41%
71%
82*4

2

2
2%
46
46*4
*94
95%
91% 91%
*95% 98
____
____
____
93% 94'
* 88 % 94
120*4 1 2 2
53% 53*4
99% 99%
138% 138%
47%

48%

i 1*4 1 1 %
111*4 1 1 %
24
24%
24% 24%
115% 115%
115% 116
47% 48
47
47
67
*65
68 % *64
111
112
109*4 112
70** 75%
87*4 71
93
94
92*4 92*4
96
98**' 97*4 98*8
104
103% 103% *103
*44
45 I *44
47
27% 28%
27% 27*4
79% 80 1 8 0
80

no sales ou tois day.

: Ex-rignts.

for

Friday
D ec. 2 6 .

the
Week

STOCKS
N E W Y O R K STO C K
EXCHANGE

PER SHARE
Range Since Jan. 1
On basis o f 100-share lots
Highest

Lowest

PER SHARE
Range or Previous
Year 1918
Lowest

Highest

S per share % per share
$ per share
R a il r o a d s
Par % per share
$ per share Shares
99*4 N o v
81
M ar
80% D e c l 2 104 M a y 27
83% 84
3 0 .6 0 0 A t c h T o p e k a <fc S an ta F e .-lO O
921* NOV
80
Jan
8 9 Jan 4
767* D e c l 9
100
D
o
p
r
e
f_________________
8,000
79
79*4
10% J u n t
6
D ee
15% J u ly 24
6 M a r3 1
A
tla
n
ta
B
lrm
<fc
A
t
la
n
t
lo
..lO
O
1 .300
7*4
8*2
N ov
89% A p r 109
88*4 D e c2 4 107 M a y 2 9
A tla n tic C o a s t L in e R R - 100
3 ,2 0 0
9 0 % 91
62
N ov
48t2 D e o
65% M a y 2 7
28*4 D e c l 5
B
a
ltim
o
re
&
O
h
io
--------------100
3 5 ,3 0 0
33% 34
64%
NOV
53
A
p
r
591*
M
a
y
2
7
38*2
D
e
c
l
6
D o p re f.................................100
8,000
47 % 48*4
48% J a o
25% D e c
33tg Ju ly2 3
11
D e c2 4
B r o o k ly n R a p id T r a n s i t .. 100
11% 12% 1 7 .0 0 0
28% Ju ly2 3
6 % D e c2 6
C ertifica tes o f d e p o s it----------6%
8% 2 1 .6 0 0 C a n a d ia n P a c ific .....................100 126% D e c l l 1707* J u ly 10 135 M a r 1747* O ot
131% 132*4 1 3 ,5 0 0 C h esa p ea k e & O h io -----------100
62% N o v
68 % M a y 17
49*4 Jan
51% D e c 16
6 ,8 0 0
54*4 561*
11
N ov
6
Apr
12 J u ly l7
7% Jan21
2,100 C h ic a g o G rea t W e s t e r n .. .1 0 0
87*
9
32
N ov
18% A p r
307* M a y 19
21
D e cl2
Do
pref-------------------------- 100
2 ,5 0 0
54% Sept
37% A p r
231* 23*4
34% D e c l 2
52*4 J u ly l7
C h ica g o M llw A S t P a u l . . 100
86 % N o v
66 % A p r
38
38% 3 1 ,7 0 0
76 J u ly l7
487* D e c l 2
Do
p ref--------------------------100
N ov
54
55*4 2 3 .8 0 0 C h ica g o & N o r t h w e s t e r n .. 100
891* M a r 107
85 N o v 2 8 105 M a y 2 8
Jan
125 J u ly 137
86 % 87*4 1 2 .8 0 0
D e c 5 133 Jan 17
100 116
Do
p ref....................
600
32% N o v
18
Apr
32% J u ly l7
118% 118%
22% Jan21
C h ic R o o k Isl <k P a o ............. 100
88 N o v
56*4 Jan
27
277* 1 5 .0 0 0
84 Ju n e 6
68 D e c 19
7 % p r e fe r r e d ....................... 100
N ov
1,100
46
Jan
*70*2 72
73 J u ly 17
55% A u g21
6 % p r e fe r r e d ------------------- 100
D ec
4 .1 0 0 C h ic S t P M in n A O m a h a . .1 0 0
69 Sept
60% 607*
82
Jan 7
58% D e c l 6
3 .1 0 0
N ov
26
Feb
60
60
547* Ju n e 6
32
F e b l7
C le v C ln C h ic A S t L o u i s . . 100
N
ov
1 ,7 0 0
68*4
M
a
y
74
J
u
ly
l2
48*2 50%
S
e
p
t
l
l
63
D o p re f__________________100
27% N o v
18
Apr
*6 4
67
31*4 M a y 5
D e cl3
19
C o lo r a d o A S o u th e rn ---------100
1,200
55
N
ov
47
A
p
r
22% 22%
58*2
Ju
ly2
4
D
e
c
4
48
Do
1st p r e f .......................100
300
48
D ec
40
A pr
51% M a y 2 9
Feb 4
45
Do
2d p r e f.........................100
100% A p r 119*4 N o v
91% D e c 1 116 M a y 2 9
D ela w a re A H u d s o n _______ 100
6,200 D ela w a re L a c k A W e s t e r n ..5 0 172% M a r lS 217 M a y 7 160
A p r 185 Sept
94% 95*4
7 N ov
500
*187
196
2% Jan
15*2 J u ly l4
3*4 J a n 8
D e n v e r A R io G ra n d e ____ 100
1 .6 0 0
13% Jan
7%
7%
5
Apr
24
J u ly l4
6% F e b 3
D o p re f................................. 100
9 .4 0 0 E r ie ................................................ 100
23%
N ov
13% 14%
14
A
p
r
20%
M
a
y
l
9
12*4 N o v 2 9
36% N o v
13% 13% 1 7 ,3 0 0
23% Jan
33
J u ly 16
19
D e c 12
Do
1st p r e f .........................100
27%
N ov
20% 20% 10,200
18*2
Jan
23%
J
u
ly
17
13*4
D
e
c
l
6
Do
2d p r e f ......................... 100
1 ,8 0 0 G rea t N o rth e rn p r e f----------- 100
14% 14*4
86
Jan 106% N o v
75% D e c 12 100% M a y 2 7
34% N o v
78% 79% 3 6 ,8 0 0
25% Jan
52*4 J u ly 10
31*4 J a n 2
I ro n O re p r o p e r t ie s ..N o par
10 May
9 .4 0 0 G u lf M o b A N o r t r c t f s . - . l O O
37% 38%
8 M ar
127* Ju ly2 5
7 S ep t2 0
35% D e c
30 0
*6
10
27
M ar
40t* J u l y l 8
30
D e c 15
P referred __________________100
400 Illin ois C e n tr a l____________ 100
92
Jan 105% N o v
30*4 30*4
86 D e c2 4 104 M a y l 6
9 % Jan
86
87% 11,100 In t e r b o r o C o n s C o r p . .N o Par
4*4 D e c
9% J un e 2
3% M ar24
4 7 % Jan
3%
37* 1 0 ,6 0 0
17% D e c
31% J u n e l2
10
D ec2 3
D o p r e f____ __ __________ 100
5% N o v
8 ,5 0 0 I o w a C e n t r a l _______________ 100
11% 12%
2% Jan
9*4 July21
2% F e b 13
24% N o v
15% A p r
25% M a y 19
13 N o v 2 S
K a n sa s C it y S o u th e rn ____ 100
691* N o v
2 ,7 0 0
45
Jan
57 M a y 2 1
15% 16
D e c 13
40
Do
p r e f________________ 100
117* N o v
7% O ct
14 July21
1,000 L a k e E rie A W e s te rn _____ 100
451* 45%
F eb 26
7
25
O ct
15
Apr
25 M a y 19
300
D e c 16
*9*4 10%
13
P referred .................................100
65t* N o v
53% D e c
60% J u n e 2
200 L eh ig h V a l l e y . ............................50
*14% 2 2
N ov29
41
110
Jan 124*4 N o v
14 ,0 0 0 L o u isv ille A N a s h v ille -------100 1047* A u g l9 122*4 M a y 17
142% 43
80
D e c 100% D ee
88
Jan25
3 ,1 0 0 M a n h a tta n R y g u a r-----------100
109% 111
37% D ec2 3
157g N o v
7% A p r
24% J u ly 17
47
49% 18 ,6 0 0 M ln n e a p A St L (new) -------100
9% Jan21
97% N ov
80** Jan
3 .8 0 0 M in n St P A S 8 M .............100
13*4 15
98*4 M a y 2 9
70
D e c 16
6*4 N o v
4% Jan
16% July22
74% 74%
8 0 0 M issou ri K a n sa s A T e x a s . 100
4% F e b 10
13% N o v
6 % Jan
9 .2 0 0
25% J u l y l 8
9% 10*4
8*2 J a n l3
D o p re f...................
100
31% N o v
20
Jan
387* J u ly 9
1,400 M issou ri P a clflo tru st c t fs .1 0 0
13% 14*4
22% N o v 2 9
62
NOV
58*4 Ju n e 7
41
Jan
26% 27% 14 ,1 0 0
37% D e c l 5
Do
pref tru st c t fs ______ 100
10% N o v
41% 427*
4% M a y
14 M a rlO
7 .8 0 0 N a t R y s o f M e x 2d p r e f . . . 100
4% D e clO
36% D ec
5 0 S ept24
17
Apr
700 N e w O rl T e x A M e x v t O ..1 0 0
4%
4%
28*4 A p rlO
84% N o v
83*4 Ju n e 6
67t2 Jan
2 ,5 0 0 N e w Y o r k C e n tr a l...................100
40
451■>
66*4 D e c l 2
34
NOV
13% O ct
33% Ju ly lO
69% 70% 2 5 ,4 0 0 N Y C h ic a g o A St L o u i s . . 100
23*4 8 ep t2 4
66
N ov
65
J
u
ly
70
A
p
r
2
3 .2 0 0
27
28
62
O
c
t
1
F irst p referred ----------------- 100
48
N ov
40
O ct
*6 2
70
53*2 J u ly 7
40 N o v l 2
S e co n d p re fe rre d ------------- 100
457 * M a y
27
Apr
407* J u iy l7
*4 3
48
25*8 D e c l 2
N Y N H A H a r tfo r d ____ 100
24% N o v
18% Jan
24% J u l y l 8
26*4 28% 2 6 ,4 5 0 N Y O n ta rio A W e s t e r n . . . 100
16*2 N ov 2 S
21% D e c
14
N ov
20 M ay29
16% 17%
2,200 N o rfo lk S o u th e rn .................. 100
9
D e cl7
102
Jan 112% N o v
1.2S2 N o rfo lk A W e s te rn ................ 100
11
11
95
D e c 1 1 1 2 % M a y l9
105
N ov
997*
M
a
y
2
7
81%
Jan
9612 99
11,000 N orth ern P a c ific ___________ 100
77
D e cl2
50% N o v
43% Jun e
48% M a y l 9
3 1 .7 0 0 P e n n s y lv a n ia ............................. 50
397* D e c 16
79*4 81
187 , N o v
9% M a y
33% D e c2 6
12% Jan21
40% 40% 9 9 .6 0 0 P ere M a r q u e tte v t c _______ 100
64
N ov
62% A p r
70
D e c2 6
66 M a r 2 7
30
33% 7 8 .4 0 0
D o prior p ref v t e ____ 100
50
N ov
30
Apr
52
D e c2 6
Apr 7
1 ,600
68 % 70
D o pref v t c ___________ 100
257* Jun e
681* N o v
72 S e p t l5
44
A p r2 9
1 .300 P itts C ln C h ic A S t L o u i s . . 100
51
52
40% N o v
22% Jan
44*4 Ju n e 9
24
D e clO
6 0 0 P ittsb u rg h A W e st V a -------100
59
59
82
N ov
84% J u n e 7
61
Jan
75
D e c2 0
287* 30% 20,100
Do
pref_________________ 100
96% O ct
93% Ju n e 6
70% Jan
737* D e c l2
300 R e a d in g ----------------------------------50
75
78
39 M a y
38% F e b 4
35
Jan
33
D e c 12
767* 7s% 2 9 .4 0 0
Do
1st p re f---------------------50
40
J u ly
35
M ar
39% M a y 16
33*4 D e c2 3
200
*33% 34
Do
2d p r e f------------------------ 5
17% D ee
9% A p r
27*4 J u ly l7
10*4 Jan21
2,200 St L ou ls-San F ran t r c t f s . . 100
34% 34l->
33 % N o v
21
Apr
37 M a y 2
20
D ec
P referred A tru st c t f s . . 100
18% 19% 10 ,8 0 0
26
N ov
19
O ct
2 3 % Jun e 9
107 * D e c l 8
60 0 St L ou is S ou th w estern -------100
23
24
40t* Jan
28
O ct
377* Jun elO
23% D e c l 6
2,100
*12% 14
Do
pref-------------------------- 100
12
N ov
7
Apr
12 Ju ly2 3
7
D e c 15
700 S eab oard A ir l i n e --------------- 100
25
25
25% N o v
15% A p r
23*4 J u ly l7
12
D e clO
5 .6 0 0
Do
p ref-------- ------------------100
7
7%
N ov
80% Jan 110
917 * N o v 2 9 116 J u n e 2
4 .1 0 0 S outhern P a cific C o -------. . 1 0 0
14% 15%
347, N o v
20% A p r
33 M a y l 9
20% D e c 12
103% 1047* 5 7 ,1 0 0 S outhern R a ilw a y --------------- 100
751 * N o v
72% M ay27
67
Jan
627* D e c 12
3 0 .3 0 0
Do
p ref_________________ 100
22% 24
29% D e c
70% J u ly 2
14 M a y
27*2 Jan21
6,000 T e x a s A P a c ific ____________ 100
55*4 57
25% Ju ly2 3
21*4 Jan
12% D e c
11
D e c l7 .
3 2 ,2 0 0 T h ird A v e n u e ----------------------- 100
4 1% 4 4
13% J u ly 29
7% A u g
4 June
5 M ay 1
3 .1 0 0 T o l St L A W trust r e c e ip t s ..
*11
11%
25% J u ly 2 5
16
Aug
10 M a r 4
8% M a r
700
P referred certifica tes d e p —
10
10%
6 0 Ju n e 3
32
D ec
65% Jan
327 * D e c2 6
1 .500 T w in C it y R a p id T r a n s i t ..1 0 0
17
20*4
119% A u g 8 138% M a y 2 9
109*4 Jan 137% O c t
327* 33
8 0 0 U nion P a c i f i c . . ___. . . — .1 0 0
74*4 M a r 5
63
D e cll
69
Jan
76*4 N o v
3 4 .6 0 0
Do
p ref............................. 100
122*4 124
167* J u ly 1
12 June
4*4 Jan
7% Jan 9
5 .2 0 0 U n ite d R a ilw a y s I n v e s t . . . 100
67% 69
34*4 J u ly 1
15
J a n l3
10% A p r
20 M a y
4 ,8 0 0
Do
pref________________100
12
12%
13%
J
u
ly
23
7
A
p
r
7%
D
e
c
l
5
11*4 J u l y
100
26 % 26% 1 0.400 W a b a s h -------- ---------307* D e c
3 8 M a y 19
44t* Jan
20% D e clO
4 ,9 0 0
D o pref A - . ____________ 100
8
8%
25** J u ly 9
26% June
14
D e cl3
19% D e c
D o pref B ------------------------100
24% 247* 1 6 .3 0 0
147* J u ly l7
9% Apr21
10
D ec
17*4 F e b
700 W estern M a ry la n d (n e w ).. 100
157* 16
16
D e c 16
30*2 J u ly 9
3 2 June
20
Jan
3 .3 0 0
D o 2d p r e f......................... 100
107* 12
26
J
u
ly
l4
17
F
e
b
3
13
24%
N ov
Jan
2,000 W estern P a clflo ....................... 100
17
18%
61% Jan 9
62** F eb 2 0
66 June
46
Jan
Do
pref________________100
4 ,4 0 0
22
25
18% S ept24
12*4 N o v
7*4 M a r 5
8
Apr
1.200 W heelin g A L a k e E rie R y .1 0 0
56
57
26
N ov
17
Jan30
171* A p r
28% S ep t2 3
Do
p ref________________100
12% 13% 1 3,000
417* M a y 16
297* D e c
30 8 e p t l 8
39*4 O ot
5 ,0 0 0 W iscon sin C e n tra l----------- . . 1 0 0
18
19
100 I n d u s t r i a l A M is c e lla n e o u s
*28
34
42
D ec
64 M a y 2 3
29% A p r2 6
80
Jan
1 .500 A d am s E x p ress------------------- 100
32% 33%
687* J u ly 3
21
Jan21
11
Jan
26*4 N o v
1,200 A d v a n ce R u m e ly ----------------- 100
*41% 4 2
257*
Jan
76
Ju
n
e
9
627
,
N
ov
66
%
Jan
20
D
o
pref..............................100
800
*70*2 71%
66
J a n 13 113 J u ly l4
49
Jan
72% D e e
2 .3 0 0 A ]a x R u b b e r I n o ----------------- 50
82
82%
4% Jan 15
1% D e c 19
1% A p r
6% N o v
1%
47* 2 3 ,9 0 0 A lask a G o ld M in e s --------------- 10
3% Ju ly 14
1*4 Jan 2
1% A p r
3 1 * June
7 .6 0 0 A lask a Jun eau G o ld M ln ’ g .1 0
2
2
51% O ct 8
30
Jan21
37 M a y
17*4 Jan
47
49% 1 4.700 A llls-C h a lm crs M f g ................ 100
817*
Jan23
97
8
e
p
t
l
6
72%
Jan
80%
M ay
D
o
pref-----------------------100
100
*9 4
96
87 S ep t 2 113*4 M a y 1
78
Jan 106
O ct
2 .3 0 0 A m er A gricu ltu ra l C h e m .-lO O
90*4 92
D e c2 2 108
M a r lS
89** Jan 101
A ug
Do
pref________________ 100 X92
300
*96
98
33
Jan25
65
J u ly lS
31% M a r
35% M a y
400 A m erica n B a nk N o t e ----------- 60
4 5% 45*4
42
Jan 2
49
O ctl8
P referred ---------------------------- 60
42% A u g
41*4 J u n e
62
Jan 3 101*4 O ct21
48
N ov
84
F eb
2,200 A m erican B e e t S u g a r--------- 100
937* 94
84*4 J a n l3
95 M a y 2 9
Do
pref________ - _______ 100
*82
Sept
91% M a y
*89
94
84% M a y 7 1437* N o v 8
1,000 A m er B osch M a g n e t o . .N o par
121% 123%
427* F e b l l
68 % 8 e p t3 0
1 2 ,700 A m erican C a n --------------------- 100
34% Jan
50*4 M a y
53% 55
D e c 16 107% J u n elfl
Do
p re f________________ IOO X9 8
99
D ec
900
89% Jan
99*4 100
84% F eb lO 148% N o v 5
93
D ec
1 3 ,500 A m erican C a r A F o u n d r y . 100
88 % Jan
138
141
J a n 18 119 J u l y l l
Do
p re f____ ____________100 113
D ec
106
Jan 115
39% Jan 2
44*4 O ct
67% J u ly 14
3 ,6 0 0 A m erican C o t t o n O il_______ 106
25
Jan
4 8 •* 49*2
88
D ec
Do
p re f.............................. 100
88
Jan 7
78 M a y
93 A p r 3
3 .4 0 0 A m er D ru g g ists S y n d ic a t e . 16
14% M a r 7
10*4 N o v l 9
117* 12%
22% Sept
117* Jan
8 ,6 0 0 A m erican H id e A L e a th e r. 100
13% Jan 4
431* July31
24% 27
947, A u g
6 ,6 0 0
Do
pref________________ 100
60
Jan
71% Jan 2 142% O ct2 2
116% 1 2 1
49
O ct
11% Jan
2 .4 0 0 A m erican I c e ----------------------lOOj 37% A u g21
76*2 Ju n e 6
46*4 47*4
61
O ct
D
o
p
ref.................................
100
38*4
Jan
76%
Ju
n
e
0
~
—
*
-----'
64*4
Jan
20
*6 4
69
60% O ct
5 1 ,6 0 0 A m er In tern a tion a l C o r p . .1 0 0
61% Sept
62% F e b 8 132% O ct31
111% 115
47% D eo
15.S00 A m erican L in seed __________ 100
27
Jan
89
N ov 7
44% M a r 1
77% 78
92
D ec
1 ,500
D o pref--------------------------- 100
69% Jan
98% A p r 15
85
M ar 1
95
957*
71*4 M a y
63% Jaa
58
Jan21 117*2 O c t 7
98 % 103% 7 4 ,8 0 0 A m erican L o c o m o t iv e ______100
102%
D eo
z9
5
Jan
700
D
o
p
re
f................
100
109*4
J
u
ly
2
100
J
a
n
l4
103*2 104
1,000 A m er M a lt A G ra in ____ N o par
63
Aug 3
44% D e c2 2
*4 4
44*4
47*2 O ct22
26*2 D e c 2
27*4 28% 2 5 ,3 0 0 A m Ship A C o m m C o r p .n o par
89 M a y
96
N ov
650 A m S m elt S ecu r p ref ser A . 100
94% J u n e l2
79% D e clO
79*4 79*4
j

Less

tain

loo

loares.

a Ex-dtv. and rights, s Ex-dlvldend.

f

F u ll

paid.

2424=

NewYork Stock Record— Continued— Page 2
For w o r d of ««!«« during the week of stocks ususlly Insctlve, see second page preceding.

AND
Saturday
Dec. 20.

LOW SALE PRICES—PER SHARE NOT PER CENT.

Monday
Dec. 22.

Tuesday
Dec. 23.

Wednesday
Dec. 24

$ per share

Thursday
Dec. 25

6884

•110 112
111 111 ■----- 111
111 111
*1*8 1% *1% 1%
1% 1% *1% 1%
29
91%
95%
90

29% 28% 29%
91%
96
*93% 95%
90
94% 95

*13" "l3 "
*84% 87%
45
50

112
13

86
53

112

13%
87%
57

28% 28% 28
2884
90
90
92% 94
"93% 94%
98% 98%

111" 112*

111% 111%
12% 12%

51% 53

51% 52
105% 105%

12% 13

7% 7% *7% 8%
7% 7%
7% 7%
*116 119 *116 119
117% 117% *117 119
*9
884 9%
884
834
9%
8%
884
*26
27% 25% 26
*24
26
*24% 26
26
26% 25
26% 2434 25% 2434 25%

21
79
44

21%

80
44

20% 21

80
80%
42% 43%

63%
99
94% 95
93%
108% 108% 108
55% 56% 5434

63%
99
95
108
56%

20% 20%

80%
4134
73%
6234

123

*18% *18%
35% 36
9484 95
39% 39%
41
41
62
63
57% 59%

20

82%
42%
72%
61%
99
"93% 95
95
108% 108% *107%
55% 5534 55%
54
121 121
122
104% 10434
188g 18% *18%
35
35% 35%
95% 97
97
39% 3934 39*4
3934 40
39%
61% 62% 623g
57% 59
58%

I 2 I 84 123%
10334 10334
18% 19
35% 36
93% 96
39
39%
3934 41%
59% 63
5734 59%
92
92
*54* 57
*54
56
55
*62% 64
62*4
*62% 64
*79
80
*79% 80
■79
82
83% 83% 84% 81
18% 19
18% 18% 18
31
31
31% 31% 30%
*87
90
*88
123

82
4334
73%
6234

*1834
3534
97%
3934
40
62%
62%

55
*52% 55
6234 62% 62%
80
79
79
84
81
8234
18% 18% 19
31% 3034 31%
90
*86% 87

13% 13% 1284 13% 12% 1234
*85 . . .
*80 .
*80 .
85% 86% 84
85% 83
84%
*106% 107% *107 107% 107 107%
213% 217
2 11 218 207 212

100

20

85
42%
73%
62
99
96
111
56
60
124%

100

"l234
*80
83%
107%

'l3"
...
84%
107%

20934 212

51
51% 4984 51% 49% 50*4 "50% 5*1%
84% 84% 83% 83*4 83% 84
84
84
*375 415 *375 415 *350 415
399% 399%
*9984 100 %

13

13

*9 9 3 4 1 0 0 % 100% 100% *100
13

13%

26*4 2634

28
29
28
29
•89
92
92
*89
135% 136
134% 135
103*4 IO384 ____ ____.
•79% 85
*79% ___ .
86% 87% 87% 893,l
*9% 11
9% 9%1
27% 28
*26% 28
*123 128 *123 128
41% 41*4 40*4 41341
36
36
35% 36
18% 18*4 18
18%1
72% 72% 71% 73
166 166
166 16984
335 339% 327% 338
____ . . .
*88 90
86% 88% 86% 86%
7934 80%
793* 80%

13
13
25% 2634

*27
90
135
103%
*79%
87
10 %
27

121

40%
34%
17%
70%
165
325
89*4
86%
79

100%

13
13
25% 26

30
29
29
90
*89
92
135
135% 142
10334 *103 10334
* 7 9 % ____
8*8% 86% 87
10 % *9% 11
27
26% 27

121

121% 121%

41
40% 40%
35% 34% 35%
18
17
17%
71
70% 72%
170
168% 168%
332
329% 333%
89*4
87
"86% 87%
80% 79% 79%

*49% *49% "49% 49% "48% 49"' "48% 48%
33% 33% 33
34
*33% 34
33% 3334
™% 70% 69
70% 68
68
68
69
*92% 96
*93
95
94
94
94% 98
____ . . .
57
57
56% 57
52
52% 51*4 52% 51% 53% "52% 54%
19% 1934 18% 19*4 18
18
*18
18%
*80*4 ,11*4 80% 80% *80% 81
80% 80%
133 133
131 131
130 130 *127%
■
132
114 114
112 114
49% 4984 47% 49% "47% 48% 113% 113%
107% 108% 10784 108*4 106% 107*4 4734 48%
207* 21% 21% 22% 21% 22% 107% 108%
73% 75% 74% 75% 21% 21%
74*4 75
74*4 75%
*77
79
*78
79
*78
79
*77
79
39
39% 38
39% 37% 37%
37%
*15% 15%
1584 15*4 15% 1534 37
15*4 16%
40
41
39% 39% 38% 39% 39
40
25% 26
26
26% 25% 26
26
26
136% ;136% 136% 137*4 136 137
137 137
102 :102 102 102 *100 110 102 102
*75 80
78
78
75
75
75% 75%
28% 28% 283* 28*4 28% 28% 28% 28%
44
44% 4384 44% 43% 43% 40*4 43%
86% 87*4 85% 87% 84% 85% 85
8534
*40 ____
39
39
39% 39
*37
39
37% 38*8 37% 38
37
37% 37
37
195% 195% 200 200 *195 201 * 195 201
•105 112 *105 110 '*100 109 * 100 109
70
69
70
70
*68
70
63% 68%
■100 115 *104 115 ■►105 115 * 105 111

Sales
for
the
Week

$ per share
67
68
95% 95%
106% 108%
44% 45%
*91
93
138 139
1177g 117%
97
99
*90
92%
96% 97%
277 289%
94
94
126 130%
103 103*4
54
57
15% 16%
5434 55%
58% 61%

PER SHARE
Range Since Jan. 1
On basis of 100-share lots

PER SHARE
Range for Previous
Year 1918

Shares
16,400
2,300
1.400
9.400

inrimhto°s^“ condhpage p V e c ^ ^ than 100 8harea- » Ex-rights a Ei-div.




STOCKS
NEW YORK STOCK
EXCHANGE

Lowest
Highest
Lowest
Highest
Indus. & Miscell. (Con) Par $ per share
$ per share
%per share t per share
Amer Smelting A Refining. 100 61% Dec
89*t Julyl 6
73 May
94% Oct
Do pref........................... 100 95% Decl7 109% July 17
Sept 110% Nov
American Snuff__________ 100 101% Decl7 140 Septl 8 103
85
Oct 107 Dec
Am Steel Found tern ctfs."33% 33% MaylO 47 July 7
Pref temp ctfs.......... No par
91% Decl9
96% Augl4
2,500 American Sugar Refining 100 111% Jan21 148%
Oct29
98
Jan 116 May
550 . Do pref........................... 100 113% Jan
119 May24 108% Mar 114% Deo
13,800 Amer Sumatra T o b a cco ... 100 73 Aug21 120% Junel2
6O84 Jan 145 May
Do preferred_________ ioo
92 Dec
100 Mayl2
81
Jan 103 June
23.600 Amer Telephone & Teleg-.lOO 96% Dce26 108%
90% Aug 109% Feb
900 American Tobacco_______ioo 1917g Feb 4 314% MarlO
Oct24 140% Jan 198% Deo
700 D o pref (new)......... ...1 0 0
93% Dec23 106
Jan 6
92% Sept 100% Deo
19,900 Amer Woolen of M ass..
ioo 45% Janl6 149% Oct20
447* Jan 60% May
600 Do pref...................... " i o o
94-% Feb 8
June 5
92
Jan 96*4 Deo
2,400 Amer Writing Paper pref.. 100 27% Jan 2 110*4
69
Oct 2
20% Apr 39% Aug
4,100 Amer Zinc Lead & Smelt.. 25 11
Jan31
29 Julyl4
11 Dec 21% July
6,200 Do pref_______________ 25 40 Jan21
65 July24
38*4 Dec 53% July
42,300 Anaconda Copper M ining..50 54% Nov29
77% Julyl 6
59 Dec *74% Oct
1,800 Assets Realization_________ io
1 Jan 2
9% Nov 17
% Dec
2% Nov
60
61
3.600 Associated Dry G oods.” Iioo
17%
Jan
6
65%
Dec
11
12 May
18% Deo
72
72
400 Do 1st preferred_____"loo
61 Marl 9 82 Augl4
51 May
63 Deo
*74
76
300 Do 2d preferred_____ 100 58% Feb 8 80% May 13
36% Jan 36% Jan
100 117
400 Associated Oil______
ioo
68
Jan 2 142 N ov 7
54
Apr 71
Oct
172% 175
5,200 Atl Gulf & W I SS Line ""lOO 92 Feb 8 192% Oct31
97*4 Jan 120% Feb
*72
75
Do pref.......................... ioo
64
Jan29
76% May 8
58
Jan
67%
Nov
*19
20
2,000 Autosales Corporation___ 50
14% Novl9
20% Dec 8
*30
35
400 6% pref temp certifs.. 11150 29
Oct25 35% Dec 3
110 11234 118.700 Baldwin Locomotive Wks.100 647g
Jan29
156%
Oct22
56% Jan IOI84 May
123% 124
4.000 Barrett Co (The)_________ ioo 103
Jan 2 145 July 7
85
Jan 110 Deo
*111% 113*4
200 Do preferred________ Iloo 110 FeblO
119 May 29
99% June 107% Deo
1% 1%
300 Batopiias Mining__________ 20
1%
Jan20
2%
M
ayl3
27*4 28% 5.000 Bethlehem Motors___ No par
26 Sept22 45
O ctl 6
92
92
500 Bethlehem Steel Corp___ ioo
60 Dec 96 May
94% 96% 42.700 Do Class B com m on.. 100 55% Jan20 107% Julyl5
55% Jan21 112
Oct23
59*4 Nov
94 May
1,200 Do preferred_________ ioo 90 Dec20 108 July21
84 Dec 94 Sept
111% 111%
1,700 Do cum conv 8 % preflOO 101% Jan22
10675
Apr
116
Sept30
96%
Jan
12% 13
2,100 Booth Fisheries............ No par 11 Dec 1 25 July24
21
Jan 28% Sept
*87
90
200 Brooklyn Edison, Inc.........100 85% Decl8 102 Aug 1
51
51
3,100 Brooklyn Union Gas______100
Decl8
92 May29
78 Aug 93% Nov
106 106
400 Brown Shoe, Inc_________ ioo 41
71 Feb 5 112% Julyl 6
62 June 74 Nov
Do preferred................. ioo
97
Augl8
101
M
ayl4
95
Jan 98
Apr
7%
7%
800 Brunswick Term & Ry Sec 100
6% Dec 1 17 Oct 6
6% Jan
16% June
119% 120
500 Burns Bros...........................ioo
N ovl3 166 Apr23 108 Feb 61% Oct
9
8%
3.800 Butte Copper & Zinc v t c 5 117
5% Feb20
17
Oct 6
5% Dec
12% July
*24
26
300 Butterick.............................ioo
Jan27
7% May
39% July30
18% Nov
25% 2534 3.800 Butte & Superior M ining!.10 16
61% Jan 33% May
20
20% 2.500 Caddo Central Oil & Ref 100 167g Feb 11 37% July 11
19% Decl3
54% May27
85
87%. 20.300 California Packing___ No par
48% Jan 2 87% Dec26
36% Jan 50 Nov
42
43
4.400 California Petroleum____ 100
20%
Jan
2
66
% Oct20
12 Jan 24% Nov
73
73
1.400 Do pref...........................ioo
64% Jan
% Septl7
36
Jan 70% Deo
62
62
500 Calumet & Arizona Mining 10 56% Mar 15 86
8684
July24
61
Dec 71 May
250 Case (J I) Thresh M pf ctf.100
9U2 Janl4 101 Augl9
73
Jan 92% Deo
95*4 97% 16,200 Central Leather________ ioo
56% Feb
116% July24
5484 Dec 73% Feb
109 109
500 Do pref....................... .. i o o
114 Julyl 6 101% Dec 108 Nov
56
59% 9.800 Cerro de Pasco Cop__ No par 104% Jan
Jan22 67% July 11
29% Mar 39 Nov
60% 61
1.700 Certain-Teed Products.N o par 31
30% Aprl2
65% Nov 7
30
Oct 40% Nov
124 130
7.800 Chandler Motor C a r ...N o par 90
Novl2 141% N ov 5
400 Chicago Pneumatic Tool 100
68 June 707* June
18% "l9
13.300 Chile Copper.........................25 68 A prl 6 113% Nov 3
29% Julyl4
14% Apr 24% Oct
35*4 36*4 7,900 Chino Copper______________ 5 16% Doc
32% Feb
50% Julyl 6
31% Dec 47 May
98
99
3.500 d u e tt, Peabody & Co
100 60% Feb27 99 Dec26
45
Jan 65% Nov
39% 40% 2.800 Coca Cota...................... No par
37% Nov28 43% Nov 7
39% 4134 3,100 Colorado Fuel A Iron___ 100
3484 FeblO 56 July 14 34*4 Jan 54 May
62% 6234 6.400 Columbia Gas & Elec____ 100
69
O ctll
2884 Mar 44i* Deo
61% 62% 38,025 Columbia Graphophone No par 39% Feb
O ctl 8 75% Oct27
*91% 93%
100 Do pref-----------------------100 50% Decl3
95% Oct28
*5212 55
100 Computing-Tab-Recording 100 92
3784 Jan
6384 Julyl4
30
Jan 39% July
561% 61%
340 Consolidated Cigar___ No par
75 June27
78% 79
300 Do preferred__________ 100 54 AuglS
81% 83% 17,900 Consolidated Gas (N Y) 100 *78 AuglS 86-% July 11
Docl7 106% Julyl5
82% July 105% Nov
18% 18%
1.700 Cons Inter-State Call Mg 10 79%
57g Apr23 23
Octl4
7% Sept 13 June
30% 31
2.500 Consolidated T extile...N o par 30-2 Decl6
89
89
100 Continental Can, Inc____ 100 65% FeblO 37% N ovl4
103% June 7
65% Oct
95 Feb
Do preferred__________ 100 100% OctlS 110 Junel7
99 July 107 Deo
12% 13
3,100 Continental Candy Corp No par 10% Sept20
15% Oct20
*80
...
Continental Insurance____ 25
58
Jan
84%
Nov
7
44 Feb 60 Deo
84% 86
28,400 Corn Products Refining.Iloo 46
Jan21 99
Oct22
29% Jan 50% Nov
107% 107*4
900 Do preferred_____ __ 100 102
Jan23 109% July25 *90% Jan 104 Deo
212% 218
29,300 Crucible Steel of America.100 52% Feb
261
Oct23
52
Jan 74% May
100 100
400 Do preferred_______
100 91 Jan
105 July 3
86
Jan 91*4 June
50% 51% 15,300|Cuba Cane Sugar.........No par
20% Jan27 55 Dec 8
27% Apr 34 Nov
83
83%
3,500 Do preferred__________ 100 69% Mar
87% Dec 9
77% Dec 83 Feb
*390 415
135 Cuban-American S ugar... 100 150
Jan 8 410
Oct31 136 Aug 152
Jan
*9934100%
100 Deere A Co. preferred___ 100 93*4 Feb 17
103 July28
90 June 96 Feb
13
13
2,200 Dome Mines, Ltd_________ 10
10% Jan31
16% M ayl2
6 June 15 Nov
25% 25%
1,500 Elk Horn Coal Corp_______50
23% Dec
43 July 16
22
Jan 31% Nov
*38% 45
Do preferred__________ 50
39 Dec
49 July23
37 Mar 43% Nov
*27
30
400 Emerson-Brantlngham___ 100
27 Decl9
43 June27
91% 91%
200 Do preferred_________ 100 88 Decl5 101 June26
139 142% 8,500 Endlcott-Johnson_________ 50
80 June30 150 Deo 2
103*4 103*4
600
Do preferred................. 100 1017g Aug21 107% Dec 2
*79% . . .
Fairbanks Co (The)_______25
73 Septl9
94
OctlO
86% 88
12,000 Famous Players Lasky No par 83 Dec 12 123
Julyl7
*10
11
300 Federal Mining A Smelting 100
9 Dec 10 23% Julyl5
Dec
15
Oct
26*4 27%
800 Do preferred_________ 100 25 Decl5
48% Julyl4
Jan 44% Oct
*121 130
200 Fisher Body Corp____ No par
38% Jan 8 *73
Oct
8
Jan 43 June
40% 41
17,000 Fisk Rubber______________ 25
39% Novl3
55
Oct
9
34% 35% 14,200 Freeport Texas Co____ No par
33% Nov29 643* Julyl4
17
17% 9,200 Gaston W & W , Inc__ No par
15 Dec 1 38% Julyll
25% Oct 39 Feb
73
75
5,100 General Cigar, Inc_______100
47
Jan 3
34
Jan 58 June
167% 167% 2,800 General Electric.................. 100 144% Feb 2 95% July23
176
Oct20
127%
Jan 158% Oct
332% 338
26,400 General Motors Corp____ 100 118% Jan21 406% Nov 5
106*4 Jan 164 Aug
89
89
300 Do preferred................. 100 82
Jan 6 95 June 3
75% Oct 88 Feb
87% 87% 2,400
Do Debenture stock__ 100
82% Feb 17
79% 80% 6,700 Goodrich Co (B F )............. 100 56% Jan 10 91*4 Aprl4
93% Oct29
38
Jan 59% Oot
Do preferred................. 100 102 Aug 7 109% Aprl 6
95% Dec 104 Deo
48% 48%
1,800 Granby Cons M S & P ___ 100
Decl6
80
Jan 3
74
Jan 86
Oot
33*4 3434 2,100 Greene Cananea Copper 100 47%
Dec 2 47% Julyl4
38% Jan 58% Nov
68*4 72% 6,800 Gulf States Steel tr ctfs..l0 0 32%
49% Feb 8 89% Oct20
58*4 Dec 111% Apr
99 100% 2,200 Hartman Corporation.........100
54% Jan 8 100% Dec26
37 Mar 55 Deo
57
61
2,200 Haskel A Barker Car.. .N o par 40 Feb 6 71% Julyl4
34
Jan 49% July
54
57% 22.700 Inspiration Cons C op per...20
42% Feb 6 68% July 16
41% Dec
58% Oct
19
19
1,000 Internat Agricul Corp___ 100
10% Jan 2 37% Julyl4
19 June
10 Jan
80% 80%
500 Do preferred................. 100 48
Jan 4 91% Julyl4
Jan 65 June
38
130 130
800 Inter Harvester (neio) ____ 100 110% Jan21 149%
July 7 104
Oct 121 Nov
113 113
600
Do Preferred, new___ 100 111 Dec 16 120 June23 107
Oct 114% Deo
4784 49 21,100 Int Mercantile Marine___ 100 21% Jan31 67*4 Julyl 1 21 Jan
33
Oct
108% 109% 18.900 Do preferred................. 100 92*4 FeblO 128%
May2S
83% Jan 125% Nov
22% 23% 42,500 International Nickel (T he).25 20% Dec 15 33% June26
27
Jan 35 Nov
75
78
18.900 International Paper.......... 100
30% Jan 3 82 Nov 5
24% Jan 45% May
79
79
100 Do stamped pref........... 100 62 Jan13 80 July22
58
Jan 65% Jan
36<2 37% 3.300 Iron Products Corp .. .N o par 34 Decl2
65 Nov 7
15*4 15% 2.700 Jewel Tea, Inc............... ...1 0 0
15 Decl3 48 Marl 5
Dec 40% Nov
39% 40% 3,200
Do preferred............... .100 38% Dec23
91 Mar 6
Apr 97% Jan
25% 26% 2,000 Jones Bros Tea, Inc.......... 100
24% Dec 16 44 Julyl 6
138 138
2,600 Kelly-Springfield Tire........ 25
68
Jan21 164 Nov 3
41 Apr 72 Deo
102 102
800 Temporary 8% preferred 100 101% Dec 12 110% Oct21
75
78%
600 Kelsey Wheel, Inc............... 100 39
Jan24 114% Oct28
24% July 35
Oot
28% 29% 44,200 Kennecott Copper___ No par
27% Nov29 43 Julyl5
29 Mar 41% Nov
39
41% 28,000 Keystone Tire & R u b ber...10
39 Dec26 126% Julyl4
85% 88% 16,400 Lackawanna Steel............... 100 72% Jan21 107% Nov 1
65% Dec 91% May
*38
39
200 Laclede Gas (St Louis)___ 100
83
Jan21
39 Dec22
82 July 90 May
37
37%
3.300 Lee Rubber A Tire___ No par
21
Jan22 40
Oct21
12 Apr 24 Deo
200 200
500 Liggett A Myers Tobacco. . 100 195 Dec 1 250% Aug 8 164% Aug 210 Deo
108% 108%
100 Do preferred_________ 100 107 Jan27 115 Julyl 6 100% June 110 Nov
69
69%
800 Loose-Wiles Biscuit tr ctfs.100
81 Julyl4
17% Jan 45% Deo
40% Febl7
105 115
D o 2d preferred.......... 100
94 Feb 5 120 June20
53
Feb 96 Deo

$ per share $ per share $ per share $ per share
67
68% 65% 67
65% 67
96
96% 95% 96% 95% 9534 95% 96
105 105 *105 108
107% 107% 107% 107%
44*4 45% 44% 45% 44% 44% 44% 44%
*91
94
137% 137% *135% 138% 133 137% 136 138%
117% 117% *117 118 5118 118 ►117 118
9584 97% 95*4 96% 96% 98% 96 97%
*90
92
*90
92% *90
92% *90
92%
98% 98% 97*4 98% 97% 97% 967g 97%
27484 27484 *260 275
270 270
275 276
*93
95
94
9484 93% 94% *93 94
127% 128% 125% 128% 125 125% 126 126%
*102 104
103% 103% ■102 104
102% 102%
5484 56
54% 55% *54
56
*54
56
I 684 16% 16% 16% 16% 16% 16
16
54% 54% 54
55
54
55%
"58* 58% 573* 58% 56% 58% 57% 5S34
5% 6
5% 6%
5% 5%
"60" 60
60% 61% 60% 61
60
60%
72
72
*71
75
*71
73.
72
72
74% 74% *70
76
75% 75% 75% 75%
118 119
*100 117%
17384 174
173" 176% 171% 172% 173" 174
*71
75% *72
75
*72
75
*72
75
1984 2 0 %
19% 19% 19
19%
19
19
33
34% *33
34
*32
35
*32% 34
108 1 1 1 % 107% 110
109*4 H I
109% 110
121% 12134 121% 122
120% 121% 121% 124%
6834

Friday
Dec. 26.

and

rights.

V 80%

paid.

• Full

paid, n Old stock

7lSx-dividend.

2 4 :2 5

New York Stock Record— Concluded— Page 3
Pof record of talei during the week of stocks usually Inactive, see third page preceding.
B lO B

AN D

S a tu r d a y
D e c . 20

LOW

S A L E P R IC E S — P E R S H A R E , N O T P E R C E N T .

M onday
D e c . 22

Tuesday
D e c . 23

W ed n esd a y
D e c . 24

T h u rsd ay
D e c . 25

$ per sh a re $ per sh a r e
$ per s h a r e $ p e r s h a r e
180 181
181% 183% 178 180
*182 190
110% 110% *11012 111 *110i2 H I
*11012 111
68
67% 6534 66I2 *64
67
*6634 74
64
64
64
64
64
6414 6414 64
317g 32
32
32
25
23<2 24U '2412 25"
257s 2578 24
32
3234
327g 33
33% 34
61
6H4
62
62% 63% 62
'<53* 63
30
30
*30 34
117% 122 *11512 12 2
11634 118
118 118
*106 107 *106 110 106 110 *106 110
219% 2235s 216 224 213 21734 2157g 21834
225g 227g 22% 23
22% 23
61% 63*4 61U 6212 61% 62%
48% 4834
48*4 49% 483g 49
58
58
58% 5712 58
58
*47*8
49
47l2
4712
50
48%
50
50
36%
36*4 36*4 3634 3634 36%
66% 67
65>2 66
68
65
68
88
88
89 89% 88U 89
*89
H 6 I2 H 6 I2
116 116
112 112
78 80
*78 80
80
*70
*79 80
104
*101 104 *101 104 101 104 *101
934 9%
934
97g
10%
9%
85ig 85ig *85 86
86
*85
100 102
*99 102 *99 102
*9912 102
80% 80% 80 80U 80 8034
8112 82
*108 110 *108 110 10912 10912 'l434 14%
145g 15
14*4 15
14*4 15
10912 10934
108 110
110 111
111 111
4312 44
42l2 43
41
41
*42 45
*57U 60
60
60
61
*58
•5714 61
5514
55 5514 55
55
54
51
52
x70
70i4
72% 72% 71U 72
73
73
43% 47% 4334 447g 4412 457g
46
52
5012 5012 *5012 5H2
*50
914
914
9
914
9% 9%
9% 91
9
914
914
9 i2
9% 9%
912
91
135 135 H35ig 1 . 135U 138
135 136
35’g
353g
35
3514
35%
35
35U 35!
*5812 60 z58% 58% 5812 5812 58’ 2 597g
76s4 78'g
75% 755g 77
75
2 69*2 59% 59 59
*35>2 37% 3512 3612 '35" 35%
*35i2 37
37% 37% 37 37i2 38 40%
36 36
4 103% 107% 103 10434 10334 105
32%
32% 32% 32
33% 34
34
34
34
35% 33% 34% 33
34
3312 35
39
37
37
4 35*4 36% 30
76
76%
75
74%
77%
4
74%
77
106% 100% §106% 106%
2 19% 20% 19% 19% 19% 19%
1912 19l2
. 101 101
61*4 62
63% 61*4 62'
4 62
94
*89
*89% 94
91
91
*88 94
27% 27% 27*4
2 26*4 27% 27
99
99
2 99 100% 98% 100
101 101 *100 101
*60 73
11312 113i2 112% 1137g 112% 113% 112% 113
91% 9214 9284 93
91% 94
93 94
96'2 9612 967g 967g 96% 9634 *96% 97
106 106 *105 109%
*10512 106 ■105% 106
20%
20 20% 20 20% 20 20% 20
92
86 86*4 86% 88% 90
87
87
110% 112% 111% 113%
113 11458 1107g 115
*106 106% 106 106 *106 106*8 106 106
54
54U 54% 54% 54% 53 53*4 *52
97 98% 97% 97%
9812 9912 97 99
13% 13%
*13% 14
'7 ii2 *74 '
74% 74% *74 . . .
•73* '75
14
14
14
14% 14
1414 14*2 14
227 227341 2277g 229U *214 230 *224 230
IIS4
11*4
11*4
12
................. I 11»4 12
437g 4434! 42% 4434 42% 43% 42% 43%
71
71
72% 71
72% 73% 72% 73
♦90 93
*90 93
*90 93
*90 93
*112 116 *112 116 *112 116 *110 116
140 140
*135
150
*132 145
*85 88
*85 88
72%
■7 1% "71% *72
102% 104% 103% 104
99
99
109% 109%
im s 112 % * 1 1 0 114 I 112 112
45% 45%' 47
47*8 47% 47%
46 46
9*4
10%; 9*4
9%
934 9%
9% 10
224% 229% 224% 225%f223% 226
229 232
*240 265 *210 250 1*210 240 |*210 240
91%
93%' 913g 92%' 92% 93%
91% 92
102% 102% 102% 103 I 102 102% *102 102%
39% 39% 38% 39% 37% 38% 3534 3734
62% 62% 62% 62% 62% 62% 62% 62%
188 188
188 188
90
95
*85 95
35% 36% 35% 35%' 35% 37% 36% 36%
51 I 50
50% 50% 50%
50% 50% 50
142 142 ,*137 142 *135 150 *141 145
*50% 52% 51%
51% 52
52% *51
52%
■ 74 74% *73’ 74%
103*4 105% 103% 105

200 201*41 200% 201
90% 92*4 90% 91%
21% 22% *20% 22
*50 54
'6 3 ' *53
*22% *2*5" 25 27
*22*4 25
*77% 78% 77% 78% 76% 783g
106 110% 108% 111
105% 106
*102 105 *102 105 *102 105
42%
41% 43%_ 42
40 40
124% 126% 124 ' 126%, 123% 124%

*199 202
91% 92

198 200
91
92
21% 22
52
52
*26
29
7634 7634
108% 110
*102 105
*40% 42%
123% 124%

F r id a y
D e c . 26

th e
W eek

STOCKS
NEW YORK STOCK
EXCHANGE

PER SH AR E
R a n g e S in ce J a n . 1
O n b a s is o f 100-*4are lo ts
L o w e st

H ig h est

PER SH AR E
R a n g e f o r P r e v io u s
Y e a r 1918
L ow est

H ig h e s t

5 p e r sh a re $ p e r sh a re
$ p e r sh a re
Industrial&Mlsc. (Con.) P a r S p e r sh a r e
July23 144% Aug 200 Mat
1,200 Lorlllard (P).......................100 147*4 Aprl5 245
98 Jan 110 Nov
115
July29
107
Jan28
Do preferred________ 100
100
70 Dec 78% Feb
79% May27
600 Mackay Companies-------- 100 65*4 Dec23 66
57 Jan 65 Ma7
July
11
z63
June
6
800 Do pref_____________ 100
28 Aug 5 38% Julyl7
500 Manhattan Shirt-------------- 25 23
Dec 12 31% Nov 7
3.400 Martin Parry Corp----- n o p a r
22% Jan 42% Not
61 July28
3,300 Maxwell Motor, Inc-------- 100 26*4 Jan22 84%
July28
50 Dec t,9% N ot
Do 1st pref_________ 100 50% Jan22
1.400
461*
June
3
19 May 32% Not
19%
Jan
2
Do 2d pref................... 100
400
19 May 32% Nov
Oot31
i l o ' 119"
800 May Department Stores.-lOO 60 Jan 4 131*4
47 Jan 63% Dec
Do preferred________ 100 104 Jan 2 110 May 2
106 110
79 Jan 194 Oct
218% 223% 69,100 Mexican Petroleum........... 100 163*4 Jan23 264 Oct22
87 Jan 107 Dec
Do pref_____________ 100 99 Dec 17 118*4 Sept30
106 110
22% Dec 33% Jan
32*4
Julyl7
21
Nov29
Miami
Copper-------------------5
22% 23
6,900
Novl8
62
62% 10,500 Middle States Oil Corp-------10 32 Oct 9 71*4 Julyl4
41 Dec 61 May
48% 50% 30,600 Midvale Steel & Ordnance.-50 40% Feb 7 62%
July29
64 June 81% Nov
58% 58% 1.500 Montana Power-------------- 100 54 Nov28 83
Oct20
48
48
1,600 Mullins Body......................n o p a r40 Novl3 53
July 12
26*4 Jan 33 Maj
36*4 36% 1,400 National Acme----------------- 50 29% Jan 2 43%
Nov 7
67
68
4.200 Nat Aniline & Chem vtc.no p a r 45 Sept24 75
91% Oct 7
*87
89
Do preferred v t c____100 87 Novl3 139
1.500
Oct 7
90 (Aug 110% Dee
300 National Biscuit................100 107 Aug20 zl21 Marl4
106% Sept 114 Mai
112% 112%
Do preferred________ 100 112% Dec26
200
55 Sept 67% Det
92 July26
77% 77%
100 National Cloak f t Suit----- 100 70 Jan22 108%
May26 100 Jan 104 Det
*102 104
Do preferred________ 100 103 Dec 1
100
13 Nov 21% July
9*4 Dec23 24*4 Julyl5
934 9% 7.200 Nat Conduit & Cable.No p a r
88%June 7
37% Jan 54% May
86
86
400 Nat Enam’g & Stamp’g ...l0 0 45% Feb 8 104
88 Nov. 99% Feb
May27
Do pref_____________ 100 93 Janl5
*100 102
94% Ool23
4314 Jan 69% D«e
80% 81
2.400 National Lead................... 100 64 Janll 112
July
18
99*4 Mar 105% May
102
Sept
8
Do pref_____________ 100
*108 110
100
16% Dec 21% May
14*4 15
7,600 Nevada Consol Copper_____ 5 13% Nov28 21% Julyl7
98t* Dec 139 May
108% 113% 5.100 New York Air Brake----- 100 91% Feb 3 145*4 Oct22
70*4
July30
18% Jan 27 May
40
46% 3,300 New York Dock_________ 100 19% Feb 7
42 Jan 45% Dee
Do preferred________ 100 44% Marl3 75 July29
59% 63
1,200
67
July28
37%
Aug 57% Nov
47
Janll
*55
58
1.900 North American Co------- 100
52% Dec 70 (AUg
72
73
1,500 Nova Scotia Steel & Coal_100 46 Jan30 97 June 2
35% Mar 48 ,Oct
45% 46% 76,600 Ohio Cities Gas (The)........ 25 a35»4 Febl4 61% JulylO
July25
40 Oct 46% June
*50% 51%
100 Ohio Fuel Supply.................25 43 Janl8 55
8 Feb 3 13% MaylO
x9% 9% 20,800 Oklahoma Prod & Refining. .5
4% Jan 13 June
5% Marl8 11% Nov 5
*9
9% 1.100 Ontario Silver Mining----- 100
Novl2 149 Nov 3
r
*135 140
810 Otis Elevator.................. . . n o p a128
Nov 14
35% 35% 8.900 Otis Steel............................. n o p a r 34% Decl6 39%
70% Aug
Mar 3 74 Octl7
59
63
2,000 Owens Bottle____________ 25 46
70*4 Dec 11 80 Oct 18
76
76
1,800 Pacific Development...............
75% July24
59
Dec23
Pacific
Gas
&
Electrlo........100
500
42*g Julyll
231* Jan 40 Dee
36
36% 1.400 Pacific Mall SS.................... 5 291* Feb 8 41
Dec26
18% Dec 27 Oot
40
41
2.900 Pacific Teleph & releg----- 100 22 Jan21
63% Oct 72% Ocl
104*4 106 41,800 Pan-Am Pet & Trans ! ----- 50 67 Jan21 140% Oct22
58
Julyl8
32% 34
2,300 Penn-Seaboard St'l v 10 N o p a r 27% Apr30 57 May26
39% Jan 61 Nov
32%
Dec
2
33% 34% ■'
"
1
People’s
G
L
&
C
(Chic)_100
11,100
21 Apr 35% Oct
Jan 3 43 Apr 28
37% 39
23,700 Philadelphia Co (Plttsb)...50 30
34 Jan 51*4 N ot
38% Jan22 99 Oct20
75% 77% 36,600 Pierce-Arrow M Car__ N o p a r
111 Oct20
89*4 Jan 104 Dee
101%
Jan
3
Do
pref_____________
100
110
31%
Apr
17
15 Sept 19% Oct
*19% 'l9% 8,100 Pierce OH Corporation-------25 16 Jan 2 1051* Oct28
Do pref......................100 101 Dec 2
100
42
Jan 58*4 £ el)
74%
July29
45
Feb
3
'61% 62% 1.900 Pittsburgh Coal of Pa-------100
79*4 Jan 85% Dee
Do pref_____________ 100 85% Marl7 98 May28
*89
92
100
31% Octl8
15 Nov 20 June
z26% 28% 10,500 Pond Creek Coal........ ....... 10 12% Feb 5 109
651* Nov 73 Aug
Oct20
100 102% 5.600 Pressed Steel C ar............100 z59 Febll 106 Julyl6
93 Apr 100 Aug
Do pref_____________ 100 100 Mar 3
*100 101
200
85 Oct 109% Mar
60 Decl8 91*4 Jan
Public ServCorp of N J-.100
132%
Julyl7
100%
Jan 132% N ot
113' 113% "7,200 Pullman Company----------100 110 No v28
98% Dec 8
92
93% 3.800 Punta Alegre Sugar----------- 50 51 Apr 4 107%
Nov
5
45t*
Jan 78% Dee
68%
FeblO
97
99% 4.500 Railway Steel Spring-------100
95 Jan 105% Dee
Do pref_____________ 100 104 Feb 4 112 June 3
*104% 109i»
100
26% May
27%
Julyl7
19%
Dec
19
Mar
4
Ray
Consolidated
Copper..
10
20% 20% 7,400
Oct24
9034 91% 5.500 Remington Typewriter v 10 100 68 Aug 18 105%
145 Nov 1 z72% Jan '96" May
z ll4 120% 177,200 Republic Iron & Steel!----- 100 71% Janl8 106%
July28
92% Jan 102% Sept
Do pref_____________ 100 100 Janl3
*106 106%
200
8 74% Nov 1
54
54% 2.800 Republlo Motor Truck.No p a r 44% Sept
Aug27 121 Julyl7
98% 99 20,200 Royal Dutch Co (N Y shares). 84
12% Decl2 17 Julyl4
13% 13% 1,100 St Joseph Lead----------------- 10 53%
Jan24 94% Octl7
51% Dec ~80% May
72
72
800 Savage Arms Corp----------100
*4 AUg 18 Nov
6% Mar21 29 Aug 6
Saxon
Motor
Cat
Corp.-.100
1334 14% 2.600
133*4
June 76% gee
229%
Dec23
188%
Feb
13
*224 230
700 Sears. Roebuck & Co----- 100 10 Febl9 19% July25 z!3 Dec 18% Feb
11% 12% 3,100 Shattuck Arts Copper-------- 10 41%
64% Nov 3
Decl2
Sinclair
Cons
Oil
Corp
No
par
42% 43% 182,000
39 Jan 71% May
46% FeblO 89 Nov 3
72
75
6.900 Sloss-Sheffleld Steel * Iron 100 85 M arll 97% July 8
81 Feb 93% July
Do preferred________ 100
*90
93
102
Jan 110 Nov
117
Sept
6
107
Jan27
So Porto Rico Sugar pref..100
*110 116
84 Jan 120 Deo
124 Janl4 160 Octl8
140 140
200 Standard Milling ............. 100 85% Jan 2 94% Junel2
80 June 89 Jen
Do
preferred------------100
*86
89
Stewart Warner Speedom—100 86% Janll 181 Nov 7
36*4 JanlO 109% OctlO
73
74
1,100 Stromberg-Carburet . . N o p a r 45*4 Jan22 151 Oct28
33% Apr 72% Nov
103% 104% 46,800 Studebaker Corp (The) -.100 92 Jan22 104% Nov 6
80% July 100 Nov
Do pref_____________ 100 42% Febl4 1447* Octl4
300
37 Oct 65 Dee
StutzMotor
Car
of
Am.
N
o
p
a
r
109% 109%
800
54%
June
3
34% Mar 45% May
32
Jan21
47% 49% 3,800 Superior Steel Corp’n........100
12*4 Dec 2 1 July
9*4 Dec 1 17% May 5
9% 10
5,400 Tenn Copp & C tr ctfs.No p a r 184 Jan 2 345 Oct30 136% Jan 203 Oot
Texas
Company
(The)!—
100
223% 221*4 8,200
275
Nov
1
178
Jan 200% Dee
207
Jan
3
Tidewater Oil----------------- 100
*210 240
48t* Mar 82*8 Dee
72% Jan29 115 June30
9334 95% 24,900 Tobacco Products Corp..100 97% Dec 2 120 Juue30 Z87% Mar 104% Dee
Do pref_____________ 100
102% 102% 1,650
35% Decl6 62% NovlO
59,000 Transcontinental Oil.. N o p a r 37% Janll 74% Oct20
36% 38
36*4 Oct 42 May
A Williams St.No p a r
63
66% 4,600 Transue
115
Jan 8 197% Dec 4
Apr 112 Dee
200 Underwood Typewriter...100 75 Jan 3 100 JulylO 100
65 Jan 80 May
Union
Bag
A
Paper
Corp.
100
100
’ 9 3 ' OS
34% Dec 15 45% Oct 14
Union
OH____
____
---no
v
a
r
35% 36% 23,800
37*8 Janll 58% July28
36% Oct 44% May
3,300 United Alloy Steel........ N o p a r
50% 52
90% Jan 6 175% July29
69 June 90% Dec
300 United Drug------------------- 100 50 July 18 58% May 9
141 141
46 Jan 50% Nov
Do 1st preferred----------50
52
52
400
77 June 85% Dec
Do 2d preferred_____ 100 91 Jan28 165 July29
157
FeblO
215
Oct30
116%
Jan 166% Dee
United
Fruit..............
100
199 201
1,600
Aug21 119% Octll
92
93% 41,500 United Retail Stores . . N o p a r 80%
14 Janl5 28% Aug 7
11% Apr 19 May
21% 22%
900 U 8 Cast I Pipe A Fdy----- 100 42%
Janl6 74*4 July 7
41 Mar 47% Feb
Do pref....................—100
*50
54
200
16*4 Feb 5 32*4 May24
14% Apr 16% May
28% 29%
200 U S Express......... ........... 100 66
91%
Oct
1
Apr
8
U
S
Food
Products
C
orp..100
78
78% 5,900
Dec 1 167 May 27 z96 Dec 137 May
109% 111% 60,200 U S Industrial Alcohol ...100 X97%
94 Oct 99 Mar
Do pref_____________ 100 96% Jan 2 111 May23
*102 105
17% Jan 3 50%June 6
8 Mar 26 Oct
41% 42% 1,900 U S Realty A Improvement 100 73
Jan21 139% Nov 6
61 Jan 80% Dee
125% 126% 23,500 United States Rubbet ...1 00 118
Oct 3 136 Novl6
do sub receipts full paid . ..
Do 1st pref..... ...........100 109 Jan20 119% JulylO *95 Jan 110 Dee
500
*113% 114
Jan21 78% Nov25
32% Apr 50% Oot
74% 75% 6,800 U S Smelting Ref A M ------ 50 43%
42*8 Apr 47*4 Dee
Do pref......................... 50 45 Janl8 50 Mar 2
46% 47% 1,100
86% Mar 116% !Aug
104% 106% 176,100 United States Steel C orp..100 88% FeblO 115% Julyl4
Do pref_______
100 111% Dec 12 117% July 17 108 Mar 113% Dee
112% 113% 4.000
65%
Feb
7
97%
Julyl6
71% Dec 93 Oct
Utah
Copper------------------10
12,800
73% 75
8*4 Decl6 21% Junell
11 Sept 16*4 Nov
11% 11% 5,800 Utah Securities v t c_____ 100 51
FeblO
92%
Julyl4
Vlrglnla-Carollna
Chem...100
33*4 Jan 60% Nov
65% 66% 4,700
Do pref_____________ 100 110 Jan 7 115% Oct 7
98 Jan 113% Dee
500
*109 114
50 Jan 73% July
100 Virginia Iron C A C-------- 100 54 Mar31 82% Decl8
63*4 Sept 83% Jan
'53% 55% 2,139 Wells, Fargo Express........100 51% Novl2 79 May23
77% Aug 95% Apr
800 Western Union Telegraph. 100 82 Sept22 92% May26
87
87%
95 Dec 95 Dee
116% 119% 3,400 Westlnghouse Air Brake___ 50 94% Janl5 126 July 7
38% Jan 47% May
53% 54% 13,900 Westinghouse Elec A M fg..50 40% Jan21 59% June 9
36*4 Jan 49 Nov
10,300 White Motor!............... ...5 0 45 Jan 3 86 Oct20
57% 58
151* Jan 30 Nov
Wlllys-Overland
(The)........25
23%
Jan22
40%
June
2
38,100
27% 28
75 Jan 89% Nov
Do pref { n e w ) _______ 100 87*4 Jan 7 98% May 9
88% 88% 1,200
45% Jan 77% Dec
65% Jan20 104% July 2
3.000 WllsonACo.Inc. v t 0 . . N 0 p a r
79
80
Do preferred________ 100 95% N ovll 104% Junel6
901* Sept 99% Dee
*90
99
600 Wool worth (F W)------------100 120 Feb 7 136% Mayl9 110 Mar 108% Oot
123 123%
111
Oct 115 Sect
117%
July25
Do
pref_____________
100
112*4
Dec20
400
*112% 114
34 Jan 69 AUg
I 86
90% 7,900 Worthington P A M v t O..100 50 Feb 13 117 Oct 7
Do pref A___________ 100 88 Jan 9 98% Oct 15
85*8 Feb 91 Apr
I *92
96
59 Jan 70% July
Do prefB___________ 100 66 Jan 3 81 Oct 8
300
I *72
76
S p er sh a re
180 182
110% 111
65*4 65*4
64
64
32
32
24% 25
32% 33%
61
61

*113 113% 113% 113% 113% 113% ii3% 113%
74%
*74% 75%I 74 75
74 75% 74
*47
47% 46*4 46*4'
46*4 46*4 46% 46%
104*4 105% 103*4 105% 103% 104% 104% 104%
112% 113
113 113 I 112% 113% 112% 113
72% 73%
72
73%' 72% 73%
72% 73
9% 10
10 10%
934 10% 10% 11%
65% 65%
66*4 67
66% 67
65% 66
112 113
112 112
112 112
112 112
*79
82
81 81
......
52*4
52*4 52% 52% 53
§52% 52% 52
87% 87% 87% 87%
87% 87%
113% 113%l 113% 113% 114 114% 114% 115%
53% 53*4 52% 53%
63% 53*4
59
58*4 59% 58
59*4 60% 59% 60
28% 28*4 27% 28%'1 27*4 28% 27% 27%
89%
88%
88%
88
88%
z88
89% 90
79%
81% 78 78% 79
81*4 81*4 80
*95 100
*95 100 *95 100
*95 100
121% 122% 121% 121% 122 122
*122 124
112*4 113% •112% 114 *112% 115 1*112% 114
84*4 85
85% 85% 84% 85
85*4 87
*92
96 1 •*— —
. . . .
*91
97
72% 72%
76
Bid auo askou prices no sales on this day. I Less than 100 shares.




S a les

S h a res

tEx-rlghts

o Ex-dlv and rights, z Et^lU

t For iiuotuatloo* in rignts see 0 2422

2436

Hew York Stock Excliange— Bond Record, Friday, Weekly and Yeariv
Jan.

1909

the Exchange method of yiotinq bonds «cos change* and price) are now— "and interest"-except for interest and defaulted bomU.

Pries

BONDS
N . Y . STOCK E X C H A N G E
W e e k ending D e o . 2 6

Friday
Dec. 2 6

U . S. G n v ir n m in t.
F irst L ib e r ty L o a n
3H s
1st 1 5 -3 0 y e a r ._ 1 9 3 2 -'4 7
S ec o n d L ib e r ty L o a n
4a
1st L L c o n v ___ 1 9 3 2 -’ 4 7 J D
4a
2 n d L L _________ 1 9 2 7 -’ 4 2 M N
T h ir d L ib e r ty L o a n
4H s
1st L L c o n v ___ 1 9 3 2 -’ 4 7 J D
4H a
2 n d L L c o n v _ _ 1 9 2 7 -’ 4 2 M N
928
4H a
3rd L L .................................. 1M
F o u r th L ib e r ty L o a n
4H s
1st L L 2 n d c o n v 1 9 3 2 -’4 7
4H a
4 th L L ...................1 9 3 3 -’ 3 8
V ic to r y L ib e r ty L o a n
4H a
c o n v g n o t e a . . . 1 9 2 2 - ’2 3
3H a
c on v g n o t e s . . . 1 9 2 2 - 2 3
3a consol reg istere d _________ d l9 3 0
3a oon sol c o u p o n ____________ <11930
4a registered____________________ 1 9 2 5
4a c o u p o n _______________________1 9 2 5
P a n C a n a l 1 0 -3 0 -y r 2 s _______* 1 9 3 6
P a n C a n a l 1 0 -3 0 -y r 2a r e g ._ 1 9 3 8
P a n a m a C a n a l 3a g .................... 1961
R e g istered ____________________19 61
P h ilipp in e Isla n d 4 a _______1 9 1 4 -3 4

Week's
Range or
Last Sale
High

fi

Range
Since
Jan. 1

BONDS
N . Y . STOCK E X C H A N G E
W e e k en ding D e e . 2 6

Low High

Price
Friday
Dec. 2 6
Bid

Week's
Range or
Last Sale

Ask Low

High

Ornt Vermont lat gu g 4a._«l920 Q
51
54
50
D e c ’ 19
O icea A O fund A lmpt 5a..1929 J
79
81% 78%
78%
99
9 8 .2 0 101.00
lat oonaol gold 6 a ............
M N
9 2 % S a le 1 9 2 %
92%
Registered.........................
M
8 3 % 9 1 % 1 0 4 % Jan ’ 17
9 2 .5 0 Sale 9 2 .5 0
93
2 4 9 9 2 .5 0 9 6 .0 0
General gold 4 H s.............. 1992 M
7 3 % Sale 7 0 %
74%
9 1 .7 0 Sale 9 1 .1 6
91
18 80 9 1 .0 0 9 5 .1 0
Registered--------------------M
7 4 % _____
8 6 % M a r ’ 17
20-year convertible 4 H a .. 1930 F
76
Sale 7 2
76
9 3 .1 6 Sale 9 2 .8 0
93.
8 1 9 9 2 .8 0 9 8 .6 0
85 %
30-year conv secured a . . 1946 A
7 8 % Sale 7 7 %
79% ’
9 1 .6 4 Sale 9 1 .1 2
91
91 %
22181 9 1 .1 2 9 5 .3 6
Big Sandy lat 4a................
J
65% 80
75
O c t ’ l y l ____
9 3 .8 6 Sale 9 3 .2 6
93
22935, 9 3 .2 6 9 6 .6 0
78 %
Coal River Ry 1st gu 4a..1945 J
8 2 % 8 2 % M a y ’ 19 . . .
82%
1940
J
Craig
Valley
1st
g
a.........
78
81
7 8 % D e c ’ 19
1 0 0 .9 6 Sale 100.96 lOlJ
73%
9 5 .4 2 102.06
Potta Creek Br lat 4a____1946 J
6 4 % 69
69
J u n e’ 19
9 1 .5 5 Sale 9 1 .0 0
69
91.
40876 91 .0u 9 5 .7 2
R A A Dlv 1st con g 4a___1989 J
70
7 7 % 71
D e c ’ 19
SO
.1989
J
2d
oonaol
gold
4a_____
--------- 6 5
7 0 % O c t ’ 19
9 9 .1 0 Sale 9 8 .8 2
70 %
99.
10065 9 8 .8 2 100.08
Greenbrier Ry lat gu g 4a. 1940 M
70
______ 8 8 % 8 e p t ’ 10
9 9 .1 6 S a l 9 8 .8 2
99.
7 5 3 6 9 8 .8 2 100.48
Warm Springs V lat g 5 a ..1941 M
7 0 % _____ 1 1 3
Feb ’ 1
9 9 % S ep t’
97% 99%
Chic A Alton RR ref g 3a...1 9 4 9 A
45
46
45%
46
100% A u g ’
33
4 5 % 53 %
93
1 0 0%
Railway lat Men 3H a.......... 1950 J
31
Sale 3 0 %
32
1 0 5 % 10 6
103
106
O ct
40
29%
1 0 4% 1 0 6 %
Chicago Burlington A Quincy—
1 0 5 i2 1 0 6 % 1 0 5 %
1 0 5%
103
106%
Denver Dlv 4a_ .
9 8 % _____
99 %
98% M a rr
95%
98% 98%
Illinois Dlv 3H a....... ...........
7
3
%
7
5
Sale
40
71%
76 %
99
J u ly ’
Illinois Dlv 4s_______ ”
83
Sale 8 2
88<8____ 9 0 D e c
9
80% 85%
87%
Joint bonds. See Great North.
88ia .
88% O ct
88%
Nebraska
Extension
4a
92
Sale 9 1 %
92
14
100
F sb
90% 93%
Registered_______ _
9 0 % O c t ’ 19
9 0 % 80 %
,q cS
General 4s______ I
7 9 % Sale 7 8 %
79%
Foreign Govornm ont.
83 %
69
70
C^
°
*
EN
lrtd
A
Imp
4s
g
lll9
5
5
21
23
23
23
9 5 % S ale 9 5 %
A n g lo -F re n c h 5 -y r 5a E x t e r loan
60
30
23
95% 2 6 5 4 9 3 % 9 7 %
TJ S Mtg A Tr Co ctfa of dep
2
1
%
Sale
72
7 3 i j 73 %
A rg en tin e In te rn a l 5a o f 1 9 0 9
20%
21%
30
%
9
0
2
0
%
73%
72
93
lat oonaol gold a______
A
O ------101
98
J u ly ’ 19
B o rd e a u x ( C ity o f) 1 5 -y r 6 8 .1 9 3 4
92% 92% 92%
10 1
92%
98
92% 92%
General
consol
st
a
_
I
I
I
Ii
M N
t 4 8 % 4 9 % 48
C h in e se (H u k u a n g R y ) 5 s o f 1911
.. 68
7 1 % N o v ’ 19 ____
48
71% 80
45% 72%
U S Mtg A Tr Co ctfa of dep
91
C u b a — E x tern a l d e b t 5a o f 19 0 4 _
------ 68
70
N o v ’ 19
80
Sale 91
91
70
9 0 % 10 0
Guar Tr Co otfs of d e p ... .
85
E x te r d t 5s o f 1 9 1 4 ser A . . 1 9 49
67
86 837g D e c ’ 19
78
A u g ’ 19
78
75
83% 93%
—
Purch money 1st coal 5a..1942
75
E x te r n a l loan 4 H a _________1 9 4 9
76
9
7
%
F
e
b
’
13
75
D e c ’ 19
75
85
Chic A Ind C Ry 1st 5 a . . . 1936
9 7 % 9 7 % 97
D o m in io n c f C a n a d a s 5 a . . .1 9 2 1
32
M a r ’ 17
97%
98% 99 %
5 4 % Sale 5 1 %
do
do
...1 9 2 6
9 2 % Sale 9 2 %
54%
oL\CarK° , a .re!U We8t l8t 43..1959
63%
93%
105
51
92
98%
Ohio Ind A Loulav— Ref
9 6 % 9 7 % 9 8 % N o v ’ 19
91
do
do
...1 9 3 1
91% 92
92
9 8 % 103%
91
98%
Refunding gold 5a________194/
80
85%
t 8 2 % Sale 7 6 %
Jap anese G o v t — £ lo a n 4 H a . 1 9 2 5
8 5 % N o v ’ 19 . . . .
82%
85% 85%
76 % 9 2 %
Refunding 4a Series C ___I
66% . . .
S ec o n d series 4 H s ................ 1 9 2 5
t 8 0 % Sale 7 8
8 4 % A p r ’ 17
82%
78
93
do
do
"G e r m a n s ta m p ’ .
76
63
M a y ’ 19 ___
* . ^ ° 2 l8V lst 8U 4s. 111956
78
6 0 % 63
76.
89
“
* ^ ou SO-yr 4a------ 1956
S terlin g loan 4 a ____________ 1931 J
66% 71
7 6 % Sale 7 6 %
75/3
6912
71
1
81
75
64
80%
l 8 t 4 Ha------ 1909
92% 92% 9 2 %
L y o n s ( C ity o f) 1 5 -y r 6 s _____ 19 3 4 M
------86
86
O c t ’ 19 ____
_ _2 %_
9
92% 92%
8 3 % 80
on M A StP gen g 4a ser A.el989
6 7 % Sale 6 6
M a rse illes ( C ity o f) 1 5 -y r 6 s l 9 3 4 M
9 2 % D e c '1 9
67%
70 %
77
61
92% 92%
Registered____________ *1989
M e x ico — E x te r lo a n £ 5a o f 1 8 9 9 Q
t 35
47% 43
» 2 % F e b ’ 16
N o v ’ 19
43
79%
Qen'l gold 3Ha Ser B __I.ei989
G o ld d e b t 4a o f 1 9 0 4 _______1 9 54 J
5 7 % Sale 5 7 %
--------- 3 9 % 4 0
D e c ’ 19
57%
31 5 7
61
61
General 4 Ha Series C ____ el989
9 2 % Sale 9 2 %
Paris ( C ity o f) 5 -y e a r 0 a _____ 1921 A
7 6 % Sale 7 3 %
180
93%
76%
99
100%
71% 84%
Gen A ref Ser A 4 Ha____ a2014
M
T o k y o C ity 6s lo a n o f 1 9 1 2
58
60
5 8 % Sale 5 5 %
57
34
59%
61
273, 51
74%
83
Gen ref conv Ser B 5a. a2014
CJ K o f G t B rit A Ire la n d —
6 1 % Sale 6 3
6 5 % 25 1
61% 8 1 %
Convertible 4 Ha................
95
6 3 % Sale 6 3
Sale 9 4 %
5 -y e a r 5 H % n o t e s _________ 1921 M
95% 413
6 5 % 839! 02
81 %
94% 9 9 %
Permanent 4a____________
87
69
69% 69
2 0 -y e a r gold b o n d 5 H a . .1 9 3 7 F
Sale 86%
88 1174 86% 101%
70
34
85
69
25-year debenture s . I I I I l
9 4 % Sale 9 4 %
1 0 -y e a r c o n v 5 H a __________19 29 F
60
Sale 5 6
74
9 5 % 71 4
62
78 %
94% 96%
56
Chic A L Sup Dlv g 5a____1921
9 5 % Sale 9 5 %
3 -y e a r c o n v 5 H s __________p l9 2 2 F
--------- 9 6
9 7 % N o v ’ 19 _ _
9 6 % 1051
96 % 98%
95% 98%
Chic A Mo Rlv Dlv 5a ...192 6
I Tiese are prices on tie basis ot t5to£
____100
93
O c t ’ 19
93
93
Chic A P W lst g a............
9 6 % 97% 93
96
99%
3
90
C M A Puget Sd lat gu 4s. 1949
d a t e a n d C ity S a e u r ltla s .
60
Sale 6 0
63
74
43
60
Dubuque Dlv st a f a. 1920
94% 93 %
N Y C ity — 4J4a C o r p s t o c k . 1960
93%
--------- 9 7 % 9 9 % D e c ‘ 19
9 3 % 98
99% 100
93
* ° u aasum g 6a..l9 2 1
95
94%
94%
4 H a C o r p o ra te a to c k ____19 6 4
9 3 % 10 0% 10 2
S e p t’ 19
95
98
9 9 % 102
Mllw A Nor lat ext 4 H a ..1934
93
4 H a C o r p o ra te s t o c k ____ 1 9 6 6
97% 97
N o v ‘ 19
80
80% 89
M a y ’ 19
96
99%
88% 89
98%
99%
4 H s C o r p o ra te sto c k J u ly 19 67
79% 89
urS°iIaJ ,XteQ,ll6d 4 H a . . . . 1931
78
D e c ’ 19
82
9 8 % 1 0 3%
78
Wla <fc Minn Dlv g a.
1921
9 9 % 9 9 % 9 9 % D e c ’ 19
4 H s C o rp o ra te s t o c k _____ 19 6 5
---------9 6
9 7 % N o v ’ 19
9 9 % 10 2%
9 6 % 98%
9 9 % 10 2
4 H a C o r p o ra te a to c k ____ 19 6 3 M S
98
D e c '1 9
------100
98
1 0 2%
r> h u ?i'^ !ley Dlv ls * 6 * ~ -I l 9 2 0
9 9 % O c t ’ 19
99%
99
Chic
A
N
west
Ex
4a
...1
8
8
6
’26
M
N
4 % C o r p o ra te s t o c k _____ 1 9 5 9
8 9 % 91
89%
89%
89
Sale 8 8 %
89
891* 9 3 %
88 93
Registered.............1880-1926
8 9 % 90% 8 9 %
4 % C o r p o ra te s t o c k _____ 1 9 5 8 M N
♦89
89%
92
O c t ’ 19
89% 93%
92
02
General gold 3 H a ..............ig s
89%
4 % C o r p o ra te s t o c k _____ 1 9 57 M N
91
D e c ’ 19
6 7 % 67% 67 %
63%
90% 93%
71
63%
Rfifflfltflrod.....
d
Q
H
*89%
4 % C o r p o r a t e sto c k r e g . . l 9 5 6 M N
* 6 3 % _____
92% N o v ‘l9
7
0
%
A
p
r
’
19
90% 93%
70%
09
General 4s..........................
98% 99
N e w 4 H a ..................................1957 M N
7 7 % Sale 7 7
9 8 % D e c ’ 19
78
98% 102%
82%
75
Stamped
9
8
%
9
9
N
4 H % C o rp o ra te a t o c k .. . 1 9 5 7
78
______ 7 7 %
7734
100
100
9 8 % 1 0 2%
78%
76
General 5a stamped___I ~ S
3 H % C o rp o ra te s t o c k . . . 1 9 5 4 M N
81% . .
96% 9 7
82 % N o v *l9
90%
97%
81% 83%
9 5 % 101
Sinking fund a____ .1879-1929
N Y S ta te — 4a________________ 1961
8 98 _
102 ____ 10 6 O c t ’ 19
9 8 % A u g '1 9
98
98%
101%
100
J
99%
”
............1879-1929
C a n a l Im p r o v e m e n t 4 a ___ 1961
10 0
N o v ’ 19
1 0 9 % A p r ’ 16
96% 100
oinking fund a____
Qu
J *98
90
C a n a l Im p r o v e m e n t 4 s . . . 19 62
104
9 8 % A u g ’ 19
96%
96%
98% 99%
96% 97%
Registered.............. 1875-1929
J *9 8
92%
C a n a l Im p r o v e m e n t 4 a . . .1 9 6 0
99
S e p t’ 19
96
N o v ’ 18
96% 99
Debenture
5
a
.
.
.
____
__
J 1 0 7 % 1 0 9 % 1 0 9 % N o v ’ 19
9 7 % 98
C a n a l Im p r o v e m e n t 4 H a . 1964
9
7
%
N
o
v
‘ 19
106% 109%
96 % 98
Registered_____
J *101% __
C a n a l Im p r o v e m e n t 4 H S .1 9 6 5
98
M a r ’ 19
1 0 2 % D e o ’ 18
97
98
Sinking fund deb 5a”
S 1 0 7 % 1 0 9 % 10 8
89% 90% 91
H ig h w a y I m p r o v ’ t 4 H 8 . . 1 9 6 3
S e p t ’ 19
D e c ’ 19
1 0 6 % 1 0 8%
90
96%
Registered____
89
s
H ig h w a y Im p r o v t 4 H 8 . . 1 9 6 5
91
97
N o v ’ 18
10 0% J u n e '1 8
Dea
Plaines
Val
1st
g"u
4Ha
’47
8
0
%
J
V irginia fun d ed d e b t 2 - 3 S ..1 9 9 1
1 0 1 % O c t ’ 10
787* D e o ’ 18
Frem
Elk
A
Mo
V
lat
6a..1933
—
50
59
6 s d eferred B ro w n B r o s c tfa ___
110
1 0 5 % N o v ‘ 19
59
N o v ’ 19
59
74 %
l8t 3 Ha-1941
R a ilr o a d .
88
J an ’ 17
Mllw A S L lst gu 3 Ha
A n n A rb o r 1st g 4 a ___________ * 1 9 9 f
51
--------- 5 2
51%
50 % 58
MU
L
S
A
West
lot
g
l
o
l
l
l
m
l
_____
9 9 % 1 0 0 % N o v ’ 19
A tc h iso n T o p e k a A S a n ta F e —
100% 101
Ext A Imp f gold 5a___
- - - 95% 96
N o v ’ 19
7 9 % Sale 7 7
O
en g 4a -----------------19 95
470
96
99
80
75% 85 %
_____ 1 0 1 % 1 0 0
S c p t ’ 19
o
Dlv l8t 80— 1925
*6 9
R e g i s t e r e d ....................
199.5
10 0
104
76% 7 7
S e p t’ 19
78 % 8 2
. Mloh Dlv lat gold 0 a .. 1924
_____ 1 0 0 % 1 0 1 % A u g ’ 19
68 Sale 6 8
A d ju s tm e n t g o ld 4 a ...........* 1 9 9 5 N o v
1 0 1 % 104
69
80%
of
t
8«
ar
*
N
W
lat
gu
4a.
1947
74
7
4
7
4
7
0
R e g is te r e d _______________ * 1 9 9 5 N o v
7 3 % 78 %
7 3 % J u n e 18
St L Peo A N W lat gu 5a 1948
85% 91
9 3 % O c t ’ 19
6 9 % Sale 6 7 %
S ta m p e d .............. ................* 1 9 9 5 M N
69%
9 1 % 98
67% 79%
Chicago Rock Isl A Pao—
O m v gold 4 s . . . .................... 1 9 5 5
D
65%
66%
65 % 7 6 %
Railway
general
gold
4s___1988
7
3
Sale
71
73
C o n v 4a Issue o f 1 9 1 0 _______1 9 6 0 J
89
8 9 % 88
72%
09
88%
18 102%
Registered........................
J
7 6 % M a y ’ 19
Kaet O k la D l v 1st g 4 a ___ 1 9 2 8 M
89
9 1 % 9 0 % N o v ’ 18
76% 70%
88 9 2 %
Refunding gold 4a_______ 1934 A
6 6 % Sale 66%
6/%
R o ck y M t n D l v 1 s t 4 s . . . 1 9 6 5 J
70 %
6 9 % Sale 6 9 %
61%
70
09% 76
20-year debenture a_____
J
7 0 % M a r ’ 19
I rana C o n S h o rt L la t 4 a . 19 58 J
74% 70% 76%
70% 70%
76%
73% 81
R I Ark A Louis lat 4 H a ..1934 M
61
61 % 8 0
60%
C a l-A r is 1st A ref 4 H s " A ” 19 62 m
72
27
60
81
Sale 8 1
81
81
85
Burl
C
R
A
N
lat
g
5a____1934
A
8
6
%
9
3
______ 9 5
90
S e p t’ 19
6 F e Pres A P h 1 s t g 5 a . . . 1 9 4 2 M
90
95
J u n e’ 19
90
95
95
O R I F A N W lat gu 5 a ..1921 A
92 % —
9 7 % F e b ’ 19
A tl C o a s t L 1st go ld 4 s _____ * 1 9 5 2 '.I
79
Sale 7 7 %
79
9 7 % 97 %
75 % 8 5 %
Cho Okla A G gen g 5S..01919 J
97
M a y ’ 18
G en u nified 4 H a ___________ 1 9 6 4 J
76% 77
76%
76%
7 6 % 88
Consol gold 5a_________
M N
8
0
89
89
O ct ‘ 19
l l a M id 1st gu gold 6 s . . . 1 9 2 8 M
92% 98
89
89
9 8 % J u n e ’ 19
96% 98%
Keok A Dea Molnea lat 5a 1923 A O 6 5
67
65
D e c ’ 1 9 _____
Sruna A W 1st gu go ld 4 s . 19 38 J
78
65
79%
80
O c t ’ 19
85
80
80
St Paul A K C Sh L lst 4 Ha’41 F A
63
64
_____ 11 4
W%
63%
C harles A S a v la t go ld 7 s . 1 9 3 6 J
03
71
1 2 9 % A u g ’ 15
Chic
St
P
M
A
O
cons
0a____1930
J
D
105
10 6
1. A N c oll gold 4 s ________ 01 9 5 2 M N
10 5
D e c ’ 19
6912 Salo 6 8 %
104
10 8
70
63
78%
Cona 0a reduced to 3 H a ..1930 J D
S av F A W 1st gold 5 « _____ 1934 A
8
3
%
N
o
v
’
1
9
105
A u g ’ 19
82% 85
10 5
107%
Debenture
5a.........
............
1930
M
S
8
0
8
7
%
1 s t go ld 5 s ____________________1 9 3 4 A
8 7 % D e c ’ 19
8 7 % 97
105
J u ly ’ 15
North Wisconsin lst s . . . 1930 J J 101%____ 318
B a lt A O h io prior 3 H a _______1 9 2 5 J
N o v ’ 16
83
Sale 8 1 %
83
89%
81
Superior Short L lat 5a g.el930 M S
9 3 % _____
R e g istered ............................* 1 9 2 5 Q
05
M a y ’ 18
87
F e b '1 9
37
87
Chic T H A So East lat 5 a .. 1900 J D --------- 8 0
1st oO -year gold 4 s ...............* 1 9 4 8 A
8 7 % J u n e’ 19
6 4 % Sale 6 1 %
68
67 %
65%
59% 8 2 %
Chic A West Ind gen g 0 a ..*1932 Q M
9 9 % 101
R egistered _______________ * 1 9 4 8
1 0 2 % D e c ’ 19
1 0 2 % 104%
9 2 % M a r ’ 17
Consol 50-year 4a_________
J
J 5 7 % Salo 5 6 %
58
10 -y r c o n v 4 H s ....................... 19 33
5 9 % Sale 5 7
1 2 09
56% 05
60
53% 80
Cln H A D 2d gold 4 H s ____1937 J J
. 86% 9 0 M a y ’ 17
R efund A gen 5 s Series A . 19 95
6 0 % Sale 5 8
61% 620
55% 82%
C Find
Ft W lst gu 4s g 1923 M N
88
M ar’ l l
T e m p o ra ry 1 0 -y r 6 a_______ 19 29
90
153
Sale 8 4 %
90
82% 96%
~ . Da£.A
lst cona 4 Ha 1931 J J
. 87% 80
P itts June la t g o ld 6 s _____ 1 9 22
S e p t’ 19
80
80
12
Jan ’ 12
Clev Cln Ch A St L gen 4 a .. 1993 J D
04
Sale 6 0 %
61
P Juno A M D l v la t g 3 H a 1 9 2 5
00
72 %
--------- 7 5
8 4 % S e p t ’ 19
82
87%
-year
deb
4
Ha.................1931
J
J
7 5 % Sale 7 5 %
P L E A W V a 8 y s ref 4 a . . 1941
76
75
84%
5 5 % S ale 5 2
55%
51% 78
Oeneral
5a
Series
B
_
.
.
J
D
--------- 8 3
8o u th w D lv 1st go ld 3 H » - 1 9 2 5
82
N o v ’ 19
82
7 3 % Sale 7 2
87
86%
73%
70
Cairo Dlv lat gold 4a____I
J
7
0
_____
C e n t O h io R la t o g 4 H S . . 1 9 3 0
6
9
%
D
o
c
’
19
8 7 % _____
0 9 % 81%
8 7 % D e o '1 9
87% 89%
Cln W A M Dlv 1st g 4 s ..1991 J J --------- 6 4 % 6 6 % O c t ’ 19
C l L o r A W con la t g 5 a . .1 9 3 3
00% 7 0
--------- 9 0 % 9 5 % J u ly ’ 19
95% 95%
St L Dlv lat coll trg a . . . 1990 M N
6 0 % Sale 66%
O h io R iv e r R R 1st g 6s . . . 1 9 3 8
66%
00% 70 %
91% 94
9 5 % D e c ’ 19
9 5 % 96
Spr A Col Dlv lat g 4s____1940 M S
0
4
______
G e n eral gold 5 s ___________ 1 9 3 7
7 4 % Jan ’ 19
74 % 741*
79
90
88
A u g ’ 19
88 9 1 %
W W Val Dlv lgt g 4a____1940 J
J
70
______ 8 4
P itta C le v A T o l 1st g 6 a . . 1 9 2 2
N o v ’ 16
96
______ 9 9 % M a r ’ 18
O I St L A C consol 6 a ..
M N ------100
T o l A C ln d lv 1st ref 4a A . 1 9 5 9
101
O c t ’ 19
9 9 % 101
48 % 49% 48%
50
4 8 % 68
lat gold 4s.......................*1936 Q F ---------8 1
B u ffa lo R A P gen g 5a_______1 9 3 7
84
O c t ’ 19
8 2 % 84
90% 91% 93
93
D e c ’ 19
99
F
R a fte re d .................. *1930
C o n s o l 4 H s __________________ 1 9 5 7
8
2
%
S e p t’ 19
79
8 3 % 8 3 % D e c ’ 19
8 2 % 82 %
8 3 % 88%
Cln S A Cl cona lst g 5s. .1928
J
88%
.
.
.
A ll A W e s t la t g 4a g u _____ 1 9 9 8
9 3 % M a y ’ 19
73% _ _
93
93%
8 4 % J u ly ’ 19
84% 84 %
O
C
C
A
I
gen
cona
g
0
a
..1934
J 101%____ 10 2% O c t ’ 19
C le a r A M a h l a t gu g 5 s . . 1 9 4 3
10 2% 107
1 0 3% Feb 16
Ind B A W lst pref 4a__ 1940
O
70
______ 7 6 % N o v ’ 19
B o c h A P itt s la t go ld 6 « . . 1 9 2 1
9 9 % 10 0% 10 0
7 0 % 76 %
D e c ’ 19
100
101
O
Ind
A
W
lat
pref
a
<11938
J
C o n s o l 1st g 6 a___________ 1 9 2 2
70
______
100 100% 1 0 0 % A u g '1 9
100% 102
Peoria A East lat cona 4 s .1940
o
C a n a d a S ou co n s gu A 5a___ 1 9 6 2
50
51
51%
51%
85% 86
50
60%
85%
86
84% 95%
Income 4a._ ___________
Apr
21
23
18
18
C a r C lin ch A O h io 1st 3 0 -y r 5s ’ 3 8
70
12 31
75
75
N o v ‘ 19
75
82
Oleve
Short
L
latgu
4H
a
O
81%____ 8 3 D e c ’ 19
C en tral o f G a la t go ld 6a — . p l 9 4 5
91% 98
83
8
9
9 7 % A u g ’ 19
9 7 % 100%
Colorado A ou lat g 4s
1929
A
C o n so l go ld 6a______________ 1 9 4 5
84
84
Sale 8 2 %
85
82
89 %
86 8 4 % D e c ’ 19
8 4 % 94%
Refund A Ext Ha____ I I 1935 M N
73
Sale 7 2
1 0 -y r te m p aecur 6s J u n e 1 9 2 9
73 %
93
72
81 %
Sale 9 2
91
92
99%
Ft W A Den C lat g 0a___1921
D
C h a t t D l v p ur m o n e y g 4s 19 51 J
97
9 7 % 9 8 % O c t ’ 19
-------- 76
98% 99%
7 4 % M a y '1 9
74% 75%
Conn A Pas Rlva 1st g 4 a . . . 1943
O
M a c A N o r D l v 1st g 5 a . . 1 9 4 6 J
89% _ _
90
M a y ’ 18
Cuba R R lat 60-year Be g . . 1962
J -------- 8 0
M id G a A A tl D l v 5 a _______1 9 4 7 J
8 5 % S e p t ’ 19
88 . . . " 9 7 % Jun e’ 17
8
5
85%
Del Lack A Western—
'
M o b ile D l v 1st g 5 s ________1 9 4 6 J
9 1 % Jan ’ 19
91% 91%
Morris A Esa lat gu 3 H a ..2000 J D
71% 72
O e n t R R A B o f G a c oll g 5 a . 1 9 3 7 M
7 0 i2 D e c ’ 1 9 ____
8 0 % ....
70
73
81
81
81
9
0
N Y Lack A W lat a_____ 1921 J
J
99 % l
1
O e n t o f N J gen gold 5 a ______ 1 9 8 7 J
9 9 % Sale 9 9 %
9 9 % 10 0
9 9 % 1 0 0%
10 0
10 0 %
1 0 .)
105
Construction 5a_____.1923 F A
93% 95
R e g is te r e d ........... ............... * 1 9 8 7 Q
94% N o v ’ 1 9 1 ....
9 9 % 101
9 4 % 101
10 0
D e c ’ 19
10 0
10 2
Term A Improvt 4a.__Il923
N --------- 9 7
A m D o c k A Im p gu 5 s ___ 1 9 2 1 J
93%
93%
5,
97
9 8 % 9 8 % D e o '1 9
9
2 % 95
98
10 0
Warren lat ref gu g H a ..2000 F A
Leh A H u d R lv gen gu 5 a . 1 9 2 0 J
1 0 2% F e b ’ 0 8 1_____
9 6 % _____

1939
1939
1992

Sale 9 9 .0 0

6

.

9 9 .2 4

1944

5

1922
1940
1949
1927
1927

8
1 5

1934
937

08.1947
1947

1932
1925
934

4

5

1921

1

®~80 8

6

5

7
1 7
1007
19^7
19 7

6
6

1879-1 2
1921
1933
""1933

W
8

1941
1929

8

1988
1932

5

1952

6

1952

A

20

1993
1939

4

1920

6

8

1900
—1961

4

0

H Y A L o n g B r gen g 4 a . . 1 9 4 1 M

8 0 % _____

100
A p r ’ 18
1 0 0 % Jan '1 3

3

*1

* No price Friday: bleat this week, a Due Jan. d Due April, a Due May. 1 Due June. A Duo July. * One Aug. , Due Oct. , Duo Nov. « Due Dec. , option gale



2437

W e e k 's
R ange or
L a st S ale

R ange
S in ce
Jan. 1

BONDS
N . Y . STOCK EXCH AN GE
W e e k e n d in g D e o . 2 6

In te r e s t
| P e r io d

P r ic e
F rid a y
D ec 2 6

BONDS
R . Y . STOCK EXCH AN G E
W e e k e n d in g D e c . 2 5

B onds
S old

New York Bond Record— Continued—Page 2

D ec . 27 1919.]|

P r ic e
F rid a y
D ec. 26

W e e k 's
R ange or
L a s t Sale

! «

No.

R ange
S in ce
Jan. 1

A s * L ow
H ig h
L o w H ig h
B id
A sk Z
L ou
H ig h N o . L o w
Sid
H igh
97*4 D e c *19
O
9714 1 0 2 U
96*4 9 9
D e la w a r e & H u d s o n —
L eh V T e rm R y 1st gu
5 s . .1 9 4 1 A
113
M a r * 17
96*4 D e c ' 19 . . .
96
J 96*4 9 7
97
R e g i s t e r e d ____________________1 9 4 1
1 st H en e q u ip g 4 H a ________1 9 2 2 J
18
13
9 9 7* 1 0 2 7*
80
100
S a le 9 9 7a
100
78
79*8 S a le 7 8
L e h V a l R R 1 0 -y r c o ll 6 s _ .n l9 2 S
1st & r e f 4 a ................................. 1 9 4 3 * N
85U
36 , 7 8 i* 95*4
101
D e c *19 ___ _.! 9 7 U 101
83
81*8 S a le 81*8
O
j
L e h V a l C o a l C o lB t g u g 6 8 .1 9 3 3 J
951*
3 0 - y e a r c o n v 5 8 .......................1 9 3 5 A
10
72
72
105
O c t ’ 13
7 2 18 7 3
7 0 i8 781*
R e g i s t e r e d ____________________1 9 3 3
A lb & S u s q c o n v 3 H a --------1 9 4 6 A O
—
104
10234 102*4
1 st ln t r e d u c e d t o 4 s . . . . . 1933
R e n s a *fc S a r a t o g a 1 s t 7 a . _ 1 9 2 1 M N —
J u ly T 8
681* 8 7 U 7 0
L e h A N Y 1 s t g u a r g 4 s --------1 9 4 5
.O t n v e r <fc R i o G r a n d e —
113
67U
62
J
67*4 tS a lo 6 4
75U
1 st o o n a g 4 a _________________ 1 9 3 8 J
R e g i s t e r e d ____________________1 9 4 5
69
68
68
89
93
921* S e p t ’ 19
921* 981*
65
68
J
761*
J
C o n s o l g o l d 4 H s ___________ 1 9 3 8 J
L o n g I s id 1 s t c o n s g o l d 5 0 ..A 1 9 3 1 Q
701* 7 2
70
86
A u g ' 19 . . . .
86
86
70*8
70
80
79*8
J
I m p r o v e m e n t g o l d 5 s --------1 9 2 8 J D
1 s t c o n s o l g o l d 4 s _________ A 1931 Q
12
4478
5
A
721* 8 0
4 5 is 47>a 431*
D
70
431* 6 0 i 2
72*4
72*4
1 s t & r e f u n d in g 6 s --------------- 1 9 5 5
G e n e r a l g o l d 4 s ______________ 1 9 3 8 J
90
D
87*4 N o v ’ 16
92
O c t ’ 19 . . . .
8 6 ig 92
3
R io O r J u n e 1st g u g 5a — 1939 J
F e r r y g o l d 4 H s ____________ 1 9 2 2 M
85
9914 O c t ’ 0 6
65
J . . . . 391* 6 1 U A p r *11
R i o O r S o u 1 s t g o l d 4 s ------- 1 9 4 0 J
G o l d 4 s ......................................... 1 9 3 2
34
J u l y ’ 17
68
S
0 5 U D e c ’ 19 ____ J 6514 7 5 U
J
G u a r a n t e e d ------------------------1 9 4 0 J
U n i fie d g o l d 4 s ......................... 1 9 4 9 M
—
64
—
81
J u n e ’ 19 _____i 7 6
84
627* 7 3 i 2
74
J 641* 7 2
D
R io G r W e s t 1st g o ld 4 s . .1 9 3 9 J
D e b e n t u r e g o l d 5 a --------------- 1 9 3 4 J
521* 4 7
20
47
D e c *19 —
6 9 'g 6 8 7g
687* 771,
6 S 7g
68
47
60
M t g e A c o ll tr u s t 4 s A . .1 9 4 9 A O
2 0 - y e a r p m d e b 5 a __________1 9 3 7 M N
70
55
82
D e o *16
D e c ’ 19
65*8 77
6 5 '4 6 6
8
D e l A M a c k — 1 s t lie n g 4 s . . 1 9 9 5 J D
G u a r r e f u n d in g g o l d 4 s — 1 9 4 9 M
95
Jan ’ l l
G o l d 4 a .........................................1 9 9 5 J D
R e g i s t e r e d _________________ 1 9 4 9
40
74
94
7 4 U .7 7
7 3 ig
N
72
N Y B A M B 1 s t c o n g 5 8 .1 9 3 5
84U
D t t R l v T u n T e r T u n 4 H a . . 19 61
95
86
D e c ’ 19 . . . J
86
92
80
J
S
N Y A R B 1 s t g o l d 5 s _____1 9 2 7 M
D u l M ls s a b e A N o r g e n 5 s . . 1 9 4 1 J
.
.
.
.
92"
9018
J
i
m
j
’
19
91
O
90
ig
8
9
78
9
5
1
A
89*4
Q
J
N
o
r
S
h
B
1
s
t
c
o
n
g
g
u
5
s
.
o
l
9
3
2
D u l A I r o n R a n g e 1 s t 6 s --------1 9 3 7
8 U * O c t *19 ____
80
8 ,8*4 881*
s
L o u is ia n a A A r k 1 s t g 5 s _____1 9 2 7 M
R e g i s t e r e d _________________1 9 3 7 A O
85
—
9 9 i 2 LOS
74
99*4 N o v ’ 19
33
J
8 4 i2
L o u is v i lle A N a s h v g e n 6 s __ 1 9 3 0
D u l S ou S h ore A A tl g 5 s ...1 9 3 7 J
. . . .
1001*
99
D e c '1 9 _____ ! 9 7
895* 9 1
891* 9 0
97*8 9 9
E lg in J o lie t A E a s t 1st g 5 s . -1 9 4 1 M N
G o l d 5 s ......................................... 1 9 3 7 M N
3
68
8 8 ij
9 5 U S a le 9 5 U
9 5 U 1007*
82*8 S a le 8 0 78
82*8
80U
J
J
E r i e 1 s t c o n s o l g o l d 7 s ------------ 1 9 2 0 M 1
8 H * S e p t ’ 19 __ __ 1 811* 8 H *
76*8 8 0
J
J
N Y A E r ie 1 s t e x t g 4 a . . - 1 9 4 7 M N
LOO
92
D e c '1 9 _____
92
92*8 97
C o l l a t e r a l t r u s t g o l d 5 s ___ 1 9 3 1 M N
2 d e x t g o l d 5 s _______________ 1 9 1 9 M S
—
9138 92*8 915* O c t '
N o v * 19 . . . J
92
87
98 U 92
94*4
915* 9 2
L C ln A L e x g o ld 4 H B ...1 9 3 1 M N
3 r d e x t g o l d 4 H b ----------------1 9 2 3 M 8
—
97
O
.04
103
D e c ’ 19 _____ j 1 03
L051*
N O A M 1 s t g o l d 6 a ____ _____ J
971* 971*
J
4 t h e x t g o l d 5 s _____________ 1 9 2 0 A
9 4 1 . 100
LOO
6 t h e x t g o l d 4 s ........................1 9 2 8 J D
100
74
891* 791* J a n ’ 19
N Y L E A W 1st g fd 7 a ..1 9 2 0 M S
F
A
7912 791*
9312 981*
5
52*4 S a le 5 2
99
99
D e c ’ 19 . . J
99
IO U 4
4 H » 7012
M
S
E r ie 1 s t c o n s g 4 s p r i o r — 1 9 9 6 J
84
D ec1
57
J
5 1 U 5 2 -8 5 2 78 D e c ’ 19
M
51
8
R e g i s t e r e d -------------------------- 1 9 9 6 J
S a le 401*
155| 397* 571*
41
4:
1
J
7 1 7g
1 st c o n s o l g e n lie n g 4 S .1 9 9 6 J
M N
7 3 U 701* 7 1 78
71U 79
55
73
June'
951* 9 3
951* N o v * 19 _____
J
D
R e g i s t e r e d ----------------------1 9 9 0 J
J
9512 9 5 ij
29] 775* 8 3
80
S a le 8 0
8'
__ 1 1 0 U 2 LOU*
lO H * O c t ’ 19
P en n c o ll tr u s t g o ld 4 S ..1 9 5 1 F A
S lOO**
H e n d o r B d g e 1 st s f g 6 s . .1 9 3 1 M
35
S a le 347*
3
8 0 7j
S a le 7 5
1 73
347* 5 2
75
75
5 0 - y e a r c o n v 4 s S e r A . . 1 9 5 3 A <)
J
J
76| 33*4 5 2
3
35*4 S a le 3 5
15
845* 9514
87
S a le 8514
d o S e r ie s B _________ . 1 9 5 3 A O
87
A
O
371* S a le 371*
3
371*' 5 5
83
D e c '1 9 _____
83
871*
82U
G e n c o n v 4 s S e r ie s D . . . 1 9 5 3 A O
M
S
33! 8 2
| S a le 8 2
82
5
8:
N
601*
60*8 62*8 601*
601* 7 3
951*
C h i c & E r ie 1 s t g o l d 5 a — 1 9 8 2
J
L A N - S o u t h M J o in t 4 a .
J
1 0 6 7* J a n '
95
F eb ’ 05
J
C l e v A M a h o n V a il g 5 S . . 1 9 3 8 J
901* 9 3 78 941* O c t '
95
941* S e p t ’ 19 _____
941* 9 5
941* 101
J
A
E r ie A J e r s e y 1 s t s f 6 s — 1 9 5 5 J
F
97
83
95
D ec ’
977* M a y ’ 10
94
,01
J 92
G e n e se e R iv e r 1st s f 6s — 1957 J
103
.081* sept'
O
L o n g D o c k c o n s o l g 6 a --------1 9 3 5 A
A
9 8 U 9 9 78 1015* J u l y '1 9 _____ ; 101*4 10188
107
1 09
F
—
93
100
103
Jan 1
9 0 U N o v ’ 19 . . . J
9 6 U 100
A
8 6 U _____
F
C oa l A R R 1st c u r g u 6 a ..1 9 2 2 M N
S A N A la c o n s g u g 5 s .
021* July8 5 U N o v ’ 19 _____
8314 8 6
J 90U —
D o c k A In a p t 1 s t e x t 5 s . . . 1 9 4 3 J
O
8514 9 3
A
O c t ’ 19
70
60
70
85
Jan 1
67^8 7 0
80 U
M
8
N Y A G reen L gu g 5 s ...1 9 4 6 M N
. . . .
N ov'
63*4 6 5
N Y S u sq A W 1st ref 6 a ..1 9 3 7 J
6 4 U 7814
J
77
M a r '10
55
001 4 D e o
2 d g o l d 4 H s ......................... 1 9 3 7 F A
M e x In te rn a t 1st co n s g 4 s .
75
N o v ’ 10
4 9 78 6 0
June
G e n e r a l g o l d 5 s .................... 1 9 4 0 F A —
70
97
D ec'
T e r m in a l 1 s t g o l d 5 S - - . 1 9 4 3 W N
____
—
101
72
101
J u l y ’ 19 _ _ _ _ 102
99
72
N ov
72
72
D
M i d o f N J 1 s t e x t 5 s _____1 9 4 0 A O
J
—
5 4 7s
72
9 7 ig 971* A p r ’ 19 _____ ] 971* 9 9 U
55
W l lk A E a s t 1 s t g u g 5 s . . 1 9 4 2 J D —
A
O
P a c l f l c E x t 1 s t g o l d 6 a ..
74*2 7412 D e c ’ 19
74
80
J
M N
s & I n d 1st e o n s g u g 6 s . .1 9 2 6 J
—
961*
36
98
3 9 18 35*4
J —
37
95
B van av A T H 1 st c o n s 6 s . .1 9 2 1 J
M
361*
35*4 49
8
—
68 D e c ’
44
49
68
38*4
1 s t g e n e r a l g o l d 5 s _________ 1 9 4 2 A O
70U
108
N ov
45
M t V e r n o n 1st g o ld 6 s — 1923 A O
50
45
N o v * 19
45
J
J
95
June1
727g N o v ’ 19
72 ig 8 0
B u ll C o B r a n c h 1 s t g 5 s . . 1 9 3 0 A O
D
GOU 71
J
8
7
7
7
831* 7 7
2/
76
85
37
S a le 3 6
481*
F lo r id a E C o a s t 1 s t 4 H ° — 1 9 5 9 J D
37
35
S
92
Aug 1
J
2
89
F o rt S t U D C o 1st r
.1 9 4 1 J
781* 801* 801*
80
801*
J
J
. . . .
56
56
D ec 1
56
601*
J
F t W o r t h A R io G r 1 st g 4 s . 1928 J
931* 9 5
96*4 J u l y ’ 19
96*4 97*4
..
.
.
.
.
81
76
D ec ’
76
76
G a lv H o u s A H e n 1 s t 5 s --------1 9 3 3 A O
88
88
N o v * 19 _____
88
78*8
88
M N
200
9,
931* 977*
J 947* S a le 94*4
G reat N o r O B A Q c o ll 4 a . . 1921 J
94l>
8 7 U 921* 9 2 *s N o v *19 _____
92
J
J
941* N o v ’
94
9G7*
J
R e g i s t e r e d _________________ 6 1 9 2 1 Q
95
D e c ’ 16
125
S a le 8 OI4
8:
J 83
1 s t A r e f 4 H « S e r ie s A --------1 9 8 1 J
80>4 8 9
M is s o u r i K a n s a s A T e x a s —
96
Juno’
J
59
S a le 58*1
80
R e g i s t e r e d ------------------------- 1 9 6 1 J
69
D
59
J
58
. . . .
8 6 I4 O c t
J 84 U
8614 881*
291* j S a l e 2 9
291*
43 2 9
38
B t P a u l M A M a n 4 s ........... 1 9 3 3 J
F
A
. . . .
104
1081*
.1 10514 _____ :05«4 D e c ’
32
2 2 ig D o c ’ 19 . . . .
1 s t c o n s o l g 6 8 -------------------1 9 3 3 J
M N
20U 30
_____ 1 1 8
Apr 1
J
49
361* S a le 3 6
361*
R e g i s t e r e d ----------------------1 9 3 3 J
M
S
36
4R1|
4
3
S a le 9 0 U
9
J 91
15
90>4 95*8
T r u s t C o c e r tfs o f d e p .
35
35
R e d u c e d t o g o ld 4 H B -1933 J
34*4 4 0
401*
021* M a y '
24
23
J
S a lo 2 4
24*8
R e g i s t e r e d ........... ........ 1 9 3 3 J
J
J
24
34
101
8
887*
83*4 S a le 8 3
83
30
27
J u l y ’ 19
A O
25
M o n t e x t 1 s t g o l d 4 s ___ 1 9 3 7 J 1)
27
—
80
S e p t'
__
39
80
80
5 % s e c u r e d n o t e s ‘ •ext”
R e g i s t e r e d ____________ . 1 9 3 7 J D
—
86
77
N ov
6 91* A p r ’ 17
77
J
81
M
P a c ir t o e x t g u a r 4 s £ _____ 1 9 4 0 J
—
80
75
5214 5 2 ‘4 D e c ’ 19 _____
F
A
7 4 14 7 4 U
E M in n N o r D lv 1 st g 4 s . .1 9 4 8 A O
52U 53
—
37
A O
35
99
40
N o v ’ 19
50
99
J
40
M i n n U n i o n 1 s t g 6 s ----------1 9 2 2 J
—
68
69
O c t '1 9
M N
108**
J 1061* _____
103
69
711f
M o n t O 1 s t g u g 6 s ..............1937 J
—
55
5 5 ig A u g '1 9 _____
505g 5 8
J
M
S
R e g i s t e r e d ________________ 1 9 3 7 J
—
90
74
935^ 941*
J
51
D e c ’ 16
S h e r S h A S o 1 s t g u g 6 s . .1 9 D
J
1 s t q u a r g o l d 5 s ..................1 9 3 7 J
39
9558 9 8
98*4
M
S —
T e x a s A O k l a 1 s t g u g 5 s . . 193 8*4 D e c ’ 19 . . . .
38*4 5 0
W i ll A 8 F 1 s t g o l d 5 a . . 1 9 3 8 J D
—
521* 5 7
F eb
60
M is s o u r i P a c i f i c ( r e o r g C o ) —
51
G reen B a y A W d e b c tfs " A ”
51
S
a
le
„S
a
le
8
8
F
7
7
7
7
1
757* 877*
A
7
7
157*
F
e
b
r,s»
D e b e n t u r e c t f s *‘ B ” -----------91
68
—
73
O ct
947*
F
A
91*4 D e c ’ 19
J
90
73
821*
G u lf A S I 1st re f A t g 5 a . . 61952 J
34
2
A
87
87U
847* 9 2
6 8 *s
7
F
86><
86U
J S 7012 71
68*8 S3
H o o k in g V a l 1st c o n s 8 4 H a 1999 J
—
S
a
le
3
0
2
M
8
7
3
i*
J
u
n
e
'
J
5814
5
6
i4
5
8
U
J
5
4
631.
R e g i s t e r e d _______________. . . 1 9 9 9
—
7312 O o t
1 00
70
M N
9 7 U D e c ’ 19
9 71 41 0 0
C o l A H V 1 s t e x t g 4 a ------- 1 9 4 8 A O
_____ 7 0 U A p r
—
69
fW S
8 5 78 5 8
O c t ’ 18
76U
761*
C o l A T o l 1 s t e x t 4 s .............. 1 9 5 5 F A
—
80
82
N ov
J
M N
82
A p r ’ 17
80
60
82
H o u s t o n B elt. A T e r m 1 s t 5 e . l 9 3 7 J
—
83
N ov
84
—
A
100
F e b ’ 13
83
J
F
88
I lli n o is C e n t r a l 1 s t g o l d 4 s . . 1 9 5 1 J
—
841
4
9
2
S
e
p
t
J
J
D
6
8
J u n e '19
J
68
68
R e g i s t e r e d ................................... 1 9 5 1
—
7 9 >s S 0 !g D e c ’ 19
72
D ec
72
. . . .
A
78
F
72
J
82
76
SO
1 s t g o l d 3 H s .............................. 1 9 5 1 J
- .
97
84
N ov
87
J
89
M a y ’ 19
J
J
89
89
R e g i s t e r e d -------------------------- 19 51 J
73
S a le 9 1
7 3 U N o v ‘ 19 —
A O
91
91
50
971*
73U 73U
89
E x te n d e d 1st g o ld 3 H 8 - - - 1 9 5 1 A O —
A O
1 02
J u l y '14
R e g i s t e r e d . ............................ 19 51 A O
S a le 731*
80
J u l y ’ 0 9 ______
8
31
J
J
75
75
73
821*
1st g o l d 3 s s t e r lin g ................. 1 9 5 1
J
J
S078 O c t ’ 17
R e g i s t e r e d --------------------------1 9 5 1 M 8
731* 7 2
S a le 67*4
73
69
D ec 1
-- IV* N
20
771,
69
7 U * 79
68
C o ll a t e r a l t r u s t g o l d 4 s — 1 9 5 2 A O
—
Q9
(VI 8
R e g i s t e r e d — . . . . . -------- 1 9 5 2 A O
117
D 100 102
77
J
IOOI4 D e c '1 9
75
84U
1 st r e f u n d in g 4 s . . ..................1 9 5 5 M N * 7 5 U S a le 7 5 U
100U 105U
--------98
J 641* 6 7 U 6 9 I
J 95
965g N o v ’ lfl _____
96
9S 1,
67*8 7 5
p u r c h a s e d lin e s 3 H s ---------- 1 9 5 2 J
3u
GO
M S■
70*4 8 a lo 691*
601* N o v * I S
5714 775*
601* 6 8
L N O A T e x a s g o ld 4 8 ...1 9 6 3 M N
—
60
1
F
A
7 6 i 2 82
78
D e c *1S
68
7U *
78
91
R e g i s t e r e d --------------------------1 9 5 3 M N
57
S a le 911*
D
93
J
J
82*2 8 2
A p r ’ IS
867* 8 7
1 5 - y e a r s e c u r e d fli* a ---------- 1 9 3 4 J
891* 97 U
—
784 1
781*
D
J
J 72*8 7-1'* 751* N o v ’ IS
7 8 lj 7 9
73*8 8 U 1
C a ir o B r id g e g o l d 4 8 ---------- 1 9 5 0 J
10
S a le 6 0
A O
60
J
60
61
96U 100
L it c h f i e ld D l v 1 s t g o l d 3 s . 1 9 51 J
95<s 9 7 U 9 6 U N o v * I S
. . . .
65
1
70
J
J
1 0 U * ll O U M a r ’ 17
J a sp er B ra n ch 1 st g 6s_
J 65
65
731*
L o u ls v D l v A T e r m g 3 H 8 1 9 5 3 J
J
2 4 7g 2 5
2
83
/
J
25
J
59
J a t R y s o f M e x p r lie n 4 H
25
R e g i s t e r e d --------------------------1 9 5 3 J
G
1 -------1 02
J
G u a ra n teed g e o e ra l 4 s . _
2 3 78 4 0
M i d d l e D l v r e g 6 a . ............... 1921 F A
8 40
1 --------60
J J *
9 6 78 F e b *13
O m a h a D l v 1 s t g o l d 3 s — 1 9 51 F A
O
1 --------60
A
50
J
21
A u g *18
B t L o u is D l v A T e r m g 3 8 .1 9 5 1 J
J 63
S a le 6 2 7g
6 4 7g
13
—
J
6 2 "8 7 0
J
651* 6 6
97*8 6 8
G o l d 3 H S ............................1951 J
—
D
9bi2 951*
J
95
951*
5
94
J
9 7 ij
R e g i s t e r e d . - ........... — 1 9 5 1 J
7378
1 -------A O
J
521* 5 3
51
53
6
50
691,
B p r ln g f D l v 1 s t g 3 H e ------- 1 9 5 1 J
A
—
N e w Y o rk C en tra l R R —
72U 76
7 9 1 , 7912
W e s t e r n L in e s 1 s t g 4 s ------- 1 9 5 1 F
N
—
91
9 0 i 8 S a le 8 9 7g
988
R e g i s t e r e d -------------------------- 19 51 F A
8 9 7 . 1001*
F A
1 --------90
100
6 9 ig 8 a le 6 9
695,
22
B e lle v A C a r 1 s t 6 s ..............1 9 2 3 J D
681* 7814
A O
—
73
H 70
R e f A i m p 4 H a " A ” ........... 20 :
73
78^8 7 9
46
73
C a rb A S h a w 1st g o ld 4 s . .1 9 3 2
78*4
7 9 7g
86
74
—
—
D
94
93
N ew Y o r k C e n t A H u d R lv —
91
C h ic S t L A N O g o ld 5 8 ..1 9 5 1
99*4
J 68
—
8 a le 6 7 78
D
J
C81*
14
R e g i s t e r e d ________________ 19 51
9 5 ’ * 9 5 i«
6 6 I2 7 3
J 661* S a le 6 6 1 j
—
J
60
. . . .
601.
G o l d 3 H a ..............................19 51 J D
a 661 2 71
M N
751* S a le 7 8
81
9?
767* 86
R e g i s t e r e d ........... ............. 1 9 5 1 J D
4
83
IM N
D 81
81
95
79 Nov’ lfl
J o in t 1 s t r e f 5 s S e r ie s A . 1 9 6 3 J
F A
D 64*4 7 2
—
601* 60*8 6 0
71
M e m p h D lv 1st g 4 S ...1 9 6 1 J
60 1 j
16
77
59U 68
F A
D
_____
70*8 6 0
67
R e g i s t e r e d --------------------- 1 9 5 1 J
N o v ’ 11 _____
59
S
—
A
8 F
741« 7 8
70
771 . 79*4
60*8 S a le 60*8
B t L o u is S o u 1 s t g u g 4 a . . 1 9 3 1 M
60**
60
4
—
F
J 75*8 _____
J
8
2
75
M arT
75U
9
5
D
M N
93
:
9 —
J
93
93
45
96
1st A G r e a t N o r 1st g 6 s . .
80
9 --------- 8 OI4 8 2
6 J
J D
82
82
80U
7 S i* 8 3 7« 8 2
A u g ’ IS _____
561* 5 4
A J
54
1J .
4
13
5 0 l8 64**
78
(
A O
6 J
9 ______
8 8 la
104
M a y * 1C _____
155
72
S a le 7 H *
R e g is t e r e d ..
6 J
J
73
J
7U * 88
731* S a le 701*
8
22
J J
1 A
<
70
81
54*s
G
7812 841*
9 --------J J
1 J
49
Nov* 1C _____
7 2 ig 7 7
831* 9 0
7 ______
2 J u
J _____ 6 1
J
0
______6 5
65
i
80
9 ______
M o b A M a i 1 s t g u g 4 s . . . 1 9 9 11 M
M
A
80
M a y ’ IS _____
80
65
7 5 lg
85*8
83
10
J
^F
83U 85
89*2 F e b ’ H 1
J
80
92
9 _____
J . . . .
78
f
J
86U
78
78
59
R e g i s t e r e d ----------------9 6 12 9 8 U
2
33
M N
c
7 0 i* S a le 6912
3 A
961* Nov* IS _____
69
v«h lgh V a l ( P a ) c o n s
SOI*
m N
81*8 S a le 81
G en era l con s 4 H a
«
a
771* 9 0

9

F

M

1

Q

m

m
j
J

9

i

•No price Friday; latest bid and asked this week, a Due Jan. ft Due Feb. 0Due June, h Due July, n Due Sept. 0Due Oot. * Option sale.




BONDS.
. Y . STOCK EXCH AN GE
W e e k e n d in g D e c . 2 6 .

|
•-I I

I f Y C e n t A H R R R (C o n ) —
N Y A P u 1st co n s g u g 4 a . 1993 A o
P in e C r e e k r e g g u a r 6 a _____1 9 3 2 •J
E W A O c o n 1 s t e x t 5 a _ _ ft l9 2 2 A o
J
R u t la n d 1 st c o n g 4 H a — 1941 J
J
O g A L C h a m 1st gu 4s g . 1948 J
J
H u t-C a n a d a 1 st g u g 4 a .1949 J
3 t L a w r A A d lr la t g 6a— 1996
2 d g o l d 6 a ...............................1 9 9 6
J
U t i c a A B lk R l v g u g 4 a . . 1 9 2 2 J
L a k e S h o r e g o l d 3 H a ______ 1 9 9 7 J D
R e g i s t e r e d _________________ 1 9 9 7 J E
D e b e n t u r e g o l d 4 s ______ 1 9 2 8 M S
2 6 - y e a r g o l d 4 a ___________ 1 9 3 1 M Is
N
R e g i s t e r e d ______________ 1 9 3 1
K a A A G R lB t g u C 5 a ___ 1 9 3 8
M a h o n C ’ l R R l a t 5 a _____1 9 3 4
P it t a A L E r ie 2 d g 5 a . . . a l 9 2 8
P it t a M c K A Y l a t g u 6 S . . 1 9 3 2
2 d g u a r a n t e e d 6 a ________1 9 3 4
M ic h i g a n C e n t r a l 5 a ______ 1 9 3 1
R e g i s t e r e d _________________ 1 9 3 1
J
4 a .................................................1 9 4 0 J
R e g i s t e r e d ______________ 1 9 4 0
J L A S l a t g o l d 3 H a — .1 9 5 1
1 s t g o l d 3 H a ______________ 1 9 5 2 M N
2 0 -y e a r d e b e n tu r e 4 a ..1 9 2 9 A O
I f Y C h i A S t L l a t g 4a . . 1 9 3 7 A 0
R e g i s t e r e d _________________ 1 9 3 7
D e b e n t u r e 4 s ____________ 1 9 3 1 M N
J
W e s t S h o r e l a t 4a g u a r . _ . 2 3 6 1 J
J
R e g i s t e r e d _________________2 3 6 1 J
N Y C L In e a e q t r 5 a . . 1 9 1 9 -2 2 M N
E q u i p t r u s t 4 H s . . 1 9 1 0 -1 9 2 5
N Y C o n n e c t lB t g u 4 H a A , . 1 9 5 3 P A
N Y N H A H a rtfo rd —
N o n - c o n v d e h e n 4 a ________1 9 4 7 IN 8
! f o n - c o n v d e b e n 3 H s _____1 9 4 7 M 8
W o n - c o n v d e b e n 3 H a _____1 9 5 4 A O
J
I f o n - c o n v d e b e n 4 s _______ 1 9 5 5 J
N o n - c o n v d e b e n 4 a ------------1 9 5 6 in N
J
C o n v d e b e n t u r e 3 H a ______ 1 9 5 6 J
J
C o n v d e b e n t u r e 6 s __________1 9 4 8 J
C o n s R 7 n o n - c o n v 4 s _____ 1 9 3 0
N o n - c o n y d e b e n 4 s -------- 1 9 5 4
N o n - c o n v d e b e n 4 a _____ 1 9 5 5
N o n - c o n v d e b e D 4 s _____ 1 9 5 5
j
N o n - c o n v d e b e n 4 s -------- 1 9 5 0 J
H a r le m R - P t C h e s 1 s t 4 a . l 9 5 4 N N
B A N Y A ir L in e l a t 4 a . . 1 9 5 5 F
J
C e n t N e w E n g lB t g u 4 a . . 1 9 6 1 J
H a r t f o r d S t R y l a t 4 a _____1 9 3 0
H o u a a t o n lc R c o n a g 5 a . . 1 9 3 7
N a u g a t u c k R R l 8 t 4 a --------1 9 5 4
It Y P r o v A B o s to n 4 a . . .1 9 4 2 A O
J
N Y W 'c h e a A B l a t aer I 4 H s ’ 4 6 J
B o s t o n T e r m i n a l 1 s t 4 a ___ 1 9 3 9
N e w E n g l a n d c o n a 5 a --------1 9 4 5
C o n s o l 4 a ____________ - __ 1 9 4 5
P r o v id e n c e S e c u r d e b 4 a . .1 9 5 7 W N
P r o v A S p r i n g f ie l d 1 s t 5 8 .1 9 2 2
P r o v id e n c e T e r m la t 4 s — 1956
J
W A C o n E a s t l a t 4 H a — -1 9 4 3 J
N Y O A W r e f l a t g 4 a --------171992 M e
R e g i a t e r e d $ 5 , 0 0 0 o n l y . .<71992
G e n e r a l 4 a ____________________1 9 5 5 J D
N o r f o l k S o u l a t A r e f A 5 8 — 1961 F A
N o r f A S o u 1 s t g o l d 5 a ________1941 M N
N o r f A W e s t g e n g o l d 6 a _____1 9 3 1 rvi A
I m p r o v e m e n t A e x t g 6 a ._ 1934
N e w R i v e r l e t g o l d 6 a _____ 1 9 3 2 A O
N A W R y la t co n a g 4 a ..1 9 9 6 A O
R e g i a t e r e d _________________ 1 9 9 6 A
J
D l v ’ l l a t lie n A g e n g 4 a . l 9 4 4 J
1 0 - 2 5 - y e a r c o n v 4 s _______1 9 3 2 J D
1 0 - 2 0 - y e a r c o n v 4 a _______1 9 3 2
1 0 - 2 5 - y e a r c o n v 4 H a ____1 9 3 8 M s
1 0 - y e a r c o n v 6 a __________ 1 9 2 9 —
D
P o c a h C & C J o in t 4 a — 1941 J
J
G O A T 1 s t g u a r g o l d 5a . 1 9 2 2 J
S c lo V A N E la t gu g 4 a ..1 9 8 9 M N
N o r t h e r n P a c i f i c p r io r H en r a il­
J
w a y A la n d g r a n t g 4 a _____ 1 9 9 7 Q
J
R e g i a t e r e d _________________ 1 9 9 7 Q
O e n e r a l lie n g o l d 3 a ______ o 2 0 4 7 Q F
R e g i a t e r e d _______________ a 2 0 4 7 Q F
J
R e f A im p 4 H a s e r A ______ 2 0 4 7 J
D
flt P a u l - D u l u t h D l v g 4 a . . 1 9 9 6 J
■ t P A N P g e n g o ld 6 a . . . 1923 F A
R e g iste r e d c e r t if i c a t e s .. 1923 Q A
F
B t P a u l A D u lu t h l a t 5 s . .1 9 3 1 F
l e t o o n a o l g o l d 4 a .............. 1 9 6 8 J D
W a s h C e n t l a t g o l d 4 s _____1 9 4 8
J
N o r P a c T e r m C o l a t g 6 a . .1 9 3 3 J
J
O r e g o n -W a s h la t A r e f 4 a ...1 9 6 1 J
P a c ific C o a s t C o 1st g 5 3 ...1 9 4 6 J D
P a d u c a h A I lls l a t a f 4 H H - - 1 9 5 5
P e n n s y lv a n ia R R la t g 4 8 ..1 9 2 3 M N
C o n s o l g o l d 5 a ______________ 1 9 1 9

0

Q M
N
N
A
D
D

............1 943 M
______ 1 9 4 8 *1
1060 F
G e n e r a l 4 H s ............— ............1 9 0 5 J
G e n e r a l 5 s ...................... ............1 9 6 « J
A lle g V a l g e n g u a r g 4 a . . .1 9 4 2 M
D R R R A B 'g e 1 s t g u 4 a g 1 9 3 6
P b il a B a l t A W l a t g 4 a . . 1 9 4 3 M
flo d u a B a y A S o u 1 s t g 5 a . l 9 2 4
S u n b u r y A L e w la l a t g 4 8 .1 9 3 6
U N J R R A C an gen 4 8 -1 9 4 4
? «n n a y lv a n la C o —
Q n a r l a t g o l d 4 H b .............. 1921 J
R e g i s t e r e d .............................. 1 9 2 1 J
G u a r 3 H a c o ll t r u s t r e g A . 1 9 3 7
G u a r 3 H b c o ll t r u s t a er B .1 9 4 1 F
G u a r 3 H a tru s t c tfa C . . . 1 942 J
G u a r 3 H a tr u s t c t f a D . . . 1 9 4 4 J
G u a r 1 5 - 2 5 - y e a r g o l d 4 a . . 1931 A
4 0 - y e a r g u a r 4a c t f a 8 e r E . 1 9 5 2 N
O ln L e b A N o r g u 4a g . . _ 1 9 4 2 M
C l A M a r l a t g u g 4 H a ___ 1 9 3 5 in
0 1 A P g e n g u 4 H a aer A . 1 9 4 2
S e r ie s B ....................................1 9 4 2 A
I n t r e d u c e d t o 3 H a . . 1942
S e r ie s C 3 H a ......................... 1 9 4 8 M
S e r ie s D 3 H a .......................1 9 5 0 F
* n e A P it t a g u g 3 H a B — 1 9 4 0 J
S e r ie s C ....................................1 9 4 0 J
O r R A I e x 1 s t g u g 4 H a . 1941 J
O h io C o n n e c t l a t g u 4 a — 1 9 4 3 M
P it t a Y A A s h l a t c o n a 5 a . 1 9 2 7 M
T o ! W V A O g u 4 H a A . . 1931 J
S e r ie s B 4 H a .......................1 9 3 3 J
S e r ie s C 4 b .............................. 1 9 4 2 M
P C C A f lt L g u 4 H a A — 1 9 4 0 A
S e r ie s B g u a r _____________1 9 4 2 A
S e r ie s C g u a r .............. . . . 1 9 4 2 M
S e r ie s D 4 a g u a r . . ............1 9 4 5 M
S e r ie s E 3 H a g u a r g o l d . 1 9 4 9

r

Week’s
Range
Price
Friday
Rangeor 3 3
Since
Last Sale | 3 Jan. 1
Dec. 26
Bid AskLow High No. Low High
72i2

4

978
73
54

103 Nov’ 16
90*8 95*8 94*8 Deo -19
691a Sale 69
09*2
70*2 Nov‘ 11 . . . .
71
36
85*2
85% Sale 84
92
83U Rale 82
8312
84l2 N ov‘ 19
87
93ia

94*8 96
74
70% 70%
84
90
82
89
84% 8-1*4

68

81

84

70% 74%
73*2 85
78% 84
64%
70
69*2
99%

76%
81%
7834
99*2

17

73

8634

So
49
60
46
46
47
65%
50

Nov-19 ____
Nov‘ l£
Aug TO
Dec ’ IS — —
5
46
9
47
90
67
Oct T7

50
49
50
45
46
47

51%
51
52
56%
59%
52

GO

July’ 18

49"

Occ T 9 . . . .

77

68 Nov‘ 19 —
79*2 Dec '17

Oct ’09 . . . .

59

87 July’ 14
83 Aug T3 ____
80%
96
Sale 3478
36
30*8
70
347a 38
9973
%
74%
74li
59% Sale 59U

Sept’ 17
Nov’ 19 ____
Doo T3
Feb T4
74%
4
59U

60
30

88

10

60*8 60% N ov‘ 19
49 "g 51%
51%
75'a 84
81 Nov'IS
103
105% Dec T9
122 Nov’ lfl
103*8
106*2 Aug T9
78
78
Sale 761a
79 Oct T9
75
7678 Sale 767a
77%
737a
74 Dec T9

18

49

68

50's
70

53

02*8

101

2
2

791 Sale 76%
791 Sale 76%
5434 Sale 53*4
55
79
81
79
76
70
80
% 1007 100%
99%
99*a 100*8
97
89
70‘s
71
75

97
97

____

1

—__

34

54

38

40

62
69*2
89
109*2

8

78
77%
75
77
75
81% 83*2 82%
80%
79*4 80
81%
81
85
83*4 87
71*2

104

91*2

Jan T9
Oct T9
Nov’ 19
Nov’ 19
Nov‘ 19
Oct TO
Dec T9

____
____
____
____

78
77%
77
82%
80%
81%
85

78
77%
77
fl-%
87
82%
83*2

8

Dec T5

88% Feb T7

84*8 91% 87% N ov‘19 : : : : 87*a
80
o
89
91*8 Nov’ 19
91*8
o
91
91 Nov‘ 19
N ____
99 June’ 17
N
90
91*4 90% Oct T9
A
82
87*2 90 Oct 19 ------ ' 90

87%

N

J

J
S

70*8
70*8
78*8 82
855a
97*%

88*2

88
88*4

79% Oct -19
79% Mny’ 19 ____
87 June’ 19
85*4 Nov‘ 19 ____

5)4*2
92%
90%
90

S a le
S a le
S a le
S a le

S a le

92

99*4 100*8
03% 04
87*4 90*2
60*4 S a le
62%
52*8 S a le
58
01

03

H ig h

56*2
G8%
57%
42
1 01
92%
78
90
100
03%
90*2
60*4
63
52
56*2

R a n ge
S in ce
Jan. 1

f a
1 $

N o . L ow

143
48

82%
65*4
45

90
72%
54

275

78
73
78

S0*|
81%
85

59*2

68

28

D ec T 9

807
64
53
58
06% 79
09*4 2 2 2
141
61
55
71*»
158
39% 56
45
N o v T f i _____ 101
100
D e c T 9 _____
9 1 % 98*2
M a y 'l l ]
M a y ’ 17
1 99*2 1 0 3 %
100
36
6 0 % 75*2
or,
O ct T 9 - - - 88*8 9 0 %
30
74
60
61
57% 63
S e p t ’ 19
io 5 0
05%
52%
3. 56*2 04*1
57

S a le
03
S a le
S a le
S a le
04%
65
102

56
56
20i
60
D ec T9
17,
60*8
60*a
ISO
34%
35*4
120
34
39
5
64
64
76
Apr T 9
9 9 % N o v ’ 19 . . . .

68
56
60% 72
74
58
34% 53%
60
34
04
80
70
76
99% 100%

J

J

84%

J
J

J

87% O ct T 9
93
J u l y ’ 19
2
88%
88%
9 5 % M a y ’ ll) --------1

87*2
91%
88%
95*4

92%
93
94

J

88
94%
95% —

J

D

70%

70

34j

07%

79%

M
J

8

D

F

A

80*4
1 05
70

J D
A O
M N

81%
70

M

81
83*4
91%

J
J

N

J
O

J
O
J
H
J
O

J
J
J
J
O
S
J

J
D

J

J

J
J

J
J

A

O
J
M
S
O
J

J
M
M

A

J

G a P a c R y la t g 6 a .

J

J
j

J
J
J

A

O

M

N

IN N
IN S
IN 8
M

8

IN N
J J
A
F

J
A
l a t c o n a g o l d 5 a ............1 8 9 4 -1 9 4 4

F
J
A
J

.1 9 3 1 J

Tol A Ohio Cent lat gu 5a..1935
Western Dlv lat g a_____ 1935
General gold 5a..................... 1935
Kan A M 1st gu g 4s......... 1990
2d 20-year 5a...................1927
Tol P A W 1st gold 4a............1917
Tol t L A W pr Hen g 3H »-1925
50-year gold 4a..................... 1950
Coll trust 4a g er A ......... 1917
Trust co ctfs of deposit.........
Tor Hara A Buff lat g 4 s ._ 51946
Ulster A Dol lat cona g 5a..l92S
lat refunding g 4a_________ 1952
Union Pacific lat g 4a............1947
Registered............................. 1947
20-yoar conv 4a__________ 1927
lat A refunding 4a______ p2003
10-year pertn aecured 6 a .1928
Ore RR A Nav con g 4 a ..1940
Ore Hhort Line 1st g a . . . 1922
lat consol g 5a...................1946
Guar refund 4s.................1929
Utah A Nor gold a____ 1926
lat extended 4a......... 1933
Vaiidalla cona g 4a Ser A ____ 1955
Consols 4a Series B ______ 1957
Vera Cruz A P lat gn 4 Ha. 1934

6

8

8

6

6

F
J
A
J
A

J
J
J
A

J

O
A
J
0
A
J
O
D
J
A
J
0
I)
O
J
J
J
O

D

J

J

J

J
8
J
D
A

M
J

J
F

J

J
J
J

O

F

A

J

J

J

S a le

S a le 78*2
S a le 1 0 4
76% 75

70%
80*2
100
70

256
149
83

10
81*2
82*2 8 1 %
70% D e c T 9 . . . .
75
1 00
O c t ‘ IS . . . .
1 01

w t

77>2 8 7 %
9 8 % 115
72% 83
81
70*4

85%
80

85%

84*2 D e c T 9 . .

.

84%

92%

92%
91%

92
D ec T9
2
91%
91%
94
M a r T 9 _____
87*4 D o c T 9

92
91%
94
87%

98%
94%
94
87%

99%
95%
02%
97%
92%
71
85
271
74%
113
84
__ _| 8 5 %
535
59*2
13, 5 5
90*8
0
7%
«
92%
20
84%
13
86%
. . —| 7 0

99%
95*i
09%
97%
93
80%
85
83*2
96%
85%
09
08%
91%
74*i
93
88%

90
95
99
99%
97
93*2

99%
95%
93*2
97%
92%
71%
85
76*
84%
85%
59*2
56*2
90*8
69%
92%
87
87
70

Aug T9
N o v ‘ 19
93*2
J u ly . 19
J u n e '1 9
71%
J u l y ‘ 19
'77%
87
S e p t ’ 19
00
57
J u l y '1 9
69*2
J u l y ‘ 19
87%
88
O ct T 9

....
_____
2
....
.. . J
0

08
63
02%
91*4 9 3
89
91
89%
94
80
92
4 7 % 51
52
100
100*8 l o o
97
99*4 100
85*2 9 7
91*2
58
04
05
92*2 1 02
5)2%
01
69
99*2
95*2
9 1 % 1 02
91
90*2
104*2
91% 92%
98
82% 85%
05
S a le 6 5
85
95
93%
78*2 75*2
81% 84
8U3
86*2 5)0
93
70
S a le 7 0
5)1
92
83*2 S a le 82*2
41
52*2
75*8

O ct T 9
D ec T9
N o v ’ 19
J u l y ‘ 19
Jan T 9
1 00

68
08
92% 97
. . . . 89% 97
___ ! 0 2
9514
52
52
3 101)
L01
100
ii

98*4
91%
92%
91%
90*2
71
83
77
80*2
83%
60
55
81%
09*2
80
823s
88

82
80*|
70
0434
87*2

92%
71%
S a le
S a le
85*2
S a le
56*2
80
S a le
91
84%
S a le
09

87*2
87
81
73

100
O ct TS
Aug T9
N o v '1 9
J u n e ’ 19
Apr T 9
N o v '1 9
D e c TO
J u l y ’ 19
'7 0 '
M a r ’ 17
A p r ’ 19
D o o -1 9
O ct T 9
70
J u n e ’ 19
84
f le p t ’ 18

74
43

S a le

83*4
81»4
70
73
87*2
30
74*8
43

77*2

19
71%
85%

80
Apr T 7
8 0 % N o v ’ 19

50

83*4
N o v '1 9
O c t -19
O ct T 9
D oc T 9
Feb T 9
D ec T 9
44

84*2 S a le
82*4
84*2
81
86*2
86*2 S a lo 8 4 %
Sale 7 7
78
78
10 2 % S a lo 102
102*2
77% D e c T 9
78% 79%
09*2
99%
0 9 % [00
D ec T 9
9 1 % 92*2 9 2
S a lo 8 2
83*2
83
93*8 O c t T 9
93% 96
F e b 'I S
83*4 81*2 8 9
80*4 D o c T 9
—
81*4
35
M a y ’ 19

....

05
02%
69
99
91

___
5

....
....
2
75

2

....
....

30

97%
74

05
95%
71
[0 0
90%

90

97

05

71

75%
75
93
09
92
82%

7ftl|
1)1%
98*2
77
02
93

83%
83
70
70*2
87*2
30
7 4 '»
43

02

87
73
70%
92
30
70*2
50

....

80%

85%

136

82*4

89%

157,
150

82
74*2

....

89%
83%
100
70*8 8 0
9 0 % 101*2
02
98%
77% 88
98
93
78%

80*4

—

35

35

0| 1 0 1 %
«
74

• No price Friday; latest bid and asked, a Due Jan. d Due Fab. o Due June. 5 Due July * Due Aug. o Duo Oot. v Due Nov. Due Deo. a Option aale.




High

88% 91
89
91
101
102

Aug T 9
D o c T£
J u n o ’ 15
June’ D

84
80
67
70%
45
N o v 'l C
99
J a n ’ IS
97% D e c T 7
78*2
80%
78
Aug ’ l l
78%
79
01

J

J

L a D lv B L la t g 6 s .

98*2
98

58
08*4
61
44
102
90

S
J

M
M e m D lv 1st g 4 H a -5 a I

88*4

97
95%

S a le

J

J

4

5
97
Sale 97
95% Oct T9 . . . .

78%

O

J
J
A

R e g ia te re d .

88

87*2

S a le
S a le

J

J
A
J
M
J
A
J

100 101

79%
7934
87
85*4

S

M o rg a n ’ s L a A T la t (

86

82'g

90

Ask

L ow
87*2
92
90%
89
89%
I0 0 3 4 1 0 1
97% 100

85
70*4
43%
97*8
95%
80

66
58
60*8
35*2
38*4

J
O
A

IN N
J
J

68*2 88

82% Dec T9 . . . .

O

J
A

106*4 106% Nov-19 . . . . 106% 107%
70
79%
Sale .19*8
71
84*2
82% 84% Sept’ 19 . . . .
93
95% 953*
95% Apr T9
99% 99%
99% Feb T9 ____ 99% 99%
86*4 87% June’ 19 ____ 87%
89*2
82
84
84*8 83
53
90%
90
Sale 89%
81% 554 79*2 89%
Sale 80%
90% 505 8834 97%
Sale 89 3
6
82% 87%
82%
Sale 82%

20

82

W e e k 's
R ange or
L a s t S ale

S o u th e rn P a c ific C o —

18

75*2
76*2 82
52% 61%
55
57*2
90
79
76
70
*a
%
99*2 100%
93*2
97
70% 76%

J
A
A

M

86*2

79% 276
Nov‘ 19
92
56%
Nov’ 19 . . . .
Dec T9 - — .
May T 9 ____
Deo -19 ____
Dec T9
Feb T9 . . . .
Occ T9 . . . .

Bid

J

D
J

4 s ..

. . . . 106"% 108%
43 76*8
____ 79
81
74*4 82
....
84*2
74

10

J

J
J

F
R e fu n d in g

7418 74*2
59
70
60*4
51%
81
101%

J

IN N
O
A
A O
M N
J J

60 88

Sale 96%
96%
96% 101*2
103 102*4 L10*4
Sale 103%
79% SO
79% 79% Dec T9 . . . .
97
97 Aug T9 —
97
3 74
76
81
Sale 75

100

J
J

J

100*2M ay’ 15

96*4
104
78*4
97*4
76

J

J
J

53
51
48
48
48
473s
Sale

57

c

J
J

Sale 7678

63 is

A

c

46

____ 65

J
J
J

J
0
J
J
J

J
J
A

77 ’

60

J

123U M ar’ 12

00

46
46

A
O
F
N

—

79*8
7934
87
83%

j

P e o r i a A P e k i n U n 1 s t 6a g _

c

[V ol . 109.

P r ic e
F r id a y
D ec. 20

N

J

5
71% Sale 71%
71%
77ig 773« 73% Dec ’ IS . . . .
17
79%
80%
79% 80
85 N ov'17
62
%
67
Sale
38
721* Sale 72
73*8
14
70
70
Sale 70
99% Feb ’ 19 . . . .
97ia

83*4

A
J
J

99%
77i,
61%
67

; J
M
1F
A
Q
M

104i2 Deo T5
103 M ay’ 17

98i2 Nov’ lS
82 Nov‘ 19 ____
87 Fob ’ 11

76*8 82
82

N

O
O

99
67
60
67

P . C . O . A S t . L (C o n .)—

80

20 68

68

8

A
O
D
O
N
N
N

78

BONDS
N . Y. STOCK EXCH AN G E
W o o k e n d in g D e c . 2 0

82%

83*4
84
8912
81
90*4
82%

J
J

78UApr T9
113 May’ 15
98*4 99*8 July’ 19
77 Oct T£ ._ 547s 60 Aug T£ . . . .
67 Feb T(

1 I n te r e s t
1 P erio d

New York Bond Record—Continued— Page 3

2428

1919.]

BONDS
N y STOCK EXCH AN G E
W e e k e n d in g D e c . 2 3

V ir g in ia n 1 s t 5a s e r ie s A _____19 6 2
W a b a s h 1 s t g o l d 5 s __________ 1 9 3 9

1 s t li e n 5 0 - y r g t e r m - is ___ 1 9 5 1

New York Bond Record—Concluded— Page 4_______________ 2 1 2 9
Price
Week’s •348- Range
Rangeor
Friday
Since
Last Sale M
Dec. 2 6
Jan. 1
Bid A s * Low High No.' Low High

3^
5=M
M

J

N
N
A

8 3 i2
89*4
81

j
88*4

J
O m D I v 1 s t g 3 H s .................1 9 1 1 A
T o l & C h D l v g 4 s ................ 19 1 1 r.i
W a s h T e r m l 1 s t g u 3 H a _____1 9 1 5 F
W e s t M a r y l a n d 1 s t g 4 s _____1 9 5 2 A
W e s t N Y & P a 1st g 5 s _ . .1 9 3 7 J

W estern P a c 1st se r A 5 s ..1 9 4 6 M
W h e e l in g &
E 1 s t g 5 s _____1 9 2 6 A

L

J

0

F
M
M
J
J

O
J
o

7U 8
7 4 io
48
62

s

8 0 78

0

9134

s
s

J
J
N

S t r e e t R a ilw a y
A
1 st r e fu n d c o n v g o ld 4 s ._ _ 2 0 0 2 J
J

o

J
J

C e r t i f i c a t e s o f d e p o s i t s t m p 'd
B k C i t y 1 s t c o n s 5 s . . 1 9 1 6 -1 9 1 1 J

j
M N
J
J
F A
F A
F A
F A
J J
F A

B k l y n Q C o & S 1 s t 5 s _____1941
B k l y n U n E l 1 s t g 4 - 5 s ___ 1 9 5 0
S t a m p e d g u a r 4 - 5 s ______ 19 50
K i n g s C o u n t y E 1 s t g 4 s . . 19 4 9
S ta m p e d g u a r 4 s . . . .1 9 4 9
N a s s a u E l e c g u a r g o l d 4 s . 19 51
C h i c a g o R y s 1 s t 5 s ................... 1 9 2 7
C onn R y
L 1 s t A r e f g 4 H a 19 51 J
S t a m p e d g u a r 4 H a .............. 19 51 J
D e t U n ite d 1st c o n s g 4 H a . . l 9 3 2 J

J
J
J

F

A

F

A
O

&

A d j u s t i n c o m e 5 s ___________1 9 5 7
N Y A J e r s e y 1 s t 5 s ________1 9 3 2

A
I n t e r b o r o R a p T r a n 1 s t 5 s . .1 9 6 6 J
M a n h a t R y (N Y co n s g 4 a .1990 A
S t a m p e d t a x - e x e m p t ______ 1 9 9 0 A

J
O

O
M s

M e t r o p o lit a n S tr e e t R y —
B w a y A 7 t h A v 1st C g 5 3 .1 9 4 3 J
C o l A 9 th A v 1st g u g 5 S ..1 9 9 3 M
L ex A v A P F ls t g u g 5s__1993 M
M i l w E le c R y A L t c o n s g 5 s 1 9 2 6

F
J

M o n t r e a l T r a m 1 s t A r e f 5 s . 19 41 J
N e w O r l R y A L t g e n 4 1 4 s _ . 10 3 5
N Y M u n l c i p R y 1st s f 5s A . 1966
N Y R y s 1 s t R E A r e f 4 s . . . 19 4 2
C e r t if i c a t e s o f d e p o s i t ___ _______
3 0 - y e a r a d j in c 5 s _________ a 1 9 4 2 A

J
J
J

J

B k ly n U n G a s 1st c o n s g 5 s . 1945 M
C ln c l n G a s A E l e c l s t A r e f 5 s 1950 A

J

C o l u m b u s G iis 1 s t g o l d 5 s . . 1 9 3 2 J
C o n s o l G a s c o n v d e b 6 s _____192C Q
|C o n s G a s E L A P o f B a l t 5 - y r 5 s ’ 2 1 M

33
26
45
45
42
65

S a le
92
65
82
94
95
95
53
S a le
6912
S a le

S a le
S a le

S a le
S a le
77
70
40*4 S a le
59*2
64*8
—
49
58
. . . .
25
2512
63
70
—
77
—
67%
57*2
15
70
17*4
1 6 78
5234
56
56

S a le
S a le
90
S a le
S a le
S a le
57*2

4G U
—
—

A

96
- ____
7 5 l 8 8 1 's
75
—
52
—
27*2 3 1
27&S S a le
0 % S a le
034 g s a ie
4912 5034

J
J
J
J
J
o

N
N
A
J
N
J J
J
T h i r d A v o 1 s t r e f 4 s __________ 1 9 6 0 J
A o
J
J
T r i- C it y R y A L t 1st s f 5 s . .1 9 2 3 A o
J
U n d c r g r o f L o n d o n 4 H a _____1 9 3 3 J
I n c o m e 6 s ___________________ 1 9 4 8 - - _ _
N
J
U n i t e d R y s S t L 1 s t g 4 s _____1 9 3 4 J
O
S t L o u is T r a n s i t g u 5 s _____1 9 2 4 A
U n i t e d R R s S a n F r s f 4 s ___ 1 9 2 7 A o

G a s a n d E le c t r ic L ig h t

_____
54
6 6 la
65*8
63*8

75

D
S
s

N Y S ta te R y s 1st co n s 4 H a . 1962 M
M
P o r tia R y L t A p 1st r e f 5 s . 1942 F
P o r tla n d G e n E le c 1st 5 s . 1935 J
9 t J o s R y L H A P 1st g 5 s . 1937 M

V a R y A P o w 1 s t A r e f 5 s ___ 1 9 3 4 J

703 4
8834
75*a
65

66

s
A

J
R e f u n d i n g 4 H s s e r ie s A . . 1 9 6 6
R R 1 s t c o n s o l 4 s __________ 1 9 4 9
W i n s t o n - S a le m S B 1 s t 4 s . . I 9 6 0
W is C e n t 5 0 - y r 1 s t g e n 4 s . . . 1 9 4 9
S u p A D u l d lv & te r m 1st 4s ’ 36

S a le
S a le
83

J

D
N
O
J
J
F
N

J

J
I D e t r o i t E d is o n 1 s t c o l l t r 5 s . 19 3 3 J
S
\ 1 s t A r e f 5 s s e r A _________ J1194C M
IY1 s
D
J
F
A
M N
A O
o
A
A o
C o n v e r t i b l e d e b 6 s _________ 1 9 2 5 M s
J .1
L a c G a s L o f S t L R e f A e x t 5 s *34 A o
M il w a u k e e G a s L 1st 4 s _____1 9 2 7 M N
D
J
D
N Y G E L H A P g 5 s ............1 9 4 8 J
A
P u r c h a s e m o n e y g 4 s ______ 19411 F

. . . .
. . . .

5 3 78
4 8 78

83
8 4 i4
89
90
8034
81
90
A u g ’ 18
70-34 N o v ’ 19

33 l
2 6 34
45
44
40
70

2634
2 6 i8 S S a le
70

68 >8

78
D e o ’ 19
61
J u l y ’ 19
57
J u l y ’ 19
26
3U4
2612
3012
612
714
6%
714
4 8 7a
49%

86

82

A p r ’ IE

____ _
. . . .
75

90
59*j
85

J

J

M
M
P h il a d e l p h i a C o c o n v g 5 s . . 1 9 2 2 M
J
J
J

N
N
N
□
D

97
62
81
100
89

A u g ’ 19
D ec ’ ll
N o v -l!
A p r’ i;
M a r '1 7
M a y '1 9

D

io
72
83
194
4

51*4 N o v ’ 19 ___ _
50
J u n e ’ 17 _____
28
D e e -IE
22
26
2612
57
26
261*
3
70
70

75
86
877s

891a
817,

63
701 *
77
6 7 i2

____ j 7 8

D e c ’ 19
F o b ’ 17
J u l y ’ 17
M a r ’ 12 _____
50
115
28
181
D e c ’ 19
D e o ’ 19
M a y '19
D e c ’ 19 —

S e p t -1 5
O c t 'l E
J u ly 'I S
N o v ’ lG
J u n e* IS
9Q34
S e p t ’ 19
96U
96
D e c ’ 19
F e b ’ 15
F e b -1 3
D e c ’ 19
S e p t ’ 19
D e c * ig
D e c ’ 19
N o v -1 9
A p r ’ 19
75
81
D e o -IE
A p r ’ 13
82*4
6 l »4

22*2

68
62
55
81

_____
49
—
7

1

61
55
26
26*2

88

8 2 i2
84
75
160
57
94
87
97*4
95

90*2
S a le
8 4 *3
78

N
J

O

D

79
61
63
49

6
6
4834

62
75U

55

C o n s o l T o b a c c o g 4 s .................1951

4 212
9 1 78
73
60

73
78

4 3 l2

55

22

367 8
3 6 i2

70

79

85
95
43
82
87
87 "
9812 1058i
9 6 i8 99
963 4
9 4 U 9 6 i2
8 8 I2 9 4

L i g g e t t «fc M y e r s T o b a c 7 s . . 1 9 4 4
5 a .................
_
1951
L o r i l l a r d C o ( P 7 s __________ 1 9 4 4
5 a . ................
1951
N a t E n a m «fc S t a m p g 1 s t 5 a _ 1 9 2 9
N a t i o n a l T u b e l a t 5 a ________1942
M

A
F
A
F
J

M
N

D

F

A
A

F
S t a n d a r d M i l l i n g 1 s t 5 a _____1 9 3 0 M
T h e T e x a s C o c o n v d e b 6 a . .1 9 3 1 J
U n i o n B a g & P a p e r l a t 5 a . _ 19 3 0 J
J
U n i o n O il C o o f C a l 1 s t 5 a . .1 9 3 1 J
U S R e a lt y & I c o n v d e b g 5s 1924 J
U S R u b b e r 5 - y e a r s e e 7 s ___ 1 9 2 2 J
J
F
V a -C a r o C h e m 1st 1 5 -y r 5 s . 1923 j
C o n v d e b 6 a _______________ e l 9 2 4 A
J

J J
M N
2 0 - y r p m & I m p s f 5 a ___ 1 9 3 6 J
B u f f <k S u s q I r o n s f 5 a _____1 9 3 2 J
D e b e n t u r e 5 a _____________ a l 9 2 6 M
J
C o l o F & I C o g e n s f 5 a _____1 9 4 3 F
C o l I n d u s 1 s t & c o l l 5a g u _ _ 1 9 3 4 F
.1
J
A

88

82

98

z

97
101
62
787* 88 “

J

9 9 i2
91>i2

80

963 4
98
84*2
9934
66 8 4
119
_____
72*2
6 83*2
80

8
9 8 i2
9 8 i2
10
9S1 2
9 9 12
17
S 4 l2
8 4 i2
100
A u g ’ 19 _____
11912 A u g - 19

79
8 3 7s

88

86

9712

97

9434

94

D e c ’ 19

81U
98*4
_____
110 i8
85
1073s

87
8 3 s4
90*8
1003 4
84
8478
S a le 94*2
7 7 i 2 73*2
101
1 0 0 i2
1 02 i2 lO O U
88
85>2
100
938a
_____
88 l2
7 2 io
933 4 94^2
96
8 3 l2 8 0 "s
_____
98
92
87
S a le 1097s
87
86
S a le 1073s

10 1
1 1 2 l2
89*2

100*2
93
119*2
80
90*2
90U

101*2
87**
98*2

102
100**
921*
94
8 8 **
77
101
85*4
98
90
1337*
95
11 3 1 i
94
98

g"3"34 991*
9 6*2 1 0 3
100
145

99
78 D e c '1 9
100 >8 100*2 N o v ’ 19

1045* 1043s 104*8 D e c ’ 19;

88*4 112*4

T e le g r a p h & T e le p h o n e
A m T e l e p & T e l c o l l t r 4 a ___ 1920

J

M
M
J
7 - y e a r c o n v e r t i b l e 6 a ______ 1 9 2 5 F

2 0 - y r c o n v e r t i b l e 4 H s _____1 9 3 3

J

73

741 2
92
82
98
90

3 0 -y r d e b e n s f 6s . . .F e b 1949
P a c i f i c T e l A T e l 1 s t 5 s ............1 9 3 7 J
S o u t h B e ll T e l A T 1 s t s f 5 3 .1 9 4 1 J
W e s t U n i o n c o l l t r c u r 5 s ___ 193? J

82
94
811*

J
o

J
J
N

9 6 78
S a le
S a le
_____
87
9 2 18 _____

96
87

86

73

8 5 i2
75

N o r th w e s t T e l gu 4 H a g . - 1 9 3 4 'j

96
96*8'
8538
8712
8 4 i4
86 1
9 3 i 2 J u l y ’ 19
917* N o V 1 9

86

86

73S 4

74

93

93 U

8
25
63

5
1C

29

95*2
8434
80
9 3 l2
90

98
92
891*
9 0**
917*

83*2
73*2

92
81

8 2 **

86*2

93

9S**

J
E
8
D
A
D
J
J
J
J

2

94

98

16
1 52

86

1011 *

S a le
S a le

80
92U
70
89
967a

8 378
9 4 i2
77
9 3 l4
S a le
S3
50
8 5 i8

86*4 N o v ‘ 19

8 6 34

86*4

80

70
81

70 '
81

70
87%

S a le
75
827*

77

781*

201

77

86

821a
79
9 S3*

821i
80

'3 0

7 9 «4

91

J
S

94
94
941*
953s
8 U2
83
_____ ________ I
84*2 N o v ' l 9
9 33*
94
70
D e c '1 9
90
91
9G 34
9 7 78

95U
8 2 i2

N

78
8 1 78
797 8
985s

85

S a le
98

87

A

8 5 *s
98

12
18
205

M a r ’ 19
D e c -19

99

86

1 48
. . . .

13

80*4

91

835s 8 8 **
92
96*4
70
8 0 34
87
93
9634 1011*

9 7 % 104%
96

98**

85*8

94

81*8

92**

A p r ’ 16

98*8 D e c ' 19

J

a
92

9434
7 5 7s
1025 8
8 7 i8
1 0 5 i8
9 3 78
9 9 78
9 6 34

O

8 8 I4

94
9612

92

101*2

9 8 *s 1521*
1231* A u g ’ 19
95
100
9 9 7s J u l y ’ 19
9 2 i2 92
91
95
D e c ’ 19,
8 100*2 104*2
S a le 1 0 1 i 2
103*8
88
86*2 N o v ’ 19 . . . .
81*2 89*4
87*2 D e c ’ 18
937* 9 5 1 *
95*8 9 5
O c t ’ 19
S a le 757g
757*
1 60
78*2
103
3 102*2 1047*
103
103 I
S a le 86
149 8 3
8934
87*8
1 8 734 1075*
106
106
94
9 378
94
15 9 3 *4' 9 8**
1 0 0 7fi 1 0 U a N o v ’ 19
96*2 1 0 4
97
19 96*4 99*4
9 6 34
9 6 34

D

Q
Q
C u m b T & T 1st & g e n 5 S ...1 9 3 7 J
J
F
M

85

94*8
S a le
S a le

D
O

U t a h F u e l l a t s f 5 a ................... 1 9 3 1 M
V i c t o r F u e l 1 s t s f 5 a _________ 1 9 5 3 J
V a I r o n C o a l & C o . e 1 s t g 5a 1940 M

83
807*

73
73
2
9S8a O c t ’ 17
8 8 U O c t '1 9
82
82
J u l y ’ 19
97
9734 N o v ' 19
S 2 7j 821*
83
7
101 J u n e* 17
87
87
N o v ’ 19
86
88
O c t ’ 19 _____

A c t ’ 19
6 7 l2 72
N o v ’ 19 _____ 93*4 9 7
100*2 1017*
O c t '1 9
91*2 9 4
N o v ’ 19 _____
13 82*4 9 0
83 |
84*2 91*2
D e c ’ 19
82*2
N o v ’ 19 _____ 7 9
M a y ’ 19 . . . . 112*4 155*2
3 5 545* 8 0
58^2
91
96
D e c '1 9
95
J u l y ’ 19 _____ 9 0
9 7 U 1 4 0 947* 1015*
2 6 94*2 1 0 4 U
953s

M N

961*

1

10

6 7 34
93U
10D 2
93U
82U
87
79
1 5 5 i2
57
94
9 0 7s
9 5 i8
95

D

94
74U

c 0 7s
597*

27

J
D
S
D
A
A

S
J

42
74

91

J
J
J
J
J
D
J
A
D
O
J

8

97
89

75
853*
877S

N

M

80
87

8 6 78

J

88*4
95 81
8 2 18
F e b ’ IS
3 7 893* 9 7
905a'
83
79 I
5 77
1 75
855*
76
80
6 755* 8 3
M a r ’ 18
3 7 78*2 8 9
8 2 12
9 9 101*2 1 2 8
10H 2
82*2 9 5
O c t ’ 19
75
94
8 1 34 2 6 1
D e c ’ 19 _____ 8 2
89*?
96
9 S 84
D e c 19
95
98
D e c ’ 19
93
96
D e c ’ 19
9 4 l 2 2 0 6 92*2 105*4
33 84
9578
85 i
10 80*4 SS1 2
80*4
A p r ’ 14

86

1 00 i 2

99

J
J

A

24

o
A
O
A
D
J
N

90
90
79
76
79*8
5S
81
1 0 5 i2
8934
8 OI4
82
96
96
93
9212
84
80U
83

963 4
9 3 18
9 3 i2

95
75

62
35
35

8 U2

S e p t ’ 19
8 3 "8
J u l y ’ 19
D e c ’ 19
100
D e c ’ 19 _____ 7 8
9 6 | 5 2 94*2
D e c ’ 18
99*2
N o v ’ 19
D e c ’ 19
99*2
D e c ’ 19 _____ 8 5 **
S e p t '1 9 _____ 9 2 i 2
88
J u l y ’ 19 . . . .
70
933*
D e c ’ 19
N o v ’ 18
D e c ’ 19 . . . .
76*2
___
S e p t ’ 19
98
A u g ’ 19 _____
85*4
20 1 0 8
ll(ji2
4 857*
86 |
10S1 2
8 107%
8 85*4
86 1
N o v ’ 19,
95

7U 2

M S
J J
I n t A g r lc C o r p 1 st 2 0 -y r 5 s . . 1932 M N
J J

M i d v a l e S t e e l «fe O c o n v s f 5a 1936 M
.1
P o c a h C o n C o l l i e r 1 s t s f 5 3 .1 9 5 7 J
R e p u b I «fe S 1 0 - 3 0 - y r 5 s s f .1 9 4 0 A
J
T e n n C o a l I & R R g e n 5 a . -1 9 5 1 J
U S S t e e l C o r p — / c o u p ____d l 9 6 3 M

98

1

84^4
119
75
83

55
13
12

56
13
D e o -19

S in c la i r O il & R e f i n i n g —

46

95
90

7
....

N
A
O
A
N
N

A
F

9 $*2
98
82

M
1 00 i 2
A O
94
E I d u P o n t P o w d e r 4 H S -..1 9 3 6 J D
89
G e n e r a l B a k i n g 1 s t 2 5 - y r 6s . 1 9 3 0 J D

91

_____

o
A
J

a f 63 _____1931 F

S a le
8778
9 7 i2
y ;i2
94
S a le
S a le
83

3
81

56
13
13

66

0

C e n t F o u n d r y 1st

S a le
S a le

86

N
J

M
J
A
J

96
95
92
94
84’ 4
8 OI2

sih

S a le

N

96

. . . .

W e s t c h e s t e r L t d g o l d 5 a _____1 9 5 0 J

T e n n e s se e C o p 1st c o n v 6 s . . 1925
W a s h W a t e r P o w e r 1 st 5 8 .-1 9 3 9
W i l s o n <fe C o 1 s t 2 5 - y r s 1 6 3 .1 9 4 1
1 0 - y r c o n v a f Q a _ _ .............. 1 9 2 8

81

86

S a le
9 5 's
S a le
SO

O

F

96

D e c ’ 19 . . . .

A
£
O

_____

4 0 i4
79U
79*s

90*2
7 5 i4
73
80
4012
81*2
10612

96U

96

8 U 2 D e c-IS

F
M
P o o p G a s A C 1 s t c o n s g 6 s . 19 4 3 A
M
C b G -L A C o k e 1st g u g 5s 1937 J

J
J

O n t a r i o T r a n s m i s s i o n 5 s _____ 1 9 4 5 M
P a n - A m P e t & T r l s t c o n v 6 s -1 9 --2 7 J

1 6 i2

20

91^4

72
63
74

8 9 'a
8 0 7a

8814

7 8 i2
70

53

57

12*8

A
J
o

4 5 i8
58
5 7 l2

901* A u g ’ 17

. . . .
. . . .
. . . .
82
95*4

86

F
J
A
N ia g L o c . & O P o w 1st 5 s . . 1954 M
N o r S ta te s P o w e r 2 5 -y r 5s A 1911 A

N i a g a r a F a ll s P o w e r l s t 5 S . . 1 9 3 2
30
25
39
37
33
70

20
46U
4612
58
S e p t ’ 19 . . . .
5712 S e p t -1 9 —

84

J

64
6 5 i2
76
80
77

F
A
J
B u il d i n g s 5a g u a r t a x e x _ _ 1 9 6 0 A
A
C h ic U n S ta t’ n 1st g u 4 H s A 1963 J
C h ile C o p p e r 1 0 -y r c o n v 7 a . 1923 M
A
A
o
J
C o m p u t i n g - T a b - R e c a f 6a . _ 1 9 4 1 J
G r a n b y C o n a M S & P c o n 6 a A ’ 2 8 VI N
VI N
M N
O
I n t M e r c a n M a r i n e a f 6 a ___ 1 9 4 1 A
J
M o n t a n a P o w e r 1 s t 5a A ___ 1 9 4 3 J
J
M o r r i s & C o 1s t a f 4 H a _____1 9 3 9 J
o
M t g e B o n d s ( N Y 4s ser 2 . .1 9 0 6 A

4 1 i4
7512
72U
7 4 12
77

S a le
S a le

s
s
N
J
A

495s
52
67%
63*4
67

56
1512
973*
82 '

D
o
A
O
J
o
o
J
N
o

4 3 i8
54*2
55
75

8 9 ia
8 0 78

M
M
J
F
J

S6l2
96

A r m o u r & C o 1st rea l eat 4 H s ’ 39 J

19U
9 0 i2

81

U n i o n E l e c L t A P l s t g 59 .1 9 3 2
R e f u n d i n g A e x t e n s io n 5 8 .1 9 3 3
U n i t e d F u e l Q a a 1 s t s f fla . 1 9 3 6
U t a h P o w e r A L t 1 s t 5 s _____1 9 4 4
U t i c a E l e c L A P 1 s t g 53
1950

791*
92

S
s
s

A
G o l d 4 s .................___________ 1 9 5 1 F
A m W r i t P a p e r s t 7 - 6 s _____1 9 3 9 J

N
J

S a le
9?

63
LOO

47U
92

M is c e lla n e o u s
A d a m a E x c o l l t r g 4 g ________1 9 4 8 M

52
115s
90

95U . . . . 103
7 9 ?8 8 5
79
8 4 78 933s 9 3
. . . .
88 7« 8 5
85
. . . .
87
99*2
-------98*4
90U
96U
9 5 78 9 6
95
. . . .
8 8 's 89*2
94
100
100
87
84
91
9 2 i* 9414 921*
83
8 4 i*
9 9 78 9912
____ _ 101
98
80
75
75
S a le 8 1
81
87
87*2 8 7
_____ 86
1041*
815s S23 4 S l U
6112 0 4
0 l ‘a

867*
80
84U

741*
7 5 i2

! ?
a'

77
8U 2

A

S

86
141
126

7 0 34

Price
Week's
Range
Friday
Range or
Since
Jan. 1
Last Sale
Dec. 2 6
Bid AskLow High No. Low High

| |

BONDS
Y STOCK EXCH AN G E
W e e k e n d in g D e c . 2 6

M a n u fa c t u r in g
& In d u s tr ia l
0
A m A g r lc C h e m 1st
5 s _____ 1 9 2 8 A
C o n v d e b e n 5 s ______________1 9 2 4 F A
A m C o t O il d e b e n t u r e 5 a ___ 1931 M N
A m H i d e & L 1 s t a ( g 6 s _____1 9 1 9 M S

F

J

35
17

67
72
7238

40
5912
63
49
62

M
J

N Y A Q E l L A P 1st c o n g 5 s . 1930
P a c ific G A E l C o — C a l G A E —
C o r p u n ify in g A r o f 5 s . ..1 9 3 7
P a c i f i c O A E (ten A r c ( 5 s . . 1 9 4 2
P a c P o w A L t 1st A re f 2 0 -y r
6 s I n t e r n a t i o n a l S e r ie s ___ 193C

9 4 i2
98
89

10
40
4014
59%
S084 120
63
D e c '1 9
II
49
49H
62
J a n ’ 19
243g
243g
5
18
63
6 3 7s
7012 S e p t ’ 19
77
J u l y ’ 19 —
1
6712
6712
86
J a n ’ 14
131
56
58
96
15
1512
90
M a y ’ 19 _____ I
15%
173s 8 1 8
1584
1714 3 7 8
51
53U 1769
14'
57
o S34
33
50U
5812
75
O c t ’ 19

66

5 3 78
55

3334
2 7 i8
48
47
45
O c t ’ 19

82*4
871*
79

7 0 3J

SO
A u g ’ 12
6 7 . F e b ’ 19
7 4 % O c t -1 9
72*8 J u l y ’ 19
82
A u g ’ 18
47%
4 8 * t 115
93
N o v ‘ 19 _____
70
D e c ’ 18
36
O c t ’ 17
20
80%
81
92
D e c 19 _____
100
F e b ’ 17
9 0 % M a r ’ 17
2
49*8
495s
54
54
5
6758 N o v - 1 9 —
6 4 7s
6 5 18
IS

55
9 0 i2
78
95
8 1 78 1 0 2 i 2
S a le 4 S l j
49
27>2 i s a i e 2 7
84
8 8 I2 8 3
92
92
65
96*8 7 3
55
60

—
. . . .
25

42
56
lj

N

Bonds
Sold

D ec . 27

j

94
85U
8434
81

S a le
S a le
8 5 i2
S a le
817a

____ ________

94
81*2
853s
81

953*
85*8
853s
84

36
27
5

8
5

94

N ov*16

94
10H *
841* 953*
85
93%
81
94
80
92

•No prloe Friday; latest bid and aakod. a Due Jan. 0 Due April. $ Due May. qDue June. ADue July. ADue Aug. o Due Oct. p Due Not. f Due Deo. $ Option sale.




343 0

BOSTON STOCK EXCHANGE—Stock Record
S H A R E P R IC E S — N O T P E R C E N T U M P R IC E S .

S a tu r d a y
D ec. 20.

121
68
*86

1

M o r,d a y
D ec. 22.

T u esd a y
D ec. 23.

I W ed n esd a y
I D ec. 24.

1241 a 12ft

681
—

68

68

67

673 4

*85

87

86

86

121

35
*42
• 135
.41 1
.35
4
•5
•5
*1 3 2
_____
*85

—
—

_____
—

_____
—

_____

62
27
• 80
72

62

2714

*61
27 1 2
*78
73
15
• 84
44
52

86
72
15
_____
4 4 l2
53

•12
•84
43%
53

36
42

66i2
86

67
87

36
142
.3 .

35
*4 1
*132
* -------*5
*5
*132
*85

36
42
135
•4(

*%
69
• .3 0
33
13
.2 5
• 387
33
•14
445s
27*
13
1334
3U
4%
3
.6 5
46
•82%
32
• 4%
* 1 '4
3*4
*2%
3
*4*4

10
7%
61
31*

20
7%

69
.5 0
33%
13

62
26*4
*78
73M
* 1214
*84
4 3 l2
50

88
45
52

62
26%
*78
75
*13’4
*84
44
51

62
27
90
76

88
44%
50

184

20

7%

33% .
47% l
6 0 i2
49
16%

184

2
* .1 5
5

414

.2 5
5
4%

.8 7
3

.8 7
3

1%

8%
2*2
2%
1%
19

*12

1
68

67

*.20

1
67
.3 5
33%
15

.8 7

67
.5 0
331 2
15

68

.7 5
3 3 i2
1 5 i2
7i2 •684 7
*6*4 714
.2 5
.2 5
.3 0
* .2 5
.3 0
395
387
387
387
387
33
317* 32^4
3 U 2 3 2 s4
15
147* 15
*14
15
45%
44%
45
441 2 4 4 12
27*
•234
3
23 4
23 4
1 3 ig
13
1 3%
13U
14
14
14
14
3U
3%
33g
4% 1
47*
47* 1
4%
5
3
31*
3%
3%
3*4,
.66 _____
* .5 0
.88
46
46
46%
46 " *46
84
*82%
84
♦81% 82
32%
32
32%
32
32%
4%
4%
4%
4%
4%
2
* 1%
2
*U 4
1%
334
3%
3*4
3*4
3*4
3
*2 %
3
2%
2*4
*2
*2%
31*
3
3%
434
*434
5
5
5
10 %
10
9%
10 %
10
*7%
7%
8
714
7%
61
62
62
62
62
31*
3 '*
3%
3%
3%

—
-------85
127* 13
16%
17%
.■'il , .8 0
*1 1.
33
4 7 i2
60%
47
1 5 lg

3 5 i2

3 6 i2

17g

8%
2%
2%!
1*4
19%!

33
13%

20

|
|*

20

*7
"
127*
16%
.8 5
U2
337*
47%
59%
46
15%
1*4

*1
* .1 5
5
4%
1*4
.9 5
2*4
8%
2%
*2 %
1%
19
*%

7%

22
85
13
17%
.8 5
1%
36
48
60%
48
16%
1*4

*

62
26 7 ,
90
75

L a s t Sale 8 6

3

1%
20
*4

• B i d a n d a s k e d p r io e a




•1
18%
*%

2
.1 5
5%
4%
17*
.9 5
2%
9%
2%
2*4
1%;
19 I
* 1'

.9 0
.9 0
67%
69
L a s t S a le .3 0
D e c ’ 19
33
34
15
15

634

8

63
3 'g

80%
13
16
* .7 5
* 1%
35
47
60
*48
1 5%
1*4

1
1%
35
47
60
50
163 4
17*
2

.1 5
’ *.16
5
5
4%
4%
U,
17*
* .8 5
.9 5
2*4
234
9
9%
2%
2%
2 Mi 2 M,
1%
1%
19
19%
* .5 0
.7 5 :

» E x -s t o c k d iv id e n d

634

.2 5
.3 0
388
390
32%
343g
15
15
4 4 i2 4 5 i2
*23 4
3
13
13>g
1384 1 4 i4
3%
3 l2
4 i2
3*2
.7 0
*45
l a s t S a le 8 4
N o v '1 9
I 33
3334
4U
4%
L a s t S a le 184
D e c ’ 19

62
3%

22

(

U*

*7%
62
3%

7%
23%
80%
13
16*4

2

6*4

11*

*434
1034
*714

20

2 ,2 4 8 B o s t o n & A l b a n y ___________ l o o
1 ,0 0 5 B o s t o n E l e v a t e d _________
io o
225
Do
P r e ....................................i o o
B o s t o n <fc L o w e l l ____________ i o o
2 ,0 9 9 B o s t o n Sc M a i n e _____
io o
40
Do
p r e L . .................... H I I l O O
10 B o s t o n Sc P r o v i d e n c e
100
100 B o s t o n S u b u r b a n E le c _ _ n o p a r
150
Do
p r e f ------- „ ----------- . n o p a r
B o s t Sc W o n E le c p r e n o p a r
O h io J u n o R y Sc U S Y
100
Do
p r e f __________________ " i o o
C o n c o r d Sc M o n t c la s s 4
*100
C o n n e c t ic u t R i v e r . .
io o
F it c h b u r g p r e f ................ H I I l O O
G e o r g i a R y * E l e c s t a m p d .1 0 0
Do
p r e f ______ ___ ________i o o
5 3 M a i n e C e n t r a l_____
""in n
1 ,6 0 0 N Y N H A l l a r t t o r d l l H I l O O
N o r th e r n N e w H a m p s h ir e . 100
3 2 2 O ld C o l o n y . . ..............
io o
20 R u t l a n d p r e f ........... .......... I I I 10 0
V e r m o n t Sc M a s s a c h u s e t t s * 100
2 ,0 4 2 W e s t E n d S t r e e t _____
so
11 5
Do
P r e f............................. I I 50

M is c e lla n e o u s
10
A m O il E n g i n e e r in g ______
A r a e r P n e u m a t lo S e r v ic e
25
Do
p r e f ................ ..
50
963* 9714
A m e r T e l e p & T e l e g _____ H 100
140
140
A m o s k e a g M a n u f a c t u r in g
*80*4 8 2
Do
p r e f ___________________ I ”
18
18
220 A n g l o - A m C o m m l C o r p "n o p a r
L a s t S a le 2 6 1 2 D e c ’ 19
A r t M e t a l C o n a t r u o In c "
10
71 2
8
2 ,0 9 7 B lg h e a r t P r o d Sc R e f g _____ 10
100 B o s t o n M e x P e t T r u s t e e s
6
61*
653 C e n t u r y S t e e l o f A m e r I n c . 10
L a s t S a le 13
D e c ’ 19
C u b a n P o r t l a n d C e m e n t __ 10
100 E a s t B o s t o n L a n d ___
10
23
23
3 5 5 E a s t e r n S S L in e s I n c , I “ I 25
2 D o p r e f ....................................100
1 4 5 U 1 4 7 l2
6 4 4 E d is o n E l e c t r i c I l i u m _______100
37
3714
1 ,9 8 2
E ld e r C o r p o r a t i o n .............n o p a r
82
82
120 F a ir b a n k s C o m p a n y ________25
7 5 G o r t o n - P e w F is h e r ie s ______ 6 0
47
48
1 ,1 9 5 G r a y Sc D a v i s I n c ________
25
31 2
3%
6 0 0 I n t e r n a l P o r t la n d C e m e n t
10
2 6 l2 2 6 l2
15 0 _ D »
P r e f................................ I s o
41*4 4 2
8 6 0 I n t e r n a t P r o d u c t s ............. n o p a r
6
6
7 8 0 I s l a n d O il A T r a n s C o r p
10
29U
291 2
168 L i b b y , M c N e i l l A L i b b y .
10
210 L o e w 's T h e a t r e s ......................... 10
9 M o E l w a in ( W H ) 1 s t p r e f . 1 0 0
731* 7 3 l 2
900
M a s s a c h u s e t t s G a s C o s . . . l 00
60
60%
779
D °
p r e f ................................... 100
L a s t S a le 1 3 9 D e c ’ 19
M e r g e n t h a l e r L i n o t y p e . . . 100
513 4 5 3
2 ,5 6 0 M e x i c a n I n v e s t m e n t I n c
10
L a s t S a le 5 0
D e c '1 9
M u llin s B o d y C o r p . . . n o pa r
85
85
519
N e w E n g l a n d T e l e p h o n e . . 100
174
174
81 P a c lf i o M i l l s __________________
45
4 5 l2
5 0 P a r is h A B in g h a m ( 5 o r p .n o p a r
6 0 P la n t ( T h o s G 1 p r o l ________100
L a s t S a le I5 i 2 D e c ’ 19
R e e c e B u t t o n -H o le . .
10
54
54U
1 ,5 2 0 R o o t A V a n D e r v o o r t C la s s A
16
19
2 ,9 6 0 S im m s M a g n e t o ___________
5
L a s t S a le 18i2 D e c ’ 19 .
tew a rt M fg C o r p o r a t i o n ! !! .
133
134
1,122 SS w
i f t A C o ___ _______
in n
70
70
4 5 T o r r l n g t o n ______ . " ” ” 1 1 2 5
47%
48
1 ,9 4 4 U n i t e d S h o e M a c h C o r p
25
1 ,1 7 1
Do
p r e f ......................
* 25
15%
157*
4 ,1 8 0 V e n t u r a C o n s o l O il F i e l d s "
5
20
20U
7 ,3 0 0 W a l d o r f S y s t e m I n e ______ I 10
33
33
2 6 5 W a l t h a m W a t c h . . _________ 100
24
24
4 9 0 W a l w o r t h M a n u f a c t u r i n g " 20
5 0 W a r r e n B r o s _____________
' iq o
L a s t S a le 6 7
D e c ’ 19 .
Do
1 s t p r e f ________I
100
L a s t S a le 7 1
D e c ’ 19 .
D o
2 d p r e f ......................... 100

6

10

*7

35%
49
60
47
15%
17*

26*4 2 8 U
D e c ’ 19
75U
76

5%
334
.7 0
46
82
32%
4%
1%
3%
3
2%
5
11 %

5
3%
.7 0
46
*8 1
32%
4%
* 1%
3%
*2%
2%
*4*4

20

•1

1

*234 3
13
13U
13»4 14
*33g 334

7%
24
80%
13
167*
.8 5

.1 5
•47*
4%
1*4
.9 0
27*
8%
2%
2*4

3

* .3 0
.5 0
33
33
* 1 4 l2 15
*634
714
.2 5
.3 0
*387
395
32
3284
*14%
15
44
441 2

20

2

8%
2%

.9 0

68

1934

.2 5
5%
4%
17*

5
D e c ’ 19
D e c ’ 19
D e c ’ 19

L a s t S ale 8 4 % D e c ’ 19
44%
4 4 l2
51
51

9o"
44%
51

*7
'8 0 %
13
16%
.8 5
* 1%
35%
*45
*59
46
15%
1*4

C H R IS T ; IA S
D AY

L a s t Salt 1 0 2 D e c ’ 19
L a s t S alt 49*2 D e c ’ 19
10334 O ct* 19
721g N o v '1 9

5
5
5M
51?
51*
5 '*
•1
u*
1
1
1
Us
*5
6
7
6
5
5
977* 987*
97
963
4
98
97U
141
141
140
140
140
140
8 OI4 S 0 i 4 * 8 0 1 i 8 2
*8014 82
17
*1612 17%
18
17
18
• 26
*26
*26
7
7%
71?
71 2
7U
7 i2
•27*
*23 4
3
23|
23 4
3U
6%
6%
*6
G12
6 I4
612
*127*
•127*
1.31? *127* 1 3%
13%
*5
5N
*5
515
5
223 4 223 4
•22
23
221 * 2 3
*75
77
80
77
*75
80
1 4 6 l2 1 4 7
146% 147
146
146
3 6 i2 37%
3 6 l 2 361?
3 6 l 2 367*
82
82
81
81
*81
8U2
•29
291 2 291 2
2 9 l2 2 9 l2
29%
47 1 2 4 8 %
4 7 l 2 471 2
47%
4 7 l2
• 3 l2
*31 2
33 4
4%
_____
*27
30
2612 2 6 1 433 4 4334 *4212 4 4
41
421.
6
6
6
6
6%
6 Mi
*29
2934
291 2 297* * 2 9
293*
11
IOI 4 10 %
1012 1012
91 2 10
96
♦96
9 6 l2 *96
9612 * 9 6
961?
72
72
723 4
72
72
73
7 3 12
6012
6 OI4 601?
601?
60
60%
61
140
*133
*132
*132
140
140
138
5334
5212 5 3 14
52
523 4
52
53
51
*49
*47
50
*471 2 4 8 l 2
48
8
5
85%
85%
841 2 8 5
85%
8 5 i2
_____
174
175
174
174
46%
*4534 4 6 %
*4534 4 6 l 2 *441 2 451?
_____
•98
98*4 9 8 %
99
99
15*4 * 1 5 1 2
*153*
♦151 2
153,,
54%
5334 5 3 7 ,
5334 5334
53*4 5 4
1 6 l2
17
1534 17
17
15%
16
48
*47
*471 2 4 8 i 2 * 4 7 l 2 4 8 1 48
13434 13 3
34%
133
1331* 1331* 13 4 %
72
71
71
7112 7 1 12 *7 1
72
481*
48
487,
4734 4 S I 2
48
48W
2 6 I 2584 2 6
257* 257*
26
26116
I 6 I4 I
16
16
15%
*1514
151 2
2 0 | 1934 2 0 %
19%
1934 20
20
35 1 34
34 1 34
3 4 1 34
34 1
24
24%
24
2 3 l2 24
*2 3 1 2 2 4%
70 , *60
69%
70 ,
70
691 2
70
67
•
67
*6 4 1 2 6 5
67
76
*7 1
73
*71
*7 1
73
72

1

•6h

87

5

*5
5%
U*
Us
•5
7
98 1 2 983 4
• 140
142
•80
_____
*1 7 1 2 18
•26
—
712
7%
*23j
314
•6
6l2
•13
1 3 l2
•5
5 i2
23
23
• 75
80
14 7
147
36*4 3 7
•81
84
•29
30
48%
49
•33 4
414
^-------27
4 4M
4414
6%
6 I4
29
30

•71

66

65%
87

L a s t San 4
L a s t S al 1 3 2
L a s t Sal( 8 5

_____
_____

62
287*
90
75
15

STOCKS
BOSTON STO CK
EXCHANGE

109.

[V ol

R a n g e S in c e J a n . 1 .

R a n g e f o r P r e c io u s
Y ea r 1918.

L o w e s t.

H ig h e s t.

D e c !6
D e c :2
O ct2 4
78
O c t li5
28
J a n 3 (0
40
O c tli)
130
S e p t 2 ii
3 5 c N ov21l
3% N o v 2 (l
21* N o v 2 ( l
132
O c t 1l
84
F e b lJ 1
61
A pr3C 1
100 S e p t e1
47
N o v 1r
99% M a r lf•
M a r 15>
70
60% D e c lS 1
25% D e c l2 !
D e c lS 1
86
D e c 15
*71
D e c lS
15
O ct3 0
82
3 8 % S e p t2 4
S e o t2 4
47

145 A p r 3
80% A p r 5
97
Jan28
Jan 3
95
3 8 % J u ly 2 9
50
Jan27
168
Jan 6
70c N o v 5
11
J a n l4
30
Feb 7
135
Jan 4
9 0 J u n e lO
77
Jan 6
115
Apr 9
58
Jan 2
110 J u n e 2 4
7 8 % J u ly 2 9
Jan 6
83
40*4 J u ly 2 9
99% A u g 6
Jan 3
105
M ay27
23
J a n l8
100
Apr 3
50
68 J u n e l3

L o w e s t.

H igh est

R a ilr o a d s

1221

351,
35
_____
42
132
*130
•4C * _____
4
4
_____
*5
—
*132
—
•85

96
72
6 0 i2
•137
53 1 2
•50
85*2
—
•46
•98
•151 2
54
1612
48
134
•71
48
*2534
16
1934
35
*24
*60

S a le s fo r
th e
W eek .
S h ares.

F r id a y
D ec. 23

L a s t S al

34
•42
132
• -------* -------•5
•132
• 85

•10

T h u rsd a y
D ec. 25.

BONDS
See Naxt Pag*

3U
2*4
*234

20

1114

8
63

3U
20

73g
7%
24
* _____
SOU 8 0 U
13
13>
16*2 1 7
* .7 0
1
2
*1»4
35
35
52
51
59%
60
50
48
15
15%
17*
1
1*4
L a s t S a le 2
N o v '1 9
__
_
47*
s"
4%
4%
234
2%
.9 0
.9 5
2*4 2 %
9
9%
2%
2%
*2%
3
* 1%
1%
1934 2 0 %
L a s t S a le ,.51
D e c ’ 19

S E x - d i v l d e n d a n d r ig h t s .

3 ,9 4 5
800
140
4 ,1 4 1
255
4

1,000

116
62

86

D ec22
7U N o v 8
2
A u g l4
Jan
Apr
9U ’ A u g l4
D e c2 6 108% M a y 2 7
F e b l5
152
N ov21
Jan
8 4 12 D e o 1
D ec22
211* N o v 5
Jan21
261* D e c l 7
1 3 i* M a y 19
D ec 5
47* N o v l O
234 D e c l S
6
D ec 3
1 5 i2 M a r l 7
10
M ar26
18*4 M a y 6
4% Jan 4
67* J u n e l 9
6
J a n 22
24
D c c l7
39
A p r il
79
D e c 17
138
O ct2 4 172
Jan 2
2 3 tg O ct
9
38*4 N o v 7
5 2 i2 Jan 2 1
931* N o v 6
28
A p r il
38 M a y l7
537
S e p tll
54l 2 N o v lO
3 l2 N o v 22
9% M a y
18
Jan 4
30
O ct2 4
19
M ar20
581 2 O c t 2 2
5% D e c l7
9% F eb 2 0
283* N o v 13
3 5 O c t 20
8 % F e b 10
11
J a n lS
90
J a n l7
99
M ar26
86
Jan
6714 N ov 19
60
D e c l3
71
J a n l3
130
F e b lO
149 J u n e l8
72
J u l y 17
4 7 i2 N o v 2 9
3 2 ig S e p t 3 0
54
O ct2 0
83
S ep t2 6
96
M a r ie
145
F eb24
199
N ov
34
A ug21
55U O ct2 4
93
Jan 6
99
M ar29
14
Jan 3
16 M a y l 5
35
J u ly 1
5 9 i 2 O c t 20
151* D e c 2 4
2 7U N o v lO
32>g J a n 2 3
59U O ct2 4
115
Jan30 150
M ay
52% J a n l3
741* N o v
44
J a n l3
65 M a y
2 5 tg O c t 2 8
31
Jan25
7*4 J a n 2 1
20% N ov
16 M a y l 9
2 U * J u ly lO
28
A ug26
43
O ct2 3
17
M ar24
25
J u ly 2 4
15
F e b l4
83
J u ly l4
Jan 2
37
7 2 i* M a y
38
Jan23
80
J u ly ie
5
55c
2 i*
963 g
79
78%
17
17%
7

40
4
90*4
6 0 i2
76
11

J u ly
Sept
Aug
Jan
Jan
F eb

10U M a y
111* N o v
4
Jan
6 N ov
39
O ct
134 J u n e

N ov
N ot
N ov
N ov
Sept
N ov
Aug
June
Ju n eNOV
Apr
D ec
F eb
N ov
Jan
Jan
Feb
N ov
M ay
N ov
D ee
Jan
O ct
J u ly
Apr

2 i* M a i
155* M a r
1 0 9 i* o c t
92
N ov
82 June
*19

D ec

147*
17%
58*
13
58
186

D ec
M ay
M ay
M ar
M ar
N ov

2 7 i2 J u n e
27
Aug

64<4 N o v
35
Aug

41* O c t
12
Apr

71 2 O c t
23
N ov
65* D e c

31* A u g

7*4 J u n e
88 S ept
x7714 Jan
62
107

June
June

821* J u l y
130
Feb
Aug
Jan

27
102
45
381*
24*4
5

17
9
35

O ct
Aug
Jan
J u ly
Aug
Jan

N ov
Feb
D eo

10
93
91U
71
147

M ay
N ov
N ov
N ov
N ov

1001* Oo«
160

N ov

100
F eb
137* M a r

4D *
146%
56
481*
261*
9

25

fto v
Aug
D ec
M ay
M ay
N ov

S ept

121* F e b
42

Apt

M in in g

A d v e n t u r e C o n s o l i d a t e d . . 25
.5 0
A p r22
2 3 3 A h m e e k _______________
25
621* M a r 2 2
A l g o m a h M i n i n g _____ I
25
10 c A p r 3 0
6 6 5 A l l o u e z ___ . . . . . I . . H i l l ! 25
3 2 i2 D e c l3
8 9 0 A r iz o n a C o m m e r c i a l . H i l l
5
103 4 F e b 2 8
4 0 B in g h a m M i n e s ____________ I 10
6 N ov24
1 ,9 5 0 B u t t e - B a l a k l a v a C o p p e r
10
2 0 c Jan30
3 0 C a l u m e t A H e c l a .................
25 3 5 0
M a r l4
5 ,0 1 3 C a r s o n H il l G o l d .................
1
12)4 M a y 5
3 1 5 C e n t e n n i a l _____________________ 25
12
M ar21
1 ,9 6 6 C o p p e r R a n g e C o ...................... 2 5
39
M ar 5
, 7 2 5 D a l y - W e s t ______ ______________ 2 0
2
M a r 11
}
D a v l s - D a l y C o p p e r ___________ 10
434 F e b l 3
E a s t B u t t e C o p p e r M i n . . . 10
8
F eb28
3 ,1 3 0 F r a n k l i n ...........................................2 5
13* M a y 9
2 ,4 7 0 H a n c o c k C o n s o l i d a t e d _____ 2 5
4 M ay 1
3 , 6 1 5 H e l v e t i a ________________________2 5
20o F eb20
5 5 0 I n d i a n a M i n i n g ........................... 2 5
50c M ar 8
1 3 5 i s l a n d C r e e k C o a l ___________
1
42
A p r l6
Do
p r e f ___________________
1
78
A p r l2
3 8 0 I s l e R o y a l e C o p p e r ______
25
24
Jan
5 4 5 K e r r L a k e ....................
5
3% O c t l6
K e w e e n a w C o p p e r .............. I 25
99c M ar 4
1 ,1 3 0 L a k e C o p p e r C o _________
25
3
Jan25
1 4 0 0 1f a S a lle C o p p e r ........................... 25
2
A p r lC
i . 0 l 5 , M a s o n V a ll e y M i n e
5
21* A p r 2 3
„ " 2 0 , M a s s C o n s o l ...........................
25
4
Feb 7
8
7 l M a y f l o w e r - O l d C o l o n y ______ 2 5
2
J a n l3
{ ^ ' M l c W g a n ........................................ 25
2 i2 F e b 2 4
H 5 , M o h a w k _____
..
25
49% F e b 7
8 2 5 N e w A r a d la n C o p c i r l l l l l 2 5
1
M ar 8
6 1 5 N e w C o r n e li a C o p p e r
.
5
14>4 M a r 5
6 7 5 N e w I d r t a Q u ic k s i lv e r _____
5
6i2 M a y 2
5 0 iN e w R i v e r C o m p a n y
100
8% F e b ll
67
Do
p r e f _________ ________ 100
57*4 M a r 1
7 1 0 N l p l s s l n g M i n e s ............. H I "
5
8 U J a n l5
4 , 5 5 0 N o r t h B u t t e _______
15
9
F eb20
2 0 0 j N o r t h L a k e ...................H " " 2 5
2 5 c A p r22
1 0 0 O J lb w a y M i n i n g ________
25
7 5 c M a r l5
1 ,3 2 6 O l d D o m i n i o n C o _____
" " 25
3 0 ij M a r 5
25
6 6 'O s c e o l a _______________
45
M a r l7
1 9 0 Q u i n c y ____________
25
62
M ar22
40
M ar 4
, o i l 5 * M a ry ’8 M ln e r a l L a n d l l 25
1 ,8 5 5 S e n e c a C o p p e r C o r p . . . n o p a r
13
Jan22
in
4 , 1 2 5 S h a n n o n _________
l i 2 M a r ls
............l 8 o u t h L a k e ............... I l l ............ 2 5
40c
J a n l3
150 S o u th U ta h M A S . .
" 5
8c J a n ll
7 5 0 S u p e r i o r ______ ________
' 25
4
M ar 8
1
M ar28
2 6 2 ? | ? X r t y r. - 4- . B ? ! t.°.n. C ° DI" r 25
U4 D e c l6
4 ,4 6 0 T u o l u m n e C o p p e r ! ! ..............
6
7 ic D e c l6
1 ,7 3 0 U t a h - A p e x M i n i n g _____" " "
5
1*4 M a y 9
4 ,6 5 3 U t a h C o n s o l i d a t e d ______ "
1
7 i2 J a n l 8
3 ,7 9 5 U t a h M e t a l A T u n n e l
""
1
1U J a n 2 8
9 7 0 V i c t o r i a ..............................I
25
1U M a r l3
4 7 5 W i n o n a ...............................
25
60c
Jan 9
" " 25
5 8 4 | W o lv e r ln e ____________
15
M ar 5
' W y a n d o t t e . . __________________ 25
4 0 c M a r l3

< A s s e s s m e n t p a id .

122% A pr■ 146
37
Jan
80
91% D eo
98
104
80
Jan
19
Jan
40
27
60
Feb
150
A p r 170
3
60
D eo
10% M a r
15
25
J u ly
30%
J u ly
147
138
82% A p r
85%
80
73
N ov
104
125
F eb
65
53
Jan
106
S ept 116%
81
70
O ct
88
77% Ju n e
46
F eb
27
95
84
O ct
1 8 8 % J u n e 1 12 %
Jan
25
20
90
Aug
80
50
Feb
37
62
Jan
47

A E x -r i g h t s .

« E x -d iv id e n d ,

21* J u ly 2 5
91
J u ly 2 9
1U J u ly 3 0
52
J u ly 2 8
18
J u ly 3 0
10 i 2 M a y l 2
90c M a y l4
480
J u ly l7
343 * D e c 2 6

July28
62 July28
20

3*4 M a y l 4

14t2 Oct20
21

Aug
6*4 J u ly 2 6
9 i 2 J u ly 2 8
7*4 M a y 2 1
2
J u ly 2 6
5534 J u ly 2 8
881* J u ly 3 0
41
J u ly 2 9
6 i* M a y 9
23* J u ly 3 1
73* J u ly 2 8
51* J u ly 2 8
45* O c t 3 1
10
J u ly 2 8
1314 J u n e 2
10
J u ly 2 6
83
J u ly 2 8
61* J u ly 2 8
2 9 U J u ly 3 1
121* J u ly 3 1
28
O ct 4
87
N o v lO
131* M a y 12
203* J u ly 2 3
1*4 J u ly 3 0
414 J u ly 2 9
521* J u l y 28
73
J u ly 2 8
83
J u ly 2 8
75
J u ly 2 9
26>2 J u ly 2 9
414 J u ly 3 0
3 ljJ u n e 6
5 0 c A u g l4
11% Juno 6
5 % N ov24
5>4June 2
2 % S e p tl7
3% J u n e 2
12*4 J u ly 2 9
5
J u ly 3 0
4«4 J u ly 2 8
3
J u ly 2 8
31
J u ly 3 1
l% M a y 2 7

m H a lf-p a id .

t2 J u n e
69
D eo
15o J u ly
4 0 i2 D e o
11
Jan
9
N ov
20o
O ct
425
D eo

10*4 J u n e
4 0 {D e o
11* A p r
4*4 D e o
8 i2 M a r
3 June
484 D e o
15o M a r
40
J u ly
447* D e o
791* O c t
19>2 J a n
6
Jan
80c S ept
3*4 D e o
2
Jan
284 D e c
3*4 S e p t
65c M ar
4 0c June
5 0 i2 D e c
1U A u g
934 D e o
12 ( A u g
63% D e c
8 Mi Jan
1 0 i* D e o
25c F eb
i* J u n e
32
D eo
4 6 i2 J u n e
69
D eo
38
D ec
7
Jan
2*4 D e c
i2 S ep t
lO o D e c
4
F eb
1% A u g
21* S e p t
73c D eo
114 M a y
7
D eo
1
D eo
15* D e o
i2 N o v
18
D eo
40o M ay

1*4 J a n
86
N ov
45c M ay
54
F eb
16U A u g
10*4 M a y
48o N ov
470
D ec
141*
5U *
3
67*
12

6

F eb
N ov
Sept
M ar
N ov
F eb

101* Jan
3 0 c S epq
1
J »fl
70
M ay
84
F eb
29
J u ly
61* O o (
1*4 M a y
8*4 M a y

3i* Mar
6 Fee
7
Jaa
41* N o v
4U O ot
6 6 i* M a y
2 i* J u ly
1714 M a t
20
Jan
80
Jab
97* A p r
17** M a y
95c M ar
16* D e o
451 * J a n
65
Jan
78
M ay
57
Jan
15*4 D e e
6*4 J a n
2
Jan
20o
Jan
87* N o v
4*4 S e p t
41* F e b
1 % Aug
41* N o v
12
Jan
3 Mi Apr
3
Jan
2
Jan
36
Jan
1 A t M ag

THE CHRONICLE

D ec . 27 1919.]

3431

Outside Stock Exchanges
S t o c k s — ( C on c lu d e d )

B o s t o n B o n d R e c o r d . — Transactions in bonds at Boston
Stock Exchange D ec. 20 to D ec. 26, both inclusive:
F r id a y
W e e k 's R a n g e
L ast
o f P r ic e s .
S a le .
P r ic e . L o w .
H ig h .

Bonds—
U S L i b L o a n 3 M s . 1 9 3 2 -4 7
1 s t L i b L o a n 4 s . . 1 9 3 2 -4 7
2 d L i b L o a n 4 s . . 1 9 2 7 -4 2
1 s t L i b L 'n 4 H a . 1 9 3 2 -4 7
2 d L i i L ’ n 4 K S .1 9 2 7 -4 2
3 d L ib L o a n 4 M S ...1 9 2 S
4 t h L ib L ’ n 4 k 8 . 1 9 3 3 -3 8
V i c t o r y 4 k s ____ 1 9 2 2 -2 3
A m T e l A T e l c o ll 4 s . . 1929
C o ll a t e r a l t r u s t 5 s . . 1 9 4 6
A tl G & W I S S L 5 s . . 1959
B o s to n A M a in e 4 k s . l 9 4 4
C a r s o n l i i l l G o l d 7 s . . .1 9 2 3
C h ic J u n e & U S Y 5 s . 1940
4 s _______ ________ _____ 1 9 4 0
C u m b e r l a n d T e l 5 s _________
E r ie 4 s , s e r ie s D .............. ..........
G t N o r -C B & Q 4 s . ..1 9 2 1
M a s s G a s 4 k s _________ 1 9 3 1
N E T e l e p h o n e 5 s _____ 1 9 3 2
N e w R i v e r 5 s . ................. 1 9 3 4
N Y R w y s a d j u s t 5 s -----------8 w i f t A C o 1 st 5 s _______1 9 4 4
U S S m lt g R & M c o n v 6 s . .
W e s t e r n T e l A T e l 5 8 .1 9 3 2

........... .
_______
_______
_______

125

35

82
7k

9 8 .6 4
9 2 .6 4
9 1 .1 4
9 2 .8 4
9 1 .0 4
9 3 .1 4
9 1 .0 4
9 8 .6 4
77 k
79k
82
68
12 4
83 k
71
83
35
95
83 k
81k
79 k
7
94
106
80

S ales
fo r
W eek .

R ange

sin ce

L ow .

9 8 .7 4 $ 1 8 ,0 5 0
9 3 .3 4
5 ,9 0 0
9 1 .2 4
1 4 ,0 5 0
9 3 .4 0
5 ,9 5 0
9 1 .3 4 1 0 4 ,8 0 0
9 3 .6 6 2 2 ,7 0 0
9 1 .6 0 7 2 ,9 9 5
9 9 .0 0
1 7 ,8 5 0
1 ,0 0 0
77 k
1 0 ,0 0 0
80 k
82
8 ,5 0 0
68
1 ,0 0 0
125
7 ,0 0 0
84
1 4 ,0 0 0
71
6 ,0 0 0
86
5 ,0 0 0
35
2 0 ,0 0 0
1 3 ,0 0 0
95 k
2 ,0 0 0
83 k
82
3 2 ,0 0 0
5 ,0 0 0
79 k
3 0 ,0 0 0
7k
94
7 ,0 0 0
106
8 ,0 0 0
81
7 ,0 0 0

9 8 .0 4
9 1 .6 4
9 0 .8 4
9 2 .8 4
9 1 .0 4
9 3 .1 4
9 1 .0 4
9 8 .5 4
77 k
79 k
79
68
99 k
83 k
71
83
35
93 k
83
81k
77
7
92 k
99
80

1.

Jan.

H ig h .

Feb
Jan
D ec
D ec
D ec
D ec
D ec
D ec
D ec
D ec
F eb
D ec
N ov
D ec
N ov

1 0 0 .6 4 O c t
9 5 .9 0 M a r
9 4 .8 0 J u n e
9 5 .9 0 J a n
9 6 .5 8 S e p t
9 6 .5 0 J a n
1 0 0 .0 4 J u n e
S ept
87 k
92
M ay
94
M ay
68
13 0
D ec
Jan
94 k
77

D ec
D ec
Apr
D ec
M ay
D ec
O ct
Feb
D ec

35
95
87
93
82
7
98

k
k
k

J u ly
M ar
Feb

k
k

D ec
June

9 1 "

M ar

B a lt im o r e S t o c k E x c h a n g e .— Record of transactions at
Baltimore Stock Exchange, Deo. 20 to D ec. 2 6 , both in­
clusive, compiled from official sales lists:

Stocks

F rid a y
L ast
W eek ’s R ange
o f P r ic e s ,
S a le.
P a r . P r ic e . l o w .
H ig h .

41
A r u n d e l C o r p o r a t io n — 100
3
A t la n t i c P e t r o l e u m ----------10
A u g u s t a - A lk e n , p r o f —
B a lt i m o r e B r i c k _________
B a lt i m o r e T u b e __________1 0 0
P r e f e r r e d ......................... 1 0 0
3 .9 0
C c l e s t i n e O i l , v t ..............
C e n t T eresa S u gar, p r e f . . .
10k
C o m m e r c ia l C r e d i t ______ 2 5
25
P r e f e r r e d ---------P r e f e r r e d B ......................... 2 5
99 k
C o n s o l G a s E L & P o w .1 0 0
C o n s o l i d a t i o n C o a l ------- 1 0 0
79 k
9
C o s d c n & C o ------------------------5
P r e f e r r e d --------------------------5
36 k
D a v is o n C h e m ic a l. . n o pa r
E lk h o r n C o a l C o r p n _____5 0
25 k
P r e f e r r e d ................... — 5 0
H o u s t o n O H , p r e f t r c t fs lO O
In d la h o m a R e fin in g —
In tern a t G t N o r th e r n , co m
24 k
L o c o m o b i l e ..........................
M e r A M in e r s T r a n s . . . 1 0 0
~60~~
M o r A M i n o r s V T ........... 1 0 0
M o n o n V a lT r a c , p r e f. . . 2 5
M t V -W o o d M ills v t r .1 0 0
98
P r e f e r r e d v t r _______ 1 0 0
N o r t h e r n C e n t r a l ----------- 5 0
P e n n s y l W a t & P o w e r . . 100
S h a f f e r O il , p r e f ................
U n i t e d R y A E l e c ________5 0
12k
W a s h B A A n n a p ................. 5 0
W a y la n d O il & G a s ------------ 5
B on ds—
A la b a m a C o n s C & I 5 s . ’ 3 3
A tla n ta C o n s o l S t 5 s . 1939
C h i c a g o R y 1 s t 5 s ------- 1 9 2 7
C o n s o l G a s E L & P 4 k s ’ 35
7 % n o t e s ...........................
0 % n o t e s _______________
5 % n o t e s ...................—
C o n s o l C o a l c o n v 6 s . .1 9 2 3
C o s d c n A C o , S e r ie s A 6 s '3 2
S e r ie s B 6 s .................... 1 9 3 2
G a C a r A N o r 1 s t 5 s . .1 9 2 9
H o u s t o n O i l d i v c t f s ’ 2 3 - '2 5
M l l w E l R y A L t 1 s t 5 s . '2 6
M o n o n V T r a c 7 s ......................
N o B a l t T r a c 5 s ........... .. 1 9 4 2
S e a b o a r d A i r L in e a d j 5 s '4 9
U n i t e d R y & E 4 s --------1 9 4 9
I n c o m e 4 s ------------------- 1 9 4 9
F u n d in g 5 s ...... ............. 1 9 3 6
do
do
s m a ll. 1936
W a s h B A A 5 s ---------------1 9 4 1

95

65 k
45k
59
60

41
3

8

41k
3k

8

lk
60

lk
61

3 .9 0
46k
25
24
99k
79
8 k
4 k
35 k
25k
39
91H
10k
10
24 k
54
58
16 k
60
98
69 k
76k
94
10 k
19k
4

4 .0 0
10k
46k
25
24
101
81
9k
4k
36 k
36k
39
92
10k
10
25
54 k
60
16 k
60
98 k
69 k
78 H
94
12 k
20
4k

89
95 k
63 k
78 H

89
96
64 k
79

88

10

88

100

100

96 k
95
96
95 k
95 k
89
110 k
95
96 X
96
35k
65
44k
59
60
76

96 k
95
96 H
95 k
95 k
89 k
110k
95
96 H
96
35 k
65 k
45 k
62
62
76

S a les
fo r
W eek .
S h ares.
500

1,100
100
11 6
190

2

1 ,4 5 0
1 ,0 6 5

10

80

10
894
682
9 ,3 6 0
95
1 ,4 5 5
260

10

170
155
300
300
32

100
384
18
52

20
.2 7 5

100

5 ,1 8 0
126

210
8 1 ,0 0 0
4 .0 0 0
5 9 .0 0 0
7 .0 0 0

1.000

5 .0 0 0

12.000
11,000
1.000
1,000
4 .0 0 0

2.000
7 .0 0 0

1.000

3 .0 0 0
5 .0 0 0
5 3 .0 0 0
1 1 9 ,0 3 0

R ange sin ce
L ow .

Jan.

1.

H ig h .

38 k
N ov
41k
D ec
2
Jan
4 k J u ly
8
D ec
8
D ec
1k
D ec
4
D ec
60
D ec
90
M ay
71k
F eb
93
June
1 .0 0
M a r 4 .9 0
J u ly
9k
N ov
12k
O ct
40
J u ly
50
N ov
25
D ec
26
F eb
24
N ov
26
J u ly
99 k
D ec
111k M ay
78 k
Apr
92
June
6k
Feb
12 k M a y
4
Jan
5
M ay
35 k
D ec
50
J u ly
24 k
D ec
43
J u ly
39
June
50
J u ly
72 k
Jan
101 M a y
5 k June
12 k
O ct
10
D ec
10
D ec
24 k
D ec
25
D ec
51
D ec
62
M ay
51
D ec
72 k M a y
16
J u ly
30
Apr
16
Jan
80
D ec
71
Feb
100
Aug
69
S ept
80
Feb
76 k
D ec
88 k M a y
94
O ct
95
S ept
10k
D ec
20 k
Jan
19 k
D ec
29 k June
3k
Feb
5
N ov
81
93
63 k
78 k
100
96
95
96
84k
85 k
89
98 k
95
96 k
96
35 k
64

F eb
Aug
D ec
D ec
N ov
D ec
N ovD ec
M ar
Jan
D ec
Jan
D ec
D ec
D ec
D ec
D ec
D oc
D ec
D ec
D ec

10.000
2.000
5 ,0 0 0

90 k S ept
98 k
F eb
79 k
Jan
85 k
Jan
1 0 1 k J u ly
98 k
F eb
99 k J u n e
100 k
J u ly
105 k S ep t
105 k S e p t
96 k
Jan
117
M ay
97 k June
98 k
Jan
100 k
Jan
35 k
D ec
76 k
Jan
5 5 k -M ar
76
M ar
76
M ar
83 k
Jan

P h ila d e lp h ia S t o c k E x c h a n g e .— Record of transactions
at Philadelphia Stock Exchange, D ec. 20 to D ec. 26, both
inclusive, compiled from official sales lists:

S tock s—

F r id a y
L ast
W e e k 's R a n g e
S a le.
o f P r ic e s .
P a r . P r ic e . L o w .
H ig h .

A ll ia n c e I n s u r a n c e -------- . . 1 0
A m e r ic a n G a s ................... .1 0 0 ” 4 6 “
A m e r ic a n M i l l i n g _____ . . 1 0
A m e r ic a n R y s p r e f ___ . 1 0 0
57 k
A m e r ic a n S t o r e s _____n o p a r
B a ld w in L o c o m o p r e f . . 1 0 0
B u f f A S u s q C o r p p f v t c . 10 0
C o n s o l T r a c o f N J ___ . 1 0 0
E le c S t o r a g e B a t t e r y - . 1 0 0
138k
G e n e r a l A s p h a l t .............. . 1 0 0
111
P r e f e r r e d ........................ . 1 0 0
175
In su ra n ce C o o f N A . . . . 1 0
30
J G B r il l C o ...................... 1 0 0
K e y s to n e T e le p h o n e .. . . 5 0
L a k e S u p e rio r C o r p . . . .1 0 0 ” 2 0 k
L e h ig h N a v i g a t i o n ___ . . 5 0
63
L e h ig h V a l l e y ................... . . 5 0
*42 k
L e h ig h V a l l e y T r a n s i t . . . 5 0
L it t l e S c h u y l k i l l .............. . . 5 0
41
M id v a le S teel A O r d ._ - - 5 0
49 k
_ 50
P e n n s y l S a lt M f g . _
P e n n s y lv a n ia ................ . . 5 0
40 k
P h il a d e l p h i a C o ( P i t t s ) . . 5 0
P r e fe r r e d ( 5 % ) . .
50
P r e f ( c u m 6 % ) ______ - . 5 0
33
P lilla E l e c t r i c o f P a . . . - . 2 5
25
P h ll a R a p T r a n s v t r . . . 5 0
28
P h il a d e l p h i a T r a c t i o n . . . 5 0
69




25
46
8
50 k
39
101k
50
42
132k
107
165
35
47
12k
20
61
42
10
41
49
74
40k
35 k
25
31k
24 k
27
59

25
46
8
58
39 k
101k
50
42
138k
112
175
36
48 k
12k
20 k
63 k
43 k
10
41
49 k
75
41k
36k
25
33 k
25
28
59 k

S a les
fo r
W eek .
S h a res.
25
1 ,0 6 6
10
251
210
20
100
10
1 ,9 4 0
706
20
147
213
10 0
4 ,0 5 0
1 ,9 1 0
4 ,2 0 2
100
21
10 0
476
1 5 ,0 3 7
190
5
598
4 ,8 5 4
1 ,6 3 0
1 ,8 1 5

R a n g e siru "O J a n .
L ow .
19
43
8
56 k
20 k
100k
49
42
51k
39
76
25 k
19k
8
17
56 k
40 k
10
40 k
41
70
40
30
25
31k
24
23
59

Jan
D ec
D ec
D ec
Apr
Jan
D ec
D ec
Jan
Jan
Jan
Jan
F eb
M ar
Jan
D ec
N ov
D ec
June
Jan
D ec
D ec
Jan
N ov
Jan
D ec
Apr
D ec

F r id a y
L a st
H k e t 's R a n ge
o f P r ic e s .
S a le.
H ig h .
P a r . P r ic e . L o w .

R e a d i n g ...................................5 0
2 d p r e f e r r e d . . ............... 5 0
T o n o - B e l m o n t D e v e l --------1
T o n o p a h M i n i n g __________ 1
U n i o n T r a c t i o n ........... ....... 5 0
U n ite d C o s o f N J
10 0
U n i t e d G a s I m p t _________ 5 0
U S S teel C o r p o r a t io n - _ 100
W e l s b a c h C o ................... 10 0
W e s t Jersey & S ea S h o re -5 0
Y o r k R a i l w a y s - .............. - . 5 0
B o n d i—
U S 2 d L ib L ’ n 4 k s . . l 9 2 8
3 d L ib L o a n 4 k s — 1928
4 t h L i b L ’ n 4 k s . 1 9 3 3 -3 8
V i c t o r y 4 k s _____ 1 9 2 2 -2 3
A m e r G a s A E le c ’ 5 s . . 2 0 0 7
A m T e l A T e l 5 s _____________
B a ld w in L o c o m o 1 s t 5 s *40
B a l t i m o r e & O h i o 3 % s ____
6 s . ......................................1 9 2 9
C o n v e r t ib le 4 k s . . . l 9 3 3
B e t h S t e e l p m 6 s _____1 9 9 8
C M A S t P re f 4 k s - . 2014
C h i c R I A P a c 4 s _____1 934
E l e c A: P e o p le s t r c t f s 4 s '4 5
do
s m a ll
1945
I n t e r - S t a t e R y s c o l l 4 s . 194 3
K a n s a s C i t y R y 5 s __________
L a k e S A M S 4s
1931
L a k e S u p e r i o r C o r p 6 s 192 4
L e h i g h C A N c o n s o l 4 k s ’ 54
L e h ig h V a l l e y c o l l 6 s . . 1 9 2 8
C o n s o l 6 s . ....................1 9 2 3
R e g iste re d 6s
.
192 3
A n n u i t y 6 s ...................... ..
G e n c o n s o l 4 s ________2 0 0 3
G e n c o n s o l 4 k s _____2 0 0 3
M a r k e t S t E le v 1st 4 s . 1955
M i d v a l e S t e e l A O r d 5 s '3 6
N a t P r o p e r t ie s 4 - 6 s ___ 1 9 4 6
P en n a R R gen 4 k s ..l 9 6 5
G e n e r a l 5 s ...................... 1 9 6 8
C o n s o l 4 k s .................1 9 6 0
P e o p l e s P a s s t r c t f s 4 s . 1 943
P h il a d e l p h i a C o c o n s A c o ll
t r u s t 5 s s t a m p e d ___ 1 951
P h ila E le c tr ic 1 st 5 s . . 1966
do
s m a ll___________1 966
P h il a A R e a d 2 d e x t 5 s 1 933
P C C A S t L 4s
1945
P u b S e r v C o r p N J 5 s . 1 959
R e a d i n g g e n 4 s _________ 1 997
J - C c o l l a t 4 s ................ 1951
S e a b o a r d A ir L 5 s _____1 9 4 9
S o P a c i f i c 4 s . ................... 1 9 2 9
U n ite d R y s I n v e s t 5 s . 1926
W i l s o n A C o 6 s ________1 9 2 8

78
77 k
34 k
34 k
2k
2k
lk
2k
33
34k
xlR H t IRS
52
50 k
50k
1 0 3 k 106 k
106k
52
52
38 k
38 k
_______
8
8
78
34 k
2k
2k.
33 k

_____ _
______
_____ _
* 8 3 "”

59k
30

100 k
114
70 k
79

81k
90 k
89 k
70
76
87

79 k

9 1 .3 0
9 3 .2 4
9 1 .2 4
98 80
83
79 k
100
81k
86 k
55
10 4
53
87
59
60
30
55
82k
62k
89
100
100 k
100
11 4
69 k
78
79 k
81k
30
80 k
90k
89 k
70
76
86
90 k
99 k
84
57 k
78 k
78 k
35
79
70
94

9 1 .3 2
9 3 .6 0
9 1 .5 2
98 98
83
79 k
100
81k
86 k
55
104
53
87
59 k
61
30
55
82 k
62 k
89
100 k
100k
10 0
114
70 k
79
79 k
81k
31
81k
90k
90 k
70
76
87
92
99
84
59
79
78
35
79
71
94

k
k
k
k

S a les
fo r
W eek .
S h a res.
11 0
200
4 ,5 0 5
9 ,1 0 5
3 ,5 6 6
20
1 5 ,6 0 9
2 ,4 2 0
3
25
200
1 0 1 ,0 0 0
7 7 ,5 5 0
1 9 2 ,4 5 0
216 000
1 ,0 0 0
5 ,0 0 0
5 ,0 0 0
3 ,0 0 0
3 5 ,0 0 0
5 ,0 0 0
4 ,0 0 0
1 0 ,0 0 0
5 ,0 0 0
1 0 9 ,0 0 0
300
6 ,0 0 0
5 ,0 0 0
1 0 ,0 0 0
1 ,0 0 0
1 6 ,0 0 0
1 5 ,0 0 0
5 ,0 0 0
5 ,0 0 0
1 0 ,0 0 0
7 3 .0 0 0
8 4 ,0 0 0
1 0 ,0 0 0
5 ,0 0 0
3 ,0 0 0
9 0 ,0 0 0
1 1 ,0 0 0
1 9 ,0 0 0
6 ,0 0 0
1 ,0 0 0
1 8 2 ,0 0 0
1 ,3 0 0
3 ,0 0 0
2 ,0 0 0
3 9 ,0 0 0
9 6 ,0 0 0
1 5 ,0 0 0
2 0 ,0 0 0
2 ,0 0 0
4 1 ,0 0 0
5 ,0 0 0

R ange

sin ce

L ow .

Jan.

1.

H ig h .

74
34
2k
lk
33
185
50 k
88 k
40
38k
7

D ec
D ec
D ec
D ec
D ec
Feb
D ec
F eb
Apr
D ec
M ar

93 k J u n e
39 k M a y
3 1 5 -1 6 M a y
4
M ay
41
M ay
O ct
197 k
Jan
74 k
1 1 5 k J u ly
Sep
54 k
46
Jan
9 k June

9 1 .3 0
9 3 .2 4
9 1 .2 4
o s 7n
83
79 k
100
81k
86 k
55
104
53
87
59
60
30
55
82 k
58
89
100
100
10 0
114
69 k
77
79 k
81k
30
79 k
89
89 k
70

D ec
D ec
D ec
n w
N ov
D ec
Apr
D ec
D ec
D ec
D ec
D ec
D ec
D ec
D ec
D ec
D ec
D ec
D ec
D ec
D ec
D ec
D ec
D ec
D ec
D ec
D ec
D ec
Apr
D ec
D ec
D ec
D ec

9 5 .3 0 J a n
9 6 .3 8 J a n
9 5 .7 0 M a y
1 0 0 04 J u n e
Jan
88 k
D ec
79 k
101
J u ly
D ec
81k
D ec
86 k
55
D ec
110k M ay
53
D ec
87
D ec
71
Jan
75
Jan
Fe
40 k
55
D ec
D ec
82k
74
Aug
95
Aug
Jan
102 k
Jan
102k
Jan
102 k
120
Feb
Jan
80 k
93
Feb
80
M ar
O ct
86 k
40
M ay
Jan
89 k
98
Jan
Feb
96 k
78
June

D ec
D ec
D ec
D ec
D ec
D ec
D ec
D ec
D ec
D ec
Jan
D ec

89 k
96
97 k
101
84
73
86 k
82 k
35
79
78k
94

76
86
90 k
99k
84
54k
78
78 k
35
79
62 k
94

F eb
J u ly
Jan
June
D ec
S ept
N ov
M ay
D ec
D ec
J u ly
D ec

P it t s b u r g h S t o c k E x c h a n g e .— Record of transtacions at
Pittsburgh Stock Exchange D ec. 20 to D ec. 26 , both in­
clusive, compiled from official sales lists:
F r id a y
L ast
W eek ’s R ange
S a le.
o f P r ic e s .
H ig h .
P a r . P r ic e . L o w .

S tock s—

A m e r V itr ifie d P r o d u c t s .. .
A m W i n d G la s s M a c h . . 100
P r e fe r r e d .
______ 1 0 0
A m W i n d G la s s , p r e f — 1 0 0
A rkan sas N a t G a s, n e w . . .
O ld p r e f e r r e d ________1 0 0
B a r n s d a l l C o r p o r a t i o n . . 25
C a r b -H y d r o g e n C o , c o m .5
P r e f e r r e d __________________5
C a r n e g i e L e a d A Z i n c _____5
C o l u m b i a G a s A E l e c . .1 0 0
C o n s o lid a te d I c e , c o m . . 5 0
G u f f e y - G U le s p l e O il (n o p a r )
I n d e p B r e w in g , c o m m o n 5 0
P r e f e r r e d _____. ________. 5 0
L o n e S t a r G a s _________ _ 1 0 0
M f r s L i g h t A H e a t ----------5 0
M a r l a n d P e t r o l e u m ------------ 5
N a t F ir e p r o o fin g , c o m . .5 0
P r e f e r r e d ________________ 5 0
O h io F u e l O i l ........................... 1
O h io F u e l S u p p l y _________ 25
O k l a h o m a N a t G a s ______ 2 5
P l t t s b B r e w in g , c o m ------- 5 0
P r e f e r r e d _______________5 0
P l t t s b C o a l , c o m ________1 0 0
P itts b -J e r o m c C o p p e r C o . l
P lt t s b A M t S h a sta C o p . . 1
P l t t s b O il A G a s .............. 1 0 0
R iv e r s id e E a s t O il, c o m . . 5
R o s s M i n i n g A M i l l i n g . . .1
S a n T o y M in in g
______ 1
U n i o n N a t u r a l G a s --------100
U S G la s s ..............- ............ 1 0 0
U 8 S teel C o r p , c o m . ..1 0 0
W e s t ’ h o u s e A ir B r a k e — 5 0
W e s t 'h o u s e E l e c A M f g . . 5 0
W e s t P c n n T r A W P .c o m . 100

15k
125
.
39%
46k
3k
4k
8k

” 36”
4 k

61
6k
8k
15k
31k
51k
41k
________
62k
15c
50c
13k
_______
________

_
117
_______
7

15
125
92 k
104
38 k
110
46
3k
4k
8 k
60 k
4k
35 k
3k
10
149 k
58k
6k
8k
14 k
30
51
41k
6
14k
62 k
15c
49c
13 k
4k
5c
6c
126
59 k
104
113k
53 k
7

16k
125k
93
104
40k
110
47
3 k
4k
8k
60 k
4k
37
4k
10 k
15 6
61k
6k
8k
15k
31k
51k
42k
6
15
62 k
18c
50c
14 k
4k
5c
6c
127
63
104 k
11 7
53 k
7k

S a les
fo r
W eek .
S h a res.
765
95
35
10
1 5 ,2 1 5
40
387
1 ,3 6 0
1 ,2 0 0
400
20
20
4 ,7 4 5
965
• 405
100
973
3 ,3 2 0
475
825
180
415
2 ,8 8 9
35
80
100
8 ,1 0 0
1 ,8 0 0
1 ,9 5 0
40
500
1 1 ,8 0 0
110
1 ,9 9 0
17 0
125
2 ,6 3 5
900

R ange

sin ce

L ow .
14k
79
77k
98
38
75
32
2k
3k
6
39 k
3
30 k
lk
5k
149k
48 k
6
5
10
16
42k
28 k
2
7
45
8c
21c
8
k
6c
6c
114k
30
88 k
93
40k
6

D ec
Jan
Jan
M ar
D ec
M ay
June
Aug
Aug
S ept
Feb
Jan
D ec
Jan
Jan
D ec
Jan
N ov
Jan
Jan
Jan
Feb
Jan
Jan
Jan
F eb
Jan
Jan
Jan
F eb
Jan
F eb
D ec
Feb
F eb
Jan
Jan
D ec

Jan.

1.

H ig h .
20
157
103k
105
41k
146
50 k
4k
5
13k
67 k
8
37 k
7
16
300
66
8k
I lk
24
35
54 k
50 k
10k
20
73
67c
70c
18k
6k
9c
13c
135
63
114k
124k
68
14

N ov
J u ly
O ct
Aug
D ec
D ec
O ct
O ct
D ec
O ct
O ct
June
D ec
M ay
M ay
M ay
N ov
O ct
M ay
M ay
N ov
J u ly
N ov
J u ly
June
J u ly
Aug
S ept
June
O ct
S ept
M ay
M ay
O ct
J u ly
June
O ct
Ma

1.

H ig h .
25
D ec
74
June
12%
Apr
69 %
Jan
43
N ov
110
N ov
53
Jan
59
Feb
153
O ct
161
O ct
241
O ct
36
N ov
6 4 % J u ly
1Q7Z «jTuniy
lv
2 5 % J u ly
73
Jan
60 % June
10
D ec
45
M ar
6 1 % J u ly
Q*k /% T
r /ih
eu
48% M ay
4 2 % J u ly
30
M ay
37%
Apr
26% M ay
29% June
71
Jan

C h ic a g o S t o c k E x c h a n g e .— Record of transactions at
Chicago Stock Exchange D ec. 20 to D ec. 26 , both inclusive,
compiled from official sales lists:

P ar.

S tock s—

A D A C , p r e f ...................... .
A m e r i c a n R a d i a t o r . . __ 1 0 0
A m e r ic a n S h i p b u i l d i n g . 100
P r e f e r r e d _______________ 100
A rm o u r & C o , p r e fe r re d —

F r id a y
L ast
S a le.
P r ic e .

F is h e r ie s ,

S a les
fo r
W eek .
S h a r es.

95
340
112k
80
112k
50

24
30
50
70
9 ,4 5 1
50

95
275
100
80
98 k
47

D ec
Apr
F eb
D ec
Aug
N ov

97 k
345
138
92
112k
50

i3 k
79 k
35
65 k
84
286
i 21k
50 k
:
k
;
9
ik
3
105k
3

380
290
25
480
90
160
325
737
2 ,8 6 9
7 ,2 1 4
955
335
65
290

I lk
74
19k
55
68
250
20
50
H
5
1
2 k
60k
2

D ec
D ec
Apr
O ct
D ec
O ct
O ct
D ec
Jan
D ec
N ov
D ec
Feb
D ec

J u ly
25
83 k June
35
D ec
N ov
68 k
N ov
90
286
D ec
O ct
27k
D ec
50k
Aug
2
1 8 k Aug
Aug
3
Aug
17k
[N o v
115
*D ec
4

95

80
109k

Beaverboard..............— -(*)
B ooth

R ange
ic e s .
H ig h .

80
109}
50

R a n ge! s i n c e
L ow .

Jan.

1.

H ig h .
D ec
N ov
O ct
M ay
D ec
D ec

com m on

n e w ................................(»)
Preferred-..........................1 0 0
B u c y r u s , c o m m o n __________
B r i s c o e -------------------------------------

Preferred.............................
B u t l e r B r o s ...................................
C a s e (J I ) ...............................(• )
C h i c a g o C i t y R y ......................
C h ic C A C R y p t s h , c o m ( * )

Preferred ..............

(*)

C h ic a g o E le v R y , c o m m o n _

Preferred ....................... (*)
C h ic P n e u m a tic T o o l . .1 0 0
R i g h t s ................................

13

65 k
84

;

74
35
63
82

50
k
6k
lk

105k
2

1
3
10 4

2

2432

THE CHRONICLE
Friday
Sales
Last Week’s Rang
for
Sale.
of Prices.
Week.
Par'. Price. Low. High Shares

[V ol . 109

Friday
Sales
Last Week's Range for
Range since Jan. 1.
of Prices.
Sale.
Week.
Stocks— (Concl.)
High.
Stocks (Concluded) Par Price. Low. High. Shares.
Low.
Low.
High
Chic Rys part ctf "1” .
July Loew’s Incorp___ (no par)
20
20
Dec 40
35 20
31
29
X
11,000
Dec
31X
28
X
38
X Oct
Chic Rys part ctf “ 2” .
6
6
4
Dec 10 X Aug
300
13X 13X
Oct
200 12X Nov 16
0 ......... 215 215
Fet 215
25 178
4
Oct
6
K
5X
12,000
Jan
6X
7X
July Mercer Motors.r..(no par) 34 X
0 107
107 108
Aug 118
655 107
33
35
32
Nov 43
Oct
3,200
0 13K 13K 13K 4,675
8X Apr 14X Dec Montg Ward & Co com.(t)
40
39 K 43X 34 500 39 X Dec 48X Deo
100 100
Nov 100X Aug
10 100
8X
500
8K
6X Feb 12 K May
0 103
102K 105
680 100X Feb 123 May
15X 16
250 13X Jan 24 May
Decker (A & D ), pref.
95
96
Dec 98 X Nov
310 95
18X 20
July
400 10
Mar 20
Deere & Co, pref___
July
0 ___
Nor
Am
Pulp
&
Paper.'(t)
78
Apr 105
100X 100X
4
4X 13 000
4X
2X Jan
7X Apr
0 122
122 122
Nov Nunnally Co com.r___ (j)
150 101 June 124
1 800 21X Dec 25
Dec
21X 21X 22X
Godchaux_________
Dee Ohio Body & Blower.r.(t) 35
- 57
56X 58
720 55 X Dec 60
36
1,000 29 X Nov 37
Nov
K 35
Great Lakes D & D.
- 84
83
84
Oct Overland Tire_______ 10
Ocl 96
605 82
26X 27
200
Aug
32
Oct
14X
Oct 100 K Dec Patchogue-PIym Mills.(t)
0 100 K 92 X 100K 2,800 82
40
40
280 35
Nov 47
Oct
) .......... 91
92
Feb 100 X Nov PerfectionT & R new . . 1 0
100 68
4
6
6,900
4
Dec
8
Nov
4X
Dec Pyrene M fg.r_______ m
25 108 X Jan 115
0 113X 113X 113X
13X 13X
100 12
Aug 20 June
225 12X Aug 21X Oct Radio Co w i.r ____
) 17K 17X 17K
2
IX
2
3,000
2
Deo
IX Dec
Pre.erred w i.r _______
0 14 K 14X 15
3,085 10X Sept 17 X Dec
4
4
4
3X
1,500
Dec
Dec
3X
Sept Reis (Robert) & Co (no par)
) 84
78 X 84 K 1,180 77 X Dec 103
25
25
Dec 39
50 25
Oct
Republic
Rubber
r
(no
par)
Kansas City Ry com ctfs.
Dec
Dec
167
5K
3X
3X
4
3X
4X 28,500
4
Dec
11
July
4X
Preferred certificates. ..
Dec 15X Dec Rolls-Royce com.r____ (f)
15
15
15X
285 11
75
76
Dec 76
200 75
Dec
Preferred.r........... ..l o o
Kennecott_____________
100 28 K Dec 28 X Dec
28 K 28 K
92
93
Dec
400 80
94
Dec
30
1,645 19X Jan 36X Oct Root & Van Dervoort r luo 54 X
29 K 29
53 K 55
Aug 60
1,400 37
Oct
Aug Snow's Fount Hold Corp 10
6
Dec 17
920
6X 9X
6X
Oct
9
13X
900
15X Deo
13X 13
»..........
10
10X 10X
7X Nov 10X Apr Solar Light Corp.r___ (t)
15
23
23
9,300
Nov
23
Dec
9X
Dec Spicer MIg, com.r____ 100 102
1 42
42
42 X
Dec 48.
80 42
98X 102
1,400 56 X July 105
Oct
41
42
Apr 55 X July Stand Gas & El com .r..50
42
395 33
27X 28
Aug 44 X May
300 24
Northern Pacific.
79K 79K
30 79 X Dec 79 X Dec Standard Parts c o m .r..100
50
50
Dec 61
100 50
Oct
Aug Stanwood Rubber, com.(t)
1 17
17 K 17 X 7,370 16X Sept 25
18X 19
2,400 16X Nov 19X Dec
19
3
3
3
Dec
1 .........
8 May Stearns Motor__________
100
84
89
Oct 93 Nov
800 51
1 ..........
264 33
Dec 55X July Submarine Boat v t c ..(t )
33X 34 X
13
15X 14,500 10
Feb 20 X July
15X
80
80
80
22 80
Nov 95 X May Sweet Co. of A m er..r..lo
9X io x
6K July
1,000
15X July
io x
1 _____
86
90
Nov 105 May Swift International.r. . . 15 60
310 83
63
58X
4,000 40X Jan 65 X Mar
' 94 X 94
Dec 105 May Tobacco Products Exp.(t) 31
94 X
517 94
32
28
25 June 40 X July
2,600
Dec 58
54 K
300 52
Nov Todd Shipyards Corp._(*)
54 X 54
198 200
Feb 220 Nov
135 102
28 K 28X 29 X
300 27 X Dec 35 X Oct Un Carbide & Carbon., (f) 75
74X 75
July
400 60X Feb 86
......... 226 230
Nov Untd PlctureProd Corp. r (t)
65 168X Feb 232
15
17
X
Oct
Dec
28
9
3,500
117 117
117
10 116X Nov 122
Apr United Profit Sharing..25c 16X
2X 2X
July
7-16 Jan
6,500
3X
2X
_____ 263 263
10 112X May 270
Dec Un Retail St’s Candy.r.(t)
27
27
27X
59 26X Dec 31X Nov U S High SpeedSteel&Toolt 27X
27
Nov 28X Deo
1,70'
41X
Dec 43
140 41
Nov U S Steamship______ io
41X 41
4
3X
2
Mar
19,000
8 K Oct
3X
48
48
48
Apr 59
Oct Uzold Tire.r.....................5
70 45
4K 3.000
4X
2K
Sept
4K Dec
Nov VanRaalte Co, Inc, com'(*)
39 X 40X 4,850 35 X [Nov 43
40 X
45
45
Dec
Dec 45
100 45
134
132X 135
3,235 115X Jan 149 K May V Vivadou, Inc.r..(no par) 20X 20
22
Sept
5.000
33
20
Dec
59 X 58 X 62 X 13,900 41X Jan 65X Oct Warren Bros.r_______ 100 70
67
70
Oct
90
300
42
K
May
46
45X 46X
100 45X Dec 50 X Dec Wayne Coal______
4X 4X
3,900
3X May
6X July
4X
Aug 51
Dec White Rock Water..
1,150 34
47X 50 X
8
9K
Dec
600
8
7K
Dec
9X
Union Carbide & CarJan 85 K July
75
5,190 56
Rights.
74 X 75
24
22X 24
1,000 17X Jan 29 X July Simms Petroleum.
9 124,500
6K
Dec
9
8
4K Dec
Wahl Co...................... (*)
45
43
45X 2,030 19 X Sept 55 X Nov Vanadium Steel__
2K
3K 5,300
2K Dec
2X
3X Deo
100 105
Dec
114 X 114X
July 115
when issued_____
Former Standard Oil
40 K 38 X 43X 37,230 38X Dec 45X Dec
Wilson & Co, common..(*) 79X 79 X 79 X
10 75
Nov 104
July
Subsidiaries
98
Feb 104
97 X 99
65 95
July Anglo-American O il.r..£l
29X 30
1,700 16X Jan 36 K Nov
Wrigley Jr, common.
82
82
82X
230 74X Sept 89
Oct
72
72
10 72
Dec 137 May
Bonds—
370 372
30 315
Jan 404
Apr
Armour & Co 4X s__
Feb
81K 81X 81K $7,000 81X Dec 88
153 153
10
153
Dec
Feb
180
Debenture 6s_____ 1921
110 110
2,500 102 X D e 110
Dec
323 329
40 292
Apr 350 May
Debenture 6s_____ 1924 109
7,000 100 X Mar 109 K Dec
109 109 X
310 315
35 258
Jan
319
July
Debenture 6s_____ 1929 109
109 109
3,000 109
Dec 109
Dec
724 730
145 668
Apr 798
July
725
60
60
60
Cal & South Chicago 5s__
2,000 60
Dec 60
Dec
440 448
261 310
Jan 449
446
Dec
Chic C & C Rys 5s—.1927 37
37
37
15,000 37
Dec 55
Aug Union Tank Car.r. .1.1100
120 120
10 107
Jan 138
July
Chicago Ry 5s____1927
63 K 63 X 63 X 8,000 63 X Dec 81
Jan
Chic Rys 58, series "A ” __
38 K 37 X 38 X 13,200 37 X Dec 63
May
Other Oil Stocks
Chic Rys 4s, series "B ” . . .
95,000 32 X Dec 60
Jan
32 X
32 X 34
IK 2,000
IX
K Jan
4K Apr
Metr W Side 4th 4s.........
46
46
Dec 56 X Jan
1,000 46
16
16X 5.300
4X Apr 17
Dec
16X
Swift & Co 1st g 5 s ...1944
94
94 1 1 .0 0 0 I 92 X Septl 98 X Jan
K 13-16 103,500 5-10 Dec
IK Sept
X
1.900
4X 4X
Dec
4
7X Sept
1
Amalgamated
Royalty.r.l
IK
5,500
1
Aug
N e w Y o r k “ C u r b ” M a r k e t .— B elow w e give a record of
2K Apr
IK
67c 70c
Anna Bell______________
2,800 60o Oct 70c Nov
the transactions in the outside security m ark et from D e c . 20 Arkansas Nat Gas new w 110 70c
5.100 38
Doc 47
Dec
39X 38X 46
2
IK
4.100
to D e c . 2 6 , both inclusive. I t covers the week ending F riday Associated Oil of Texas. . -1
2
IX Nov
2X Nov
62
66
500 60
com.r. (t)
Nov 88
Sept
aftern oon .
O n the “ C u rb ” there are no restrictions w h at­ AtlanticLobosOil
2
2K
Bell Petroleum.r___
9.100
IK Nov
2K Oct
6
7X 18,000
ever. A n y security m a y be dealt in and an y one can m eet Boone Oil.r................. 6
3
Mar 16K May
6X
2X
2K
1.700
Boston-Mex Petrol____ I
2K Dec
4X Aug
2X
there and m ake prices and have them included in the lists Boston-Wyoming
98c
95c
60,000 18o Jan
Oil.r. 1 96c
IK Nov
20K 25
of those w ho m ake it a business to furnish d aily records of Brazos Oil Corp.r.(no par) 25
3.300 20 Nov 32 X July
2X 15.500
2X
Burknett Van Cleav Oil. . 6
1
Sept
2X
2X Deo
the transactions. T h e possibility th a t fictitious transac­ Carib
Syndicate r new w 1. 52X 50K 54 K 18,000 28
Oct 58
Deo
4X 4X
tions m a y creep in, or even th a t dealings in spurious securi­ Circle Oil.r____________ 5
200
4
Dec
6 X Oct
42 X 44 K
500 37
Mar 63 June
ties m a y be included, shou ld, hence, alw ays be k ep t in m in d , Commonwealth Petrol.r(t)
8K
9X
Cosden & Co, com.r___ 5
9,200
OK Jan 12X Sept
particularly as regards m ining shares.
In the circum stances, Cushing Petr Corp com.r.5
3
3K 3.100
3
Dec
6 K Oct
33 K 9.800 32 X Nov 38
Oct
It is ou t of the question for anyone to vou ch for the absolute Dominion Oil.r_______ Io 33 X 33
10K 11K 2.100 10X Dec 11X Deo
Duquesne Oil.r........
11
trustworthiness of this record of “ C u rb ” transactions, and Elk Basin Petrol.r..........5
8
X
8
K
1.800
6
Jan
11X May
8X
IK
IK
5,775
Engineers Petrol C o .r ...l
I K N ov
IK Nov
1X
we give it for w h at it m a y be w orth .
1
2K 18,300
Ertel Oil.r...................... 5
1
July
Dec 11
IK
3-16 X 5.300
Sale*
Friday
Esmeralda Oil & G a s .r...l
Dec 1 1-16 Aug
•
A
.
Week ending Dec. 26.
Range since Jan. 1.
4X 5X 20.500
Last Week's Range; for
Federal Oil Corp.r_____ 5 " ’ ■4K
2
Jan
5K
Deo
5
9
Week.
of Prices.
Sale.
Fensland Oil.r___ (no par)
6
2,000
9
Dec
5
Dec
Stocks—
Par. Price. Low. High. Shares.
High.
Low.
Gilliland Oil com. r. (no par) 49 K 47K 49 K 4,400 40
Dec 49 K Dec
3X 3K 10,100
Glenrock Oil Corp.r___ 10
3H
8 X Apr
3X
Dec
35
Acme Coai.r________ ]
4,300
3X July Guffey-Gillesple O il.r..(t) 36
37X 6.300 18
IX Oct
IK
IK
IK
Aug 40 X Nov
7
Aetna Explosives.r(no par)
6X
8
8X 13,300
6K Jan 12K July Home Oil & Refg.r___ 10
4.000
7X
40 K May
5K Dec
34c 35c
Air Reduction___ (no par)
1,900 48K Dec 65 May Home Petrol of Denver. 10 *35c
8.300 30c Aug 42c Oct
48K 48K 51
July
156
Allied Packers.r__ (no par)
Dec
160
Houston Oil com.r___ 100 157 X
67 K
200 27
D eo
1.700 75
29X 29X
Jan 176
Dec Hudson Oil.r__________ 1 11-16
Aluminum Mfrs.r.(no par) 35X 34 K 38
K 1
2,400 34 K Dec 38
7.900
6X Apr
K Dec
Am La France Fire Eng.rlO 13X
13
10 K 10x
13X 1,000 11K Nov 13X Dec Hughes Petroleum.r...
1.900 10K Dec UK D e o
10X
Dec Indiahoma Ref C o.r____ 5
Amaig Leather co m .r ..106
Dec 110
9
81
82
400 81
9
10 X 2.000
5X June 12 X Oct
Amalg Tire S tores.r...(f)
14
61
900 13K Dec 17K Nov Internat Petrol.r_____ £1
71
13K 14
73 K 16,900 10X Jan 73X D e o
Amer Safety Razor.r.__25
34
17X 16K 17K 36,100 16K Oct 20K Sept Invincible Oil.r..............50 35
36
7,100 30 K Aug 49 K Oct
Am Wholesale Corp, pf.100 95
Dec 99 K July Island Oil & Transp.r_.10
94
95
300 94
6X
5X
9X Mar
5K Dec
6X 5,600
July Johnson (E A) Oil C o.r._l
Amer Writ Paper, com. 100 12K 12X 13
400
2K Jan 18
3.900
IK
IK Dec
IK
IK D e o
Brit-Amer Chem Corp.. 10
300
7X Sept 11X July Livingston Oil C orp.r_..l “ 2K
25X 25K
35,000
2K
4 x July
Brit-Amer Tob ordinary.£1 ""2 6 "
2,000 20K Aug 27K May Magna Oil a. Refining___ 5
Nov
25X 26
9
29,200
8X
9X Deo
8K
8X
Ordinary bearer_____ £1
July 28 May Manhattan Oil. . . (no par)
8
8
oot
8
100 20
39
40
Dec 43
600 32
Oct Maracaibo Oil Explor.r.(f) 26 X
Bucyrus Company _r. . . 100 35
34
35
Nov
500 12X Mar 35
27
2,500 24 K Dec 30
26
K
Carbo-Hydrogen Co, com.5
3
4X Oct Margay Oil Corp.r. (no par)
3
Oct
300
2X Sept
8
8
Dec
9
5,600
9X
Preferred...................... 5
4X Oct Merritt Oil Corp.r........10 19
600
3K
3K 3K
3X Sept
May
18X 10X 11,400 18X Dec i)6
Car Ltg & Power.r........25
Feb
2
5K July Metropolitan Petroieum.25
4K
4K 4X
1,000
4
5-16
Mar
Sept
3
700
2K
IX
Cent Teresa Sug, com.r. 10
Oct
8K
8K
200
8X
8X Nov 12 X Oct Mexican-Panuco Oil___ 10
16
20
19
2,600 io x May 29
Cities Service pref____ 100
71
71
100 71K Dec 80 K Feb Midwest Refining.r___ 50 168
161 168
Jan 190 May
1,960 124
Cities Serv Bankers shs (t) 41X 41X 42 X
Feb 50X Sept Morton Pet of M e.r__ 1
1,700 35
Mar
3
3,500
1
6 K Apr
3X
Colonial Tri & Rubber(_f)
July National Oil.r________ Io
Nov 45
9
9K
9
600
9X
100
2 K Aug
7X Doc
7X
7X
Colombian Emerald Synnew 18
18
21
6,000 15K Nov 23 K Dec North American Oil.r. .1.6
Dec
4
4
9X Aug
s x 37,000
Conley Fuel, w i .r ..
DOC Northern Texas Oil.r___ 5
29K 29K 29K
200 29 K Dec 32
Dec
4
4
4
1 ,0 0 0
o
x Oct
Curtiss Aero pi & M v t c (t)
368
9K
9X
9K Dec 14X Oct Ohlo-Ranger.r_________ 1
1
2 ,0 0 0
X Sopt
2 X May
K
Dafoe-Eustice Co Inc-.(t) _____
11
12
4,600 10K Dec 14X Oct Omar Oil & Gas new___
Oct
800
5K Heot 15
8K
9X
Davies (Wm) Co, Inc.r.(t) _____
Deo
Dec
60
50
50
100 48
Pennok Oil.r_________ 16
8
Dec 17K Apr
8
9K 7,100
8H
Farrell (Wm) 4 Son.Inc(t)
Dec 66 X Oct Phillips Petrol, com .r..(t)
52
55
1,200 49
DOC
Aug 85
75
85
15,500 68
84
Firesto ne Tire &R com. r 100
Dec Producers 4 Ref.r____ 10
Dec 195
190 190
25 195
7
Aug 1 2 X Nov
9X 10X 12,800
9K
Fisher Body Ohio C o.r. 100
Dec 87 K Oct Ranger Oil.r________ 1
78
81
2,600 78
9-16 9-16 1 ,000 3-16 Oct
2X May
General Asphalt com.r. 100 113
107 115X 10,300 39
Jan 162
Oct Red Rock Oil 4 Gas.r___
IK 17,050 55o Sept
IK Doc
IK
IK
Gen Motors com[w 1(no pari 35
34
Nov
Nov
36
14,400 30
41K
1
Dec
8,700
24
X June
Rickard
Texas
C
o
.r
____
5
1
2X
IK
Godchaux Sugar com.r. (t) _____
56
Dec Ryan Petroleum.r_____ 1
66
Sept 61
100 25
9,200
Apr
7K
May
2
X
5K
4X
4H
Goldwyn Picture.r.(no par) 30
*8
31
Dec 35
Nov Salt Creek prod.r___ 25 40
9,500 28
23,000 38
Mar 65 X July
44
40
Goodyear Tire & Rubb com
400 400
Dec 425
Deo Sapulpa Refining.r.......... 5
10 400
500
6 K Nov
9X
May
6X
6
K
Grape Ola common_____ 1
IK 1 5-16 1 7-16 5,600
K Oct
IK Dec Sequoyah Oil 4 Ref........ 1
K May
Y* Dec
■ K 6-16 7-16 13,000
Preferred____________ 1
IK 1 13-16 1 15-16 6,400
1
Oct
2K Nov Simms Petroleum r (no par' 70 K 64 X 71X 83,500 28 X Aug 71X Deo
HavanaTobaccocom.r. 100
IK
Dec
July Skelly Oil C o.r..............16 12X U K 1 2 X 12,600 U K Nov 14K Oct
2X
400
6K
IX
Hendee Mfg com.r___ 100 47
45
48
Oct Southern Oil 4 Trans.r 10
1,400 42
Nov 62
OCt
1,600
9
7
2 X Apr
6X
Heyden Chemical r(no par)
5K
5K 6
3,600
1
1 ,200
6X Dec 10K Aug South States Cons Corp r 1 "'lH
Deo IK Nov
1
IK
Hupp Motor Car Corp. 10 14 K 14X 14X 4,300
Jan 15K Dec Spencer Petrol Corp___ 10 18K 18K 19X 7,200 1 2 X Dec 21
Oot
4K
Imp Tob of G B & X___ £1
12
12
AllC Stanton Oil.r__________ 1
A
100 12
Dec 26
X Mar •2K May
X 28,800
Indian Packing Corp.r.(t) "2 0 K
19K 21X 1 1 100 16X Dec SOX July Star-Tex Pet.r________ Io 13 K 13 X 13
700 13
Dec 14 K Sept
Kay County Gas.r_____ 1
2
2K
2X 5.700
2
Dec
3X Oct Superior Oil Corp.(no par) 15K 15
Dec 2 0 X Oot
15X 7,000 13
Libby. McNeil & Lib.r.10 30
29
30
2.000 19
Jan 36
Oct Texas Chief Oil _r___ ..10
34
0 ,1 0 0
Dec
44 K Deo
44
X
44
K
44
K
Lima Locom, com.r__ 100 85
84
85
279 27 K Feb 98
Sept Texas Company new___ 25 68
oot
Nov 68
67 X 59 K 2,500 65
Iiocomobile Co new w1_r .(*) 25
24 K 25
8,900 24
Dec 27
Dec Texas Pac Coal 4 Oil w 1.10
Dee 195
Oct
132
800 120
120




Range sin ce Jan. 1.

D ec .

243S

THE CHRONICLE

27 1919

Friday Week's Range Sales
for
Last of Prices. W
eek.
Sale.
Concluded) Par. Price. Low. High. Shares.

Other Oil
Stocks (

Rangesince Jan. 1.
High.
Low.

— Knauth Nachod & Kuhne, 120 Broadway, this city, have issuedla
circular on “ The Investment Situation” for general distribution.
__The Equitable Trust Company o f New York has been appointedjRegistrar of the stock of the Peerless Insulated Wire & Cable Co.

6
Jun e
X
O ct
12,300
IX
IX
Texas-Ranger Prod & R --1
2)4 N o v
X
June
3 2 ,6 0 0
1
IX
Tcxon Oil A Land.r--------1
N e w Y o r k C ity B a n k s a n d T r u s t C o m p a n ie s .
3
D ec
2
D ec
4 .8 0 0
2X
2X
Thraman O ll.r___________ 1
25)4 O c t
15
J u ly
9 ,9 0 0
See page 2413.
1 8 X 21
20 X
Tropical O ll.r--------------- 25
2 1 .7 0 0
IX N o v
50 c Jun e
1 1-16 I X
United Tex Petrol.r--------1
IX
2 X Jan
1,600
13-16 Jan
IX
IX
United West Oil new............
Apr
6
4 ,1 0 0
1 )4 N o v
IX
IX
N e w Y o r k C ity R e a lt y a n d S u r e t y C o m p a n ie s .
Victoria O ll.r___________ 10
5 ,6 0 0
8X D e c
I X N ov
6X
6X
Vulcan O ll.r_____________ 6
See page 2413.
____________
O ct
800
1
I
X
H
N
o
v
X
Whelan O ll.r-------------------29
X
N
o
v
2
0
*
1
.800
Aug
23 X 23 X
White Eagle OllARef r . (t)
49
D ec
20 7 ,0 0 0
N ov
35
4 1 X 49
47 X
White Oil Corp_r..(no par)
Q u o ta t io n s fo r S u n d r y S e c u r itie s
10 X A u g
D ec
8
600
8X
8X
Woodbum Oil Corp.r _-Ct)
4 0 c S ep t
350 S e p t
40c
35c
2 4 .7 0 0
A l l b o n d p r ic e * a re “ a n d In t e r e s t” e x c e p t w h e r e m a rk e d
40c
Wyoming Cons O ll.r------ 1
I X M ay
5-16
5-16
1,500
“ Y " Oil & G as.r_________ 1
Mining Stocks—
R R . E q u i p m e n t s — P irC t.
2
June
S t a n d a r d O i l S t o c k s P e r Shar
5-16 1 1-16 1 6 ,700
31o M a y
1-16
Alaska-Brlt Col M etals..1
6 .2 5 6.00
Baltimore A Ohio 4 X s _____
2X B ec
1
M ay
1 15-16 2 X
2 ,5 0 0
Amer Hond Min Corp. r .1
2X
Buff
Roch A Pittsburgh * X s 6.00 5.70
3
0
k
1
%
D
e
c
A
n
g
lo
A
m
e
r
ic
a
n
O
i
l
n
e
w
.
£
1
2
9
b
1
1
3 ,5 0 0
X M ay
1
America M lnes.r--------------1
6.00 5.70
Equipment
4s______
1615
1 9 -1 6 F e b
A t l a n t i c R e f i n i n g -------------- 10 0 lo 7 5
7-16
X
11,000
X M ar
Amer Tin & Tungsten.r . . l
6.00 5.70
Equipment 6 s ______
113l2
2 X Dec
F r e f . n e w _________________
• 9,7 00
2X
X Ju ly
IX
2
Arizona Silver.r------------- 1
6 .2 5 5.87
Canadian
Pacific
4
X
s
.
480
B
o
r
n
e
-B
c
r
y
m
s
e
r
C
o
----------1
0
0
4
6
0
O X c M ai
3c 11,300
2c
2c N ov
2c
Atlanta Mines----------------- 1
Caro Clinchfleld A Ohio 6e._ 6 .5 0 6.00
95
8 4 c July
34c 10,900
B u c k e y e P i p e L i n e C o — 6 0 *9 3
260 Dec
26c
33 c
Belcher-Dlvlde. r______ 10c
6 .5 0 6.00
Central
of
Georgia
4
X
s
265
255
520
O
ct
C
b
e
s
e
b
r
o
u
g
h
M
f
g
n
e
w
1
0
0
48c
22C
A
ug
37
c
2 4 ,0 0 0
Belcher Extensions— 10c
Chesapeake A Ohio_________ 6 .2 5 5.87
4
*2
15-16 Jan
7 16
7 ,1 0 0
X
R i g h t s --------------------------X M ar
X
6 .2 5 6.87
Big Ledge Copper C o------ 6
Equipment 5s__________
106 110
36o
Apr
6c 10,700
4c
4c
D ec
P r e l e r r e d n e w ------------5c
7.25 6.25
B o o th .r _________________ 1
Chicago A Alton 4 X s ------550
575
9
3
c
J
u
ly
74c
6c
F eb
C o n t i n e n t a l O l i __________10 0
1 3 ,0 0 0
7 0c
Boston & Montana D e v ..5 7 2 c
7.2 5 6.25
Equipment
5s__________
34
X
O ct
100
C r e s c e n t P i p e L i n e C o — 50 *32
X M ay
X
X
7 00 6.00
Butte & N Y Copper......... 1
Chicago A Eastern 111 6 X *
140 160
4
5
c
Sept
34c
Jan
C
u
m
b
e
r
la
n
d
P
i
p
e
L
i
n
e
—
10
0
2
7
c
1
9
,600
30
c
Caledonia Mining------------1 31c
6 .5 0 6.00
Chic
Ind
A
Loulsv
4
X
s
----150
145
2
X
F
eb
1
D ec
6 ,7 0 0
E u r e k a P i p e L i n e C o ____ 10 0
1
IX
1 16
Canada Copper Co, Ltd— 5
6.00 6 .5 0
Chic St Louis A N O 6s----84
3 -1 6 June
81
52c
Jan
G a le n a -S ig n a l O i l c o m — 10 0
13,300
X
X
M
5.87 5.60
Candalarla Silver.r-------- 1
Chicago A N W 4 X s -------34
D ec
107 111
14
2,0 8 5
P r e fe r r e d o l d _________ 10 0
32 X D e c
32X
6.62 6.00
Carson Hill G old.r---------- 1 34
Chicago
R
I
A
Pao
4XE—
104 108
5c
F eb 1 5 X o M a r
7 X c 2 7 ,6 0 0
6c
P r e f e r r e d n e w _______
7c
6.62 6.00
Cash Boy------------------------ '
Equipment 6s--------------170 175
X D ec
D ec
5 ,0 0 0
X
X
H
lln
o
ls
P
i
p
e
L
i
n
e
.
....................10
0
X
6 .5 0 6.00
C rro G ordo.r...................
Colorado
A
Southern
5
*
..
95
*92
9
X
D
e
c
O
ct
2 ,3 0 0
2X
8X
I n d ia n a P i p e L i n e C o --------60
6X
Consol Virginia Silver------ 5
6X
6.70
72
Erie 5s___________________
5X
Jan
1 M Sept
2
4 ,5 0 0
2X
I n t e r n a t io n a l P e t r o l e u m . £ 1 *70
Cresson Con Gold M & M .
6.7 0
I
35
Equipment 4 X s -----------3 X July
*34
7
-1
6
7
16
122,900
D
e
c
I
X
N
a
t
i
o
n
a
l
T
r
a
n
s
i
t
C
o
___1
2
.5
0
\Yi
Divide Extension.r---------6.50 5 76
175
Hocking
VaUey
-------5
X
M
a
y
Mar
3%
3 ,9 0 0
3X
IX
N e w Y o r k T r a n s i t C o — 10 0 1 7 0
ZM
El Salvador Silver Min—
6 .5 0 5.75
2 X M ay
105
Equipment 5s--------------1
A ug
11,500
N
o
r
t
h
e
r
n
P
i
p
e
L
i
n
e
C
o
.
10
0
;
10
0
I
X
I
X
Eureka Croesus Min r ----5 90 5.60
95
O ct
Hllnols Central 5s-----------72
75
50
N ov
2 ,0 0 0
O h i o O i l C o ......................................... 2 5 1 *3 7 0 374
74
Eureka H o lly .r ----5.90 5.50
68
234 O c t
Equipment 4 X s -----------1
Jun e
8 ,8 0 0
2X
2X
P e n n - M e x F u e l C o ______ 25| *6 5
2%
Forty-nine Mining.r
Kanawha A Michigan
*— 6.50, 6.00
680
6X
Feb
N
o
v
700
P
r
a
i
r
ie
O
i
l
&
G
a
s
.....................
1
0
0
*
6
7
0
2
X
2
X
I
X
2X
Gadsden.r------------5.871
5.50
268
4
}4
M
a
y
Louisville
A
Nashville
os—
1 ,8 0 0
Hi
IX
I X D ec
P r a i r ie P i p e L i n e ..................... 10 0
1H
Golden Gate Explor’n .r .
6.15 5.80
25e
O ct
Michigan Central 5s---------13c 2 2 ,2 0 0
10c
10c
D ec
S o la r R e f i n i n g ___________ 10 0 360 380
11c
Goldfield Consol'd............ 10
6.15! 6.80
24c
Jan
150
Equipment
6s----------------145
13c
11c
10c
D
e
c
3
1
,4
0
0
S
o
u
t
h
e
r
n
P
i
p
e
L
i
n
e
C
o
—
10
0
13c
Goldfield D evel.r-------- 10c
6.00 5.65
8c
M ar
Minn St P A S S M 4X S -----4c 1 5 ,000
3c
2 X c N ov
S o u t h P e n n O U ------------------- 10 0 323 328
3c
Goldfield Merger.r.
'
Missouri Kansas A Texas 5a. 7.00! 6.00
95 100
IX
Apr
38c 1 8 ,500
30c
26c
D ec
S o u t h w e s t P a P i p e L i n e s . 10 0
3 7c
Gold Zone Divide.r
7.00 6.00
6
c
Jan
315
Missouri
Pacific
5s—
312
4c
2
c
2
c
N
o
v
1 6 ,200
S t a n d a r d O i l (C a l if o r n ia ) .1 0 0
3c
Great Bond.r---------6.50; 6.00
Mobile A Ohio 5s-----6 X June
8 ,8 0 0
S t a n d a r d O i l ( I n d i a n a ) . . 10 0 740 755
3 X N ov
13-16 3 13-16 4 13-16
Becla Mining__________ 25c
6.50 6.00
625
5
3
c
Jan
610
Equipment
4
X
s
—
7-16
5-16
Sept
3
,7
0
0
S
t
a
n
d
a
r
d
O
i
l
(
K
a
n
s
a
s
)
.—
10
0
X
5-16
Iron Blossom.r------------ 10c
6.15 5.85
New York Central Lines 5 s ~
44c
F eb
23c 1 1 ,200
19c
19c
D ec
S t a n d a r d O i l ( K e n t u c k y ) 10 0 460 470
2 1c
Jim Butler.r------6.15 5.85
530 550
Equlpment 4 X s ------------16c
M ar
7c 16,400
5c
5c
D
e
c
S
t
a
n
d
a
r
d
O
U
(
N
e
b
r
a
s
k
a
)
.1
0
0
6
c
Jumbo Extension.
6.25 5.90
728
N
Y
Central
R
R
4
ir
s
..........
724
6
M
a
y
O
ct
4
X
4X ”
1,000
S t a n d a r d O i l o f N e w J c r .1 0 0
3X
Kerr Lake-----------6.50 6.00
8c
Jan
4c
2c
8 ,7 0 0
2 X c Ju ly
P r e f e r r e d ______________10 0 113^4 114>4 N Y Ontario A West 4 X s —
3c
Kewanus.r----------5 95 5 .50
Norfolk A Western 4 X s -----443 44S
37c
July
l
i
e
l
i
e
IOC
D
e
c
3
6
,5
0
0
S
t
a
n
d
a
r
d
O
U
o
f
N
e
w
Y
’
k
.1
0
0
Knox Divide.r------------ 10c
5.87 5 50
Pennsylvania RR 4 X s
X
O ct
15c
Apr
X
300
X
S t a n d a r d O U ( O h i o ) ----------10 0 530 550
H
La Rose Mines, Ltd-------- ’
6.87|
5.50
Equipment 4s_______
49c
Ju ly
2 2c 5 8 ,3 0 0
18c
D ec
17c
S w a n A F i n c h --------------------- 10 0 100 172
23 c
MacNamara Crescent.r..
7.00 6.00
122
St
Louis
Iron
M
t
A
Sou
5
s
.119
I
X
M
a
y
4
0
c
i
4
7c
4
8
,3
0
0
34o
M
a
r
U n i o n T a n k C a r C o ____10 0
47 c
MacNamara M in in g..r.
7.00;
6.00
435
St
Louis
A
San
Francisco
6s.
430
X M ayr V a c u u m O U ______________10 0
30 c
30c
2 ,4 0 0
22c
Feb
30c
Magma Chief.r-----------6.75 6.25
45
52
J u ly
Seaboard Air Line 6s.
32
33
23
D ec
1,300
W a s h i n g to n O U ----------------------1 0 •35
Magma Copper------------6.75' 6.25
4
6
c
N
o
v
Equipment
4
X
s
—
31c
2
8
c
1 4 ,050
D ec
28C
30c
Marsh Mining--------------5.87 6 50
Southern Pacific Co 4 X * —
4 X J u ly
2X
O r d n a n c e S t o c k s — Per
2X
1,100
2
Apr
2X
Mason Valley— . . . . .
6.40 6 87
Southern Railway 4 X s —
75c
S ep t
6 5c
6Sc
3 ,2 0 0
45 c
Aetna Explosive* pref— 100 65
Jan
66 c
McKinley Darragh S a v ..
6.40 5 87
150
Equipment
6s__________
76
D
e
c
73
76
2 5 ,0 0 0
75
D ec
Atlas Powder common— 100
76
Murrny-Mog M Ltd-----6 .3 7 5 90
Toledo A Ohio Central 4s.
10
D ec
9X
9X
3 ,6 0 0
Preferred______________100 87
X M ar
National Tin C o rp .r...50c
»X
116
16
M
a
y
13
12
X
5
,2
0
0
Jan
Babcock A Wilcox--------- 100
8X
13
Nipissing Mines............ '
*410
4 8c
Jan
18c
23c 1 0 ,000
16c
Apr
Bliss (E W ) Co common. 60
Nixon Nevada................
I X O ct
1
1
IX
1 .600
D ec
Preferred_______________ 30 60
Ophlr Silver M ln e s.r ..
IX
3 X July• IX
IX
Canada Fdys A Forgings. 100
3 ,6 0 0
D ec
IX
Ray Hercules M in in g.r..
T o b a c c o S t o c k s — P it 8h art.
230
J u ly
8c
9c
3,600
8c
Carbon Steel common— 100 115
D ec
Rex Consolidated Min—
Bid.
I X Aug
X
X 113 .500
1st preferred----------------100 100
D ec
5-16
X
Roper Group Mining-----American
Cigar common.100 120 128
70
26
M
a
y
16
14X
12
2d preferred___________ 100
5 ,4 0 0
D ec
15X
Seneca Copp Corp. (no par)
88
Preferred______________ 100 80
7-16
IX
June
X
Colt’s
Patent
Fire
Arm6
6.00C
N
o
v
X
X
Silver Dollar M . r...............*
62
Amer Machine A Fdry_.100 110 112
9-16 12.40C
I X M ay
13-32 F eb
9-1C
M fg.....................................25 •58
Silver King of Arizona...
*25>2
26
Brltlsh-Amer
Tobao
ord—
£1
37c
M ar
9c
16c 24.40C
duPont (E 1) de Nemours
6 X c D ec
14c
Silver King Divide.r-----Ordinary, bearer______ £1 *25 I 26
14c
Apr
6 X c 11.20C
5c
4c
A Co common--------------100 3 6 0 380
Apr
6c
Silver Pick Cons’d .r .........
340 360
94
9
2
b
Conley
Foil______________100
8
14
X
J
u
n
e
7
Debenture stock--------- 100
5.20C
7
D ec
7X
So Amer Gold A P lat-r.-10
92
Johnson Tin Foil A M e t. 100 no 120
'At M a y
H 3-16
Eastern Steel------------------- 100 88
4.25C
Jan
3-1C
X
Standard Silver-Lead------ "
29
MacAndrews A Forbes_100 153 165
7c
Jan
4c 1 4 ,2 0 (
3c
Empire Steel A Iron com .100 25
2c
N ov
3X c
Success M ining------------98
68
64
Preferred______________ 100 93
4
M ay
9-16
Preferred--------------------- 100
4 ,5 0 0
2 7-16 2 1-16
TonopahBelmon tDe vel. r
2 A , D ec
Reynolds (R J) Tobacco. 100 510 660
221 226
•12
Aug
4
X
Hercules
Powder
com—
100
3
X
9.95C
D
e
c
4
X
2
X
Tonopab D lvlde.r..
455 480
10
B
common
stock---------100
107
3
X
M
a
y
2X
Preferred--------------------- 100
2X
4 ,4 0 (
JaD
2X
IX
Tonopah Extension
Preferred______________100 103 106
4 X M ay
NUes-Bemcnt-Pond com. 100 108 110
2
2X
3 ,3 0 (
2
2 l-ir
D ec
Tonopab Mining---100 Young (J S) Co...................100 130 1 4 0
5 X M ar
Preferred______________100 95 250
3 X 4 1 -lt
6 ,6 0 ( 3 3-10 Jan
United Eastern------Preferred______________
100 95 105
19o
M
a
y
9c
10c 14,000
Pbelps-DodgeCorp..........100 240
9c
60
Jan
U S Continental Mlnes.r
Scovlll Manufacturing— -100 395 415
9X
O ct
8X
8X
1,600
4 X M ar
8X
Unity Gold Mines
35
*30
D
e
c
1
9
-1
6
I
X
IX
1,80(
T h om a s I r o n -----------------------jj”
1 7 -1 6 D e c
IX
Utah Reserve . r . .
53 c Jun e
1 3c
20c
Winchester Co com--------- 100 375
4 ,500
13c
20c
D ec
Vlctory Dlvlde.r.
99
O ct
98c
99c
9 7c
1st preferred----------------100 96
3,500
71 c
Washington Gold Quartz
S h o r t T e r m N o t e s — Per Cent.
67
3
M
a
y
IX
IX
2nd preferred--------------- - ­ 63
1
9.20C
M ar
IX
West End Consolidated..
45
Am Cot Oil 6s 1 9 2 4 ..M AS 2 97*4 9814
7c
Apr
lX c 2Xc
Woodward Iron--------------100 40
9.00C
I X c D ec
White Caps Extension. 10c 1 X C
Amer Tel A Tel 6s 1924.FAA 95%' 96
90
80
3
5
c
Apr
l
ie
8
X
Preferred-----------------9c
30.15C
8 X c D ec
White Caps Mining— 10c
93 I 9612
6% notes 1922______ AAO
1 3 X c Aug
7c
8< 13,50(
5c
Jan
7X
Wilbert Mining..............
95b 96b
Anaconda Cop Min ’29.JAJ
2 X Aug
1
1
Public Utilities
1
SOC
1
D ec
Yukon Gold C o .r-------97 97b
124
Canadian
Pac
6s
1924.M
AS
2
•120
Amer Gas A Elec c o m ... 60
Bonds—
Del
A
Hudson
6s
1
9
2
0
..FAA
40‘2
9Sb 99
94
S ep t
79
78
Preferred-----------------------30 *3912 ISO
150J)0C
79
76 X D e c
Allied Pack conv deb 6s ’29
97U1 9734
Federal Bug Rfg 6s 1924MAN
177
99
X
O
c
t
9
6
X
100
Amer
Lt
A
Trao
com-----32,501
965
9
6
X
D
e
c
95 X
Amer Tel & Tel 6s. r . -1922
93
General Elec 6s 1920____ JAJ 100% 100%
Preferred--------------------- 100 91
4,201
95 X 96
9511
95 X N o v 1 0 0 X M a y
6% notes-r--------------1924
98U! 98%
Great North 5s 1920___M AS
65
100
M ay
96
Amer
Power
A
Lt
com—
100
95
X
5,00i
i
95
D
e
c
96
Anaconda Cop Min 6 s .r ’29
96%
K C Term Ry 4X e 1921.JAJ 94
103X D ec
Preferred--------------------- 100 74
103 X 103V
2,00i 1 99 X
Beth Steel serial 7 s .r . 1923
99
10
Cs Nov 15 1 9 2 3 ..M AN 15 93
Sept
100
Amer Public Utilities oomlOO
1,00(
98 X 9 8 !
Canada(Domof)5Hs.r ’21
98 X
”20 24 Laclede Gas 7s Jan 1929___ 96b 9 7b
O
94
98
X
Preferred..........—
..........
J00
2
1
,00(
93
X
D
e
c
93 X
5 g_r ___ _______ 192U
35
99%
99%
32
LlggettAMyersTob6s’21JAD
AUg
Carolina PowALIght com 100
93 X
82
83 V 3 5 ,0 0
82
D ec
8 2 11
Copenhagen (City) 5 X s ’44
N Y Cent 6s 1 9 2 0 ..M AS 15 99% 99*4
Feb
Cities Service Co com— 100 405 415
92 X
175,00 1 57 X N o v
721
69 X 74
interboro R T 7 s ---------1921
7212
97
97b
Penn
Co
4
X
s
1921..J
A
D
16
7H2
Mar
101
Preferred.........................
J00
96
V
5 ,0 0 )
96 X
96>
96 X D ie
Laclede Gas L coll 7 s ..1929
18
84
13
Pub Ser Corp NJ 7s ’22 .MAS 82
F eb
72
Colorado Power com-----25
3 0 0 ,0 0 1
23
21X
2 1 X D ec
Russian Govt 6 X s .r -.1 9 1 9
95
93b 94>2
Sloss-Shef S A I 6s ’ 2 9 . F A A
65
Feb
Preferred-----------— J00
23V 2 1 0 ,0 0 3
D ec
21121X
21X
5 X s .r ______________1921
20
92b
94
"
l
7
Southern
Ry
6s
1922—
MAS
52
O
ct
23
Com'w'tb Pow Ry A Lt— 100
105 ,00 )
.
20
20
D ec
41
6 X s ctfs--------38
8wlftACo 6s 1 9 2 1 ... FAA 15 99% 99%
Preferred.................. - — 100
99 X M a r
93
5 ,0 0 )
.
93
93
Southern Ity 6 % notes 1922
86 88
95
d
92
Utah
Sec
Corp
6s
’
22.M
AS
16
Elec
Bond
A
Share
pref..
100
100
X
Jun
e
89
90
6
9
,0
0
0
89
D ec
891
Swedish Govt 6s. J’no 15’39
10
89
3 0 ,3 0 0
87
D ec
96X July Federal Light A Tractlon.100 407
.
87
Swltzerl’d, Goytof, 5 X s ’29
44
Preferred------------- - - - -100
84
80
• Odd lots, t No par value,
Listed as a prospect. ( Listed on tbe Stock
Great West Pow 5s 1946.JAJ
11
9
Exchange this week, where additional transactions will be found, o New stock
Mississippi Rlv Pow com .100
In d u s tr ia l
4 9 b 52
r Unlisted
When Issued, x Ex-dlvldend.
Ex-rlghta. • Ex-stock dividend
Preferred------ — - -------a n d M ls c e lla n e o u e
7712
75
t Dollars per 1 .000 lire, flat,
Correction.___________________________________
First Mtge 5s 1961...J A J
20 American B rass_________ 100 225 228
Northern Ohio Eleo Corp-Ct) * d l5
60
95
American Chicle com____ 100 90
Preferred--------------------- }00 55
CURRENT NOTICES
66
85
Preferred______________ 100 80
n States Pow com .100 62
__The Guaranty Trust Company of New York has been appointed Regis­ North’
Preferred--------------------- 100 88U 89U American Hardware_____ 100 150 155
50
trar o f stock o f the Mesabi Iron Company, consisting o f 30,000 shares Pre­ North Texas Elec Co com 100 69 73 Amer Typefounders com. 100 45
73
93
ferred stock par value $100 and 300,000 shares Common stock without
Preferred______________ 100 89
Preferred--------------------- 100 68
nominal or par value. The Equitable Trust Company, New York has been Pacific Gas A Eleclst pref 100 86 89 Borden's Cond Milk com. 100 110 113
99
8 n
Preferred______________ 100 96
appointed Transfer Agent.
Puget 8d Tr L A P com. .100
63
Celluloid Company_____ 100 144 155
__Snmnel Morgan Allen, formerly associated with Kissel, Kinnicutt
Preferred______________100 48
11 14 Havana Tobacco Co____ 100 lMe 2At.
Co o f this city has been made resident director o f William H. Foxall
Republic Ry A L ig h t..-.1 0 0
13
44
Preferred______________ 100 12
Co Inc o f Rochester and Syracuse. Mr. Alien opened their New York
Preferred---------- --------- -100 40
60
88
1st g 6s June 1 1922 ..J-D /55
office at i l o Broadway this week. Phone Rector 4490.
South Calif Edison co m .. 100 86
16
13
103
Interoontlnen
Rubb
m
.
100
100
Preferred--------------------- 100
__Columbia Trust Company has been appointed Dividend Disbursing
28 International Salt________100 70 71
Agent for the following: Amalgamated Leather Companies Inc., and Standard Gas A El (Del). 50 •27
68 72
42
*40
1st
gold
6a
1951______
A-O
Preferred----------------------60
Panhandle Producing & Refining C o., Robert Reis & C o.; and Transfer
90
International Silver pref-160 *87
2
Agent for 200,000 shares without par value o f the Conley Tin Foil Corp. Tennessee Ry L A P com. 100
90
Lehigh Valley Coal Sales. 60 *87
6
Preferred______________100
__George W Vandcrhoef Jr. and Charles E. Robinson have formed the United
140 150
Royal
Baking
Pow
m
..
100
Gaa A Elec Corp. 100
96
firm of Vanderiiocf & Robinson, with offices at 34 Pine St. and will special­
92
Preferred--------------------- 100
1st preferred__________ 100
ize in unlisted securities. The firm o f NIcGcorge & Vanderiiocf has been
Singer Manufacturing— 100 170 175
2d preferred__________ 100
3
d2b
dissolved by mutual consent.
Singer
Mfg
L
t
d
--------------£1
United Lt A Rys com------ 100
__A L. Chambers & C o., Inc., investment bankers, Marne Trust Build
Texas Pac Coal A Oil--------10 *125 150
1st preferred__________ 100
65
W ’houseChurchKerrACo 100 60
ing, Buffalo, announce the opening ot a New York office at 37 Liberty St
Western Power common. 100
85this city, under the direction o f Albert M . Chambers.
Preferred_________
IPO 75
Preferred______________ 100

«x

Par.

"t."
Batli.

Par1
, Bid Aik

6>2
62

4128

4)4

Share.

rat

All

100

t

w

k

v

*00

00

00

__L r Richards formerly with tho Chicago office o f the National City
Company', has become associated with the Bond Department o f Paine
Webber & C o., Chicago.




• Per share, ft Basis.
/Flat price, a Nominal,

*Purchaser also pays
s Ex-dlvldend.

accrued dividend. « New stock
v Ex-rights,
(t) Without par value

2434

THE CHRONICLE
\ n m

s t m

m

u

can

[V ol . 109

and gUvilroad

t

R A IL R O A D G R O S S E A R N IN G S

be obtained08 Tho * f i r ^ T w n i ^ ross ea™ m^s of Yari^ s S T E A M roads from which regular weekly or monthly returns
c X m n s th^LrninJs for the
e,arnings for the
'™ek
month, and the last
1 *
a D d m d u d m g th e la te s t
”
“ o a th .
n e return, o f the electric r a i l ™ , .

ft* ™ ?

Latest Gross Earnings.
ROADS.

Week or
Month.

Current i Previous
Year. | Year.

lat«st

Jan. 1 to Latest Date.
Current
Year.

Previous
Year.

°r

two

Latest Gross Earnings.
ROADS.

Week or
Month.

Current
Year.

'Jan. 1 to Latest Date.

Previous
Year.

Alabama & Vicks b _ October
2,287,57. 1,987,448 Monongahela______ October
Ann Arbor________ 2d wk Dec
368,731
2,600,363
4,155,407 3,379,831 Monongahela Conn. October
Atch Topeka & S Fe October
198,814
2,023,382
144822598 133560797 Montour_________ October*
Gulf Colo & S Fe. October
165,111
1,130,219
17,226,312
15.796.924
Nashv
Uhatt
&
St~L
October
Panhandle & S Fe October
1,858.640
17,790.855
5,121,281 4,893,460 Nevada-Cal-Orrgon.
wk Dec
Atlanta Blrm & A tl. October
5,915
282,680
4,156,669 3,772,884 Nevada Northern. 2d
October
Atlanta & West P t. October
158,6/9
2,248,051
7,256,461 2,041,703 Newburgh & Sou Sh October
Atlantic C ity______ October
19,435
1,168,984
3,906,677 3,503,184 New Orl Great Nor
Atlantic Coast Line. October
191,34;
1,849,390
51.815,735 46,380,850 New Orl & Nor Easi October
Baltimore & O h io.. October
530.32:
5,411,698
151527691 143303243 N O Texas Sc M ex.. October
B & O Ch T erm .. October
letober
229,789
1,639,809
1,658,242 1,514,477
Beaum S .ScL West October
Bangor & Aroostook October
134.375
1,187,194
4,204,214 3,957,702
r St L Browns & M October
Bellefonte C entral.. September
537,215
3.661,413
74,755
65,038 New 'fork Centra!.. October
Belt Ry of Chicago. October
29205871
239294263
3,111,865 3,287,437
Ind Harbor Belt. October
Bessemer & L E rie.. October
614,338
4,542,970
11,226,250 11,466,650
Lake Erie Sc West October
Bingham & Garfield October
9i5,2M
7,729,450
1,010,965 2,908,243
Michigan Central. October
Birmingham South. October
55,568,239
7,819,647
480,310 1,229,763
Cleve G C Sc St L. October
Boston & Maine__ October
58,959,212
7.168,981
59,674,321
57,896,268
Cincinnati North. October
Buff Roch & Pittsb . 2d wk Dec
2,277,224
268.541
13,356,610 18,304,816
Pitts Sc Lake Erie October
Buffalo & Susq_____ October
27,427,568
2,286,073
1,941,829 1,882,930
Tol & Ohio Cent. October
Canadian Nat R ys. 3d wk Dec
8,320,313
1,018,873
88,690,010
78,419,180
Kanawha & Mich
Can Pac Lines in Ale October
4,986,241
477,400
2,189,933 1,844,238 N Y Chic Sc St Louis October
Canadian Pacific__ 3d wk Dec
October
1,957,582 —327,660 19,665,068 17,961,574
167837000 149411000 N Y N H & H artf.. October
Caro Clinch & Ohio- October
85,055,277
9,353,128!
87,075,143
10346762
4,914,208 3,861,358 N Y Ont & Western
Central of Georgia.. October
893,950 900,8231 9,285,769 9,320,357
17,690,512 17,001,793 N Y Susq & W est.. October
Central R R of N J . . October
360,171 504,876 3,230,886 3,589,233
4,434,685 36,973,106 37,526.591 Norfolk Sc Western. October
Cent New England. October
October
7,459,599
8,027,949 63,482,641 67,264,435
5,081,304 Norfolk Southern __ October
Central Vermont__ October
4,673.843
666,483
4,306,743
Northern Alabama October
Charleston & W Car October
1,159,229
118.375
2,416,585 Northern Pacific__ October
Ches & Ohio L ines.. October
82,813,284
10703039
59,367,963
Minn
&
Internat.
Chicago & A lton .. October
October
843,183
83,190
20,124,091
A orthwestern Pacific October
Chic Burl & Quincy- October
4.834,458
673,861
118462045 Pacific Coast____
Chic & Est Illinois- . October
October
4,703,415
628,090
c.ooo.'icc
.d-ll
22,206,343
Pennsylvania
R
R
..
Chicago Great West October
October
301212035
36030241
2.246,305 1,740.764
15,837,352
Balt Ches & A t l.. October
Chic Ind & L ouisv.. October
1,170,674
143,724
8,987,030
Cine Leb & North October
Chicago Junction . . October
849,729
141,699
2,788,670
Cumberland Vail. October
Chic Milw & St Paul October
4,672,897
546,312
110582669
Long Island_____ October
Chic & North West. October
18.861.378
1,854,252
105303521
M
ary’d
Del
&
Va.
Chlc Peoria & St L_ October
October
881,113
122,033
1,831,151
N Y Phila & Norf October
Chic R I & P acific.. October
6,126,778
735.791
82,780,290
Tol Peor & West. October
Chic R I & G u lf.. October
1,347,617
169,326
3,642,362
W Jersey Sc Soash October
Chic St P M & Om. October
8,980,412
900,029
20,235,460 Pennsylvania C o__ October
Chic Terre H & S E October
10607011
77,375,670
4.185.699
Grand Rap & Ind October
Cine Ind & Western October
6,015,245
812,169
2.605,333
T Pitts C C & St L . October
Cin N O & Tex Pac. October
72,249,641
8,930,380
12,567,165 Peoria & Pekin Un. October
C olo & Southern__ 1st wk Dec
1,053,579
151,131
20,101,419 Pere Marquette___ October
Ft W Sc Den C ity. October
23,400,040
3,539,289
6,368,319 Perkiomen__
_ October
Trin Sc Brazos Val October
893,609
99,137
947,427 Phila Beth & N E__
Colo & W yom ing.— October
1,231,159
75,932
941,604 Phila & Reading__ October
Cuba Railroad___ _ October
October
66,329,561
7,277,754
10,815,442 Pittsb & Shawmut..
Delaware & Hudson October
1,127,972
132.435
29,254,666 Pitts Shaw & North October
Del Lack & Western October
1,050,650
138,998
56,466.122 Pittsb Sc West Va_. October
Deny Sc Rio Grande October
October
1,581,735
139,347
25,547,191 Port Reading.. .
Denver & Salt Lake October
October
2,079,087
194,895
1,816,197 Quincy Om Sc K O .. October
Detroit & Mackinac October
890,777
103,438
1,288,796 Rich Fred Sc Potom . October
Det & Tol Shore L . . October
5,602,785
612,028
1,616,681
Wash Southern
Detroit Tol & Iront. October
October
357,514
3,100,850
3.763.700
R
utlan
d__________
Dul & Iron R an ge.. October
October
3,858,228
445,545
8,409,892 St Jos Sc Grand Isl’d October
Dul Alissabe & N or. October
280,368
2,208,768
19,925,877 St Louls-San F ran.. October
Dul Sou Shore & At! 2d wk Dec
57,326,970
7,662,183
4,568,975
Ft W & Rio Gran October
Duluth Winn & Pac September
955,739
185,795
1.267.889
St L-S F of Texas October
East St Louis Conn. October
138.791
1,161,660
938,714 St Louis Southwest. October
Elgin Joliet & East. October
10,608,858
1.236,245
16,032,631
St L S W of Texas
El Paso & So W est. October
641,153
3,012,393
12,306,597 St Louis Transfer.. September
October
Erie Railroad______ October
116,191
938,309
71,446,475 San Ant & Aran Pass October
437,229
Chicago & E rie .. October
3,566,416
8,797,711 Seaboard Air L in e.. October
Florida East Coast. October
31,951,853
3,657,284
7,333,518
South
Buffalo
._
October
1.301.921
Fonda Johns & Glov October
52,820
931,423 Southern P acific.. . October
17567995
Ft Smith & Western October
126556963
1,059,614
Arizona Eastern.. October
362,119
3,723.338
Galveston Wharf__ October
872,228
Sc
S
A
Galv
Harris
October
1,917,813
17,770,510
Georgia Railroad___ October
5,379,468
Hous & Tex Cent. October
' ,023,432
7,536,243
Georgia Sc Florida.. October
839.924
Hous E & W Tex. October
219,268
Grd Trk L in New E October
1,702,982
1.847,831
Louisiana Western October
408,315
3,629,596
Grand Trunk Syst. . 2d wk Dec 1,341,590 1,385,902 64,816,386,56,748,695
Morg La Sc Texas October
767,957
6,712.233
Grd Trunk West. October
2,212,240;2,004,327 18,529,516:15,300,601
Texas
&
New
Orl.
October
751,761
6,142,456
Great North System October
11790298112090441 89.025,304 80.657,056 Southern R ailw ay.. October
12356555 12269788 105782843 105380258
Gulf Mobile & N or. October
---------216,346 3,297,998| 1,987,720
Ala Great South. October
939,701 822,985 8,489,660 7.543.922
Gulf & Ship Island. October
201,090 2,021.332, 2,178,820
Mobile
&
Ohio_
_
October
1,611,267 1,393,986 12,741,597 12,311,395
Hocking Valley___ October
1.561,990 10,001,359
" ............ 11,385,582
Georgia Sou & Fla October
389,804
Illinois C entral___ October
3,567,683 2,923,482
9,769,271 89,670,631
South Ry in Miss October
201,752
1.458,681 1,175,770
Internat Sc Grt N or. October
1,319,817
11,742,020
Spokane Internat . . October
137,040
339,361
Kan City Mex & Or October
948,300
Spok Portl & Seattle October
714,014
K C Mex & O of Tex October
6,124,342 7,001,361
Staten
Island
R
T__
October
182,7741
Kansas City South. October
1,897,671 1,574,344
Tenn Ala & Georgia 2d wk Dec
132,829
3,6521
Texark & Ft Sm__ October
135,985
Tennessee Central. . October
219,271
Kansas City T erm .. October
2.099,194 2,496,145
Term R R Assn of St L October
3,214,264
414,506
Lehigh & Hud River October
3,247,076
St L Mer Bdge T . October
367,391
Lehigh & New Eng. October
2,554,056 3,065,037
Texas & Pacific___ , 2d wk Dec 768,110
Lehigh V alley _____ October
34,115,682 25,631,686
Toledo St L Sc West October
827.616
6,650,029 6,801,989
Los Ang & Salt Lake October
Ulster & Delaware.. October
863,452
140,953
1,032,760
Louisiana & Arkan. October
Union Pacific______
11825305
92,571,713 80,756,487
Louisiana R y & Nav October
Oregon Short Line
28,045,123
3,951,560
31,619,028
Louisville & Nashv. October
10450909 10192131
„ Ore-Wash RR Sc N
2,825,629
23,604,122 21,780,903
Louisv Hend & St L October
187,986
Union RR (P en n )..
682,211
6,523,312 5,818,278
Maine Central_____ October
1,410,692
U tah__________ . . .
138,112
1,003,430 1,175,214
Midland Valley____ October
332,255
Vicks
Shrev
Sc Pac. .
2,116,719
2,733,679
325,254
Mineral Range. _ . 2d wk Dec
22,441
Virginian R R ______
9,911,593
9,992,168
1,363,915
Minneap & St Louis October
1,216,594
Wabash R R _____
5,185,113
39,912,316 39,418,660
Minn St P & S S M . October
4,256,832
Western Maryland.
12,375.593 12,271,879
1.485,965
Mississippi Central. October
89,614
Western Pacific____
1,780,853
Missouri Kan & Tex October
11,146,096 9,414,198
3.556,117
Western Ry of A la ..
213,811
2,095,349 2,070,806
M o K & T R y ofT ex October
1,830,898
Wheel Sc Lako Erie
10,843,042 11,511,848
1,324,426
M o & North Arkan October
117,159
Wich Falls Sc N W__
869.378
Mo Okla Sc Gulf___ October
1,856,727
263,583
156,908
Yazoo & Miss Valley
20,315,648 17.904,311
Missouri Pacific__ I October
2,315,003
8.461.602 76,882,428 73[248[968

A G G R E G A T E O F G R O S S E A R N I N G S — W e e k ly a n d M o n t h ly .
*Weekly Summaries.
4th week Sept (14 roads).
(8 roads).
(13 roads).
(14 roads).
(9 roads).
1st week N ov. (14 roads).
2d week Nov (14 roads).
3d! week Nov ( 8 roads).
4th week Nov (11 roads).
1st week Dec ( 9 roads).
2d week Dec (13 roads).
1st week Oct
2d
week Oct.
3d
week Oct
4th week Oct




Current
Year.

Previous
Year.

■S

s

13.554,337 10,992,251
8,512.726
7,547,948
8.705,749 7.789,435
9,751,383 8,364,852
13,060.631 11,621,996
8,852,433 8.110.510
9,193,612 8,065,344
7,838,940
7,038,555
11.286,692 10,578,492
7,005,482 6,424,278
8,342,697 8,262,309

Increase or
Decrease.

S

%

+2,562,086 23.42
+964,778 12.78
+916,314 11.64
+ 1,386,531 16.57
+ 1,438,635 12.38
+741,923 9.15
+ 1,128,268 13.99
+800,385 11.37
+708,200 6.69
+581,204 9.05
+80,388 0.97

*Monlhly Summaries.
Mileage.
Curr.Yr.
December -.232,774
January_ —232,655
February . —232.957
M arch ___ —226.088
April . . . .232,708
M ay____ -233.931
June_____ — 232,169
J u ly _____ —226,654
August _. .233,423
September -232,772
October . _ -233.192

Current
Year.

Previous
Year.

Increase or
Decrease.

$
$
S
232,399 438,365,327 335,607,571 +102757760
233,199 395,552,020 284,131,201 + 111420,819
233.266 351,048,747 289,392,150 +61,656,597
225,631 375,772.750 365,096,335 + 10,676,415
233,251 388,697.894 370,710,999 + 17,986,895
234,339 413,190,468 378,058,163 +35,132,305
232,682 424.035,872 393.265.898 + 30,769.974
226,934 454,588.513 469,246,733 — 14,658,220
233,203 469,868,678 502,505,334 — 32,636,656
232,349 495,123.397 485,870.475 +9,252,922
233.136 508,023.854 480.081.358 + 18,042.496

30 63
39.23
21.31
2.90
4.85
9.29
7.83
3.13
8.40
1.97
3.87

Latest Gross Earnings by Wesks.— In the table which
follows we sum up separately the earnings for the second week
of December. The table covers 13 roads and shows 0 .9 7 %
increase in the .aggregate o /e r the same week last year.
Second Week of December.

1919.

S
79,101
Ann Arbor--------------------------- ,
200,n48
Buffalo Rochester & Pittsburgh
Canadian National R ailw ays... 1,918,932
Canadian Pacific--------------------- 3,935,000
76,784
Duluth South Shore & AtlanticGrand Trunk of Canada--------1,341,590
Grand Trunk Western
Detroit Grand Haven & M il.
Canada Atlantic....................
13.565
Mineral Range------------ ---------5,915
Nevadn-California-Oregon . . . .
3,652
Tennessee Alabama & Georgia..
768,110
Texas & Pacific...............
8,342,697
Total (13 roads)----Net increase (0.97% ).

Increasc. Decrease.

1918.
$
89,399
389,526
1,800,902
3,780,000
66,713

10,298
189,478
118,030
155,000
10,071

1,385,902

44,312

22,441
6,522
2,864
718,040

8,876
607

8,262,309

788
50,070
333,959
80,388

253,571

ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Latest Gross Earnings.
Name o f Road
ot Company.

£135

THE CHRONICLE

D ec . 27 1919.]

Month.

Current
Year.

Previous
Year.

Jan. 1 to Latest Dale.
Current
Year.

Previous
Year.

Electric Railway and Other Public Utility Net Earn­
ings.— The following table gives the returns of E L E C T R IC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
Companies.

A,5ffiKS3fti!S>-SSS

Tross Earning.
Current
Previous
Year.
Year.

1.M2.356 1.205.192
Nov 1 to Oct 31______15,580,688 13,234,901
Colorado Power C o .a
Oct
91,485
109,350
N ov 1 to Oct 31______ 1,120,522 1,281,049
48,409
Sou Can Pow Co, L td ..N o v
54,515
93,457
Oct 1 to N ov 30--------107,785
Southwestern Pow & LightCo—
526,851
(sub companies only).a.Oct 576,073
Nov 1 to Oct 31-----------6,112,302 5,518,987

------Net Earnings-----Current
Previous
Year.
Year.
$
$
528,998
5,790,108
45,672
549,856
27,463
54,956

425,318
5,092,055
58,924
728,136
22,190
42(782

205,169
2,167,993

175,757
2,056,788

tNet earnings here given are after deducting taxes.
Fixed
Balance.
Net after
Gross
Surplus,
Charges.
Taxes.
Earnings.
S
$
$
S
56,315
24,443
80,758
170,703
Adirondack Electric N ov 19
47,802
22,334
70,136
183,538
Power Corp
18
339,903
293,233
633,136
12 mos '19 1,729,010
87,575
257,177
344,752
’ 18 1,825,951
3,715
13,153
16,868
56,770
Cleve Painesv &
Oct ’ 19
def5,108
16,194
11,086
43,362
Eastern RR System
’ 18
55,526
142,364
197,890
577,993
10 mos ’19
31,218
120,467
151,685
460,188
’ 18
z26,620
89,724
113,453
297,593
Dayton Power &
N ov ’ 19
*49,441
45,183
91,070
260,472
’
18
Light Co
*460,006
611,182
12 mos ’ 19 2,867,848 1,034,351
1279,418
478,849
727,421
'18 2,369,603
246,625
154,892
401,517
N ov ’ 19 1,615,615
Detroit Edison
266,979
128,168
395,147
1,322,436
’
18
Company
11 mos '19 14,746,417 3,757,034 1,562,722 2,194,312
’ 18 12,386,394 3,261,912 1,224,430 2,037,482
64,039
50,472
114,511
330,397
Federal Light &
Oct ’19
9.323
53,019
62,342
276,854
Traction Co
'18
464,614
516,167
980,781
10 mos 19 3,152,012
316,942
508,129
825,071
’ 18 2,853,380
z38,006
5,900
43,749
123,875
Ft Worth Power & Oct ’ 19
.
*36,460
13,755
49,535
L ightC o
'18
112.621
Z430.615
157,008
581,615
B
12 mos ’ 19 1,302,220
*440,217
142,331
579,211
’18 1,276,622
*313,858
155,221
462,189
Havana Electric R y Oct ’ 19
871,621
_ _
*220,317
178,454
391,924
Light & Power Co
18
733,443
10 mos 19 7,o96,468 3,864,421 1,517,820 *2,433,101
’18 6,775,950 3,669,084 1,649,416 *2,134,472
Interborough Rapid N ov ’ 19 4,286,850 1,455,144 1,653,235 *dfl55,226
Transit Co
18 3,435,686 1,090,618 1,536,845 *df388,920
5 mos ’ 19 19,531,958 6,143,729 8,259,868*dfl898,195
’ 18 16,170,935 4,730,496 7,230,483*df2266,327
35,429
17,517
52,946
221,750
Lake Shore Electric Oct '19
35,823
def722
176,118
35,101
Railway System
’18
357,379
242,927
600,306
10 mos 19 2,163,512
361.112
145,216
506,328
’ 18 1,809,869
*160,4*76
351,882 " 197,664
Milwaukee Electric N ov ’ 19 1,413,277
151,193
*113,511
257,165
Rv & Light Co
'18 1,129,394
.
y
K
11 mos T9 13,350,925 2,983,926 1,829,149 *1,260,262
*615,460
T8 10,833,107 2,127,873 1,614,314
*27,383
25,952
205,670
53,330
Newp N & Hamp N ov 19
*30,636
51,790
21,216
230,308
Ry. Gas & Elec Co
18
*372.127
635,514
270,821
11 mos T9 2,510,793
*317,514
227,268
536,947
T8 1.996.921
149,754
269,583
119,829
839,961
Northern Ohio Trac N ov T9
140,500
39,176
101,324
574,179
& Light Co
'18
12 mos 19 9,022,288 3,016,307 1,409,266 1,607,041
T8 7,092,670 2,383,921 1,168,547 1,215,374
*43,663
161,866
114,694
575,153
Republic Railway N ov T9
111,635 *defl6,377
85,640
436,977
& Light Co
18
*361,193
11 mos 19 5,593,128 1,532,283 1,256,260
*219,423
T8 5,027,197 1,277,051 1,148,908
20,208
97,538
77,330
392,828
St Louis Rocky M t Oct T9
108.095
20,446
87,649
449,085
& Pacific Co
18
203,282
876,196
672,914
10 mos 19 3,406,343
205,513
891,081
T8 4,366,541 1,096,594
120,849
53,989
*67,503
330,334
Oct T9
Texas Power &
90,588
54,846
*36,063
308,131
T8
Light Co
674,397
*424,214
12 mos T9 3.397.922 1,090,415
635,367
*406,765
T8 3,150,006 1,041,683
975,364
160.095
225,271 *def49,496
Third Avenue Rail- N ov T9
781,242
109,112
219,872 *def97,625
way System
18
845,051 l,104,520*defl83,694
5 mos 19 5,060,448
727,025 l,104,474*def311,343
T8 4,190,950
165,785
166,951
*13,548
United Railroads of N ov T9 ' 717,636
599,613
125,237
167,039 zdef28,564
San Francisco
18

S
$
Adirondack El PowCo November 170,703 183,538 1,565,276 1,660,341
Alabama Power C o— November 289,411 293,552 2,648,682 2,727,958
12,888
168,155
158,402
15,161
Atlantic Shore R y -— November
879,608
98,274 73,541
759,258
Bangor Ry & Electric October
21.564
298,66
214,708
33,257
Baton Rouge Elec Co October
257,733 230.135 2.136,696 1,974,162
Blackstone V G & El October
/8052000
/93539.000
/85782.000
/99S0000
October
((Brazilian Trac.L & P
3260.157 2774.333 17.514,662 15.240.907
aBklyn Rap Tran Sys June
477.083
412,595
50.590 43,391
Cape Breton Elec C o. October
28.327
341.776
277,583
37,261
Cent Miss V El Prop October
171.517 151,946 1,547,620 1,499,619
Chattanooga Ry & Lt October
1821.533
20,219,929
1613,081
November
20.474.251
Cities Service C o ----577,993
56,770 43,362
460,188
Cleve Painesv & East October
908,280 1,060,971
91,485 109,350
Colorado Power C o— October
1118.742
974.329
10,644,345
November
10.329,019
(/Columbia Gas & Elec
96,231 1.070.067
128,697
972,816
Columbus (Ga) El Co October
2289.808 1799,629 20,929.618 17,715,993
Com 'w’th P. Ry & Lt October
112,770 91.027 1,025,126
815.461
Connecticut Pow C o. October
721.249 582,240 6,558,580 5,261.859
Consum Pow (M ich). October
241017 247.729 2,267,147 2,663,996
jOumb Co (Me) P & L October
Dayton Pow & Light. November 297.592 260,472 2,600,048 2,162,929
1322,436 14,746,417 12,386,394
November
1615,615
(/Detroit Edison-- —
2356,839 1568,263 20,219,159 15,672,256
(/Detroit United Lmes October
163,844 125,099 1.598,771 1,395,845
D u l u t h - S u p e r i o r Irac October
426,530 391,548 3.476,815 3.442.480
East St Louis & Sub. - October
123,980 87,857 1,137,872
924,739
Eastern Texas E lec.. October
74,036
99,390
882,128
653,472
Edison El o f Brockton October
21,250
185,213
27,577
237,468
October
j Elec Light & l ’ow Co
95,246
141,605
1,272,475 1.028.760
g El Paso Electric C o­ October
75.399 65,921
623,444
588,876
Fall River Gas Works October
330,397 276,854 3,152,012 2,853,380
Federal Light & Trac October
123,875 112,621 1,165,344 1,068,284
Fort Worth Pow & Lt October
254,514 20/.069 2,556.894 2.193,562
Galv-IIous Eloc C o .. October
420,451 401.070 4.291,378 3.769,346
a Great West Pow Sys October
134,848 94,875 1,316.081 1,071,095
Harrisburg Railways October
871,621 733,443 7.596.468 6,775,950
Havana El Ry, L & P October
28,260
38,2
310,352
271,696
Haverhill Gas Lt C o. October
60,625
63,504
623,770
5S4.428
Honolulu R T & Land October
358.383
39.855 34,431
336,149
Houghton Co El L Co October
21,061
21.813
243,579
267,978
Houghton Co Trac Co October
470,293 385,024 3.484,836 2,844.732
Hudson & Manhattan July
1602,692 1249,294 14.095.468 12,102,410
b Illinois Traction — October
l Interboro Rap Iran November 4286,850 3135,686 42,786,007 36,999,648
756,078
81,609 97,820
682.791
Jacksonville Trac Co- September
222,478 163.940 2,107,412 1,665.862
Kansas Gas & Elec Co October
21,699
27.052
256.874
October
217,588
Keokuk Electric Co .
18,163
19.650
October
186.429
161.314
Key West Electric Co
221,749 176,118 2,162,512 1,809,869
Lake Shore Elec R y .. October
26,602
27,960
141,140
129,487
July
Long Island Electric.
264,074 288,175 2.897.580 3,052,532
Louisville Railway— October
79.632
84.545
798,924
October
700.774
Lowell Electric Corp.
12,301
12,843
90,091
81,942
July
November 1413,277 1129,394 13,350,925 10,833,107
211,194 180,537 1,905,752 1,841,194
October
269,205 235,249 2,635,571 2.317,048
October
401,609 341,937 3.324,032 2,842,419
Now England Power. October
205,670 230,308 2,510,793 1,996,921
November
NowpN&II R y . G & E .
New York Dock C o— November 444,785 460,339 4,726,811 4,906,924
55.066 54,255
324,217
264.870
July
N \ & Long Island..
15.838
14,431
88,619
84,188
N Y & North Shore.. July
91,641
101,787
535,282
622,443
xt y & Queens County July
* After allowing for other income received.
1077,896
905.830
8.342.663
6,519,757
July
New York Railways.
796,765 585,622 7.528,102 5,997,743
Gross
Net
Fixed Chgs. Balance,
Northern Ohio Elec October
331.137 200,633 2.758,070 2.464,099
Earnings. Earnings.
& Taxes.
Surplus.
North Texas Electric. October
39.429 30,336
112,196
85,347
$
S
$
Ocean Electric (L I) — July
186.945 154.800 1,772,270 1,525,430 New York
444,785
158,822
Nov T9
74,622
84,200
Pacific Power & Light October
43,856 40,173
456,713
406,479
460,339
T8
186,283
82,900
103,293
Pensacola Eloctric Co October
Dock Co
69,130
59,268
476.825
400,642
11 mos T9 4,726,811 1,780,733
803,523
977,210
Phlla & Western —. . . August
2717,881 32,216,937 28.253,423
T8 4,906,924 2,102,736 1,067,555 1,035,181
Phila Rapid Trans Co November 3055,953
195,118 166,667 1,7,0.982 1.459,983
Portland Gas <&Coke. October
725,635 627,971 7,101.729 6,288,847
Port(Oro) R y.L & P C o October
T he United Gas & Electric C orporation.
5,593,128 5,027,196
Republic Ry & Lt Co November 575.153 436,978
47,903
310,487
257,114
53.951
Net after
Gross
Fixed
Balance,
Richmond Lt & R R — July
392,828 449,085 3,406,343 4,366,541
Earnings.
Taxes.
Charges.
Surplus.
St L Rocky M t & Pac October
57.839
495,658
440,507
64,367
August
S
$
$
Santiago El Lt & Tr
964,594
128,19^ 106,444 1.159,363
Savannah Electric Co October
32,524
10,634
3,807
6,827
472,471 Citizens Gas & Fuel N ov T9
80,718
502,317
88,561
Second Avenue (Rec) July
27,012
10,046
3,637
6,409
Co (Terre Haute, Ind) 18
16,390
99.400
22.900
117,898
Southern Boulevard— June
362,551
121,453
12
mos
19
44,556
76,897
886.394 699,958 8,749,031 7,254,900
Southern Cal Edison. October
314,387
129,841
T8
44,541
85,300
31,539
163,839
42,028
200.023
July
Staten Island Midi d .
868.073 Colorado Springs
51,250
17,552
82,786 1.027,795
111,991
14,550
3,002
N ov T9
Tampa Electric C o -­ October
54,017
19,969
183,930 190,335 1.787,528 1,780,833
12,459
(Colo) Light, Heat & 18
7,510
Tennessee P o w e r ..- - October
634,941
4,974,661
496,257
252,122
538,034
5,215,005
165,539
86,583
Power
Co
12
mos
19
October
JfcTonn R y. Lt & P Co
18
599,275
215,691
330,334 308,131 2,756,506 2,607.764
149.527
66,164
Texas Power & Lt Co October
3,293
806
Columbia (Pa) Gas N ov T9
466
340
Third Avenue System. November 975,364 781,242 10.403,519 9,035,843
240,805
51,366
286,313
50.426
3,159
411
65
D D E B & B R R — June
346
Co
18
799,125
879,231
160,503 140,262
12 mos T9
41,180
5,307
42dStM&StNAvRy June
9,449
4,142
1,302.869
255,823
274,226
1.407,661
T8
37,420
UnlonRyCo(NYO). June
3,509
7,602
4,093
395.598
72,552
479.795
97,567
Yonkers Railroad.. June
122,182
20,151
26,437
46,588
338.642 Conestoga Trac Co N ov T9
58.271
367.300
68,220
N Y City Inter R y . June
(Lancaster, Pa)
18
def6,206
98,717
20,442
26,648
298,470
48,053
292,776
48,577
* Belt Line Railway- June
12 mos T9 1.418,591
173,348
319,702
493,050
348.060 316.629 1,999,917 1,909.852
Third Avenue------- June
106,256
T8 1,239,326
324,830
431,086
990,865 751,697 9,231,466 8.051,212
Twin City Rap Tran. October
8,322,019 7,187,101 Consumers Elec Lt N ov T9
6,949
16,481
54,117
23,430
Virginia R y & Power. November 824,996 647,196
2,325,230
def2,872
220,080
&
Power
Co
(New
OrT8
6,985
1,820,554
147.060
45,185
4,113
October
Wash Balt & A nnap..
272.214
54.888
83,237
131,855
leans, La)
12 mos T9
215,092
306,435
61.089
559,888
Westchester Electric. June
348,572
82,172
48,103
T8
407,689
45,500 34,055
399,092
130,275
Youngstown & Ohio. October
37,976
Edison Electric Co N ov T9
10,705
93,711
48,681
23,616
(Lancaster, Pa)
T8
33,750
10,134
76,286
b Includes all sources
317,285
12 mos T9
443,797
126,512
957,952
239,096
f Farninm ffiven hf^lReU.8 g Includes constituent or subsidiary companies.
116,675
355,771
792,989
T8
P 4 n l « l X r v comDanira only. ) Lewiston Augusta & Waterville Street Ity
31,677
20,215
51,893
144,052
Elmira (N Y ) W at N ov T9
l r n nis exnmiTes &“ not included in 1919. k Includes Tennessee R y „
16,779
21,235
38,015
Light & R R Co
T8
125,838
x'Uht & Power Co the Nashville R y. & Light C o., the Tennessee Power
240,506
248,111
12 mos T9 1,554,771
488,617
Cog and th<TChattanooga R y. & Light Co
in c lu d e s both elevated and
212,942
46,910
459,852
T8 1,390,164
subway lines, j Of Abington and Rockland (Mass.).




2436

THE CHRONICLE

Gretna (La) Light
& Power Co, Inc
12
„
Harrisburg (Pa) Lt
& Power Co
12
„
Houston (Tex) Gas
& Fuel Co
12

N ov ’ 19
'18
mos ’ 19
’ 18
N ov ’ 19
'18
mos ’ 19
’ 18
N ov ’ 19
’ 18
mos ’ 19
’ 18
Houston Heights
N ov '19
(Tex) Water &
’ 18
Light Assn
12 mos ’19
r •
’ 18
Lancaster (Pa) Elec N ov ’19
Lt, H t & Pow Co
’18
1 2 mos

s

Lancaster (Pa) Gas N ov '19
Light & Fuel Co
’ 18
1 2 mos ’ 19

Gross
Earnings.
$
9,828
8,184
91,706
56,976
115,497
98.921
1.109,089
990,217
74,949
57,626
768,852
662,331
2.308
2.172
28,668
30,551
5.172
4,425

Net after
Taxes.
S
2,386
defl ,853
19.118

* «

««*

29,362
28,448
329,177
290.620
30,757
26,471
310,648
256,795
48,456
44,560
479,591
441,404
23,139
16.053
180,359
177,481
23.632
20.079
255.034
210,990
117,424
98,765
1,153,108
961,975

Leavenworth (Kan) N ov ’ 19
Lt, Ht & Pow Co
’ 18
12 mos '19
’ 18
Lockport (N Y) Lt, N ov ’ 19
Heat & Power Co
’18
1 2 mos '19
’ 18
Richmond (Ind) L t N ov ’ 19
Heat & Power Co
’ 18
1 2 mos ’ 19
„
’18
Union Gas & Elec h o v ’ 19
Co (Bloomington, 111) ’ 18
1 2 mos ’ 19
'18
TheWilkes-BarreCo N ov ’ 19
(Wilkes-Barre, Pa)
’ 18
1 2 mos ’19
’18

6

4
65

1 0 ,0 0 2

52,951
36,980
445,847
380,101
24,314
788
167,238
177,505
595
780
10.048
14,242
3.756
2,698

20,904
19,699
238,840
227,621
7,147
6,941
85,343
82,571
130
130
1.560
1.560
1,383
1,403

19 053

9 ,9 4 7

s h a ll b e e n t it le d t o r e c e iv e m ? ?
d e p r e c ia tio n fu n d s , th e c o m p a n y
r e c e iv in g a n y th in g :
° U t ° f t b o s e e a r n in g s in a d v a n c e o f t h e c i t y l i

17 281
152,'480

‘ "eoroe1 ^romUS e 0operathm,(of*the then^xR^n 886 ” ^ n g dtlle avcrage anm,al
S g f f l M S & T b ^ f l s ntd«l“
g fund^oif the*1$52,*615^00^ First

17.167 |
N r ^ 7 p % o Cm 0 0 0 , M 0 tO C° nStrUCtl0n aDd
def6,153
81,895 to Provide additiona^emiipment1 and In t comPany for moneys borrowed
94,934
s s s s f l r .s s i
465 i a cs . s 8Md,u"“
650
8,488
t " '1 m 'c S S iS ™ ^ !iS t a t S w L nmon']r“ llcd t#l>
12,682
2 3 7 3 I a r r e a r a g e s , t h e * d t y ^ s ^ e n U t l e ^ t o 's ^ O *^ 080 a m ?,u n t s > I n c l u d i n g a l l a c c r u o d

I S

sf

10,129
2.116
......................••
" $ 'o i *
8.591
2,277
96,243
27,305
e fjll
82,035
26,844
55.191
6,473
3,821
5,427
2.884
2,543
76,817
43.967
32.850
11.613
34.608
1 0 ,1 2 2
7,026 “
1 1 ,0 0 2
7,223
112,721
81.575
104,820
83.361
2 1 .4 3 9
5,668
5.476
192
4,751
4,698
53
43,956
61,826 d e fl 7 870
54,569
def
5
l3
55,082
6,915
2,538
4
sin
7.165
2,625
82,889
5 2 1 24
30,765
31 nos
62.989
31.894
55.307
21,077
39.744
21.603
1 8 :1 4 1
485.248
255,516
229,732
360,221
257.071
103,150

s

s

1

S

f

f

l

S

S

------------

A n n u a l , & C ., R e p o r t s __ T h o fnllm vinrr 1c __ • ,

g

A

<* < * » „ « «

|
equally l i ^ J S S f S E y S i S f f i E ! ?
“ d
Company p rX e n tfa ls re/erCT,“ a,S When thc Lines Are Completed.
$12,981,000
I ^ A *nrior
prior t o ■ f 'm t e .r w ™ ? 1" 8' of'the
OI lne subways.................
suoways
| (6) In V c^ t andsinklng^und3- - - ^ - - ----------- ~ - S6 .335.000

I

s s r

» * ■

UnTil ad the n
n y Contract N°- 3. a p p ro x im a te ly ...... $8,848,000
excluded from item
corapIetfd and put into operation, there Is
preferential Wiati??rt ef
-he c°mpany preferentiais and from the city
not yet in full onerat?Lth«eif resPpctiveJInvestments which represents lines
construction.
operatl°n interest on that part being charged to cost of

ofYbe e x c ^ s ^ t h e ^ r e ccrtifl.cate (V. 109, p. 2167), the city receives 2%
trains over the gross rfeph^treC/ ^ tS ° f e le .v at;c<1 stations served t»y express
1911. Under
of u sam.f,stat[on®for the year ending June 30
receives one-half
& * ^ullULaiu vv . iuy, p. 2168). tno
the city
city
of all the elevated 1inJL^S? 8 5 L fcwC rT
evenues derived from the operation
excess of the a v ^ r s « " l f p rat,°d by Interborough Rapid Transit Co. in
years ending June SO^ofn
? d elevated lines for the two
therefrom the navm^nMn tv, d 9,une 3 0 ,1 9 U / respectively, after deducting
In determ lnhf/^ifi’ i
the city required by the Manhattan certificate,
entitled to deduct taxes^r^ft-^ Proflts for this purpose tho company Is
average net earnings nf^hpIu a s ’<>tlle*£UI?i of
•''89.348 as representing the
Davahip and
a S Ti™
the fiscal
1911 interest
‘
Payable
% ?»®
n ..0
n . i™
a i if vlines
f ^ o «for
t . tn®
tls«‘aI years
years 1910
1910 and
and 1911.
| for the coristructinnUnf Hfp a .slr,king fund on moneys borrowed to provide
„
certificate and the a d riiH r.^ w Slo{ls contemplated by the Interborough

.
“ oa d s^ sW

re^ rts

“ I
r
r
a
n
v
Bl! bl i s hod s in “
n '
r f f i v s s S w
f K
. a
t K
t
A s m a n y s t o c k a n d b o n d o ffe r in g s c o n t a in fin a n c ia l s t a t e - c a t 0 is to give^ho inf^rhboroUhho ertiflcatr and of
m e n t s o f v a lu e th is in d e x s h o u ld s e r v e as a
r p a y m en ttoth e d t i ^
c ? ‘ a preferential
t h e le a d in g o f f p r i n t
^
s e r v e as a g u id e to m o s t o f above m entionedity,
e 2% of excess receipts
bm n ht
gt
" g\ f
s e c u r itie s w h ic h h a v e b e e n I leasel0D‘Xl and after Payment of the rentals
g

'

Si’SSI^yes

F IN A N C IA L R E P O R T S .
annual a n d oth er fS a n c M

[V ol . 109.

Fixed
Charges.
$

a

t

r e g u la r

ro^'totWter'-m
ontldy'does fadud»
n°i

-

...

1 ien *t e r b *o r o u 3g h ' c e f t f t a t i : : : : : : : : : : : : : : : : : ; ; ; ; .......................

f r i I/RoadsS l - figUreS in d ic a tM
®u r e P ° rts P u b lis h e d a t le n g t h .
Steam
Page
Atlanta Birmingham &Atlantic Ry ‘2354‘ _ Industrial Companies (Concl.)— Page.

T ota l..
...........
............... I----------City p r e f e r e n t i a l ::;:::::; ;............................................................ $10,457,478

Davis-Daly Copper
C o_________
2174
.....................
ar^
s ° b e e n rt a k e n ^ t » a c c e n t ! * * iD th"^
__2355 Dominion
Glass Co_____________ II2360
23S2 Fireston°enTire'&
Rubb'er Col III I TzifiO ^twhorough''ceTufirate^fVn
.

Baltimore & Ohio R R ......................
Chicago Indianapolis & Louisv. Rv

e ' K
j s r
tho Manhattan certifl$1,589,348 after the
from elevated stations
under tho Manhattan

r e p o r t lla v o

tk ese nccu’in J iated

f?ontract No. 3 and Article X II of tho
Erie R R W 0 r l’ & TeX‘ PaC' R y- - - - 2260 Fisk Rubber Co.....................2175, 2267 c‘ ude ce« aIn 1toms of income H
03 6ubjoct hereto so as to exWilliams & Wlgmore,
operation of the lines coverede^ivythn8rdP^npan?r o t h e r w is 0 than fromr
G u l f M o b i l e & N o r t h e r n R R . 2 2 6 3 "2 35 3 Gaston,
dnr y, ^ he clty conU-acts and certificates.
Inc.................................... ^ 175 ’2261 Consequently the gross A S
Quebec Central R y_____
am-? „General
Motors Corp..................... 2262 footnotes to the tatted a
r
e
. ^
mpa.Ii y las ln<l‘ cated in
tho
Electric Roads—
Brooklyn Rapid Transit System
2071 Goodyear Tire & Rubber Co.2175, 2261 tables showing the ap£ i c a t l o n ^ M r l d n ^ the revenues shown in tho
Gray & Davis. Inc............................. ’. 2076

Chicago Elevated Rys. Collateral
T ru st.

....................................2 1 6 7 ,

2355

Interborough Rap. Tran. C o .2070, 2167
Kansas City R y .......................... 2172, 2260
Northern Ohio Electric Corp_______2176
San Joaquin Light & Power Corp__2074
Toledo Traction, Light & Power C o .2357
United Light & Rys. Co_____ 2172, 2357

Industrial Companies—
Adirondack Electric Power Corp___ 2358
r r s - ..................
Amer. Water Work3 & Elec. C o. 2 1 69, 2 1

73

Canada Iron Foundries, L t d ._ ;;;;2 2 6 6
Canadian Car
Foundry C o .2074, 2
Canadian Connecticut Cotton Mills,
L t d -----------------------------2359
2359
Chalmers Knitting Co______ ’ ■
Chile Copper C o..................
2266
Columbia Graphophone Mfg!" C o*’ 2266
Connecticut Power C o .. ................ ..2 1 7 4
Cuba Cane Sugar Corp________
Cudahy Packing Co____

„

Differences NetessSn^ o ™ ^ ^

H

r,''pPpct' V0 preferential..

Guantanamo Sugar Co..........2268 2354 I company
bctwci
company and
and citv
city u n d e r C o n t r„ aI hc 9t divisions
‘ y. oris of earnings between
International Cotton Mills.......... ’.2076
cate are entirely indenendenTan'n rtl?iA and un^er the Interborough cortifi_ under the
--------------------- bo bo
--------------------C!i* accruing:
one cannot
International
Milling Co_________ 2268 made good out of earnings i,nS
111 the tables herein give
given for
Kanawha & H o c k . Coal & C ok e~C o 2 3 6 l tbe c°mbined system
other. In
K e llo g g M a n u fa c tu r in g C o . ? ^ f . ^ ? ; 2 0 7 6
M e r g e n th a lc r Linotype C o ............. 2168-

«t h a s T E m n & S g ' g & S g ^ t h f ~e t t r e

In t h e j ? U b t e S n M v
2260 I combined earrTingsvexceedh^
8f!!^ ^ 1»^r.»b3 ,i l i >*1^
Ud.V.V.M | K ncba^ alt h e case m ay be” J h j actual t o m

Mexican Eagle O iF co” Ltd..............
5552“ ?. Petroleum Co’.,

° f* “

«“ •• » « ■
Investment in the Rapid Transit Lines

Dortmc o Can Petroleum * Trana*

r e3sult8
s 5 ,t f ) as a

S 5 tf'

aniount by which the
wW&a w o f f i T ' nt,!*-18 ^
separate

caption under

169

&

;;"*2073
:;:;;;2355

s a w s a a s i 5 ? u f e w f s ^ ? | fW !% @ £
g5r.<?.I?abe,;pr Carburetor Co............... 2363

Grand total.

Elemled.

Total.

Studebaker
Corp____________
2077
2272
kcr Corp
2077,2272
The investment of^thVritv'nf Mo*i8v 9 ? °fn0.° $47,101,095 $235,092,000
Textile Pr~J—
■ ■• ............
—
crr° t i %______________________
M fg - C ° ............... 2077 ?T
n(i.er Contracts 1 ,2 and 3 it is cstimatpH^wui^ 0 coraPlcted sub wav system
Tidewater
....................................2072 Under Contracts Nos. 1 and 2 1
1 d ’ will aggregate $160,000,000. viz:
Union Oil
C o . . . _______
2272
111 Co..............................
2272 I Under Contract No. 3 . . .
$59,000,000
Westfield Manufacturing Co_____ 2272
* This does not include hifnrnct WT,T
— ~e—
-------------*101,000,000

,?FJ?‘l Co

city which, it is estimated, w ll by Doc 3 ?
charKOS L)ayal>le by tho
I n t e r b o r o u g h R a p id T r a n s it C o ., N e w Y o r k .
[The pamphlet rennrt
• .
31 1921 "mount to $14,780,000.
(Expert's Reports—
Earnings,
A ctu al and Estim
ated.) below showing
tables
Riven bedow
1 ° ?1 t®..°,f
.
„ __________________
______given
how showing
thf. ? Qr Ih o t S
OI table*,
tab*es. viz.:
viz.: ((11)) the
the tahl
as re-

t h J l n T r E ? ° fhS e ne
iD the receivership case ot S u J M f f i S S S t e S S S
tne Interborough Consolidated Corporation alreadv cited in ,n (l) but omit ting ttf,-som
i ; rae. res.ults 08 the t^L>h» mentioned
last week's ''Chronicle” ( p m 2 3 5 6 ) ^further s h ^ s (eompafe I m
Somcr
S n lncomo”
« A ”? . .whicli
» - » . 'in
K « n W c 1 S 8 e 5 lbu company's approximate

V . 109, p . 2070, 2167, 1174, 1 0 8 0 ;6 7 6 0 :

c r e S h ^ w ^ 2 Uand
X these Pr°perties shows clearly that in­
increase in gross earnings w^th^ho^o05!? i 'u 'f *?.een much greater than thi
earning them fixed charges
the Pr°Pprtit’s are no longer
being nearly * 4 OOO nnr^^fThio
f c t (,n,r th( year ending June 30 1919
mentioned and allow* for the e n m i w . disregards the preieientials bolow

ws

i s t s

“ “''out m o M -

effective Aug. 17 1919. The
i°f
increase in wages
able to construction, which on
do no} *nck)do interest chnrgoabout $1,268,000 in 1920 This
chi,u?iW ou<f.tantling, will amount to
^ -------- unew lin eltei?
should
practically
sannenr in
O01
when it
is estimated- the
s^ n S
h«Uvl£,raf
Vc2lly d
disappear
in 11921,
P referentia l.-F ox year 1 9 2 0 2 I
L , corapleted and
operation,
fare, the subway lines will faU to earn the c ^ ^ cnt corVtract' with a 5-cent
000 and the city preferential by $13 044 nnr? ™h?! pre£lrent4aIs by $5,564.the company preterentiais front the suhwav«’J^h 1 ? ^ ith a 7 or 8 -cent fare
stantial contribution would be made
madeS^ fhey.Si.!T<?li.c7i. he earned
earned. but no suband less than half of its preferential would tL P!»el0 rtj?t*al on a 7-cent fare
Furthermore, at a 5-cent lare the deficit in tho n earned on an 8 -cent fare,
the operations o f both subway and elevMcd^
t ny»s.J?refcrent,al fr°m
the city preferential $21,425,000
In 1922pv»n°<,f bS $13,915,000 and in
than half of the city’s p r X ^ t l a l wUl b e ^ - n ^ ° 8^ €Dt fare 1Utle 1




The reader, by adding^ th£^*4 0 (Venn f ,1,920,to 1 9 2 2 is takon « $400,000.
is shown bofore. deductin ' thl iirvfern°l(? ihef VPor? r, , t 0 t,l,! balance that
REVE™ E J 0 R YEARS ENDING JUNE 30-Y E A R 1919-20 EST.
( 1 ) Subwav D ^
t0Xt’ ° th0r lnc°mo, see footnote ” * .’ ’J
Revenues.W! L
UI° nxT 21 I5 i® -^ 1?17;18
1918-19.
’ 19-’20(e.d)
Oper. exponses & taxes S28 ’q’?Q,? ? 4 ®fo’oo2’ rn? $24,632,208 $27,600,000
xe8- - 8-919.114 10,808.594 15,260,074 18.822.000
Company dcd'uctlons-

$12,535,779 $11,031,854

S S f c S f f a r , - : ; - 2 '3 J | ®
Int. A s k .f d .o n Inter,31°
boro bonds & notes. a2,891.062

2.384.037
1 3 ,4 2 0

3.695.852

$9,372,134

$8,778,000

2.413.638
10,600

2,442.000

7.150.469

8.995.000

1 1 .0 0 0

B£j.aof^co”s Cproforentiaf^X^ ^ ,2 ^ “ ’ ° 0 2
3.178.000
Bal. for city preferen-'
tiais or dof. in com-

54’939'915 d«£$202.573df$2.670.000
3,178.000
3.178.'000
3.’ l 78.000

CItyPpr7fe?emiMn&acontingont fund.................

$1.761.045df$3.380.573df$5.848.000
218.404
6.466.322
6.496.000

$ 4 ’0 7 7 ’692

214,549

Balance, sur. or def sur.$3.863.143sr.$l.542,641 df$9,840,895df$12344.000

2437

THE CHRONICLE

D ec . 27 1919.]

Un
(ve)il!!ranhattarl DlV‘ $18,411,254 $18,657,280 $18,575,002 $19,200,000
Revenues...—
Oper. expenses & taxes— 10,535,564 ^12;063l326 14,107,409 16.572,000
pr B alance______________$7,875,690
Other deductions:
„
Rentals— Manh. lease. 6,043,280
Rentals— Miscell’s ---23,244

$6,593,954

$4,467,593

S2,628,000

6,043,280
187,093

6,043,280
384,071

6,043,000
457.000

T h e C u b a n -A m e r ic a n S u g a r C o ., N e w Y o r k .
(Report for Fiscal Year ending Sept. 30 1919.)
The report will be found at length on a subsequent page
including the remarks of President R . B . Hawley , the consoli­
dated balance sheet and consolidated profit and loss account.

$363,581 df$l ,959.758 df$3,872,000
B alan co.........................$1,809,166
b Inter boro charges------ b738,5<5 b l . 233.467 b2,255,310 b2,736,000
1,589.348
1,589,348
1,589.000
Preferential___________
1,589,348 ___________
______
Def. in co. preferent’ls

$518,757

$2,459,234

$5,804,416

GENERAL STATISTICS FOR YEARS ENDING SEPT 30.
1,676.940
1.965,641
1,724,750
1.863.802
268,310
314,503
275,960
298,208
24,997
117.513
iS;48*
i“ S
CONSOL. INCOME ACCOUNT EOR YEARS ENDING S E PT .^0.

Total ba"s
—
Total in tons...........

$8,197,000

Revenu^mx ined SySten$39,866,147 $40,497,728 $43,207,210 $46,800,000
O p O T ^ M M & V a k e i:: 19:454:678 22.871.920 29,367.483 35,391,000

714,304
S38'“
3:4™ ‘ 26«492,334
i
208.850
530.851
768.921
Total...................
$50,767,165 $40,089,316 40,345,554 $27,344,128
Prod. & mfg. costs, sell.
29.523.594 17.718.657
ing & general expenses 3/ ,721,928 29,840,013 ___
Net earnings________ $13,045,236 $10,249,273 $10,821,960 $9,625,471
Deduct—
.
Reserve for income and
war excess profits taxes
as may be finally dotermined______________$4 ,0 0 0 ,0 0 0 $3,500,000 $2,500,000
$729,339
762,030
909,794
Depreciation____________
999,022
61,866
Balance x — .......... sur.?3,344,386 dof$916,593df$15 651311df$20 541000
83,990
Discount on bonds--------------529,530
498,420
197,095
Interest on bonds-----------------69,624
83,520
306,009
Int. on bills payable, &c.
137,500
108,333
™ : 1917- *483' ,87i Discount on notes--------Loss on Lib. bonds sold.
227,933
256,■443
Interest on notes_______
270,000
715,229
--------uonas
n°,es Res. to reduce cap. exp.
494.921
637,926
96.128
Bond
sinking
fund------­
552,566
e s t i m a t e s o f e e & u e t s ^ si n c e e a ^ d j a e ES VPONPREFEREN562,566
552,566
Preferred dividends (7 % )
5o2,566

B alan cc_____________$20,411,469 $17,625,808 $13,839,727 $11,406,000
Company deductions:
2.442.000
2,384,537
2,413,638
Rentals— City subway 2,375,715
468,000
394,671
199,513
36,554
Rentals— Miscell’s
6.043.000
6,043,280
6,043,280
Rentals— Manh. lease 6,043,280
11,731,000
4,929,319
9,405,779
3.629,637
Interest & sinking fu n d .__________
$4,009,159 df$4,417.641 df$9.278,000
Baiance _____________ $8,326,283
4.767,348
4,767,348
4,767,000
Balance of proferontials. 4,767,348
City preferential & con­
218,404
6,466,322
6,496,000
tingent fund. .............

K

3

s

............: : M 91 5 H 8

E H S :::::

!S » J i l l

214,549

S r S 5

[Prefcrentials, see text. Other income, see footnote “ x .” J
( 1 ) Subway Div.------------- -Y ear 1920-2L--------------- -Y ear 1921-22-------Fare
I$37,568,000 $40,659,000 $40,730,000 $44,342,000"

grerer p-eW &Ta^:r2i:454:o66 ~22:670;000
Balance

22 :660:000

23:364:000

$16,114,000 $18,5S9,000 $18,070,000 $20,978,000

“ S S S S S ^ S & r

Rentals— Miscell s —
Int. & sinking fund on
Interboro bonds &
notes representing
exp. upon subways.

MOO.OjS
11,00U

2,500,000

2,600.000

2,600.000

1 1 ,0 0 0

1 0 ,0 0 0

1 0 ,0 0 0

9,958,000

9,958,000

9,803,000

9,803.000

Balance — ------- .- - - ­ $3,645,000
Balance of preferential. . 3,178,000
City preferential & con­
7,559,000
tingent fund—

$6 , 1 2 0 ,0 0 0
3,178,000

$5,657,000
3,178,000

$8,565,000
3,178,000

7,590,000

9,255,000

9,291,000

Deficit......................... $7,092,000

$4,648,000

$6,776,000

$3,904,000

T>i^nI!lnnhattan D lV ,_$24,924,000 $26,937,000 $26,070,000 $28,338,000
Oper.exp'cnses feTaxe's! I 18,072,000 18,564,000 18,567,000 19,094,000
B alan co______________$6,852,000
Company deductions:
Rentals— Manh. lease 6,043,000
Rentals—Miscell s ---457,000

$8,373,000

$7,503,000

$9,244,000

6,043,000
457,000

6,043,000
457,000

6,043,000
457,000

B alan co____________
Int. & sinking fund on
Interb. bonds & notes
representing expend’s
upon elevated lin e s ...
Preferential___________

$352,000

$1,873,000

$1,003,000

$2,744,000

3,006,000
1,589,000

3.006,000
1,589,000

2.813.000
1.589.000

2.813.000
1.589.000

Def. in co. prefcrentials. $4,243,000

$2,722,000

$3,399,000

$1,658,000

a S S S ^ !V ^ t,

Total
...60,301,279 5 4 .1 2 0 .S34
T ota l............... GO,301.279 5 4 .1 2 0 .S34
.,
.loHnctintr reserve for bad and doubtful accounts, b After credit­
ing ^ ( ^ S t e J K S t l S o n d s canceled through the sinking fund.
In regard to the First Lien 6 % gold notes, see V. 105, P- 2545.— V.
109, p.°2360.
.

..$22,966,000$ 26,962,000 $25,573,000 $30,222,000
Company deductions:
2.500.000
2,600.000
2,600.000
Rentals— City subway 2,500,000
468,000
467,000
467.000
Rentals—Miscell’s . . .
468,000
6.043.000
6,043,000
6.043.000
R e n t a ls — M a n h . le a s e
6,043,000
12,964,000 12,616,000 12,616,000
I n t e r e s t & sinking fund 12,964,000
tt-Hnce
............... def$991,000 $4,987,000 $3,847,000 $8,496,000
4,767,000
4.767.000
4.767.000
B ®an“ of prefcrentials. 4,767.000
c ity preferential & con7,590,000
9,255,000 ____________
9,291,000
Ktingontfund-------------- / ,5o9,000 _______________________
$7,370,000 $10,175,000

$5,562,000

Disregarding the company’s “ other income,” aggregating about
K m non Mrh voar which would reduce its deficit or increase its surplus
earnings to'Tliat extent. Compote V. 109, p. 2167. 2070; V. 109. p. 2356.

M a x w e ll M o t o r C o ., I n c . , D e t r o it a n d N ew Y o r k .
(Sixth Annual Report— Year ending July 31 1019.)
On a subsequent, page will be found the report for the late
fiscal year ending July 31 1010, including the remarks of
President W . Ledyard Mitchell:
CONSOL. PROFIT A N D LOSS ACCOUNT YEARS ENDING JULY 31.
1917-18.
1915-16.
1916-17.
1918-19
$2,437,114 $5,342,728 $5,531,034
Net, after taxes, &c------*2.144.214
726,220
395,857
572,176
Other income__________
l.Ueo.lUJ
$5,914,905 $5,920,892
p G ro ss income................. ®3eooo’ou7 $3,163,334
$871,133
$500,256
$407,208
♦Depreciation-------------133,366
137,641
139,151
Sinking fund...................
131,333
2 0 0 ,0 0 0
Inventories reserve------2,750,013
\233.515
x953,762
976,427
First pref. dividends-----(6%)607.650
Second pref. dividends..
___ (10%)1,277,800
Common dividends------580,392
...............
50,173
Adjustment o f ta x e s...
Reduction o f value of
75,000
...............
other investments-----600,000
Res. for conting-----------169,887
Reserve for income t a x ..
$549,681 $2,506,669 $2,338,982
Balance, surplus------- §1.114.487
Total surplus July 31— $9,681,613 $8,567,125 $8,017,444

$5,510,775

♦ Decree on bldgs., mach’y and tools over and above repairs & replace’ts.
x During the year 1917-18 the regular quarterly dividends of 1 H % on the
1 st, nref stock for the quarters ending Sept. 30 and Dec. 31 1917 were paid in
cash and for the quarters ending March 31 and Juno 30 1918 in dividend
certificates payable as to priitcipal two years from date o f issue, with interest
the rate o f 6 r', per annum, payable semi-annually.
V n 1918-19* because o f the Increased cost o f labor and materials and be­
cause a final settlement had not yet been effected with the Government
agents and accountants in regard to the 5-year lease o f the Chalmers Motor
Corn properties, it was deemed necessary to conserve the cash resources of
the company and to discontinue the payment in scrip or otherwise of the
pref dividends since Oct. 1 1918. See merger plan V. 109, p. 978, 985,
1700, 2362.




---------w a a M

Total deductions_____$7,506,505
$7,670,714 $'.11 /.590 $6,719,206
Balance, surplus_______ $5,538,731
$2,5/8,559 S3./04.3/0 $2,906,265
* Denotes raw and refined sugars produced, less commissions, &c.
CONSOLIDATED BALANCE SHEET SEPT. 30.
1919.
1918.
1918.
1919.
Liabilities—
S „ „ *
S
$
Common stock__ 10,000,000 9,999,500
LaS
? gI c -m-a:31,526.341 29.993.128 Preferred stock__ 7,893,800 7,893,800
lstlien 6 % notes.. 4,000,000 6,000,000
Good-will.______ 3,929,340 3,929,340 Real
est. Ms., &c. 462,193
46^,193
Advances to ColoBills
payable-----459,535
3,334,174
nos, &c_a_____ 3,817,658
1,069.699
*38.034
Plant,*grow.cane 2,754,304 2,592,223 Bankers'loans----payable. 2,206,225 1,722,633
Live stock & equip. 1,318,608 1,288,109 Accounts
Salaries
and
wages
104,330
,
Inventory of raw
81,160
109,451
4,500,686 Interest accrued..
material, &c__ 5 ,0 l 4 ,ooo
Reserve
for
income
Stock of raw, &c.,
and war taxes
„
snsrar
-- 5,591,657 2,327,854
(est.)............... 5.398,519 3.743,202
1,606,366
cash
2 .311 .213
Deprec'n
reserve..
6,258,678
5.378.2S4
2,300,000
Liberty bonds____1,199,240
aAccts. & bills rec. 2,067,828 1,530,861 Surplus...............22,367,140 bl6828,168
Bond discount---------T™’ToV
176,19­
Other def. charges 194,217
la '
379,400
576,481
Advances_______

Tte(vonuemxbm ed Sy! . e-m$62,492,000 $67,596,000 $66,800,000 $72,680,000
Qpcr exp'ensos &'taxos.. 39,526,000 40,634,000 41,227,000 42,458,000

f Balance x .................... $11,335,000

^ ^ \ ‘ -tlO )l.S i»:o O O (10)9TO.'950(a»1999.137(20)1427.120

C e n tr a l S u g a r C o r p o r a t io n .
(Third Annual Report Year ending June 30 1919.)
President Clias. J. Welch, N . Y . , Dec. 11 1919, wrote
n substance (compare news item on a following page):

Tbe nroduction of raw sugar for the year was 114,131 actual bags, equiva
lent to' 107 236 bags of approximately 325 lbs. each. The acreage now
planted is sufficient to produce, under normal conditions, an output of
‘'“ A ^ ^ b o U e f a c c i d e n t in February tcmporanly clo^ d the sugar house
bnncrsdhavo bcen°purchased so^hat we shall have ample boiler capacity.
The us^of fuel oiHnstcatl of wood is expected to show material savings in
operating costs The
is now carrying use and occupance insuraDThe fiscaf yea7having been changed.from Oct. 31 to June 30 the entire
eJ !« r fn r the vear has been set up in the income account at theactual
^
or ^n?ra^t pyr ^ L . w f f the expenses for eight months only have
ber w 7 n!^tho hast summer the construction of railway extensions o f about
7 s ? Wlometer^additional loading stations &c
have been made, with
sidings and loading station, and a new Baldwin locomotive purchased.
Tlnfheavy expenditures for construction and improvements have necessi­
tated^further borrowings and the bankers interested have tempOTanly
ad^aiicwl amounts aggregating $550,000. The permanent financing of
these loans and obligations require early consideration.
U Tho contract with the U. S. Sugar Equalization Board, Inc., expired
withh the season Just ended. With the prevailing prices o f sugar and the
available supply of cane it is confidently expected that the coming year will
^ T h o &On(>Vcary 7 %0 Gold notes matured on Mar. 1 1919, and in order
.
tl.is ( ^ 0 and furnish additional working capital, your directors
authorized an tssu e of $1,500,000 of One Year 7% Gold notes o f which
$1,200,000 were soldg TATEMENT OF OPERATIONS.
12 Mos. to Oct. 31—
8 Mos. to
1916-17.
1917-18.
June 30 ’ 19.
139,615 not stated.
036 313 $2,206,563
Production (bags, 325 lbs.)-------------$2,198,751
Gross income
$2 ,Uc(b,did
no (see text)........................
----------------------1080 712
1,714,617
2,028.448
’ili'r k j
Operating expenses.. --------- ----------$178,116 ‘ $484,134
Net income---------------------------------(.,
r
’
—
i:
40,930
125,4411
125,676
Interest----------------32,6751
Federal taxes..........
149,374
2 0 ,0 0 0
i 8‘ 6 6 6
Other deductions...
175,000
157,500
Preferred dividends---------------------------------Cr. 21,988
Adjustm ents---------------------------------- ------- --------df$135,512
$118,830
Balance, surplus— --------- ----------- df.$88,742
BALANCE SHEET.
June 30 Oct. 31
Ju-e 30 Oct. 31 |
1918.
1919.
1919.
191Sj
^ ^
$
$
Assets—
S
IToDVtM ............. 4,440,038 4,226’,102 : Common stock........ 400,000 a ^ ’nnn
IWork
T o animals,
p w u equip
w ,
•
1Preferred stock........ 3 ,0 0 0 ,000 3,000,000
Gold n o t e s ... .::::: 1,200.000 1 ,00 0 ,0 0 0
ment and tools----- 65,600)
Bankers’ advances.. 45,936
-----­
>
Advances to Colonos
Bills payable--------- 1,0 7 3 ,004\1,209,066
& contractors----- 788,681 J
32.773
278,785/
Accounts
payable.
Materials and suppis. 201,598)
45,410
v 732,281 Sundry accruals----Raw sugar and mo­
100,871
94,751
Reserve
deprec'n
—
338,0651
lasses on hand x—
15,993
Profit and loss-------2,395)
Growing cane-------Bills & acets. receiv. 78,829 570,120
25,000
Liberty bonds......... 25,752
Cash_____________
44,786 136,441
63,759
Deferred charges----79,941
Deficit..................... 72,749
T ota l...................6,138,486 5.758,703. Total
^ rith th e ^ * S Sugar
x Raw sugar is valued at the price contracted for with the u . a.
a
Equalization Board, Inc.— V. 108, p. 1513.

2438

THE CHRONICLE

[V ol . 109.

C a r d e n a s -A m e r ic a n S u g a r C o ., I n c o r p o r a t e d , N . Y .

(Preliminary Report for Year ending Oct. 31 1919 )
Secretary T . W . M o ffat, 43 Exchange Place, New Y ork ,
.uec.
wrote in substance:

^no«cteA
!eiI1'Pn*0nS
°Perations
duringinthe
fiscal
tyccW?tthebr(^dtsno
hoii over i. p
. ftmmS?uiC
^ ^ business,
which
w?isinverv
much lurircr
volunio
an alfowancf°of’^ 2 2 5 bnnn ^ '^ c t o r y . The net profits, after deducting
for the year, °vero’ $“l^9^ 345 r Federal Inconl° and Excess Profits Taxes

thmdzecf the sen din -'n nf’nf0? ^ ' 1’0'^ Prev;lil' nK. the directors have aulass account.
d g
of thlS I,rellminary balance sheet and profit and

of \herv a i r ^ 0 <il«fl -« ia,r° Iaade F10 folIo,'vinK charges against the profits
for deprivation
inventory and sundry adjustments: $207,651

sin s

resuhs M e
? nd Parti y
unsatisfactory
was 44,939 bays of T>5°]hs M A f i l - h 1®, total amount o f sugar produced
expenses generally incTeaspd the costs so r w tnLC? ne an-d high operating
s i ^ l u ^ l w c o u n f o f 'T804 6 !2 6 ief?rOX

T j j g g v S S S ’? ! X

S

£

S f ^ S t t S f 'O T S S S f " C,P‘M ' “ -

ProvincefouStnjV '8 SUgar- estates are ^ t e d

at Cardenas, Matanzas

PROFIT A N D LOSS ACCOUNT FOR FISCAL YEARS ENDED OCT 31
[Figures for 1918-19 are tentative.)
Production (325-lb. bags)
1918-19.
44,939
41,583
Sugar shipped lass freight (39",000 bais)7S70(U38'
baesl ° 8 Q^a?idn- eiSt‘ ? rocoods lKjs freight, 5,455
sf^foA. H?'51?/ local s.u" ar sales (484 bags),
a/,594, miscellaneous income, 810,338: total
income (44,939 bags crop for season)
*813,580
$684,234
Operating expenses— Cast o f cane_______
398,941
307,026
General admin., &e.. expenses in Cuba and N .Y l
248,403
258.088
Vl/llOUUft muili'5: _
$166,235
*119,119
Depreciation____
56,266
56,266
Taxes, Cuba
17,526
Taxes, New York__ I I I I I I I I I I I I I ’ I 'I
2,371
5,288
Interest on borrowed money
_
5,869
4,.543
Preferred dividends (7 % )_____1111111]
78,750
78,750
Profit for period___________
$5,450 def.$2,5,728
Profit and lass, surplus_____11171
$329,751
*324,301
BALANCE SHEET OCT. 31
.
1919.
1918.
1919 ' 1918.
Assets—
§
g
L ia b ilitie s —
$
$
Lands, bldgs,, ma­
7% Cum. Pref. stock 1,250,000 1,250 000
chinery, equip.,&c.2,826,478 2,752,851 Common
1,500
000
1.500
000
stock-----Real estate mtge___
15,000
22,500 Accounts payable..
56,534
16,251
Work,animals,equi pAccrued taxes, int­
ment and tools...
14.500
5,551
erest, &c............. .
6,520
8,619
Prcf. stock in treas.
119,564 119,564 Bills payable______
29,400 120 000
Liberty bonds_____
90.000 141.751 depreciation reserve 264,284
203,297
Sugar on hand_____
95,510
87,394 Coming., *o., res’ ve 17,692
Materials supplies. 116,027
96,539 Surplus.......... ......... 329,751 321,301
Aects. rec’le (sugar).
16,5271 76,940
Accts. rec’le (miscel.) 80.2411
Cash and deposits__
71,278
74,646
Advances_________
41,983
Prepaid accounts...
6.058
5.745
-W

d

6

.-p :i 0 3 5 ? ’45U81 3’425’48sI

Toti’*l - .................3,454,181 3,425,468

S te r n B r o th e r s , N e w Y o r k .

(Report for the Fiscal Year ending Jan. 31 1919.)
President Louis Stern, N . Y . , M ar. 15 1919, wroto in subst.:

Oy 4 r OCk:

fncroase ‘in the

inal issue o f ' l^ o o o onn
nn°h’. ,a k Pre“ lum o f 2 X % . O ftheorigfrom timo to
: S2.2***000 have boon turned into the sinking fund
in the treasury
d canceled, and the remaining $1,776,000 arc now held
m OTt4ge^nait L aiT.fP eVd o ff‘ ln January last, the $100,000 real estate
entirelv free* from inrP>mt ’i ProPerty. Your company, therefore, is now
amount due fn^wLwoebtedness, excepting current monthly bills and the
/•Vrfcrn/U7 > r J ^ c<T^ a *inconle. at,ul Excess Profits Taxes uji to Oct. 1 1919.
Federal Income anH^ tbc PT/n °w* e1£bng Sept. 30 1918, your company's
were charged^-,in«t^hCeSlS PCoflts„Taxes amounted to $1,800,975, winch
ment o f
&V? * ^ c earomgs for that period; the last quarterly paythe earnings
! be due Dec. 15 next. Wo have set aside out of
which7n theP/onfm cal •
>,Tar Just endcd an additional sum of $ :,225,000,
]919- and hse2?.2P n o n - c o v e r all Federal Income Taxes up to Oct. 1
titles in the troni.Sec,lritics and cash at interest are held in sufficient qua ri­
ff
tf l t7 asur7 to meet these future payments as they mature.
L-'b»itv a n f vtHienl Syecnrllies-— Your company purchased United States
also mirohaseri
to an aggregate amount o f $1,074.100, and
of 17 <4 "
55,400 for account of the employees. We also purchased
075 rinn
aii „ f a*tu S of Indebtedness from time to time, aggregating $ 1 ,ernment
° t!leso certificates have now been redeemed by the Govon°theacnmn1i'n?c„tbie -deIay l” receiving payment from the Government
might havnPfi?^H= 1
l*nder its war contracts, and that the company
hold L s nr f md^ wifli which to meet its Federal taxes due Sept., the
Howofpr °oc
anc* Victory Bonds were sold in the open market,
the Govp’m rm ^?1?, as P;lV!nent of the company's principal claims against
purchased W W m n * w V,\v<l t n-‘ ,atter Part of September, the company
total hnirfintc
5 7 'J ar Finance Corporation Bonds, bringing its
‘Victory *1 Loan M d n S t h w b S X * ” S ,59‘000‘ and also Pu«* a s c d *500,000
aridf^nmh'(>'7 i\w,i)b.f'sical inventory has been taken of all raw materials,
ofallm PaPterfouaP d r oSeI redllct:ons have been made to bring the values
tojfether with
hand d,own f ! Present market prices. These reductions,
been charad o « w S,i2dry adjustments, amount to $166,783. and have
Z DratS , i g v t thp s,jrpins account for the year,
monont imi m iim ' eur company has expended during tlio year for perOf thfsta m S m I ^ « 5 fSArofcunsiouS and replacements the sum o f $1,198,561.
and
, 6 2 1 19 has been charged direct to proprety accounts.
naiVfacithio« a ,!? rrsprves heretofore made to cover the cost of extraordih a s b o e n b Y reason o f Avar requirements: and also $207,651
The DhvsicHi
Mfor depreciation of plant, machinery and equipment,
0,1 °I %
lne
Plant has
nas been
Deen maintained at its maximum
i
offieieiifv Ci™iC?ndlt
e P,ant
in « 5nvCo «c *2 iv.
the cost of all repairs, rebuilding and renewals, amounting
a
7 2 2 *5 throughout the year has been charged to operating expenses,
im'lmic » tif l a improvements installed or completed during the year
forgir.-s v h1 9 ?nnh yi mSdern M’,r g 0 department for botli light and heavy
sheets^and lHbt m J;obblni‘ mill, capable o f producing higli grade alloy
‘bl Plates: a concrete caisson in the Allegheny River with
e pumping facilities to furnish necessary water supply: five new
a^h d i m ^ l arnda^ f r|
0f?? ting 4V1 1 m^;p ‘ ‘ “ Popped With Westinghou.se stokers,
i . disposal anti coal storage facilities; machines for cutting and straighten<*tiniilliwlt' ? 11e axi!-s and similar high grade articles. All of this new
r n o K m m iS a b '.';V iPSta'lcd in modern brick and steel buildings of tho
most approved mill construction.
nhviva 1^ ,iufactUj ° of locomotive forgings, boiler and firo-box steel has
a ‘ha r e Prcsented a considerable portion of your business,
dent) wnLtT, e konus PJan for officers and employees (except the presiat thn'Let^ 'vas mauguratcil in 1917, and approved by the stockholders
ended lSt annual mu(;ting, was continued throughout the fiscal year just

SRS i o S s operations resulted in a net profit o f $460,680, after reserving
fh ^isual w S n s ^ ^ r ° ff
•935 o f tho deferred charges, and^aking
Attention is S,.2 qLi°! ^opreciation oi fixtures, machinery and equipment,
notes amoumirn' t 8
,o o ^ ' me ul- £f tilc equipment loan ar.d gold
Feb 'l 19?q V.^ne^KSu;K'°'ndKd' ,whlch matured on Aug. 15 1918 and
Iron & Steel M fg. C o., the controlling interest in which
debtcdne7 ovcomP?v;tUe 1 1 bls 'eaves the company with no other inm>Hr^COI?lpiiny owns. enable us to produce pig iron and coal considerably
and m e r ^ a S tadlbT^ne^.n'<Jnt bl,,S payab,c to its banks and bankers 1,1 muCess o f our requirements; their blast furnace is at present closed down
Jne comparative income account xvas published in V . 109 p. 1701
"
i m p r o v e m e n t t r 1 colnP,any during the past year showed a satisfactory
e w
S
t S i !general conditions are normal during this year, there is
BALANCE SHEET SEPTEMBER 30.
the hnirinnW Af a i eve' based upon the increasing volume of business since
1919.
1918.
1919.
1913.
Assets—
5
[The rKiim m i™ S.?oar’ } hat !ts st(’;!dy and healthy growtii will continue,
$
Liabilities—
$
S
of Dec. 2 0 1 9 F9 p
Ed') d,viderid was announced in ‘ ‘Chronicle" Real estate, plant,
First pref. stock.. 500,000
500.000
equipment------ 6,810,865
6,397,199 Second pref. stock. 1,500,000 1,500,000
Accounts and bills
r FOR YEARS ENDED JAN. 31.
Common stock__ 3,000,000 3,000,000
1918-19.
receivable........ 1,099,187 1,779,851 5% sk. fd. bonds..
1917-18.
1916-17.
.......... x.300,000
Profits____________
$842,918
$647,411
*845,525 Raw, materlalsmill
Real estate mtges.................
100.000
Miscellaneous revenueZIIIII
supplies,
&c.
(at
53,831
55,063
72,644
Sundiy creditors................... 1,012,903
cost)................. 1,134,092 2,876,540 Govt, contingent
Total income_______
Deieried
charges.
$896,749
40,698
$702,477
$918,169
152,745
advances_____
_____
2,052,616
Officers ’ salaries___
$55,000
$55,000
*55.000 Investments—
Acc’ts payable___
362,638
Genera), &c., expenses.III
U. S. Govt. &
31,354
24,315
46,665
Common dividend ISO 000
l’oblooo
Reserve for bad accounts
other
bonds..
959,000
28,796
30,193
5IS,000 Reserves—
41,386
Depreciation________ "
Lib. bds. for em­
63,694
62,968
64,88/
I Exc.prof.,Ac.,tax3,709,088 1,834,819
Amortization___
*" "
ployees
_____
1,035
66,935
33,007 j Replace'ts, & c..
176.870
402,615
Interest_____
War Sav.Stamps
102,098
129,337
172,617
2,454 Surplus................. 4,034,119 3,187,858
Kittaning Iron 1 ..........f
&
Steel
Mfg.)
< 266,750
$301,811
*380,555
Co.,other invj 357,565i
548,871
25,000
400,664
Cash.................... 3,030,274 1,995,265
88,191
34,790
$460,680
1919.
$

*365,873

*537,614

1918. |
1919.
1918.
Assets—
S
! Liabilities—
Trade-names, good
i Preferred stock. . . 3,000,000 3,000 000
will, &c...........
,499,600
Common stock__ , ,500.000 7,500 000
Fixt. & machinery 768,249 i .499,600
80i,319j6% notes_______
2 ,0 0 0 .0 0 0
Delivery equipm t
77,862
99,3861Equipment loan..
100 ,000
pash............
ou
340,486
759,156 j Trade creditors__
257,564
Inventories......... 2.158,665 2.022,615: Accrued pay-roll.. 374,899
30,747
22,157
trade accounts... 1,035,501
917,443 JNotes payable___ 1 ,0 0 0 ,0 0 0
Other accts. r e c...
50,636
137.956; Acer. lnt. & taxes.
91.007
38,130
6 5 ,f>29
Miscellaneous___
u0,8“l Customers' bal__
30.876
33,394
U. 8. Govt, secur.
17,059
153,600 Sundry creditors..
35,443
45,500
Deferred charges. *602,418
669,35 >|Surplus.... ............
560,509 x 129,889

Totai -------- ...13,432,715 14,046,811
Total................. 13,432,715 14,046,811
anmnntinv
« l-n U m thorizud b°',ldtid. Indebtedness of $2,000,000, bonds
*?,24-000 have been canceled by sinkmg nuKl, $306,000 are still outstanding and the balance of $1 000 000
liav e been given as security on tho U. S. Government contract* ivilnst
advances amounting to *2,062.616.— V. 109 p. 1701.
against
S a n t a C e c ilia S u g a r C o r p o r a t io n .

(Report for Year ending July 31 1919.)
President M . H . Lewis, N . Y ., N ov. 20, wrote in subst.:

The season was characterized by favorable weather conditions resulting
in a comparatively short grinding season free of serious liitSrupttow
The
quality of the juice was practically the same as that of tho previous year
but mechanical and other improvements produced better factory res^Us
Gosts In every department ruled high, and the extended delay in the r movai
...............12,666,117 13.114,059! T otal................12,666,117 13,114.059
—
of sugar under contract with the U S. Equalization Board ertaud h avv
charges for storage, Insurance and interest
maxy
C23d a*tUstorebaNd°Ye)d lim 's T io 1 an<? ront and, oxPensos sinco occupancy
Grinding began Dec. 12 1918 and ended May 31 1919 during which
(42d St. store, N. Y ) ’ $134 2 / 9
a" d rent and taxcs prior to operation period the lactory ground 100,666 Spanish tons of cane of 2,500 lbs
oh
aad “ ade 93A46 bags of sugar at 325 lbs. each, the yield i f sugar be ng
19LN $235°984; bahin^,
\ V £ ' ' ,oss d 'ficit Peb' 1 12.23% and the average polarity 95.61 degrees. The molasses oulim! ua«
6 4 /,000 gallons of an average polarity of 2 6 .9 4 degrees.
'
11
as
Gross revenue from al! sources amounted to $1,786,303. Operating ex­
C a r b o n S te e l C o m p a n y , P it t s b u r g h
•
ponses of all kinds, including repairs and replacements, aggregated M ‘i'll (2oth Annual R ep ort-Y ea r Ending Sept. 30 1919).
i
earnings amounted to *144,861. The profit aft. r tUductii‘g $44,656 for interest on current debt, $40,484 for bond Interest and S / 9 president Charles M cK n ight, Pittsburgh, P a ., Oct. 28 <
>.. / for depreciation provisions, amounted to $280,013. The amount
iJ iu , wrote in substance:
^ to” ° " , r eprr ,n£ 5% on manufacturing plant and plantation railroad.
K v h A i i « i m atf FO ll|?iStWik and buildings other than factory, and 20%
tle m e n f A^ri|I^ rteArtthe th e"u d “lay" in adiusting the details o f the SetcalU! P!an,iuks, all as recommended bv the auditors, ana
considered
by the management to bo ample.
urination o? w S “ niracts It was n e S ? ' { S gr“ \vlng ollt « f Jhe torcwTn,.p!>? . tax an,d ,*r,lconl° taxes referred to in bal. sheet are ost. $55,000.
f ^ ^ f l i rtgage S. 1'‘l<ulr Ihnil the corporation was required, out of earn\chn ^ o w e v w ^ o ^ h y *45,000 to retirement of bands. Since July 31
eormiriMnn ho^rH i’ 122- haSib<,<’n app,lcd to tho retirement of 8100.000 of
leaving the amount of bonds now outstanding $600,000.
again interrupted.
Decame effective, and operations were ments of the ™ u ^ H res amou.ntl'd <° ¥158,898 for extensions and b .ttornmv cane* *pIant:hn? d(I:?!*, 3 6 /*) ,P"&c? ‘ ' addillol,s t0 thp manufacturnm Hant.




2439
• T he rainfall
be'(dn°about
to a higher average selhng price
for sugar during the current year.
INCOME ACCOUNT FOR YEAR ENDING JU L Y 31.
io , q in
1Q17-18 I
1918-19.
IJ I/- 1 0 .

f t__

"

° f t w a r - (h a w )

-

’

9 3 .3 4 6

Operating profit..
7 1 . 6 4 5 | l n t .. o n c u r r ’ t d e b t

O p e r a t i n g e xp e n s e s 1 ,3 4 1 ,4 4 2

operating profit $444,861

^ r e i - U 1V ° - w

$321,132

$144,861
4 4 ,6 5 6

109,

t h e m a n a g e m e n t o f t h e lin e s .— \ .

P - 21 / 1 ■

Central of Georgia Ry.—f o n d

$ 3 2 1 ,1 3 2

See

21,761

C h a tta h ooch ee &

Gulf R R .

f aR c Z

b e lo w — \ .

109,

2o6o

p . 2 ^ 6 -.

4 2 ,2 7 2

c > ______ ____

Balance, surplus S219.906

76,092
60,774
S120.233

GENERAL BALANCE SHEET JU LY 31.
1919.
S

Asset*-—

1919.

1918.
S

Liabilities—

S

1918.

S

Pref. stock, 7% cum. 1,000,000 1 ,000,000
Prop., plant, bldgs.,
Common stock--------1,750,000 1,750,000
mach'y.HR.
m achy,Kit. equip.
equip•
3 ,289,898 First Mortgage 6%
"TOn An alnl'llicr
TOlfl
CiC-------------------- ’ __ _ ^ I173,647
sinking fund
fund £
gold
Planted & grow, cane 187,949
750.000
8,608! bonds, due 1 927 .. c700,000
Advances----------------7.952
520.000
Notes payable---------- 893.123
127,290
Materials & s u p p ... 113,521
45,296
87,360
Accounts payable.. .
Sucar & molasses on
______
2.072
2,087
388,069 Accrued wages.........
1,458
57
hand---------------------- a7i f ’5Ro
Accrued Interest-----93.075
’ Accts. receivable-----56,469
D
e
p
r
e
c
ia
t
io
n
o
n
m
a
n
­
3.000
IT. S I.lberty bonds.
2.000
33,802
60,742
u f a c t u r in g p l a n t . .
95.268
Cash________________ 115,556
10,847
19.666
1,410 Deprec. on buildings
Accr.int. receivable.
55
11,005
41,844 R E . & rolling stock.
89,123
Co.’s b o n d s........... Surplus, subiect to
Treasury stock-------- bl3,269
excess profit and
Bd. sinking fund-----89,123
120,233
income taxes-------- 312,535
10,699
Deferred charges-----18,320
T o t a l _____________ 4 ,8 3 6 .5 7 5 4 ,2 3 3 ,7 0 9

T o ta l ---------------------4 ,8 3 6 ,5 7 5

6 -c e n t c a s h fa r e b a s is , e ffe c t iv e D e c . 2 7 .
tu t h e p r } C es p a i d f o r t h e m , o r
t ic k e t s w ill b e a c c e p te d fo r tr a n s p o r t a t io
h o ld e r s ’ o p t io n .
T ic k e t s
m a y b e r e d e e m e d a t t h e c o m p a n ie s o ffic e s
te d e v e n if d e ta ch e d fr o m
s o ld in f i f t y - r i d e 6 -c e n t t o r e b o o k s w il l t
o
t
pu rch aser.
th e p a ck e t a n d
pO T Son sow i
an
e x is tin g tr a n s fe r
C h il d r e n ’s fa r e s a r e r e d u c e d f r o m 4 t o 3 cO T m ^ a n u ^ ^
t o A I a y 2 0 Qr

presented by

p r iv ile g e s a r e c o n t in u e d .
The ”^w
b e y o n d u n t il th e r e v a lu a t io n o f t h e
p e r m a n e n t r a t e is e s t a b lis h e d .
V .

4 ,2 3 3 ,7 0 9

---------- .
1i 7 (A except 1 2 ,0 0 0 bags still unshipped but
a At j ^ c ^ subsetyentlv ^ h z R d jg. net contract price, b Preferred
l^l^S^hares^nomlnaWalu^St,182 slmres at cost. *13,268. c Reduced
Sept 18 1919 to * 0 0 0 ,0 0 0 — V. 109, p. 78.

fa re s

companies
109, p . 23

n r o p e r t ie s is c o m p le t e d a n d
p r o p e r tie s
p

■

.

_

Cleveland Cincinnati Chicago & St. Louis Ry. Co.
O
th e

n S L

t ^ h ^ n ^ e l i v e r y

R e f. a n d

Im p r o v e m e n t .M t g e

of ^

en graved

6 %; b o n d s ; b y

1 . 109,

f o r t h e in te r e s t s h o u ld a c c o m p a n y t h e b o n d s .

Prip Countv Traction Corp .—

P erm an en ^ b o n ^ o T

Jan. z

p.

to

Y ork upon

37U.

Reorganized

C o m p a n y .— -

general investment news
VW wluvivv v

RAILROADS, INCLUDING ELECTRIC ROADS.
A n d ro scog gin & K en n eb ec R y .— Successor Company.—
See Lewiston Augusta & Waterville St. Ry. below.

p S S V S r b e used “ L

Arkansas & Louisiana Midland RR.— Reorganization.—

i w n t meeting of the Chamber of Commerce at Monroe, La. a
"^ c itl^ n ro D O s in g ireorganization o f the company for the development
7 f.fr nld J^nPMonroe and West Monroe, and in Ouachita parish was
I S m n m l v endorsed0 6 The idea is to purchase the line and to extend
unanimously enaorse
ulremcntR- Two committees were appointed to
Its facilities
Report. Among those interested are P. E.
consider the Planl and maim P
Downes, Jr., T. H. McHenry,
r r i t h K n
J ’ Fernandez and o t h e r s .-“ Railway A g e ." - Y . 108.
p.2432.

AQhtflbula Rapid Transit Co.— O rdinance

t, S

P a ssed .—

ixoixvm v
™ n t i v nassed by the city council provides among other
to?thepurchase of the property at a price set at *296,000; (6 ) the
things. W .tn e pure
bonds secured on the property o f tho company;
^ Ur ^ n c h L s e d^lgned%o be opeTati^ only In cu n flu city defaults on
(c)
a
franemso
u
u
s
foreciosure
This franchise,
payments rendering a toreaoMiru sale necessary.
an lnterest
fund o f $modeled
30 000 ,
along « » • o f theJ ^ e r 8 ™ ™ . ^ and a rise or fall In the interest fund
which is to bo lnamr
stipulations contained in the franchise
nortkm ^f^h^ordinance^are non-effective while the city owns the line
— V. 109,, P- 1700.

Peltimnrfi &

,

interest when earned.
Buffalo Southern Ry. receive in the
The holders of the * 6 0 0 ,0 0 0 ot urn
bonds ?250 par vaiue of
reorganization for each^SljOOO^Buff^^^^^^ of the $100,000 new 1st M tge.

^

s

t

o

c

k

.

“ »„Tth“ ? fflK e s t p e q u lI e m e n t s . moreover, .reeutrrom about

and of the Circuit Court irt M ad ison ^ la^., ^“ lders of unpaid receivers cerat Augusta, Feb. 3, to
J
‘ _ wbole or it may be sold in sections,
tificates. The road may be offered as a w h o l e lg ,}00 uiiles longwith the privilegeofdiscont
faiePincludes the Augusta Southern R R ..
from Augusta to Madison. 217f ) a ^d which runs from Augusta to Sanders-

Ohio RR.— Definitive Bonds Ready.—

Definitive 10-ycar 6 % Secured Gold bonds are ready for delivery at the
U . S M ortgage & Trust Co., 55 Cedar St., in exchange for temporary

SCnif
S S RrA ShiD
S S oIsland
Sm s.

R R .—

Federal Contract.

Hines has signed the F ^ eral opemUng con*
tract fixing the annual compensation at $595,882.— \ . 108, p. 3/S.
p.p sent out Dec, 17 by tofTFidelity Trust Co.. Baltimore, to

t r ig I J S S f a S f t s n s s - T . m k s -k

SOvfi^Pr'es George M . Shrlvor was recently quoted as saying: “ After
nrnvfding^r Jan. 1 interest paymonts there will bo due to the company on
providing ior aa accounts and compensation under the Federal contract a
account o f open |£
qoo, and 0n account of materials turned over to tho
balance o f about^.uuu.uuo. $ 1 5 Q 00 0 0 0 or a total working balance of
<3°ver » tnnaffin The°Railroad Administration has oxpended upon tho
about $2 2 ,0 0 0 0 0 0 lobi
about $ 2 2 0 0 0 0 0 0 . on account o f which the
proporty durii^ the t
y r»
entitled to credits, account of accrued
com p a n y has m ade paym en t

u

C am bridge Subw ay B ill E n a cted .—

hill nroviding for the purchase of the Cambridge subway by the
CoTnmonwealth. pawed by the Massachusetts Legislature, has been signed
by f ’ °hn?'nrovld«idfor the purchase o f the subway from the Boston EleTho
i K
not to exceed * 8 ,0 0 0 .0 0 0 , the subway then to bo rented
vatH?o Novated railway at a rate equivalent to 4 'A% on tho bonds to be
to the
qtatn on account o f the purchase o f the property. The
isJlnon onn recelved by the Boston Elevated is to bo used for the purchase
nfroUing s t o ^ ^ d o X r equipment, which otherwise could not be obtained.
Z lv . 109, P- 2262.

t>n„ton & Maine R R . —

A p p ro v e s F in a n cin g— P resid ent —

, ^ I m on Dec 23 authorized (1) tho issuing of *2.273,000
. TJi et«tho n^ell to tako upan equal amount o f bonds issued to the Directorbonds to be used t
o up qqq* f bonds for purpose o f paying the DirectorGencra o fR R s., '^^ f^ 'roV em en ts and additions; 3) *620,000 bonds for

P ru d e n t

Woodward Hudson, who served as President during the re-

T h c nmmeV^ioner o r ^ n t and Structures o f New York City, of a pro­
sock to retrain him from operating municipal bus lines in con­
tention with the lines o f the company. Application for a temporary
petition wltn inu i
tho Supremo Court in Brooklyn on Jan. 12.
injunction will be * - klvn c p y RR. Co. will ask that tho restraining
crosstown. Graham A v e„ Greenpoint and Third Avenue.
Whalen has not procured a certificate of
The company alleges
f m {he 1’ . S. Commission, as required by law,
and
thi^
th
e
n
w
^
a
f
y
permit
from
the bus
Board
Estimate
and Apportionand that tne noce&wy p
Qf these
linesofwas
not properly
obtained,

losing between $3

Brooklyn Rapid Transit Co. -Probable Dates \of Openilia New Lines— New Steel Cars.
See Rapid Transit in N. Y . City below.




“

a * * -”K

tin j? a p p r o x i m a t e , y $ i 2 ,5 0 0 ,0 0 0 .

depreciationi retired^proper ^
t
thls account o f about $ 1 0 ,0 0 0 ,0 0 0
I r t , ? , ^ 1th fc o m p a n y h a s accepted .equipment to the amount of *17
i» it o b e covered by equipment trusts running for a period
O0 0 ? 0 0 ’ ^ 1 With its recent issue o f *35,000.000 10-year Secured bonds,
of
yvara. ^nded all its short-time obligations which had been issued
the conmany lunu
capital Investments, and has now no obligations
o tC r than the b X n c e dS^the Government.” Compare V. 109, p. 2355.

■Rostnn Elevated Ry.—

$600,000 bonds

Tntarborough Consolidated Corp.— E x p o rt's
S

I n t e r b o r o u fh R a p id T r a n s it

Report —

C o . u n d e r f in a n c ia l r e p o r t s a b o v e —

Inte-borough Rapid Transit Co.— Probable Opening

of

N i£ .
k Z ^ £ i A i . Y ° nS l t ? S S‘"£
i Financial R o „ o r „ " on a
preceding page.
,R a rn ^nQ+ V ./8tone & Webster is cited tinder “ Financial Reports,” and
s ’1<*e^ ^ ^ ‘Earnl!’ g 7 ,Dt.partii:prl'’ !’ 'above f

o

r

in *Novenilie?' IflJF."

— V. 109, P- 2356.

Tacksonville (Fla.) Terminal Co .— Guaranteed B ond s
Offered —Citizens & Southern Bank, Augusta, Ga., are offer-

ine at 84 34, yielding 6%, 8100,000 First & Gen Mtge. Gold
5%
b o n d s o ld N W

a l S l r i d ' . s I c O . O M 1 aoutetandiim.:$2,100,-

Trustee.
f ^ l ^ t y . by Atlmitic Coast Line R R .. Florida East
int.ei^t Tointly ana
Line ’ R y . and Southern Railway. Secured by a
Sorteage on three tracts of land in the City of Jacksonville, Fla. containing
Dpl ^rres excepting therefrom 30-foot rights of way belonging to Atlantic
r o L t LTne R R . and Seaboard Air Line Ry. and right of way owned by the .
Atlantic & East Coast Terminal C o., together with all tho buildings, equip­
ment, franchises, incomes, &c.— V. 71, p. 135.

Kansas City (Mo.) & Outer Belt RR.— Sale

P o stp on ed .—

The disposition of the company which was to have been sold under
foreclosure, it is stated, has been indefinitely postponed.— V . 109, P- 477.

Lewiston

Augusta & Waterville St. Ry

— Prot. C om —

In reply to an inquiry, we are informed that the plan o f ,r, ® ? v ^ e e t has not vet been prepared and presented to the bondholder, but it is expect
ed that ^the plan wifi very shortly be in the bondholders possession^
Committee— The Protective Committee for the holders o f the First &
Ref Mtge. bonds are as follows; Henry W . Cushman, Frank Silliman, Jr.,
Frank D. True, C. Stevenson Newhall.
,
. . . .
K„nHV,r.iHprs’
The company recently offered for sale was bought in b j the
Protective Committee and it is stated will be reorganized as the Androscoggin
& Kennebec R y.— V. 109, p. 1179.

Little Rock Ry. & Electric Co.— R e fu n d in g .—

The $600,000 6% bonds, due Jan. .1 1920, will be paid o ff at m ^ r l t y .
at office o f Interstate Trust & Banking C o., New Orleans, La. in co

2440

THE CHRONICLE

nection with this payment the company will issue $1,000,000 7% One-Year
notes, dated Jan. 1 1920, and due Jan. 1 1921. It is stated that First
National Bank has underwritten this issue.— V. 109, p. 676.

Los Angreles Gas & Electric Corp.— Decisions.—

The U. S. Supreme Court on Dec. 8 affirmed the decision o f the District
Court o f Los Angeles, which sustained the right o f the corporation to keep
its electric light poles on the streets o f the city. A city ordinance provides
that the corporation must remove its poles in order to make place for muni­
cipal improvements. See also Southern Calif. Edison Co. below.— V. 108,
p. 2128.

Manhattan Railway.— Relations with the Interborough
and Consequences of the Physical Separation of the Systems—

Stone & Webster in their summary of Dee. 11 (see “Annual
Reports” above), say as regards the Manhattan Railway:

Lease.— The Interborough Company, by lease dated Jan. 1 1903, leased
all the properties o f the Manhattan Company practically in perpetuity for
an annual rental equivalent to the fixed charges upon the Manhattan Com­
pany’s bonds, a small administration fund and $4,200,000 as a guaranteed
dividend o f 7% upon the Manhattan Company’s $60,000,000 of stock.
$47,000,000 Expended by Interborough on Extension, Improvements, &c.—
Since the date o f the lease the Interborough Company has expended or
appropriated the proceeds o f about $47,000,000 of its bonds and notes for
improvements upon, additions to and extensions of, the Manhattan pro­
perties, among which are included the third-tracking of portions of the ele­
vated system and the elevated extensions.
Power House.— The Manhattan power station has been enlarged to such
an extent that it can now produce a large amount of surlpus energy which is
available for use on the subway lines. To a considerable extent transformer
stations and other structures intended for the service of both subway and
elevated lines have been erected on real estate owned by the Manhattan
Company, and certain of the Manhattan repair shops are used for tho main­
tenance o f subway equipment. In great measure the power distributing
systems are now used for the benefit of both properties. Therefore, the
physical relation between the subway and elevated systems is very close,
and should the power system be divided between the two companies and
thereafter each one should operate its own system separately, neither
company would have as flexible or economical a power system as it now has.
Extensions as Yet Unprofitable.— Three o f the elevated extensions pro­
vided for in the Interborough Certificates are now in operation and a fourth,
the Webster Avenue line, should be completed in 1920. As already pointed
out, the elevated trains also give thiough service over four of the long ex­
tensions o f the subways which have been built into sparsely settled suburban
districts. When all o f the extensions have been completed, tho routes over
which elevated trains operate will have been increased to an aggregate of
59 miles as compared with 37.7 miles o f elevated lines existing at the time
o f the Manhattan lease. These new lines fail to attract sufficient traffic
to the Manhattan Division (including in this term as used by the Company
and in this report all routes over which elevated trains operate) to cover
more than the additional expense o f operating the trains ovor them and the
taxes upon them. At least one-fourth of the deficit resulting from the oper­
ation o f the elevated lines is due to these unprofitable extensions of routes.
Effect of
Default Under Manhattan Lease.— It will be noted in this
connection that in all the statements showing separately the results of the
operation of the elevated lines, the interest and sinking fund payments upon
the bonds and notes (now about $47,000,000) representing tho Interborough
Company’s investment in the elevated lines are treated as part of the annual
fixed charges resting upon the elevated lines. Those charges would con­
tinue against the Interborough Company even if it defaulted under the
Manhattan lease and lost the elevated lines.
We are advised that if, upon default by the Interborough Company under
the lease, the Manhattan Company resumed possession o f its property.
It would bo under no obligation to operate the extensions o f the system made
under the Interborough Certificate since the date of the loaso or to give
through service over the subway extensions under the terms o f the trackage
agreement.
If the operations o f the Manhattan Company were confined to the system
as it existed at the time o f the lease plus the thiul track additions built under
the Manhattan Certificate, tho results to that Company would undoubtedly
be very much more favorable than the showing of the Manhattan Division
under existing conditions.
We are further advised that the public authorities could not require the
operation o f the elevated extensions as part of the elevated system or the
giving o f through service by elevated trains over the subway extensions,
without an additional fare and that such additional fare would have to bo
sufficiently high to prevent the imposition of confiscatory burdens upon tho
operating company. Notwithstanding the low density of traffic on these
extensions, a very large number o f passengers now use them, approximately
15,000,000 per annum traveling in each direction.
In case o f tho separation
of the two systems many thousands of passengers who now travel over the
extensions o f the elevated routes would have to pay an additional fare or
walk a long distance to the junction points. [See also Intcrboiough Rapid
Transit Co. under'“ Financial Reports” above and also in V. 109, p. 2168.)
— V . 109, p. 2172.

Any

Montreal Tramways Co.— Dividends Resumed.—

.

A press report states that this company which suspended payment of its
10% dividend rate early in 1918, owing to the unsettled state o f the faro
question, has resumed the payment o f arrears, a declaration o f 2)4% being
ordered for the second quarter o f 1918 with the intention of making
periodical payments until the arrears are paid up. The regular 10% rate,
it is stated, will be resumed early in the new year.— V . 108, p. 2123.

NorthamptonEaston&Washington Trac. Co.— Receiver.

William L. Doyle, Easton, Pa., has been appointed permanent receiver
by Judge Rellstab in the U. S. District Court.— V. 109, p. 1987.

Northern Electric Ry., Calif .—

Receiver D isch a rg ed .—

John T . Coghlan, receiver, was discharged on Dec. 1 by Federal Judgo
William C. Van Fleet. M r. Coghlan reported to the court that the affairs
o f the company had all been successfully wound up and that there were no
further duties for him to perform. The sale o f the properties under fore­
closure was made on M ay 28 1918 to tho Sacramento Northern R R . (V.
106, p. 2758)-— V. 106, p. 2123.

Ocilla Pinebloom & Valdosta R R .—

To Be S old .—

Herbert W . Wilson o f Waycross, Ga., has been appointed commissioner
to sell this road on Jan. 6 . Tho line is 11)4 miles long from Leiiaton to
Lax, Ga. Principal item is the rail, which is to be taken up. V.100, p.132.

Pennsylvania Company.— Semi-Annual Dividend .—

The directors declared a semi-annual dividend o f 3% on the stock, all
o f which is owned by the Pennsylvania R R ., payable Dec. 31 to holders of
record Dec. 24. A like amount was paid in June last and also in Juno and
Dec. 1918.— V. 109, p. 1180.

Rapid Transit in New York City.— New Lines .—

Gov. Smith, at Albany, on Dec. 21, received a detailed report from
Transit Construction Commissioner Delaney, outlining the status of con­
tracts in force for rapid transit construction in the city o f Now York and
Indicating that the large contracts now under way will be completed and
ready for operation as followsRoute.
Date (1920).
Eastern Parkway Line, Brooklyn (Int. Rap. Transit C o .)_____Midsummer
Nostrand Ave., Brooklyn (Int. Rap. Transit C o .)___________ Midsummer
Livonia Ave., Brooklyn (Int. Rap. Transit C o .)_____________ Fall
Westchester Ave. & Pelham Bay Park, Bronx (Int. Rap. Transit
C o . ) ____________________________ _________ _____________ August
White Plains Road extension, Bronx (Int. Rap. Transit Co.)--Sum m er
Broadway (Manhattan)— 4th Ave. (Brooklyn)— Montague St.
Tunnel (Brooklyn Rap. Transit)_______________________ April
Brighton Beach connection(Brooklyn Rap. Transit)__________ Spring
Culver Line Ave. X to Coney Island (Brooklyn Rap. Transit).-M arch
14th St. (Manhattan)— Eastern Brooklyn (Brooklyn Rap.
Transit) ------------ ---------------------------------------------- ------------- Late 1921
Contracts for 200 steel cars to be used on the lines of the New York Muni­
cipal Railway system have been approved within the last few months.
These will cost approximately $25,000 each. When the Brighten Beach
service and the Culver Line service are extonded to Manhattan through
either the Montague St. tunnel or over Manhattan Bridge, it will be nec­
essary to replace the wooden cars now in use with modern steel cars. There
are at present 128 cars in use on the Brighton lino and 60 cars in use on the




[V ol . 109

reconstructed Culver line. The extension of the New York Municipal
Company’s Broadway service through the 60th St. tunnel and on the ele­
vated linns in Queens will necessitate a further material increase in car equip­
ment and the Commissioner is urging that equipment provision bo made for
this extension.— V. 109. p. 1987. 1367.

Richmond Light

&

RR.—Ready to Discontinue .—

Representatives of the estate of Henry II. Rogers, which owns the
Staten Island Midland Ry. and the Richmond Light & R R . trolley lines,
have informed Public Service Commissioner Lewis Nixon that they are
ready to discontinue operation of the roads unless they get financial relief.
The Commissioner was informed that the estate for years has been putting
up the money to run tho roads and that last month their operation cost the
estate $17,000 and that there has been an annual deficit of $100,000 for
many years. No dividends have ever been paid and no interest on bonds
during the past ten years.— V. 107, p. 502.

St. Joseph Ry., Lt., Ht. & Power Co.—Fares— Wages.—

Seven-cent fares went into effect on Dec. 1 on the lines. The faro was
formerly 5 cents. A t the same time the trainmen received an increase in
wages of 8 cents an hour.— V. 108, p. 270.

Savannah (Ga.) Electric Co.— Receivership—■Committee.

The company being in a position “ in which it is unable to pay its in­
debtedness or to pay interest on its bonds due Jan. 1, or to borrow addi­
tional money necessary for extensions and improvements," was on Dec. 22 •
placed in the hands of Howard C . Foss of Savannah (district manager of
Stone & Webster) as receiver cn application by the General Electric Co.,
holder of an unsecured claim of $3,807 for electrical equipment and supples.
The committee named below having been formed, invites the holders of
tho First Consol. Mtge. bonds dated Jan. 1 1902 to deposit their bonds on or
before March 1 1920 with the Commonwealth Trust C o., 30 Congress St.,
Boston, depositary, which will issue transferable certificates for all bonds
deposited. Bonds should be accompanied by the Jan. 1 1920 and subse­
quent coupons, and registered bonds should be accompanied by a properly
executed transfer thereof in blank.
,
Committee.— Charles Francis Adams, Chairman, Stedman Buttnck and
George C. Lee. Elbert A. Harvey, Sec., 44 State St., Boston; Ropes,
Gray, Boyden & Perkins, counsel, 60 State St., Boston.— V. 108, p. 80.

Southern Traction Co. of Illinois.— Sale Confirmed.—

Judge English in the East St. Louis Federal Court has approved the sale
of the road to C. B. Cox, President of tho Aluminum Ore Co. The road was
sold on July 10 last by Master in Chancery o f the U. S. District Court for
$400,000 to H. D. Mepham of St. Louis. Under the terms o f the sale,
Mr. Mepham had until Dec. 17 to complete the purchase, but he transferred
his right to Mr. Cox. Of the purchase price $325,000 has been paid and
Judge English canceled the order requiring the completion of the sale byDec. 17 and extended the time for payment o f the remaining $7 5 , 0 0 0
until Jan. 15.— V. 109, p. 1988.

Springfield (O.) Term. Ry. & Power Co.— Rec. Ctfs.—

Judge John E. Sater has authorized George Whysall, Receiver, to issue
$25,000 6 % receiver’s certificates. Denom. $500; int. payable semi-ann.,
secured by a first lien on all of the property of the company. The certifi­
cates are to be issued immediately, and it is reported they will be taken up
by the bondholders of the road.— V. 109, p. 2263.

Staten Island Midland Ry .—

R eady to D isc o n tin u e .—

See Richmond Light & R R . above.— V. 104, p. 1900.

Tide Water Power Co., Wilmington, N. C . — N e w
Stock.— Right to increase Pref. Dividend to 7 % cumulative.
The stockholders on Nov. 12 adopted the following propositions:
,G ) That the capital stock bo increased from $1,200,000 to $2,600,000.
of which $2 ,0 0 0 ,0 0 0 shall be preferred stock [but only $ 1 ,2 0 0 ,0 0 0 to be
outstanding at present.— Ed.] and $600,000 shall bo common stock.
(2) When $600,000 or more of said Preferred stock shall have beon issued
the amount o f the dividend to be paid on the Preferred stock may be in­
creased, by a vote o f a majority of stockholders having voting powers
to not exceeding 7% , and when a total of $900,000 of such Preferred stock
shall have beon issued or subscribed for, said dividend may, by similar
vote, be made cumulative.
(3) After the said aggregate sum o f $600,000 of said Preferred stock shall
have been issued and outstanding, then tho corporation shall have the right
to issue immediately, additional preferred stock up to an aggregate amount
o f $ 1 ,2 0 0 ,0 0 0 , the increase to bo used only in refunding or paying bonds
which may become due before 1922, and in paying off its floating debt,
and for improvements and extensions.
(4) But after the aggregate issue o f $1,200,000 o f said Preferred stock,
if the same shall have been made cumulative at a greater rate than 5%
no additional Preferred stock shall thereafter be issued unless and until
the said corporation shall, at tho time of issuanco of such additional Pre­
ferred stock over and above tho sum o f $ 1 ,2 0 0 ,0 0 0 have earned, during the
previous twelve months 1 'A times an amount necessary to pay the interest
upon its bonds and the dividends upon all of the Preferred stock then issued
and to bo issued; and then only for betterments, improvements, enlarge­
ments and extensions and for necessary equipment.
(5) Provided, however, that thoro shall bo no restrictions and limita­
tions upon the increased issue of said preferred stock hereby authorized,
unless and until the rato o f dividends thereon shall bo increased to 7% .
and made cumulative.
Digest of Statement Made by President Hugh MacRae, Wilmington.f
At the meeting o f Nov. 12 authority was given for selling $600,000 o
the new Pref. stock at the present time, for the following puiposes:
New suburban cars ($40,000); extensions to gas plant ($40,000)__ $80,000
Funding floating debt, heretofore made for improvements______ 1 0 0 ,0 0 0
Extensions o f lines and service for year 1920___________________ 70,000
Refunding short term 6 % bonds, maturing Aug. 1 1920________ 350,000
The prospects have at no time beon hotter than now. Relations with
the public and employees are entirely satisfactory. The growth and pros­
perity of tho City of Wilmington and of Wrightsvillo Boach aro being di­
rectly reflected in our gross revenues, which leave, notwithstanding the
high cost of operation, satisfactory earnings applicable to dividends.
It has been determined to increaso the dividend on all outstanding pre­
ferred stock to 7% if subscriptions shall be received for $300,000 of the
new Pref. stock.
All stockholders are entitled to subscribe at $99 per share on or before
Dee. 26 for $600,000 of tho new Pref. stock, equal to 100% of present
holdings, subject to reduction o f allotment to not less than 50% in case
of over-subscription.
.
Subscription is to bo made contingent upon tho dividend rato on Prof.
Stock (including that on your present holdings) being made 7% cumula­
tive instead o f 6 % , o f which 5 % only at the present time is cumulative.
Terms of payment will be 10% cash, check to accompany the subscrip­
tion; 20% on or before Feb. 10 1920: 20% on or before April 10 1920; the
remainder on or bofore July 10 1920, or cash paymont may be made In full
if desired. Interest at 6 % will be allowed on advance payments. Hugh
MacRae & C o., Wilmington, N. O., will receive subscriptions and make
deliveries of the stock to the subscribers.— V. 107, p. 1194.

Union Passenger Ry. Co., Philadelphia.— D i v i d e n d .—

The Philadelphia Stock Exchange on Dec. 20 announced the declaration
of the semi-ann. dividend of $4 75 per share, payable Jan. 1 to holders or
record Dec. 15, less half of 1918 Fecloral income tax.— V. 108, p. 2529.

United

Gas

& Electric Corporation.— Earnings .—

Statement of Earnings for Ttcelve Months ended Nov. 30.
1919.
1918.
Balance of subsidiary operating companies------------ $1,765,084 $1,242,680
Deduct— Reserve for renewals and replacements-.
390,113
243,139
Earnings applicable to stock of subsid. cos--------359,505
291,264
Balance, net____ _______
$1,009,466
Net from bond invest, and other sources________
152,344

$708,276
175,794

T o ta l___________________
$1,161,810
Deduct— Interest on U. G. & E.'Corp. bonds--------$558,000
Int. on U. G. & E. Corp. certificates of ind----134,806
Amortization of debt discount...............................
58,123

$884,070
$558,000
134.806
58,580

Balance for 12 months____________ _____ i
For sub. co. earnings, see "Earnings D ept." above.—'V, 109, p, 1701, 484.

D e c . 27 1919.]

United Rys. Co. of St. Louis.— Improvements,

& c., Aulh-

Special Master Henry Lamm has authorized ltolla Wells, receiver, (1) to
expend $621,715 during 1920 for the purchase o f materials and the recon­
struction o f tracks; (2) to pay a total o f $750,715 interest due on bonds on
Jan. 1 and on Feb. 1; (3) to buy 10 acres o f land at Natural Bridge Road
and the Kirkwood-Ferguson line at a cost o f $35,000 for the purpose of
constructing loops on both Kirkwood-Ferguson and Natural Bridge lines.
— V. 109. p. 1368.

Wages.— Agreement with Brotherhoods on Time and One~
Half for Overtime.—

The "Railway Age” o f Dec. 19 has an article dealing with the principle of
time and one-half for overtime In road freight service demanded by the
brotherhoods In 1916. This, conceded by the Railroad Administration,
has been made effective as o f Dec. 1 last as to slow freight service after
certain concessions made by the brotherhood.— V. 108, p. 1611.

W ashington Water Power Co., Spokane, W ash.—
Notes Offered.—Spokane & Eastern Trust Co., Union Trust
Co. and Ferris & Hardgrove, Spokane, Wash., are offering
at par the unsold portion of S3,000,000 Two-year 7% notes,
due Feb. 2 1022. An advertisement shows:

Interest payable s.-a. at Spokane & Eastern Trust Co. Secured by First
& Ref. 5% Mortgage bonds o f the company in the amount o f $1,200 for
each $1,000 o f notes. Proceeds will be used almost entirely to refund a
similar series o f notes maturing Feb. 2 1920.
Central Union Trust C o.,
N . Y ., trustee.
,
.
_
.
Property consists o f light and power plants and distribution systems in
Eastern Washington and Northern Idaho; a street railway in Spokane
and a suburban railway between Spokane and Medical Lake and Cheney.
Its power plants are as follows: Spokane, Wash., 12,000 h.p.; Post Fall,
Idaho, 15,000 h.p.: Little Falls, Wash., 27,000 h.p.; Long Lake, Wash.,
60 000 h p
Company can also develop an additional 25,000 h.p. in the
centre o f the city o f Spokane. The company s street railways in Spokane
do about 2 -3 o f the street railway business.
Has a 99-year contract with the Intermountain Power Co. for the.supply
of power for the electric operation o f the Chicago Milwaukee & St. Paul R y.,
under which it is now delivering 15,000 h.p. at its Long Lake power station
for the operation o f the railway between Beverley and Tacoma, Wash.
Also has a contract with the Pacific Power & Light Co. for the exchange of
surplus power. The output o f the company’s power stations for 12 months
ending Nov. 30 1919 was 225,896,050 k.w. hours.
Income Account for Twelve Months ending Nov. 30 1919.
Gross revenue___________ $3,506,837 Interest-------------------------- $572,995
349,500
Expenses---------------------- - 1.389,982 Replacement reserve_____
30,573
Taxes.
_______________
367,244 Profit & loss adjustments.
857.689
Net earnings....................... 1,749,611 Net for stock------------------

Dividend Increased from 4 % to 5 % Per Ann. ( l lA % Q .-J. 15)

A quarterly dividend of 1 M % has been declared, payable Jan. 15 to
holders of record Dec. 24, which increases the annual rate from 4% to 5% .
— V. 109. p. 1274.

West Philadelphia Passenger Ry.— Dividend .—

The Philadelphia Stock Exchange on Dec. 20 announced the declaration
of the semi-annual dividend of $5 per share, payable Jan. 1 to holders of
record Dec. 15, less half of 1918 Federal income tax.— V. 108, p. 2529.

Wisconsin Valley Electric Co .— To Discontinue Ry.—

Tho company having notified the city of Merrill, W is., that it would
discontinue service in that city at the expiration of its franchise on Dec. 31,
the city authorities have petitioned the Vi is. RR. Commission for an order
to prevent the company from discontinuing its operation o f the rail­
way.— V. 108, p. 482.

INDUSTRIAL AND MISCELLANEOUS.
Abitibi Power & Paper Co.—Com. Dividend 4 ¥ > % & c.

A dividend o f 4 M % has been declared on the Common stock" payable
Jan. 15 to holders of record Jan. 3. In Oct. last an initial dividend of 1 K %
was paid on the Common stock.
A Montreal dispatch on Dec. 26 says that an advance in the shares from
214 to 240 followed the announcement o f the recapitalization o f the com­
pany with a view to giving the common shareholders five for one of their
present holdings. • A new company to be called Abitibi, Ltd., is to be
formed, capitalized at $31,000,000, of which $30,000,000 will be Common
and $1,000,000 Preferred. The latter will be exchanged share for share
and tho Common five for one, making the outstanding Common $25,000 000.
— V. 109, p. 1274.

Adirondack Electric Power Corporation .— M e r g e r

—

The official circular of Dec. 15 cited last week further shows:

It is planned to change the name o f the New Company to Adirondack
Power & Light Corporation.
Total $24,420,000 Capitalization of New Company.
-------------- $9,500,000
Common stock (par value $50 per share)
Each (Adirondack common stockholder [total $9,500,0001
to be given one such $50 par share for each $100 par share which
he holds. [In all $4,750,0001 An equal amount to go to the
General Electric Co.
Preferred stock 7% cumulative, callable at 115. Par $100 per
share (or debenture bonds 10 year 5 % , callable after 3 years
at 101 and int., and convertible at option of holder during
third year after date into this preferred stock par for par) _ _
4 300 0 0 0
*1 800.000 par of preferred stock to go to General Electric Co.
’
* E a c h Adirondack pref stockholder !total issue $2,500,000] to
be given par for par either this preferred stock or these deben­
ture bonds according as he shall elect within six months from
date of exchange.
,
, ,
Present Adirondack first mortgage 5% bonds due Jan. 1 1962
(V 91 p. 1187) to be assumed by the New Company and the
mortgage to bo closed at this amount.......
............... 5 ,0 0 0 .0 0 0
First and refunding 30-year 6 % bonds to go to the General Electrie C o.*-------------------- - ............... - ........... - ................................. 5.620.000
*The plan o f Dec. 24 1917 (V. 105, p. 2544: V. 106. p. 887) calls for
$ 6 500.000 5% bonds to go to the General Electric Co. but your directors
were able to make the exchango shown, which they believed, in view of
abnormal market conditions coupled with the reduction in the par amount
of these bonds, to be very much in the interest of all the security holders
of the New Company. These bonds will be a first, mortgage on the propertoes of the Mohawk Edison Co. The mortgage will provide for the issuance
of series of bonds having such rates of interest as the directors o f the New
Company may from time to time determine.
Earninos Statement.— Voder the order of the Commission it is stipulated
in connection with tho valuation which the order requires to be made of the
combined properties that the New Company will credit to plant account
out of its earnings ( V. 109. p. 2358) a certain amount according to an agreed
schedule, which begins at $ l 2 o ,0 0 0 per year for the first ten years and
$ 1 5 0 ,0 0 0 per year for the succeeding 15 years, these amounts to be deducted
after the payment of preferred stock dividends but prior to payment of
common stock dividends. As the sums thus appropriated out o f earnings
wili be available for rei n vestment in the plant of the New Company, thus
strengthening its assets and earning power, your board approves o f this
stimulation and feels that it is in the interests o f all classes o f security
b0Thogross earnings and final balance figures for the calendar year 1919
as compared with the corresponding figures for the year ended Oct. 31 1919
(shown in V. 109, p. 2358), and again not reflecting any benefits from
unified operation, are estimated at $3,862,000 and $323,000 respectively.
Other Features.— A contract running 15 years for the interchange of power
between tho New Company and the w'orks of the General Electric Co. at
Schenectadv has been drawn up and approved.
Your board feels that despite the changes which have overtaken the elec­
tric light and power business as the result of the World War, the merits
of the plan have been left substantially as they were when the enterprise
was originally embarked upon: and In the beliff that it is desirable to con­
summate it without further delay, proposes to take the action above stated.
The directors urge that the stock not now deposited be forthwith deposited
(after endorsement In blank) with The New England Trust C o., depositary.




2441

THE CHRONICLE

Signed by Elmer J. Wert, President; Cornelius D. Scully, Roger W .
Babson, Jaroe« R- nooper, Wilson A. Shaw, Chailes E. Willock, Walter
S. Wyman and Francis E. Frothingham, Board of Directors. Com­
pare. V. 109, p. 2358.
„
See Adirondack Electric Power Corp. under "Earnings Department on
a preceding page.— V. 109, p. 2358.

Aluminum Manufacturers, Inc., Cleveland.— Common
Stock Offered.—Dominick & Dominick and Kissell, Kinnicutt

& Co., N. Y., are offering at $35 per share a block of 70,000
shares of common stock, no par value, purchased from
Union Trust Co., Pittsburgh, and Guaranty Trust Co., N . Y.
Total authorized and issued 400,000 shares. Compare
V. 109, p. 1988.
Amalgamated Leather Cos., Inc.— Officers

&

Directors.

The following officers and directors have been elected: (a) Officers—
Chairman and President, J. Stevens Ulman: Vice-Pres., Cecil Charles Blunt
and William C. Blatz; Vice-President & Treas., John B. Blatz. and Sec­
retary, Louis Halle. (6 ) Directors— J. Stevens Ulman, Joseph L. Ulman,
Cecil Charles Blunt, Philip Lehman, Waddil Catchings, John B. Blatz,
Louis Halle, William C. Blatz, William M Clark.
Members of the executive committee are: J. Stevens Ulman, Cecil Charles
Blunt, John B.Blatz, Philip Lehman and Waddil Catchings.— V.109,p.2358.

American Bosch Magneto Corp.— New Stock.—

The stockholders of record Jan. 5 1920 are given the right to subscribe
to 2 0 ,0 0 0 shares of capital stock, no par value, at $ 1 0 0 per share, in the
ratio of one new share for every three shares of old. The right to subsauDe
expires Jan. 21, when the new stock is payable in full.— V, 109, p. 2358.

American Coal Co.— Director.—

j Tx „

_

Herbert Adams has been elected a director to succeed Edward Holbrook,
deceased.— V. 109, p. 1890.

American Gas & Electric Co.— Listed.—

The Philadelphia Stock Exchange has admitted to list $15,500 additional
Collateral Trust 5% bonds, due 2007, making the total amount listed at
this date $6,282,000 (the total authorized issue). V. 109 p. 2358.

American Ice Co., N. Y.—-Pref. Dividend Increased.—
Dividend of 4 % (1 % Q .-J. 24.) on Common Stock (First
Since 1902.)—

The directors have declared a quarterly dividend o f 1H % on the Preferred
stock, which increases the annual rate from 5 to 6 %.
A dividend of 4 % was also declared on the Common stock to be paid in
four installments of 1 % as follows: Jan., April and July 24 1920 to holders
of record Jan., April and July 9, and Oct. 25 to holders of record Oct. 11.
This is the first dividend paid on the Common stock since Feb. 1902.—
V. 109, p. 2264.

America La France Fire Engine Co.— Dividend.—

The directors have declared the regular quarterly dividend of 1 U % on the
preferred stock payable Jan. 2 to holders of record Dec. 19. The question
of Increasing tho dividend rate on the common stock from its present basis
o f 8 % per annum was left to the executive committee for action. The next
common dividend regularly payable will be on Feb. 15.— V. 109, p. 2173.

American Safety Razor Corp.— Soup Subsidiary.—

A subsidiary company, the American Safetee Soap Corporation, has been
organized in Virginia to manufacture soap &c., authorized capital $1,000,00(7, par $100 a share. By using the same channels of distribution as are
now used for American Safety Razors, it Is believed that ready sale will be
found for the new product. Directors and officers of the new corporation
are: Joseph Kaufman (President),George L. Storm (V .-President),
J. B. de Mesquita (Treasurer) and Milton Dammann (Secretary), and
Benjamin Block, of Block, Maloney & Co.— V. 109, p. 1988.

American Telephone & Telegraph Co.— Director —

W . Cameron Forbes o f Boston has been elected a director.— V .109,p.1528-

Arkansas Natural Gas Co.— Earnings.—
9 mos. to Sept. 30 Cal. v>. 18.
Gross sales___________________________________$1,368,1/0
Net income from operations._________________
340,096
726,178
Surplus after interest and miscel.charges______
202,427
538,900
— V. 109, p. 2265.

Arlington Mills, Lawrence, Mass.— Special Dividend.—

The directors have declared a special dividend o f $2 per share, along with
the usual quarterly dividend of $ 2 on the $8 ,0 0 0 ,0 0 0 outstanding capital
stock, payable Jan. 2 to holders o f record Dec. 24. A like amount was
paid extra in Jan. 1919.— V. 108, p. 482.

Armour & Co.— Complete Statement as to Packers' Settle­
ment with U. S. Authorities .—
See “ Current Events Dept.” on a preceding page.— V. 109, p. 2358.

Asbestos Corporation of Canada, Ltd.— Extra Div.—

An extra dividend of 2% has been declared on both the Common and
Preferred stocks in addition to the regular quarterly of 1 W % on the Com­
mon and m % on the Preferred; all are payable Jan. 15 to holders of record
Jan. 1. The Common went on a dividend basis in Jan. 1919 and the Pre­
ferred February 1917.— V. 108. p. 881.

Ashland Coal

&

Iron Ry.— Federal Compensation.— '

Director-General of RRs. Hines has signed the Federal operating contract
fixing the annual compensation at $73,569.— V. 107, p. 603.

Atlantic Fruit Co.—Offering of Bonds —Potter Brothers
& Co., White, Weld & Co. and W. A. Harriman & Co.,
Inc., are offering at 97 and int. $10,000,000 7% 15-year
Sinking
Fund Conv. Gold Debenture bonds, Series “A.”
Dated Jan. 1 1920. Int. payable J. & D. in New York. Due Dec. 1

1934
Denom. $1,000 (c*). Subject to call all or part at 110% and Int.
to Dec 1 1924. thereafter to Dec. 1 1929 at 107Vi% and int., thereafter to
maturity at 105% and int. Convertible into Common stock at any time
up to 90 days prior to maturity at the rate o f $ 1 0 0 o f debentures for 2 shares
of Com stock. Annual sinking fund of 3% o f largest amount of deben­
tures ever issued (minimum $300,000) first payment on or before March 1
19^3 will buy debentures at not exceeding tho redemption price, or will call
by lot An additional annual sinking fund o f 10% o f net earnings after
payment o f operating expenses. Interest, taxes and fixed sinking fund, will
be applied in like manner.
Data from Letter of President N. A. Macleod Dated N. Y. Dec. 15 1919.
Business.— Company and its predecessor companies for many years have
been engaged in growing, shipping and selling bananas, cocoanuts and other
tropical fruits. It is developing its cane lands in Cuba and by 1921 should
be producing raw sugar from its new mill. Upon completion o f present
plans will own about 153,600 acres o f land in Cuba, suitable for the cultiva­
tion of fruits, cocoanuts, sugar cane and other products, 24,000 acres of
plantations in Jamaica, a 300,000-bag sugar m ill in Cuba, about 35 miles
o f railroad, wharves, docks, warehouses, &c., and a fleet o f 1 2 oce'hn-going
steamships, with additional steamships under charter.
Purpose.— (1) To build a sugar mill in Cuba with an initial capacity of
300,000 bags per annum; (2 ) to purchase highly developed plantation
properties in Jamaica; (3) to purchase additional steamships to be delivered
In 1920 and 1921, and (4) to pay o ff outstanding mtges. and 6 % debentures.
Capitalization after Present Financing—
Authorized. Outstanding.
7% Convertible Gold Debentures Series " A ” _____$20,000,000 $10,000,000
Common stock (no par value)__________ _______ 1,000,000 sh. 395,000 sh.
Company is about to retire its Pref. stock and its 6 % Debenture bonds
due Jan. 1 1945.
Operating Profits, before Int., Fed. Taxes, Deprec. & Amort. Calendar Years'
1915.
1916.
1917.
1918.
’ 19(9 mos.).
’20 (.est.).
$365,467 $1,374,391 $1,064,624 $1,550,989 $2,641,721 $3,500,000
Listing.— Application will be made to list the 7% Convertible Debentures
and Common stock on the N . Y . Stock Exchange.

THE CHRONICLE

2 U 2

Directors.— Frederick B. Adams, Vincent Astor, Guy Cary, H. B. Clark,
Charles B. Collins, Hubert Edson, Robert Walton Goelet, W. A. Harriman,
H. O. Havemeyer, Henry R . Hoyt, Sir George Burton Hunter, K .B .E .,
Ihomas A. Howell, Percy H. Johnston, N. A. Macleod (Pres.), T . O.
Muller (Vice-Pres. & Treas.), E. N. Potter, Sir John Pringle, K .C .M .G .,
t
5 ryor»
Robinson, P. A . Rockefeller, Comdr. J. K. L. Ross,
J. R. Swan, Francis M . Weld.
BfcTko above bankers also purchased a block o f Common stock and will
probably be offered for public subscription in the near future.— V. 109,
p. 2o5o.
A t la n t ic
I c e
&
C o a l
C o r p .,
A t l a n t a . — Bond
Call .—
There have been drawn by lot $105,000 1st Mtge. bonds of 1920 and these
palc* on Jan. 1 1920 at the Atlanta office of Trust Company of Geor­
gia, Trustee.

s? The Trust Co. of Georgia, Atlanta, in December 1018,
offered 8500,000 secured serial 7 % Participating Certificates
in Atlantic Ice & Coal Corp. bond sale (secured by the
corporation’s 6 % First Mortgage bonds), dated Dec. 2
1018, and due serially. A circular then issued shows:
_ I’}t'e£esk Payable J. & J. at Trust Co. o f Georgia, Atlanta, Ga. Denom.
*500, $1,000 and $5,000c*. •Redeemable on any interest date upon 30
bays notice at 102% three years prior to maturity; at 101% thereafter,
with interest in each case.
The notes will mature in annual installments on Jan. 1 Series A in 1920;
Series B, 1921; Series C, 1922; Series D, 1923; Series E. 1924; Series A
was offered at a price to yield 7 A Vo. Series E 7% Vo. the others 7 HVoThe Trust company has sold to responsible parties $550,000 o f the cor­
poration’s 6% 1st M . bonds, due Jan. 1 1930, to be paid for in five annual
installments. The purchasers have deposited, as a guaranty that this
contract will be carried out, $75,000 additional Atlantic Ice Sc Coal Corpor­
ation bonds. The $500,000 Participation Certificates are secured by pledge
with trustee, of $625,000 Atlantic Ice & Coal Corporation 1st M . 6% gold
bonds, present market value 93 to 95, and must at all times be secured
by 125% o f the par value o f bonds deposited.
The corporation has been in successful operation since Jan. 1910 and the
bonds pledged are a part o f a closed first mortgage covering all of their
properties now owned or hereafter acquired. For the past five years the
earnings, including new properties acquired during the present year, ap­
plicable to payment o f bond interest have been over three times the amount
necessary. Has 33 plants, located in four States, and serving a population
o f approximately 1,300,000, in the following towns: Atlanta, Ga., Albany,
Ga.; Americus, Ga.; Athens, Ga.; Augusta, Ga.; Montgomery, Ala.;
Rome, Ga.; Chattanooga, Tenn.; Cordelo, Ga.; Columbus, Ga.; Coving­
ton, Ga.; Dublin, Ga.; Nashville, Tenn.; Tampa, Fla.; Elberton, Ga.;
Fort Valley, Ga.; Jacksonville, Fla.; Knoxville, Tenn.; Macon, Ga.;
Palmetto, Fla.; and Plant City, Fla. On Feb. 1 1918 bought the prop­
erties o f the Southern Ice C o., and figures given below are based on the
operation o f both properties.
Daily ice making capacity plants varying from 25 tons to 300 tons,
3,250 tons; ice storage capacity, 86,000 tons; cold storage capacity, 1,­
800,000 cubic feet; average earnings for past 9 years, $665,427; bond
interest amounts to $177,120. Sinking fund provides that the bonds shall
be drawn and redeemed at par and int., as follows: Jan. 1 1913 to Jan. 1
1922, incl. 3% ann. o f amount certified: Jan. 1 1923 to Jan. 1 1929, 4% .
First M . 6% bonds, due Jan. 1 1930 [total authorized $3,500,000]
outstanding, $3,038,000; less bonds drawn for redemption Jan. 1 1919,
$86,000: making $548,000 retired since organization; balance outstanding
$2,952,000. This corporation also each year paid 6% on its pref. stock
and, since 1911, a regular dividend o f 6% on its common stock. Since
organization there has been charged to expense, for maintenance and
replacements, $1,246,584 and to depreciation $595,000, a total of $1,841,586.
P»Officers— W . B. Baker, Prest. Sc Gon. Manager; W. E, Chapin, and
W . Riley, Vice-Presidents; J. C . Gentry, Vice-Pres. and Treas.; F. C.
Fenn, Secy. & Asst. Treas. Compare also V. 103, p. 2344.

Beacon Falls (Conn.) Rubber Shoe Co.— Capital Inc .—

The company has certified to tho Mass. Comm, o f Corporations that it
has increased its capital from $2,810,000, consisting o f $1,310,000 Pref.
and $1,500,000 Com. to $3,310,000 by tho issuance o f $500,000 additional
Com. stock. The new stock, it is stated, will bo offered at par ($100).
— V. 109, p. 1082.

Billings & Spencer Co., Hartford, Conn .— New

Stork—

The authorized capital stock having been increased from $750,000 to
$1,000,000 by vote o f shareholders on Dec. 16 the $250,000 new stock is
offered for subscription at par, $25 a share, on or bofore Jan. 20 1920 to
stockholders o f record Dec. 16 1919, in proportion to their stockholdings;
all subscriptions to be filed with payment in full in cash at office of Richter
& C o., 6 Central Row, Hartford, Conn., on or before Jan. 20 1920.— V. 108,
p. 2530.
*

(E. W.) Bliss Co.. Brooklyn, N. Y .— Extra

Dividend .—

An extra dividend of $5 (10%) has been declared on tho $1,250,000
outstanding Common stock, par $50, along with the regular quarterly
dividends o f 62A cents (1 H % ) on the Common and $1 (2%) on the Pre­
ferred, all payable Jan. 2 to holders o f record Dec. 24. Tn Jan., Mar.,
June and Oct. last an extra o f $5 was paid.— V. 109, p. 1276.

Brier Hill Steel Co.— President

Resigns.—

The directors on Dec. 19 accepted the resignation of William A. Thomas
as President, effective Jan. 27, and o f A. E. Adams as a member o f tho board.
James II. Grose was elected a director to succeed Mr. Adams. Tho direc­
tors also announced the intention to elect Air. Grose as President.— V. 109,
p. 2359.

Brooklyn Edison Co. Inc .— Seeks Bond Issue .—

The New York P. S. Comm, on Dec. 23 heard tho company’s application
for permission to issue $5,000,000 o f Gen. Mtge. bonds, proceeds of $3,500,­
000 to be applied toward the reimbursement o f expenditures made in tho
acquisition o f property and the construction, completion and improvement
of plant and facilities prior to Jan. 1 1919, and proceeds of $1,500,000 to
be applied toward the reimbursement of tho expenditures made for liko
purposes since Jan. 1 1919. The precise terms o f the issue have not been
announced, but it is expected that the rate will bo 6% and the time ten
years.— V. 109, p. 1989.

Brown Hoisting Machinery Co.— Bonds

Called . —

All o f the 6% $1,000 bonds of Series A from 301 to 975, and the $500
bonds o f Series B, from 1 to 50, all o f the 1915 issue, havo been called for
payment at 103 and int. on Jan. 1 at First Trust & Savings Co., Cleveland,
trustee (V. 101, p. 289).— V. 107, p. 2378.

Brown Shoe Co., Inc.— Listed.—

[V ol . 109.

rate from 6 to 7 % . A quarterly dividend of 1A % has been paid since
July 1917.— V. 109, p. 1889.
C a n a d ia n
W e s t in g h o u s e
C o . — Extra D ividend .—
An extra dividend of 1% has been declared in addition to tho regular
quarterly dividend of 1 % % , both payable Jan. 1 to holders of record Dec. 19.
In Jan. 1919 an extra of 2% was paid.— V. 106, p. 1346.
.
C e n t r a l L e a t h e r C o . — Extra Dividend .—
The directors have declared an extra dividend of $2 on the Common stock
m addition to the regular quarterly of $1.25; both are payable Feb. 2 to
holders of record Jan. 9. An extra dividend of $2 was paid in N ov. last.
— V. 109, p. 1611.
C e n tr a l

&

S o u t h

A m e r ic a n

T e le g r a p h

C o .—

D irectors.

Nearly all of the stock of the Mexican Telegraph Co. having been ex­
changed for Central & South American Telegraph shares, eight directors of
the Mexican Telegraph Co. have been elected to the board of this company,
viz.: John W. Auchincloss, Edmund L. Baylies, R. Fulton Cutting, John J.
Pierrepont, Percy R. Pine, Charles Howland Russell and Cornelius Vander­
bilt. They will continue to retain their directorships with the Mexican
Telegraph Co.— V. 109, p. 1369.
C e n tr a l
S u g a r
C o r p o r a t i o n . — Proposed Sale .—
The stockholders will meet Dec. 29, at tho office, 43 Exchange Place,
N. Y ., to vote on authorizing: (1) The sale to a company to be organized
under the laws of Cuba, of all or any part of (a) tho manufacturing plants,
including real estate, equipment and other articles appurtenant thereto;
(6) railroads, rights and rolling stock, and (c) current assets,'leaving the
ownership of its agricultural lands in tlio corporation. (2) Tho directors to
determine the purchase price of said property, at approximately tho book
valuo thereof, tho Cuban Company to assume all or apy part of the obliga­
tions of tho Corporation and such purcliaso price to include all of tho capital
stock of the Cuban Company other than directors’ qualifying shares and
such other obligations as may be determined on. (3) The board from time
to time to lease all or any part of the agricultural lands to the Cuban Com­
pany for such rentals as may be determined. (4) Tho amendment of Articlo
II. o f the by-laws, so that in determining tho amount to be credited to the
sinking fund, there shall bo added to the not profits of any particular period
such proportion of tho net profits of any subsidiary company, a majority
of whose Capital stock is owned, as the stock so owned therein shall bear
to the total amount of such stock outstanding; and the parent Corporation
shall not pay any dividends upon its Common stock until any excess of
this amount above the net profits of tho Corporation available for such allot­
ment to the sinking fund shall have been covered by dividends from the
subsidiary.

Digest of Statem ent by President Charles J. W elch, New Y ork, Dec. 9.

As tho entire property is located in Cuba, it is deemed advisable in order
to avoid unnecessary duplication of expense and taxes, to transfer the Cuban
business and assets, other than tho agricultural lands, to a company to be
organized under the laws of Cuba, which company will also assume tho
indebtedness of the Corporation. All of tho stock of the Cuban Company
will bo owned by tho Corporation. Tho anticipated increase in the earning
of the property for tho ensuing year accentuates the advisability of the pro­
posed transfer. As any dividends received by the stockholders of the
Central Sugar Corporation will bo declared and paid by a domestic company,
thoy will, therefore, be exempt from normal income tax. The plan has
been unanimously approved by tho directors at the instance of large holders
of its Preferred and Common stock. [The plan is given unqualified ap­
proval by Spencer Trask & C o., A. B. Leach & Co., Boettcher, Porter &
Co., and.I. G. White & Co.] V. 108, p. 1513.
C h a c e
C o t t o n
M ills
C o . — D ividend .—
A quarterly dividend of 6% has been declared on tho stock, payable Jan. 2
to holders o f record Dec. 19. This compares with 5% paid in October last,
3}4% in July, lA V o in April and 3% in January.— V. 109, p. 1369.
C h i c a g o P n e u m a t i c T o o l C o . — Dividend In creased .—
The directors have declared a quarterly dividend of 2% on tho stock,
payablo Jan. 26 to holders of record Jan. 15, which increases the annual rate
from 6 to 8% . A dividend of 1 A % has been paid quarterly since April
1918.— V. 109, p. 2359.
C o m m o n w e a lth

P e t r o le u m

C o r p .—

Time E xten d ed .--

See Union Oil Co. of Delewaro below.— Y. 109, p. 1990.
C o n n e c t ic u t
M ills
C o . — Pref.
Stock O ffering.— Blako
Bros. & C o ., N . Y . , are offering at 9 8 Yz and div. (from
N o v . 1) 8600,000 7 % Cumul. First Pref. (a. cb d.) stock.

Dividends Q.-F. Redeemable all or part on any div. date at $115 and
divs. Sinking fund o f 20% o f surplus net earnings after First Pref. divs.
(but not exceeding 3% of tho outstanding First Pref. stock) shall be sot
aside annually for its purchase or call.
Data from Letter o f President Tracy S. Lewis, N. Y., Dec. 15 1919.
Capitalization on Amendment of Charter—
Authorized.
To be Outst'g.
7% Cumulative First Preferred stock_____________ $1,488,000 $1,488,000
8% Cumuiativo Second Preferred stock__________ 1,025,000 1,000,000
Common stock (par $10), Class A (voting)______800,000
*612,500
Common stock (par $10), Class B (non-voting)__
250,000
*90,500
* It may bo determined to issue presently $200,000 par value, or a lesser
amount, o f Class A and— or Class B Common stock.
Company.— Is one of the largest manufacturers in the United States of
square and cord fabric automobile tires. Owns a modern weaving mill at
Danielson, Conn., and a large yarn mill at Fall River, Mass., purchased
in 1919 from tho Globe Yarn C o., and operates under leaso tho yarn mill of
Taunton Cotton Mills Co. at East Taunton, Mass.
Sales and Profits Before and After Federal Taxes.
Year Ended—
Jan. 13 T7. Jan. 12 T8. Jan. 11 T9. *Oct. 11*19;
S a le s ........................... $3,482,299 $7,378,630 $8,344,928 $8,980,577
Profits aft. deprec. & int.
682.645
but before Fed. taxes.
461,144
664,866
377,330
Net after all deductions
472.645
(1919 taxes est.)------451,732
381,078
237,066
* Nine months. V. 109. p. 2359.
C o n s o lid a t e d
T e x tile
C o r p . — Listed — E arnings .—
The N . Y. Stock Exchango has admitted to list 55,000 shares capital
stock, no par value, making tho total authorized to bo listed 165,000 shares
capital stock.
The income account for tho four months ended Nov. 30 1919, as sub­
mitted to the New York Stock Exchnage, shows:
Net earnings___________________________________________________ $236,408
Depreciation________________________________________ _____ _____ 33,475

The N . Y . Stock Exchange has admitted to list $300,000 additional
Common stock, par $100, making the total authorized to be listed $6,300,000.— V. 109, p. 2169.

Surplus before Federal taxes_________________________________ $202,933
— V. 109. p. 2360, 2266.

The directors have declared a special dividend o f 2 A Vo on the Common
stock, payable in stock, along with the regular semi-annual dividends of
$3 on the Pr«f. and $2 50 on the Common. All dividends are payable
Jan. 15 to holders o f record Jan. 7. A special dividend o f 2 K % has been
paid semi-annually since Jan. 1916.— V. 109, p. 2174.

In connection with tho declaration of an Initial quarterly dividend of
25 cents a share on the capital stock, the company estimates tho net profits
for the six months ending Dec. 31 1919 at approximately $640,000 before
Federal taxes, being an increase o f $223,689, or about 50% over not profits
before taxes of $416,311 for tho first half of tho year.— V. 109, p. 2360.

Bush Terminal Co.—Special

Dividend Continued .—

California Packing Corporation., San Francisco.—
84 to 86 p. a.

Dividend on Common Shares Increased from
(81 5 0 Q.-M .)— Pref. Stock to be Called.—

San Francisco advices state that the quarterly dividend on the Common
stock has been increased from $1 to $1 50 quarterly ($6 p. a.), beginning
with the next distribution which is payable in March.
► It is also stated that the management proposes to call and pay off at
$115 and div. probably on April 1 the entire outstanding issue o f 7% Pref.
The San Francisco Stock Exchange shows outstanding $8,206,200 Pref.
stock and 338,917 shares o f no par value Common. The Preferred is
convertible into Common 1A shares o f Common for one share o f Preferred,
up to 30 days prior to redemption date.— V. 103, p. 1212, 1982.

Canadian Locomotive Co .— Dividend Increased .—
A quarterly dividend o f 1 % % has been declared on tho Common stock,

I
payable Jan. 1 to holders o f record Dec. 20, which increases the annual




Continental Candy Co.— Partly Estimated Earnings .—

Corn Products Refining Co.— Initial &

Ex. Div. on Com.

The directors have declared an initial quarterly dividend of 1% and an
extra of A of 1% on the Common stock payable Jan. 20 to holders o f record
Jan. 5 . The regular quar.of 1% % on the Preferred stock was also declared
payable Jan. 15 to holders of record Jan. 5.— V . 109, p. 2267.

Cosden

&

Co.— Stock

Dividend .—

The directors have declared the regular quarterly dividend of 2A % 1»
cash and also a dividend of 2 A % In Common stock at par, on tho Common
stock, both payable Feb. 1 to holders of record Dec. 31. In November
last a lilce amount was paid extra in stock.— V. 109 p. 1699.

Cuba Cane Sugar Corporation.— Annual

Report.—

The official report for the fiscal year ending Sept. 30 1919 was published
in full in the ‘‘Chronicle” of Nov. 29, pages 2078 to 2081. The compara­
tive tables which were published In the samo issue met with a mishap after

they left the editor’s hand. The following corrected data should therefore
be noted: Date o f balance sheet Sept. 30 (not 20): properties and plants,&c.
S77 388,207 (not $77,388,307: cane cultivations, $2,656,024; advances
(in ’1918) $214,093.— V. 109 p. 2174.

Cuban-American Sugar Co.—

Payment o f N otes — Report.
Notico is given that $2,000,000 First Lien 6% Serial gold notes Series
"B ” maturing Jan. 1 1920, together with coupons thereon, have been called
for payment on or after Jan. 2 at the Central Union Trust C o., N. Y . The
coupons o f the Series “ C ” notes due Jan. 2 1920 will be paid at the office
of the company, 129 Front street, New York city.
See “ Financial R eport,” on a preceding page.— V. 109, p. 2360.

(Win.) Davies.Co., Inc. (Packing).— No

U.

S. Purchase.

S. C. Fox, general manager, has denied the report that the company has
passed under the control o f United States capitalists: 75% o f the stock
Is still owned and controlled by Canadians.— V. 109, p. 2267.

Detroit Rock Salt Co.—

Bonds Called .—
One hundred and twenty-five of the original issue o f $1,000,000 First
Mtge. 6% gold bonds, dated Sept. 30 1912, have been called for payment
on Jan. 1 at par and int. at the Security Trust Co., Detroit, Mich. The
International Salt Co. o f N . Y . (V. 105, p. 1307) owns $1,159,200 o f the
$1,500,000 stock.— V. 96, p. 421.

Dominion Bridge Co.—
Durham Hosiery Mills.— Listed.—
The N. Y. stock exchange has admitted to list temporary certificates for

Director —
F. W. Molson has been elected a director.— V. 108. p. 477.

$3,000 000 7% Cumulative Pref. stock (par $100) and temporary certificates
for $3,252,850 Common stock, class B, par $50.
Consolidated income account of the Durham Hosieiw Mills and the North
State Hosiery Mills, as submitted to the N. Y . Stock Exchange^ for the nine
months ended Sept. 30 1919, compares with the year ended Dec. 31 1918,
as follows:
9 M os. 1919. Year 1918.
Net sales
__________ _____ -.$10,154,823 $8,633,634
cost of a a t o s i:::::: : : : : : : _____________________ 9, 139,119 6,943,881
Gross profit on sales— ---------------------------------Expenses and other deductions--------------------------Depreciation and Federal taxes--------------------------

320,/25
242,151

511,108
389,146

Net profits__________________________________
— V. 109, p. 2267, 1182.

$452,828

$789,499

D w ig h t

M a n u fa c t u r in g

C o .,

B o s t o n .—

Extra Dividend.

An extra dividend of $15 (3%) has been declared on the $1,200,000 out­
standing stock (par $500), along with the usual semi-annual dividend of
$30 (6%) per share both payable Jan. 1 to holders o f record Dec. 19. A
like amount was paid extra in Jan. and July 1919.— V. 108 p. 2632.
E ld e r

C o r p o r a t io n .—

Director.—

Georgo Putnam has been elected a director.— V. 109, p. 2360.
E lk

B a s in

P e tr o le u m

C o

.— New Stock.—

The stockholders will vote Jan. 6 on (a) increasing the capital stock from
$5,000,000 to $15,000,000. consisting o f 3.000.000 shares o f $5 each;
(6) to increase the board o f directors from 5 to 7 members; (c) to change
the name o f the company: (d) to purcliaso shares o f the capital stock of the
Keoughan-Hurst Drilling Co. (Wyoming corporation) on the basis of
466,666 shares o f such increased capital stock for 300,000 shares o f the
latter's capital stock; (c) to purchase shares o f the capital stock of the
Grass Creek Petroleum Co. (a Maine corporation) on the basis o f 133,334
shares o f such increased capital stock for 11,700 shares o f the last-named
capital stock.
Digest of Statem ent by Pres. Martin Paskus, 2 Rector S t., N . Y.>
Dec. 19 1919.

The holders o f 75% o f the outstanding capital stock o f the KeoughanHurst Drilling Co. and 60% o f the outstanding capital stock o f the Grass
Creek Petroleum Co. have already agreed to accept the above proposition
and it is thought that practically all shareholders o f both companies will
accept the exchange so that all the assets o f these two companies will
become the property o f the Elk Basin Petroleum Co.
With theso two transactions completed there will be outstanding $6,000,­
000 of our capital stock o f your company, and $9,000,000 will remain un­
issued for future corporate needs.
Tho holdings o f your company with the above acquisitions completed
will consist o f valuable royalties and leasehold interests in tho Elk Basin
Grass Creek, Big Muddy and Rock River fields o f Wyoming: Ranger and
Burkburnett fields o f Texas; Homer and Bull Bayou fields o f Louisiana,
and in the Beggs, Osage and Comanche fields of Oklahoma: also promising
prospects in holdings in Texas, Kansas, Louisiana, New Mexico and
Colorado. The company will have interests in over 130,000 acres.
Net earnings o f the three companies before depletion, depreciation and
taxes are now running at the rate of approximately $1,200,000 per annum.
The company has a large interest in the Rock River field o f W yo., which
is being operated bv the Ohio Oil Co. and upon which the company is
now carrying on an extensivo drilling program and large earnings should
bo realized from this increased production; your company will have when
these transactions are consummated several strings o f tools in proven
territory in the Ranger field in Texas, which should greatly increase its
earnings.
■
„ ___
The regular quarterly dividend at the rate o f 10% per annum on the
outstanding $6,000,000 o f stock will be paid Feb. 1 1920.
The company will bo in control by virtue of the above acquisitions of
approximately $2,000,000 in cash; also drilling tools and other equipment
valued conservatively at $500,000, making over 40% o f its capital repre­
sented by cash and other liquid assets.
It will bo our policy to exend its development operations in the producing
fields o f the Mid-Continent, W yo., Texas and La., and we believe that the
company as thus capitalized will have bright prospects.
The active field management will be in the hands o f S. H. Kooughan
of Denver, Colorado, one o f the most successful and economical oil operators
in the West.— V. 109, p. 1702.
F a ir b a n k s ,

M o rs e

&

C o .,

C h ic a g o .—

M isprint.—

The company’s net surplus and undivided profits on Sept. 30*1919
aggregated $17,500,000 00 instead o f $17,500 00 as shown in V. 109, p. 2360.
t

F a m o u s

P la y e r s -L a s k y

C o r p .—

Bond Call.—

All of the 6% gold debenture serial bonds dated Aug. 1 1916 have been
called for payment on F< b. 1 at 102% and int. at the Irving Trust C o., N. Y.
— V. 109, p. 2267.
F a rr

A lp a c a

C o .—

Extra Dividend.—

Tho directors have declared an extra dividend of 7% in addition to the
regular quarterly o f 2% , both payable Dec. 31 to holders o f record Dec. 19.
A liko amount was paid extra in Dec. 1918 and 1917.— V. 107, p. 2379.
F e d e r a l

O il

C o .—

Initial and Extra Com. Div.—

An initial quarterly dividend o f 2% and an extra o f 3% have been de­
clared on the common stock both payable Feb. 15 to holders o f record
Jan. 15.— V. 108 p. 2332.
F it c h b u r g

G a s

&

E le c t r ic

C o

.— To Increase Capital.—

The company has petitioned the Mass. Dept, o f P. U. to approve an
Issue of 0,939 additional shares, par value $50, proceeds to be used in paying
off the floating debt incurred for new construction, extensions and perman­
ent improvements. The stock will be issued at $60 a share.— V. 106, p. 818
F r o n t e n a c

2443

THE CHRONICLE

D ec . 27 1919.]

B r e w e r ie s ,

L t d .—

Offering of Bonds.—

L. G. Beaubien & Co. and Versailles-Vidrlcairo-Boulais, Ltd., Montreal,
are offering at par and int,. with a bonus of 10% in common stock, $400,000
6% 32-year First Mtge. bonds, dated Dec. 1 1919, maturing Dec. 1 1951.
Denom. $100, $500 and $1,000 (c*). Interest payable J. & D. at Bank of
Montreal, Montreal. Auth. and issued, $1,100,000.
[5 Capitalization—
Authorized. Issued.
7% Cumulative Preferred shares--------------------------------$500,000 $300,000
Common shares______________________________________ 1,500,000 900,000
Year—
1915.
1916
1917.
1918. 1919(9mo.)
Net earnings....................$63,697 $92,871 $68,385 $151,925 $207,925




General Asphalt Co.— Exchange of Stock.—

The Philadelphia Stock Exchange has admitted to list $34,500 additional
Common stock* issued in exchange for $23,000 Pref. stock surrendered and
canceled, making the total amount of Com. stock listed $19,093,300 and
reducing the amount o f Pref. stock listed to $7,937,800.— V. 109, p. 2075,
1991.

General Chemical Co.— Listed.—

__

The New York Stock Exchange has admitted to list $1,125,000 addi­
tional 6% Preferred stock making total amount authorized to be listed
$16,333,000.
Income account for the ten months ended Oct. 31 1919, as submitted to
the New York Stock Exchange compares with the 9 months’ statement of
previous years as follows:
„ ,,
^
„
10 Mos. to — 9 Mos. to bept. 30—
Oct. 31 ’ 19.
1918.
1917:
Net p ro fits .._______________ _____ - $5,473,223 $6,462,148 $7,226,789
Insurance fu n d ____________________
170,000
315,000
225,000
Depreciation______________________
1,624,776
684,373
684,373
A^o’A-'c
Preferred dividends ( 6 % ) --------------Common dividends ( 6 % ) ---------------991,152
991,152
943,9o6
Balance, surplus__________________ $2,002,922
— V. 109, p. 2360. 1991.
.

General Gas & Electric C o.-

$2,971,623 $3,873,459

Bonds.—

It is expected that the new 6% bonds in definitive form will be ready for
delivery about Feb. 15 1920. dated Sept. 1 1919. and carrying coupon for
six months ended March 1 1920. In the meantime, holders of receipts for
the 5% 10-year gold bonds deposited for exchange will receive $8 33 for
the two months’ interest from July 1 to Sept. 1 1919 on each $1,000 of
these old bonds at Guaranty Trust C o., New York.— V. 109, p. 1/96.

Granby Consol Mining, Smelting

&

Power Co. Ltd.

Production (lbs.)—
Anyox.
Grand Forks.
Month o f Nov. 1919 -----------------1,7/6,863
-----1>''§,863
11 months to Nov. 30 1919__________ 16,405,678 2,958,811 19,364,489
M onth o f Nov. 1918__________________ 1,970,027 „ 177,3/8
2,147.405
11 months to Nov. 30 1918__________ 28,627,833 7,225,232 35,853,065
— V. 109, p. 1985, 1895.

Great Lakes Steamship Co.— Extra

Dividend.—

An extra dividend of 2% has been declared on the $6,000,000 outstanding
Capital stock in addition to the regular quarterly o f 2% , both payable Jan. I
to holders of record Dec. 20. A like amount was paid extra in Oct. last.—
V. 100, p. 1277.

Gulf States Steel Co.—Net

Profits .—

Month of__
Nov. 1919.
Oct. 1919.
Net profts, after taxes, depreciation, &c-----------$110,602
Until recently the company has been accustomed to report its gross
profits before deduction of depreciation, taxes, &c., and not the net profits
as above shown, after allowing for these items.— Y. 109, p. 1703, 14b4.

Hodgman Rubber Co.— Directors.—

, J Jt

Gayer G Dominick and F. Wilder Bellamy have been elected directors.
— V. 109, p. 2175.

Holland Land Co., San Francisco.— Offering of Bonds.—

Blankenhorn-Hunter-Dulin C o ., San Francisjo, & c., are
offering at 100 and int., by advertisement on another page,
$2 500 000 First Mortgage 6 % Fifteen-year gold bonds.
Dated Dec. 1 1919, due Dec. 1 1934.
Interest payable J. & D. at Savings Union Bank & Trust Co., San Fran­
cisco trustee, or Security Trust & Savings Bank, Los Angeles. Denom.
$100 ’ $500 and $1 000 (c). Callable at 102 and int. Tax exempt in
California. Normal Federal income tax paid by the company. An annual
sinking fund o f not less than $100,000 commences Jan. 1 1921.
Data from Letter o f Pres. J. V. M endenhall, San Francisco, Dec. 5 ’ 19.

osff'tssr-

......... «ss

F fr S tM o ffis S S U b S S d ,........................................... 2.500,000 2,500.000
Pur nose — Proceeds were used to refund bonded debt o f $2,687,520.
Company.— The property includes an area of 20,468 acres of fertile farm
land on the west side of the Sacramento River, 10 miles south of Sacra­
mento, principally planted to beans, barley, wheat commercial seed, corn
and alfalfa. Also owns in fee over 2,600 acres o f land outside the main
levees in the Yolo By-pass, which will be summer farmed and are now fully
cultivated and should yield a substantial income in 1920. Tho company
has sold 9,913 acres, at an average price o f $275 per acre, and the company
has sale contracts aggregating $2,723,176.
Income.— The sales contracts bear interest at tho rate of 6% , which is
more than sufficient to pay the interest on these bonds. T hene*
from rentals and farming, operations for the season of 19:^ were $327,503,
and although complete figures are not available for this year they exceed
the foregoing figure. Subject to future sales, company snouId receive an
annual rental of not less than $25 for tho land lying inside of the levees of
Reclamation District No. 999, and $15 an acre for the 2,600 acres lying
in the By-pass. A portion of the lands will undoubtedly be rented on a
share basis) the company receiving 33 1-3% of the crop from the bean plant­
ing and 35% on the barley planting. At present prices, and prices for
delivery during the season of 1920, the rentals on this basis will be from
$25 to $40 an acre.— V. 109, p. 2268.

Houston Oil Co.-

Earnings froin Annual Report.—

1919.
For Sept. 30 Years—
Total receipts....................-- f*
Deduct— Taxes ................ - - - I 24L874
Admin, and office expensesl
Int. on timber certificates. 1 241,383
Int. on notes payable------- I
6,065
Miscellanoues — - ----------680,350

1018
1918.

1017

1916.

31,593
174,292
273,480
11,409
76,349
676,149

94,641
164.2S0
306.711
17,130
46,658
671,948

69,087
170,080
368.272
5.895
671,950

$326,685
$423,319
$520,927
$607,291
Oil sales in year iy io -iy aggregaieu ,h o ,u iz oarreis tor
uaiamr,
net from oil dipartment, after Federal taxes, & c., $252,617.— V. 109,
p. 2175.
I llin o is

B r ic k

C o .

— Quarterly Dividends Resumed.—-

The directors have declared an extra dividend of 1^6% along with the
quarterly dividend of 1J4%, which has been discontinued since Oct. 1918.
Both divs. are payable Jan. 15 to holders of rec. Jan. 3.— V. 107, p. 1290.

Imperial Oil, Limited .— New

Name, & c .—

A certificate was filed under the Canadian “ Companies A ct” Dec. 12
1919 changing the name to “ Imperial Petroleum C o., Limited.”
The "Financial Post” o f Toronto on Nov. 22 said in subst.: Though
the extensive operations carried throughout the western portions of Canada
during the past five years have yet brought no large results, there is no
discouragement on the part of the officers of the Canadian branch o f the
company.
From the international boundary to beyond Fort Norman
on the McKenzie River, seven crews have been operating and will continue
in the work next year. Six or seven wells have been drilled at Peace River,
all producing oil, but not sufficient to warrant transportation. Two
holes were drilled on the Great Waterways Railway but without appreciable
results.
. Director Victor Ross says: “ We believe that the natural resources o f Can­
ada should be developed. W e have enormous investments in Canadiad re­
fineries and transportation equipment, and to keep the Canadian markets
supplied we must search the world for oil. Crude petroleum is being
brought into Canada for the western country, from Peru, refined at loco.
For the Prairie Provinces the oil is refined at Regina, and comes from Texas,
Kentucky and Wyoming, where it is largely bought from individual pro­
ducers. We also draw on those States for the oil refined at Sarnia, and also
for the Montreal refinery; another part of the oil for Montreal we get comes
from Mexico. For Dartmouth, the oil comes from Mexico and that re­
finery was really built to supply the navy during the war.” — V. 109. p.
1278, 1465.

2444

Independent Warehouses, Inc., N. Y. City.— Acquis.

Independent Warehouses, Inc., which was recently inaugurated by the
Guaranty Trust Co. o f N. Y ., and Liberty National Hank, New York, has'
acquired the chain o f warehouses in the metropolitan district o f New York,
heretofore operated by the Mercantile AVarchouse Co. The deal involves
about $3,000,000 and takes in the following warehouses: (1) Greenwich,
Laight and Hubert Sts., 200,000 sq. ft., especially adaptable to the storage
of silks and other valuable textiles: (2) 15 Vestry St. and 36 Laight St.,
30,000 sq. ft.; (3) 53-55 Beach St. and 405 Greenwich St., 52,500 sq. ft.;
(4) 459-463 Washington St., 43,500 sq. ft. Both bonded and free space
are provided. The company, which now has a total o f 12 storage ware­
houses in operation in the metropolitan district, also renders financial
facilities to its customers.

Indiahoma Refining Co., Oklahoma.— New Stock. &c.
The shareholders will voto Jan. 12 on increasing thostock from $3,000,000

to $5,000,000, the $2,000,000 new stock, par $10, to bo underwritten by
Poe & Davies o f Baltimore and offored to present shareholders at $8 50 a
share, 2 shares for every 3 shares now held. The procoeds will be used in
purchasing half interest in the Anderson Farm in Eastland and Erath
counties. Taxes, and certain other properties in Texas aggregating approxi­
mately 32,000 acres.

The bankers named below in June 1919 sold at par 350,000
shares of stock (par $5). A circular showed:

Company.— Organized in Oklahoma in 1912: owns two refineries located
at East St. Louis and Okmulgee, having a refining capacity o f 6,500 bbls.
per day; also owns 130 miles of pipe lines, 205 steel tank cars of 8,000 and
■10,000 gals, capacity, steel tank storage capacity for approximately 500.000
bbis. of oil, and have under lease an additional 405 steel tank cars, l .55 of
which will revert to the company upon the expiration of the lease in 1921.
The present settled production is over 600 bbls. o f crude oil per day, and
it owns leases on over 8,000 acres o f well-located land in Okla., Kan., La.
and Texas, on part o f which 10 wells are now drilling.
Replacement Value.— The replacement value o f the tangible physical
property based on figures compiled by Messrs. Coats & Burchard, is ap­
proximately $3,500,000, or $500,000 in excess of the total capitalization.
The company owns one-fifth o f the Com. and Pref. stock o f the Export
Corp., located at Avondale, La.; the entire capital stocks o f the Motor
Gasoline Co. and the Indiahoma Pipe Line C o., (owning and operating
approximately 130 miles of pipe lines for the transportation of crude oil);
52% o f the capital stock of the Cortez Oil Co.; and 33% of the capital
stock of the Alvarado Oil Co.
Net Earnings.— After taxes, but before dividends at the rate of 12% per
annum, have been as follows: 1916, $680,909; 1917, $806,019; 1918, $675,­
077. The average for the three years have been equivalent to about 24 %
per annum on a capitalization o f $3,000,000.
'Management.— E. E. Schock, Pres., St. Louis; A. AV. Giesko, V.-Pres.,
Baltimore; J. A. Beminghaus, V.-Pres.; AV. O. Schock, Sec., St. Louis.
[The bankers who offered this stock were: Potter Bros. & Co., N .Y .; G. H.
Walker & Co., St. Louis; Babcock, Rushton & C o., Chicago; Moorehead &
Elmore, AVashington, D. C.; AVest & C o., Philadelphia; Simons, Day & Co.,
Chicago; Poo & Davies, Baltimore; Claude Meeker, Columbus; Jo. P.
Cappeau Sons, Pittsburgh; E. R. Diggs & Co., Troy; McClain & Co.,
Lancaster; AVeedon & C o.. Providence.)— V. 104, p. 456.

Indiana Pipe Line Co .— Extra

Dividend .—

Marconi Wireless Telegraph Co., Ltd.— New

109

Stock.—

This British company is offering to its shareholders 1,500,000 now
Ordinary Shares of £1 each at tho price of £3 per share, pursuant to a
circular letter dated Dec. 8 1919, copies of which can bo obtained from
tho Marconi AVireless Telegraph Co. of America, AVoolworth Building,
Broadway, New York, and at various other places.— V. 109, p. 2176.

Marquette Cement Mfg. Co .— Bond

Call.—

All of tho outstanding First Mortgage 6% S. F. gold bonds have been
called for payment Jan. 1 at 102% and int. at the First Trust & Savings
Bank, Chicago.— V. 109, p. 1992.

Mexican Eagle Oil Co., Limited.—50%
40%:—

New Stock offered at par.— Dividend of

Allotment of

By resolutions of the company passed in Mexico City on Dec. 1919, it
was resolved (a) to authorize an increase of share capital to 115.113,580
pesos Mexican by tho creation of 5,755.679 ordinary shares of 10 pesos
Mexican each, and (b) to offer to the prosont shareholders ono of such
new ordinary shares at par for every two shares, eithor preference or ordi­
nary, held by them.
^
In order to exercise theso subscription rights coupon 12 of the Ordinary
shares and coupon 19 of the Preferred must be, forwarded to the London
Joint City & Midland Bank, 5 Threadneedle St., London E. C. 2. or any
of its branches, with £1 5s 2d per new sharo (one new for every two held),
to reach London not later than Jan. 15 1920. The next dividend will be
paid against presentation of coupon 13 of the Ordinaty and coupon 20 of
the Preferred shares. Subscriptions may also be filed and paid as aforea-sid
at The Belfast Banking Co., Ltd., Belfast, or The Clydesdale Bank, Ltd.,
Glasgow, or any of their branches. The sum of £1 5s 2d is the exchange
squivalent of ten pesos Mexican gold. The new shares will rank pari passu
with the existing Ordinary shares, but will not participate in any dividend
that may be declared payable on Dec. 31 1919.
On or about Doc. 16 a cash dividend of 40% was declared on the Ordinary
shares payable it is understood on receipt of coupon No. 13 on or about
Jan. 15. This dividend, it is said, includes a final dividend of 35% on
account of the year ended June 30 1919 and an interim dividend of 5% for
the year 1919-20. The dividend payments for the year 1918-19, therefor
aggregate 45% , viz., the aforesaid 35% : 6% paid in June 1919 and 4% paid
in Dec. 1918; for year 1918-19 the total was 25% .
Results as Stated by Press Reports fo r Years end. June 30 (See V. 109, p. 2269.).
1918-19.
1917-18.
Trading profit (Mexican)................. ..........................$37,194,000 $28,235,000
Profits after charges_____________________________ 28,351,000 14,154,43
Sutro Bros, and Joseph AValker & Sons are trading in the stock and rights.
A press report says that the exports of Mexican oil by Mexican Eagle
Oil Co. in November were 907,400 barrels, a decrease of 163,892 barrels
from October, and by Standard Oil of New Jersey 445,682 barrels, a decline
of 414,633 barrels.— V. 109 p. 2269.

Mexican Telegraph Co.— Directors.—
Morris & Co.— Complete Statement as

See Central & South American Telegraph Co. above.— V. 109, p. 1992.

to Packers' Settle­
ment with U. S. Authorities—Official Statement.—
See “ Current Events D ept." on a preceding page.— V. 109, p. 2362.

An extra dividend of 4% has been declared on the $5,000,000 stock (par
$50) in addition to the regular quarterly 4 % , both payable Feb. 14 to
holders o f record Jan. 24. In Feb. 1919 an extra o f 3% was paid.—
V. 108, p. 1168.

Inland Steel Co.— Meeting

[V o l .

THE CHRONICLE

Postponed .—

The stockholders’ meeting scheduled for Dec. 16 and postponed to Dec.
24 to act on subdividing the par value o f the stock from $100 to $25 &c.,
has been further postponed to Jan. 27 1920, the date of the annual meeting.
— V. 109, p. 2360, 2268.

3

Nashua Manufacturing Co.— To Issue Stock.—
The stockholders will vote Dec. 31 (a) on increasing the board of direc­

tors from 6 to 7: (b) to authorize the directors to offer for subscription to
common stockholders of record Dec. 31, 10,500 shares of tho authorized and
unissued common stock (par $100) in tho proportion of 21-29ths of a new
share for each sharo held at $225 per share, tho directors to fix all tho terms
of subscription and payment. See V. 108, p. 2438.

Naumkeag Steam Cotton Co.— Dividends.—

International Fur Exchange Inc.— Dividend.—
A regular quarterly dividend o f 1 % % has been declared on the Preferred

The directors have declared a regular dividend o f 5% , also an extra
dividend of 5% , both payablo Jan. 2 to holders of record Doc. 19. A like
amount was paid extra in July last.— V. 108, p. 2635.

Int. Merc. Marine Co.— To Retire Voting Trust Certifs.—
Notice is given to holders o f outstanding stock trust certificates for pref.

C. V. Jenkins has been elected Secretary and Treasurer. AV. E. Bennett
resigned as Vice-Pres. and Secretary, but remains a director of the com­
p a n y — V. 109, p. 1993.

stock payable Jan. 1 to holders o f record Dec. 23.— See V. 109, p. 1278,
1529.

stock to present their certificates at the agency o f tho voting trustees, 51
Newark St., Hoboken, N. J., to be exchanged for definitive stock.
The New York Trust Co., pursuant to the foregoing notice, gives notice
that, as agents for tho voting trustees, it will be prepared, on and after
Feb. 2 1920, to distribute the dividends o f 3% and 5% , respectively, to
holders o f pref. stock issued in exchange for stock trust certificates. See
V. 109, p. 2360.

International Salt Co.— Bonds Called.—
Landers,
Frary & Clark, New Britain, Conn.— Stock.—
The shareholders of this company, manufacturer o f hardware and cut­
See Detroit Rock Salt Co. above.— V. 108, p. 1934.

lery, will vote Jan. 6 on increasing the authorized Capital stock from $5,­
000,000 to $6,000,000, par $25. No funded debt.
•

Liberty Motor Car Co.— Pref.

Stock Offered.—

Low, Dixon & Co., New York, are offering subject to prior sale and change
In price for delivery on Jan. 2 1920, any part o f 1,000 shares of tho 8%
Pref. stock at 105 flat. Tho capitalization of tho company consists of
$750,000 8% Pref. stock and $650,000 Common stock (quoted at about
250-350). Net earnings before taxes since Jan. 1 1919 have averaged about
$50,000 a month. The Pref. stock shares with the Com. stock in all divs.
paid in any one year up to 10%.

Loft Incorporated (Delaware), N. Y.— Listing.—Tho
full statement made to the New York Stock Exchange in
connection Avith the listing of the company’s capital stock
was published last week on pages 2305-2367. It describes
the company’s Ararious properties Avhieh include seventeen
stores in NeAV York and vicinity, of Avhieh tAvo recently
under
construction Avdll be opened this month.
Tho company also owns and operates two factories, ono in New York

and one in Long Island City: a third factory is under construction in I.King
Island City; this last will be an eight-story fireproof building o f steel and
brick, with approximately 270,000 square feet of floor space. All of the
company’s property is free and clear o f any lien.
The corporation manufactures between 300 and 500 varieties of candy,
and less than 5% o f its total output of candles is purchased from outside
sources.
_
The listing also shows net sales and income account in considerable, detail,
for several years past, up to and including Oct. 1919. It further shows
the balance sheet of the company and its predecessor, the Virginia corp.
of the same name.— V. 109 p. 2365, 2361. 1371, 1183.

(H. R.) Mallinson & Co .— Initial Dividend.—
An initial quarterly dividend o f 1 % % has been declared on tho Preferred

stock payable Jan. 2 to holders o f record Dec. 22.— V. 109, p. 1704.

Manati Sugar Co.— Listed.—

The N. Y. Stock Exchange has admitted to list $3,500,000 7% Cumula­
tive Pref. stock and $10,000,000 Common stock, par $100.
Income account for year ended Oct. 31 1919, as submitted to the N. Y.
Stock Exchange:
1918-19.
1917-18.
Total income---------------$9,545,266 $6,497,255
Total profit------- ------------------------$2,537,661 $1,852,850
Charges, depreciation,war taxes, &c____________
1,304,564
977,063
Preferred dividends, 7 % ________________________
234,500
231,000
Common dividends_____________________________
532,270
432,112
Balance, surplus______________________________
— Ar. 109, p. 2269, 1465.

$466,327

$212,675

Manufacturers’ Light & Heat Co., Pittsb .— Extra

Div.

An extra dividend o f 2% has been declared on the stock in addition to
the regular quarterly dividend of 2% , both payable Jan. 15 to holders of
record Dec. 31.— V. 109, p. 1897.




Nevada Consolidated Copper Co.— Officer.—

New York Telephone Co .—Officer —
Niagara Falls Power Co.— Application to List.—
Application has been made to tho N. Y. Stock Exchange to list $11,515,­

James S. McCulloh has been elected Vice-President.— V. 109, p. 1798.
400 Preferred stock.— V. 109, p 1798, 684.

North & Judd Mfg. Co., New Britain, Conn.— Cap.

Inc.

The shareholders voted recently to increase the Capital stock from
$1,500,000 to $2,000,000 par $25.— See V. 109, p. 1371.
Ml

Ohio Cities Gas Co.— New Slock.—The shareholders will
vote Jan. 29 on increasing the auth. Cum. Pref. stock from
§10,000,000 to §90,000,000, divided into shares of $100 each.

Out of said new preferred stock (a) $10,000,000 shall bear quarterly
cumulative dividends at the annual rate of 6% , and no more, and shall be
set apart for the sole purpose of being issued, at the option of its present
owners, in exchange, share for share, for tho present $10,000,000 5 'A%
Pref. stock which, when retired, Shall be cancoled; (l>) $70,000,000 to be
issued in installments from time to time to bear annual dividends to bo fixed
at time of issue at not less than 5% , or more than 8% , and no more but
such rates of dividend after having been once fixed shall be unalterable.
Each share of Pref. stock shall be entitled to four votes at all meetings
of stockholders and any or all of said now Pref. stock may bo redeemed as
$110 per share and accrued divs. at any dividend-paying period, after
60 days’ notice.— V. 109, p. 986, 584, 575.

Oklahoma Natural Gas Co.— Receiver Asked.—

The city of Tulsa on Dec. 17 filed a petition in District Court asking
Judge Owen to name a receiver for the company, alleging that the franchise
of 1905 has been repeatedly violated, in failing to provide an adequate
supply of natural gas during cold weather, although the rates wore boosted
from 20 to 44 cents to permit company to mako improvement-.— V. 109, p.

Oklahoma Producing & Refining Co.— Management.—
Orange County Public Service Co.— Suh. Co. Bond Call.
See Port Jervis Light & Power Co. below.— V. 109, p. 178Pacific Gas & Elec. Co., Calif.—75-cent Gas Rate Valid —
II. M . AVright, Master in Chancery, has upheld tho validity of the 75See Pennok Oil Co. below.— V. 109, p. 2270.

cont gas rate fixed by tho Board of Supervisors for tho fiscal years 1913 to
1916, inclusive. The company attacked tho 75-cent rato as being con­
fiscatory and through a temporary injunction was allowed to collect a rato
of 85 cents, giving bonds to tho Court certifying that if the 75-cent rato is
upheld, tho company would return tho excess collected with 7% int. which
now amounts to $1,376,874.— V. 109, p. 2362, 1610.

Philadelphia Electric Co.— Growth

of Company—

The growth of the connected load and number of1customers iii tho last
five years has been as follows.
«J
SO-Wall Lamp „ N o . of
'att Lamp No. o f
Cust'rs.
RiUiralenl
Eguit'alrnl. Oust rs.
82,761
124,422
69.141
57,791
1914................. 3.509,704
— V. 109, p. 1185.

50-B
1916...............4,715,121
1910(to-ct.31)7,322.766
1918____
*..6,456.080
1917---------5.491,788 104,015
96,920 1915 ...............3,985,529
Pennok Oil Co.— New Management.—
Announcement is made that on retirement of II. J. Parker as manager of

this property at the end of his contract Dec. 31, tho Oklahoma Producing
& Refining Co., as joint owner with the Pennok of important properties,
will take over the management of theso properties for joint account. This
however, will not affect the separate ownership of the $3,750,000 stock o f
the Pennok Co. (par $10).

Tho Pennok Co. is said to have some 167 wells and for the first nine
months o f the current year reports net earnings before deductions o f slightly
over $500,000.

Piffgly Wiggly Stores, In c .—

2445

THE CHRONICLE

D ec . 27 1919.]

D escrip tio n o f C o ., & c .—

A letter from President Clarence Saunders, dated N ov. 28 1919. to

being the property of tho Toronto Paper Manufacturing Co., recently
acquired. All three divisional plants, it is stated, are running at full
capacity with orders for several months booked ahead. The capacity of
all the plants is now being substantially increased by the installation or
additional paper machines and other equipment to meet the increasing
business.— V. 109, P- 2271, 2177.

Southern California Edison Co .—

(no par value), 200,000 shares; Common stock o f Class “ B ” (no par value)
50,000 shares. No bonds.
Company.— Incorp. in Virginia [about Sept. 1919.] Is engaged in the oper­
ation, under the Saunders “ self-serving” stores patents, o f a chain of highgrade grocery stores in various cities o f this country. Has acquired or
has contracts to purchase 150 stores, located in Chicago, St. Louis, Mem­
phis New Orleans, Milwaukee, Indianapolis, Grand Rapids, Little Rock,
Atlanta Oakland, Bridgeport, New Haven, Mobile and other cities and
towns and it is expected that about 800 stores will be in operation by end
o f 1920. Also contemplates the operation o f a single purchasing depart­
ment and a series o f storage warehouses and distributing stations as ad­
juncts to its retail stores.
. . ,
.
Tho Piggly Wiggly Stores are cash grocery stores conducted under a new
and patented system o f merchandising. They are operated under a plan
Whereby each customer waits upon himself and thereby eliminates unnec­
essary clerk hire, reduces operating costs and permits a larger volume of
sales The results o f existing stores show over twice the profits o f ordinary
grocery stores A store o f given size can sell about 2 H times as much as an
ordinary store. About 100 customers can conveniently make their pur­
chases at one time. The operations o f stores since 1916 indicate that under
the Piggly Wiggly method groceries can be distributed cheaper than under
any other known method.
. . . .
.
E a r n i n g s . — The sales o f the stores owned and operated independently
during 1918, averaged about $120,000 per store. It is estimated that if
the 800 stores are in operation by end o f 1920 net sales should be at rate of
S100 000 000 and net profits of upwards o f $5,000,000 per annum. The
net profits from the 150 stores already owned or under contract o f purchase
alone should amount to over $1,000,000 or about $5 per share o f the entire
authorized issue o f 200,000 shares of Com. stock o f Class A.
P r e f e r e n t i a l R i g h t s . — 'The Class “ A ” stock is preferred as to assets up to
$50 per share in case o f liquidation and as to divs. up to $4 per share. The
“ A ” stock shares equally with the " B ” stock in all profits after $4 per share
has been paid on the “ B” stock.
______
' directors — Lewis L. Clarke, Pres. American Exchange National Bank;
C M -P Murphy Vice-Pres. Guaranty Trust Co.; Moritz Rosenthal,
Ladenburg, Thalma'n & Co.; Eugene V. R. Thayer, Pres., Chase National
Bank; John H. Watkins. Investment Banker New York; Harry H Field,
Retail Merchant; John Fletcher, Vice-Pres. Ft. Dearborn National Bank,
Chicago- R K. Kauffman, Vice-Pres. Mercantile Trust Co.; George B.
Wearen’ st Louis; Otto Marx, Marx & Co., Birmingham; Clarence Saun­
ders, Pres.: L. M . Stratton, Stratton Grocery Co., Memphis, Tenn.
p Application will be made in due course to list this stock on the N . YStock Exchange.

Pilgrim Mills, Fall River.— Extra Common Dividend.—

The directors have declared an extra dividend o f $10 per share on the Com­
mon stock payable Dec. 23 to holders o f record Dec. 17. The regular
auarterlv dividends of $1 50 on the Preferred and Common stocks were
also declarod payable Jan. 2 to holders o f record Dec. 27. An extra of
4% was paid in Dec. 1918.— V. 107, p. 2182.

Port Jervis Light & Power Co.—Bond Call.—

Orange County Public Service Corp. (successor co.) has called for pay­
ment on Jan. 1 $200,000 5% 1st Mtge. gold bonds dated March 12 1910.
at 105% and int. at the Orange County Trust C o., Middletown, N . Y.
— V. 109, p. 179.

Producers & Refiners Corp .— Dividend—Additional Stk.

The company has declared a regular dividend o f 5% upon the Common
stock payable in installments of 12K cents per sharo quarterly, Feb. 1
1920 to stockholders of record Dec. 31 1919.
All stockholders of record Dec. 31 1919 will be entitled to subscribe to
one sharo of treasury Common stock at $10, par, for each 10 shares of
Pref. or Common stock held Dec. 31 1919.— V. 109, p. 2270.

(Robert) Reis & Co.— In itial Dividend .—

An initial dividend o f $1 75 a share has been declared on the 1st and 2nd
Preferred stock, both payable Dec. 31 to holders o f record Dec. 24.— V. 109
p. 1898.

(R. J.) Reynolds Tobacco Co.— New Vice-President

—

James A. Gray has been elected Vice-Pres. and a director.— V. 109,p .1799

Rockaway Rolling Mills Co.— Bonds Called.—

All o f the First Mtge. 7% Serial Conv. gold bonds have been called for
payment at 102Vi and int. at the Commercial Trust Co. o f Phila. Com­
pare V. 109, p. 893.

Rowland Power Consol. Colleries Co.— Bonds Offered.—

Worthington. Bellows & Co.. Cleveland, Cassatt & Co., and Graham
Parsons & Co., Philadelphia are offering at a price to yield 7% $900,000
First Mortgage 6 % Serial Gold bonds. Dated Oct. 1 1919. Due serially
each Oct. 1 1920 to 1926. Guarantee Trust & Safe Deposit Co., Phila­
delphia. Trustee. Interest payable A. & O. Tax refund to holders in
State o f Pennsylvania. Company agrees to pay normal Federal income
tax not to exceed 4 % . Denoms $1,000 (c*). Redeemable all or part
at 105 and int., on any int. date upon 21 days’ notice. In the event of
bonds being redeemed in part, they shall be of the last maturity outstand­
ing. Mortgage provides for a sinking fund payable quarterly to Trustee
of 15 cpnts per ton on all coal mined, to be applied first to serial payments
and balance remaining, if any, to be used to redeem bonds o f the last
maturity outstanding at 105 and int., unless purchaseable in the open
market at a lower figure.
Company, chartered in Indiana. Has outstanding 7% Pref. stock
$320,000 and Common stock, $1,805,000. Properties situated in C lay’
Owen, Sullivan and Greene counties, Indiana, consist o f 2,899 acres of
unmined coal, owned in fee, except 30 acres held under lease, together with
3 shaft mines, and 7 complete stripping operations, valued at $1,824,674.
The average net income for the 3 years ending Dec. 31 1918 (after deprec )
available for bond interest, sinking fund and Federal taxes, amounted to
$301.289 or nearly 6 times interest charges on the bonds.

Royal Dutch Co.— Sub. Co. Stock, &c.—

See Mexican Eagle Oil Co. above.— V. 109 p. 2362.

St. Lawrence Flour Mills.— Extra Dividend.—

An extra dividend o f 10% has been declared on tho Common stock
payable Jan. 6 to holders o f record Dec. 22. In addition to the regular
quarterly dividend o f 1 H % an extra o f 1 % was paid in each auarter of
1919.— V. 109. p. 179.
quarter oi

Simms Petroleum Co.— New Stock,, Etc.—

The shareholders will vote (a) on Doc. 30 upon increasing the authorized
capital stock-from 500.000 shares to 1,000,000 shares, all o f which will be
of one class and without nominal or par value; (b) on Jan. 20 upon approving
an agreement for the consolidation of Homer Oil Corporation into the
present corporation, Simms Petroleum Co., as well as the manner of con­
verting the shares of said Homer Oil Corporation into the shares o f said
Simms Petroloum Co.— See V. 109 p. 2362.

(Howard) Smith Paper Mills, Ltd.— R e-Incorporation —

The shareholders on Dec. 16 confirmed the sale o f the company as a
going concern to a now company o f the same name recehtly incorporated
In Canada with an authorized capital o f $7,000,000. Under the conditions
of the sale one share o f 8 % Cumulative Pref. stock o f the now company
participating up to 10%, will be given for each share o f the 7% Nonparticip. Pref. stock o f tho old company, while holders o f the old Com.
stock will receive two shares o f new for each one presently held by them
Tho new company undertakes to pay the Com. shareholders o f the old
company the dividend o f 5% recently declared for the year 1919. No
change in the management or executive is involved in the transaction.
Tho now company will operate three divisional plants for the manu­
facture o f bond, ledger and other high-grade papers, these being situated
at Beauharnois and Crabtree Mills, Quebec, and Cornwall, Ont., the latter




D e c isio n

—

The First District Appellate Court in San Francisco has handed down a
decision restraining the city of Los Angeles from selling electric power to
companies operating outside its corporate limits. Under the operating
agreement, the company has been distributing city power and returning
about $2,000 a day net revenue for the same. The Los Angeles Gas &
Electric Co. attacked the agreement on the ground that the city charter
does not provide for the sale o f municipal power to any company. Judge
Shenk ruled against the plaintiff and an appeal was taken to the State
Supreme Court, which transferred the case to the Appellate Court.
In its ruling, which reversed the decision o f the Superior Court, the
Appellate Court holds that the city o f Los Angeles exceeded the provisions
o f as charter when it granted power privileges outside the city s corporate
limits. The Court says that tho Los Angeles charter provides that no
power can be given away, sold or transferred without the consent of twothirds of the voters.— V. 109, p. 2177.

Southwestern Utilities Corp

— B ond C all.—

Standard Oil Co. of Calif .—

Chairm a n R esign s.—

All o f the outstanding. First Lien 20-y*ar 6 % S. F- Koid bonds dated
July 1 1916, have been cailed for payment on Feb. 1 at the Columbia Trust
Go., N. Y .— V. 102, p. 2347.
IV.
S. Miller, Chairman of the Board, will retire on Jan. 1 1920.— %• 109,
p. 1799.

Standard Steel Car Co., Pittsburgh . —

W a r Contract.—

An advertisement published in the New York Tunes o f No\ . 5, reply­
ing to charges o f profiteering on war contract with U. S. Govt., anoraea
the following data:
.
„
____ .
The contract was for 964 o f such gun carriages; the French Government
during the entire war had made only 125 of them. Each involved nearly
15,000 different pieces. They have the mechanical nicety o f a watch.
Tho French plans had to be entirely revised, for American practice and for
quantity production, requiring the original invention by this company or
entirely novel machinery and its construction, as preliminary to production.
The Government was unable to furnish promptly either its approval of
plans or the parts reserved for manufacture by it or by independent con­
tractors: otherwise the gun carriages could have been produced practically
within the time contemplated. A t the armistice quantity production was
W T herom panyw as left with an enormous quantity of costly war material
on hand, useless for purposes of peace except as scrap: it had never received
a cent of its guaranteed profit; it had not been reimbursed for all its expen­
ditures; it had vast obligations to Its sub-contractors a large share o f which
has not yet been discharged by the Government. The entire peace business
of this plant was disorganized by the changes required under tfus contract.
The settlement received tho most careful consideration of the various claims
boards, and it was reached only after most careful consultation between
these boards and other branches of the War Department.
The claim involved not merely the accounting for expenditures, but a
proper compensation to tho company for its losses o f other business caused
by this great enterprise and for the sudden cessation of work due to the
termination of the order. That the companyexercised itsstewardship
economically is shown by the fact that out o f a total appropriation of
$42,000,000 for this work, but $18,000,000 was expended b y th e company.
The Government has paid on this contract approximately $18,000,000.
All payments have been approved by Government officers and accountants
present at the works.— V. 107, p. 2295.

Submarine Signal Co.— D irector .—•

F. L. Higginson has been elected a director to succeed the late Henry L.
Higginson.— V. 109, p. 79.

Superior Steel Co .—

50

Extra D ivid en d o f

C en ts .—

An extra dividend of 50 cents per share has been declared on the Common
stock in addition to the regular quarterly dividend o f 75 cents both payable
Feb. 2 to holders of record J a n .15.
_
, .
President Harrison is quoted as saying: “ Operations during the last
six months orders on hand and the outlook for the future, warranted the
declaration’of the extra dividend. Our operations were not curtailed during
the steel strike. As a matter o f fact October was the heaviest month in
tonnage in the history of our organization. The company also went through
the coal strike without any material trouble."
, „ . „ .
.
The regular quarterly dividends o f 2% on the 1st and 2nd Preferred
stocks will be paid Feb. 16, to holders of record Feb. 2.— V. 109, p. 1186.

Textile Building Co., Cleveland, O .—

BonU O ffe rin g .—

Stanley & Bissell. Cleveland, are offering at par and int. to yield 7% .
$600,000 First Mtgo. Leasehold ’ % serial gold bonds. Dated Sept. 1 1919.
Due serially to Sept. 1 1929. Denom. $1,000. $500. $100. Int. payable.
M & S. at the office of Citizens Savings & Trust Co., Cleveland, trustee.
Redeemable all or .n part on any int. date upon 4 weeks notice at 102 and
int Company agrees to pay normal Federal income tax to the amount of 4%
Property consisting of leasehold estate and a 7-story fireproof brick and
concrete building now being erected, is located at Cleveland. This land
Is held on a 99-year lease, dated Oct. 1 1919, renewable forever, and contains
the nrivileee of purchase. Building when completed will contain 262,000
sq?f? o f floor space and will have a value in excess of $1.000.000. ,
J

(W. E.) Tillotson Mfg. Co., In c .—

Stock O ffe rin g .—

Seybolt Chase & Seybolt, being syndicate members are offering at $26
per share,’ 35,000 shares Common stock of no par value.— See V. 109,
p. 2178.
*

Tobacco Products Export Corp ,—

C apital

I n c r e a s e .—

The stockholders voted Dec. 23 to increase the Capital stock from 450.­
000 shares to 500,000 shares, no par value. 22,500 shares oi the increase
will be distributed as a stock dividend of 5% Jan. 2,— See V. 109. p. 227g.

Tonopah United Water Co .—

Bond

R ed em p tion .—

Twenty-two ($22,000) Series “ B” Consolidated First Mtge. 6 % bonds
of 1906 have been drawn for payment at par and int. on and after Jan. 1
1919 at the Anglo-Califomia Trust Co., San Francisco.— V. 107, p. 2383.

Trumbull Steel Co., Warren, Ohio .—

EH ra D iv id e n d .—

The directors, it is said, have declared an extra dividend of 1% on the
000 000 outstanding Common stock (par $100), along with the regular
disbursements of 1 Vi% on the Common and H i % on the Pref. stock. All
dividends are payable Jan. 1 to holders of record Dec. 20.
In April last
an extra of 1% was paid and in Jan. 2 H % -— V. 108, p. 2637.
$6

Truscon Steel Co., Youngstown, O .—

C apital In c r e a s e .

The stockholders voted Dec. 19 to increase the capital stock from $3,500,­
000, consisting of $1,500,000 Pref. (par $100) and $2,000,000 Common (par
$10), to $4,500,000 by the issuance o f $1,000,000 Pref. stock, par $100.
The new stock, it is stated, has been underwritten.
The directors have declared the regular quarterly dividend of 4% on the
Common stock, payable Jan. 15 to stock of record Jan. 5.— V. 109, p. 1373.

Union Twist Drill Co., Athol, Mais.— P lan —

The stockholders will vote Dec. 29 on adopting the following plan:
Merger.— The net assets are to be transferred to a new company to be
organized with the same name under the laws of Massachusetts, along with
all the assets of the S. W. Caid Mfg. Co. and Butterfield & Co., Inc., two
subsidiary corporations now controlled by stock ownership.
Proposed Capitalization o] Nero CompanyPurpose of Issue
7 % Cum. Pref.(par $100) Com. (par $5)
Details on Basis of Option A
Shares Par Value Shares Par value
T o retire present $2,379,600 Pre­
ferred stock_______ _____ _______ 23,796 $2,379,600 ______
_____ _
T o holders of present $1,500,000
common stock__________________ 7,500
750,000 150.000 $,50,000
Offered to common stockholders for
.„
now cash.......................................................................... 30.000
160.000
Sold to bankers___________________ ____
______ 15.000
<5.000
Reserved for issue to employees____ ____
______
5,000
2o OQU
T o t a l _________ _____ _________ .31,296 $3,129,600 200.000 $1,000,000

2446

THE CHRONICLE

tV oL . 1 09.

Rights o f Present Slock.— (1) The holders o f each share o f present preferred .the Government not later than 7 14 years thereafter. Final repayment. Is
stock, par $ 1 0 0 . will receive the Dec. 31 1919 quarterly dividend of $1.50 therefore to be made with int. for the first 5 years at 5 % and thereafter at
a share, and if he deposits his stock, duly endorsed, with State St. Trust 6 %, not later than 1 0 K years after the official termination of the war.
Co., 31 State St., Boston, on or before Jan. 15, may receive in exchange ITior to the completion of the station there is no interest charge upon this
for such stock either Option A , $100 in cash, or Option Ii, $100 in the new advance and between the time of the completion of the station and the ap­
7% cumulative Preferred stock, cn which dividends will accrue irom Jan. praisal the interest to be paid the Government is to be 4M % on 3-10 of the
1 1920. (c) i f he fails to exercise his option on or before Jan. 15 1920 he Government’s advance, which, on the basis of the present advance, would
will receive $ 1 0 0 in cash.
amount to $25,500 per annum. The company has entered into an indem­
(2) Each holder o f present common stock will receive for each share of nity bond for its faithful performance of this contract and such bond is
his common stock (par value 1 0 0 ) as he may elect by filing his option with secured by a second mortgage on its properties.
the State Street Trust C o., Boston, on or before Jan. 5, viz.:
Purpose.— Part of proceeds was employed for retirement on Dec. 10 1919
Option A .— K' share (par $100 a share) o f new Preferred stock: 10 shares of $1,143,500 7 % Collateral Gold notes, and balance will be used to complete
(par $5 a share) of new Common stock.
a construction program including the new Springdale power plant, and for
The 10 shares o f common stock in this block will carry the right to sub­ general corporate purposes.
scribe to two additional shares ot common stock at $ 2 0 a share, but as this
Franchises.— With the exception o f a few small communities from which
right expires Thursday, Jan. 15 1920, it will be entirely lost to holders of company derives less than 3% o f gross earnings, all franchises, in the
the present common stock who do not surrender their stock by that time opinion o f counsel, are unlimited as to duration.
to the State St. Trust C o., Boston, as depositary. Moreover, the issue
. Property.— Properties owned directly or through ownership o f all securi­
of warrants tor this right will be delayed until the surrender of the present ties include electric generating stations, aggregate installed capacity 33,970
common stock in the case o f all common stockholders who do not surrender k.w. (name plate rating), 89 sub-stdttions, transformer capacity 114,575 k.w.,
their present common stock on or before Monday, Jan. 5 1920.
and 458 pole miles o f high tension transmission lines exclusive of low tension
Option Ii.— 1-10 sharo (par value $100 a share) o f new Preferred stock. distribution
lines. The transformer capacity of 114,575 k.w. is exclusive
12 shares (par value $5 a share) o f new Common stock. The common of 28,250 k.w. transformer capacity owned by consumers and connected to
stock in this block will not carry any right to subscribe to the issue of the transmission system. In addition leases the power plant of the West
additional common stock proposed at this'time.
Penn Railways at Connellsville, Pa., installed generating capacity 56,500
Estabrook & C o.. 15 S t a t is t ., Boston, have underwritten this plan, k.w. (name plate rating). Of the installed generating capacity directly
agreeing to buy any o f the new I'retcrred stock from common stockholders owned, 30,000 k.w. consists of the company’s one-half of the initial installa­
on or before Jan. 15 and also to purchase the 15,000 shares of new common tion o f a new power plant at Windsor, W . Va., constructed jointly by the
stock to be sold to bankers; they further agree to take up any of the addi­ American Gas & Electric Co. and the West Penn Power Co. Upon com­
tional common stock offered to the stockholders which is not subscribed pletion of the new Springdale plant, the generating capacity will be in­
for on such offering and any o f the new preferred stock which is offered creased from 90,470 k.w. to 130,470 k.w., or 44%. The now business
under Option B to the present preferred stockholders and is not taken by which the West Penn Power Co. has actually under contract, together with
them.
prospective business, is more than sufficient to keep the Connellsville,
It is contemplated that application will be made for the listing o f the Windsor and new Springdale plants loaded to capacity.
common stock of the new company on the Boston Stock Exchange. V. 108.
Earnings for Years ended Nov. 30—
1919.
1918.
p. 85.
Gross earnings, including miscellaneous income----- $6,116,634 $5,489,991
Net after oper. exp., maint., taxes and rentals_____ 1,941,138 1,917,999
Union Oil Co. of Deleware.— Time Extended —
888,380
_______
The Union Oil Co. o f Deleware, announces that the time limit for exhange Ann. int. on 1st M . bonds and this issue requires__
See also V. 107, p. 2296.— V. 109, p. 1899.
of Commonwealth Petroleum Corp. stock for stock o f the Union Oil Co.
has been extended to Jan. 3 1920. Approximately 85% o f the Common­
White Motor Co., Cleveland.— Listed Earnings
wealth stock has been turned in for exchange.— V. 109, p. 1994.
The N. Y . Stock Exchange has admitted to list $5,000,000 additional
United Retail Stores Corp.— In itial Dividend
capital stock, making the total authorized to be listed $25,000,000.
The income account for the six months ended June 30 1919, as sub­
Both the 50,000 shares issued to the original subscribers at $70 and the
approximately 509,000 shares issued in exchange for Common stock of mitted to the N. Y . Stock Exchange, compare with the year’s figures
United Cigar Stores Co. o f America will receive the initial $3 dividend just as follows:
6 Mos. to
Cal. Year
declared. Payment o f the dividend will, therefore, require $1,677,000.
June 30 1919.
1918.
The 160,000 founders’ shares will not receive the dividend.— V. 109, p. 2272
Operating profits after expenses.
- $1,437,940 $5,947,494
Other income___________________
United States Express Co.— Sells Building.—
.
318,227
- 433,091
The company has sold the United States Express Building at 2 Rector St.
Net profits
to Elias Cohen for about $5,000,000.— V 109, p. 987.
. $1,756,167 $6,380,585
Federal taxes
500,000
3,700,000
Dividends
U. S. Food Products Corp.— Extra Dividend —
(4%)640,000 (8)1,280,000
The directors have declared an extra dividend o f 1H % on the outstanding
Balance, surplus________________ _____________
capital stock in addition to the regular quarterly dividend o f
of 1 % , both
$616,167 $1,400,585
Total profit and loss, surplus, June 30 1919, $7,237,644.— V. 109.
payable Jan. 19 to holders o f record Jan. 2. An extra o f lf$ % has been
p. 2364, 1899.
jvM^l_quarterly since April 1918.— V. 109, p. 80.

—

.—

United States Radiator Corp.— Listed.—

The Detroit Stock Exchange has admitted to list $4,000,000 Common
stock and $2,800,000 Preferred stock, par $100.— V. 94, p. 1321.

.—

Willys-Overland-Crossley, Ltd.—Organized.—

London cables announce that this company has been registered in Eng­
land with a capital o f £2 ,0 0 0 ,0 0 0 in £ 1 shares.

United States Smelt., Refining & Mining Co .— E arn .—
Directors Estimate as Reported By “ Boston News Bureau”
Calendar Years—
1919.
1918.
1917.
1916.
Silver prod, (ozs.).(est.)
20,000,000 15,300,000 13,000,000 11,600,000
Gross p rofits___________ $9,410,000 $7,249,533 $5,769,391 $9,737,664
Deprec., depl., &c., res.
2,770,000 *2,474,443
1,571,576 1,839,200
Preferred dividends___
1,702,225
1,702,225
1,702,225 1,702,225
Bal. for com. d iv------$4,937,775 $3,072,865 $2,495,590 $6,196,239
* No provision is included for Federal taxes.— V. 109, p. 1615, 180.

United States Worsted Co.— Stock.—

The company has notified the Mass. Secretary o f State o f an issue of
14,310 shares o f Common stock (par $10) to be exchanged for 1,431 shares
of 2d Pref. stock (par $100) which were offered for exchango in accordance
with provisions o f agreement o f association. The 1,431 shares of 2d
Pref. stock have been received into the treasury and are being held for can­
cellation and the 14,310 Common shares have been issued in exchange there­
for, so that the outstanding capital now is $7,000,000 First Pref.; $3,665,700
2d Pref., and $1,034,300 Common.— V. 108, p. 1058.

Virginia Iron Coal & Coke Co.— Dividend .—

The directors declared a dividend o f 3 % on the Capital stock payable Jan.
25 to holders o f record Dec. 31. In July last a like amount was paid.—
V. 108. p. 2248.

W ashington Oil Co.— A nnual Dividend of

$2.—

A dividend of $2 has been declared on the stock (par $10), payable Jan. 30
to holders o f record Dec. 31. This compares with $4 paid in Dec. 1918
and 1917— V. 106, p. 1143.

Welsbach Co., Philadelphia.— Bonds Canceled.—

On Dec. 19 there were struck off the list o f the Philadelphia Stock Ex­
change $117,800 Col. Tr. 5% bonds, due 1930, purchased for the sinking
fund, leaving listed $2,137.700.— V. 108 p. 2534.

Western Power Corporation.— Pref. Dividend 1 Y>%.—

The directors have declared a quarterly dividend o f 1H % on the Preferred
stock payable Jan. 15 to holders o f record Dec. 31. In Oct. 1919 the
quarterly dividend was increased from 1 to 1 K % .— V. 109, p. 1280.

West Penn Power Co.— Offering of Bonds —Halsey,
Stuart & Co., A. B. Leach & Co., New York, and Conti­
nental & Commercial Trust & Savings Bank, Chicago, are
offering at 9G and int. by advertisement on another page
$2,500,000 5-year 6% Convertible Gold debentures dated
Dec. 1 1919, due Dec. 1 1924.

Convertible into 7% Cumulative Pref. stock (par $100) at any time be­
tween Dec. 1 1920 and Dec. 1 1924, in the ratio o f 10 shares of stock for
each debenture. Int. payable J. & D. in New York and Chicago, without
deduction for Federal income taxes now or hereafter deductible at the
source, not in excess o f 2 % . Denom. $1,000 (c*). Redeemable all or
part on 30 days’ notice at 101 and int. if redeemed prior to and incl. Dec. 1
1921; at 100 > 3 and int. if redeemed thereafter to and incl. Dec. 1 1923, and
100 and int. thereafter. Tax-exempt in Pennsylvania.
Data from Letter of Pres. A . M. L ynn, Dated Pittsburgh, Dec. 19.

Company.— Supplies electricity for light, heat and power to some 110
cities and towns located from 3 to 50 miles, from Pittsburgh. Territory
covered about 2,500 sq. miles. Estimated population, 475,000. Number
o f light and power consumers as o f Oct. 31 1919, 36,835; total connected
load, 195,438 k.w. In the three years ended Oct. 31 1919. number of con­
sumers Increased 37.2% ; total connected load 62.5%; annual output 61.9% .
Capitalization After Present Financing—
Authorized. Outstanding.
Preferred stock, 7% cumulative...............................$10,000,000 $2,900,000
Common stock__________________________________ 10,000,000 10,000,000
First Mortgage gold bonds (auth. issue lim ited )..
________ 13,723,000
Five-Year 6 % Convertible gold debentures_____ 2.500,000
2,500,000
Contract with Government.— Company is now constructing a new power
station at Springdale on the Allegheny River (40,000 k.w. initial capacity),
expected to go into operation in the spring o f 1920. This station Is being
built pursuant to a contract with the U. S. Government, under which the
Government agrees to advance 40% o f the cost and has actually advanced
$2,000,000, based on an estimated cost o f $5,000,000 for the station and
transmission lines. The contract provides that the reproduction cost of the
plant and lines is to be determined by appraisal three years after the official
termination o f the war and that the excess, if any, o f such reproduction cost,
less depreciation and obsolescence in the interval, over the portion of the
cost which the company is providing out o f its own funds, is to be repaid to




CURRENT

NOTICES

— Announcement has? been made that Robert O. Hall will, after Jan. 1,
be associated with Roland T. Meacham of Cleveland (member Cleveland
Stock Exchange). Mr. Hall, who recently resigned from the National City
Co., is well known in financial circles, not only in Cleveland but throughout
Ohio and Western Pennsylvania. Prior to his removal to Cleveland ten
years ago, he represented Harris, Forbes & Co. in Western Pennsylvania and
continued to do so after boing transferred to Ohio. About fivo years ago
he became connected with the National City Bank of New York as repre­
sentative of the bank’s Bond Department. In the summer of 1916, when
the bank’s Bond Department and the firm of N. W . Halsey & Co. were
taken over by the National City Company, he was appointed District
Sales Manager, having in charge the company’s business in the Stato of
Ohio.
— A new investment banking house has been formed to be called E. p .
W oodbury & Co., Inc., with headquarters at Burlington, Vt. The directors
of the new company will be E. P. W oodbury, who is a director of tho Chit­
tenden County Trust Co. and several other corporations in Vermont;
C. L. W oodbury, who is connected with a large number of Vermont indus­
trial corporations, and II. R. W ood o f the Hew R. Wood C o., investment
bankers in Montreal, Canada. The new company intends to specialize
in Vermont securities and securities that aro tax-exempt or legal for in­
vestors in that State. It will locate at 188 Main St., Burlington, and will
be open on Jan. 2.
— W . M cM . Rutter, resident partner at Chicago o f White, Weld & Co.
of New York, announces that the Western business or his firm will be taken
over Feb. 1 by Rutter, Lindsay & Co., an Illinois corporation. M r. Rutter,
who will head tho new company, will become a special partner in White,
Weld & C o., and the latter firm in turn will obtain an interest in Rutter,
Lindsay & Co. Martin Lindsay, Vico-President of the Northern Trust Co.
of Chicago, will become associated with M r. Rutter. He has tendered his
resignation to tho directors of the Northern Trust, to become effective
Feb. 1. Lawrence Howe and T . Edwin Quisenberry of the present organi­
zation will also be associated with the new firm.
— A. W . Coote, 614 South Spring St., Los Angeles, stock and bond
broker and momber of Los Angeles and San Francisco stock exchanges, has
sent the “ Chronicle” copies of a booklet, "Western Listed Securities,”
which ho has Just compiled and had printed for free distribution. This is
tho first time the vital data relative to all of the securities listed on the
Los Angeles Stock Exchange have been compiled and published under one
cover. The booklet should, therefore, be valuable for reference.
.. —-Lawrence Chamberlain & C o., Inc., announce their consolidation with
the New York office of Sidney Spitzer & Co. Mr. Ayers, formerly manager
of the latter organization, has been made treasurer of Lawrence Chamber­
lain & Co. and manager of the New York offlc&s, which have been removed
to the United States Realty Building, 115 Broadway, New York. Mr. E.
Maltby Shipp has become associated with the New York office as staff
engineer.
— Marwick, Mitchell & C o., accountants and auditois, announce that
they havo admitted to partnership in their fhm Albert J . Watson, O. P. A .,
who was Manager of their office at Kansas City. It is stated that the
growth of the firm’s business on the Pacific Coast, established in 1911.
requires the continuous attentien of a resident partnor, and Mr. Wat on
will, therefore, make his headquarters at the San Francisco oifice.
— In keeping with their established custom of distributing compensation
in addition to salaries to their employees, Ames, Emerich & Co. have
awarded bonuses to every member of their staff in New York, Chicago and
Milwaukee in varying amounts according to length and character of service.
The minimum distribution during the year to any employee who has been
in the employ of the organization for a year or more is 40% of the regular
yearly compensation.
— The Guaranty Trust Company o f New York has been appointed
Transfer Agent o f Voting Trust Certificates of the U. S. High Speed Steel
& Tool Corporation and the Power Specialty Company, and also Dividend
Disbursing Agent of the Preferred stock o f the Pierce Oil Corp. and
Hartman Corp.

2447

THE CHRONICLE

D ec . 27 1919.]

I c p m is

m id

d o cu m e n ts.

TH E CUBAN-AM ERICAN SU G AR COMPANY

ANNUAL REPORT—FOR THE FISCAL YEAR ENDED SEPTEMBER 30 1919.
New York, December 15 1919.
To the Stockholders of the Cuban-American Sugar Company:

CONSOLIDATED BALANCE SHEET SEPTEM BER 30TH 1919.
ASSETS.
_______ ____
Capital Assets:
L a n d s__________________________________ $9,417,648 50
Buildings, Machinery, Railroad Tracks,
Rolling Stock &c.................................... - 2 2 a08’69235S31.526.340-85
Goodwill____________________________________________ - —
3,929,340128
Work Animals, Live Stock and Equipment---------------------- 1,318,667 81
Current Assets and Growing Cane:
Planted and Growing Cane------------------------ $2,754,304 39
Advances to Colonos and Contractors (after
deducting Reserve for Bad and Doubtful
A ccounts)_____________________________ 3,817,658 14
Raw Materials, Supplies and Merchandise
__
in Stores______________________________ 5,014,332 63
Raw and Refined Sugar__________________ 5,591,656 61
1917-18.
Accounts and Bills Receivable (after de­
2,334,617 Tons
ducting Reserve for Bad and Doubtful
____
A ccounts)_____________________________ 2,067,827 91
(Bags 320 lbs.)
Liberty Loan Bonds (Par Value $1,220,­
521,774 Bags
000 0 0 ) . . . _____
1,199,240 00
624,975 “
Cash in Banks, with Fiscal Agents and on
264,585 “
h a n d ............................. ............. ...............
2,311,213 08
...................... ......... ...................
........1-------------- 22.756.232.76
63,720 “
110,707 “
Other Assets:
138.989 Advances in connection with Contracts for
Future Delivery of Fuel O il....................
$576,481 09
1,724,750 Bags
Discount on Serial Gold Notes___________
54,166 67
or
Prepaid Insurance, Taxes, &c____________
140,049 6 8
M 770,697 44
275,960 Tons

Your Board of Directors submit the following report for
the fiscal year ending September 30 1919.
The production of raw sugar during the year amounted to
314 503 tons (of 2,000 lbs.), which was almost fourteen per
cent (14%) greater than in the crop previous in spite of an
average decline of over three per cent (3%) in the sucrose
in The
the cane.
tonnage of cane ground, and. the year s outputJ of. raw
and refined sugar for the last two years appear in the fol­
lowing table:
1918-19.
Cane ground...........- ........................... ..

2,745,554 Tons

(Bags 320 lbs.)
Raw Sugar Produced—
559,503
Oliaparra
719
7QQ Bags
v;napaii«»------------------------------------Delicias-------------------------------------------o- k’ cco
275,663
Tinguaro.
TTnidad
_________________—
83,451
a f f i S d i t a : : : : . -------------------------------{jS -g g
Constancia........................................ —
Tota.1 ____________________________

1,965,641 Bags
314,503 Tons

$60,301,279 14
cJ rifeZ s Reffnery?'Cuba” .................... 43,163,954 lbs.
Grarawcy Refinery, L a . . . ...............
143,589,696 lbs.

50,277.888 lbs.*
151,025.592 lbs.

The net profit of the Company for the fiscal year amounted
to $ 7,091,296 85, after deducting $4,000,000, the estimated
amount of such income and war excess profits taxes as may
be finally determined, and $999,021 81 for depreciation of
buildings, machinery and equipment. Ample provision has
also been made for doubtful accounts and for the year’s
proportion of the cost of cane plantings.
At Chaparra we have entered upon an extended and prof­
itable operation of our lengthened railroad line in passenger
and freight service. The population in this favored zone has
largely increased. Our railroad with four hundred and
twenty-five kilometers constructed has become an integral
part of our business; its economical value and general im­
portance will be greatly enhanced in the future. The addi­
tions to our milling machinery assure the most approved
methods and increased capacity in the conduct of our manu­
facturing department. Agriculture, the very basis of our
business, is being prosecuted with all the diligence necessary
to the demands of our general development.
The change of fuel consumption from coal to oil has been
practically completed and oil storage and supply tanks are
bein" erected on all the Company’s Estates.
Additional boiling facilities at Tinguaro and other factories
have been completed, and certain minor machinery has been
installed to improve the work of these houses.
Regular quarterly dividends of 1 % % were paid on the
Preferred Stock and quarterly dividends of 2 } 4 % were paid
on the Common Stock.
During the year $2,000,000 of the First Lien Six Per Cent
Serial Gold Notes (Series A), which matured January 1,
1919, together with coupons thereon, were paid off.
The $2,000,000 First Lien Six Per Cent Serial Gold Notes
(Series B) maturing January 1 1920, together with coupons
thereon, will be paid by the Central Union Trust Company,
SO Broadway, New York, when presented on and after
January 2, 1920.
The season we are entering was prepared for on the most
generous plan and our Western Estates have greatly im­
proved during the year’s progress. In the East, however,
where our new plantings were on the most extended scale,
we have experienced adverse weather conditions; notwith­
standing this unusual interference our estimates indicate a
total output larger than any former year.
Respectfully submitted by order of the Board.
R. B. HAWLEY, President.
THE CUBAN-AMERICAN SUGAR COMPANY
AND ITS SUBSIDIARY COMPANIES.
CONSOLIDATED PROFIT AN D LOSS ACCOUNT FOR THE YEA R
COJN8U
EN DED SEPTEM BER 30 1919.
Raw and Refined Sugars Produced, less Com­
...................................... .. .$49,324,349 29
missions, &c
Molasses Produced.................. .........................
342,474 99
Interest Received . - - - - - - .................................
-060 81
Profit on Stores, Cattle, etc...............................
753,279 46
$50,767,164 55
Less:
Expenses o f Producing, Manufacturing, Selling, &c.. o f
Raw and Refined Sugars----------------------------------------- 37,721,928 25
•
$13,045,236 30
^R eserve for such Income and War Excess
E E S ? ,T “ “ “
54.000.000 0 0
Provision for Depreciation ------- --------999,021 81
Discount on Serial Gold Notes.................
108,333 33
Interest on Serial Gold Notes-----------. . .
270,000 00
Interest on Bills Payable, Current Acrn n n ts

&.C

____________________________

Loss on Liberty Bonds sold.................... -

o 4 o ,d o

1 /1

227,932 60

^^

g3g ^

Net Profit for the Year...................................- ......................$7,091,296 85




LIABILITIES.
Capital Stock:
Common (Authorized $10,000,000 00) 100,­
0 0 0 shares of $ 1 0 0 0 0 each-------------------- $ 1 0 ,0 0 0 ,0 0 0 0 0
Seven Per Cent Cumulative Preferred Stock
(Authorized$10,000,000 00) 78,938shares
of $100 00 each................................ ......... 7,893.800 00
^
$17,893,800 00
First Lien 6 % Serial Gold Notes Outstanding:
(Due $2,000,000 00 on January 1 1920 and $2,000,000 00
on January 1 1921)___________________________________ 4,000, OOO'OO
Real Estate Mortgages and Censos______________________
1462 192^76
Current Liabilities:
Bills Payable.............
$459,534 93
Bankers’ Loans__________________________ 1,069,699 35
Accounts Payable________________________ 2,206,225 37
Salaries and Wages Accrued...............
104,329 84
Interest Accrued_________________________
81,160 36
3,920,949 85
Reserve for such Income and War Excess Profits Taxes as
may be finally determined---------------------------5.398 ,518 67
Reserve for Depreciation--------------------------------------------------- 6,258 ,678 04
Surplus, per annexed statement----------------------------------------- 22,367 .139 82
$60,301,279 14
CONSOLIDATED SURPLUS A C C O U N T FOR THE Y EA R EN D E D
SEPTEM BER 30 1919.
Balance October 1 1918......................................................-...$ 1 6 ,8 2 8 ,1 6 8 47
Add:
Premium on Common Stock and Scrip
Sold______ _____ _____________________
$240 50
Profit for the year ended September 30
1919, per annexed accounts_________ 7,091,296 85
---------------------- 7,091,537*35
Deduct:
.
Dividends on 7% Preferred
Stock: •
Paid January 2 1919 for three
months to January 1 1919—
\ * i % .................................. $138,14 150
Paid April 1 1919 for three
months to April 1 1919—
1 % % _________
138,141 50
Paid July 1 1919 for three
months to July 1 1919—
\ M % ___________________ 138,141 50
Paid September 30 1919 for
three months to October 1
1919— 1 % % .......
138,141 50
Dividends on Common Stock:
Paid January 2 1919 for three
months to January 1 1919
2 H % --------$250,000 00
Paid April 1 1919 for three
months to April 1 1919—
2 H % ----------250,000 00
Paid July 1 1919 for three
months to July 1 1919—
2 H % __________ - ............ 250,000 00
Paid September 30 1919 for
three months to October 1
1919— 2 H % ...................
250,000 00

$23,919,705.82

$552,566 00

1 ,0 0 0 ,0 0 0 0 0

1,552,566 00
Surplus at. September 30 1919____________________________ $22,367,130 82
CERTIFICATE OF ACCOUNTANTS.
To the President and Directors of the Cuban-American Sugar Company:
We have examined the books and accounts o f the Cuban-American
Sugar Company and its subsidiary companies for the year ended Septem­
ber 30 1919, and hereby certify that the annexed Consolidated Balance
Sheet has been correctly prepared therefrom and, in our opinion, sets forth
the true financial position o f the companies as at that date and that the
relative Profit and Loss Account correctly shows the results o f the opera­
tions for the period.
The stock o f raw sugar on hand has been valued at the selling price fixed
by the Sugar Commission, after deduction therefrom of all estimated
shipping and selling expenses. All o f this has now been delivered with the
exception o f 7,868 bags, which have been contracted for. Refined sugars
have been valued at market or cost, whichever was lower.
LOVE JOY, M A TH ER , HOUGH & STAGG,
Members of the American Institute of Accountants.
55 Liberty Street, New York City, December 15 1919.

2448

THE

[Vol . 109.

C H R O N IC L E

M A XW ELL M OTOR COMPANY
(IN C O R P O R A T E D )

SIXTH ANNUAL REPORT—FOR THE YEAR ENDED .JULY 31 1919.
1 1919. CONSOLIDATED GENERAL BALANCE SHEET AS A T JULY 31 1919.
_ ....
ASSETS.
Capital Assets—
The sixth annual report of the Maxwell Motor Company, Real
Estate, Buildings, Machinery and
$10,249,134 26
Equipment---------------------------------Inc., for its fiscal year ended July 31st 1919 is herewith Investments
in other properties_______ . . . .
00
submitted.
--------------------- *10,349,134 26
_
,
„
Good-will,
Patents,
Models,
Trade-Marks
and
Trade
Name.
72
Subject to change, in accordance with the settlement finally Claims under Contracts with U. S. Government___________ 25,032,408
8,468,371 36
Current Working Assets—
effected of your Company’s claims against the United States Inventories
-------------------------------------------- $14,197,654 80
Government, the net earnings of your Company, as shown Advances
to Chalmers Factory______________ 4,196,015 47
London Office— Net Assets____________________
58,40647
by the accompanying statement of its certified public ac­ Accounts
Receivable__________________________
1,385,92610
Receivable (discounted to amount of
countants, Messrs. West & Fiint and Messrs. Barrow, Wade, N $719,915
opposite)________________
1,176,80781
Guthrie & Company, respectively, amount to SI,529,499 20, United States38.andSeeCanada
War Loan Bonds. . 1,079,300 00
------------------------------------------------- 2,940,974 87
after setting aside reserves for the Normal Income Tax and Cash
Sight Drafts with Bills o f Lading attached out
Excess Profits Tax.
»<?.r«^c2L,Sction (discounted to amount of
44. See opposite)______________ 1,145,447 26
As of July 31st 1919 the net amount of these claims, which $867,275
„ ,
26,180,532 78
Deferred Expenses—
are for war material and work done, over and above advances Insurance,
Taxes, Rentals, &c., prepaid____________________
219,41683
from the United States Government,- was $6,473,839 21. Central
Sinking Fund—
Trust Co. of New York, Trustee:
This figure includes the claims for such part of the war work Cash Union
---------------------------------- -----------------$1,15120
Capital Stock S c rip ................
600
as was performed in the plants of the Chalmers Motor Cor­ First Preferred
---------------------------------------1,15720
poration, and all references herein to your Company’s
$70,251,021 15
activities include such plants, the use of which was acquired
. ,
LIABILITIES.
by your Company for a period of five (5) years from Sep­ „Capital
Stock—
tember 1st 1917 under a lease. Government agents and First Preferred:
Authorized.............................. $14,050,000 00
accountants are actively engaged in the verification of these Issued
.................... ..........................$13,915,142 01
Purchased through Sinking Fund since
claims, and substantial payments have been received on Less:
Aug. 1 1915: Canceled . . .
$578,500 00
account, but, because of the details involved it will be prob­ Held
by Trustee for cancel­
lation.................................
203,300 00
ably several months before a final settlement can be effected.
--------------------781.800 00
It is on this account, and on account of the increased cost
of labor and materials, which has, in turn, increased the Second Preferred____________ $11,000,000 00$13,133,342 01
amount of working capital which your Company must have Less: In T re a su ry ..................... 872,5320110,127,467 99
to carry on its operations, that your Board of Directors has Comm on.
...........
$13,000,000 00
felt compelled to conserve the cash resources of your Com­ , In Treasury__________ 144,842 42 .12,855.157 58
pany, and to discontinue the payment, in scrip or otherwise, Mortgages and Land Contracts__________________________ 530,198’,381 53
of dividends on the First Preferred Stock since October 1st uniingtedinterest)________________
States Government— Advances on contracts (includ­
893 891 30
1918.
Dividend Warrants Due 1920__ I I I I I I I I I I I .................................700,173 72
Your Company entered upon its last fiscal year with 80%
4^ , „ ? ajS bl0v-..............
$6,250,000 00
of the total capacity of its plants devoted to the production Accounts
Payable—Audited________________ 2,732,200 17
Payable— Unaudited Vouchers____
700,322 30
of war materials. This continued until December 31st 1918, Accounts
Wages, Taxes, Insurance and Interest Ac­
crued _____________________ _
855 856 59
when, after the signing of the Armistice in November 1918, Customers’
Other D e p o sits IIIIIIIIIIIII
2351266 33
the production of war materials was curtailed and gradually Liberty BondandSubscriptions—
Banks...............
394,100 00
Bond Subscriptions— Employees____
3,679 21
reduced and the production of automobiles and trucks grad­ Liberty
^ ? nDrafts
eCr*lvabl?
r Discounted.........................
719,915
38
on Customers
Discounted_____867,275
44
ually increased, but it was not until May 1st 1919 that your Sight
12,758,615 42
Company’s plants were completely cleared of war work and Reserves—
For Depreciation of Plants_________________$3,342,678 63
available for their normal activities, with the result that the For
660,000 00
Contingencies--------------------------------------number.of passenger cars and trucks sold during the fiscal Corporate
4,002,678 63
Surplus— •
year ended July 31st 1919 was substantially less than the sales Undivided Surplus July 31 1 9 1 8 .....................$8,567,125 38
of any one of the last three fiscal years of your Company. N otln com efor the year ended July 31 1919.. 1,529,499 20
The past fiscal year, therefore, must be regarded as one of Deductions—
$10,096,624 58
reconstruction. Your Company has entered upon its new Dividends----------------------------$233,515 29
Sinking Fund Appropriation..
131,333 36
fiscal year with bright prospects. Its manufacturing facili­ Adjustment
50,163 05
o f Taxes_________
ties, with the additions which have been made, and which
415,011 70
are in contemplation, wall be in better condition and better
9,681,612 88
equipped than ever before. These additions, including ma­
$70,251,021 15
chinery and equipment, will not exceed approximately
$2,500,000, part of which has been realized from the sale of We have audited the books and accounts of the Maxwell
old buildings which the new buildings are intended to re­ Motor Company, Inc., for the year ended July 31 1919.
place. Sales contracts with Distributors have been executed
certify that during the year only actual additions to
calling for delivery during the coming fiscal year of cars and theWeproperties
of the Company havo been cap­
trucks far in excess of the number sold during the past year, italized and thatandfullplants
provision has been made for deprecia­
and there is every indication that your Company’s net earn­ tion and renowals of plant
and equipment.
ings during the current fiscal year will be satisfactory.
The inventories of cars, materials, supplies, &c., are as
The net working assets of your Company and its subsidi­ stated
on the books, no physical inventory having been taken
aries at the close of its sixth fiscal year are $14,996,697 33. as of the
named, and in regard to notes and accounts
Attached to this report are the balance sheet and profit receivable date
has been made for possible losses should
and loss account containing additional information as to the any arise inprovision
the course of liquidation.
results of the year’s operations.
The amount shown as due from the United States Govern­
Respectfully submitted,
ment represents the Company’s full claim for equipment, ma­
W. LEDYARD MITCHELL,
terial and profits arising under contracts with said Government
President.
as the same existed at July 31 1919. As provision against
any loss or shrinkage which may arise in tho ultimate settle­
CONSOLIDATED STATEM EN T OF INCOM E FOR THE Y EA R ment of this claim, a reserve has been set up arrived at by
E N DED JULY 31 1919.
the officials of the Company after careful consideration of
Net Earnings from Operations—
all tho facts of the case and taking into account such con­
After deducting Cost or Manufacturing and Ex­
penses o f Advertising, Selling, Administration
tingencies as might affect the final settlement.
and Taxes, and Chalmers M otor Corporation
The earnings for the year, viz., $1,529,499 20, are aftor
proportion o f profits from Government con­
taking into account tho reservo reforred to and all costs,
t r a c t s .................................................................. $2,144,214 46
Other Income—
expenses and other deductions including Excess Profits Tax
Cash Discounts on Goods purchased $173,565 56
and Income Tax, calculated on an approximate basis.
Sundry Miscellaneous Revenue____ 911,543 20
---------------- 1.0.85,108 76
Subject to the foregoing, wo certify that, in our opinion,
$3,229,323 22
the
above Balance Sheet is properly drawn up so as to show the
Deductions—
Depreciation on Buildings, Machinery and Tools
correct financial position of the Company at July 31st 1919.
1 over and above Repairs and Replacements__ $929,936 95
To the Stockholders:

Detroit, Michigan, December

1 0 0 ,0 0 0

L ess:

a

C u r ren t L ia b ilitie s —

Reserved for Contingencies in Settlement of
t Claims under U. S. Government Contracts__
Reserved for Income Tax_____________________

BAR R O W , W ADE, GUTHRIE & GO.,

600,000 00
169,887 07

Accountants and Auditors.
WEST & F LIN T ,

1,699,824 02
£ N e t Income for the Fiscal Year ended July 31 1919________ $1,529.499 20




New York, October

27 1919.

Accountants and Auditors.

D ec . 27 1919.]

THE

C H R O N IC L E

2449

lievers in higher prices. To-day prices advanced slightly
and close higher for the week. Germany has received
300,000,000 lbs. of meats and lard from the United States
in the last three months, according to E. A. Cudahay of
Cudahay Packing Co. Ho also confirms the announcement
COMMERCIAL EPITOME
in the House of Commons that Great Britain has made
Friday Night, Dec. 26 1919.
with Chicago packers for a regular supply of
Remarkably large business is being done for this time of arrangements
bacon, running from 70,000,000 to 100,000,000 lbs. every
the year. In parts of the country what might almost be three
months.
termed a saturnalia of buying prevails. The jobbing trade
OP LA RD FUTURES IN CHICAGO.
is extraordinarily large. The retail holiday business is said D A IL Y CLOSING PRICES
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
delivery__cts.23.00
23.40
23.32
23.70
Holi- 23.77
to have been the largest on record. Another gratifying January
delivery_________ 23.82 24.20
24.10
24.55
day. 24.60
thing is that coal is more plentiful. That means that new M ayPORK,
but steady; mess $47 00 @$47 50; family
life animates big industries hitherto badly handicapped. $52 00@$54quiet
clear $46 00 @$53 00. January pork
The outlook is for better railroad service/ The railroads closed at $3800;00,short
of $1 15 this week. Beef steady;
will bo returned to their owners in March. But long before mess $22 00 @$23 a00;risepacket
$25 00 @$26 00; extra India
that it is hoped that cars will be more plentiful. There is mess $48 00@$50 00; No. 1 canned
roast beed $3 25; No. 2,
an acute shortage now in parts of the country. It hampers $6 25. Cut meats firmer; pickled hams,TO
to 20 lbs. 23 %@
the movement of the com crop and other comodi ties, in­ 25pse.; pickled bellies 27@2?c. Butter creamery
extras
cluding lumber. Prices for such things as iron, steel and 70%@71 e.; other grades 53c@70c. Cheese, flats 25@33c.
coal look firm. The same is true of lumber, cotton and Eggs, fresh gathered extras 72@73c.; first to extra firsts
cotton goods. The output of iron and steel is increasing, 67@7lc.
but it is not increasing fast enough. It lags distinctly be­
hind the demand. Pig iron is higher. Big orders for rails COFFEE quiet and slightly lower; No. 7 Rio 15c.; No. 4
are expected in 1920. Building materials generally aro still Santos 24j^@25c.; fair to good Cucuta 24@243^0. Futures
at high prices as building this year has been very active and had a narrow market with slight fluctuations. But latterly
in 1920 will be enormous. Coal is in sharp demand, with prices have advanced somewhat. A delay in Brazilian
bituminous rather cheaper owing to larger output. Big news has been a handicap to business here. Not a little of
export sales this week have been made of oats and rye and tho business at times has been in switching from March to
also there has been some foreign business in barley, wheat May, or from March to September. It is more like a waiting
and even corn. Food prices have in some cases dropped. market than anything else, ponding further developments.
Butter and eggs are lower. In sections of the West this is Deliveries have been good and spot stocks are decreasing.
partly due to deliberately planned reduction of consumption. Receipts at Brazilian markets have been moderate. The
In parts of the country there is some tendency to check stock at Rio is about half a million bags smaller than a y^ar
unnecessary buying. This may eventually affect prices of ago. Foreign markets it is stated have been good buyers
various commodities. Prices for hogs have been lower with of Brazilian coffee. On the whole, however, striking features
exceptionally large receipts. And wheat and corn have have been largely wanting. To-day prices declined, but
also declined. Prices for flour are weaker. Dealers in corn end a trifle higher for the week.
December. 14.70@14.80J M arch____15.00@15.051 J u ly _____ 15.26@15.31
at the West say they need 500,000 cars. There is an evident January
14.70@ 14.801M ay_____ 15.13 @ 15.151 Septem berl5.06@15.ll
pressuro to market the crop. Ono business feature of the
week, partaking slightly of the nature of comedy was the SUGAR still 7.28c. for centrifugal 96 degrees test Porto
speculation in Christmas trees. They woro sent to New Rico and Cuban. Raw is quiet and will it is believed con­
York in vast quantities, but speculators started by asking tinue so until next week. New Cuba, December shipment
$6 to $10 apiece for them. But they gradually dropped to is offered it seems at 12o. c. and f., January is about 10 %c.
50 cents and a dollar and on Christmas Eve in many places c. and f. Later positions are reported dull and nominal at
hero there were big piles of them with a placard marked 9c. or first half of February, 8%@8%c. for February-April,
“Please take ono.” Hides and leather have declined. The and 8%@8%c. for May-.Juno all c. and f. New crop centri­
general public will certainly not regret this fact. Some fugal 96 degrees test is called 13.40c. duty paid, and new
granulated for early delivery at 15.20c. less 2%. First
grades of shoes are also reported lower.
The Edge Bill has been signed by the President and it is quotations for granulated sugar made from new crop raws
expected to promote export trade in many different lines. were established early in the week. One firm made a price
At the same time the Foderal Reserve Board is still said to of 15.20c. a lb. less 2%, comparing with 9 cents less 2% for
bo distinctly inimical to anything like undue speculation or granulated refined from old crop Cuban raws. On the 22nd
the holding of commodities back practically on speculation. inst. 22,969 bags of new crop Cuban sugar arrived here on
Porhaps it was because of a hint to this effect that call money the steamer Matanzas. The price of 15.20 cents less 2%
for granulated sugar is a wholesale price, and
rates during the week liavo at times been 12 to 18%. As announced
allowing about 2 cents for jobber and retailer, indicates a
to the general outlook for business in this country in 1920 retail
of between 17 and 18 cents a lb. A shipment it is
it is certainly promising. The year closes on a remarkable said ofprice
bbls. of Cuban sugar arrived here last Monday
record. But it is none tho less a fact that consumption, and will25,000
at retail for at least 20 cents a lb. .with the
as a rule, still plainly outruns production in this country approval beof sold
the Sugar Equalization Board.
and this it would appear presages a large business for 1920, OILS.—Linseed
quiet of late, but prices have
as stocks in most lines of business aro supposed to be, and been steady; car lotshas$1 been
Lard, strained winter, unchang­
doubtless are, down to an unusually low stage, and cannot be ed at $1 80; oxtra $1 70;87.Cocoanut
Ceylon, barrels, still
replenished to the normal level for some time to come. 18%@19c.; and Cochin 19c. Olive oil,
remains at $2 50. Corn
Deflation, however, is beginning to have some effect on oil refined still 22c. Spirits of turpentine
$1 64. Common
prices here and there and it is hoped that in 1920 the cost of to good strained rosin $17.35
living will be materially reduced.
has been in good demand at firm prices;
The price of all Now York Sunday newspapers will be PETROLEUM
in bbls. 19.75@20.75c.; bulk New York. 12@13c.;
advanced to ten cents in tho country districts by Jan. 4 in refined
New .York $23 75@$24 75. Gasoline unchanged;
compliance with the request of the House Committee on cases
motor gasoline in steel bbls. 24%c.; consumers 26Voc.;
Post Offices and Post Roads to reduce consumption of news­ gas
machine 41 %c. One well is reported to have come in at
print 10% to relievo the paper shortage. Labor leaders it
bbls. in the first 21 hours of pumping in Olinda, Calif.
seems aro doing vory well financially. Robert P. Brindell, 919
company is said to have brought in two wells in Butler
representative of tho Dockbuildors’ Union, which is con­ One
Kans., one producing 800 bbls. and the other 1,000.
nected with tho Brotherhood of Carpenters and Joiners, County,
was also, it seems, a producer brought in at 1,500
a part of tho American Federation of Labor, receives a salary There
in Marion County, Kans. Cold weather has hindered
of $18,000 a year. This is as far as known tho highest bbls.
drilling in the Wyoming fields. It is reported New York
salary paid to any labor official. Samuel Gompers, Presi­ capitalists
have bought or leased large tracts of land near
dent of tho American Federation of Labor, receives $10,000 Havre do Graco,
Md., on which they will bore for oil. It is
a year. Thomas V. O’Connor, head of tho Longshore­ said
that the signs indicate tho presence of oil.
men’s Union, is supposed to get $7,500; Warren E. Stone, Pennsylvania--------$4
$2 88 Strawn_________ $2 75
head of the Brotherhood of Locomotive Engineers, $10,000; Corning______________75335Indiana__________
Princeton_________ 3 02 Thrall___________
75
Marsdon G. Scott, head of tho International Typographical Cabell_______________
327Illinois, above 30
H ealdton________2 00
degrees__________3 02 Moran___________2 75
32 deg.
Union $5,000 and traveling oxpenses. Tho new labor lead­ Somerset,
and above_____- 3 10 Plymouth_________ 2 78 Henrietta________ 2 75
ers of to-day generally receive $4,500 to $10,000, but the Ragland--------------------160Kansas&Oklahoma 2 75 Canada__________ 3 38
Wooster______________320Corsicana, lig h t.. 2 50 Caddo, La., light. 2 75
tendency of their salaries is upward and the Brindell “record” North
Lima_______ 2 98 Corsicana, heavy. 1 35 Caddo heavy_1 00
of $18,000 will become more common. One enthusiast declares South Lima__ •____2 98 Electra____________2 75 De Soto_________2 40
that Mr. Gompers is really worth $100,000 a year to the
has been quiet but steady, with London closed
Amorican Federation of Labor. Many of tho labor leaders andRUBBER
to give a stimulus to trade. Smoked ribbed
havo fine offices as well as big pay. Our old friend tho sheetsnothing
52%@53c. spot and January to Juno arrival. Fine
“Now Day” has reached labor loader salaries. John Mitchell Para -17c.;
Caueho ball upper 34%c.; Guayule wet 25@27c.
left a fortune of about $300,000.
OCEAN FREIGHTS have not been active; far from it.
LARD quiet but higher, prime western 24.40@24.50c.; Still tho coal situation is steadily improving. Foreign ex­
refined to tlm Continent 26.75c.; South America 27c.; Brazil change has risen somewhat. Transatlantic tonnage meanin kegs 28c. Futures advanced. Germany it appears has whilo, however, is plentiful. Sooner or later business will
been a large buyer of lard recently. Also the United King­ improve. But as things now stand coal is still more or less
dom has bought considerable bacon based on the price of scarce. Foreign exchange of course is still very low. And
hogs. The general tone has been firmer. Recently foreign in such circumstances ship-owners aro not aggressive as to
exchange advanced. At times however prices havo wavered rates. Plainly, rates are none too steady, whatever they
somewhat, when hogs have reacted. But what is taken to may be later on when business improves. But cotton
be the brightening outlook for exports has cheered the be­ freights are $1 35, a rise of 10 cents from Atlantic ports to
3

pxje ©xrmmjerxial ^Fiwjes.




2

THE

2450

[V o l . 109,

C H R O N IC L E

the United Kingdom and the Continent. The U. S. Shipping
Board plans to have a representative in every European
port, and later for each South American port. The purpose
of the port representatives would be to receive every Ameri­
can ship, see that it is unloaded with all possible speed, and
make arrangements for a prompt “turn around.” Charters
included linseed from Buenos Aires to north of Hatteras, at
$30; coal from Cardiff to Dunkirk at 55s. December; coal
from Atlantic range to Suracao at $10 50; linseed from
Buenos Aires to north of Hatteras, at $21; linseed from
Buenos Aires to north of Hatteras, at $21 50; option Rosario
loading, $23 50, February.
_
TOBACCO as usual at this time of the year has become
less active. But prices have remained as firm as ever.
This refers to domestic cigar leaf. The feeling is hopeful.
The early part of the year 1920 is expected to witness a
revival of activity. Foreign growths are quiet but also firm.
COPPER in fair demand but slightly easier; electrolytic
1 8 Ti n in good demand and higher at 5734@57Me.
Lead scarce and higher at 7.15@7.50c. spot New York
6.90@7.20c. or St. Louis. Zinc meets with a fair sale
at higher prices; spot New York 9c. and 8.70c. for St. Louis.
PIG IRON has been quiet owing mainly to the smallness
of supplies. Everybody wants pig iron. But it is out of
the question to get it in anything like the quantities needed.
Foundry iron at Pittsburgh was quoted early in the week at
$40. It is said that the low state of labor efficiency curtails
output.
STEEL output is gradually increasing. And there is
evidently a big business ahead. For one thing, a large
demand for rails is expected. Meanwhlie mills are well sold
up, on various shapes and commodities. It is said that after
Jan. 1 various railroads in this country will want a total of
750,000 tons or more. Naturally, things have been rathe.*
quiet with the approach of the holidays. It is the future,
however, that engages attention. Spain has bought some
50 passenger cars. This alone is considered significant. As
soon as the treaty is signed European business is expected to
increase. For the second quarter of 1920 it is believed the
indications point to 2.50c. Pittsburgh for steel bars, 2.55c.
for shapes and 2.75c. for plates. Some of the smaller
makers, it is stated, get $5 to $10 per ton higher than these
prices for bars and plates for the same period. One draw­
back is that there is still more or less shortage of coal. Mills
still find it very hard to make deliveries on back orders,
though production is gradually increasing, and Christmas
holidays in some cases at least appear to have been waived.
Belgium has bought 150 locomotive engines at about $58,500,
it seems, with accessories, delivery to begin in February,
payment to be made with 5-year 6% Treasury notes, prin­
cipal and interest payable in dollars here at the office of
J. P. Morgan & Co. and the Guaranty Trust Co.
COTTON

Friday Night, Dec. 26 1919.
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
195,242 bales, against 228,361 bales last week and 227,143
bales the previous week, making the total receipts since
Aug. 1 1919 3,588,196 bales, against 2,664,593 bales for the
same period of 1918, showing an increase since Aug. 1 1919
of 923,603 bales.

In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at—

1919.

1917.

1918.

Galveston____
TcxasCity,&c.
New Orleans.
M ob ile______
Savannah____
Brunswick___
Charleston, &c
Wilmington . .
Norfolk______
N ’port N..&C.
All others____

69,148
32,397
32,721
4,995
28.102
2,000
7,728
5,060
11,520
58
1.513

44,924
2,598
35,430
6,585
24,089
2,600
5,577
3,306
7,721
81
2,530

Total this w k.

195,242

135,441

1916.

124,475

1914.

1915.

61,694
12,520
28,692
2,934
11,259
1,000
1,644
1,175
8,727
868
10,751

63,382
19,602
45,847
4,070
13,320
1,500
4,225
1,222
12,429
6,212
6,758

123,417
29,268
57,282
4,296
64,552
7,000
14,787
7,256
9,334
1,200
5,074

142,234

178,567

323,466

43,191 1
4,829
37,322
251
18,154
3,000
3,414
952
6,655
362
6,345

Since Aug. 1_. 3,588,196 2,664,593 3,427.050 4,616,685 4,036,341 4.572,446

The exports for the week ending this evening reach a total
of 159,625 bales, of which 73,527 were to Great Britain,
14,786 to France and 71,312 to other destinations. Ex­
ports for the week and since Aug. 1 1919 are as follows:
W e e k en d in g D e c . 26
E x p o r te d t o —
E x p o r ts
fr o m — }

Galveston..
Texas City.
Houston__
Pt.Nog.,AcNew Orleans
Mobile____
Pensacola . .
Jacksonville
Savannah. .
Brunswick..
Charleston .
Wilmington
Norfolk___
New York..
Boston____
Baltimore
Philadelphia
San Fran__
Seattle........
Tacoma

G rea t
B r ita in . F r a n c e . O th er.

36,644
2*1*572
*2* 000

13,145
166

13*611

1919.

T o ta l.

F rom A u g .

G rea t
B r it a in .

8,004 44,648 671,400
52,416
13,611
21,572 44,891

*3*2*723 34*723 133,830
51,273
15,208
19,216
24,271 24,271 126,402
96,917
60,662
17,400
13,145 79,787
5,512
266
100
2,613
1,175
1,175
1,238
100 18,305
100
723
723
5,391 5,391

1 1919 to D e c .
E x p o r t e d to —

26 1919.

O th er.

T o ta l.

F ra n ce.

43,335 203,332 918,067
66,027
13,611
44,891
80
80
*39*,820 263,228 436,878
950 74,087
21,864
15,208
’ "*999 2 0,215
115,705 275,899 518.006
96,917
11*525 lb",725 82,912
16,847 65,828 100,075
8,200 87,987
82,945
6,712 70,721
5,592
1,722
1,257
1,738
500
4,093 22,398
21,454 21,454
62,593
62,593
13,521
13,521

Total___ 73,527 14,786 71,312 159,625 1,397,070 271,176 1,003,345 2,671,591
Total 1918* 39,664 35,550 38,415 113,629 917,960 253,853 624,470 1,856,283
Total 1917. 29,005 25,596 25,927 80,528 1,262,122 321,579 591,608 2.175,309
* Figures adjusted to make comparison with this season approximately correct.

In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. Wo add similar figures for
New York.
On Shipboard, Not Cleared for—
Dec. 26 at—

Great
Other CoastGer­
Britain. France. many. Cont'ta. wise.

Galveston_____ 95,907
New Orleans.. 29,787 17*026
Savannah_____ 37.000 7,000
Charleston____
M ob ile_______
9*912
*700
Norfolk_______
New York *__
2*666
*500
Other ports *. . 12.000

2,203 24,746 11,000
1,195 59,944 ---------19,000 3,000
____1 1,000
1,353,
-----____I
800
2,000
-----5.000
------

Total.
133,856
107,952
60,000
1,000
11,965
800
4,500
17,000

Leaving
Stock.
212,372
356,926
283.251
67,781
10,731
85.206
57,807
170,468

Total 1 9 1 9 - 186,606 25,226 3,398 112,043 15.800 343,073 1,244,542
Total 1918.. 75,671 48,822
31,606 19,320 175,419 1,278,410
Total 1917.. 42,613 32,248
22,528 9,913 107,302 1,203,278
* Estimated, a Including Japan.

Speculation in cotton for future delivery has in the main
slowed down as usual towards the close of the year. But
the tone has been firm. Prices have risen sharply. Liver­
____ 13,088 i 69,148 pool has been a dominant factor at timos, owing to the big
G alveston--------- 13,405 8,691 22,444 11,520
____
____
____
5,907
i
14,774
4,935
3,932
Texas C ity------demand from Manchester. Back of that was the very large
____ 17,623 , 17,623
Port Arthur, &c.
And everything
____
____ ! 32,721 Lancashire business with India and China.
New Orleans-----', 106 7*974 6*412 10,229
____!
388 I 4,995 considered the exports from American ports during the week
798
973
M obile_________
908 1,928
____ . ____
____
____
____
____
P ensacola--------___
*452 have made no bad showing; quite the contrary. And the
452
Jacksonville____
___
be granted
5,553 28,102 impresion is growing that big credits will
Savannah ______
4*516 5*952 6*.801 5*286
__ _
Brunswick______
___
7,728 to Europe and that the export business in American commo­
1,043
2,182 2*618
Charleston______
*730 1*155
____
5,060 dities generlly by no means excepting cotton will bo large
553
351
843
Wilmington------1,798
1,515
450 3,199 11,520 in 1920.
2,937
1,821
2,185
928
N o rfo lk -----------Meanwhile spot markets have remained firm.
____
58
58
____
____
____
____
Newp’tNews.&c.
The South is confident. It has marketed a large proportion
—
—
____
____
____
New York______
—
4
____
—
____
____
4
of its crop at high prices and its financial condition strong.
Boston_________
125
125
—
____
____
____
Baltim ore______
720 That is universally conceded. And it plainly believes that
—
75
57
—
487
Philadelphia____
the future drift of prices will be upward. Neill Bros, of
450 50,064 195,242 London estimated the crop the other day at 11,700,000 bales
Totals this week. 32,396 33,759 41.6941 36,879
The following shows the week's total receipts, total since including Hitters. Some interpreted this as bullish rather
Aug. 1 1919, and stocks to-night, compared with last year: than otherwise, though it is true that this view was not
unanimous. The idea of the advocates of higher prices is
Stock.
1919.
1918.
that the world will need every bale of cotton that is available.
iiecvtjjib iv
And the notion that there is to be a largely increased acreage
Dec. 26.
This Since Atig This Since Aug
1918.
1919.
Week. 1 1919.
Week. 1 1918.
planted this year does not receive universal acceptance.
This is rogardod
Galveston----------- 69,148 1,181,257 44,924 908,502 346,228 297,964 October has been selling at around 2834c.
5.817 by not a few as not more than the cost of raising cotton.
88,023
Texas City______ 14,774 167,248
27,597
835
Aransas Pass-----1,801
Others think that it is really below it.
Port Arthur, & c „ 17*623 . 58,604
13*580
l',763
New Orleans_____ 32,721 547,438 35,430 705,643 4*64*878 4*46*780
Trade in cotton goods in this country is brisk at firm prices.
28,959
22,696
72,794
Mobile__________
4,995 169,913 6.585
Woolens and silks have also been very firm. As regards
4.640
Pensacola_______
11,170
*9*565 cotton manufacturing it well known that the number of
*7*,5 6
Jacksonville_____
*452
12,421
8,413
1*102
Savannah _______ 28,102 782,774 24,089 540,746 349,251 264,817 active spindles is the largest on rocord. And the ginning
1,600
20,000
Brunswick______
44,450
2,000
94,800 2,600
56,195 report makes the total to Docember 13th small though some­
68,781
Charleston______
7,728 175,639 5,577
94,546
52,124 what larger than many had expected judging from tho pre­
Wilminortnn . _ ..
50,943
5,060
93,402 3,306
54,961
N orfo lk .. ______ 11,520 204,634 7,721 149,734
86,006 101.253
vious figures of tho National Ginncrs Association. That
N ’port News, &c.
2,822
81
58
1,614
New York_______
2,522
62,307 153,073 is to say, it is small by comparison with three or four years
212
11,977
4
13,368
Boston__________
3,724
*442
15,605
9,824
12,054 past. It is only 9,402,520 bales against 10,281 129 for the
Baltimore. .
5,533
14,000
986
125
56,267
Philadelphia
10,325 same time last year.
30
12,245
720
11,421
10,131,594 in 1917 and 10,838,799 m
“““”
T ota ls________ 195,242 3.588,196 135.441 2,664,593 1,587,615 1,453.829 1916, 10,306,000 in 1915 and 13,972,000 in 1914.
Sat.

M on.

Tues.

Wed.

Thurs.

Fri.

| Total.

8

2 ,0 0 0

2 ,0 0 0

212

212

js

101




o

Liverpool has been a good buyer here and trade interests
have been persistent buyers as well. Some December
notices have been issued but on the whole they have been
promptly stopped. Up to the 24th inst. they amounted to
about 5,000 bales. They were stopped mostly by southern
and other spot interests. December went out at noon on
the 24th inst. at 37.90c. after ranging from 37.35 to 39c. on
the same day. The first January notice day fell to-day, i. e.
December 26th, but no notices were issued. Foreign ex­
change has been on the whole rather stronger and stocks at
times have advanced. Contracts from time to time have
become rather scarce. Wall St. and Chicago shorts have
covered here. Room traders have leaned to the short side
but they have also covered promptly on the rallies. There
is a large short interest apparent in May and July.
On the other hand there have been noticable reactions at
times. Not a few people believe that present prices dis­
count all the bullish conditions which may be cited. They
think the Federal Reserve banks will appose speculation in
commodities as well as securities. Money rates have risen.
On the 23rd instant they reached 18% on call here. And
very many are sceptical as to the likelihood of any very
marked advance in rates for foreign exchange. They be­
lieve too that whatever may be said to the contrary, Europe
will buy as far as possible from hand to mouth. More­
over, the peace treaty hangs fire. Not a few believe that
until it is signed general trade will be more or less handi­
capped. Also there is an impression among some that the
acreage this spring will be greatly increased. Another thing
is that the crop, after all, is turning out larger than was ex­
pected. Evidently the high prices are simulating the mar­
keting of the crop" At one time there were reports of some­
what easier prices for spot cotton in parts of the Atlantic
States, however strong they might be further West, especi­
ally in Texas. Liverpool has now and then sold rather freely
also. New Orleans sold quite freely early in tlm week. It
greatly increased its margin requirements for the moment
doubtless due to the fact that the Exchange there would be
closed on Dec. 26th and Deo. 27th, the same as that in Liver­
pool .The Board of Managers of the New York Cotton Ex­
change states that it would be inexpedient to close the Ex­
change here on those days. But naturally in the holiday
week there has been more or less evening up and with the
market rather long than otherwise this has naturally meant
for a time a certain amount of long liquidation. So that
New York Prices have not always fully responded to ad­
vances in Liverpool. To-day, however, prices advanced
55 to 132 points, the latter on July. May advanced 125
points. Straddlers sold January and March and bought May
and July. Stocks Were higher, the Edge bill has been signed
by the President, there is talk now of a speedy ratification of
tho Treaty of Peace, the railroads are to be returned to their
owners in March, spot markets are very strong, drygoods
markets are active and some very optimistic reports come
from England, while France is recovering in the textile
districts from the effects of the war more rapidly than had
been expected. The ending here was at a big rise for the
week. Spot cotton closed at 39.25c. for middling, the same
as a week ago.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Dec. 20 to Dec. 26—
Sat.
Middlingl uplands------------------ 39.25

Mon. T ued. W ed. T hurs. Fri.
39.25 39.25 39.25
Hoi. 39.25

“ NEW YORK QUOTATIONS FOR 32 YEARS.
Tho quotations for middling upland at New York on
Dec. 26 for each of the past 32 years have been as follows:
1914.
1913.
1912-

.39.25
.32.70
.31.50
.16.90
.12.15
7.65
12.60
.13.20

1911-C— . . . 9.40
1910-------...1 5.15
1909-------...1 5.75
1908-------. . . 9.45
1907____ ...1 1.70
1906____ ...1 0.55
1905____ . . . 1 2 .1 0
1904-------. . . 7.60

1903 . c . . . ...1 3 .7 0
1902-------. . . 8.75
1901____ . . . 8.56
1900____ ...10.31
1899____ . . . 7.62
1898____
5.88
1897____ — 5.94
1896____ — 7.12

1895- c —.. . . 8.25
1894........ . . . 5.69
1893____ . . . 7.88
1892____ . . . 9.88
1891........ . . . 7.94
l son
9 19
10.25
1889
1888........ . . . 9.75

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
on same days.
Futures
Market
Closed.

Spot
Market
Closed.
Saturday—
M on d a y __
Tuesday —
Wednesday.
Thursday . .
Friday_____

Steady,
Steady,
Steady,
Steady,

unchanged.
unchanged.
unchanged.
unchanged.
HOLI
Steady, unchanged.

SALES.
Spot.

F irm _________
Steady________
Steady________
F irm _________
DAY
Steady...............

Total.

___
—
—
1

....

Contr't. Total.
*800
600

'800
600

300

300

1,600

1,600

NEW ORLEANS CONTRACT MARKET.—The clos­
ing quotations for leading contracts in the New Orleans cot­
ton market for the past week have been as follows:
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
Dec. 20. Dec. 22. Dec. 23. Dec. 24. Dec. 25. Dec. 26.
January----------M a r c h ________
M a y __________
J u l y ..................
O ctob er_______
Tone—
S p o t __________
Options______

38.25-.35
35.40-.43
33.30-.32
31.35-.39
28.40
Steady.
Steady.




2451

THE CHRONICLE

D ec . 27 1919.]

38.15 — 38.48 —
35.35-.39 35.63-.65
33.18-.23 33.39-.40
31.25-.32 31.35-.39
28.10-.15 28.28 . .
Quiet.
Steady.

Steady.
Steady.

38.97-.00
36.34-.40
33.96HOLI­
.00
31.97.99
DAY
28.68 —
Quiet.
Steady.

HOLI­
DAY

FUTURES.—The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday, Monday, Tuesday, Wed'day, Thursd’y, Friday,
Dec. 2 0 . Dec. 2 2 . Dec. 2 3 . Dec. 2 4 . Dec. 2 5 . Dec. 2 6 .
December—

R a n g e ______ —
C lo s in g _____ 3 8 .3 0

—
—

3 8 .2 5 - .7 5 3 8 .2 0 - .5 5 3 7 .7 5 1 .0 0
— 3 8 .3 0 - .4 0 3 8 .4 0 - .5 0 —

Week.
3 7 .7 5 -1 0 0
—

January—
3 7 .7 0 - .1 0 3 6 .5 5 - /1 0
3 8 .0 0 -.1 0 —

R a n g e ______ 2 6 .5 7 - .9 3 3 6 .5 5 - .0 0 3 6 .8 8 - .1 5 3 7 .2 0 - .7 5
C lo s in g _____ 3 6 .8 8 - .9 0 3 6 .8 5 - .8 8 3 7 .1 4 - .1 5 3 7 .5 5 —

February—
R a n g e ______
C lo s in g _____ 3 5 .6 5

— 3 5 .5 0

— 3 5 .8 0

— 3 6 .5 0

3 6 .8 0 — —

—

March—
R a n g e ______ 3 4 .5 0 - .9 0 3 4 .4 8 - .7 6 3 4 .5 6 - .9 8 3 5 .0 5 - .7 0
C lo s in g _____ 3 4 .7 0 - .7 5 3 4 .5 7 - .6 0 3 4 .9 4 - .9 6 3 5 .6 6 —

H O L I­
DAY

3 5 .6 8 - .3 2 3 4 .4 8 - /3 2
3 6 .1 9 - .2 5 —

April—

R a n g e ______
C lo s in g _____ 3 3 .1 8

— 3 3 .0 0

3 3 .2 5

—

—

3 3 .8 5

—

3 4 .9 5

May—

R a n g e ...........
C lo s in g -------June—
R a n g e ______
C lo s in g _____
July—
R a n g e ______
C lo s in g _____
August—
R a n g e ............
C lo s in g _____
September—
R a n g e ______
C lo s in g _____
October—
R a n g e ______
C lo s in g _____
l 3 9 c.

3 3 .3 5 -8 6 0 3 2 .4 2 260
3 4 .4 5 - .5 8 —

3 2 .4 2 - .7 5 3 2 .4 2 - .7 8 3 2 .5 0 - .7 8 3 2 .9 4 - .4 0
3 2 .7 0 - .7 5 3 2 .4 8 - .5 0 3 2 .7 2 - .7 5 3 3 .3 5 - .4 0
___________ —
3 1 .4 5 — 3 1 .2 8

—
— 3 1 .4 0

—

3 1 .8 5 - .0 0
— 3 2 .0 0 —

3 3 .2 0

2 9 .5 0

2 9 .5 0
— 2 9 .2 5

— —
— 2 9 .3 0

—

2 9 .0 0

—

2 9 .0 0
2 8 .7 5

—
— 2 8 .8 0

— 2 9 .4 0

—

2 9 .9 0 - .0 0
2 9 .9 0 —

3 0 .9 5

j 36c.

z 34c.

a

29c.

—

2 9 .5 0 - .0 0
— —

2 9 .9 0 — 2 9 .0 0 - .9 0
3 0 .0 0 —

—

2 8 .8 8 - .7 5 2 8 .1 0 -1 7 5
2 9 .7 0 - .7 5 —

2 8 .1 8 - .4 8 2 8 .1 0 - .4 5 1 8 .1 5 - .4 2 1 8 .4 0 -.8 0
2 8 .3 5 — 2 S .1 0 - .1 2 2 8 . 1 6 - . l S ' 2 8 . 7 5 - . 8 0

/ 38c.

3 1 .8 5
— —

3 1 .6 4 a 8 0 3 0 .7 0 a 8 0
3 2 .7 0 - .7 5 —

3 0 .7 5 - .0 0 3 0 .7 0 - .0 3 3 0 .8 0 - .0 3 3 1 .1 5 - .5 0
3 0 .9 8 - .0 0 3 0 .7 8 - .8 0 3 0 .9 0 — 3 1 .4 9 - .5 0
—

— —

/ 29c.

THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,a
well as the afloat, are this week’s returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
Dec. 26 —
Stock at Liverpool_______ bales..
Stock at London________________
Stock at M anchester___________

1919.
837,000
11,000
161,000

1918.
305,000
16,000
75,000

1917.
449,000
21,000
45,000

1916.
817,000
28,000
80,000

Total Great Britain__________ 1,009,000
Stock at Hamburg----------------------------Stock at Bremen-------------- --------Stock at Ilavro------------------------- 182,000
Stock at Marseilles-------------------8,000
Stock at Barcelona-------------------45,000
Stock at Genoa________________
64,000
Stock at Trieste------------------------ ---------

396,000

515,000

65.000

148,000

23.000
14.000

65.000
25.000

925.000
* 1 ,0 0 0
* 1 ,0 0 0
273.000
7,000
63,000
214.000
* 1 ,0 0 0

299,000

103,000

240,000

Total Continental stocks---------

1 ,0 0 0

2 ,0 0 0

560,000

755.000 1,485.000
Total European stocks-------------1,308,000 499.000
15.000
36,000
57.000
India cotton afloat for Europe—
77,000
268.000
575,383
Amer. cotton afloat for E urope.. 666,882 332.000
62.000
116,000
65.000
Egypt,Brazil,&c.,afloat for Eur’e 57,000
350,000
2 2 0 ,0 0 0
Stock in Alexandria, E g y p t------- 261,000 368.000
Stock in Bombay, India------------ 473,000 *550,000 *450,000 487,000
Stock in U. S. ports_____________1,587,615 1,453,829 1,310,580 1,520,137
Stock in U. S. interior towns------1,341,811 1,448.017 1,310,441 1,405,560
27,220
2,240
31,455
U. S. exports to-day------------------Total visible supply__________ 5,799,528 4,727,846 4.589,261 5,846,535
Of the above, totals of American and other descriptions are as follow s
Liverpool stock___________ bales. 626,000 *177,000
281 ,0 0 0
643,000
70,000
Manchester stock_______________
91,000
42,000
24 ,0 0 0
Continental stock----------------------- 223,000 *86,000 *211 ,0 0 0 *463,000
575,383
American afloat for Europe-------- 666,882 332,000 268 ,0 0 0
I L S . port stocks________________ 1,587,615 1,453,829 1,310 .580 1,520,137
U. S. interior stocks______________l,34i,811 1,448,017 1,310 ,441 1,405,560
,240
31,455
U. S. exports to-day------------------27,220
2
Total American...........................4,063.528 3.538.846 3,398,261 4,708,535
East Indian, Brazil, &c.—
2 1 1 ,0 0 0
*128,000
168,000
174.000
Liverpool stock— :-------------1 1 ,0 0 0
16,000
2 1 ,0 0 0
28,000
London stock---------------------70.000
33.000
2 1 ,0 0 0
1 0 ,0 0 0
Manchester stock--------------76.000
*17,000
*29,000
*97,000
Continental stock--------------77.000
15.000
36,000
57.000
India afloat for Europe
62.000
57.000
65.000
116,000
Egypt, Brazil, &c., afloat..
261,000 368,000
350,000
Stock in Alexandria, Egypt
2 2 0 .0 0 0
473,000 *550,000 *450,000 487,000
Stock in Bombay, In d ia ----Total East India, &c— ............1,236,000 1,189,000 1,191,000 1,138,000
Total American------- ---------------4,563,528 3.538,846 3,398,261 4,708,535
luuu visible
viaiuic supply....................
. . . . . . . w , ,5,799,528
« v , w w 4.727,846 4,589.261 5,846,535
Total
I.lvpmnnl
96 fiSd.
90 406
992 .6RB6
10 AQH
26.68d.
Middling uplands, Liverpool------20.40d.
2
8 d.
10.63d.
Middling uplands. New Y o rk ------ 39.25d.
32.30c.
31.65c.
17.22c.
Egypt, good sake!, Liverpool____ 53.00d.
30.79d.
33.15d.
25.75d.
Peruvian, rough good, Liverpool. 39.50d.
37.00d.
18-OOd.
32.00d.
Broach, fine, Liverpool-------------- 24.50d.
18.04d.
lO.lOd.
21.65d.
1 0 .2 2 d.
18.29d.
21.83d.
Tinnevelly, good, Liverpool------- 24.35d.

* Estimated.

Continental imports for past week have been 85,000 bales.
The above figures for 1919 show an increase over last week
of 27,038 bales, a gain of 1,071,682 bales over 1918, an excess
of 1,210,267 bales over 1917 and a loss of 47,007 bales from
1916.
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:
.
tert tnumy
Dec. 26.
Galveston______
New Orleans__
Mobile ............ ..
Savannah--------Charleston_____
W ilm ington____
Norfolk.............
Baltimore______
Philadelphia —
Augusta----------M em phis______
Dallas_________
Houston_______
Little Rock____

Closing Quotations for Middling Cotton on—
■
,
'Saturday Monday. Tuesday., Wed'day. Thursd'y. | Friday.
41.75
40.00
38.00
39.00
38.00
37.25
37.75
39.00
39.50
38.38
40.00
40.75
40.00

41.75
40.00
38.00
39.00
38.00
37.25
37.75
39.00
39.50
38.50
40.00
40.55
40.75
40.00

41.75
40.00
38.00
39.00

42.00
40.00
38.00

37725
37.75
39.00
39.50
38.50
40.00
40.95
41.00
40.00

3§7do
39.50
39.00
40.00
41.65
41.00

38750

42.75
Holiday
Holiday
HOLI­ 39700
D A Y 38.00
38.25
38.50
39.50
39.25
40.00
42.15
41.50
40.75

THE CHRONICLE

2 U 2

[V o l . 109.

AT THE INTERIOR TOWNS the movement—that is, Selma, Ala.—We have had rain on two days of the past
the receipts for the week and since Aug. 1, the shipments for week,
the rainfall being thirty hundredths of an inch. The
the week and the stocks to-night, and the same items for the
has averaged 44, ranging from 24 to 57.
corresponding period of the previous year—is set out in thermometer
Savannah, Ga.—We have had rain on one dajr the past
detail below:
week, the rainfall being two hundredths of an inch. The
thermometer has ranged from 35 to 65, averaging 47.
Movement to Dec.
Movement to Dec.
Charleston, S. C.—Dry all the week. The thermometer
Towns.
Receipts.
Ship- Stocks
Receipts.
Ship
Slocks
has averaged 49, ranging from 32 to 65.
merits. Dec.
menu. Dec.
Charlotte, N . C.— There has been rain on one day during
Week. Season. Week.
Week. Season. Week.
the week, to the extent of six hundredths of an inch. The
thermomoter has ranged from 23 to 60, averaging 42.
WORLD’S SUPPLY AND TAKINGS OF COTTON.—
The following brief but comprehensive statement indicates
at a glance the world’s supply of cotton for tho 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.
26 1919.

27 1918.
-

26.

A la ., E u f a u la ..
M o n tg o m e r y .
S e lm a ________
A r k . , H e l e n a ..
L ittle R o c k . .
P in e B l u f f . .
G a . , A l b a n y ___
A th e n s _____
A t l a n t a ________
A u g u s t a ______
C o lu m b u s _____
M a c o n _________
R o m e ______ .
L a . , S h re v ep o rt

1 ,3 7 6
417
654
7 ,6 3 6

50
4 ,4 1 2
6 ,1 2 8
1 1 ,2 5 2
875
5 ,0 0 0
1 ,0 0 0
1 ,9 8 4

C la r k sd a le . .
G r e e n w o o d ____
M e r id ia n ______
N a t c h e z _______
V ic k s b u r g _____
Y a z o o C i t y ___
M o . , S t . L o u is .
N . C . , G r ’ n sboro
R a le ig h ________
O . , C in c in n a ti.

3 ,5 0 f
3 ,0 0 0
500
450
500
700
1 7 ,1 7 4
800
68
1 ,5 0 0

H u g o ___________

425

4 ,6 3 4
5 8 ,9 0 5
3 3 ,5 8 5
23 .7 9 J
1 3 0 ,3 7 0
2 2 ,3 3 0
9 ,1 1 4
1 0 2 ,6 2 0
1 5 8 ,1 6 7
3 8 1 ,1 0 6
3 2 ,1 3 4
17 2,1 2 .5
4 0 ,4 4 7
5 7 ,3 8 9
1 3 ,3 1 7
9 5 ,6 6 4
8 9 ,4 3 8
2 7 ,1 9 1
2 4 ,1 0 8
1 4 ,1 2 6
3 0 ,5 5 5
3 2 9 ,8 9 6
2 7 ,0 7 0
8 .0 4 3
2 7 ,2 0 0

27.

24
445
7 ,0 3 2
70 0
4 ,6 6 1
8 ,3 1 1
84
5 ,3 9 6
3 ,9 7 2
1 0 ,4 3 7
225
4 ,8 7 3
2 ,0 0 0
3 ,6 8 4
60 0
3 ,1 9 0
5 .8 1 0
1 ,0 7 5
1 ,1 9 5
803
60 0
1 9 ,7 2 2
700
100
2 ,5 0 0

3 ,6 2 0
1 ,3 3 4 2 2 .1 6 2
1,1 1 4
6 ,7 6 3
1 ,0 2 7
S ,7 7S
4 ,3 9 7 5 5 ,2 1 3
1 9 ,0 0 (
3 ,0 5 4
15 0
5 ,6 2 6 4 4 .3 2 5
8 ,4 2 7 3 7 ,5 6 4
9 ,1 0 2 2 0 9 ,1 8 0
9 2 5 2 7 ,4 5 6
5 ,2 5 4 5 0 ,0 0 0
1 ,1 3 7 1 7 ,0 0 0
1 ,8 5 9 5 4 .6 S 5
6 ,5 8 8
3 ,0 0 0 4 8 ,8 1 7
2 ,5 0 0 3 7 ,0 0 0
5 0 0 1 3 ,5 0 0
3 5 0 1 2 ,1 5 4
9 ,6 9 7
500
7 0 0 1 4 ,4 4 1
7 ,9 5 2
1 6 ,7 1 2
8 0 0 1 1 ,6 0 7
100
192
2 ,0 0 0 2 4 ,0 0 0

S . C . , G re en v ille
G r e e n w o o d ___
T e n n .,M e m p h is

3 ,5 0 r
424
3 6 ,7 3 8

1 4 ,0 3 5
2 0 ,6 8 7
1 9 ,4 2 4
7 7 ,4 8 0
1 3 ,5 6 9
5 4 4 ,1 6 1

500
424
2 4 ,1 6 6

T e x ., A b i l e n e ..
B r e n h a m ______
C l a r k s v i l l e ___
D a l l a s _________
H oney G rove.
H o u s t o n _______
P a r is ___________
S an A n t o n i o ..

3 1 ,0 6 8
1 ,8 4 7
5 .5 S 5
40
791
3 3 ,4 7 8
4 6 ,0 8 5
2 ,3 3 0
2 3 ,0 8 1
1 ,0 6 5
5 3 ,9 4 7 1 ,1 3 9 ,8 9 5
3 ,2 2 7
8 6 ,5 4 5
3 1 ,1 0 5
1 ,6 3 6

2 ,0 4 8
50
872
2 ,2 6 7
1 ,1 6 7
7 4 ,9 1 7
4 ,2 5 6
99 4

1 ,7 2 7

4 ,3 9 7
3 ,3 3 3
24 7
3 4 .1 7 8
1 0 ,1 1 0
2 8 1 ,6 4 5
552
3 ,6 5 6
2 ,1 5 0
7 .5 1 8
1 8 ,7 2 6
3 ,3 0 6
2 1 4 ,2 1 1
1 0 .0 7 8
2 ,9 6 2

3 ,8 9 2
5 3 ,7 1 4
5 1 ,4 0 1
2 6 ,3 4 7
9 6 ,7 2 8

44 2
2 ,0 5 4
500
1 ,7 5 9

9 ,6 2 4
8 4 ,3 7 8
1 0 8 ,5 2 9
2 5 S .3 0 7
4 3 ,0 2 9
1 1 9 ,5 9 1
3 4 ,2 3 4
9 4 ,3 9 9
1 6 ,5 1 7
8 5 ,7 1 5
9 1 ,5 7 8
2 9 ,0 2 2
3 1 ,9 5 5
2 1 ,9 5 5
2 2 ,6 5 9
2 5 2 ,0 0 5
1 8 ,8 7 8
4 ,0 9 7
6 6 ,3 3 9

2 6 ,2 1 7
2 6 ,0 4 5
7 ,7 6 9
4 2 ,0 4 9

4 ,5 6 0
190
3 ,3 0 0 4 2 ,4 6 7
3 ,9 0 3 2 5 ,0 9 0
3 ,6 7 2 1 6 5 ,8 6 8
6 1 0 2 5 ,6 1 5
3 ,8 7 3 3 5 .9 5 7
1 ,0 0 0 1 6 ,0 3 4
1 .1 3 2 5 3 ,4 3 0

1 ,5 0 0
086
23^829
700
2 2 ,6 8 7
2 ,5 7 0
4 2 ,8 0 9
2S4
1 2 ,1 7 6
3 2 ,4 4 4
4 6 8 ,2 9 0
1 ,0 1 9
1 ,2 0 9
428
6 ,2 1 0
350
1 5 ,4 7 4
1 .7 3 7
3 0 ,0 9 6
1 ,5 4 6
5 0 ,6 8 3
67 3
1 9 ,7 0 4
5 0 ,4 2 5 1 ,1 0 0 ,5 5 3
3 ,1 5 2
6 8 ,2 7 6
800
2 7 ,8 6 2

2 ,1 4 8
3 ,8 5 2
653
800
593
500
1 9 ,8 5 4
600
100
2 ,5 0 0

4 7 ,4 6 2
4 5 ,1 3 9
1 5 ,5 9 5
1 7 ,0 1 0
1 2 ,2 3 1
1 5 ,7 6 8
2 2 ,3 2 4
8 ,1 6 3
267
1 4 ,0 0 0

L 646

3 ,6 0 6

3 ,1 4 3

2 4 ,4 2 0
9 ,7 2 3
2 2 ,0 8 0 3 1 9 ,2 3 8
55?
1 ,3 0 9
250
5 ,4 9 5
1 ,5 8 5
9 ,8 2 2
5 2 2 1 4 .2 3 5
650
5 .8 9 7
3 5 ,8 0 5 3 0 0 ,0 3 1
2 ,9 4 3 1 1 ,2 8 4
600
4 ,5 9 4

Cotton Takings.
Week and Season.

1919.
Week.

1918.

Season.

Week.

Visible supply Dec. 19 . .
4,633,655
5,772,490
Visible supply Aug. 1
4,792,018
American in sight to Dec.~26~I~ 297,784 6,197,045 307,922
Bombay receipts to Dec. 25
46,000
650.000
583.000
Other India chipm’ts to Dec. 25
28,000
63.000
Alexandra receipts to Dec. 24
26,000
539.000
650.000
Other supply to Dec. 24 *_____
1 2 ,0 0 0
89,000
6 6 .0 0 0
Total supply________
6,179,274 12,228,063 5,025,577
Deduct—
”
Visible supply Dec. 26____ __ 5,799,528 5,799,528l4,727,846

| Season.
3,027,450
5,822,142
549.000
1 2 ,0 0 0

401.000
97.000
9,908,592
4,727,846

Total takings to Dec. 26.a ___
Of which American_________
Of which other_______

379.746 6.428.535 297,731 5.180.746
267.746 4.833.535 216,731 4.223.746
957.000
81,000
1 1 2 ,0 0 0 1,595,000
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a this total embraces since Aug. 1 the total estimated consumption of
Southern mills 1,448,000 bales in 1919 and 1,669,000 balos in 1918— takings
not being available— and the aggregate amounts taken by Northern and
fo r e ip sphmera 4.980,535 bales in 1919 and 3,511.746 bales in 1918, of
which 3,385,535 bales and 2,554,746 bales American. 6 Estimated.

JAPANESE COTTON MILLS.—Through the courtesy
of Messrs. Mitsui & Co., Ltd., we have obtained tho details
of operations of the cotton mills in Japan for 1918-19, and
them below in conjunction with the revised results for
The above totals show that the interior stocks have de­ give
the three preceding years:
creased during the week 5,956 bales and are to-night 106,206
bales less than at the same time last year. The receipts at
Years ending June
all towns have been 11,507 bales less than the same week
last year.
•
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.—We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
T o t a l , 4 1 t o w n s l 7 4 ,9 4 6 3 .9 9 0 .1 1 8 1 8 0 .9 0 2 1341811 1 8 6 .4 5 3 3 ,6 1 6 .0 6 7 1 2 9 ,2 5 9 14 48017

30.

1 9 1 8 -1 0 .

1 9 1 7 -1 8 .

S p in d le s ___ _______________________N o .
3 .1 2 0 ,7 4 1
L o o m s ............................. ...............Z "
H a n !s e m p lo y e d , m a le ______
2 9 ,3 0 2
H a n d s e m p lo y e d , f e m a l e _____
9 6 ,6 8 8
C o n su m p tio n — A m e r ic a n _____ lb s . 3 2 6 ,2 6 6 ,9 8 3
I n d i a n _______________________
3 6 8 ,0 8 3 ,2 3 3
E g y p t i a n _____________ " I I I
1 4 ,9 5 5 ,6 2 5
C h i n e s e _______________” ”
1 2 1 ,4 9 6 ,9 0 8
O t h e r .............. ..............
1 9 ,1 8 8 ,8 0 8

-1919Since
Dec. 26
Aug. 1.
Shipped—
Week.
Via St. Louis____________________16,712 337,253
229.141
.12,798
Via Mounds, &c______
570
8,824
Via Rock Island________________
. 1,394
43,237
. 1,400
13,563
. 741
72,737
. 9,918
146,430

-1918Since
Week.
Aug. 1.
19,854 a 2 13,376
10,785 222,388
10.981
518
2,008
61,905
1,500
37,724
86,590
1,889
21,084 244,618

.43,533
Deduct shipments—
Overland to N . Y ., Boston, &c.. . 1,061
798
Between interior towns------------- .
Inland, & c.t from South------------ . 6,176

851,185

57,638

907,582

89,489
35,648
104,963

1,428
1,523
4,400

32,157
26,224
112,053

8,035
Total to be deducted_________ .8,035

230,100

7,351

170,434

M a n u fa c t u r e s

.35,498

621,085

50,287

737,148

C o tt o n E x p o r te d .

* Including movement by rail to Canada,

a Revised.

The foregoing shows the week’s net overland movement
has been 35,498 bales, against 50,287 bales for tho week last
year, and that for the season to date the aggregate net over­
land exhibits a decrease from a year ago of 116,063 bales.
-1918-

-1919In Sight and Spinners’
Since
Week.
Takings.
\ug. 1 .
Receipts at ports to Dec. 26_____195,212 3,588,196
Net overland to Dec. 26_________ 35,498
621,085
Southern consumption to Dec.26a. 73,000 1,448,000

Week.
135,441
50,287
65,000

Since
Aug. 1.
2,664,593
737,148
1,669,000

Total marketed_______________303,740
Interior stocks in excess_________ *5,956

5,657.281
539,764

250,728
57,194

5,070,741
751,401

Came into sight during week__ 297,784
Total in sight Dec. 26_________________

________
6,197,045

307,922
______

________
5,822,142

Nor. spinners’ takings to Dec. 26. 56,791 1,266,243
39,153 1,025,608
* Decrease during week, a These figures are consumption; takings not
available.

Movement into sight in previous years:

Week—
Bales.
Since Aug.
1917— Dec. 28.......................... 317,551 1917— Dec.
1916— Dec. 29...........
289,021 1916— Dec.
1915— Dec. 31-------:..2 94,4 45 1915— Dec.

1—
Bales.
28....................7,053,451
29.................... 8,470,564
31.................... 7,226.948

WEATHER REPORTS BY TELEGRAPH.—Reports to
us by telegraph this evening from the South indicate that
temperaturs has continued low during the week, but rainfall
has been light or moderate in the main.
Texas.—No weather reports received this week.
New Orleans, La.—The week’s rainfall has been three
hundredths of an inch on two days. Average thermomoter
55.
Shreveport, La.—We have had rain on two days of the
past week, the rainfall being fifty-three hundredths of an
inch. The thermometer has ranged from 35 to 66.
Mobile, Ala. —We have had rain on four days the past
week, the rainfall being one inch and thirty-four hundredths.
The thermometer has ranged from 36 to 66, averaging 54.




1 9 1 6 -1 7 .

1 9 1 5 -1 6 .

2 ,9 2 4 ,7 6 5

3 ,0 4 1 ,9 3 0
2 ,8 7 5 ,6 3 4
3 3 ,0 4 0
3 1 ,2 9 5
2 7 ,0 4 3
2 4 ,7 2 7
9 9 ,6 6 4
9 6 ,8 9 6
2 3 4 ,7 0 9 ,7 3 2 2 2 7 ,2 3 9 ,4 6 0
5 8 8 ,4 8 8 ,4 7 0 5 8 5 ,7 4 7 ,6 0 8
1 5 ,7 7 2 ,8 8 9
1 4 ,8 1 5 ,8 9 6
3 1 ,5 3 5 ,2 5 4 3 0 ,5 5 5 ,9 9 8
1 6 ,9 7 3 ,5 7 4
1 5 ,3 3 2 ,2 3 8

T o t a l _______________
8 4 9 ,9 9 1 ,5 5 7
E q u a llin g 5 0 0 -lb . n e t bales” ! . . .
r ,6 9 9 ,9 8 3
Y a r n p rod u ced ...... ...................
iba . 7 4 1 ,9 0 7 ,5 7 5
P iece g ood s p rod u ced _____yard s

8 8 7 ,4 7 9 ,9 1 9 8 7 3 ,6 9 1 ,2 0 f t
1 ,7 4 7 ,3 8 o
1 ,7 7 4 ,9 6 0
7 6 4 ,0 0 6 ,6 0 0 7 5 0 ,7 4 7 ,6 0 f t
5 6 9 ,7 3 5 ."0 1 5 3 8 0 7 0 . 6 1 o

♦ In clu d ed w ith “ O t h e r .”

DOMB8TIC EXPORTS OF COTTON MANUFACi UKbb.—We give below a statement showing tho oxports
of domestic cotton manufactures for October and for tho
ten months ended Oct. 31 1919, and for purposes of com­
parison like figures for tho corresponding periods of tho
previous year are also presented:
M o n t h en d in g O c t. 3 1 .
1919.

1918.

P iece g o o d s _____________________yard s 6 7 ,1 2 2 ,9 1 0
P iece g o o d s ..................................... v a lu e $ 1 4 ,3 0 4 ,2 4 8
C lo th in g , & c .—
K n it g o o d s __________________ v alu e
4 ,0 3 9 ,4 6 2
A ll o th e r _____________________v a lu e
1 ,7 7 7 ,1 0 6
W a s t e c o tt o n __________________ v a lu e
1 ,0 7 5 ,5 3 3
Y a r n ------------------------------------------ .v a lu e
9 9 8 ,3 6 5
A ll o th e r _______________________ v a lu e
3 ,5 7 9 ,9 2 5

10 M o n t h s en d in g O c t. 31
|

1919.

1918.

4 2 ,1 8 0 ,8 0 4 5 4 7 .0 2 9 ,9 1 8 4 4 5 ,0 8 7 ,8 0 1
$ 9 ,0 1 9 ,5 5 2 $ 1 2 1 5 7 2 .7 1 2 $ 8 4 ,2 1 3 ,1 6 8
1 ,4 0 3 ,0 9 8
9 6 2 ,4 5 9
1 ,1 3 7 ,9 8 2
4 6 9 ,5 4 1 !
2 ,9 6 6 ,9 6 8

2 9 ,7 1 7 ,3 3 0
1 4 ,0 5 0 ,4 2 3
9 ,6 2 0 ,0 5 0
1 2 ,3 4 6 ,1 2 2
3 2 ,6 2 1 ,4 5 8

1 2 ,8 4 0 ,4 6 7
9 ,2 2 1 ,7 4 3
7 .2 4 3 ,6 6 2
6 ,4 2 4 ,2 7 0
2 0 ,7 4 1 ,2 5 7

T o t a l m a n u fa ctu res o f ___ v a lu e $ 2 5 ,7 7 4 ,6 3 9 * 1 5 ,9 5 9 .6 0 0 S 2 1 9 9 2 S 0 9 5 $ 1 4 0 6 8 4 5 6 7

CENSUS BUREAU’S REPORT ON COTTON GIN­
NING.—Tho Division of Manufactures in tho Census
Bureau completed and issued on Dec. 20 its report on tho
amount of cotton ginned up to Dec. 13, the present soason,
and wo give it below, comparison being mado with the
returns for the like period of the two preceding years:
A la b a m a _____________

C a l i f o r n i a .. : ..............
F lo r id a ...............................................
G e o r g ia ________________
M iss is s ip p i_________
M is s o u r i...... ....................
N o r th C a r o lin a ______
O k l a h o m a ........... ..........
S o u th C a r o lin a ______
T e n n e sse e _____________
T e x a s __________________
V irg in ia ___________
A ll o th e r ........................
U n ite d

S ta t e s _______

....................
......................

-C o u n t in g R o u n d a s H a l f B a le s--------1919.
1918.
1917.
4 6 4 ,6 9 3
7 2 6 ,3 2 7
1 1 ,4 3 3
2 3 ,0 1 1
8 2 7 ,5 7 3
8 0 1 ,3 7 3
a a 's 7 7
3 0 ,4 5 3
3 7 ,7 9 2
Yn’ n ia
4 5 ,2 6 8
2 4 ,1 5 1
1 ,7 1 9 ,6 5 3
1 ,8 7 3 ,5 5 2
5 8 0 ,0 9 4
4 9 7 ,7 8 6
7 7 3 ,8 2 4
9 8 7 ,3 3 2
4 1 ,4 1 4
4 7 ,0 3 9
5 2 1 ,5 8 9
7 1 7 ,4 0 5
5 2 0 ,4 0 1
8 5 7 ,5 6 1
1 ,1 1 0 ,3 2 7
1 ,3 2 8 ,9 2 5
2 5 6 ,5 5 4
1 8 7 ,4 8 2
2 ,9 4 1 ,0 0 7
2 ,4 1 7 ,3 7 5
1 5 ,6 9 0
1 8 ,2 9 7
3 ,8 1 9
3 ,5 3 3
1 0 ,2 8 1 ,1 3 9

1 0 ,1 3 1 ,5 9 4

T h e 1 9 1 9 figu res o f th e rep o rt are s u b je c t to slig h t correction s w hen check ed
a g a in st th e in d iv id u a l retu rn s o f th e gin n ers b e in g tra n sm itte d b y m a il.
T h e n u m b e r of rou n d b a le s In clu d ed th is y e a r Is 1 0 3 ,9 2 6 , ag a in st 1 3 9 ,9 8 4 bales
In 1 9 1 8 a n d 1 7 9 ,9 6 6 b a le s In 1 9 1 7 .
T h o n u m b e r of A m e rica n E g y p tia n b a le s in clu d e d Is 2 7 ,9 0 6 , con traste d w ith
1 3 ,0 9 8 b a le s In 1 9 1 8 .
T h o n u m b e r o f S ea Isla n d b a le s In cluded Is 6 , 4 2 9 , co m p a red w ith 3 1 ,2 3 8 bales
In 1 9 1 8 a n d 8 3 ,2 8 8 bales In 1 9 1 7 .
T h e d istr ib u tio n o f S ea Islan d co tto n for 1 9 1 9
b y S ta te s Is: F lo rid a , 2 ,7 9 3 bales: G e o r g ia , 6 3 5 b a le s , an d S ou th C a r o lin a , 3 ,0 0 1 ba le s.
T h e corrected sta tistics o f th e q u a n tity o f c o tto n gin n ed tills season prior to D e c . 1
a re 8 ,8 4 9 ,4 7 1 b ales.

THE CHRONICLE

D ec . 27 1919.]

M A N C H E S T E R M A R K E T .— Our report received b y
cable to-night from M an ch ester states th a t th e dem and for
export is good, but the difficulties atten d an t u pon distant
deliveries is a serious obstacle to entering into co n tra cts.
W e give prices for to -d a y below and leave those for previous
weeks of this and last year for com parison:

2453

BREADSTUFFS

January ______
February _____
March________
April................ ..
M a y ..................
Juno__________
J u l y .................
August.............
September____
O ctober______
Novem ber____

HOLIDAY.

24.58 24.66 24.71 24.88 25.11
23.89 23.98 24.04 24.20 24.42
23.21 23.31 2.3.34 23.51 23.72
22.48 22.61 22.63 22.78 22.97
21.70 21.81 21.S3 21.96 22.17
21.16 21.26 21.27 21.41 21.60
20.57 20.70 20.69 20.75 20.98
20.00 20.13 20.12 20.11 20.34
19.38 19.5(1 19.48 19.48 19.63
18.70 18.82 18.80 18.80 18.95
18.20 18.32 18.30 18.30 18.45




00
K

00
K

Friday Night, Dec. 2 6 1919.
Flour has been quiet. Business in other words has been
on a holiday scale.
I t is usual for it to slow dow n at this
tim e of the year. Y e t som e of the tim e holders have been
confident owing to the firmness of w heat in m ost parts of
the country.
T o all appearance the G overnm ent has very
1919.
1918.
little w heat to offer for export.
Its sales recently were
b s . S h irt- C o t'n
b s . S h irt32s C o p
in o s , C om m on
M id .
32* C o p
in o s . C om m on
M id .
confined m ostly to N o . 3 and N o . 4 at the G ulf ports.
It
T w ist.
to F in e s t .
U p ’s
T w ist.
to F in e s t .
U p •«
is true that recently cash wheat at M inneapolis dropped 10
Oct. d.
b. d.
d. e. d.
d.
d.
d.
d
31 45
27 10 @ 32 10>* 24.25 52
@ 60
© 55 M29 3 @ 37 9 21.26 cents, owing partly to large receipts from the Southw est.
Nov.
T h is w heat was recently sold b y the G overnm ent to the
30 0 @ 34 8
7 46
25.50 51H © 54
@ 52
29 3 @ 37 9
21.34
14 48 K @ 52
24.93 50
30 6 @ 35 0
© 63
9 @ 37 3
In a single day M inneapolis thus re­
19-96 M inneapolis m ills.
21 47 V
i @ 54 H 30 6 @ 35 8 23.75 48 © 50 28
28 3 @ 36 9
20.60
28 i s x
24.58 43
© 46 27 0 @ 36 0 20.50 ceived 1 ,3 4 1 ,0 0 0 bushels. A t the sam e tim e soft winter
@ 55 H 30 0 @ 35 6
Dec
w heat has been reported firm .
Eastern m ills, it is further
25 .47 41
57
31 0 @ 36 0
5 49H
@ 44
@
25 9 © 34 6
20.16
25.98 41
12 50 H (S' 59
34 0 (&3c, 0
M 43
25 0 @ 33 9
20.07
stated, find it no easy m atter to obtain supplies, although
26.12 38
19 52
40
©
24 6 @ 33 0
21.40
@ 61H 35 0 @ 39 0
26.68 38
26 53
36 6 @ 40 0
63
@
© 40 24 0 @ 3 3 0 20.40 they offer higher prices. L atterly trade here has been very
quiet and prices som ew hat depressed with hard w heat more
S H I P P I N G N E W S .— A s shown on a previous p age, the plentiful at M inneapolis and less w anted.
T h e lower
exports of cotton from the U nited States the p ast week have
grades here are now the best sustained. A W ashington dis­
reached 1 5 9 ,6 2 5 bales. T h e shipm ents in detail as m ade up
patch said: “ T h e Canadian G o vernm ent states that lifting
from m ail and telegraphic returns, are as follow s:
Total bales. of the em bargo b y tho LT. S . on w heat and w heat flour will
NEW Y ORK— To Liverpool— Dec. 19— Cedric, 104...D e c . 23—
The
Caronia, 18_______________________________________________
122 have the effect of increasing flour prices in C anada.
To Manchester— Dec. 23— Phidias. .44 Porto R ico___________
44
To Rotterdam— Dec. 20— Tela, 100--------------------------------------100 Governm ent-guaranteed price of w heat in Canada is S 2.15
GALVESTON— To Liverpool— Dec. 19— Musician, 9 ,4 2 4 ...D ec.
a bushel; in the U nited States the price has risen over the
24— Median, 12,217_______________________________________ 21,641
To Manchester— Dec. 24— Asuncion de Larrinaga, 15,003
15 003 G o vernm ent guaranteed price of $2 26 to S3 a bushel and
T o Hamburg— Dec. 23— Lake Ellsworth, 2,276_______________ 2,276
T h e “ D a ily T rade B ulletin” of Chicago estim ates
5 728 a b o v e .”
To Rotterdam— Dec. 23— Lake Ellsworth, 5,728__________
TEXAS C IT Y — To Havre— Dec. 19— Berwyn. 13,611_________
13 o i l
the
flour
stocks
in the U . S . and Canada on D ee. 1 at 2 ,4 S 9 ,HOUSTON— To Liverpool— Dec. 20— West Chetac, 21,572.......... 21,572
NEW ORLEANS— To Liverpool— Dec. 23— Patrician, 2,000_____ 2.000 0 0 0 bbls. against 2 ,0 S 1 ,0 0 0 N o v . 1 and 1 ,6 7 1 ,0 0 0 a year
To Genoa— Dec. 19— Nicoli II, 13,283— Dec. 23— East Port, ’
ago.
2,786 ------------ ------------------------------------------------------------------ 16,069
To Japan— Dec. 23— OridonoMaru, 8,654;TomuriMaru, 8.000 16 654
W h e a t visible supplies decreased last week 1 ,9 8 1 ,0 0 0
SAVANNAH— To Bremen— Dec. 20— Guarao, 8,388____________
8,388
To Venice— Dec. 24— Federica, 2,452_______________________
2 452
T o Japan— Dec. 22— Toba Maru, 10,036------------------------------- 10|036 bushels, against an increase in the sam e week last year of
T o Trieste— Dec. 24— Federica, 3,395_______________________
3 395
2 .5 8 8 .0 0 0 bushels. T h e total is now 8 2 ,7 0 0 ,0 0 0 bushels,
NORFOLK— To Manchester— Dec. 23— Western Light, 13,145__ 13145
T h e C anadian visible in­
BOSTON— To Havre— Dec. 11— Masuda, 1,175___________ ._
1175 against 1 1 3 ,8 1 3 ,0 0 0 last year.
PHILADELPHIA— T o Antwerp— Dec. 11— Taxandrier, 100__
100
creased 8 8 ,0 0 0 bushels, against a decrease last year of
SAN FRANCISCO— To Japan— Dec. 20— Persian Maru, 479_____
479
T o China— Dec. 10—Nanking, 44--------------------------------------44
4 .7 4 8 .0 0 0 bushels. T h e total is now 1 6 ,4 4 7 ,0 0 0 bushels,
T o Philippines— Doc. 17— Colombia, 200__________________
200
SEATTLE— To Japan— Dec. i5— Suwa Maru, 5,391............. . '
5 3 9 1 against 2 8 ,8 1 9 ,0 0 0 a year ago.
T h e Illinois State crop re­
Total
159.625 port m akes the D ecem ber condition of winter w heat at
on ly 8 2 % , against 100 a year ago and 8 8 as a ten-year
C O T T O N F R E I G H T S .— Current rates for cotton from
N e w Y o r k , as furnished b y L am b ert & B u rrow s, I n c ., are average on D e c . 1, and the acreage a t 2 ,4 0 4 ,0 0 0 , or 1 ,0 3 0 ,0 0 0
less than a year ago.
E xp ort purchases of rye last week in all
a s follow s, quotations being in cents per p ou n d :
Stockholm, 2.75c.
Liverpool, 1.50c.
positions were 5 ,0 0 0 ,0 0 0 bushels, or about the largest busi­
Shanghai, 1.75c.
Trieste. 2.60c.
Manchester, 1,50c.
Bombay, 1.50c.
ness of the sort known in such a brief period.
Flume, 2.60c.
Antwerp, 1,65c
Vladivostok. 1.75c.
Lisbon, 1.75c.
Ghent via Antwerp, 1.80c.
Gothenburg, 2.25c.
In F rance, according to latest reports, the weather has
Oporto, 1.75c.
Havre, 1.75c.
Bremen, 2.00c.
Rotterdam, 1.7oc.
Barcelone direct, 2.00c.
been extrem ely w et, w ith on ly a slight snow cover in the
Hamburg, 2.00c.
Japan, 1.75c.
Genoa, 1.75c.
Danzig, 2.50c. asked.
N o r th .
In G erm an y conditions are about norm al, w ith
Christiania. 2.25c.
Venice. 2.60c.
som e snow in parts.
In Ita ly the weather has been season­
L I V E R P O O L .— B y cable from Liverpool we h ave the fol
able. T h e G overnm ent there is m aintaining bread and
low ing statem ent of the w eek’s sales, stocks, & c ., a t th a t p ort:
macaroni ration cards in order to lim it consum ption.
In
Dec. 5. Dec. 12. Dec. 19. Dec 26
Sales of tho week..........................
50,000
34,000
30,000
16 000 Spain the weather is favorable and the crops are in good
Of which speculators took------Of which exporters to o k --------condition.
In Algeria good rains have fallen and the crops
34.000
Sales, Am erican________________
34,000
2 1 ,0 0 0
16,000
1 0 ,0 0 0
In India the weather is still dry in the
Actual ex p o rt__________________
14.000
8 ,0 0 0
1 0 ,0 0 0
4,000 are in good shape.
85.000
Forwarded_____________________
85,000
77,000
84,000
36.000 P u n jab; elsewhere the w eather is seasonable.
In R um ania
665.000
Total s to c k ____________________ 665,000
780.000
829.000
837.000
Of which American___________ 474,000
474.000
580.000
628.000
626.000 farmers have m ade additional sowings as a great deal of the
Total imports of the week----------- 183.000
183,000 234.000
181.000
84.000
Of which American___________ 148,000
148.000
192.000
133.000
36.000 new seedings wras dam aged b y lack of m oisture a t seeding
522.000
Amount afloat__________________ 522,000
426.000 351.000
321.000
In A ustralia some scattered rains fell, which were
Of which American___________ 425,000
425.000
338.000
289.000
274.000 tim e.
beneficial.
T h e new crop of w heat will be quite m oderate,
T h e tone of the Liverpool m arket for spots and futures
each day of tho past week and tho daily closing prices of bu t there are still good supplies rem aining from the last
spot cotton have been as follow s:
harvest, m ost of which is already sold.
Shipm ents of w heat
am ounted to 1 ,5 6 0 ,0 0 0 bushels last w eek, of which 1 ,0 8 8 ,0 0 0
Saturday. Monday. Tuesday. Wednesday. Thursday . Friday. bushels are destined to the U nited K in g d o m , 2 4 0 ,0 0 0 bushels
£• Spot.
M a rk e t, f
to the C ontinent and 2 3 2 ,0 0 0 bushels to non-European des­
Quiet.
Quiet.
Moderate
„ 12:15 1
tinations. W a lte r R uncim an has called for the rem oval of
demand.
k P. M . t
control over the im portation of w h ea t, contending that such
26.21
26.34
Mld.Upl d a
26.68
action will cause an im m ediate drop in prices, as in the case
HOLIH OLIH OLIof linseed, cottonseed, oats and m aize.
D AY .
5,000
4,000
5,000
S a l e s ................
DAY.
DAY.
On the 24th inst. wheat prices at the W e s t were reported
Quiet,
Quiet,
F utures.
Steady,
lower w ith less m ill d em and .
R ecently prices fell 10c.
8 @ 1 2 pts. 2 @ 9 pts. 5@ 1 2 pts.
M a rke t
\
decline.
decline.
opened
/
advance.
E arly in the week cash w heat at M inneapolis dropped 5 c.
on receipts of 1 ,3 4 1 ,0 0 0 bushels there in a single d a y .
It
Steady,
Steady, 2
Firm,
M a rk e t,
|
6@ 1 8 pt . pts. dec. to 24 @ 57 pts.
L4
<
cam e from the Southw est.
It had been sold b y the G o vern ­
advance. 22 pts.adv. advance.
F P. M . 1
m ent to M inneapolis m ills.
France has been in the m ark et,
E arly in the week it took
T h e prices of futures at Liverpool for each d ay are given bu t has not bought very h eavily.
about 1 0 0 ,0 0 0 bushels of N o . 3 and N o . 4 a t the G u lf, p ay­
below:
ing $2 45 for N o . 3 and $ 2 41 for N o . 4 f .o .b .
L atterly re -,
eeipts at M inneapolis have been n ot only larger but hard to
Tues.
Mon.
W ed.
Snt.
Tliurs.
Fri.
Dec. 20
sell.
4
to
12^
12,1*1 4
12 X 4
12 M 12H 12 H 4
12M 4
D A IL Y CLOSING PRICES OF W H EAT IN N EW Y O R K .
Dec. 26.
p. m. p. in. p. m. p. m. p. ni. p. m . p. m. p. m. P. m. p. m. p. m. p. ra.
Sat. M on. Tues. Wed. Thurs. Fri.
No.
2 red..................................c t s .2 3 7 H 237^ 237H 237H Holi- 237J4
d
.
d
.
d
.
d
.
d
.
d
.
d. d.
d
.
| d.
d
.
d
.
No.
1
spring---------------------------------240J3
240J^ 240H 240J^ day. 240H
December.........
25.21 25.31 25.31 25.50 25.68 25.90
25.38
24.73
24.03
23.32
22.52
21.95
21.32
20.68
19.75
19.04
18.54

H OLIDAY.

H OLIDAY.

Indian corn declined in anticipation of larger receipts.
M ore cars are promised b y the railroads. A t W estern
points in one d ay the receipts reached 1 ,2 2 4 ,0 0 0 bushels.
M oreov er, receipts of hogs have a t times been of record­
breaking size. T h e W estern run in a single day was 1 8 2 ,0 0 0
bushels, against 7 1 ,1 0 0 on the same d ay last year.
Prices
of hogs on the 2 3d inst. fell 50 to 60 cents. Cash offerings
of corn have increased latterly at lower prices. Cash buyers

2454

THE CHRONICLE

[V ol . 109

are cautious, as cash and nearby months are still at big
premiums over the distant deliveries. And at the same time
the railroad situation is improving. The size of the receipts
219.000
298,000
31.000
6,000
223,000
262,000
will be largely regulated by the number of cars available. New York___
M e.
640.000
66,000
38.000
t 267,000
9,000
10,000
30.000
136,000
And these are bound to increase, as time goes on. The Baltimore____ 26.000
209.000
64,000
7.000
56.000
20.000
corn trade expects a larger primary movement soon. The New
Orleans*
104.000
70.000
54.000
42.000
136.000
1,000
2.000
maximum corn movement usually occurs late in December Galveston____ 34,000
8,000
220.000
20.000
and through January. Primary com receipts since Nov. 1, Montreal____
St. J o h n .___
1,844,000
2,000
beginning of the crop year, to date amount to 30,000,000 Boston______ 40,666
68,000
bushels, or 2,000,000 less than a year ago.
Total wk. ’ 19.
419,000 3,417,000
371,000
129,000
352,000
539,000
On the other hand, the visible supply is, of course, still SlnceJan. 1 T9 15,769,000 219,891,000 100,907,000 70,405,000 57,755,000
29,817,000
small. There was a rally in prices later on. At times Week 1 9 1 8 ... 1.146,000 5,504,000 152,000 1,992,000 418,000 236,000
country offerings have been light. The cash demand has Since Jan. ITS 13,607,000 97,497,000 20,029,000 100,031,000 9,917,000 7,880,000
been fair. Cash and near months are still at big premiums. * Receipts do not include grain passing through New Orleans lor foreign ports
This is at least suggestive. On the 23d inst.rye advanced on through bills of lading.
5 cents, May in Chicago touching 184J^c., though this was The exports from the several seaboard ports for the week
not held. Continental governments were reported big buy­ ending Dec. 20 are shown in the annexed statement:
ers. Foreign exchange rates advanced somewhat. The
visible supply increased last week 271,000 bushels, against
Peas.
77,000 bushels last year. It makes the total 2,174,000
bushels, against 2,544,000 last year. To-day prices fell and New York________
they end lower for the week.
Portland, M e____
R e c e ip ts at— £

F lo u r .

W h ea t.

C orn.

O a ts.

B a r le y .

R ye.

B a r r e ls .

B u s h e ls .

B u s h e ls .

B u s h e ls .

B u s h e ls .

B u s h e ls .

P o r tla n d ,
P h il a d e l p h i a .

_____.*..

E x p o r ts fr o m —

D A IL Y CLOSING PRICES OF CORN IN NEW Y O R K .
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 yellow--------------------------cts.170% 170% 164% 163% Hoi. 163%
D A IL Y CLOSING PRICES OF CORN FUTURES IN CHICAGO.
_
,
, ,,
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery m elevator.cts- 144% 144
144% 143
Holi- 139%
January delivery in elevator---------136% 136% 136% 135% day. 131%
M ay delivery in elevator-------------- 133% 133% 133% 133%
130%

W h e a l.

C orn .

F lo u r .

O a ts .

B u s h els .

B u s h e ls .

B a r r e ls .

B u s h e ls .

R ye.

! B a rle y .

B u s h els B u sh els

B u s h els

303 ,384 24 7 ,6 3 2 163,598
_______ 6 6 ,000

3 5 ,2 2 3

355 ,032
640 .000
Boston. __
50,000
Philadelphia______
3 3 6 .000
Baltimore__
225 .000
New Orleans_____
2 67 .000
Galveston________
4 0 7 .000
St. John, N . B ____ 1 ,844,000

114 ,000
6 0 ,000
3 5 .0 0 0
6 ,0 0 0 3 9 .0 0 0

Total week_____ 4 ,1 2 4 ,0 3 2
Week 191 8_________ 8 ,2 5 5 ,0 3 9

3 2 7 ,384 2 8 9 ,632 51 4 ,5 9 8
6 ,000 358,413
3 4 9 ,610 1 ,7 6 8,994 2 6 6 ,674 114,859

110,413

2 4 ,0 0 0

2 5 ,0 0 0 .............
17,000 _______
. . 2 3 3 ,0 0 0
_______ ! 5 2 ,000
............. 1 . . . . . .
3 5 ,2 2 q
2 7 ,7 4

Oats advanced somewhat at one time. Cash offerings
'4
were light. The visible supply fell off. Consumption is The destination of these exports for the week and since
evidently running ahead of receipts. Export demand has
been reported. Chicago reported that the seaboard bought July 1 1919 is as below:
on the 22d inst. 200,000 bushels, at outside markets. Chi­
cago people insist, too, that considerable export business has
been done at New York. This week export sales are esti­
1
1
20
20
1
1
20
1919.
1919.
mated at fully 500,000 bushels of oats, 1,000,000 bushels of
1919.
1919.
1919.
1919.
rye, 100,000 bushels of wheat, 100,000 bushels of barley and
541,703
40.000 bushels of corn. The visible supply decreased United Kingdom. 294,501
18,852 4,290,556 2,360,000 32,742,910
191,000
5,661,209 1,745,032 62,527,220
542.000 bushels last week, against an increase last year of Continent_______
So. & Cent. Amor. 12,000
44,732
1,000
105,606
525,079
19,000
2.021.000 bushels. The total is now 14,304,000, against West
Indies______ 23,000
525,706
5,000
1,065
611,771
Brit. No. Am. Col.
30.753.000 last year. The Canadian visible supply in­ Other
countries___ ............
4,179
74.06G
creased last week 327,000 bushels, against 188,000 last year.
T o ta l________
358,413 11,162,681 4,124,032 95,377,801
6,000 1,307,320
It made the total 4,847,000 bushels, against 3,988,000 a Total
1918.............. 349,610 2,561,624 8,255,039 55,999.283
2,656,48
year ago. The active export demand has been a featuro.
Some estimate the export business this week at as high as
750.000 bushels. Eastern exporters have been liberal buy­ The world’s shipments of wheat and corn for the week
ers of cash oats at the West. To-day prices fell, however, ending Dec. 20 1919 and sinco July 1 1919 and 1918 are
with other grain, though there were reports of further export shown in the following:
business. There was a pressure to sell later and prices end
about as they were a week ago. On the 24th inst. 1,500,000
bushels, partly rye, but mostly oats, were sold in Chicago to
1919.
1918.
1919.
1918.
New York interests supposed to be for export. On that day
it was stated that within a few days one cash handler alone
20.
1.
1.
20.
1.
1.
in Chicago, it seems, bought 700,000 bushels at country
points.
North Amor. 5,524,000 176,100,000 135,277,000
8,000
761,000 5,928,000
F lo u r .

E x p o r ts f o r W e e k
a i d S l ice
J u ly
to—

C orn.

W h ea t.

W eek
D ec.

S in ce
J u ly

B a r r e ls .

B a r r e ls .

W eek
D ec.

S in ce
J u ly

W eek
D ec.

B u s h e ls .

B u s h els .

B u s h e ls .

S in c e
J u ly

B u s h e ls .

k

W h e a t.

C orn.

E x p o rts .

D A IL Y CLOSING PRICES OF OATS IN NEW YO R K .
Sat. Mon.
Tues.
Wed.
Thurs.
Fri.
N o. 1 white________ cts. 98
98%
98
98%
Holi98%
N o. 2 white------------------ 97
97% 97@ 97% 97 % @ 98 day. 97% @ 98
D A IL Y CLOSING PRICES OF OATS FUTURES IN CH ICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator.cts. 81% 82% 82% 82
Holi- 82%
M ay delivery in elevator-------------- 82
82% 83
83% day 82%
July delivery in elevator_________ 76
76% 76% 76%
75%

The following are closing quotations:

FLOUR.
00@$15 00 Barley goods— Portage barley:
50@ 11 00
No. 1............................$7 50
25 @ 14 25
Nos. 2. 3 and 4. pearl. 6 50
Nos. 2-0 and 3-0_____ 7 50@ 7 65
75 @ 9 25
Nos. 4-0 and 5-0
92%
Oats g o o d s— C a rlo a d ,
00
spot delivery_________
9 10
85 @ 4 00
GRAIN .
Wheat—
Oats—
No. 2 red____ _
No. 1.............................
98%
_S2 37%
No. 1 spring__________
No. 2 white__________ 97% @98
- 2 40%
Corn—
No. 3 white__________ 96% @ 97
No. 2 yellow_________
. 1 63% Barley—
Rye—
Feeding______________
1 60
No. 2 ..............................
1 99%
Malting..........................1 70 @ 1 75
Spring patents______ $14
Winter straights, soft 10
Kansas straights____13
R ye flour______ nom . 8
Corn goods, 100 lbs.—
White grain______ $3
Yellow grain_____ 4
Corn flour__________
3

The statement of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
R e c e i p ts a t—

Chicago_____
Minneapolis..
Duluth___
Milwaukee___
Toledo______
Detroit___
St. Louis.
Peoria____
Kansas C ity ..
Omaha____
Indianapolis
Total wk. ’ 19.
Same wk. ’ 18Same wk. ’ 17.

O a ts .

W h ea t.
bbls. 19616s b u s h . CO lbs b u sh

236.000

292.000
2.872.000

13,000

125.000
82,000

109,000
74,000

342.000
19.000
1.667.000
322.000
30.000

110.000
22,000

432.000 5.883.000
396.000 12,555,000
324.000 3.950.000

B a r le y .

.

481.000
2,971,000
649,000
7,902,000 2,271,000 1,361,000
4,972,000 2,290,000
542.000

Since Aug. 1—
1919.............. 9.529.000 259.001.000 68,534,000 101.719.000 15,863,000 15,074,000
1918.............. 7.331.000 304.519.000 93,133,000 157.047.000 34,.378,000|20,590,000
1917_______ 6.890.000 117.812.0001 55,898,000 157.200.000 47,944,000:14,641,000

Total receipts of flour and grain at the seaboard ports for
the -week ended Dec. 20 1919 follow:




S in ce
J u ly

S in ce
J u ly

W eek
D ec.

S in ce
J u ly

S in c e
J u ly

B u s h e ls .

B u s h e ls .

B u s h e ls .

B u s h els .

B u s h e ls .

B u s h e ls .

Russia______
Danube ____
Argentina___ 4~,4b"s,66o 80.953.000 56.129.000
Australia___ 1,560,000 53.759.000 18.836.000
India_______
5.623.000
Oth. countr’s
1.806.000

998,000 59,907,000 15,374,000
................

l,

75b*666

1,861",666

Total_____ 11,492,000 312,633,000 217,667.000 1,006,000 62,418,000 23,163,000

The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Doc. 20 1919 was as follows:
G RA IN STOCKS.
W h ea t.
b u sh .

C orn.
b u sh .

O a ts.
b u sh .

R ye.
b u sh .

B a r le y
b u sh O

New York............................. 2,667,000
Boston_____________ ____
9 8 0 ,0 0 0
Philadelphia_______ ------ 1 ,4 3 0 .0 0 0
B altim ore................ ____ 1 ,4 1 5 ,0 0 0
Newport News_____ ------3 0 1 ,0 0 0
New Orleans_______ ------- 5 ,3 0 2 ,0 0 0
Galveston..............
------- 1 ,9 5 4 ,0 0 0
Buffalo____________ ------ 1 4 ,9 6 7 ,0 0 0
’’
afloat_____ ------ 1 ,9 4 3 ,0 0 0
Toledo____________
Detroit............. ........ --------6 5 ,0 0 0
Chicago...................... ------16 ,0 0 8 ,0 0 0
Milwaukee_______
D uluth____________ ------ 2 ,5 8 4 ,0 0 0
Minneapolis____
St. Louis___________
Kansas City_______
Peoria........... ............
Indianapolis_____
-----4 6 8 ,0 0 0
Omaha ....................

24,000
1,000
20,000
42,000

962.000
374,000
232,000
358,000
84,000
144,000
16,000
1,439,000

348,000
45,000
80,000
85,000
236,000

543,000
5,000
114,000
24,000
90,000
623,000
1,000
383,00

U n ite d

S ta tes—

41,000
111,000
67,000
22,000
723.000
151,000
95,000
86,000
37,000
105,000
331,000
318,000

103,000
86,000
3,832,000
395,000
279,000
3,937,000
169,000
980,000
255,000
153,000
506.000

65,000
514.000
2,397,000
333.000
93,000
2,642,000
245,000
3,319,000
6,624,000
90,000
290,000
11,000
248,000

425,000
206,000
10,000
861,000
4,000
_____

8,000

R ye.

56 lbs b u s h . 32 lbs b u s h A S lb s b u sh .S G lbs.
63,000
199.000
1,151,000
1,597,000
141.000
225.000
187.000
399,009
174.000
1,000
3,000
100.000
200.000
210,000
402.000
90.000
36.000
49.000
31.000
1,000
21,090
590.000
642.000
2,000
3,000
492.000
191.000
351.000
78.000
661.000
92.000
675,000
158.000

5.064.000
4.242.000
4.355.000

W eek
D ec.

Total Dec. 20 1 9 1 9 ... 82,700,000 2,174,000 14,304.000 17,665,000 3,297,000
Total Dec. 13 1 9 1 9 ... H4,6S4,000 1,903,000 14,846,000 17,249,000 3,018,000
Total Dec. 21 1918— 11.3,813,000 2,554,000 30,75.3,000 13,419,000 7,558,000
Total Dec. 22 1 9 1 7 ...
,
2,741,000 16,646,000 2,819,000
3,643,000
N o t e . — Bonded grain not included above: Oats, 85,000 bushels New York, 263,000
Boston, 1,011,000 Buffalo: total, 1,359,000 bushels, against 3,000 bushels In 1918;
and barley, Buffalo, 151,000 bushels; New York, 15,000: Duluth, 4,000 bushels;
total, 170,000, against 77,000 In 1918.

22 221.000

C a n a d ia n —

Montreal............................... 6,166,000
Ft. William A Pt. Arthur. 3,848,000
Other Canadian.................. 6,433,000
Total
Total
Total
Total

Dec.
Dec.
Dec.
Dec.

20
13
21
22

1 9 1 9 ...
1 9 1 9 ...
1 9 1 8 ...
1 9 1 7 ...

16,447,000
10,159,000
23,819,000
18,783,000

5,000
......... ............

692,000
1,582,000
2,573,000

45,000
______
______

56,000
777,000
443,000

45,000
44,000
3,000
21,000

1.276.000
1.134.000
442,000
73,000

2,174,000 14,304,000 17,665,000
5.000 4,847,000
45,000

3.297.000
1.276.000

5.000 4,847,000
•..............
4,520,000
203,000
3,988,000
12,000
5,617,000

S u m m ary—

American............................. 82,700,000
Canadian ........................... .16,447,000
Total
Total
Total
Total

Dec.
Dec.
Dec.
Dec.

20
13
21
22

1 9 1 9 ... 99,147,000
1919...100,843,000
1918.-.142,632,000
1 9 1 7 ... 41,004,000

2,179,000
1,903,000
2,757,000
2,753,000

19,151,000 17,710,000 4,573,000
19,360,000 17,293,000 4,152,000
34,741,000 13,422,000 8,000,000
22,362,000 2.840,000 3,716,000

THE CHRONICLE

D ec . 27 1919.]

2455

trade. It was a common thing to find a merchant who had
been conservative a week ago most optimistic as the week
opened and the market seemed generally inclined to drift
along and wonder when it would hit the expected snag.
The enactment of the Edge bill, the improved tone of foreign
exchange and the better outlook for the Peace Treaty were
all regarded as large factors in future business. But the one
important feature that rules the markets at present is the
limited
supply of goods and an active demand. Primary
1.
markets are holding very firm and in many cases buyers
are bidding at advanced prices on goods that they actually
Unit.
CIS.
need. In some quarters quiet prevailed as the holiday
Corn— 1919..... .......... .......... 102,075,000 28.6 2,917,450,000 134.9
spirit took hold but there were quite a few instances where
3.934,234,000
19 1 8 ___________________ 104,467,000 24.0 2,502,665,000 136.5
3,416,240,000
business was offered freely and agents were selling to the
Average 1913-17_______ 107,496,000 25.6 2,749,349,000 82.5
2,267,560,000
731,636,000
limit. This accumulating strength in the primary markets
Winter wheat— 1919 ____ 49,905,000 14.7
1,543,452,000
565,099,000 206.3
1918___________________ 37,130,000 15.2
1,165,995,000
in the face of all that has been said and done to hold prices
555,190,000 121.3
Average 1913-17_______ 34,196,000 16.2
673,382,000
down is puzzling and shows the anomalous conditions that
209,351,000 231.7
Spring wheat— 1919______ 23,338,000
485,070,000
9.0
356,339,000
1 9 1 8 ___________________ 22,051,000 16.2
200.9
715,831,000
prevail at present. Merchants whose better judgment
235,444,000 115.7
Average 1913-17_______ 18,124,000 13.0
272,455,000
points to a conservative course are being compelled to join
940,987,000 215.6
All wheat— 1919__________ 73,243,000
2,028,522,000
921,438,000 204.2
1 9 1 8 ___________________ 59,181,000 15.6
1,881,826,000
in a rise which holds terror for many of them. Purchases
790,634,000 119.6
Average 1913-17_______ 52,320,000 15.1
945,837,000
are being made at the highest prices of the year for deliver
Oats— 19 1 9 _______ _______ 42,400,000 29.4 1,248,310,000 71.7
895,603,000
44,349,000 34.7 1,538,124,000 70.9
during the next six months and after every sort of credit
1 9 1 8 ________________
1,090,322,000
1,331,287,000
40,583,000
Average 1913-17_______
48.3
643,187,000
32.8
test has been applied to the buyers. Prices may be justified
165,719,000 120.9
7,420,000 22.3
Barley— 1919_____________
200,419,000
9,740,000 26.3
256,225,000 91.7
but
the fact remains that eager buyers are making their own
19 1 8 ___________________
234,942,000
199,212,000
7,780,000
Average 1913-17----------72.4
25.6
144,242,000
prices and agreeing to pay them. This is also true of the
88,478,000 134.5
6,963,000 12.7
Rye— 1919_______ ________
119,041,000
6,391,000 14.2
There is no pressing need for workingmen to
91,041,000 151.6
1918___________________
138,038,000 consumer.
50,001,000 109.0
3,151,000 15.9
Average 1913-17______
54,489,000
pay high prices for silk shirts when cotton ones can be pur­
790,000
16,301,000 147.4
Buckwheat— 1919________
24,026,000
chased at much lower figures and possess better wearing
16,905,000 166.5
1,027,000 16.5
19 1 8 ___________________
28,142,000
824,000 17.8
14,691,000 100.7
Average 1913-17______
14,792,000
qualities. Much has been heard about a movement which
1,683,000
8,919,000
Flaxseed— 1919___________
438.9
5.3
39,145,000 is under way for petitioning the Government to standardize
1,910,000
13,369,000 340.1
19 1 8 ___________________
7.0
45,470,000
1,756,000
13,818,000 182.2
clothing in peace times. Outside of Government officials
Average 1913-17_______
7.9
25.170,000
1,089,000 37.7
41,059,000 267.0
Rice— 1 9 1 9 _____ _________
109,613,000 and a few associations, however, there is no indication that
1,118,000 34.5
38,606,000 191.8
19 1 8 _______________ _
74,042,000
835,000 36.9
30,788,000
the country is aroused over the proposal. There are a great
Average 1913-17_______
34,468,000
4,013,000 89.2
357,901,000 161.4
Potatoes— 1919___________
577,581,000
many merchants who will welcome the day when the Govenr4,295,000 95.9
411,860,000 119.3
1 9 1 8 ___________________
491,527,000
ment ceases to give so much attention to price making. At
3,812,000 06.0
366,046,000
Average 1913 17----------322,292,000
1,029,000 100.7
103,579.000 133.3
Sweet potatoes— 1919-----138,085,000 present the Government is very much tied up in business
940,000 93.5
87,924,000 135.2
19 1 8 ___________________
118,863,000
and every business problem finds some one walling to refer
730,000 94.8
69,209,000 82.1
Average 1913-17......... ..
56,843,000
56,348,000
91,326,000 20.15 1,839,967,000 it to Washington.
Hay, tame— 1919......... —
As long as this condition is wanted by
1.62
76,660,000
1 9 1 8 ___________________ 55,755,000
1.37
20.13 1,543,494,000
business men and the public, prices wall remain high. Only
78,921,000 12.51
Average 1913-17----------- 52,026,000
1.52
987,297,000
17,340,000 16.67
when safer and saner business methods are encouraged will
Hay, wild— 1919__________ 15,686,000
289,120,000
14,479,000 15.23
1918 ............. ...................- 15,365,000
.94
220,487,000
thoy come dowm. The export division of the market con­
17,990,000
Average 1913-17----------- 16,547,000
8.70
156,597,000
tinues very active and the large factors are well conditioned
108,666,000 19.59 2,129,087,000
All hay— 1919____________ 72,034,000
1.51
91,139,000 19.35 1,763,981,000
19 1 8 ___________________ 71,120,000
1.28
with orders. In some eases they have found it difficult to
96,911,000 11.80 1,143,894,000
Average 1913-17----------- 68,573,000
1.41
ship as rapidly as they can sell.
1,901,000 730.8 1,389,458,000 39.0
Tobacco— 1919___________
542,547,000
1,647,000 873.7 1,439,071,000 28.0
1918 __________ _________
402,264,000
DOMESTIC COTTON GOODS.— In spite of the ap­
1,348,000 809.1 1,090,641,000 14.5
Average 1913 -1 7 ...........
158,059,000
11,030,000 35.7
Cotton— 1919____________ 33,548,000 157.2
1,977,073,000
proaching holiday the market for staple cottons was ex­
12,040,000 27.6
19 1 8 ....... ............................ 36,008,000 159.6
1,663,633,000
ceptionally strong during the first days of the week and some
12,847,000 15.4
Average 1913-17_______ 34,832,000 176.5
946,339,000
4,898,000
goods wront to the highest levels yet reached. Print cloths
5,360,000
19 1 8 ___________________
were higher and buying for March delivery was persistent
5,727,000
on the part of some buyers who were previously considered
1,099,000 826 45
Cloversced— 1919_______
29,067,000
820,000
1,197,000 S19 80
1 9 1 8 .. .
..
----------1.5
23,705,000
as being well supplied. Several lines of heavy specialties
696,000
6,395,000 10.75
Sugar beets— 1.:’ 9 _______
9.18
68,750,000
have been ordered ahead into June and cotton duck is also
594,000
1918____________ -’. I - .
5,889,000
9.92
58,905,000
600,000 10.05
Average 1913-17----------6,038,000 S6 07
36,642,000
well under way. Not much attention is being paid to any
Beet sugar— 1919------------696,000 2,193 1,527,696,000
offerings the Government has to make. Sheetings are firm
594,000 2,576 1,530,126,000
1 9 1 8 ___________________
600,000
,r*or> 1,566,216,000
with some sizeable orders running up to April. Commission
Canesugar(La.)— 1918 —
231,000 2A30 561,800,000
agents are not: seeking business, yet orders continue to come
488,159,000
to them steadily. The goods are wanted and their customers
Maple sugar and syrup (as sugar)—
41,506,000 626.9
1919 ............. ..................... *19,002,000 a2.1S
11,172,000
are walling to pay sharp advances for anything they can se­
52,513,000 623.1
1 9 1 8 ___________________ *19,312,000 a2.72
,122,000
cure. Some buyers are still urging agents to take their orders
6,700,000
604
Sugar beet seed— 1919-----5,000 757
4,443,000
1918 _ _________________
for dress ginghams, narrow flannels and similar lines that
386,000 86.3
33,312,000 107.5
Sorghum sirup— 1919-------35,826,000
are not yet priced for the fall season. There is still a very
374,000 79.1
29,643,000 96.3
19 1 8 ...................................
28,532,000
208,000 88.7
18,539,000
strong desire to anticipate advances as well as to cover
1,251,000 26.6
33,263,000 240.0
Peanuts— 1919....................
79,839,000
actual needs. Buyers were willing to pay 26 cents a yard
1,865,000 24.7
46,410,000 173.7
19 1 8 --------- ---------- -------79,929,000
1,018,000 11.3
11,488,000 S4.28
Beans (9 States)— 1 9 1 9 ...
49,181,000
for staple pin check ginghams and an advance of six cents
1,744,000
17,397,000 S5 28
1918......... .........................
91,863,000
a yard over last prices for dress ginghams. Jobbers seem to
4.893,000 25.8
126,058,000 129.7
Kafirs (0 States)— 1 9 1 9 ...
163,452,000
6,036,000
73,241,000 150.0
1918-------------------- -------The gray goods divis­
109,8S1,000 have renewed confidence in values.
Broom corn (7 States)—
ion of the market was very active and the pressure to force
271,000 391.0
53,000 152.58
1918 ...................................
,102,000
366,000 157.9
1918 ......................- ..........
57,000 220 93
agents to take orders for later delivery seemed to increase.
12,770,000
Onions (22 States)— 1919. 47,635,000 269.4
12,833,000
27,307,000 Around the first of the year marked upturns are looked for
19,336,000 189.4
1918....... ........................... 64,715,000 298.8
26,957,000
in the unfinished goods markets. Gray goods, 3S^>-inch
Cabbages (29 States)— 1919
6.5
443.000 56.28
24.955,000
92,000
1918 . _ ----------- -------------7.4
684,000 37.01
25,344,000
standards are listed at 21 cents.
Hops (4 States) 1919............
23,000 1227.9
29,346,000 77.2
22,656,000
25,000 829.4
19 1 8 ----------------------------21,481,000 19.3
4,150,000
WOOLEN GOODS.—Slow’ delivery still continues to be
Cranberries (3 States) 1919
26,000 20.7
541,000
8.36
4,520,000
the all absorbing topic in the market for woolens and wor­
25,000 13.9
352,000 10.77
1918----------------------------3,791,000
___
Apples, total................1919 ________
147,457,000 186.8
275,463,000
steds. Mills are away behind in their deliveries and there is
169,911,000
no indication that they will be able to catch up for some time
197,855,000
26,174,000
to come. Stocks in jobbers’ hands to-dav are smaller than
' *1918........... .......................
24,724,000
96,176,000
they have been in a long while, due largely to this delay, but
51,340,000
34,133,000
1 9 1 8 _____ ______________
a great amount of confidence in the future of the market is
Average 1913-1917_____
48,837,000
expressed in all quarters. The retail demand is large and
13,498,000
the counter demand for piece goods is showing a steady and
19 1 8 ___________________
12,993,000
Average 1913-1917-------- ________
11,713,000 94.6
11,075,000 healthy gain.
Prices are no longer a factor, the ability to
23,916,001
1918 .
______ _____
obtain
the
merchandise
being most important. For the fall
24,200,000
89,105,000
157,000
14.1
Soy beans— 1919............—
2,233,000
3.45
7,704,000
1920 season it is expected that French serges, tricotines and
1918___________________
160,000 17.5
2,803,00f
3.19
8,953,000
broadcloths will predominate and that it will be a season for
1,398,000
Cow peas— 1919_______ .
7.2
10,042,000 272.9
27,400,000
1,897,000
6.3
1918 ------------- ---------------11,896,000 233.2
27,738,000
staples in a larger way than ever before.
Total— 1 9 1 9 ................... 359,124,000
FOREIGN DRY GOODS.—The market for linens main­
Total— 1918____________ 356,497,000
12,600,526,000
tains its well sold position as the year draws to an end.
Emphasis is being placed on the unlikelihood of any great
♦Trees tapped, n Per tree, bMay 16.
Note.-—The production of tobacco, hops, beet sugar and all sugar, In pounds: cotton influx of linens during the next nine months at least. Some
per acre In pounds, total In bales; hay, sugar beets, cabbage, and broom corn, in tons’
apples, total, In bushels, commercial crop In barrels: cranberrlos In barrels; oranges In Irish mill agents now in this country are convinced that it
wall be a full year before any impression is made on orders
boxes; sorghum syrup In gallons; other products In bushels of weight.
already in hand. Retailers have completed their plans for
the coming wdiite sales next month and indications point
THE DRY GOODS TRADE
to an exceptionally large season. Burlaps have ruled quiet
New York, Friday Night, Dec. 20 1919.
the week with some scant transactions in spot goods.
The drygoods market opened the week in a very bullish during
Lightweights are quoted nominally at 11.60 cents and
frame of mind and prices were firm in all branches "ofThe heavy weights at 16.50 cents.
AGRICULTURAL DEPARTMENT’S REPORT ON
CEREAL AND OTHER CROPS.—The December esti­
mates of the Crop Reporting Board of the Bureau of Crop
Estimates of the acreage, production, and value (based oa
prices paid to farmers on Dec. 1) of important farm crops
of the United States in 1919 and 1918, with the average
for the five years 1913-1917, based on the reports of the
correspondents and agents of the Bureau, are as follows
(1918 figures revised):
P r o d u c tio n .

C rop.




A creage.

P er
A c re .

F a r m V a lu e D e c .
P er

T o ta l.

T o ta l.

2 1 1 .0

1 2 .8

2 0 .6

1 1 2 .0

8 8 .0

1.1 1

1 .0 0

6 8 6 ,0 0 0

1 .6

1 0 .0 0

2

2 2 1 ,0 0 0

2 ,2 0 1

12

1 1 ,0 0 0

1 0 .0
1 2 .1

8

2 1 2 .8

6 8 ,0 0 0

2456

THE CHRONICLE

liabilities as have been authorized b y the State Emergency Board during
the year of 1919.
Third—-To consider the advisability o f submitting to the votors o f Oregon
the question of the restoration o f capital punishment.
Fourth— To consider legislation necessary to supplement and carry out
tno provisions of the constitutional amendment known as the Stato bond
payment of irrigation and drainage district bond interest constitutional
June13 m m ’ adopted by a vote of tbe People at the special election hold
Fifth—To consider the question o f the ratification o f the proposed
woman s suffrage amendment to the Constitution o f the United States of
America.

jitixie amt (E/iixj Jkpartwxmt
STATE AND CITY SECTION.
A now number of our “ State and City S e c tio n /’
revised to date, appears to-day, and all readers of the
paper who are subscribers should receive a copy of
it. As previously announced, this Supplement is
now printed in two parts, Part One containing the
New England, Central and M iddle States, having
been issued last June, while Part Tw o, 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
demand for additional space has become too heavy
to satisfy within the limits of a single number.

NEWS

I TEMS

Colorado.— Legislature A d jou rn s. —The Colorado Legis­
la ted adjourned on Dec. 19 after passing the Federal
Woman Suffrage Amendment, the Anti-Auto-Theft Bill, an
anti-sedition bill and placed before the voters a constitutional
amendment calling for increases in the salaries of certain
State officials. The amendment to the State Constitution
for an extension of the terms of elective officials from two
years to four years was defeated through hasty adjournment.
— Bonds Offered by Bankers.—The
Equitable Trust Co. of New York is offering £100,000
Imperial Japanese Government 4% coupon sterling loan.
Dated Jan. 1 1905, due Jan. 1 1931. These bonds are part
of an authorized issue of £50,000,000, of which £25,000,000
is outstanding. Denom. £20, £100, £200. Principal and
semi-annual interest (J. & J.) payable at the Yokohama
Specie Bank, Ltd., New York, in U. S. gold dollars at a
fixed rate of $4 87 per £ sterling.
J a p a n e s e

G o v e r n m e n t.

M a s s a c h u s e t t s .—

Special Session o f the Legislature Pro­

—The special session of the Legislature which con­
vened on Nov. 18 was prorogued at 9:25 p. m., Dec. 23.
Important measures among the bills passed are: Provision
for the purchase of the Cambridge subway by the State,
fixing the Boston tax rate at $10.52; regulation of the jitneys,
and increase in the salaries of Boston and Cambridge school
teachers.
— Bond O ffering.—Proposals will
be received until 2 p. m. Jan. 31 1920 by A. Galanes, Mayor,
for $350,000 5% gold coupon improvement bonds. Denom.
$1,000. Date Jan. 1 1920. Principal and semi-annual in­
terest J. & J. payable at some bank or trust company either
in Washington, D. C., or New York City, or Porto Rico,
chosen by the buyer, to be designated by the City Council
and to be approved by the Mayor and by the Executive
Council of Porto Rico. Due $32,000 Jan. 1 1925 and an
amount not less than $8,000 yearly thereafter; subject to
call at the option of the municipality at 105% on any interest­
paying date thereafter upon giving 60 days’ notice. Certi­
fied check on some national bank in the United States or
upon any one of the banks doing business in Porto Rico for
$5,000, payable to Mayor A. Galanes, required. The bonds
will be delivered at such bank or trust company, either
Washington, D. C., or in the city of New York, or in Porto
Rico, as the purchaser may designate in his bid. Purchaser
to pay accrued interest.
rogued.

M a y a g u e z ,

P o r t o

R ic o .

The official notice o f this bond offering will be found among the advertise­
ments elsewhere in this Department.

Soldiers' Bonus Law Sustained by State Su­

—The State Supreme Court on Dec. 19 sus­
tained the validity of the Minnesota Soldiers’ Bonus Law.
V. 1Q9, p. 198.
According to the Minnespolis “Journal,” the Court
merely announced that it had affirmed the order of Judge
C. S. Jelle.v in the Hennepin County District Court. V. 109,
p. 1917. State Treasurer Henry Rines is quoted as saying:
“The Board proably will wait for the filing of the formal
opinion which will determine whethor the certificates are
to be held direct obligations of the State or obligations against
the bonus fund.’’ “If they are held as an indebtedness of
the State they will command a better price, and the Board
will want to take advantage of the profit from that source.”
— Special Session o f the Legislature Called.—Govei
nor Olcott on Dec. 13 issued a formal proclamation callin
the Oregon Legislature into special session on Jan. 12. Th
five subjects upon which the Governor suggests legislation ar€
M in n e s o t a .—

prem e Court.

O r e g o n .

Firet— To amend the workmen’s compensation Act by increasing th
rates paid to injured workmen from the industrial accident fund and thu
alleviate suffering and hardships endured by such workmen
Second— To appropriate money necessary to properly carry out the pre
visions of the Act known as the Soldiers’ , Sailors and Marines’ Educations
. a
ad° pted by a vote o f the people at the special electio
held June 3 1919. and to further appropriate money to cover such othe




(V ol . 109.

W a s h .—

Legality o f Bond Issu es

Sustained by

—Walter F. Meier, Corporation Counsel for
the city of Seattle, informs us that the Supreme Court on
Nov. 29 sustained the legality of the issuance of the $790,000
municipal street railway and $1,250,000 city light extension
bonds. V. 109, p. 2282. We print below a part of Corpora­
tion Counsel Meier’s letter:
S e a t t le ,

Supreme Court.

The case involving these bond issues was argued before the Supreme
Corn-t sitting on banc on Oct. 24 1919, and on Nov. 29 1919 the Court
rendered its opinion sustaining the legality of bond issues. The particular
question at issue in this litigation was whether the city has authority to
dispose of its utility bonds below par, so long as the specified rato of inter­
est, when added to the discount, did not exceed 6% on tho amount o f money
actually received by the city as proceeds of the sale.
in connection with this matter I had previously advised the City Council
ii i, n,my opinion it had authority to dispose of these bonds subject to the
limitation expressed. However, tho Bureau of Inspection and Supervision
ot Fublic Offices was continually voicing a criticism of such disposition and
raising a question as to the legality thereof. It was to eliminate this criti­
cism and to finally settle tho question o f legality that the case of R. W . Hill
against the city of Seattle was instituted. The statute construed in tho
instant case is, in respect to the salo of bonds, almost identical with tho
statute construed in the case of Yesler vs. Seattle, 1 Wash., 308, in which
case the Court at an early date had upheld the sale of bonds below par.
In tho opinion rendered in the Hill case the Court harks back to tho Yesler
decision, and reaffirms it.

BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
ABILENE, Taylor C oun ty, Tex.— BONDS VOTED.— By a vote of 347
to 7 the voters authorized the issuance of $450,000 bonds, it is reported,
at an election held Dec. 13.
ACADIA PARISH (P. O. Crow ley), La.— BOND OFFERING.— The
President of the Police Jury will receivo bids until Dec. 30 for $400,000
5% road bonds, it is stated.
ALBUQUERQUE, B ernalillo C oun ty, N. Mex.— BOND ELECTION.—
On Jan. 27 $450,000 school bonds are to be voted upon.
r^ V £ E£ L COUNTY (p - O. Ft. W ayne), In d .— BOND SALE.— An issue
or $100,000 4J<% hospital bonds has boon purchased by tho Meyer-Kisor
Bank of Indianapolis at 100.725.
PARISH (P. O. O berlin), La.— BOND OFFERING.— Sealed
bids will bo received until 10 a. m. Jan. 14 by the President of the Police
the following 5% bonds:
$150,000 1-15 year Road District No. 3 bonds. Date Dec. 1 1919. Int.
J. & D.
190,000 1-20 year Road District No. 4 bonds. Date Oct. 1 1919. Int.
A. & O.
, f,0? 0™- 51,000. Cert, check for 25$ %, required. The purchaser will
bo furnished with tho approving opinion of John C. Thomson of N . Y . and
Martin and Campbell of New Orleans.
<mo
B utte C ou n ty, Neb.— BOND SALE.— An issue o f
T.uwHu<J
5-JO-year (opt.) water-extension bonds has been sold to Bonweli,
Phillips, Este & Co. of Denver.
ALLIANCE C IT Y SCHOOL DISTRICT (P. O. A lliance), Stark
C oun ty, O h io.— BOND SALE.— On Dec. 19 the $400,000 5% liigh-schoolbldg. bonds, offered on that date— V. 109. p. 2003—were taken at par and
Interest by a syndicate composed of the First National Bank, the Alliance
Ban“ 99,7 the City Savings Bank & Trust Co., and the Peoples Bank Co.,
all o f Alliance.
ALPINE SCHOOL D ISTR IC T (P. O. American Forks), Utah
SALE.— Issues o f $165,000 voted and $200,000
subject to election 5% 14-year average school bonds have boon sold to the
Palmer Bond & Mortgage Co. of Salt Lake City at 95.50. Denom. $1.000,
N . Y . payment.

.

.

. . .

Financial Statement.

$17,175,000
Assessed valuation, 1 9 1 9 ..............
Total debt (including this issue).........
....................... ...
550,000
Population ........................................................ I I I ” ” ” . ............
18,000
Ki£°.H tfTY (P- ° - A nderson), So. C aro.— BOND OFFERU „ C Z ? . <X bidA wi!l,b? received until 12:30 p. m. Jan. 5 by W. C. Aus•
the Highway Commission (P. O. Box 97, Anderson), for
d
coupon road-improvement bonds. Donom. $1,000.
1 k919- I? t - J - & J-. payable at the Hanover National Bank,
tos nln L , 9 Ue,^',arIY ° ? Jan- 1 M follows: $24,000 1922 to 1926, inclusive;
*28.000
\° 1,93,1• inclusive; $36,000 1932 to 1936, inclusive; $40,000
V 41,’ inclusive; $48,000 1942 to 1946. inclusive, and $56,000 1947
s£J5?«1J»lnc,U8*7e j C e r t ify chock for 1% of bid, payable to the abovo
$f45cT w 6 ro<luired- Bonded debt (including this Issuo), Dec. 8 1919.
C ou n ty, O kla.— BOND SALE.— Reports stato an
issue of $30,000 6% water-works bonds has been sold to the llanchett Bond
Co. of Chicago.
C IT Y (P. O. A u b u rn ), De K alb C ou n ty, Ind.—
19 tbe 570.000 5% 10-25-ytar (opt.) school bonds.
^ated
19 1919 (V. 109. p. 2189), were awarded to Taylor, Ewart &
C o., of Chicago, for $70,458 (100.654) and interest, the purchaser to furnish
the bonds. Other blddors wereContinental & Commercial Safe Deposit C o., Chicago...................*$70,378
National City Co., Indianapolis...........................................................*70,371
Citizens National Bank, Auburn.......................................
70,350
Flctcher^American National Bank. Indianapolis....................I ____ 701210
Breed, ihlllott Sc Harrison, Indianapolis________ ______ _______ . . . 70,081
BAKERSFIELD HIGH SCHOOL D ISTR IC T (P. O. B akersfield),
Kern C ou n ty, C alif.— BONDS VOTED.—At the election hold in Dec. 11,
it is stated, that $200,000 bonds were voted.
BARBERTON, Summit C ou n ty , O h io.— NO BIDS RECEIVED.— No
bids were received on Nov. 18 for the $28,743 50 5% 1-10-yoar serial de­
ficiency bonds offered on that date— V. 109, p. 1718.
BEACH C IT Y , Stark C ou n ty , O h io.— BOND SALE.— On Dec. 24
the Beach City Banking C o., bidding $3,013 (100.433) and interest, was
awarded the $3,000 6% 2-7-year serial water works electric pump bonds
offered on that date— V. 109, p. 2189. Date Jan. 1 1920. Other bidders
were:
W . L. Slayton & C o., T ol..$3,011 701 J. C . Mayer & C o., CIncln.$3,000 00
Stacy & Braun, Toledo____ 3,009 10]
BEAVER DAM DRAINAGE D IST R IC T (P. O. P arngould), Greene
C ou n ty , A rk.— BONDS NOT SOLD— TO BE RE-ADVERTISED.— No
salo was mado of the $150,000 55$% drainage bonds offered on Dec. 19—
V. 109, p. 2282.
We are advised that the bonds will be re-advertised for sale In the near
future.
BELZONI, Humphreys C ou n ty, Miss.— BOND ELECTION CON­
SIDERED.— Newspapers stato that issuing $85,000 high-school bonds
is being considered.
BENNINGTON TOW NSHIP RURAL SCHOOL D ISTR IC T (P. O.
M arengo), Morrow C ou n ty, O h io.— BOND SALE.— On Dec. 13 Tinker.
Robison & C o., of Toledo, were awarded $7,200 6% coupon funding bonds

THE CHRONICLE

D ec . 27 1919 ]

at 100.798 1-3. Donoms. $540 and $180. Date Dec. 1 1919. Duo $180
March 1 1921 and $510 each six months from Sopt. 1 1921 to Sept. 1 1927.
BENTON C O U N T Y (P. O. Fowler), Ind .— BOND SALE.— On Dec. 18
the $13,510 4)4 % 1-10-year serial road bonds, dated Sept. 15 1919— V. 109,
p. 2282— were awarded to the Fletcher-American Co. o f Indianapolis at
par and interest.
B E X L E Y , Franklin C o u n ty, O hio.— BOND SALE.— The State In­
dustrial Commission o f Ohio has purchased the $45,000 5)4% 21-year
sewer bonds, dated Oct. 1 1919, which were offered on N ov. 17— V. 109,
p. 1718.
BIG SPR IN G S, Howard C ounty, Tex..—BONDS VOTED — The
proposition submitted to the voters at the election held Dec. 16— V. 109,
p. 2282— providing for the issuance o f $50,000 6% 1-20-year water works
Impt. bonds carried by a vote o f 125 to 2.
BOLTON (P. O. Bolton L anding), Warren C ounty, N. Y .— BOND
SALE.— The First National Bank of Lake George was on Dec. 13 awarded
$6,000 6% highway bonds. Date Dec. 13 1919. Interest payable annu­
ally on Feb. 1. Due $1,000 yearly.
BOONE CO U N T Y (P. O. Lebanon), Ind.— BOND OFFERING —
Tho County Commissioners will receive proposals until 10 a. m. Jan. 5 for
$40,000 5% funding bonds. Denom. $1,000. Date Dec. 15 1919. Pay­
able at Countv Treasurer’s office. Due Dec. 15 1920. Cert, check for
$1,200 payable to “ Boone County,” required. Bonded debt Dec. 6 1919,
$23,000. ‘ Assessed value, $71,000,000. State and County tax-rate (per
$1,000), $43.
BOONTON SCHOOL D IST R IC T (P. O. B oonton), Morris C o u n ty ,(

N. J.— BOA'DS VOTED.— At a special election held N ov. 1 the voters
authorized tho Board of Education to issue $105,000 2-27-year serial school
bldg, bonds. The final vote stood 817 “ for” to 638 “ against.”
BOSSIER, Bossier Parish, La.— BONDS NOT SOLD.— The $£9,000
5% water-works bonds offered on Dec. 19— V. 109, p. 2004— were not sold
on that date because o f market conditions.
BRENTFORD

SCHOOL

D IST R IC T

(P.

O.

Brentford),

Spink

3457

1.000. 000 South Water St. impt. bonds. Denom. $1,000. Date Dec. 16
1919. Due yearly on Jan. 1 as follows: $65,000, 1922, and
$55,000, 1923 to 1939 incl.
1.000. 000 Robey St. impt. bonds. Denom. $1,000. Date Dec. 16 1919.
Due yearly on Jan. 1 as follows: $65,000, 1922, and $55,000,
1923 to 1939i ncl.
1.000. 000 Ashland Ave. impt. bonds. Denom. $1,000. Date Dec. 16
1919. Due yearly on Jan. 1 as follows: $65,000, 1922, and $55,­
000, 1923 to 1939 incl.
These bonds may be registered in the Comptroller’s office. They are
exempt from the income tax. Principal payable at the City Treasurer’s
office. Cert, check on a Chicago bank for 2% of amount of bonds bid for,
payable to the City Comptroller, required. A copy o f the opinion of
W ood & Oakley that these bonds are valid'will be furnished upon request.
The interest on these bonds is payable in gold coin of the United States of
tho present standard of weight and fineness. The judgment funding and
Twelfth St. Viaduct bonds were authorized by a vote of the people taken
on April 1 1919— V. 108, p. 1430: the remaining issues o f street impt. bonds
were voted at the Nov. 4 election— V. 109, p. 1812.
The official notice of this bond offering uill be found among the advertise­
ments elsewhere in this Department.
CHICAGO SAN ITARY DISTR IC T (P. O. C hicago), 111.— BOND
OFFERING.— Proposals addressed to J. II. Lawley, Chairman of Finance
Committee, will be received until 11 a. m. Jan. 8 by Lawrence F. King,
District Clerk, for $2,347,000 4% gold “ City of Chicago Judgment Fund­
ing” bonds. Denom. $1,000. Date July 1 1919. Due $34(,000 Jan. 1
1929 and $500,000 on Jan. 1 in 1932, 1933, 1934 and 1925. Delivery
Jan. 12 1920. Validity passed upon by Wood & Oakley, a copy of whoso
opinion will bo furnished upon request.
The official notice of this bond of ering will be found among the advertise­
ments elsewhere in this Department.
CLERMONT COUNTY (P. O. Batavia), O hio.— BOND SALE.— On
Dec. 20 the $25,000 5% 8-27-year serial bridge bonds dated Dec. 1 1919—
V. 109, p. 2189—were awarded to Graves, Blanchet & Thornburgh of
Toledo, at 101.12 and interest. Other bidders, lioth of Toledo, were:
W . L. Slayton & C o_______$25,0801A. T. Bell & C o--------------------$25,001

C ounty, So. Dak.— BONDS VOTED.— By a vote o f 79 to 9 the qunstioi
of issuing $100,000 school-building bonds carried, it is stated, at a recent
election.
BRISTOL, W ashington C oun ty, Va.— BOND OFFERING.— Proposal
will be received until 8 p. m. Jan. 15 by B. E. Ballard, City Clerk, fo
$100,000 5, 5 H and 5M % serial street and general improvement bonds'
Denom. $500 or multiples thereof. Date Dec. 1 1919. Interest semi­
annual, payable at the ofrice of the City Treasurer or at the Dominion
National Bank, Bristol. Certified check for 2% o f tho amount of bonds
CLIN TO N , Clinton County, la . — BOND SALE.— On Dec. 15 an issue
bid for, required.
of $600,000 5% school bldg, bonds was awarded to Geo. M . Bechtel & Co.
of Davenport. Denom. $1,000. Date Jan. 1 1920. Int. J. & J. Due
BLUE EARTH COUNTY (P. O. M ankato), Blue Earth C oun ty,
M inn.— BOND OFFERING.— Newspapers state that bids will be received $15,000 on Jan. 1 from 1,923 to 1939, incl.
until 2 p. m. Dec. 30 by tho County Auditor, for $75,000 5% drainage
COH OES, Albany C ounty, N. Y .— BOND OFFERING.— Catherinei C.
bonds. Int. semi-ann.
Donovan, City Comptroller, will receive proposals until 10 a. m. to-day
(Dec. 27) for $45,000 4 K % water supply system bonds. Denom. $500.
BUCKEYE INDEPENDENT SCHOOL D IST R IC T (P. O. B uckeye),
Hardin C oun ty, Iow a.— BOND SALE.— Sclianke & Co. of Mason recently Date Dec. 1 1919. Int. J. & J. Due $2,000 in even-numbered years and
purchased $24,000 5% 20-year serial school building bonds. Denom. $2,500 in odd-numbered years from Dec. 1 1920 to Dec. 1 1939. incl.
$1,000. Date Jan. 1 1920. Interest J. & J.
COPAKE UNION FREE SCHOOL D ISTR ICT NO. 8 (P. O. Copake),
BUFFALO, N. Y .— BOND OFFERING.— Tho Commissioner o f Finance Columbia County, N. Y .— BOND SALE.— On Dec. 19 the Hudson River
and Accounts will receive proposals until 11a. m. Jan. 21 for several issues Trust C o., of Hudson, was awarded at par and interest $10,000 5% school
of 4 % registered tax-free bonds, aggregating $1,943,000. Denom. $1.000. bonds. Denom. $1,000. Date Nov. 1 1919. Annual interest payable at
Date Feb. 2 1920. Prin. and semi-ann. int. (F. & A .) payable at the Han­ the Hudson River Trust Co. Due $1,000 yearly on Nov. 1 from 1920 to
over National Bank of New York, or in Buffalo. Bids are o f various 1929, incl.
maturities. Cert, check for 2% payable to tho Commissioner o f Finance
CO R YELL C O U N T Y (P. O. Gatesville), Tex.— BOND ELECTION —
and Accounts, required.
It is reported that the people will be asked to vote on the issuance of the
BUNCOMBE COUNTY (P. O. A sheville), No. C aro.— BOND SALE.— $1,000,000 road bonds mentioned in V. 109, p. 2091, on Jan. 10.
On Dec. 22. it is stated, the Battery Park Bank o f Asheville was awarded
C O SH O C T O N , Coshocton C ounty, O hio.— B0ATD OFFERING.—
tho $450,000 2-26-year serial coupon road and bridge bonds, daetd Jan. 1 W m. H. Williams, City Auditor, will receive proposals until 12 m. Jan. 6
1920 (V. 109, p. 2090), at 100.367 for 5Ms.
__„
.
for the following 5 14% bonds:
BURKBURNETT, W ich ita C ou n ty, Tex.— WARRANT SALE.— $18,500 deficit bonds. Denom. $500. Due $1,000 on Sept. 1 1920 and
$1,000 March 1 and $1.500 on Sept. 1 from 1926 to 1927, incl.
Recently J. I;. Arlitt o f Austin purchased $60,000 6% public improvement
17,200 stroet-impt. bonds. Denom. $500. Due each six months as
warrants. Date N ov. 3 1919. Due yearly from 1921 to 1923, incl. These
follows: 8500 Sept. 1 1920 to Mar. 1 1922, incl.; S1.000 Sept. 1
warrants aro printed in bond form with interest coupons attached, and are
1922 to Mar. 1 1929, incl., and $1,200 Sept. 1 1929.
issued for installing storm sewers and completion of sanitary sewer system.
6,000 fire-dept. bonds. Denom. $1,000. Due $1,000 yearly on Sept. 1
CALEDONIA VILLAGE SCHOOL D ISTR IC T, Marion C oun ty,
from 1920 to 1925, incl.
O h io.— BOND OFFERING.— Hector S. Young, Prosecuting Attorney of
Date Nov. 1 1919. Int. semi-ann. Certified check for 10% of amount
Marion County (P. O. Box 35, Marion, Ohio), will receive proposals until of bonds bid for required. Bonds to be delivered and paid for writhin
12 in. Dec. 31 for $25,000 5 H % deficiency bonds. Denom. $500. Dato 10 days from date of award. Purchaser te pay accrued interest.
Dec. 1 1919. Int. M . & S. Duo each six months as follows: $1,500 March 1
Similar issues of bonds were reported as sold in V. 109, p. 1908.
1921 to Sopt. 1 1923, and $2,000 March 1 1924 to Sept. 1 1927, inclusive.
CRESW ELL, Lane C ounty, O re.— BOND SALE.— On Dec. 8 the
Certified check for $200, payable to C. N. Clark, Clork o f Board of Educa­ $5,000
6 %_ water-plant purchase bonds (V. 109, p. 2189) were disposed of
tion, required. Bonds to bo delivered and paid for within ten days from
at par. Denom. $500. Interest semi-annual.
date of award. Purchaser to pay accrued interest.
CUPERTINO
UNION SCH OOL D IST R IC T , Santa Clara C ounty,
CAMBRIA COUNTY (P. O. E ben sburg), Pa.— BOND OFFERING.— Calif.— BOND OFFERING.—
Proposals will be received until 11 a. m.
Proposals will be received until 10 a. m. Jan. 5 by Herman T . Jones, County Jan.
5
bv
John
Roll,
Board of County Supervisors (P. O. San
Collector, for $500,000 4)4% tax free coupon road bonds. Denom. $1,000. Jose) for $75,090 5% Chairman
serial bonds. Denom. $1,000. Date Jan. 2 1920.
Date Doc. 1 1919. Prin. and semi-ann. int. (J. & D .), payable at the Prin. and semi-ann. int.,
payable
the office of the County Treasurer,
Countv Treasurer’s office. Due yearly on Dec. 1 from 1920 to 1942, incl. Cert, check for 5% of the amount at
of bonds bid for, payable to Henry A .
Cert, check for $5,000 required.
Pfister, Clerk Board of County Supervisors, required.
CAMBRIDGE C IT Y SCHOOL D IST R IC T (P. O. C am bridge),
DANE C O U N T Y (P. O. Madison), W ise.— BONDS DEFEATED.—
Guernsey C oun ty, O h io.— BOND OFFERING.— Geo. D. Dugan, Clerk
of Board of Education, will receivo proposals until 12 m. Jan. 5 for $40,000 The question of issuing $10,000,000 road bonds failed to carry, it is stated,
at a recent election.
5 % school bonds. Denom. $1,000. Date, day of sale. Principal and
semi-annual interest (M . & S.) payable at the Treasurer’s office. Due each
D AYTO N , Montgomery County, O hio. — BOND SALE.— On Dec. 22
six months as follows: $1,000 Mar. 5 1921 to Sept. 5 1929, inclusive; $2,000 the $540,000 5 % 8-year coupon general fund bonds, dated Doc. 1 1919—
Mar. 5 1930 to Mar. 5 1933, inclusive; $3,000 Sept. 5 1933; $2,000 Mar. 5 V. 109, p. 2091— wore awarded to a syndicate composed of the National
1924: nad $3,000 Sept. 5 1924. Certified check for 5% of amount of bonds City Co., Harris, Forbes & Co., & Hayden, Miller & Co. at 100.417.
bid for. payable to the Board of Education, required. Purchaser to pay
DESCHUTES CO U N T Y (P. O. Bend), O re.— BOND SALE.— News
accrued interest.
paper reports say that on Dec. 14 the $125,000 514% road bonds voted on
CANTON, M cPherson C ou n ty, Kans.— BONDS VOTED.— On Dec. June 3— V. 108, p. 2454— were disposed of.
8 tho following 30-year bonds at not exceeding 5% interest— V. 109 p. 2004
DE SOTO CO U N T Y (P. O. Arcadia), Fla— BONDS VOTED— On
— were voted:
Dec. 16 $180,000 6% 30-year bonds were authorized. Date Jan .1 1920.
$18,000 light bonds. Vote 162 to 47.
The above bonds will be sold during February, we are advised.
37 000 water bonds. Vote 130 to 77.
Date o f sale not yet determined.
DULUTH, M inn.— BOND SALE— On Dec. 22 the $100,000 5% 12year sewer bonds, dated Jan. 1 1920— V. 109. p. 2283, were awarded
CAPE GIRARDEAU COUNTY (P. O. Cape G irardeau), Mo.—
BONDS DEFEATED.— Tho question o f issuing $1,000,000 road bonds according to reports, to C. E. Denison & C o., at 102.071.
failed to carry at the election Dec. 18— V. 109, p. 2004. Tho vote cast
EAST BATON ROUGE PARISH (P. O. B aton R ouge), La .— BOND
was 1,582 “ for” and 1,868 “ against.”
OFFERING.— Newspaper reports say that bids will be received until 12 m.
CARROLL COUNTY (P. O. D elphi), In d .— NO BIDS RECEIVED — Jan. 13 by F. A. Wood, Secretary of the Police Jury, for $125,000 5% road
No bids wore received for an issue of $21,600 414% 2-11-yoar serial road bonds.
bonds offered on Dec. 18.
EAST TA YLO R TOW NSHIP, Cambria C oun ty, Pa.— BOND SALE.
Lyon. Singer & Co. have purchased and are now offering to investors, at
CENTER HILL CONSOLIDATED SCHOOL DISTRICT, Lauderdale —
a
price
to yield 4.60% , $19,000 5% tax-free road bonds. Denom. $1,000.
C oun ty, Miss.— BOND OFFERING.— Proposals will be received until 2 Date Oct.
1 1919. Int. A. & O. Due on Oct. 1 as follows: $3,000 1924
p. m. Jan. 9, it is reported, by W. R. Pistole, Chancery Clerk, for $1,800 and
$4,000 1928, 1930, 1932 and 1934. Bonded debt, including this issue,
6% school bonds.
$28,000. Assessed value 1919, $1,436,700. Population 1919 (est.), 1,500.
CHICAGO, III.— BOND OFFERING.— George F. Harding, City Comp­
EDENTON, C how an C ou n ty , No. C aro.— BOND OFFERING.— Bids
troller, will receive proposals until 12 m. Jan. 8 for the following 4% bonds will be received until 8 p. m. Dec. 30 by the Town Clerk for $77,000 street
impt.
bonds. Bids are requested for bonds bearing 5 )4% or 6% interest.
aggregating $11,900,000:
Date Jan. 1 1920. Int. semi-ann. Cert, check on an incorporated bank
$3,750,000 judgment funding bonds. Denom. $1,000 and $500. Date or
trust company for 2% of tho amount of bonds bid for, payable to C. II.
July 1 1919. Duo yearly on Jan. 1 as follows: $450,000. 1921; W ood, Town Treasurer, required.
$221,000, 1922; $500,000, 1923 to 1927 incl.; $450,000, 1928:
ELKHART COUNTY (P. O. G csh en ), In d .— BOND SALE.— On Dec*
$129,000, 1929.
15 A. H. Beardsley purchased at par and interest $500 4)4% D. M . Click
1,150,000 Twelfth St. Viaduct bonds. Denom. $1,000 and $500. Date et al Osolo Twp. highway impt. bonds. Int. M . & N. Due Nov. 15 1924.
July 1 1919. Due yearly on Jan. 1 as follows: $63,000. 1921 to
FAIRFIELD TOW NSHIP SCHOOL D ISTR IC T (P. O. C olum biana)
C olum biana C ou n ty, O h io.— BOND OFFERING.— L. B. Vaughn, Clerk
1938 incl., and $16,000, 1939.
of
of Education, will receive proposals until I p. in. Jan. 2 for $8,­
2.000. 000 Michigan Ave. impt. bonds. Denom. $1,000. Date Dec. 16 500Board
59 5% school bonds. Denom. 1 for $1,500 59 and 7 for $1,000. Date
1919. Due yearly on Jan. 1 as follows: $112,000, 1922 to 1938 Oct. 1 1919. Prin. and semi-ann. int. (A. & O., payable at the office of
the Board of Education. Due $1,500 59 Oct. 1 1920. and $1,000 yearly on
incl., and $96,000, 1939.
1 .0 0 0 . 0 0 0 Ogden Ave. impt. bonds.
Denom. $1,000. Date Dec. 16 1919. Oct. 1 from 1921 to 1927, incl. Cert, check on tome solvent bank other
than the one making the bid, for $500, payable to the District Treasurer,
Due yearly on Jan. 1 as follows: $65,000, 1922, and $55,000, required.
Bonds to be delivered and paid for Jan. 16. Bids must be upon
Jan. 1 1923 to 1939 incl.
blanks furnished by tho Clork of the Board. Purchaser to pay accrued in­
1.000. 000 Western Ave. impt. bonds. Denom. $1,000. Date Dec. 16 terest.
1919. Due yearly on Jan. 1 as follows: $65,000, 1922, and
FLORENCE TOW NSHIP SCHOOL DISTRICT (P. O. B irm ingham )’
Erie C oun ty, O h io.— BOND OFFERING. —Proposals will ba received
$55,000. 1923 to 1939 incl.




2458

THE CHRONICLE

[V ol . 109

by L. A. Andrews, Clerk o f Board o f Education, until 1 p. m. Jan. 10
IBERIA PARISH SCHOOL DISTR IC T NO. 6, La .— BOND OFFER­
for $14,000 a'A% coupon school bonds. Denom. $500. Date Dec. 1 ING.— Proposals will be received until 9 a. m. Jan. 2 by L. R. Tilley,
1919. Int. J. & D. Due $1,000 yearly on Dec. 1 from 1920 to 1933, incl. Secretary (P. O. New Iberia), for $200,000 5% 30-year school bonds. Date
Cert, check for $100 payable to the Board o f Education, required. Pur­ o f bonds, denomination, place of payment and other details may bo desig­
chaser to pay accrued interest.
nated in bid by bidder.
FOND DU LAC COUNTY (P. O. Fond du L ac), W ise.— BONDS
ILION, Herkimer C oun ty, N. Y .— BOND SALE.— On June 2 last
VOTED.— By a vote of 3,397 to 2,450 the question o f issuing $4,600,000 $25,000 5% paving bonds were awardod to Sherwood & Merrifield, of New
road bonds carried, it is stated, at the election Dec. 10— V. 109, p. 2005.
York, at 101.38. Denom. $1,000. Date Juno 1 1919. Int. J. & D. Due
FORT MISERY H IGH W AY DISTRICT (P. O. K ooskia), Idaho $5,000 yearly on Juno 1 from 1921 to 1925, incl.
C oun ty, Utah.— BOND ELECTION CONTEMPLATED.— We are in­
INDIANAPOLIS SCHOOL D IST R IC T (P. O. Ind ian ap olis), In d .—
formed that an election is soon to be called to vote upon $30,000 highway BOND SALE.— On Dec. 23 the $700,000 4 A % 20-year coupon school
bonds.
bonds dated Dec. 15 1919— V. 109, p. 2092— were awarded to a syndicate
of the Fletcher-American C o., the Union Trust Co. and Breed,
FORT MORGAN, Morgan C oun ty, C olo.— BOND ELECTION composed
& Harrison for $680,305 (97.186) and interest. Other bidders were:
CONSIDERED.— We are informed that the issuance o f $200,000 high school Elliott
Harris
Trust
& Sav. Bank and Cont. & Comm’l Trust C o., Chic.$680,050 00
bonds is being considered.
___________
J. F. Wild & Co., Indianapolis_1______ _______ ____ ______ I 075J)25 00
„ FORSYTH SCHOOL DISTRICT (P. O. Forsyth) R osebud C oun ty, Indiana Trust Co. and National City C o., Indianapolis______ 667,411 50
M ont.— BOND ELECTION PROPOSED.— W e are informed that a $100,000
ja c a a o iN LUUNl x (F. U. B row nstow n), m u .— u w n / m
school bond issue is soon to be voted upon.
— II. H. Alberring, County Treasurer, will receive proposals until 2 p. m.
FRANKLIN COUNTY (P. O. C olum bus), O h io.— NO BIDS.— There Dec. 30 for the following 4 A % road impt. bonds:
were no bidders for the 3 issues o f 6% county-ditch bonds, aggregating $18,000 Brownstown Twp. bonds. Denom. $900. Due $900 yearly,
each six months from M ay 15 1921 to N ov. 15 1930, incl.
$8,891, offered on Dec. 22— V. 109, p. 2284.
6,600 Carr Twp. bonds. Denom. $330. Due $330 each six months
P FRESNO COUNTY (P. O. F resno), C alif.— BOND OFFERING.—
from
May 15 1921 to N ov. 15 1930, incl.
Sealed bids will be received until 2 p. m. Jan. 6 by D. M . Barnwell, County
Int. M . & N.
Clerk, for $3,800,000 5% gold highway bonds. Denom. $1,000. Date
JENNINGS, Jefferson Davis Parish, La.— BONDS VOTED.— On
June i 1919. Prin. and semi-ann. int., payable at the office of the County
Treasurer. Due $40,000 June 1 1930, $130,000 yearly from 1931 tol958, Doc. 17, it is reported, tho voters authorized a proposition providing for
incl., and $120,000 1959. Certified or cashier’s check on some responsible the issuance of $285,000 school bonds.
bank for 10% o f the amount of bonds bid for, payable to the Chairman of
JONAH, W illiam son C ou n ty , Tex.— BONDS VOTED.— Reports state
Board o f County Supervisors, required. The opinion o f Goodfellow, that
“ Town of Jonah” has voted in favor of issuing a $15,000 school
Eells, Moore & Orrick o f San Francisco, as to the legalityfo said bonds, will bond the
issue.
be furnished to all bidders, and all bids must be made unconditionally.
JOPLIN SPECIAL ROAD D ISTR IC T, Jasper C ou n ty, Mo.— BOND
Purchaser to pay accrued interest.
OFFERING.— Sealed bids will be received until 3 p. in. Jan. 6 by Charles A.
FULTON COUNTY (P. O. R ochester), In d .— BOND OFFERING.— Morseman,
Secretary of the Board of Road Commissioners (P. O. Joplin),
W m. H. Biddinger, County Treasurer, will receive proposals until 10 a. m. for
5H % bonds. Denom. $1,000. Date Oct. 1 1919. Prin.
Jan. 5 for the following 10-year serial free gravel road bonds, aggregating and $500,000
semi-ann.
int. (A. & O .), payable at the Mercantile Trust C o ., St. Louis.
$552,500:
Due yearly on Oct. 1 from 1921 to 1935, incl. Cert, check for $10,000
$35,000 5% county bonds. Date Oct. 15 1919.
required.
23.000 5% county bonds. Date Oct. 15 1919.
37.500 5% county bonds. Date Oct. 15 1919.
KENT, K ing C oun ty, W ash.— BOND SALE.— Recently an issue of
121,700 5% county bonds. Date Oct. 15 1919.
$79,073 74 bonds was disposed of.
32.500 5% county bonds. Date Oct. 15 1919.
KIMBALL, Brule C oun ty, So. Dak.— BOND SALE.— John Parker of
41.500 5% county bonds. Date Oct. 15 1919.
Kimball was awarded at par and interest on Dec. 18 the $25,000 5% 2 -year
50.000 5% county bonds. Date Oct. 15 1919.
sewer
bonds, dated Dec. 1 1919— V. 109, p. 2284. Bids were also received
16,800 4 A % Union Twp. bonds. Date N ov. 15 1919.
from C. II. Coffin of Chicago and Kalman, Matteson & W ood, of St. Paul.
6,600 4f$% Henry Twp. bonds. Date N ov. 15 1919.
12,700 4 A % Rochester & Union Twps. bonds. Date Nov. 15 1919.
KIRKW OOD, St. Louis C ou n ty, Mo .— BOND OFFERING.— E. O.
15,000 4 A % Rochester Twp. bonds. Date N ov. 15 1919.
Harper, City Clerk, will receive bids until 8 p. m. Jan. 5 for $30,000 water
29,400 4 H % Newcastle Twp. bonds. Date Jan. 1 1920.
system bonds.
26,300 4 A % Union Twp. bonds. Date Jan. 1 1920.
KOSSUTH COUNTY (P. O. A lgona), Iowa.— BONDS VOTED.— An
104,500 4Yi % Aubbeenaubbee Twp. bonds. Date Jan. 1 1920.
Each issue consists of 20 bonds o f equal amount. Int. M . & N. Due issue of $1,500,000 road bonds has Tieen voted. We are further advised
1 bond o f each issue each six months from M ay 15 1921 to Nov. 15 1930, that the above bonds will not be offered for sale until next fall or later.
incl. Purchaser to pay accrued interest.
LAUREL, Marshall C oun ty, Iow a.— BOND SALE.— Recently the
FULTON COUNTY (P. O. W auseon), O hio.— BOND OFFERING.— Schanke & Co. of Mason City puichased $45,000 5% 20-year serial school
bonds.
Denom. $1,000. Date Jan. 1 1920. Interest J. & J.
F. E. Perry, County Auditor, will receive proposals until 1 p. m. Jan. 3
for the following 5% inter-county highway bonds:
LEOMINSTER, W orcester C ou n ty , Mass.— BOND SALE.— On Dec.
$103,000 I. C. H. N o. 297 bonds. Denom. $1,000. Due each six months 23 the $25,000 1-20-year serial school and $12,000 1-5-year serial pave­
as follows: $10,000 Jan. 1 1921, $11,000 July 1 1921 to July 1 ment 4 A % coupon tax-free bonds offered on that dato— V. 109, p. 2376—
1922 and $10,000 Jan. 1 1923 to July 1 1925, incl.
wero awarded, it is stated, to tho Merchants’ National Bank of Leominster
8,150 I. C. H. No. 301 bonds. Denoms. 1 for $500, 1 for $650 and 14 at 100.5281.
for $500. Due each six months as follows: $1,150 Jan. 1 1921.
LEWIS AND CLARK COUNTY SCHOOL DISTR IC T NO. 34, M ont.
and $1,000 July 1 1921 to July 1 1924, inclusive.
SALE.— The $3,500 school bonds offered on June 30— V. 108,
Date Feb. 1 1920. Prin. and semi-ann. int. (J. & J.), payable at the —
County Treasurer’s office. Cert, check lor 5% o f amount of bonds bid p. 2557— were awarded on Aug. 10 to the State of Montana at par.
for required. Bonds to be delivered and paid for on Feb. 1 1920. Pur­
LEWISTOWN DRAINAGE D ISTR IC T (P. O. Portage), Colum bia
chaser to furnish and print the bonds.
C ou n ty, W is.— BONDS NOT YET SOLD.— No sale has yet been made of
GASTON COUNTY (P. O. G aston ia), No. C aro.— BOND SALE.— the $27,527 6% bonds offeied on Nov. 8— V. 109, p. 1626.
The $500,000 5% road bonds offered on N ov. 24— V. 109, p. 2005— have
LIBERTY SCHOOL TOW NSHIP (P. O. T angier), Parke C oun ty,
been sold to the First National Bank and the Citizens National Bank, both Ind .— BOND SALE.— On Dec. 16 the $21,000 5% 1-7-year serial school
o f Gastonia, at par and interest. Denom. $1,000. Date Oct. 1 1919. refunding bonds offered on that date— V. 109, p. 2092—were sold to local
Int. A . & O. Due yearly from 1921 to 1949, incl.
purchasers for $21,011 (100.052) and interest.
GENEVA, Adams C oun ty, Ind.— BOND SALE.— The Bank of Geneva
LIMA, Allen C oun ty, O hio.— BOND SALE.— Tho City Auditor ad­
recently purchased $5,000 bonds o f this town.
vises us that the Sinking Fund Trustees have purchased $12,900 deficiency
bonds.
GILA COUNTY SCHOOL D ISTR IC T NO. 19, Ariz.— BOND SALE.—
The $43,600 school building bonds mentioned in V. 108, p. 1958 have been
LINCOLN COUNTY (P. O. Merrill), Wise.— BOND OFFERING.—
sold to Powell, Garard & C o., of Chicago.
Sealed bids will bo received until 11 a. m. Jan. 17 by John Brandt, County
GLYNN COUNTY (P. O. B runsw ick), G a.— BONDS VOTED.— The Clerk, for the following 5% bonds:
proposition to issue $250,000 5% school building bonds carried by a vote
soldiers’ bonus bonds. Denoms. $1,000 and $500. Due $4,500
of 381 to 26 at the election held Dec. 18— V. 109, p. 2005. Due $10,000 $54,000
__
2* 1921 and $5,500 yearly thereafter.
yearly beginning Jan. 1 1923.
75,000 highway impt. bonds. Denom. $1,000. Due $5,000 June 1 1921
and $5,000 yearly thereafter.
GRAND ISLAND, Hall C ounty, Neb.— BOND SALE.— Wo are in­
formed that the $200,000 5 % 5-20-year (opt.) paving bonds have been sold
Interest semi-annually.
to the Lincoln Trust Co. at par.— V. 109, p. 2284.
The official notice of this bond offering will be found among the advertise­
GRAND RAPIDS, Kent C ounty, M ich.— BOND OFFERING.— J. C. ments elsewhere in this Department.
Shinkman, City Clerk, will receive proposals until 2 p. m. Jan. 5 for the
LOWER CYPRESS CREEK DRAINAGE DISTR IC T NO. 12 (P. O.
following 4 % % tax-free bonds:
$50,000 street-improvement bonds. Due $10,000 yearly on Aug. 1 from Selmer), McNairy C ou n ty, T en n .— BONDS NOT SOLD.— BONDS TO
BE RE-OFFERED.— No sale was made or the $50,000 6% bonds offered on
1920 to 1924, inclusive.
70.000 street-improvement bonds. Due $7,000 yearly on Aug. 1 fror Dec. 16.— V. 109, p. 2007.
Wo are advised that the above bonds will be reoffered for sale some time
1920 to 1929, inclusive.
,
10.000 sewer-construction bonds. Due $2,000 yearly on Aug. 1 from in the near future.
1920 to 1924, inclusive.
M cIN TO SH , Carson C ounty, So. Dak.— BOND OFFERING.— L . A .
Denom. $1,000. Semi-annual interest payable at the City Treasurer’s Finnegan, City Auditor, will receivo bids until 12 m. Jan. 5 for $25,000 5%
office. Certified check for 3% o f amount o f bonds bid for, payable to the 25-year municipal electric-plant bonds. Int. semi-ann. Certified chock
City Treasurer, required. Purchaser to pay accrued interest.
for $100 required.
GRAND RAPIDS SCHOOL D ISTR IC T (P. O. G rand R apids),
M ADISON C O U N T Y (P. O. Anderson), Ind.— NO BIDS.— There
K en t C ou n ty, M ich.— SUCCESSFUL BIDDER.— Of the bids received on Were no bidders for the 6 issues of 41^% road bonds aggregating $93,400,
Dec. 15 for the $420,000 4 % % 8 1-3-yr. (aver.) school bonds— V. 109, offered on Dec. 17— V. 109, p. 2285.
p. 2376— that o f Whittlesey, McLean & Co. of Detroit for $423,864, equal
M ADISON CO U N T Y (P. O. Virginia C ity), M ont.— BONDS TO BE
to 100.92, was accepted.
OFFERED.— We are advised that the County Commissioners intend to
G R A N T COUNTY (P. O. L ancaster), Wise .— BONDS DEFEATED.— sell about $75,000 bonds of an issue of $150,000 recently authorized— V. 109,
The $5,000,000 road bonds mentioned in V. 109, p. 1481 were defeated p. 1386— some time after March 1 1920.
at a recent election.
M ARION C O U N T Y (P. O. Indianapolis), Ind.— BOND SALE.—
GRAN T PARISH ROAD D ISTRICT NO. 8 (P. O. C olfax), La.— On Dec. 17 the $100,000 5% 1-10 year serial bridge bonds, dated Dec. 15
BOND OFFERING.— Sealed bids will be received until 12 m. Jan. 5 by the 1919— V. 109, p. 2285— wero awarded to the Indiana Trust C o., of Indian­
President o f the Police Jury for $210,000 5% 1-30-year road bonds. Dato apolis, at 101.181 and interest. Other bidders, all of Indianapolis, were:
Jan. 1 1920. Int. J. & J. Cert, check for 2 A % required. The purchaser Union Trust C o------------ $100,510 00 Merchants Nat’I B a n k ..$100,252 50
will be furnished with the approving opinion o f John C. Thomson of N . Y.
J. F. Wild State B a n k ... 100.475 0 0 1City Trust Co_________ 100.250 00
M ARLIN, Falls County, T ex.— BOND SALE.— The $14,000 fire station
. GRAYVILLE, W hite C oun ty, 111.— BOND ELECTION.— At an elec­
tion to bo held Jan. 15 the voters will pass on the issuance o f $10,000 5% and $26,000 fire equipment 5% 10-40-year (opt.) coupon bonds recently
voted— V. 109 p. 1,22— have been sold, it is stated, to tho Detroit Trust
1-10-year serial electric-plant bonds.
C o., at 97.50 Date Oct. 1 1919.
GREENVILLE, Greenville C oun ty, So. C aro.— BOND ELECTION
M ARTIN C O U N T Y (P. O. Shoals), Ind.— BOND SALE.— Tho $2,800
PROPOSED.— An election may be called in the near future, it is stated,
Halbert Twp. and $8,600 Mitcheltree Twp. 4 A % road bonds offered on
to vote on the question o f issuing $300,000 bonds.
ov. 3— V. 109, p. 1626— have been purchased by tho White River Bank
HARLEM TOW NSHIP (P. O. Harlem ), W in nebago C ou n ty , 111.— N
of Loogootee at par.
BONDS VOTED.— A bond issue o f $8,000 for roads and bridges carried
M ASO N C IT Y , Cero Gordo C ounty, Iowa.— BOND SALE.— An issue
by a vote o f 26 to 5 at an election held N ov. 25.
of $7 ,000 5% sewer bonds has been purchased by Schanke & Co., of Mason
HARRISBURG INDEPENDENT SCHOOL DISTRICT (P. O. Har­ City. Denom. S500. Date N ov.